Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 28, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | SILVER BAY REALTY TRUST CORP. | |
Entity Central Index Key | 1,557,255 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,461,613 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments in real estate: | ||
Land and land improvements | $ 219,112 | $ 220,110 |
Building and improvements | 989,182 | 989,574 |
Investments in real estate, gross | 1,208,294 | 1,209,684 |
Accumulated depreciation | (83,499) | (74,907) |
Investments in real estate, net | 1,124,795 | 1,134,777 |
Assets held for sale | 10,146 | 11,184 |
Cash | 29,395 | 29,028 |
Escrow deposits | 17,035 | 15,472 |
Resident security deposits | 12,739 | 12,521 |
Other assets | 10,677 | 13,298 |
Total assets | 1,204,787 | 1,216,280 |
Liabilities: | ||
Securitization loan, net | 296,386 | 295,741 |
Revolving credit facility | 331,330 | 326,472 |
Accounts payable and accrued expenses | 16,064 | 16,752 |
Resident prepaid rent and security deposits | 14,800 | 14,462 |
Total liabilities | 658,580 | 653,427 |
10% cumulative redeemable preferred stock at liquidation value, $0.01 par; 50,000,000 shares authorized, 1,000 shares issued and outstanding | 1,000 | 1,000 |
Stockholders’ equity: | ||
Common stock $0.01 par; 450,000,000 shares authorized; 35,610,886 and 36,063,187, respectively, shares issued and outstanding | 354 | 359 |
Additional paid-in capital | 644,681 | 651,987 |
Accumulated other comprehensive loss | (2,063) | (1,613) |
Cumulative deficit | (129,915) | (121,620) |
Total stockholders’ equity | 513,057 | 529,113 |
Noncontrolling interests - Operating Partnership | 32,150 | 32,740 |
Total equity | 545,207 | 561,853 |
Total liabilities and equity | $ 1,204,787 | $ 1,216,280 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent) | 10.00% | 10.00% |
10% cumulative redeemable preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
10% cumulative redeemable preferred stock, shares authorized | 50,000,000 | 50,000,000 |
10% cumulative redeemable preferred stock, shares issued | 1,000 | 1,000 |
10% cumulative redeemable preferred stock, shares outstanding | 1,000 | 1,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 35,610,886 | 36,063,187 |
Common stock, shares outstanding | 35,610,886 | 36,063,187 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Rental income | $ 30,424 | $ 21,703 |
Other income | 712 | 549 |
Total revenue | 31,136 | 22,252 |
Expenses: | ||
Property operating and maintenance | 5,884 | 4,357 |
Real estate taxes | 4,452 | 3,551 |
Homeowners’ association fees | 436 | 405 |
Property management | 2,771 | 2,147 |
Depreciation and amortization | 9,366 | 7,111 |
Portfolio acquisition expense | 0 | 755 |
General and administrative | 3,853 | 3,984 |
Share-based compensation | 572 | 497 |
Severance and other | 1,667 | 0 |
Interest expense | 6,212 | 3,486 |
Total expenses | 35,213 | 26,293 |
Loss before other income, income taxes and non-controlling interests | (4,077) | (4,041) |
Other income: | ||
Net gain on disposition of real estate | 1,285 | 0 |
Other (expense) income | (330) | 266 |
Total other income | 955 | 266 |
Loss before income taxes and non-controlling interests | (3,122) | (3,775) |
Income tax expense, net | (467) | (66) |
Net loss | (3,589) | (3,841) |
Net loss attributable to noncontrolling interests - Operating Partnership | 210 | 222 |
Net loss attributable to controlling interests | (3,379) | (3,619) |
Preferred stock distributions | (25) | (25) |
Net loss attributable to common stockholders | $ (3,404) | $ (3,644) |
Loss per share - basic and diluted: | ||
Net loss attributable to common shares (in dollars per share) | $ (0.09) | $ (0.10) |
Weighted average common shares outstanding | 36,022,953 | 36,428,809 |
Comprehensive Loss: | ||
Net loss | $ (3,589) | $ (3,841) |
Other comprehensive loss: | ||
Change in fair value of interest rate cap agreements | (474) | (59) |
Losses reclassified into earnings from other comprehensive loss | 24 | 0 |
Other comprehensive loss | (450) | (59) |
Comprehensive loss | (4,039) | (3,900) |
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership | 238 | 222 |
Comprehensive loss attributable to controlling interests | $ (3,801) | $ (3,678) |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Cumulative Deficit | Noncontrolling Interests - Operating Partnership |
Balance at Dec. 31, 2015 | $ 561,853 | $ 529,113 | $ 359 | $ 651,987 | $ (1,613) | $ (121,620) | $ 32,740 |
Balance (in shares) at Dec. 31, 2015 | 36,063,187 | 36,063,187 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Non-cash equity awards, net | $ 547 | 547 | 547 | ||||
Non-cash equity awards, net (in shares) | 123,251 | ||||||
Repurchase and retirement of common stock | (8,238) | (8,238) | $ (5) | (8,233) | |||
Repurchase and retirement of common stock (in shares) | (575,552) | ||||||
Dividends declared | (4,916) | (4,916) | (4,916) | ||||
Net loss | (3,589) | (3,379) | (3,379) | (210) | |||
Change in fair value of interest rate cap agreements | (474) | (474) | (474) | ||||
Losses reclassified into earnings from other comprehensive loss | 24 | 24 | 24 | ||||
Adjustment to noncontrolling interests - Operating Partnership | 0 | 380 | 380 | (380) | |||
Balance at Mar. 31, 2016 | $ 545,207 | $ 513,057 | $ 354 | $ 644,681 | $ (2,063) | $ (129,915) | $ 32,150 |
Balance (in shares) at Mar. 31, 2016 | 35,610,886 | 35,610,886 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (3,589) | $ (3,841) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 9,366 | 7,111 |
Non-cash share-based compensation | 547 | 478 |
Losses reclassified into earnings from other comprehensive loss | 24 | 0 |
Amortization and write-off of deferred financing costs | 1,153 | 1,023 |
Amortization of discount on securitization loan | 75 | 75 |
Net gain on disposition of real estate | (1,285) | 0 |
Other | 415 | 219 |
Net change in assets and liabilities: | ||
(Increase) decrease in escrow cash for operating activities and debt reserves | (1,570) | 2,683 |
Decrease (increase) in other assets | 397 | (966) |
(Decrease) increase in accounts payable, accrued expenses, and prepaid rent | (80) | 1,477 |
Net cash provided by operating activities | 5,453 | 8,259 |
Cash Flows From Investing Activities: | ||
Purchase of investments in real estate | 0 | (9,897) |
Capital improvements of investments in real estate | (4,068) | (9,502) |
Decrease (increase) in escrow cash for investing activities | 7 | (4,630) |
Proceeds from disposition of real estate | 7,342 | 1,240 |
Other | 0 | (43) |
Net cash provided by (used in) investing activities | 3,281 | (22,832) |
Cash Flows From Financing Activities: | ||
Payments on securitization loan | 0 | (520) |
Proceeds from revolving credit facility | 7,732 | 15,125 |
Payments on revolving credit facility | (2,874) | 0 |
Deferred financing costs paid | (9) | (4,712) |
Purchase of interest rate cap agreements | 0 | (2,250) |
