Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document Information | ||
Entity Registrant Name | American Homes 4 Rent | |
Entity Central Index Key | 1,562,401 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Statues | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A common shares | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 237,796,784 | |
Class B common shares | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 635,075 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Single-family properties: | ||
Land | $ 1,497,681 | $ 1,229,017 |
Buildings and improvements | 6,542,708 | 5,469,533 |
Single-family properties held for sale, net | 105,308 | 7,432 |
Single-family properties excluding accumulated depreciation | 8,145,697 | 6,705,982 |
Less: accumulated depreciation | (600,299) | (416,044) |
Single-family properties, net | 7,545,398 | 6,289,938 |
Cash and cash equivalents | 106,308 | 57,686 |
Restricted cash | 131,367 | 111,282 |
Rent and other receivables, net | 21,818 | 13,936 |
Escrow deposits, prepaid expenses and other assets | 120,609 | 121,627 |
Deferred costs and other intangibles, net | 15,016 | 10,429 |
Asset-backed securitization certificates | 25,666 | 25,666 |
Goodwill | 120,317 | 120,655 |
Total assets | 8,086,499 | 6,751,219 |
Liabilities | ||
Revolving credit facilities | 75,000 | 0 |
Exchangeable senior notes, net | 107,283 | 0 |
Secured note payable | 50,065 | 50,752 |
Accounts payable and accrued expenses | 241,067 | 154,751 |
Amounts payable to affiliates | 0 | 4,093 |
Contingently convertible Series E units liability | 0 | 69,957 |
Preferred shares derivative liability | 65,730 | 62,790 |
Total liabilities | 3,233,618 | 2,815,986 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 37,010,000 and 17,060,000 shares issued and outstanding at September 30, 2016, and December 31, 2015, respectively | 370 | 171 |
Additional paid-in capital | 4,464,792 | 3,554,063 |
Accumulated deficit | (368,795) | (296,865) |
Accumulated other comprehensive income (loss) | 28 | (102) |
Total shareholders’ equity | 4,098,779 | 3,259,345 |
Noncontrolling interest | 754,102 | 675,888 |
Total equity | 4,852,881 | 3,935,233 |
Total liabilities and equity | 8,086,499 | 6,751,219 |
Class A common shares | ||
Shareholders’ equity: | ||
Common stock, value, issued | 2,378 | 2,072 |
Class B common shares | ||
Shareholders’ equity: | ||
Common stock, value, issued | 6 | 6 |
Term loan facility, net | ||
Liabilities | ||
Secured debt, net | 246,575 | 0 |
Asset-backed securitizations, net | ||
Liabilities | ||
Secured debt, net | $ 2,447,898 | $ 2,473,643 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Preferred shares, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred shares, shares issued (in shares) | 37,010,000 | 17,060,000 |
Preferred shares, shares outstanding (in shares) | 37,010,000 | 17,060,000 |
Class A common shares | ||
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common shares, shares issued (in shares) | 237,796,784 | 207,235,510 |
Common shares, shares outstanding (in shares) | 237,796,784 | 207,235,510 |
Class B common shares | ||
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common shares, shares issued (in shares) | 635,075 | 635,075 |
Common shares, shares outstanding (in shares) | 635,075 | 635,075 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Rents from single-family properties | $ 197,137 | $ 148,815 | $ 558,623 | $ 407,313 |
Fees from single-family properties | 2,898 | 2,146 | 7,819 | 5,681 |
Tenant charge-backs | 30,808 | 19,881 | 72,077 | 40,215 |
Other | 5,214 | 1,771 | 12,811 | 4,780 |
Total revenues | 236,057 | 172,613 | 651,330 | 457,989 |
Expenses: | ||||
Property operating expenses | 110,412 | 85,052 | 290,998 | 215,699 |
General and administrative expense | 7,563 | 6,090 | 22,966 | 18,497 |
Interest expense | 32,851 | 23,866 | 99,309 | 61,539 |
Noncash share-based compensation expense | 891 | 913 | 2,744 | 2,343 |
