Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 04, 2014 | Aug. 04, 2014 | |
Class A common shares | Class B common shares | ||
Document Information | ' | ' | ' |
Entity Registrant Name | 'American Homes 4 Rent | ' | ' |
Entity Central Index Key | '0001562401 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Trading Symbol | 'AMH | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 184,897,969 | 635,075 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Single-family properties: | ' | ' |
Land | $847,564 | $728,362 |
Buildings and improvements | 3,758,122 | 3,188,693 |
Single-family properties held for sale | 5,012 | 6,569 |
Single-family properties, gross | 4,610,698 | 3,923,624 |
Less: accumulated depreciation | -126,904 | -62,202 |
Single-family properties, net | 4,483,794 | 3,861,422 |
Cash and cash equivalents | 239,075 | 148,989 |
Restricted cash | 46,912 | 26,430 |
Rent and other receivables, net | 5,646 | 6,863 |
Escrow deposits, prepaid expenses and other assets | 56,110 | 39,212 |
Deferred costs and other intangibles, net | 30,365 | 20,573 |
Goodwill | 120,655 | 120,655 |
Total assets | 4,982,557 | 4,224,144 |
Liabilities | ' | ' |
Credit facility | 481,000 | 375,000 |
Asset-backed securitization | 480,970 | ' |
Accounts payable and accrued expenses | 117,486 | 103,397 |
Amounts payable to affiliates | 6,598 | ' |
Contingently convertible Series E units liability | 74,638 | 66,938 |
Preferred shares derivative liability | 55,670 | 28,150 |
Total liabilities | 1,216,362 | 573,485 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 17,060,000 and 9,060,000 issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 171 | 91 |
Additional paid-in capital | 3,160,486 | 2,996,478 |
Accumulated deficit | -107,956 | -63,479 |
Accumulated other comprehensive loss | -212 | ' |
Total shareholders' equity | 3,054,343 | 2,934,944 |
Noncontrolling interest | 711,852 | 715,715 |
Total equity | 3,766,195 | 3,650,659 |
Total liabilities and equity | 4,982,557 | 4,224,144 |
Class A common shares | ' | ' |
Shareholders' equity: | ' | ' |
Common shares, value | 1,848 | 1,848 |
Class B common shares | ' | ' |
Shareholders' equity: | ' | ' |
Common shares, value | $6 | $6 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Preferred shares, par value (in dollars per share) | $0.01 | $0.01 |
Preferred shares, shares authorized | 100,000,000 | 100,000,000 |
Preferred shares, shares issued | 17,060,000 | 9,060,000 |
Preferred shares, shares outstanding | 17,060,000 | 9,060,000 |
Class A common shares | ' | ' |
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized | 450,000,000 | 450,000,000 |
Common shares, shares issued | 184,897,969 | 184,869,219 |
Common shares, shares outstanding | 184,897,969 | 184,869,219 |
Class B common shares | ' | ' |
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized | 50,000,000 | 50,000,000 |
Common shares, shares issued | 635,075 | 635,075 |
Common shares, shares outstanding | 635,075 | 635,075 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rents from single-family properties | $88,871 | $17,020 | $162,632 | $23,515 |
Fees from single-family properties | 1,889 | 690 | 3,247 | 754 |
Tenant charge-backs | 3,138 | 47 | 5,028 | 47 |
Other | 406 | 363 | 675 | 363 |
Total revenues | 94,304 | 18,120 | 171,582 | 24,679 |
Property operating expenses | ' | ' | ' | ' |
Leased single-family properties | 36,790 | 6,859 | 66,056 | 9,362 |
Vacant single-family properties and other | 6,351 | 4,391 | 15,394 | 6,120 |
General and administrative expense | 5,703 | 811 | 10,777 | 2,436 |
Advisory fees | ' | 3,610 | ' | 6,352 |
Interest expense | 3,888 | ' | 5,390 | 370 |
Noncash share-based compensation expense | 612 | 279 | 1,144 | 453 |
Acquisition fees and costs expensed | 919 | 2,099 | 1,371 | 3,489 |
Depreciation and amortization | 38,325 | 10,879 | 73,456 | 13,784 |
Total expenses | 92,588 | 28,928 | 173,588 | 42,366 |
Gain on remeasurement of equity method investment | ' | 10,945 | ' | 10,945 |
Remeasurement of Series E units | -4,944 | ' | -7,700 | ' |
Remeasurement of Preferred shares | -141 | ' | -598 | ' |
Income (loss) from continuing operations | -3,369 | 137 | -10,304 | -6,742 |
Discontinued operations | ' | ' | ' | ' |
Gain on disposition of single-family properties | ' | 904 | ' | 904 |
Income from discontinued operations | ' | 82 | ' | 104 |
Total income from discontinued operations | ' | 986 | ' | 1,008 |
Net income (loss) | -3,369 | 1,123 | -10,304 | -5,734 |
Noncontrolling interest | 4,212 | 4,664 | 7,832 | 5,559 |
Dividends on preferred shares | 4,669 | ' | 7,790 | ' |
Conversion of preferred units | ' | 10,456 | ' | 10,456 |
Net loss attributable to common shareholders | ($12,250) | ($13,997) | ($25,926) | ($21,749) |
Weighted average shares outstanding - basic and diluted (in shares) | 185,515,651 | 95,971,706 | 185,510,004 | 72,234,717 |
Net loss per share - basic and diluted: | ' | ' | ' | ' |
Loss from continuing operations (in dollars per share) | ($0.07) | ($0.16) | ($0.14) | ($0.31) |
Income from discontinued operations (in dollars per share) | ' | $0.01 | ' | $0.01 |
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share) | ($0.07) | ($0.15) | ($0.14) | ($0.30) |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statement of Comprehensive Income | ' | ' | ' | ' |
Net income (loss) | ($3,369) | $1,123 | ($10,304) | ($5,734) |
Unrealized loss on interest rate cap agreement: | ' | ' | ' | ' |
Unrealized interest rate cap agreement loss arising during the period | -212 | ' | -212 | ' |
Unrealized loss on interest rate cap agreement | -212 | ' | -212 | ' |
Total other comprehensive loss | -212 | ' | -212 | ' |
Comprehensive loss | -3,581 | 1,123 | -10,516 | -5,734 |
Comprehensive income attributable to noncontrolling interests | 4,227 | 4,664 | 7,847 | 5,559 |
Dividends on preferred shares | 4,669 | ' | 7,790 | ' |
Conversion of preferred units | ' | -10,456 | ' | -10,456 |
Comprehensive loss attributable to common shareholders | ($12,477) | ($13,997) | ($26,153) | ($21,749) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Equity (USD $) | Total | Shareholders' equity | Common Stock | Common Stock | Preferred shares | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Noncontrolling interest |
In Thousands, except Share data, unless otherwise specified | Class A common shares | Class B common shares | |||||||
Beginning Balances at Dec. 31, 2013 | $3,650,659 | $2,934,944 | $1,848 | $6 | $91 | $2,996,478 | ($63,479) | ' | $715,715 |
Beginning Balances, shares at Dec. 31, 2013 | ' | ' | 184,869,219 | 635,075 | 9,060,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2,770 Property Contribution | 112 | 2 | ' | ' | ' | 2 | ' | ' | 110 |
Share-based compensation | 1,144 | 1,144 | ' | ' | ' | 1,144 | ' | ' | ' |
Issuances of Preferred shares, net of offering costs of $10,576 | 162,511 | 162,511 | ' | ' | 80 | 162,431 | ' | ' | ' |
Issuances of Preferred shares, net of offering costs of $10,576 (in shares) | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' |
lssuance of common stock | 431 | 431 | ' | ' | ' | 431 | ' | ' | ' |
lssuance of common stock (in shares) | ' | ' | 28,750 | ' | ' | ' | ' | ' | ' |
Distributions to equity holders: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares | -7,790 | -7,790 | ' | ' | ' | ' | -7,790 | ' | ' |
Noncontrolling interests | -11,805 | ' | ' | ' | ' | ' | ' | ' | -11,805 |
Common shares | -18,551 | -18,551 | ' | ' | ' | ' | -18,551 | ' | ' |
Net income (loss) | -10,304 | -18,136 | ' | ' | ' | ' | -18,136 | ' | 7,832 |
Total other comprehensive loss | -212 | -212 | ' | ' | ' | ' | ' | -212 | ' |
Ending Balances at Jun. 30, 2014 | $3,766,195 | $3,054,343 | $1,848 | $6 | $171 | $3,160,486 | ($107,956) | ($212) | $711,852 |
Ending Balances, shares at Jun. 30, 2014 | ' | ' | 184,897,969 | 635,075 | 17,060,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Equity (Parenthetical) (Preferred shares, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Preferred shares | ' |
Offering costs | $10,567 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating activities | ' | ' |
Net loss | ($10,304,000) | ($5,734,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 73,456,000 | 13,784,000 |
Noncash amortization of deferred financing costs | 446,000 | 186,000 |
Noncash share-based compensation | 1,144,000 | 453,000 |
Gain on remeasurement of equity method investment | ' | -10,945,000 |
Gain on disposition of discontinued operations | ' | -904,000 |
Provision for bad debt | 2,385,000 | ' |
Remeasurement of Series E units | 7,700,000 | ' |
Remeasurement of Preferred shares | 598,000 | ' |
Equity in net income of unconsolidated ventures | -17,000 | ' |
Other changes in operating assets and liabilities: | ' | ' |
Rent and other receivables | -2,029,000 | 4,736,000 |
Restricted cash for resident security deposits | -10,281,000 | -13,572,000 |
Prepaid expenses and other assets | 6,028,000 | -475,000 |
Deferred leasing costs | -3,503,000 | -3,197,000 |
Accounts payable and accrued expenses | 7,884,000 | 9,954,000 |
Resident security deposit liability | 10,281,000 | 13,102,000 |
Amounts payable to affiliates | 4,882,000 | -5,349,000 |
Net cash provided by operating activities | 88,670,000 | 2,039,000 |
Investing activities | ' | ' |
Cash paid for single-family properties | -597,717,000 | -1,293,745,000 |
Escrow deposits for purchase of single-family properties | 6,044,000 | -18,227,000 |
Change in restricted cash related to lender requirements | -10,201,000 | ' |
Cash acquired in non-cash business combinations | ' | 33,099,000 |
Net proceeds received from sale of discontinued operations | ' | 8,844,000 |
Investment in unconsolidated joint ventures | -12,191,000 | ' |
Distributions from unconsolidated joint venture | ' | 3,431,000 |
Investments in mortgage financing receivables | -17,465,000 | ' |
Improvements to single-family properties | -91,427,000 | -236,849,000 |
Net cash used in investing activities | -722,957,000 | -1,503,447,000 |
Financing activities | ' | ' |
Implied contribution by Sponsor for historical operations | ' | 517,000 |
Net proceeds from issuance of Class A common shares | ' | 703,497,000 |
Net proceeds from issuance of Preferred shares | 189,433,000 | ' |
Proceeds from exercise of stock options | 431,000 | ' |
Proceeds from asset-backed securitization | 480,970,000 | ' |
Proceeds from credit facility | 837,909,000 | 670,000,000 |
Payments on credit facility | -731,909,000 | ' |
Proceeds from bridge loan | ' | 115,000,000 |
Payments on bridge loan | ' | -115,000,000 |
Extinguishment of RJ1 note payable | ' | -7,600,000 |
Distributions to noncontrolling interests | -11,805,000 | -5,858,000 |
Distributions to common shareholders | -18,551,000 | ' |
Distributions to preferred shareholders | -7,790,000 | ' |
Deferred financing costs | -14,315,000 | -4,940,000 |
Net cash provided by financing activities | 724,373,000 | 1,355,616,000 |
Net increase (decrease) in cash and cash equivalents | 90,086,000 | -145,792,000 |
Cash and cash equivalents, beginning of period | 148,989,000 | 397,198,000 |
Cash and cash equivalents, end of period | 239,075,000 | 251,406,000 |
Supplemental cash flow information | ' | ' |
Cash payments for interest | 8,473,000 | 448,000 |
Supplemental schedule of noncash investing and financing activities | ' | ' |
Receivables related to property acquisitions | ' | 1,261,000 |
Accounts payable and accrued expenses related to property acquisitions | -4,076,000 | 20,201,000 |
Accounts payable and accrued expenses related to deferred financing costs | ' | 3,333,000 |
Amounts payable to affiliates related to property acquisitions | 647,000 | 2,278,000 |
Accrued distribution to noncontrolling interests | 4,698,000 | ' |
Contribution of properties (see Note 10) | ' | ' |
Single-family properties, including related assets and liabilities | ' | 30,510,000 |
Additional paid-in capital | ' | -384,221,000 |
Due from affiliates | ' | -2,508,000 |
Acquisitions (see Note 11) | ' | ' |
Single-family properties | ' | 966,571,000 |
Cash and cash equivalents | ' | 33,099,000 |
Other net assets and liabilities | ' | -36,760,000 |
Deferred costs and other intangibles | ' | 133,195,000 |
Additional paid-in capital | ' | -703,856,000 |
Noncontrolling interest in consolidated subsidiaries | ' | -39,321,000 |
Series E Units | ' | ' |
Acquisitions (see Note 11) | ' | ' |
Contingently convertible Series E units liability | ' | -64,881,000 |
Series C Convertible Units | ' | ' |
Contribution of properties (see Note 10) | ' | ' |
Issuance of Series C convertible units to noncontrolling interest | ' | 390,016,000 |
Acquisitions (see Note 11) | ' | ' |
Issuance of Series C convertible units to noncontrolling interest | ' | 390,016,000 |
Class A common shares | ' | ' |
Acquisitions (see Note 11) | ' | ' |
Class A common shares | ' | -436,000 |
Class B common shares | ' | ' |
Contribution of properties (see Note 10) | ' | ' |
Issuance of common shares | ' | 7,959,000 |
Series D Convertible Units | ' | ' |
Contribution of properties (see Note 10) | ' | ' |
Issuance of Series C convertible units to noncontrolling interest | ' | -65,188,000 |
Acquisitions (see Note 11) | ' | ' |
Issuance of Series C convertible units to noncontrolling interest | ' | -65,188,000 |