Repurchase and retirement of common stock | (8,238) | (7,668) |
Dividends paid | (4,978) | (2,359) |
Net cash used in financing activities | (8,367) | (2,384) |
Net change in cash | 367 | (16,957) |
Cash at beginning of period | 29,028 | 49,854 |
Cash at end of period | 29,395 | 32,897 |
Supplemental disclosure of cash flow information: | ||
Decrease in fair value of interest rate cap agreements | 474 | 59 |
Noncash investing and financing activities: | ||
Common stock and unit dividends declared, but not paid | 4,916 | 3,454 |
Financing costs in accounts payable | 0 | 178 |
Capital improvements in accounts payable | $ 487 | $ 1,543 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | Organization and Operations Silver Bay Realty Trust Corp. ("Silver Bay" or the "Company") is a Maryland corporation that focuses on the acquisition, renovation, leasing and management of single-family properties in select markets in the United States. As of March 31, 2016 , the Company owned 8,981 single-family properties for rental purposes in Arizona, California, Florida, Georgia , Nevada, North Carolina, Ohio, South Carolina and Texas, excluding properties reflected as assets held for sale on its condensed consolidated balance sheets. In connection with its initial public offering, the Company restructured its ownership to conduct its business through a traditional umbrella partnership in which substantially all of its assets are held by, and its operations are conducted through, Silver Bay Operating Partnership L.P. (the "Operating Partnership"), a Delaware limited partnership. This structure is commonly referred to as an "UPREIT". The Company's wholly owned subsidiary, Silver Bay Management LLC, is the sole general partner of the Operating Partnership. As of March 31, 2016 , the Company owned, through a combination of direct and indirect interests, 94.1% of the partnership interests in the Operating Partnership. The Company has elected to be treated as a real estate investment trust ("REIT") for U.S. federal tax purposes, commencing with, and in connection with the filing of its federal tax return for, its taxable year ended December 31, 2012. As a REIT, the Company will generally not be subject to federal income tax on the taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax at regular corporate rates. Even if it qualifies for taxation as a REIT, the Company may be subject to some federal, state and local taxes on its income or property. In addition, the income of any taxable REIT subsidiary ("TRS") that the Company owns will be subject to taxation at regular corporate rates. During 2015, the Company acquired a portfolio of 2,461 properties from The American Home Real Estate Investment Trust, Inc. (the "Portfolio Acquisition"). The acquisition was substantially completed on April 1, 2015 with an aggregate purchase price of $263,000 . The Portfolio Acquisition was financed using proceeds obtained under the Company's revolving credit facility, which was amended and restated on February 18, 2015 to increase the borrowing capacity to $400,000 from $200,000 . The properties acquired in the Portfolio Acquisition are primarily located in Atlanta, GA, Charlotte, NC, Tampa, FL and Orlando, FL. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and Significant Accounting Policies | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2016 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2016 may not be indicative of the results for a full year. The accompanying condensed consolidated financial statements include the accounts of the Company and the Operating Partnership. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. All intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates. Reclassifications Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders' equity. Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. The Company has TRSs where certain investments may be made and activities conducted that may have otherwise been subject to the prohibited transactions tax and may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income and losses within the TRSs are subject to federal, state, and local income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The Company recognized income tax expense of $467 in the three months ended March 31, 2016 compared to $66 in the prior year period primarily related to income taxes on net gain on disposition of real estate in the TRS entities. Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the "JOBS Act"), the Company meets the definition of an “emerging growth company.” The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The Company adopted ASU 2015-02 during the quarter ended March 31, 2016. Based on the Company's review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of 94.1% of the Operating Partnership, the Company will continue to consolidate the Operating Partnership under this new guidance. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount rather than as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU and will continue to be reported as interest expense. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted this ASU as of January 1, 2016 and as a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $7,569 and $8,139 at March 31, 2016 and December 31, 2015 , respectively, are netted against the carrying values of the securitization loan. Previously, these costs were recorded as part of deferred financing costs, net. Additionally, in accordance with ASU No. 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company will continue to present debt issuance costs related to its revolving credit facility as an asset within other assets on the condensed consolidated balance sheets and amortize them ratably over the term of the related facility. In February 2016, the FASB issued ASU 2016-02, Leases , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. |
Investments in Real Estate