Acquisition fees and costs expensed | 1,757 | 4,153 | 10,899 | 14,297 |
Depreciation and amortization | 75,392 | 67,800 | 224,513 | 180,685 |
Other | 3,142 | 1,152 | 6,482 | 2,686 |
Total expenses | 232,008 | 189,026 | 657,911 | 495,746 |
Gain on sale of single-family properties, net | 11,682 | 0 | 12,574 | 0 |
Loss on early extinguishment of debt | (13,408) | 0 | (13,408) | 0 |
Gain on conversion of Series E units | 0 | 0 | 11,463 | 0 |
Remeasurement of Series E units | 0 | (525) | 0 | 3,456 |
Remeasurement of preferred shares | (2,490) | (3,000) | (2,940) | (2,300) |
Net (loss) income | (167) | (19,938) | 1,108 | (36,601) |
Noncontrolling interest | 7,316 | 3,109 | 10,391 | 10,795 |
Dividends on preferred shares | 13,669 | 5,569 | 26,650 | 16,707 |
Net income (loss) attributable to common shareholders | $ (21,152) | $ (28,616) | $ (35,933) | $ (64,103) |
Weighted-average shares outstanding—basic and diluted (in shares) | 238,401,343 | 211,414,368 | 232,036,802 | 211,460,840 |
Net loss attributable to common shareholders basic and diluted (in USD per share) | $ (0.09) | $ (0.14) | $ (0.15) | $ (0.30) |
Dividends declared per common share (in USD per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (167) | $ (19,938) | $ 1,108 | $ (36,601) |
Unrealized gain on interest rate cap agreement: | ||||
Unrealized interest rate cap agreement gain arising during the period | 0 | 51 | 0 | 81 |
Reclassification adjustment for amortization of interest expense included in net (loss) income | 28 | 0 | 130 | 0 |
Other comprehensive income | 28 | 51 | 130 | 81 |
Comprehensive (loss) income | (139) | (19,887) | 1,238 | (36,520) |
Comprehensive income attributable to noncontrolling interests | 7,308 | 3,106 | 10,366 | 10,790 |
Dividends on preferred shares | 13,669 | 5,569 | 26,650 | 16,707 |
Comprehensive loss attributable to common shareholders | $ (21,116) | $ (28,562) | $ (35,778) | $ (64,017) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Class A common shares | Common StockClass A common shares | Common StockClass B common shares | Preferred shares | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Shareholders’ equity | Noncontrolling interest |
Beginning balances (in shares) at Dec. 31, 2015 | 207,235,510 | 635,075 | 17,060,000 | |||||||
Beginning balances at Dec. 31, 2015 | $ 3,935,233 | $ 2,072 | $ 6 | $ 171 | $ 3,554,063 | $ (296,865) | $ (102) | $ 3,259,345 | $ 675,888 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Share-based compensation | 2,744 | 2,744 | 2,744 | |||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 190,128 | |||||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | 2,640 | $ 2 | 2,638 | 2,640 | ||||||
Issuance of Class A common shares and units in connection with the Merger (in shares) | 36,546,170 | |||||||||
Issuance of Class A common shares and units in connection with the Merger | 530,460 | $ 365 | 511,281 | 511,646 | 18,814 | |||||
Issuance of perpetual preferred shares, net of offering costs of $15,996 (in shares) | 19,950,000 | |||||||||
Issuance of perpetual preferred shares, net of offering costs of $15,996 | 482,828 | $ 199 | 482,629 | 482,828 | ||||||
Redemptions of Class A units (in shares) | 40,632 | |||||||||
Redemptions of Class A units | (399) | $ 1 | 503 | 504 | (903) | |||||
Repurchases of Class A common shares (in shares) | (6,215,656) | |||||||||
Repurchases of Class A common shares | (96,098) | $ (96,000) | $ (62) | (96,036) | (96,098) | |||||
Assumption of exchangeable senior notes | 6,970 | 6,970 | 6,970 | |||||||
Conversion of Series E units to Series D units | 58,494 | 58,494 | ||||||||
Distributions to equity holders: | ||||||||||
Preferred shares | (26,650) | (26,650) | (26,650) | |||||||
Noncontrolling interests | (8,582) | (8,582) | ||||||||
Common shares | (35,997) | (35,997) | (35,997) | |||||||
Net income (loss) | 1,108 | (9,283) | (9,283) | 10,391 | ||||||