Class A Units | ' | ' |
Contribution of properties (see Note 10) | ' | ' |
Issuance of Series C convertible units to noncontrolling interest | ' | -221,934,000 |
Acquisitions (see Note 11) | ' | ' |
Issuance of Series C convertible units to noncontrolling interest | ' | ($221,934,000) |
Organization_and_operations
Organization and operations | 6 Months Ended |
Jun. 30, 2014 | |
Organization and operations | ' |
Organization and operations | ' |
Note 1. Organization and operations | |
American Homes 4 Rent (the "Company," "we," "our" and "us") is a Maryland real estate investment trust ("REIT") formed on October 19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of June 30, 2014, the Company held 27,173 single-family properties in 22 states, including 36 properties held for sale. | |
From our formation through June 10, 2013, we were externally managed and advised by American Homes 4 Rent Advisor, LLC (the "Advisor") and the leasing, managing and advertising of our properties was overseen and directed by American Homes 4 Rent Management Holdings, LLC (the "Property Manager"), both of which were subsidiaries of American Homes 4 Rent, LLC (the "Sponsor"). On June 10, 2013, we acquired the Advisor and the Property Manager from the Sponsor in exchange for 4,375,000 Series D units and 4,375,000 Series E units in American Homes 4 Rent, L.P. (the "Operating Partnership") (the "Management Internalization"). Under the terms of the contribution agreement, all administrative, financial, property management, marketing and leasing personnel, including executive management, became fully dedicated to us (see Note 11). | |
Prior to the Management Internalization, the Sponsor exercised control over the Company through the contractual rights provided to the Advisor through an advisory management agreement. Accordingly, the contribution of certain properties by the Sponsor to the Company prior to the Management Internalization have been deemed to be transactions between entities under common control, and as such, the accounts relating to the properties contributed have been recorded by us as if they had been acquired by us on the dates such properties were acquired by the Sponsor (see Note 10). Accordingly, the accompanying condensed consolidated financial statements include the Sponsor's historical results of operations and carrying values of the properties that had been acquired by the Sponsor. The Sponsor commenced acquiring these properties on June 23, 2011, and accordingly, the statements of operations reflect activity prior to the Company's date of formation. Therefore, the accompanying condensed consolidated financial statements are not indicative of the Company's past or future results and do not reflect its financial position, results of operations, changes in equity, and cash flows had they been presented as if the Company had been operated independently during the periods presented. | |
Significant_accounting_policie
Significant accounting policies | 6 Months Ended |
Jun. 30, 2014 | |
Significant accounting policies | ' |
Significant accounting policies | ' |
Note 2. Significant accounting policies | |
Basis of presentation | |
The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes and therefore notes to the condensed consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements have been omitted. | |
Derivatives | |
We currently use, and in the future may use, interest rate cap agreements for interest rate risk management purposes and in conjunction with certain LIBOR-based variable rate debt to satisfy lender requirements. We assess these derivatives at inception and on an on-going basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense. The ineffective portion of the change in fair value of our interest rate cap agreements is required to be recognized directly in earnings. | |
Recently issued and adopted accounting standards | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements, Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations such as a major line of business, major geographic area or a major equity method investment, should be presented as discontinued operations. In addition the new guidance will require expanded disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. The guidance will be effective for all disposals of components (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and is not expected to have a material impact on the Company's financial statements. | |
Singlefamily_properties
Single-family properties | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Single-family properties | ' | |||||||
Single-family properties | ' | |||||||
Note 3. Single-family properties | ||||||||
Single-family properties, net, consists of the following as of June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
June 30, 2014 | ||||||||
Number of | Net book value | |||||||
properties | ||||||||
Leased single-family properties | 23,364 | $ | 3,879,445 | |||||
Single-family properties being renovated | 1,756 | 262,977 | ||||||
Single-family properties being prepared for re-lease | 656 | 111,370 | ||||||
Vacant single-family properties available for lease | 1,361 | 224,696 | ||||||
Single-family properties held for sale | 36 | 5,306 | ||||||
| | | | | | | | |
Total | 27,173 | $ | 4,483,794 | |||||
| | | | | | | | |
| | | | | | | | |
December 31, 2013 | ||||||||
Number of | Net book value | |||||||
properties | ||||||||
Leased single-family properties | 17,328 | $ | 2,914,947 | |||||
Single-family properties being renovated | 2,463 | 348,571 | ||||||
Single-family properties being prepared for re-lease | 281 | 45,404 | ||||||
Vacant single-family properties available for lease | 3,152 | 545,931 | ||||||
Single-family properties held for sale | 44 | 6,569 | ||||||
| | | | | | | | |
Total | 23,268 | $ | 3,861,422 | |||||
| | | | | | | | |
| | | | | | | | |
Single-family properties, net at June 30, 2014 and December 31, 2013 include $92.3 million and $120.6 million, respectively, related to properties for which the recorded grant deed has not been received. For these properties, the trustee or seller has warranted that all legal rights of ownership have been transferred to us on the date of the sale, but there is a delay for the deeds to be recorded. | ||||||||
Depreciation expense related to single-family properties was $34.8 million and $9.0 million for the three months ended June 30, 2014 and 2013, respectively. Depreciation expense related to single-family properties was $65.8 million and $11.9 million for the six months ended June 30, 2014 and 2013, respectively. Included in single-family properties, net at June 30, 2014 and December 31, 2013 are certain single-family properties contributed by the Sponsor (see Note 10). | ||||||||
Rent_and_Other_Receivables
Rent and Other Receivables | 6 Months Ended |
Jun. 30, 2014 | |
Rent and Other Receivables | ' |
Rent and Other Receivables | ' |
Note 4. Rent and Other Receivables | |
Included in rent and other receivables, net is an allowance for doubtful accounts of $0.2 million and $1.2 million, as of June 30, 2014 and December 31, 2013, respectively. Also included in rent and other receivables, net, are receivables related to payments made on single-family properties for which sales have been rescinded or unwound due to legal issues beyond our control. These receivables totaled $1.3 million as of June 30, 2014 and December 31, 2013. | |
Deferred_costs_and_other_intan
Deferred costs and other intangibles | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Deferred costs and other intangibles | ' | ||||||||||||||||
Deferred costs and other intangibles | ' | ||||||||||||||||
Note 5. Deferred costs and other intangibles | |||||||||||||||||
Deferred costs and other intangibles, net, consists of the following as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Deferred leasing costs | $ | 14,837 | $ | 12,526 | |||||||||||||
Deferred financing costs | 27,111 | 12,147 | |||||||||||||||
Intangible assets: | |||||||||||||||||
Value of in-place leases | 5,547 | 6,085 | |||||||||||||||
Trademark | 3,100 | 3,100 | |||||||||||||||
Database | 2,100 | 2,100 | |||||||||||||||
| | | | | | | | ||||||||||
52,695 | 35,958 | ||||||||||||||||
Less: accumulated amortization | (22,330 | ) | (15,385 | ) | |||||||||||||
| | | | | | | | ||||||||||
Total | $ | 30,365 | $ | 20,573 | |||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $3.5 million and $1.9 million for the three months ended June 30, 2014 and 2013, respectively, and $7.7 million and $1.9 million for the six months ended June 30, 2014 and 2013, respectively, which has been included in depreciation and amortization in the accompanying condensed consolidated statements of operations. Amortization of deferred financing costs was $0.9 million and $0.7 million for the three months ended June 30, 2014, and 2013, respectively, and $1.5 million and $0.9 million for the six months ended June 30, 2014 and 2013, respectively, which has been included in gross interest, prior to interest capitalization (see Note 6). | |||||||||||||||||
The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2014 for future periods (in thousands): | |||||||||||||||||
Year | Deferred | Deferred | Value of | Trademark | Database | ||||||||||||
Leasing Costs | Financing Costs | In-place Leases | |||||||||||||||
Remaining 2014 | $ | 3,423 | $ | 2,654 | $ | — | $ | 330 | $ | 150 | |||||||
2015 | 808 | 5,274 | — | 660 | 300 | ||||||||||||
2016 | — | 5,289 | — | 660 | 300 | ||||||||||||
2017 | — | 3,939 | — | 660 | 300 | ||||||||||||
2018 | — | 3,469 | — | 91 | 300 | ||||||||||||
Thereafter | — | 1,326 | — | — | 432 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total | $ | 4,231 | $ | 21,951 | $ | — | $ | 2,401 | $ | 1,782 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Debt
Debt | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Debt | ' | |||||||||||||
Debt | ' | |||||||||||||
Note 6. Debt | ||||||||||||||
Asset-Backed Securitization | ||||||||||||||
In May 2014, the Company completed a securitization transaction resulting in $481.0 million in total gross proceeds, before issuance costs of $14.9 million. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 3,852 homes sold to an affiliate from the Company's portfolio of single-family properties. The loan has an initial term of two years, with three, 12-month extension options, resulting in a fully extended maturity date of June 9, 2019 and requires that we maintain certain covenants, including, but not limited to, a minimum debt yield on the collateral pool of properties. As of June 30, 2014, the Company was in compliance with all covenants under the loan agreement. The loan requires monthly payments of principal, based on 1.0% annual amortization of the initial loan balance, and interest, based on a duration-weighted blended interest rate of LIBOR plus 1.54%, subject to a LIBOR floor of 0.25%. Proceeds from this transaction were used to pay down the outstanding balance on the credit facility. | ||||||||||||||
Additionally, as part of certain lender requirements in connection with the securitization transaction, we entered into an interest rate cap agreement for the initial two year term of the loan, with a LIBOR based strike rate equal to 3.85%. This interest rate cap agreement has been formally designated as a cash flow hedge at inception and will be regularly assessed for effectiveness on an on-going basis. During the three months ended June 30, 2014, our interest rate cap agreement was 100% effective as a cash flow hedge and, as a result, changes in fair value have been classified in accumulated other comprehensive loss. These amounts will subsequently be reclassified into earnings in the period which the hedged transaction affects earnings. Over the next 12 months, we estimate that $0.05 million will be reclassified as an increase to interest expense. The fair value of our interest rate cap agreement is estimated to be $0.03 million as of June 30, 2014 (see Note 15) and has been included in escrow deposits, prepaid expenses and other assets in the accompanying consolidated condensed balance sheets. | ||||||||||||||
As the Company's asset-back securitization bears variable interest at LIBOR plus 1.54% and was recently entered into on May 21, 2014, management believes the carrying value of the asset-backed securitization as of June 30, 2014 reasonably approximates fair value, which has been estimated by discounting future cash flows at market rates (Level 2). | ||||||||||||||
Credit facility | ||||||||||||||
On March 7, 2013, we entered into a $500 million senior secured revolving credit facility with a financial institution. On September 30, 2013, we amended our credit facility to, among other things, expand our borrowing capacity to $800 million and extend the repayment period to September 30, 2018. The amount that may be borrowed under the credit facility will generally be based on 50% of the lower of cost or the fair value of our qualifying leased and un-leased properties and certain other measures based in part on the net income generated by our qualifying leased and un-leased properties, which is referred to as the "Borrowing Base." Borrowings under the credit facility are available through March 7, 2015, which may be extended for an additional year, subject to the satisfaction of certain financial covenant tests. Upon expiration of the credit facility period, any outstanding borrowings will convert to a term loan through September 30, 2018. All borrowings under the credit facility bear interest at 30 day LIBOR plus 2.75% until March 2017, and thereafter at 30 day LIBOR plus 3.125%. | ||||||||||||||