Investments in Real Estate | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Investments in Real Estate | Investments in Real Estate Sale of Real Estate Assets During the three months ended March 31, 2016 and 2015 , the Company sold certain properties for an aggregate sales price of $7,342 and $1,240 , respectively, resulting in an aggregate net gain of $1,285 and $0 , respectively, which has been classified as net gain on disposition of real estate in the condensed consolidated statements of operations and comprehensive loss. In connection with these asset sales, certain debt repayments were made. In accordance with ASU 2014-08, the disposals were not considered a discontinued operation. Any holding costs associated with homes being sold are reflected within held for sale expenses and are classified as other (expense) income in the condensed consolidated statements of operations and comprehensive loss. In connection with assets held for sale, the Company recognized $59 and $0 in impairment charges for the three months ended March 31, 2016 and 2015 classified within other (expense) income on the condensed consolidated statements of operations and comprehensive loss. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents the Company's debt as of March 31, 2016 and December 31, 2015 : Carrying Amount Interest Rate as of March 31, 2016 Maturity Date March 31, 2016 December 31, 2015 Securitization loan 2.41 % (1) September 9, 2019 (2) $ 304,966 $ 304,966 Unamortized original issue discount (3) (1,011 ) (1,086 ) Unamortized deferred financing costs (7,569 ) (8,139 ) Securitization loan, net 296,386 295,741 Revolving credit facility 3.63 % (4) February 18, 2018 (5) 331,330 326,472 Total $ 627,716 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan has an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the other terms set forth in the loan agreement are complied with. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% LIBOR floor of 0.0% . (5) The revolving credit facility provides for a borrowing capacity of up to $400,000 and has a maturity date of February 18, 2018. In the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries (as defined below) must be used to pay down the principal amount outstanding under the revolving credit facility. Securitization Loan On August 12, 2014, the Company completed a securitization transaction (the "Securitization Transaction") in which a newly-formed special purpose entity (the "Borrower") entered into a loan with a third-party lender for $312,667 represented by a promissory note (the "Securitization Loan"). The Borrower is wholly-owned by another special purpose entity (the "Equity Owner"), and the Equity Owner is wholly-owned by the Operating Partnership. The Borrower and Equity Owner are separate legal entities, but continue to be reported in the Company’s condensed consolidated financial statements. The Securitization Loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). The Securitization Loan has a blended effective rate of one-month LIBOR plus 1.94% , including the amortization of the original issue discount, plus monthly servicing fees of 0.1355% . The Securitization Loan was issued at a discount of $1,503 , which will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. In the three months ended March 31, 2016 and 2015 , the Company incurred gross interest expense of $1,839 and $1,655 , respectively, excluding amortization of the discount, deferred financing costs and other fees. As of March 31, 2016 and December 31, 2015, the loan had a weighted-average interest rate of 2.41% and 2.30% , respectively, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount and deferred financing costs. The Securitization Loan has an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The Borrower may execute the extension options provided there is no event of default under the Securitization Loan, the Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender and the Borrower complies with the other terms set forth in the loan agreement. As part of the Securitization Transaction, the Securitization Loan (including the related promissory note) was transferred by the third-party lender to one of the Company's subsidiaries and subsequently deposited into a REMIC trust in exchange for pass-through certificates. The pass-through certificates represent the entire beneficial interest in the trust and were sold to investors in a private offering through the placement agents retained for the transaction for gross proceeds of $311,164 , net of the original issue discount of $1,503 . All amounts outstanding under the Securitization Loan are secured by first priority mortgages on the Securitization Properties, a pool of approximately 3,000 properties, in addition to the equity interests in, and certain assets of, the Borrower. The amounts outstanding under the Securitization Loan and certain obligations contained therein are guaranteed by the Operating Partnership only in the case of certain bad acts (including bankruptcy) as outlined in the transaction documents. As long as the Securitization Loan is outstanding, the assets of the Borrower and Equity Owner are not available to satisfy the debts and obligations of the Company or its other consolidated subsidiaries and the liabilities of the Borrower and Equity Owner are not liabilities of the Company (excluding, for this purpose, the Borrower and Equity Owner) or its other consolidated subsidiaries. The Company is permitted to receive distributions from the Borrower out of unrestricted cash as long as the Borrower is current with all payments and in compliance with all other obligations under the Securitization Loan. The Securitization Loan provides for the restriction of cash whereby the Company must set aside funds for payment of real estate taxes, capital expenditures and other reserves associated with the Securitization Properties. As of March 31, 2016 and December 31, 2015, the Company had $2,982 and $2,281 , respectively, included in escrow deposits associated with the required reserves. There is also a cash management account controlled by the lender for the collection of all rents and cash generated by the Borrower's properties. In the event of default, the lender may apply funds, as the lender elects, from the cash management account, foreclose on its security interests, appoint a new property manager, and in limited circumstances, enforce the Company's guaranty. As of March 31, 2016 and December 31, 2015 , the cash management account had a balance of $2,816 and $2,858 , respectively, classified as escrow deposits on the condensed consolidated balance sheets. The Securitization Loan does not contractually restrict the Company's ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. The Securitization Loan documents require the Company to maintain certain covenants, including a minimum debt yield on the Securitization Properties, and contain customary events of default for a loan of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments and cross-default with certain other indebtedness. As of March 31, 2016 and December 31, 2015 , the Company believes it was in compliance with all financial covenants. Revolving Credit Facility Certain of the Company's subsidiaries have a revolving credit facility (the "revolving credit facility") with a syndicate of banks. On February 18, 2015, the Company amended and restated the revolving credit facility to increase the borrowing capacity to $400,000 from $200,000 and subsequently amended the revolving credit facility to address certain interest calculation mechanics. As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% subject to a LIBOR floor of 0.00% . Prior to the amendment, the revolving credit facility bore interest at varying rates of three-month LIBOR plus 3.50% subject to a LIBOR floor of 0.50% , payable monthly. The Company is also