Total other comprehensive income | 130 | 130 | 130 | |||||||
Ending balances (in shares) at Sep. 30, 2016 | 237,796,784 | 635,075 | 37,010,000 | |||||||
Ending balances at Sep. 30, 2016 | $ 4,852,881 | $ 2,378 | $ 6 | $ 370 | $ 4,464,792 | $ (368,795) | $ 28 | $ 4,098,779 | $ 754,102 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Preferred shares | |
Issuance of perpetual preferred shares, offering costs | $ 15,996 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||
Net (loss) income | $ 1,108 | $ (36,601) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 224,513 | 180,685 |
Noncash amortization of deferred financing costs | 7,912 | 5,769 |
Noncash amortization of discount on exchangeable senior notes | 1,955 | 0 |
Noncash amortization of discount on ARP 2014-SFR1 securitization | 1,744 | 0 |
Noncash share-based compensation | 2,744 | 2,343 |
Provision for bad debt | 5,092 | 5,005 |
Loss on early extinguishment of debt | 13,408 | 0 |
Gain on conversion of Series E units to Series D units | (11,463) | 0 |
Remeasurement of Series E units | 0 | (3,456) |
Remeasurement of preferred shares | 2,940 | 2,300 |
Equity in net (loss) income of unconsolidated ventures | (418) | 385 |
Net gain on sale of single-family properties | (12,574) | 0 |
Loss on impairment of single-family properties | 1,467 | 0 |
Net gain on resolutions of mortgage loans | (7,205) | 0 |
Other changes in operating assets and liabilities: | ||
Rent and other receivables | (12,110) | (13,071) |
Restricted cash for resident security deposits | (12,059) | (10,239) |
Prepaid expenses and other assets | (429) | (5,140) |
Deferred leasing costs | (6,199) | (7,733) |
Accounts payable and accrued expenses | 47,920 | 37,423 |
Amounts payable to affiliates | (5,425) | (1,721) |
Net cash provided by operating activities | 242,921 | 155,949 |
Investing activities | ||
Cash paid for single-family properties | (187,886) | (552,944) |
Change in escrow deposits for purchase of single-family properties | (821) | (2,050) |
Change in other restricted cash | 1,495 | (19,536) |
Cash acquired in ARPI merger | 15,499 | 0 |
Payoff of credit facility in connection with ARPI merger | (350,000) | 0 |
Net proceeds received from sales of single-family properties | 71,894 | 0 |
Net proceeds received from sales of non-performing loans | 44,538 | 0 |
Purchase of commercial office buildings | (27,105) | 0 |
Investment in unconsolidated joint ventures | 0 | (10,003) |
Investments in mortgage financing receivables | 0 | (11,227) |
Collections from mortgage financing receivables | 17,687 | 0 |
Distributions from unconsolidated joint ventures | 6,400 | 0 |
Renovations to single-family properties | (21,710) | (125,158) |
Other capital expenditures for single-family properties | (22,026) | (23,008) |
Net cash used for investing activities | (452,035) | (743,926) |
Financing activities | ||
Proceeds from issuance of perpetual preferred shares | 498,750 | 0 |
Payments of perpetual preferred share issuance costs | (15,922) | 0 |
Proceeds from exercise of stock options | 2,777 | 225 |
Repurchase of Class A common shares | (96,098) | 0 |
Redemptions of Class A units | (399) | 0 |
Proceeds from asset-backed securitizations | 0 | 1,030,559 |
Payments on asset-backed securitizations | (374,031) | (13,757) |
Proceeds from revolving credit facilities | 951,000 | 799,000 |
Payments on revolving credit facilities | (876,000) | (1,006,000) |
Proceeds from term loan facility | 250,000 | 0 |
Payments on secured note payable | (687) | (664) |
Distributions to noncontrolling interests | (8,582) | (18,163) |
Distributions to common shareholders | (35,997) | (31,723) |
Distributions to preferred shareholders | (26,650) | (16,707) |
Deferred financing costs paid | (10,425) | (25,163) |
Net cash provided by financing activities | 257,736 | 717,607 |
Net increase in cash and cash equivalents | 48,622 | 129,630 |
Cash and cash equivalents, beginning of period | 57,686 | 108,787 |