The credit facility is secured by our Operating Partnership's membership interests in entities that own certain of our single-family properties and requires that we maintain financial covenants relating to the following matters: (i) minimum liquidity of cash, cash equivalents and borrowing capacity under any credit facilities in an aggregate amount of at least $15.0 million, of which at least $7.5 million must be in cash and cash equivalents; (ii) a maximum leverage ratio of 1.0 to 1.0; and (iii) tangible net worth (as defined) of not less than the sum of 85% of our tangible net worth as of September 30, 2013 plus 85% of the net proceeds of any additional equity capital raises completed on or after September 30, 2013. As of June 30, 2014, the Company was in compliance with all loan covenants and had $481.0 million in total outstanding borrowings under the credit facility. Management believes the carrying value of the credit facility as of June 30, 2014 reasonably approximates fair value, which has been estimated by discounting future cash flows at market rates (Level 2). | ||||||||||||||
Interest Expense | ||||||||||||||
The following table outlines our total gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||
For the Three Months Ended, | For the Six Months Ended, | |||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Gross interest cost | $ | 6,298 | $ | 2,028 | $ | 10,728 | $ | 2,398 | ||||||
Capitalized interest | (2,410 | ) | (2,028 | ) | (5,338 | ) | (2,028 | ) | ||||||
| | | | | | | | | | | | | | |
Interest expense | $ | 3,888 | $ | — | $ | 5,390 | $ | 370 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Accounts_payable_and_accrued_e
Accounts payable and accrued expenses | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounts payable and accrued expenses | ' | |||||||
Accounts payable and accrued expenses | ' | |||||||
Note 7. Accounts payable and accrued expenses | ||||||||
The following table summarizes accounts payable and accrued expenses as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Accounts payable | $ | 1,402 | $ | 901 | ||||
Accrued property taxes | 38,164 | 28,240 | ||||||
Other accrued liabilities | 27,444 | 21,538 | ||||||
Accrued distribution payable | — | 9,274 | ||||||
Accrued construction liabilities | 12,574 | 16,917 | ||||||
Resident security deposits | 37,902 | 26,527 | ||||||
| | | | | | | | |
Total | $ | 117,486 | $ | 103,397 | ||||
| | | | | | | | |
| | | | | | | | |
Shareholders_equity
Shareholders' equity | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Shareholders' equity | ' | |||||||||||||
Shareholders' equity | ' | |||||||||||||
Note 8. Shareholders' equity | ||||||||||||||
Issuance of 5.50% Series C Participating Preferred Shares | ||||||||||||||
On May 2, 2014, the Company issued 7,600,000 5.50% Series C participating preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $190.0 million before offering costs of $9.7 million. | ||||||||||||||
Distributions | ||||||||||||||
In May 2014, our board of trustees declared a quarterly distribution of $0.05 per common share. Total quarterly distributions of approximately $9.3 million were paid on June 30, 2014 to common stockholders of record on June 15, 2014 and included in distributions to common shareholders in the accompanying condensed consolidated statement of equity. | ||||||||||||||
In May 2014, our board of trustees declared a quarterly distribution of $0.15113 per Series C Convertible Unit payable on July 10, 2014 to shareholders of record on June 30, 2014. Accordingly, a distribution payable to Series C Convertible Unit holders of $4.7 million has been recorded within amounts payable to affiliates in the accompanying condensed consolidated balance sheet as of June 30, 2014 (see Note 9), and included in distributions to noncontrolling interests in the accompanying condensed consolidated statement of equity. | ||||||||||||||
In May 2014, our board of trustees declared quarterly distributions of $0.3125 per share, $0.3125 per share and $0.225347 per share on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares, respectively. Total quarterly distributions of approximately $1.6 million, $1.4 million and $1.7 million on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares, respectively, which were paid on June 30, 2014 to shareholders of record on June 15, 2014, have been included in distributions to preferred shareholders in the accompanying condensed consolidated statement of equity. | ||||||||||||||
Noncontrolling interest | ||||||||||||||
Noncontrolling interest as reflected in the Company's condensed consolidated balance sheet primarily consists of the interest held by the Sponsor in units in the Company's Operating Partnership. As of June 30, 2014 and December 31, 2013, the Sponsor owned 13,787,292, or approximately 6.9%, of the total 199,320,336 Class A units in the Operating Partnership. Additionally, the Sponsor owned all 31,085,974 Series C convertible units and all 4,375,000 Series D convertible units in the Operating Partnership as of June 30, 2014, and December 31, 2013. Also included in noncontrolling interest are outside ownership interests in certain consolidated subsidiaries of the Company. | ||||||||||||||
Noncontrolling interest as reflected in the Company's condensed consolidated statements of operations for the three and six months ended June 30, 2014 primarily consisted of $4.7 million and $9.2 million, respectively, of preferred income allocated to Series C convertible units, $0.6 million and $1.3 million, respectively, of net loss allocated to Class A units, and $0.07 million net income and $0.02 million net loss, respectively, of net loss allocated to noncontrolling interests in certain of the Company's consolidated subsidiaries. | ||||||||||||||
Noncontrolling interest as reflected in the Company's condensed consolidated statements of operations for the three and six months ended June 30, 2013 primarily consisted of $4.7 million and $5.5 million, respectively, of preferred income allocated to Series C convertible units and $0.1 million and $0.2 million, respectively, of net income allocated to 3.5% convertible perpetual preferred units (prior to conversion of such units into Class A units on June 14, 2013). | ||||||||||||||
2012 Equity Incentive Plan | ||||||||||||||
During the six months ended June 30, 2014, the Company granted stock options for 1,220,000 Class A common shares and 92,000 restricted stock units to certain employees of the Company under the 2012 Equity Incentive Plan. The options and restricted stock units granted during the six months ended June 30, 2014 vest over four years and expire 10 years from the date of grant. | ||||||||||||||
The following table summarizes stock option activity under the plan for the six months ended June 30, 2014 and 2013: | ||||||||||||||
For the Six Months Ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||
Stock Options | Weighted Average | Stock Options | Weighted Average | |||||||||||
Exercise Price | Exercise Price | |||||||||||||
Outstanding at beginning of the period | 1,190,000 | $ | 15.48 | 700,000 | $ | 15 | ||||||||
Granted | 1,220,000 | 16.74 | — | — | ||||||||||
Exercised | (28,750 | ) | 15 | — | — | |||||||||
Forfeited | (216,250 | ) | 15.7 | (30,000 | ) | 15 | ||||||||
| | | | | | | | | | | | | | |
Outstanding at end of the period | 2,165,000 | $ | 16.17 | 670,000 | $ | 15 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Exercisable at end of the period | 131,250 | $ | 15 | — | $ | — | ||||||||
The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares issued during the six months ended June 30, 2014: | ||||||||||||||
Weighted average fair value | $ | 4.89 | ||||||||||||
Weighted average remaining life (years) | 9.7 | |||||||||||||
Expected term (years) | 7 | |||||||||||||
Dividend Yield | 3 | % | ||||||||||||
Volatility | 37.3 | % | ||||||||||||
Risk-free interest rate | 2.2 | % | ||||||||||||
Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.6 million and $1.1 million for the three and six months ended June 30, 2014, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2013, respectively. During the six months ended June 30, 2014, stock options for 216,250 Class A common shares and 2,000 restricted stock units were forfeited and stock options for 2,165,000 Class A common shares and 90,000 restricted stock units remained outstanding as of June 30, 2014. | ||||||||||||||
Related_party_transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related party transactions | ' |
Related party transactions | ' |
Note 9. Related party transactions | |
As of June 30, 2014 and December 31, 2013, the Sponsor owned approximately 3.7% of our outstanding Class A common shares. On a fully-diluted basis, the Sponsor held (including consideration of 635,075 Class B common shares as of June 30, 2014 and December 31, 2013, 13,787,292 Class A common units as of June 30, 2014 and December 31, 2013, 31,085,974 Series C convertible units as of June 30, 2014 and December 31, 2013, 4,375,000 Series D units as of June 30, 2014 and December 31, 2013 and 4,375,000 Series E units as of June 30, 2014 and December 31, 2013) an approximate 23.9% and 24.6% interest at June 30, 2014 and December 31, 2013, respectively. | |
As of June 30, 2014, the Company had a net payable of approximately $6.6 million due to the Sponsor, which has been reflected as amounts payable to affiliates in the accompanying condensed consolidated balance sheets. This amount primarily consists of payables to the Sponsor related to accrued and unpaid acquisition fees and declared and unpaid preferred distributions on the Series C convertible units held by the Sponsor (see Note 8). | |
As of December 31, 2013, the Company had a net receivable of $4.5 million due from the Sponsor, which has been included in escrow deposits, prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. This amount consists of receivables due from the Sponsor related to the estimated net monetary asset reconciliations associated with the Management Internalization and Alaska Joint Venture Acquisition (see Note 11) and other expense reimbursements, offset by amounts payable to the Sponsor related to accrued and unpaid acquisition fees and declared and unpaid preferred distributions on the Series C convertible units held by the Sponsor (see Note 8). | |
Advisory management agreement | |
In November 2012, the Company entered into an advisory management agreement with the Advisor under which the Advisor was responsible for designing and implementing our business strategy and administering our business activities and day-to-day operations, subject to the oversight by our board of trustees. For the three and six months ended June 30, 2013, related management fee expenses incurred to the Advisor prior to the Management Internalization were $3.7 million and $6.4 million, respectively (see Note 11). | |
Property Management Agreement | |
In November 2012, the Company entered into a property management agreement with the Property Manager under which the Property Manager generally oversaw and directed the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. We paid the Property Manager a property management fee equal to 6% of collected rents and a leasing fee equal to one-half month of each lease's annual rent. For the three and six months ended June 30, 2013, property management fees incurred to the Property Manager prior to the Management Internalization were $1.1 million and $1.3 million, respectively, which have been included in property operating expenses in the accompanying condensed consolidated statement of operations (see Note 11). | |
Agreement on Investment Opportunities | |
In November 2012, the Company entered into an "Agreement on Investment Opportunities" with the Sponsor under which we pay an acquisition and renovation fee equal to 5% of all costs and expenses we incur in connection with the initial acquisition, repair and renovation of single-family properties (net of any broker fees received by the Property Manager) for its services in identifying, evaluating, acquiring and overseeing the renovation of the properties we purchase. In connection with the Management Internalization on June 10, 2013 (see Note 11), we entered into an Amended and Restated Agreement on Investment Opportunities. Under the amended and restated agreement, on December 10, 2014, the Sponsor will cease providing acquisition and renovation services for us and we will cease paying the acquisition and renovation fee. No termination or other fee will be due on December 10, 2014 in connection with the termination of the Sponsor providing such services. On September 10, 2014, we will have the right to offer employment, that would commence on December 10, 2014, to all of the Sponsor's acquisition and renovation personnel necessary for our operations. Additionally, the Sponsor is required to pay the Company a monthly fee of $0.1 million through December 10, 2014 for maintenance and use of certain intellectual property transferred to us in the Management Internalization, which is included in other revenue in the accompanying condensed consolidated statements of operations (see Note 11). | |