required to pay a monthly fee on the unused portion of the revolving credit facility at a rate of 0.50% per annum, when the balance outstanding is less than $200,000 , or 0.30% per annum when the balance outstanding is equal to or greater than $200,000 . As part of the amendment, the term of the revolving credit facility was extended to February 18, 2018 and the advance rate for borrowings was increased to 65% from 55% . The advance rate is based on the aggregate value of the eligible properties which value is calculated as the lesser of (a) the third-party broker price opinion value or (b) the original purchase price plus certain renovation and other capitalized costs of the properties. The Company used proceeds from the revolving credit facility to fund the Portfolio Acquisition. The remaining proceeds were used for working capital and other corporate purposes, including the acquisition, financing and renovation of properties. As of March 31, 2016 and December 31, 2015 , $331,330 and $326,472 , respectively, was outstanding under the revolving credit facility. As of both March 31, 2016 and December 31, 2015 , the interest rate on the revolving credit facility was 3.63% . In the three months ended March 31, 2016 and 2015 , the Company incurred $3,055 and $973 , respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs and before the effect of capitalizing interest related to property renovations. All amounts outstanding under the revolving credit facility are collateralized by the equity interests and assets of certain of the Company’s subsidiaries ("Pledged Subsidiaries"), which exclude the owners of the Securitization Properties. The amounts outstanding under the revolving credit facility and certain obligations contained therein are guaranteed by the Company and the Operating Partnership only in the case of certain bad acts (including bankruptcy) and up to $20,000 for completion of certain property renovations, as outlined in the credit documents. As of March 31, 2016 there were approximately 5,800 properties pledged as collateral under the revolving credit facility. The Pledged Subsidiaries are separate legal entities, but continue to be reported in the Company’s consolidated financial statements. As long as the revolving credit facility is outstanding, the assets of the Pledged Subsidiaries are not available to satisfy the other debts and obligations of the Pledged Subsidiaries or the Company. However, the Company is permitted to receive distributions from the Pledged Subsidiaries as long as the Company and the Pledged Subsidiaries are current with all payments and in compliance with all other obligations under the revolving credit facility. The revolving credit facility does not contractually restrict the Company’s ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. For example, in the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries must be used to pay down the principal amount outstanding under the revolving credit facility. The revolving credit facility requires the Company to meet certain quarterly financial tests pertaining to net worth, total liquidity, debt yield and debt service coverage ratios, as defined by the revolving credit facility agreement. The Company must maintain, as defined by the agreement, total liquidity of $25,000 and a net worth of at least $125,000 , as determined in accordance with the revolving credit facility agreement. The Company believes it was in compliance with all financial covenants under the revolving credit facility as of March 31, 2016 , and December 31, 2015 . The revolving credit facility also provides for the restriction of cash whereby the Company must set aside funds for payment of insurance, real estate taxes and certain property operating and maintenance expenses associated with properties in the Pledged Subsidiaries' portfolios. As of March 31, 2016 and December 31, 2015 , the Company had $11,027 and $10,101 , respectively, included in escrow deposits associated with the required reserves. The revolving credit facility also contains customary events of default for a facility of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments, change of control and cross-default with certain other indebtedness. Deferred Financing Costs Costs incurred in the placement of the Company’s debt are being amortized using the straight-line method, which approximates the effective interest method, over the terms of the related debt. Amortization of deferred financing costs is recorded as interest expense in the accompanying condensed consolidated statements of operations and comprehensive loss. In connection with its Securitization Loan, the Company incurred no deferred financing costs for the three months ended March 31, 2016 and deferred financing costs of $477 for the three months ended March 31, 2015 . The costs are being amortized through September 9, 2019, the fully extended maturity date of the Securitization Loan. In connection with its revolving credit facility, the Company incurred deferred financing costs of $9 and $4,413 , respectively, for the three months ended March 31, 2016 and 2015 . Interest Expense The following table presents the Company's total interest expense for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Gross interest expense (1) $ 4,894 $ 2,628 Amortization of discount on Securitization Loan 75 75 Amortization and write-off of deferred financing costs 1,153 1,023 Other interest (2) 90 30 Capitalized interest (3) — (270 ) Total interest expense $ 6,212 $ 3,486 (1) Includes the Securitization Loan's monthly servicing fees. (2) Includes monitoring service fees and losses reclassified from accumulated other comprehensive loss into income (see Note 7). (3) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013. Interest Rate Cap Agreements The variable rate of interest on the Company's debt exposes the Company to interest rate risk. The Company seeks to manage this risk through the use of interest rate cap agreements. As of March 31, 2016 , the Company had one interest rate cap agreement at LIBOR of 3.1085% with a notional amount of $312,667 and a termination date of September 15, 2016 to hedge interest rate risk associated with our Securitization Loan and one forward-starting interest rate cap agreement at LIBOR of 3.1085% with a notional amount of $200,000 to hedge interest rate risk associated with its Securitization Loan for the period September 15, 2016 through September 15, 2019. As of March 31, 2016 , the Company also had two interest rate cap agreements at LIBOR of 3.0% with an aggregate notional amount of $349,100 and termination dates of February 17, 2018 and February 18, 2018 to hedge interest rate risk associated with its revolving credit facility. During the three months ended March 31, 2016 and 2015 , the Company incurred $0 and $2,250 , respectively, in connection with the purchase of interest rate cap agreements. The Company determined that the interest rate caps held as of March 31, 2016 qualify for hedge accounting and, therefore, designated the derivatives as cash flow hedges with future changes in fair value recognized through other comprehensive loss (see Note 7). Ineffectiveness is calculated as the amount by which the change in fair value of the derivatives exceeds the change in the fair value of the anticipated cash flows related to the corresponding debt. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock On July 1, 2013, the Company’s board of directors authorized the Company to repurchase up to 2,500,000 shares of its common stock through a share repurchase program. On November 25, 2014, the Company's board of directors authorized an increase of 2,500,000 shares to the previously authorized share repurchase program for a total of 5,000,000 shares. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable SEC rules. In the three months ended March 31, 2016 , the Company repurchased and retired 545,223 shares under the program for a total cost of $7,867 , at an average purchase price of $14.43 per share, inclusive of commissions. During the three months ended March 31, 2015 , the Company repurchased and retired 470,417 shares under the program for a total cost of $7,601 , at an average purchase price of $16.16 per share, inclusive of commissions. Common Stock Dividends The following table presents cash dividends declared by the Company on its common stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share March 23, 2016 April 4, 2016 April 15, 2016 $ 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 September 25, 2015 October 6, 2015 October 16, 2015 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09 Preferred Stock Dividends The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share March 30, 2016 April 15, 2016 $ 26.94 January 8, 2016 January 8, 2016 22.78 September 29, 2015 October 16, 2015 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Net loss attributable to controlling interests $ (3,379 ) $ (3,619 ) Preferred stock distributions (25 ) (25 ) Net loss attributable to common stockholders $ (3,404 ) $ (3,644 ) Basic and diluted weighted average common shares outstanding 36,022,953 36,428,809 Net loss per common share - basic and diluted $ (0.09 ) $ (0.10 ) A total of 2,231,511 common units not owned by the Company were outstanding for the three months ended March 31, 2016 and 2015 , but have been excluded from the calculation of diluted EPS as their inclusion would not be dilutive. In addition, 105,000 and 165,000 performance stock units have been excluded from the calculation of diluted EPS for the three months ended March 31, 2016 and 2015 , respectively, as their inclusion would not be dilutive. |
Derivative and Other Fair Value
Derivative and Other Fair Value Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Derivative and Other Fair Value Instruments | Derivative and Other Fair Value Instruments Codification Topic Fair Value Measurement (“ASC 820”) established a three level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: Level 1 — Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Recurring Fair Value The Company uses interest rate cap agreements to manage its exposure to interest rate risk (refer to Note 4). The interest rate cap agreements are valued using models developed by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves). The following tables provide a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the condensed consolidated balance sheets at March 31, 2016 and December 31, 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location March 31, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Unobservable Inputs Interest Rate Caps (cash flow hedges) Other Assets $ 244 $ — $ 244 $ — Interest Rate Caps Other Assets 3 — 3 — $ 247 $ — $ 247 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Caps (cash flow hedges) Other Assets $ 712 $ — $ 712 $ — Interest Rate Caps Other Assets 9 — 9 — $ 721 $ — $ 721 $ — The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2016 : Effective Portion Ineffective Portion Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Interest Rate Caps $ (474 ) Interest Expense $ (24 ) N/A $ — The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2015 : Effective Portion Ineffective Portion Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Interest Rate Caps $ (59 ) Interest Expense $ — N/A $ — As of March 31, 2016 and December 31, 2015 , there were $2,063 and $1,613 , respectively, in deferred losses in accumulated other comprehensive loss related to interest rate cap agreements. The Company expects to recognize $319 in interest expense during the twelve months ending March 31, 2017, pertaining to the interest rate cap agreements, which will be reclassified out of accumulated other comprehensive loss in accordance with the amortization schedules established upon designation of the interest rate caps as cash flow hedges. Nonrecurring Fair Value For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset at the time the Company has determined to sell the asset. Assets held for sale are valued based on comparable sales data, less estimates of third-party broker commissions, which are gathered from the markets. These impairment measurements constitute nonrecurring fair value measures under ASC 820 and the inputs are characterized as Level 2. Fair Value of Other Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. Descriptions are not provided for those items that have zero balances as of March 31, 2016 . • Cash, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), accounts payable, and accrued property expenses have carrying values which approximate fair value because of the short-term nature of these instruments. The Company categorizes the fair value measurement of these assets and liabilities as Level 1. • The Company’s revolving credit facility has a floating interest rate based on an index plus a spread and the credit spread is consistent with those demanded in the market for facilities with similar risk and maturities. Accordingly, the interest rate on this borrowing is at market, and thus, the carrying value of the debt approximates fair value as of March 31, 2016 . The Company categorizes the fair value measurement of this liability as Level 2. • The fair value of the Company's Securitization Loan was $ 291,936 as of March 31, 2016 , based on an average of market quotations. The Company categorizes the fair value measurement of this liability as Level 2. • The Company’s 10% cumulative redeemable preferred stock had a fair value which approximates its liquidation value at March 31, 2016 . The Company categorizes the fair value measurement of this instrument as Level 2. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Concentrations As of March 31, 2016 , approximately 58% of the Company’s properties were located in Atlanta, GA, Phoenix, AZ, and Tampa, FL, which exposes the Company to greater economic risks than if the Company owned a more geographically dispersed portfolio. Resident Security Deposits As of March 31, 2016 , the Company had $12,739 in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease. Legal and Regulatory From time to time, the Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company's business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material adverse effect on the Company's condensed consolidated financial statements, and therefore no accrual has been recorded as of March 31, 2016 . |