During the three and six months ended June 30, 2014, we incurred $9.2 million and $26.8 million in aggregate acquisition and renovation fees to the Sponsor under the terms of this agreement, $8.3 million and $25.6 million of which has been capitalized related to asset acquisitions and included in the cost of the single-family properties, and $0.9 million and $1.2 million has been expensed related to property acquisitions with in-place leases, respectively. During the three and six months ended June 30, 2013, we incurred $44.5 million and $72.4 million in aggregate acquisition and renovation fees to the Sponsor under the terms of this agreement, $43.2 million and $70.1 million of which has been capitalized related to asset acquisitions, and included in the cost of the single-family properties, and $1.3 million and $2.3 million has been expensed related to property acquisitions with in-place leases, respectively. As of June 30, 2014, accrued and unpaid acquisition and renovation fees were $1.9 million, which have been included in amounts payable to affiliates in the accompanying condensed consolidated balance sheets. | |
Employee Administration Agreement | |
In connection with the Management Internalization on June 10, 2013 (see Note 11), we entered into an employee administration agreement with Malibu Management, Inc. ("MMI"), an affiliate of the Sponsor, to obtain the exclusive services of personnel of the Advisor and the Property Manager, who were previously employees of MMI under the direction of the Sponsor. Under terms of the agreement, we obtained the exclusive service of the employees dedicated to us for all management and other personnel dedicated to our business and are able to direct MMI to implement employment decisions with respect to the employees dedicated to us. We are required to reimburse MMI for all compensation and benefits and costs associated with the employees dedicated to us. We do not pay any fee or any other form of compensation to MMI. Total compensation and benefit costs paid by MMI and passed through to us under the agreement during the three and six months ended June 30, 2014 were $10.1 million and $19.1 million, respectively. Total compensation and benefit costs paid by MMI and passed through to us under the agreement during the three and six months ended June 30, 2013 were $1.2 million. As of June 30, 2014, accrued and unpaid reimbursable compensation and benefit costs due to MMI were $0.7 million, which have been included in amounts payable to affiliates in the accompanying condensed consolidated balance sheet. | |
Allocated general and administrative expenses | |
Prior to February 28, 2013, the Company received an allocation of general and administrative expenses from the Sponsor that were either clearly applicable to or were reasonably allocated to the operations of the properties prior to contribution by the Sponsor (see Note 10). Allocated general administrative expenses prior to the date of contribution for the three and six months ended June 30, 2013, were zero and $1.0 million, respectively, which have been included in general and administrative expense in the accompanying condensed consolidated statements of operations. | |
Contributions_by_the_Sponsor
Contributions by the Sponsor | 6 Months Ended |
Jun. 30, 2014 | |
Contributions by the Sponsor | ' |
Contributions by the Sponsor | ' |
Note 10. Contributions by the Sponsor | |
2,770 Property Contribution | |
On February 28, 2013, we entered into an agreement with the Sponsor providing for the contribution of 2,770 single-family properties for total consideration of $491.7 million (the "2,770 Property Contribution"). The consideration to the Sponsor was 31,085,974 Series C convertible units in our Operating Partnership and 634,408 Class B common shares valued at $15.50 per unit/share, which approximated fair value as of the date of the transaction. Because the 2,770 Property Contribution has been deemed to be a transaction between entities under common control, the shares issued and the property received have been recorded by us at the Sponsor's historical book value and reflected as if they had been acquired by us on the dates such properties were acquired by the Sponsor. Upon consummation of the transaction on February 28, 2013, the total $386.5 million predecessor net book value of the property contribution was reclassified from additional paid-in capital to (i) noncontrolling interest in connection with the issuance of $378.8 Series C units in our Operating Partnership and (ii) Class B common shares in connection with the issuance of $7.7 million Class B common shares. | |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Acquisitions and Dispositions | ' | |||||||||||||
Acquisitions and Dispositions | ' | |||||||||||||
Note 11. Acquisitions and Dispositions | ||||||||||||||
Management Internalization | ||||||||||||||
On June 10, 2013, the Company completed the Management Internalization for the purpose of internalizing its corporate and property operations management and acquired 100% of the membership interests in the Advisor and the Property Manager from the Sponsor in exchange for 4,375,000 Series D units and 4,375,000 Series E units in our Operating Partnership, which were valued at $65.2 million and $64.9 million, respectively, as of the date of issuance using a Monte Carlo Simulation model. Under the terms of the respective contribution agreement, among other things, all administrative, financial, property management, marketing and leasing personnel, including executive management, became fully dedicated to the Company. | ||||||||||||||
The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the date of acquisition (in thousands): | ||||||||||||||
Buildings and improvements | $ | 4,214 | ||||||||||||
Identified intangible assets: | ||||||||||||||
Trademark | 3,100 | |||||||||||||
Database | 2,100 | |||||||||||||
Goodwill | 120,655 | |||||||||||||
| | | | | ||||||||||
Fair value of acquired assets | $ | 130,069 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Under the terms of the Management Internalization contribution agreement, net monetary assets, as defined, of the Advisor and Property Manager as of June 10, 2013 were to be settled in cash between the Company and the Sponsor subsequent to the date of the transaction. Accordingly, estimated net monetary assets of $7.0 million, including estimated cash and cash equivalents of $9.0 million, were recorded as of the date of the Management Internalization and subsequently the amounts were reconciled and settled in cash. | ||||||||||||||
Since the date of the Management Internalization, the Company has consolidated the Advisor and the Property Manager and the results of these operations are reflected in the accompanying condensed consolidated financial statements. | ||||||||||||||
Alaska Joint Venture Acquisition | ||||||||||||||
On June 11, 2013, the Company acquired 100% of the membership interests in American Homes 4 Rent I, LLC (the "Alaska Joint Venture") from Alaska Permanent Fund Corporation ("APFC") and the Sponsor for a purchase price of $904.5 million (the "Alaska Joint Venture Acquisition"). The purchase price consisted of the issuance of 43,609,394 Class A common shares in the Company to APFC and 12,395,965 Class A units in the Operating Partnership to the Sponsor (see Note 8). As part of the Alaska Joint Venture Acquisition, the Company acquired a portfolio of 4,778 single-family properties, as well as the right to receive all net cash flows produced by the Alaska Joint Venture subsequent to April 30, 2013. Net cash flows produced by the Alaska Joint Venture subsequent to April 30, 2013 and prior to the Company's ownership on June 11, 2013 were approximately $1.9 million, which have been included in the purchase price of the assets acquired as part of the Alaska Joint Venture Acquisition. The Company completed the Alaska Joint Venture Acquisition for the purpose of acquiring a portfolio of 4,778 single-family properties, which was 75% leased as of the date of acquisition. | ||||||||||||||
The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition as of the date of acquisition (in thousands): | ||||||||||||||
Land | $ | 156,648 | ||||||||||||
Building and improvements | 740,396 | |||||||||||||
Receivable for net cash flows prior to acquisition date | 1,896 | |||||||||||||
Value of in-place leases | 5,547 | |||||||||||||
| | | | | ||||||||||
Fair value of acquired assets | $ | 904,487 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Pursuant to the Alaska Joint Venture Acquisition contribution agreement, net monetary assets, as defined, of the Alaska Joint Venture as of April 30, 2013 were used to fund all remaining initial repair and renovation costs of the 4,778 single-family properties, with shortfalls paid for by the Sponsor. Accordingly, estimated net monetary assets of the Alaska Joint Venture of $13.0 million, including estimated cash and cash equivalents of $23.0 million, were recorded as of the date of the Alaska Joint Venture Acquisition in the accompanying condensed consolidated balance sheet. | ||||||||||||||
Since the date of the Alaska Joint Venture Acquisition, the Company has consolidated the Alaska Joint Venture and the results of its operations are reflected in the accompanying condensed consolidated financial statements. | ||||||||||||||
RJ Joint Ventures Acquisition | ||||||||||||||
On June 14, 2013, the Sponsor contributed its remaining ownership interest in RJ American Homes 4 Rent Investments, LLC ("RJ LLC") to the Company, 653,492 3.5% convertible perpetual preferred units held by the Sponsor were converted into 653,492 Class A units and the Company issued 705,167 additional Class A units to the Sponsor (collectively, the "2013 RJ Transaction"). The fair value of the 705,167 Class A units issued has been estimated to be $11,283,000, which has been determined using the most recent trading price in the Company's Class A common shares, into which the Class A units are convertible into on a one-for-one basis. Additionally, our Operating Partnership made a $7.6 million loan to RJ American Homes 4 Rent One, LLC ("RJ1"), the proceeds of which were used to extinguish the balance of an outstanding loan as of the date of the 2013 RJ Transaction. The Company completed the 2013 RJ Transaction for the purpose of gaining 100% ownership of RJ LLC and therefore control over RJ1 and RJ American Homes 4 Rent Two, LLC ("RJ2"). As of the date of the 2013 RJ Transaction, the RJ1 and RJ2 portfolios collectively consisted of 377 single-family properties. | ||||||||||||||
The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 that the Company gained control over on June 14, 2013 and the associated 67% noncontrolling interest held by third party accredited investors in RJ1 and RJ2, respectively (in thousands): | ||||||||||||||
Land | $ | 10,340 | ||||||||||||
Building and improvements | 54,123 | |||||||||||||
Value of in-place leases | 539 | |||||||||||||
Cash and cash equivalents | 1,128 | |||||||||||||
Other current assets and liabilities, net | (311 | ) | ||||||||||||
Note payable | (7,600 | ) | ||||||||||||
Noncontrolling interest | (39,321 | ) | ||||||||||||
| | | | | ||||||||||
Fair value of acquired net assets | $ | 18,898 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Since the date of the 2013 RJ Transaction, the Company has consolidated RJ LLC, RJ1 and RJ2 and the related results of operations are reflected in the accompanying consolidated financial statements. | ||||||||||||||
The following table presents the Company's supplemental consolidated pro forma total revenues and net income as if the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2013 (in thousands): | ||||||||||||||
For the Three Months Ended, | For the Six Months Ended, | |||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Pro forma total revenues (1) | $ | 94,304 | $ | 28,631 | $ | 171,582 | $ | 42,955 | ||||||
Pro forma net loss (1)(2) | $ | (3,369 | ) | $ | (20,877 | ) | $ | (10,304 | ) | $ | (26,293 | ) | ||
-1 | ||||||||||||||
This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction occurred on January 1, 2013. | ||||||||||||||
-2 | ||||||||||||||
Pro-forma net loss represents the combined pro forma net loss of the Advisor and Property Manager, among others, but does not reflect the elimination of historical advisory and property management fees that would not have been paid had the Management Internalization occurred on January 1, 2013. | ||||||||||||||
Additionally, due to the inherent complexity of the accompanying consolidated financial statements as a result of the transactions completed between entities under common control, management believes that presentation of pro forma net loss attributable to common shareholders and on a per share basis is not meaningful and has therefore only presented pro forma total revenues and net loss as if the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2013 above. | ||||||||||||||