Basis of Presentation and Sig15
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and Significant Accounting Policies | |
Consolidation and Basis of Presentation | Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2016 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2016 may not be indicative of the results for a full year. The accompanying condensed consolidated financial statements include the accounts of the Company and the Operating Partnership. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. All intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders' equity. |
Income Taxes | Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. The Company has TRSs where certain investments may be made and activities conducted that may have otherwise been subject to the prohibited transactions tax and may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income and losses within the TRSs are subject to federal, state, and local income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The Company recognized income tax expense of $467 in the three months ended March 31, 2016 compared to $66 in the prior year period primarily related to income taxes on net gain on disposition of real estate in the TRS entities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the "JOBS Act"), the Company meets the definition of an “emerging growth company.” The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The Company adopted ASU 2015-02 during the quarter ended March 31, 2016. Based on the Company's review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of 94.1% of the Operating Partnership, the Company will continue to consolidate the Operating Partnership under this new guidance. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount rather than as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU and will continue to be reported as interest expense. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted this ASU as of January 1, 2016 and as a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $7,569 and $8,139 at March 31, 2016 and December 31, 2015 , respectively, are netted against the carrying values of the securitization loan. Previously, these costs were recorded as part of deferred financing costs, net. Additionally, in accordance with ASU No. 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company will continue to present debt issuance costs related to its revolving credit facility as an asset within other assets on the condensed consolidated balance sheets and amortize them ratably over the term of the related facility. In February 2016, the FASB issued ASU 2016-02, Leases , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table presents the Company's debt as of March 31, 2016 and December 31, 2015 : Carrying Amount Interest Rate as of March 31, 2016 Maturity Date March 31, 2016 December 31, 2015 Securitization loan 2.41 % (1) September 9, 2019 (2) $ 304,966 $ 304,966 Unamortized original issue discount (3) (1,011 ) (1,086 ) Unamortized deferred financing costs (7,569 ) (8,139 ) Securitization loan, net 296,386 295,741 Revolving credit facility 3.63 % (4) February 18, 2018 (5) 331,330 326,472 Total $ 627,716 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan has an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the other terms set forth in the loan agreement are complied with. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% LIBOR floor of 0.0% . (5) The revolving credit facility provides for a borrowing capacity of up to $400,000 and has a maturity date of February 18, 2018. In the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries (as defined below) must be used to pay down the principal amount outstanding under the revolving credit facility. |
Total Interest Expense | The following table presents the Company's total interest expense for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Gross interest expense (1) $ 4,894 $ 2,628 Amortization of discount on Securitization Loan 75 75 Amortization and write-off of deferred financing costs 1,153 1,023 Other interest (2) 90 30 Capitalized interest (3) — (270 ) Total interest expense $ 6,212 $ 3,486 (1) Includes the Securitization Loan's monthly servicing fees. (2) Includes monitoring service fees and losses reclassified from accumulated other comprehensive loss into income (see Note 7). (3) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Common Stock Dividends | |
Stockholders' equity | |
Schedule of cash dividends declared by the Company since its formation | The following table presents cash dividends declared by the Company on its common stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share March 23, 2016 April 4, 2016 April 15, 2016 $ 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 September 25, 2015 October 6, 2015 October 16, 2015 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09 |
Preferred Stock Dividends | |
Stockholders' equity | |
Schedule of cash dividends declared by the Company since its formation | The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock during the three months ended March 31, 2016 , and the four immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share March 30, 2016 April 15, 2016 $ 26.94 January 8, 2016 January 8, 2016 22.78 September 29, 2015 October 16, 2015 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of elements used in calculating basic and diluted EPS computations | The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Net loss attributable to controlling interests $ (3,379 ) $ (3,619 ) Preferred stock distributions (25 ) (25 ) Net loss attributable to common stockholders $ (3,404 ) $ (3,644 ) Basic and diluted weighted average common shares outstanding 36,022,953 36,428,809 Net loss per common share - basic and diluted $ (0.09 ) $ (0.10 ) |
Derivative and Other Fair Val19
Derivative and Other Fair Value Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements for interest rate cap agreements and location within condensed consolidated balance sheets | The following tables provide a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the condensed consolidated balance sheets at March 31, 2016 and December 31, 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location March 31, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Unobservable Inputs Interest Rate Caps (cash flow hedges) Other Assets $ 244 $ — $ 244 $ — Interest Rate Caps Other Assets 3 — 3 — $ 247 $ — $ 247 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Caps (cash flow hedges) Other Assets $ 712 $ — $ 712 $ — Interest Rate Caps Other Assets 9 — 9 — $ 721 $ — $ 721 $ — |
Summary of effect of cash flow hedges | The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2016 : Effective Portion Ineffective Portion Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Interest Rate Caps $ (474 ) Interest Expense $ (24 ) N/A $ — The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2015 : Effective Portion Ineffective Portion Type of Cash Flow Hedge Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Interest Rate Caps $ (59 ) Interest Expense $ — N/A $ — |
Organization and Operations (De
Organization and Operations (Details) $ in Thousands | Apr. 01, 2015USD ($) | Mar. 31, 2016property | Dec. 31, 2015property | Feb. 18, 2015USD ($) | Feb. 17, 2015USD ($) |
Organization and operations | |||||
Number of single-family properties owned | property | 8,981 | ||||
Silver Bay Operating Partnership L.P. | |||||
Organization and operations | |||||
Direct and indirect partnership interests in operating partnership | 94.10% | ||||
Portfolio Acquisition | |||||
Organization and operations | |||||
Number of single-family properties owned | property | 2,461 | ||||
Aggregate purchase price | $ | $ 263,000 | ||||
Revolving Credit Facility | |||||
Organization and operations | |||||
Maximum borrowing capacity | $ | $ 400,000 | $ 200,000 |
Basis of Presentation and Sig21
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax expense, net | $ 467 | $ 66 | |
Silver Bay Operating Partnership L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Direct and indirect partnership interests in operating partnership | 94.10% | ||
Accounting Standards Update 2015-03 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred finance costs, net | $ 7,569 | $ 8,139 |
Investments in Real Estate - Na
Investments in Real Estate - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Combinations [Abstract] | ||
Proceeds from disposition of real estate | $ 7,342 | $ 1,240 |
Net gain on disposition of real estate | 1,285 | 0 |
Impairment charges | $ 59 | $ 0 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) $ in Thousands | Feb. 18, 2015USD ($) | Feb. 17, 2015USD ($) | Aug. 12, 2014extension | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Securitization loan, net | $ 296,386 | $ 295,741 | ||||
Revolving credit facility | 331,330 | 326,472 | ||||
Total | $ 627,716 | $ 622,213 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 400,000 | $ 200,000 | ||||
Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Weighted-average interest rate (as a percent) | 2.41% | 2.30% | ||||
Secured Debt | Securitization Loan | ||||||
Debt Instrument [Line Items] | ||||||
Securitization loan | $ 304,966 | $ 304,966 | ||||
Unamortized original issue discount | (1,011) | (1,086) | ||||
Unamortized deferred financing costs | (7,569) | (8,139) | ||||
Securitization loan, net | $ 296,386 | 295,741 | ||||
Weighted average interest rate (as a percent) | 2.41% | |||||
Debt servicing fee | 0.1355% | |||||
Term of debt instrument | 2 years | |||||
Number of extension options | extension | 3 | |||||
Length of loan extensions | 12 months | |||||
Secured Debt | Securitization Loan | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Weighted-average interest rate (as a percent) | 1.84% | |||||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 331,330 | $ 326,472 | ||||
Interest Rate (as a percent) | 3.63% | 3.63% | ||||
Interest rate margin (as a percent) | 3.50% | |||||
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin (as a percent) | 3.00% | |||||
Line of Credit | Revolving Credit Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin (as a percent) | 0.50% | |||||
Line of Credit | Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin (as a percent) | 0.00% |
Debt - Securitization Loan (Det
Debt - Securitization Loan (Details) property in Thousands, $ in Thousands | Aug. 12, 2014USD ($)extension | Mar. 31, 2016USD ($)property | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Gross interest expense | $ 4,894 | $ 2,628 | ||
Escrow deposits | 17,035 | $ 15,472 | ||
Escrow Deposit | ||||
Debt Instrument [Line Items] | ||||
Cash management account | 2,816 | $ 2,858 | ||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Gross interest expense | $ 1,839 | $ 1,655 | ||
Weighted-average interest rate (as a percent) | 2.41% | 2.30% | ||
Number of single-family properties pledged as security | property | 3 | |||
Escrow deposits | $ 2,982 | $ 2,281 | ||
Secured Debt | Securitization Loan | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt instrument | $ 312,667 | |||
Debt servicing fee | 0.1355% | |||
Original issue discount | $ 1,503 | |||
Term of debt instrument | 2 years | |||
Number of extension options | extension | 3 | |||
Length of loan extensions | 12 months | |||
Proceeds from securitization loan | $ 311,164 | |||
Secured Debt | Securitization Loan | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Spread on effective rate (as a percent) | 1.94% | |||
Weighted-average interest rate (as a percent) | 1.84% |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) | Feb. 18, 2015USD ($) | Feb. 17, 2015USD ($) | Mar. 31, 2016USD ($)property | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||
Revolving credit facility | $ 331,330,000 | $ 326,472,000 | |||
Gross interest expense | 4,894,000 | $ 2,628,000 | |||
Escrow deposits | 17,035,000 | 15,472,000 | |||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 400,000,000 | $ 200,000,000 | |||
Baseline for unused commitment fee | $ 200,000,000 | ||||
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties | 65.00% | 55.00% | |||
Gross interest expense | 3,055,000 | $ 973,000 | |||
Escrow deposits | 11,027,000 | 10,101,000 | |||
Revolving Credit Facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Monthly fee on the unused portion of the credit facility (as a percent) | 0.50% | ||||
Revolving Credit Facility | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Monthly fee on the unused portion of the credit facility (as a percent) | 0.30% | ||||
Total liquidity to be maintained as defined by the agreement | 25,000,000 | ||||
Net worth to be maintained as defined by the agreement | 125,000,000 | ||||
Revolving Credit Facility | Company and Operating Partnership | |||||
Line of Credit Facility [Line Items] | |||||
Maximum amount guaranteed for completion of certain property renovations | 20,000,000 | ||||
Line of Credit | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate margin (as a percent) | 3.50% | ||||
Revolving credit facility | $ 331,330,000 | $ 326,472,000 | |||
Interest Rate (as a percent) | 3.63% | 3.63% | |||
Number of single-family properties pledged as security | property | 5,800 | ||||