Earnings_per_share
Earnings per share | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings per share | ' | |||||||||||||
Earnings per share | ' | |||||||||||||
Note 12. Earnings per share | ||||||||||||||
The following table reflects the computation of net loss per share on a basic and diluted basis for the three and six months ended June 30, 2014 and 2013 (in thousands, except share information): | ||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Income / (loss) (numerator): | ||||||||||||||
Loss from continuing operations | $ | (3,369 | ) | $ | 137 | $ | (10,304 | ) | $ | (6,742 | ) | |||
Income from discontinued operations | — | 986 | — | 1,008 | ||||||||||
Noncontrolling interest | 4,212 | 4,664 | 7,832 | 5,559 | ||||||||||
Dividends on preferred shares | 4,669 | — | 7,790 | — | ||||||||||
Conversion of preferred units | — | 10,456 | — | 10,456 | ||||||||||
| | | | | | | | | | | | | | |
Net loss attributable to common shareholders | $ | (12,250 | ) | $ | (13,997 | ) | $ | (25,926 | ) | $ | (21,749 | ) | ||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Weighted-average shares (denominator) | 185,515,651 | 95,971,706 | 185,510,004 | 72,234,717 | ||||||||||
Net loss per share—basic and diluted: | ||||||||||||||
Loss from continuing operations | $ | (0.07 | ) | $ | (0.16 | ) | $ | (0.14 | ) | $ | (0.31 | ) | ||
Income from discontinued operations | — | 0.01 | — | 0.01 | ||||||||||
| | | | | | | | | | | | | | |
Net loss per share—basic and diluted | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.14 | ) | $ | (0.30 | ) | ||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Total weighted average shares for the three and six months ended June 30, 2014 shown above excludes an aggregate of 72,938,266 shares or units in our Operating Partnership, Series A, B and C preferred shares, common shares issuable upon exercise of stock options, and restricted stock units because they were antidilutive. Total weighted average shares for the three and six months ended June 30, 2013 shown above excludes an aggregate of 35,775,468 and 54,293,266 of shares or units in our Operating Partnership, respectively, and common shares issuable upon exercise of the option pursuant to the subscription agreement with the Sponsor because they were antidilutive. | ||||||||||||||
Due to the inherent complexity of the accompanying condensed consolidated financial statements as a result of the transactions completed between entities under common control (see Note 10), management does not consider the historical net loss per share computations to be meaningful. | ||||||||||||||
Commitments_and_contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and contingencies | ' |
Commitments and contingencies | ' |
Note 13. Commitments and contingencies | |
In connection with the renovation of single-family properties after they are purchased, the Company enters into contracts for the necessary improvements. As of June 30, 2014 and December 31, 2013, the Company had aggregate outstanding commitments of $0.4 million and $1.5 million, respectively, in connection with these contracts. | |
As of June 30, 2014 and December 31, 2013, we had commitments to acquire 485 and 536 single-family properties, respectively, with an aggregate purchase price of $70.5 million and $75.5 million, respectively. | |
We are involved in various legal proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position. | |
Noncash_transactions
Noncash transactions | 6 Months Ended |
Jun. 30, 2014 | |
Noncash transactions | ' |
Noncash transactions | ' |
Note 14. Noncash transactions | |
On February 28, 2013, the Sponsor contributed 2,770 single-family properties to the Company in exchange for 31,085,974 Series C convertible units in our Operating partnership and 634,408 Class B common shares (see Note 10). | |
Fair_Value
Fair Value | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value | ' | |||||||||||||
Fair Value | ' | |||||||||||||
Note 15. Fair Value | ||||||||||||||
The carrying amount of rents and other receivables, restricted cash for resident security deposits, escrow deposits, prepaid expenses and other assets, accounts payable and accrued expenses and amounts payable to affiliates approximate fair value because of the short maturity of these amounts. The Company's interest rate cap agreement, contingently convertible Series E units liability and preferred shares derivative liability are the only financial instruments recorded at fair value on a recurring basis in the accompanying condensed consolidated financial statements. | ||||||||||||||
Inputs to the model used to value the contingently convertible Series E units liability include a risk-free rate corresponding to the assumed timing of the conversion date and a volatility input based on the historical volatilities of selected peer group companies. The starting point for the simulation is the most recent trading price in the Company's Class A common shares, into which the Series E units are ultimately convertible. The timing of such conversion is based on the provisions of the contribution agreement and the Company's best estimate of the events that trigger such conversions. | ||||||||||||||
Valuation of the preferred shares derivative liability considers scenarios in which the preferred shares would be redeemed or converted into Class A common shares by the Company and the subsequent payoffs under those scenarios. The valuation also considers certain variables such as the risk-free rate matching the assumed timing of either redemption or conversion, volatility of the underlying home price appreciation index, dividend payments, conversion rates, the assumed timing of either redemption or conversion and an assumed drift factor in home price appreciation across certain metropolitan service areas as outlined in the agreement. | ||||||||||||||
The fair value of our interest rate cap agreement is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate cap. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect the respective counterparty's nonperformance risk in the fair value measurements. | ||||||||||||||
The following table sets forth the fair value of our interest rate cap agreement, the contingently convertible Series E units liability and preferred shares derivative liability as of June 30, 2014 (in thousands): | ||||||||||||||
June 30, 2014 | ||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets | Observable | Unobservable | ||||||||||||
for Identical | Inputs | Inputs | ||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Assets: | ||||||||||||||
Interest rate cap agreement | $ | 33 | $ | — | $ | 33 | $ | — | ||||||
Liabilities: | ||||||||||||||
Contingently convertible Series E units liability | $ | 74,638 | $ | — | $ | — | $ | 74,638 | ||||||
Preferred shares derivative liability | $ | 55,670 | $ | — | $ | — | $ | 55,670 | ||||||
The following table presents changes in the fair value of the contingently convertible series E units liability and preferred shares derivative liability, which are measured on a recurring basis, with changes in fair value recognized in remeasurement of Series E units and remeasurement of preferred shares, respectively, in the accompanying condensed consolidated statements of operations, for the six months ended June 30, 2014 (in thousands): | ||||||||||||||
Description | January 1, 2014 | Issuances | Remeasurement | June 30, 2014 | ||||||||||
included in earnings | ||||||||||||||
Liabilities: | ||||||||||||||
Contingently convertible Series E units liability | $ | 66,938 | $ | — | $ | 7,700 | $ | 74,638 | ||||||
Preferred shares derivative liability | $ | 28,150 | $ | 26,922 | $ | 598 | $ | 55,670 | ||||||
Changes in inputs or assumptions used to value the contingently convertible Series E units liability and preferred shares derivative liability may have a material impact on the resulting valuation. | ||||||||||||||
The following table sets forth the fair value of the contingently convertible series E units liability and preferred shares derivative liability as of December 31, 2013 (in thousands): | ||||||||||||||
December 31, 2013 | ||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets | Observable | Unobservable | ||||||||||||
for Identical | Inputs | Inputs | ||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Assets: | ||||||||||||||
Contingently convertible Series E units liability | $ | 66,938 | $ | — | $ | — | $ | 66,938 | ||||||
Preferred shares derivative liability | $ | 28,150 | $ | — | $ | — | $ | 28,150 |
Subsequent_events
Subsequent events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent events | ' |
Subsequent events | ' |
Note 16. Subsequent events | |
Subsequent Acquisitions | |
From July 1, 2014 through July 31, 2014, we acquired 673 properties through our recurring acquisition channels, including foreclosure auctions and broker sales, with an aggregate purchase price of approximately $96.7 million. In addition, we acquired 1,372 properties through the acquisition of Beazer Pre-Owned Rental Homes, Inc. ("Beazer Rental Homes") on July 1, 2014, as discussed below. We expect that our level of acquisition activity will fluctuate based on the number of suitable investments and on the level of funds available for investment. | |
Acquisition of Beazer Pre-Owned Rental Homes, Inc. | |
On July 1, 2014, we acquired Beazer Rental Homes in exchange for approximately 8.2 million Class A common shares, $5.0 million of cash to be held in an indemnification escrow and extinguishment of certain liabilities of Beazer Rental Homes, including $112.8 million outstanding under Beazer Rental Homes' credit facility. The acquisition of Beazer Rental Homes adds 1,372 properties located in the Arizona, California, Florida and Nevada to our portfolio. | |
Borrowings on Credit Facility | |
From July 1, 2014 through July 31, 2014, the Company borrowed an additional $120.0 million under the credit facility and made payments on the credit facility totaling $15.0 million, resulting in an outstanding balance of $586.0 million on July 31, 2014. | |
Declaration of Dividends | |
On August 4, 2014, our board of trustees declared a quarterly dividend of $0.05 per Class A common share payable on September 30, 2014 to shareholders of record on September 15, 2014. Additionally, our board of trustees also declared the quarterly dividends of $0.3125 per share on the Company's 5.0% Series A Participating Preferred Shares payable on September 30, 2014 to shareholders of record on September 15, 2014, $0.3125 per share on the Company's 5.0% Series B Participating Preferred Shares payable on September 30, 2014 to shareholders of record on September 15, 2014, and $0.34375 per share on the company's 5.5% Series C Participating Preferred shares payable on September 30, 2014, to shareholders of reward on September 15, 2014. | |
Significant_accounting_policie1
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Significant accounting policies | ' |
Basis of presentation | ' |
Basis of presentation | |
The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes and therefore notes to the condensed consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements have been omitted. | |
Derivatives | ' |
Derivatives | |
We currently use, and in the future may use, interest rate cap agreements for interest rate risk management purposes and in conjunction with certain LIBOR-based variable rate debt to satisfy lender requirements. We assess these derivatives at inception and on an on-going basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense. The ineffective portion of the change in fair value of our interest rate cap agreements is required to be recognized directly in earnings. | |
Recently issued and adopted accounting standards | ' |
Recently issued and adopted accounting standards | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements, Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations such as a major line of business, major geographic area or a major equity method investment, should be presented as discontinued operations. In addition the new guidance will require expanded disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. The guidance will be effective for all disposals of components (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and is not expected to have a material impact on the Company's financial statements. | |
Singlefamily_properties_Tables
Single-family properties (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Single-family properties | ' | |||||||
Schedule of Single-Family Properties | ' | |||||||
Single-family properties, net, consists of the following as of June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
June 30, 2014 | ||||||||
Number of | Net book value | |||||||
properties | ||||||||
Leased single-family properties | 23,364 | $ | 3,879,445 | |||||
Single-family properties being renovated | 1,756 | 262,977 | ||||||
Single-family properties being prepared for re-lease | 656 | 111,370 | ||||||