Line of Credit | Revolving Credit Facility | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate margin (as a percent) | 0.50% | ||||
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate margin (as a percent) | 3.00% | ||||
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate margin (as a percent) | 0.00% |
Debt - Deferred Financing Costs
Debt - Deferred Financing Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||
Amortization and write-off of deferred financing costs | $ 1,153 | $ 1,023 |
Secured Debt | Securitization Loan | ||
Debt Instrument [Line Items] | ||
Deferred finance costs | 0 | 477 |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Deferred finance costs | $ 9 | $ 4,413 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Disclosure [Abstract] | ||
Gross interest expense | $ 4,894 | $ 2,628 |
Amortization of discount on Securitization Loan | 75 | 75 |
Amortization and write-off of deferred financing costs | 1,153 | 1,023 |
Other interest | 90 | 30 |
Capitalized interest | 0 | (270) |
Total interest expense | $ 6,212 | $ 3,486 |
Debt - Interest Rate Cap Agreem
Debt - Interest Rate Cap Agreements and Capitalized Interest (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)agreement | Mar. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Aggregate purchase price | $ 0 | $ 2,250,000 |
Interest Rate Cap | Secured Debt | ||
Debt Instrument [Line Items] | ||
Number of instruments held | agreement | 1 | |
Aggregate notional amount | $ 312,667,000 | |
Interest Rate Cap | Secured Debt | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Interest rate cap | 3.1085% | |
Interest Rate Cap | Line of Credit | ||
Debt Instrument [Line Items] | ||
Number of instruments held | agreement | 2 | |
Interest Rate Cap | Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Aggregate notional amount | $ 349,100,000 | |
Interest Rate Cap | Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Interest rate cap | 3.00% | |
Forward-starting Interest Rate Cap | Secured Debt | ||
Debt Instrument [Line Items] | ||
Number of instruments held | agreement | 1 | |
Aggregate notional amount | $ 200,000,000 | |
Forward-starting Interest Rate Cap | Secured Debt | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Interest rate cap | 3.1085% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Nov. 25, 2014 | Jul. 01, 2013 | |
Share Repurchase Plan | ||||
Number of shares authorized to be repurchased (in shares) | 5,000,000 | |||
Increase in number of shares authorized to be repurchased (shares) | 2,500,000 | |||
Share repurchase program | ||||
Share Repurchase Plan | ||||
Number of shares authorized to be repurchased (in shares) | 2,500,000 | |||
Number of shares repurchased (in shares) | 545,223 | 470,417 | ||
Total cost of shares repurchased | $ 7,867 | $ 7,601 | ||
Average purchase price (in dollars per share) | $ 14.43 | $ 16.16 |
Stockholders' Equity - Common a
Stockholders' Equity - Common and Preferred Stock Dividends (Details) - $ / shares | Apr. 15, 2016 | Mar. 30, 2016 | Mar. 23, 2016 | Jan. 08, 2016 | Dec. 17, 2015 | Oct. 16, 2015 | Sep. 29, 2015 | Sep. 25, 2015 | Jul. 10, 2015 | Jun. 30, 2015 | Jun. 17, 2015 | Apr. 17, 2015 | Mar. 25, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Common and Preferred Stock Dividends | |||||||||||||||
Cash dividend per share declared, common stock (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.09 | ||||||||||
Cash dividend per share paid, common stock (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.09 | |||||||||||
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent) | 10.00% | 10.00% | |||||||||||||
Cash dividend per share declared, preferred stock (in dollars per share) | $ 26.94 | 22.78 | $ 26.67 | $ 23.06 | $ 27.22 | ||||||||||
Cash dividend per share paid, preferred stock (in dollars per share) | $ 22.78 | $ 26.67 | $ 23.06 | $ 27.22 | |||||||||||
Subsequent Event | |||||||||||||||
Common and Preferred Stock Dividends | |||||||||||||||
Cash dividend per share paid, common stock (in dollars per share) | $ 0.13 | ||||||||||||||
Cash dividend per share paid, preferred stock (in dollars per share) | $ 26.94 |
Earnings (Loss) Per Share (Det
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Calculation of basic and diluted earnings (loss) per share | ||
Net loss attributable to controlling interests | $ (3,379) | $ (3,619) |
Preferred stock distributions | (25) | (25) |
Net loss attributable to common stockholders | $ (3,404) | $ (3,644) |
Basic and diluted weighted average common shares outstanding | 36,022,953 | 36,428,809 |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.09) | $ (0.10) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares) | 2,231,511 | 2,231,511 |
Performance Stock Unit | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares) | 105,000 | 165,000 |
Derivative and Other Fair Val32
Derivative and Other Fair Value Instruments (Details) - Other Assets - Recurring - Interest Rate Cap - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recurring Fair Value | ||
Interest Rate Caps (cash flow hedges) | $ 244 | $ 712 |
Interest Rate Caps (not designated as hedging instruments) | 3 | 9 |
Total | 247 | 721 |
Level 2 | ||
Recurring Fair Value | ||
Interest Rate Caps (cash flow hedges) | 244 | 712 |
Interest Rate Caps (not designated as hedging instruments) | 3 | 9 |
Total | $ 247 | $ 721 |
Derivative and Other Fair Val33
Derivative and Other Fair Value Instruments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Effect of cash flow hedges | |||
Reclassification from accumulated other comprehensive loss to interest expense | $ (24) | $ 0 | |
Fair Value of Other Financial Instruments | |||
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent) | 10.00% | 10.00% | |
Securitization Loan | Level 2 | Secured Debt | |||
Fair Value of Other Financial Instruments | |||
Fair value of long term-debt | $ 291,936 | ||
Interest Rate Cap | |||
Effect of cash flow hedges | |||
Deferred losses in AOCL related to interest rate cap agreements | 2,063 | $ 1,613 | |
Interest expense to be recognized within next twelve months which will be reclassified out of accumulated other comprehensive loss | 319 | ||
Cash Flow Hedging | Interest Rate Cap | |||
Effect of cash flow hedges | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income Loss on Derivative | (474) | (59) | |
Cash Flow Hedging | Interest Rate Cap | Interest Expense | |||
Effect of cash flow hedges | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income, Effective Portion | (24) | 0 | |
Reclassification from accumulated other comprehensive loss to interest expense | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Concentrations | |
Resident security deposits | $ 12,739 |
Real Estate Properties | Geographically Dispersed Portfolio | Phoenix, AZ, Tampa, FL, and Atlanta, GA | |
Concentrations | |
Concentration (as a percent) | 58.00% |