Vacant single-family properties available for lease | 1,361 | 224,696 | ||||||
Single-family properties held for sale | 36 | 5,306 | ||||||
| | | | | | | | |
Total | 27,173 | $ | 4,483,794 | |||||
| | | | | | | | |
| | | | | | | | |
December 31, 2013 | ||||||||
Number of | Net book value | |||||||
properties | ||||||||
Leased single-family properties | 17,328 | $ | 2,914,947 | |||||
Single-family properties being renovated | 2,463 | 348,571 | ||||||
Single-family properties being prepared for re-lease | 281 | 45,404 | ||||||
Vacant single-family properties available for lease | 3,152 | 545,931 | ||||||
Single-family properties held for sale | 44 | 6,569 | ||||||
| | | | | | | | |
Total | 23,268 | $ | 3,861,422 | |||||
| | | | | | | | |
| | | | | | | | |
Deferred_costs_and_other_intan1
Deferred costs and other intangibles (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Deferred costs and other intangibles | ' | ||||||||||||||||
Deferred Costs and Other Intangibles | ' | ||||||||||||||||
Deferred costs and other intangibles, net, consists of the following as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Deferred leasing costs | $ | 14,837 | $ | 12,526 | |||||||||||||
Deferred financing costs | 27,111 | 12,147 | |||||||||||||||
Intangible assets: | |||||||||||||||||
Value of in-place leases | 5,547 | 6,085 | |||||||||||||||
Trademark | 3,100 | 3,100 | |||||||||||||||
Database | 2,100 | 2,100 | |||||||||||||||
| | | | | | | | ||||||||||
52,695 | 35,958 | ||||||||||||||||
Less: accumulated amortization | (22,330 | ) | (15,385 | ) | |||||||||||||
| | | | | | | | ||||||||||
Total | $ | 30,365 | $ | 20,573 | |||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Amortization Expense Related to Deferred Costs and Other Intangibles | ' | ||||||||||||||||
The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2014 for future periods (in thousands): | |||||||||||||||||
Year | Deferred | Deferred | Value of | Trademark | Database | ||||||||||||
Leasing Costs | Financing Costs | In-place Leases | |||||||||||||||
Remaining 2014 | $ | 3,423 | $ | 2,654 | $ | — | $ | 330 | $ | 150 | |||||||
2015 | 808 | 5,274 | — | 660 | 300 | ||||||||||||
2016 | — | 5,289 | — | 660 | 300 | ||||||||||||
2017 | — | 3,939 | — | 660 | 300 | ||||||||||||
2018 | — | 3,469 | — | 91 | 300 | ||||||||||||
Thereafter | — | 1,326 | — | — | 432 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Total | $ | 4,231 | $ | 21,951 | $ | — | $ | 2,401 | $ | 1,782 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Debt | ' | |||||||||||||
Amortization of Deferred Financing Costs and Capitalized Interest | ' | |||||||||||||
The following table outlines our total gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||
For the Three Months Ended, | For the Six Months Ended, | |||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Gross interest cost | $ | 6,298 | $ | 2,028 | $ | 10,728 | $ | 2,398 | ||||||
Capitalized interest | (2,410 | ) | (2,028 | ) | (5,338 | ) | (2,028 | ) | ||||||
| | | | | | | | | | | | | | |
Interest expense | $ | 3,888 | $ | — | $ | 5,390 | $ | 370 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Accounts_payable_and_accrued_e1
Accounts payable and accrued expenses (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounts payable and accrued expenses | ' | |||||||
Schedule of Accounts Payable and Accrued Expenses | ' | |||||||
The following table summarizes accounts payable and accrued expenses as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Accounts payable | $ | 1,402 | $ | 901 | ||||
Accrued property taxes | 38,164 | 28,240 | ||||||
Other accrued liabilities | 27,444 | 21,538 | ||||||
Accrued distribution payable | — | 9,274 | ||||||
Accrued construction liabilities | 12,574 | 16,917 | ||||||
Resident security deposits | 37,902 | 26,527 | ||||||
| | | | | | | | |
Total | $ | 117,486 | $ | 103,397 | ||||
| | | | | | | | |
| | | | | | | | |
Shareholders_equity_Tables
Shareholders' equity (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Shareholders' equity | ' | |||||||||||||
Summary of Stock Option Activity under Plan | ' | |||||||||||||
The following table summarizes stock option activity under the plan for the six months ended June 30, 2014 and 2013: | ||||||||||||||
For the Six Months Ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||
Stock Options | Weighted Average | Stock Options | Weighted Average | |||||||||||
Exercise Price | Exercise Price | |||||||||||||
Outstanding at beginning of the period | 1,190,000 | $ | 15.48 | 700,000 | $ | 15 | ||||||||
Granted | 1,220,000 | 16.74 | — | — | ||||||||||
Exercised | (28,750 | ) | 15 | — | — | |||||||||
Forfeited | (216,250 | ) | 15.7 | (30,000 | ) | 15 | ||||||||
| | | | | | | | | | | | | | |
Outstanding at end of the period | 2,165,000 | $ | 16.17 | 670,000 | $ | 15 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Exercisable at end of the period | 131,250 | $ | 15 | — | $ | — | ||||||||
Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding | ' | |||||||||||||
The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares issued during the six months ended June 30, 2014: | ||||||||||||||
Weighted average fair value | $ | 4.89 | ||||||||||||
Weighted average remaining life (years) | 9.7 | |||||||||||||
Expected term (years) | 7 | |||||||||||||
Dividend Yield | 3 | % | ||||||||||||
Volatility | 37.3 | % | ||||||||||||
Risk-free interest rate | 2.2 | % |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Schedule of Company's Supplemental Consolidated Pro Forma Total Revenues and Net Income | ' | |||||||||||||
The following table presents the Company's supplemental consolidated pro forma total revenues and net income as if the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2013 (in thousands): | ||||||||||||||
For the Three Months Ended, | For the Six Months Ended, | |||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Pro forma total revenues (1) | $ | 94,304 | $ | 28,631 | $ | 171,582 | $ | 42,955 | ||||||
Pro forma net loss (1)(2) | $ | (3,369 | ) | $ | (20,877 | ) | $ | (10,304 | ) | $ | (26,293 | ) | ||
-1 | ||||||||||||||
This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction occurred on January 1, 2013. | ||||||||||||||
-2 | ||||||||||||||
Pro-forma net loss represents the combined pro forma net loss of the Advisor and Property Manager, among others, but does not reflect the elimination of historical advisory fees that would not have been paid had the Management Internalization occurred on January 1, 2013. | ||||||||||||||
Management Internalization | ' | |||||||||||||
Schedule of Estimated Fair Values of Assets Acquired | ' | |||||||||||||
The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the date of acquisition (in thousands): | ||||||||||||||
Buildings and improvements | $ | 4,214 | ||||||||||||
Identified intangible assets: | ||||||||||||||
Trademark | 3,100 | |||||||||||||
Database | 2,100 | |||||||||||||
Goodwill | 120,655 | |||||||||||||
| | | | | ||||||||||
Fair value of acquired assets | $ | 130,069 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Alaska Joint Venture Acquisition | ' | |||||||||||||
Schedule of Estimated Fair Values of Assets Acquired | ' | |||||||||||||
The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition as of the date of acquisition (in thousands): | ||||||||||||||
Land | $ | 156,648 | ||||||||||||
Building and improvements | 740,396 | |||||||||||||
Receivable for net cash flows prior to acquisition date | 1,896 | |||||||||||||
Value of in-place leases | 5,547 | |||||||||||||
| | | | | ||||||||||
Fair value of acquired assets | $ | 904,487 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
RJ LLC, RJ1 and RJ2 | ' | |||||||||||||
Schedule of Estimated Fair Values of Assets Acquired | ' | |||||||||||||
The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 that the Company gained control over on June 14, 2013 and the associated 67% noncontrolling interest held by third party accredited investors in RJ1 and RJ2, respectively (in thousands): | ||||||||||||||
Land | $ | 10,340 | ||||||||||||
Building and improvements | 54,123 | |||||||||||||
Value of in-place leases | 539 | |||||||||||||
Cash and cash equivalents | 1,128 | |||||||||||||
Other current assets and liabilities, net | (311 | ) | ||||||||||||
Note payable | (7,600 | ) | ||||||||||||
Noncontrolling interest | (39,321 | ) | ||||||||||||
| | | | | ||||||||||
Fair value of acquired net assets | $ | 18,898 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings per share | ' | |||||||||||||
Computation of Net Loss per Share on Basic and Diluted Basis | ' | |||||||||||||
The following table reflects the computation of net loss per share on a basic and diluted basis for the three and six months ended June 30, 2014 and 2013 (in thousands, except share information): | ||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Income / (loss) (numerator): | ||||||||||||||
Loss from continuing operations | $ | (3,369 | ) | $ | 137 | $ | (10,304 | ) | $ | (6,742 | ) | |||
Income from discontinued operations | — | 986 | — | 1,008 | ||||||||||
Noncontrolling interest | 4,212 | 4,664 | 7,832 | 5,559 | ||||||||||
Dividends on preferred shares | 4,669 | — | 7,790 | — | ||||||||||
Conversion of preferred units | — | 10,456 | — | 10,456 | ||||||||||
| | | | | | | | | | | | | | |
Net loss attributable to common shareholders | $ | (12,250 | ) | $ | (13,997 | ) | $ | (25,926 | ) | $ | (21,749 | ) | ||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Weighted-average shares (denominator) | 185,515,651 | 95,971,706 | 185,510,004 | 72,234,717 | ||||||||||
Net loss per share—basic and diluted: | ||||||||||||||
Loss from continuing operations | $ | (0.07 | ) | $ | (0.16 | ) | $ | (0.14 | ) | $ | (0.31 | ) | ||
Income from discontinued operations | — | 0.01 | — | 0.01 | ||||||||||
| | | | | | | | | | | | | | |
Net loss per share—basic and diluted | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.14 | ) | $ | (0.30 | ) | ||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value | ' | |||||||||||||
Fair Value of Interest rate cap agreement, Contingently Convertible Series E Units Liability and Preferred Shares Derivative Liability | ' | |||||||||||||
The following table sets forth the fair value of our interest rate cap agreement, the contingently convertible Series E units liability and preferred shares derivative liability as of June 30, 2014 (in thousands): | ||||||||||||||
June 30, 2014 | ||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets | Observable | Unobservable | ||||||||||||
for Identical | Inputs | Inputs | ||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Assets: | ||||||||||||||
Interest rate cap agreement | $ | 33 | $ | — | $ | 33 | $ | — | ||||||
Liabilities: | ||||||||||||||
Contingently convertible Series E units liability | $ | 74,638 | $ | — | $ | — | $ | 74,638 | ||||||
Preferred shares derivative liability | $ | 55,670 | $ | — | $ | — | $ | 55,670 | ||||||
Changes in Fair Value of Contingently Convertible Series E Units Liability and Preferred Shares Derivative Liability | ' | |||||||||||||
The following table presents changes in the fair value of the contingently convertible series E units liability and preferred shares derivative liability, which are measured on a recurring basis, with changes in fair value recognized in remeasurement of Series E units and remeasurement of preferred shares, respectively, in the accompanying condensed consolidated statements of operations, for the six months ended June 30, 2014 (in thousands): | ||||||||||||||
Description | January 1, 2014 | Issuances | Remeasurement | June 30, 2014 | ||||||||||
included in earnings | ||||||||||||||
Liabilities: | ||||||||||||||
Contingently convertible Series E units liability | $ | 66,938 | $ | — | $ | 7,700 | $ | 74,638 | ||||||
Preferred shares derivative liability | $ | 28,150 | $ | 26,922 | $ | 598 | $ | 55,670 | ||||||
The following table sets forth the fair value of the contingently convertible series E units liability and preferred shares derivative liability as of December 31, 2013 (in thousands): | ||||||||||||||
December 31, 2013 | ||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets | Observable | Unobservable | ||||||||||||
for Identical | Inputs | Inputs | ||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Assets: | ||||||||||||||
Contingently convertible Series E units liability | $ | 66,938 | $ | — | $ | — | $ | 66,938 | ||||||
Preferred shares derivative liability | $ | 28,150 | $ | — | $ | — | $ | 28,150 |
Organization_and_operations_De
Organization and operations (Details) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 10, 2013 | Jun. 10, 2013 |
property | property | Operating Partnership | Operating Partnership | |
state | Series D Convertible Units | Series E Convertible Units | ||
Organization and operations | ' | ' | ' | ' |
Number of properties | 27,173 | 23,268 | ' | ' |
Number of states | 22 | ' | ' | ' |
Number of properties held for sale | 36 | ' | ' | ' |
Organization and operations | ' | ' | ' | ' |
Issuance of units (in shares) | ' | ' | 4,375,000 | 4,375,000 |
Singlefamily_properties_Detail
Single-family properties (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | property | property | Single family homes | Single family homes | Single family homes | Single family homes | Single family homes | Single family homes | Single family homes | Single family homes | Single family homes | Single family homes | Single family homes |
property | Properties being renovated | Properties being renovated | Properties being prepared for re-lease | Properties being prepared for re-lease | Properties held for sale | Properties held for sale | Leased | Leased | Vacant | Vacant | |||
property | property | property | property | property | property | property | property | property | property | ||||
Property Subject to or Available for Operating Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties | 27,173 | 23,268 | 3,852 | 1,756 | 2,463 | 656 | 281 | 36 | 44 | 23,364 | 17,328 | 1,361 | 3,152 |
Net book value | $4,483,794 | $3,861,422 | ' | $262,977 | $348,571 | $111,370 | $45,404 | $5,306 | $6,569 | $3,879,445 | $2,914,947 | $224,696 | $545,931 |
Singlefamily_properties_Detail1
Single-family properties (Details 2) (Single-Family Properties, USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Single-Family Properties | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease | ' | ' | ' | ' | ' |
Net book value | $92.30 | ' | $92.30 | ' | $120.60 |
Depreciation expense | $34.80 | $9 | $65.80 | $11.90 | ' |
Rent_and_Other_Receivables_Det
Rent and Other Receivables (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Rent and Other Receivables | ' | ' |
Allowance for doubtful accounts | $0.20 | $1.20 |
Rescinded properties | $1.30 | $1.30 |
Deferred_costs_and_other_intan2
Deferred costs and other intangibles (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Indefinite-lived Intangible Assets | ' | ' |
Deferred leasing costs | $14,837 | $12,526 |
Deferred financing costs | 27,111 | 12,147 |
Intangible assets: | ' | ' |
Intangible assets | 52,695 | 35,958 |
Less: accumulated amortization | -22,330 | -15,385 |
Total | 30,365 | 20,573 |
Value of In-place Leases | ' | ' |
Intangible assets: | ' | ' |
Intangible assets | 5,547 | 6,085 |
Trademark | ' | ' |
Intangible assets: | ' | ' |
Intangible assets | 3,100 | 3,100 |
Database | ' | ' |
Intangible assets: | ' | ' |
Intangible assets | $2,100 | $2,100 |
Deferred_costs_and_other_intan3
Deferred costs and other intangibles (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Deferred costs and other intangibles | ' | ' | ' | ' |
Amortization expense | $3.50 | $1.90 | $7.70 | $1.90 |
Amortization of deferred financing costs | $0.90 | $0.70 | $1.50 | $0.90 |
Deferred_costs_and_other_intan4
Deferred costs and other intangibles (Details 3) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets | ' |
Remaining 2014 | $3,423 |
2015 | 808 |
Total | 4,231 |
Remaining 2014 | 2,654 |
2015 | 5,274 |
2016 | 5,289 |
2017 | 3,939 |
2018 | 3,469 |
Thereafter | 1,326 |
Total | 21,951 |
Trademark | ' |
Finite-Lived Intangible Assets | ' |
Remaining 2014 | 330 |
2015 | 660 |
2016 | 660 |
2017 | 660 |
2018 | 91 |
Total | 2,401 |
Database | ' |
Finite-Lived Intangible Assets | ' |
Remaining 2014 | 150 |
2015 | 300 |
2016 | 300 |
2017 | 300 |
2018 | 300 |
Thereafter | 432 |
Total | $1,782 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Mar. 07, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
property | property | property | Fair Value | Single family homes | Single family homes | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | |
property | Until March 2017 | March 2017 and Thereafter | |||||||||
LIBOR | LIBOR | ||||||||||
Proforma Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from the sale of certificates | ' | $480,970,000 | ' | ' | $481,000,000 | ' | ' | ' | ' | ' | ' |
Issuance costs for the sale of certificates | ' | ' | ' | ' | 14,900,000 | ' | ' | ' | ' | ' | ' |
Number of properties | 27,173 | 27,173 | 23,268 | ' | 3,852 | ' | ' | ' | ' | ' | ' |
Debt instrument initial term | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Number of extension options | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Period of extension options | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' |
Monthly Principal payment (as a percent) | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' |
LIBOR floor rate (as a percent) | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' |
Interest rate cap agreement initial period | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate cap agreement strike rate | 3.85% | 3.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective percentage of interest rate cap agreements hedged as cash flow derivative | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amount of loss to be reclassified as increase to interest expense over next 12 months | 50,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate cap agreement | 33,000 | 33,000 | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' |
Reference rate | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' |
Interest margin on reference rate (as a percent) | ' | ' | ' | ' | ' | 1.54% | ' | ' | ' | ' | ' |
Credit facility amount, maximum | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | 500,000,000 | ' | ' |
Percentage of properties used to calculate borrowing base | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Debt instrument, description of variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 day LIBOR | '30 day LIBOR |
Debt instrument, basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 3.13% |
Debt covenant, minimum liquidity requirement | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' |
Debt covenant, minimum liquidity requirement for cash and cash equivalents | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' |
Maximum leverage ratio | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Debt covenant, minimum required tangible net worth (as a percent) | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' |
Debt covenant, percentage of additional equity capital raised on or after September 30, 2013 that is used in calculation of tangible net worth | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | $481,000,000 | ' | ' | ' | ' |
Debt_Details_2
Debt (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Debt | ' | ' | ' | ' |
Gross interest cost | $6,298 | $2,028 | $10,728 | $2,398 |
Capitalized interest | -2,410 | -2,028 | -5,338 | -2,028 |
Interest expense | $3,888 | ' | $5,390 | $370 |
Accounts_payable_and_accrued_e2
Accounts payable and accrued expenses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts payable and accrued expenses | ' | ' |
Accounts payable | $1,402 | $901 |
Accrued property taxes | 38,164 | 28,240 |
Other accrued liabilities | 27,444 | 21,538 |
Accrued distribution payable | ' | 9,274 |
Accrued construction liabilities | 12,574 | 16,917 |
Resident security deposits | 37,902 | 26,527 |
Total | $117,486 | $103,397 |
Shareholders_equity_Details
Shareholders' equity (Details) (USD $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Jun. 30, 2014 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 2-May-14 | 31-May-14 | |
Accounts payable and accrued expenses | Series C Convertible Units | Class A Common Shares | Series A participating preferred shares | Series B participating preferred shares | Series C Participating Preferred Shares | Series C Participating Preferred Shares | ||
Class of Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred units issued | ' | ' | ' | ' | ' | ' | 7,600,000 | ' |
Net proceeds from issuance of Preferred shares | $189,433,000 | ' | ' | ' | ' | ' | $190,000,000 | ' |
Rate of Preferred units | ' | ' | ' | ' | ' | ' | 5.50% | ' |
Offering costs | ' | ' | ' | ' | ' | ' | 9,700,000 | ' |
Dividend payable per share | ' | ' | $0.15 | $0.05 | $0.31 | $0.31 | ' | $0.23 |
Dividend payable date | ' | ' | ' | 30-Jun-14 | ' | ' | ' | ' |
Dividend record date | ' | ' | ' | 15-Jun-14 | ' | ' | ' | ' |
Dividend payable, amount | ' | 9,300,000 | 4,700,000 | ' | ' | ' | ' | ' |
Preferred Shares dividend rate | ' | ' | ' | ' | 5.00% | 5.00% | ' | 5.50% |
Quarterly distributions to preferred shareholders | $7,790,000 | ' | ' | ' | $1,600,000 | $1,400,000 | ' | $1,700,000 |
Shareholders_equity_Details_2
Shareholders' equity (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 14, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
3.5% Convertible Perpetual Preferred Units | 3.5% Convertible Perpetual Preferred Units | 3.5% Convertible Perpetual Preferred Units | Sponsor | Sponsor | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Certain consolidated subsidiaries with noncontrolling interest | Certain consolidated subsidiaries with noncontrolling interest | |
Class A Units | Class A Units | Class A Units | Class A Units | Class A Units | Series C Convertible Units | Series C Convertible Units | Series C Convertible Units | Series C Convertible Units | Series C Convertible Units | Series C Convertible Units | Series D Convertible Units | Series D Convertible Units | ||||||||
Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | |||||||||||||||
Class of Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of units outstanding | ' | ' | ' | 23.90% | 24.60% | ' | ' | ' | 6.90% | 6.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units owned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 13,787,292 | 13,787,292 | ' | ' | ' | ' | 31,085,974 | 31,085,974 | 4,375,000 | 4,375,000 | ' | ' |
Units outstanding (in shares) | ' | ' | ' | ' | ' | 199,320,336 | 199,320,336 | 199,320,336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) allocated to noncontrolling interest | $0.10 | $0.20 | ' | ' | ' | ($0.60) | ($1.30) | ' | ' | ' | $4.70 | $4.70 | $9.20 | $5.50 | ' | ' | ' | ' | $0.07 | ($0.02) |
Rate of Preferred units | 3.50% | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_equity_Details_3
Shareholders' equity (Details 3) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Stock options | ' | ' |
Class of Stock | ' | ' |
Vesting period | '4 years | ' |
Expiration period | '10 years | ' |
Restricted stock units | ' | ' |
Class of Stock | ' | ' |
Vesting period | '4 years | ' |
Expiration period | '10 years | ' |
2012 Equity Incentive Plan | Stock options | ' | ' |
Stock Options | ' | ' |
Outstanding at beginning of the period (in shares) | 1,190,000 | 700,000 |
Granted (in shares) | 1,220,000 | ' |
Exercised (in shares) | -28,750 | ' |
Forfeited (in shares) | -216,250 | -30,000 |
Outstanding at end of the period (in shares) | 2,165,000 | 670,000 |
Exercisable at end of the period (in shares) | 131,250 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding at beginning of the period (in dollars per share) | $15.48 | $15 |
Granted (in dollars per share) | $16.74 | ' |
Exercised (in dollars per share) | $15 | ' |
Forfeited (in dollars per share) | $15.70 | $15 |
Outstanding at end of the period (in dollars per share) | $16.17 | $15 |
Exercisable at end of the period (in dollars per share) | $15 | ' |
2012 Equity Incentive Plan | Restricted stock units | ' | ' |
Class of Stock | ' | ' |
Granted (in shares) | 92,000 | ' |
Shareholders_equity_Details_4
Shareholders' equity (Details 4) (Class A Common Shares, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Class A Common Shares | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' |
Weighted average fair value | $4.89 |
Weighted average remaining life (years) | '9 years 8 months 12 days |
Expected term (years) | '7 years |
Dividend Yield | 3.00% |
Volatility | 37.30% |
Risk-free interest rate | 2.20% |
Shareholders_equity_Details_5
Shareholders' equity (Details 5) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock options | ' | ' | ' | ' |
Class of Stock | ' | ' | ' | ' |
Total non-cash share-based compensation expense | $0.60 | $0.30 | $0.60 | $0.30 |
Stock options | Class A common shares | ' | ' | ' | ' |
Class of Stock | ' | ' | ' | ' |
Shares forfeited | ' | ' | -216,250 | ' |
Awards outstanding (in shares) | 2,165,000 | ' | 2,165,000 | ' |
Restricted stock units | ' | ' | ' | ' |
Class of Stock | ' | ' | ' | ' |
Total non-cash share-based compensation expense | $1.10 | $0.50 | $1.10 | $0.50 |
Shares forfeited | ' | ' | 2,000 | ' |
Awards outstanding (in shares) | 90,000 | ' | 90,000 | ' |
Related_party_transactions_Det
Related party transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Nov. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Nov. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Advisor | Advisor | Property Manager | Property Manager | Property Manager | MMI | MMI | MMI | MMI | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | ||||
Class A common shares | Class A common shares | Class B common shares | Class B common shares | Agreement on Investment Opportunities | Agreement on Investment Opportunities | Agreement on Investment Opportunities | Agreement on Investment Opportunities | Agreement on Investment Opportunities | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | Sponsor | |||||||||||||||||
Class A Units | Class A Units | Series C Convertible Units | Series C Convertible Units | Series D Convertible Units | Series D Convertible Units | Series E Convertible Units | Series E Convertible Units | ||||||||||||||||||||||||||
Related Party Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest rate (as a percent) | ' | ' | ' | ' | ' | 23.90% | 24.60% | 3.70% | 3.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.90% | 6.90% | ' | ' | ' | ' | ' | ' |
Shares owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 635,075 | 635,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units owned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,787,292 | 13,787,292 | 31,085,974 | 31,085,974 | 4,375,000 | 4,375,000 | 4,375,000 | 4,375,000 |
Payable to sponsor | ' | ' | $6,598,000 | ' | ' | $6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable from sponsor | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Administrative expenses paid to related party | 3,610,000 | 6,352,000 | ' | 0 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 6,400,000 | ' | ' | ' | 10,100,000 | 1,200,000 | 19,100,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Property management fee, percentage of collected rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management fee, percentage of lease annual rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees incurred to the Property Manager | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition and renovation fee in percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination or other fees payable in connection with the termination of agreement to provide services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly maintenance fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition and renovation fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | 44,500,000 | 26,800,000 | 72,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset acquisition cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | 43,200,000 | 25,600,000 | 70,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property acquisition cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 1,300,000 | 1,200,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued acquisition and renovation fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued and unpaid reimbursable compensation and benefit costs | ' | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions_by_the_Sponsor_D
Contributions by the Sponsor (Details) (USD $) | 6 Months Ended | 0 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | |
Sponsor | Sponsor | Sponsor | Operating Partnership | |||
Class B Common Shares | Operating Partnership | Sponsor | ||||
property | Series C Convertible Units | |||||
Significant Acquisitions and Disposals | ' | ' | ' | ' | ' | ' |
Number of properties | ' | ' | ' | ' | 2,770 | ' |
Total consideration amount | ' | ' | $491,700,000 | ' | ' | ' |
Units issue to Sponsor (in shares) | ' | ' | ' | ' | ' | 31,085,974 |
Common shares issue to Sponsor | ' | ' | ' | 634,408 | ' | ' |
Common shares issue to Sponsor per share | ' | ' | ' | $15.50 | ' | ' |
Common units issue to Sponsor per unit | ' | ' | ' | ' | ' | $15.50 |
Net book value reclassified from additional paid-in capital | ' | 30,510,000 | ' | ' | 386,500,000 | ' |
Units issue to Sponsor, value | ' | ' | ' | ' | ' | 378,800,000 |
Units issue to Sponsor, value | $112,000 | ' | ' | $7,700,000 | ' | ' |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Details) (USD $) | Jun. 10, 2013 | Jun. 11, 2013 | Jun. 14, 2013 | Jun. 11, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | Jun. 11, 2013 |
Management Internalization | Alaska Joint Venture Acquisition | Class A common shares | Class A common shares | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | |
property | Sponsor | Alaska Joint Venture Acquisition | Series D Convertible Units | Series D Convertible Units | Series D Convertible Units | Series E Convertible Units | Series E Convertible Units | Class A Units | ||
Management Internalization | Management Internalization | Management Internalization | Management Internalization | Sponsor | ||||||
Sponsor | Sponsor | Sponsor | Sponsor | |||||||
Acquisitions And Dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired of membership interests (as a percent) | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of units (in shares) | ' | ' | ' | ' | 4,375,000 | ' | 4,375,000 | ' | 4,375,000 | 12,395,965 |
Value of units issued | ' | ' | ' | ' | ' | $65,200,000 | ' | $64,900,000 | ' | ' |
Estimated net monetary assets | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cash and cash equivalents | 9,000,000 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | 904,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares | ' | ' | 705,167 | 43,609,394 | ' | ' | ' | ' | ' | ' |
Number of single-family properties in acquired | ' | 4,778 | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash flows produced by Joint Venture | ' | 1,896,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of properties leased as of acquisition date | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated net monetary assets | ' | $13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | Jun. 10, 2013 | Jun. 11, 2013 |
In Thousands, unless otherwise specified | Management Internalization | Management Internalization | Management Internalization | Alaska Joint Venture Acquisition | ||
Trademark | Database | |||||
Acquisitions And Dispositions | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | ' | $156,648 |
Building and improvements | ' | ' | 4,214 | ' | ' | 740,396 |
Identified intangible assets | ' | ' | ' | 3,100 | 2,100 | ' |
Receivable for net cash flows prior to acquisition date | ' | ' | ' | ' | ' | 1,896 |
Value of in-place leases | ' | ' | ' | ' | ' | 5,547 |
Goodwill | 120,655 | 120,655 | 120,655 | ' | ' | ' |
Fair value of acquired assets | ' | ' | $130,069 | ' | ' | $904,487 |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 14, 2013 | Jun. 30, 2013 | Jun. 14, 2013 | Jun. 14, 2013 | Jun. 14, 2013 | Jun. 14, 2013 | Jun. 14, 2013 | Jun. 14, 2013 | |
3.5% Convertible Perpetual Preferred Units | 3.5% Convertible Perpetual Preferred Units | Class A Common Shares | Sponsor | RJ LLC, RJ1 and RJ2 | RJ LLC | RJ1 | RJ2 | |||||
Class A Common Shares | property | |||||||||||
Acquisitions And Dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units converted into Class A units | ' | ' | ' | ' | 653,492 | ' | ' | ' | ' | ' | ' | ' |
Rate of Preferred units | ' | ' | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' |
Units issued upon conversion | ' | ' | ' | ' | ' | ' | 653,492 | ' | ' | ' | ' | ' |
Common shares issue to Sponsor | ' | ' | ' | ' | ' | ' | ' | 705,167 | ' | ' | ' | ' |
Units issue to Sponsor, value | ' | ' | ' | ' | ' | ' | ' | $11,283,000 | ' | ' | ' | ' |
Conversion ratio | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Number of single-family properties | ' | ' | ' | ' | ' | ' | ' | ' | 377 | ' | ' | ' |
Percentage of interest held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.00% | 67.00% |
Estimated fair values of the net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | ' | ' | ' | ' | 10,340,000 | ' | ' | ' |
Building and improvements | ' | ' | ' | ' | ' | ' | ' | ' | 54,123,000 | ' | ' | ' |
Value of in-place leases | ' | ' | ' | ' | ' | ' | ' | ' | 539,000 | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 1,128,000 | ' | ' | ' |
Other current assets and liabilities, net | ' | ' | ' | ' | ' | ' | ' | ' | -311,000 | ' | ' | ' |
Note payable | ' | ' | ' | ' | ' | ' | ' | ' | -7,600,000 | ' | ' | ' |
Noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -39,321,000 | ' | ' | ' |
Fair value of acquired net assets | ' | ' | ' | ' | ' | ' | ' | ' | 18,898,000 | ' | ' | ' |
Supplemental consolidated pro forma total revenues and net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma total revenues | 94,304,000 | 28,631,000 | 171,582,000 | 42,955,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net loss | ($3,369,000) | ($20,877,000) | ($10,304,000) | ($26,293,000) | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_share_Details
Earnings per share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income / (loss) (numerator): | ' | ' | ' | ' |
Loss from continuing operations | ($3,369) | $137 | ($10,304) | ($6,742) |
Income from discontinued operations | ' | 986 | ' | 1,008 |
Noncontrolling interest | 4,212 | 4,664 | 7,832 | 5,559 |
Dividends on preferred shares | 4,669 | ' | 7,790 | ' |
Conversion of preferred units | ' | 10,456 | ' | 10,456 |
Net loss attributable to common shareholders | ($12,250) | ($13,997) | ($25,926) | ($21,749) |
Weighted-average shares (denominator) | 185,515,651 | 95,971,706 | 185,510,004 | 72,234,717 |
Net loss per share- basic and diluted: | ' | ' | ' | ' |
Loss from continuing operations (in dollars per share) | ($0.07) | ($0.16) | ($0.14) | ($0.31) |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share | ' | $0.01 | ' | $0.01 |
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share) | ($0.07) | ($0.15) | ($0.14) | ($0.30) |
Earnings_per_share_Details_2
Earnings per share (Details 2) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings per share | ' | ' | ' |
Series A, B and C preferred shares, stock options and restricted stock units excluded from calculation of EPS because they are antidilutive | 35,775,468 | 72,938,266 | 54,293,266 |
Commitments_and_contingencies_
Commitments and contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitment to renovate homes | ' | ' |
Commitments and contingencies | ' | ' |
Aggregate outstanding commitment | $0.40 | $1.50 |
Commitment to acquire properties | ' | ' |
Commitments and contingencies | ' | ' |
Aggregate purchase price | $70.50 | $75.50 |
Number of properties | 485 | 536 |
Noncash_transactions_Details
Noncash transactions (Details) | 0 Months Ended |
Feb. 28, 2013 | |
Sponsor | Class B Common Shares | ' |
Nonmonetary Transaction | ' |
Common shares issue to Sponsor | 634,408 |
Sponsor | Operating Partnership | ' |
Nonmonetary Transaction | ' |
Number of properties contributed to the Operating Partnership | 2,770 |
Operating Partnership | Sponsor | Series C Convertible Units | ' |
Nonmonetary Transaction | ' |
Units issue to Sponsor (in shares) | 31,085,974 |
Fair_Value_Details
Fair Value (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Interest rate cap agreement | $33 | ' |
Liabilities: | ' | ' |
Contingently convertible Series E units liability | 74,638 | 66,938 |
Preferred shares derivative liability | 55,670 | 28,150 |
Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Liabilities: | ' | ' |
Contingently convertible Series E units liability | 74,638 | 66,938 |
Preferred shares derivative liability | 55,670 | 28,150 |
Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Interest rate cap agreement | $33 | ' |
Fair_Value_Details_2
Fair Value (Details 2) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Liabilities: | ' | ' |
Contingently convertible Series E units liability, Beginning Balance | ' | $66,938 |
Contingently convertible Series E units liability, Remeasurement included in earnings | -4,944 | -7,700 |
Contingently convertible Series E units liability, Ending Balance | 74,638 | 74,638 |
Preferred shares derivative liability, Beginning Balance | ' | 28,150 |
Preferred shares derivative liability, Issuance | ' | 26,922 |
Preferred shares derivative liability, Remeasurement included in earnings | -141 | -598 |
Preferred shares derivative liability, Ending Balance | $55,670 | $55,670 |
Subsequent_events_Details
Subsequent events (Details) (USD $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jul. 31, 2014 | Jul. 02, 2014 | Jul. 01, 2014 | Aug. 04, 2014 | Aug. 04, 2014 | Jul. 02, 2014 | Aug. 04, 2014 | Aug. 04, 2014 | Jul. 31, 2014 | |
Senior Secured Revolving Credit Facility | Subsequent Events | Subsequent Events | Subsequent Events | Subsequent Events | Subsequent Events | Subsequent Events | Subsequent Events | Subsequent Events | Subsequent Events | |||
Properties acquired through recurring acquisition channels, including foreclosure auctions and broker sales | Beazer Rental Homes | Single family homes | 5.50% Series C participating preferred shares | Class A common shares | Class A common shares | 5.0% Series A Participating Preferred Shares | 5.0% Series B Participating Preferred Shares | Senior Secured Revolving Credit Facility | ||||
property | Beazer Rental Homes | Beazer Rental Homes | ||||||||||
property | ||||||||||||
Subsequent Event | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired | ' | ' | ' | 673 | ' | 1,372 | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of properties acquired | $597,717,000 | $1,293,745,000 | ' | $96,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid in common shares | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Liabilities outstanding | ' | ' | ' | ' | 112,800,000 | ' | ' | ' | ' | ' | ' | ' |
Credit facility, additional borrowings, amount | 837,909,000 | 670,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 |
Credit facility, amount paid | 731,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 |
Credit facility, amount outstanding | ' | ' | $481,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $586,000,000 |
Quarterly dividend (in dollars per share) | ' | ' | ' | ' | ' | ' | $0.34 | $0.05 | ' | $0.31 | $0.31 | ' |
Rate of Preferred units | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | 5.00% | 5.00% | ' |