Cash and cash equivalents, end of period | 106,308 | 238,417 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (87,707) | (49,368) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions and renovations | (226) | 531 |
Accrued distribution to Series C convertible units | 0 | 4,698 |
Repurchase of Class A common shares | 0 | 53,778 |
American Residential Properties Inc. | ||
Merger with ARPI (see Note 10) | ||
Single-family properties | 1,277,253 | 0 |
Restricted cash | 9,521 | 0 |
Rent and other receivables | 843 | 0 |
Escrow deposits, prepaid expenses and other assets | 35,134 | 0 |
Deferred costs and other intangibles, net | 22,696 | 0 |
Accounts payable and accrued expenses | (38,485) | 0 |
American Residential Properties Inc. | Credit facility | ||
Merger with ARPI (see Note 10) | ||
Debt assumed | (350,000) | 0 |
American Residential Properties Inc. | Asset-backed securitization | ||
Merger with ARPI (see Note 10) | ||
Debt assumed | (329,703) | 0 |
American Residential Properties Inc. | Exchangeable senior notes | ||
Merger with ARPI (see Note 10) | ||
Debt assumed | (112,298) | 0 |
Class A common shares | American Residential Properties Inc. | ||
Merger with ARPI (see Note 10) | ||
Class A common shares and units issued | $ (530,460) | $ 0 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | 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 September 30, 2016 , the Company held 48,153 single-family properties in 22 states, including 1,238 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 (“AH LLC”). On June 10, 2013, we acquired the Advisor and the Property Manager from AH LLC 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”), therefore internalizing our management including all administrative, financial, property management, marketing and leasing personnel, including executive management. The Company consolidates the Advisor and the Property Manager and the results of these operations are reflected in the condensed consolidated financial statements. Previously, AH LLC 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 AH LLC to the Company 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 AH LLC. Accordingly, the condensed consolidated financial statements include AH LLC’s historical carrying values of the properties that had been acquired by AH LLC. Effective August 31, 2016, AH LLC was liquidated and its ownership interests in the operating partnership were distributed to its members. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The 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 (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The 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 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, 2015 . Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). 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. Effective January 1, 2016, in accordance with Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, deferred financing costs, net of amortization, related to our asset-backed securitizations have been classified in asset-backed securitizations, net within the condensed consolidated balance sheets. Prior to January 1, 2016, these costs were included in deferred costs and other intangibles, net within the condensed consolidated balance sheets. All prior period amounts have been reclassified to conform to the current presentation. This resulted in the reclassification of $56.6 million of deferred financing costs, net of amortization, from deferred costs and other intangibles, net to asset-backed securitizations, net as of December 31, 2015, in the condensed consolidated balance sheets. Effective January 1, 2016, due to the stabilization of our portfolio and the majority of our properties having been initially leased, vacant single-family properties and other expenses have been reclassified in the condensed consolidated statements of operations, with vacant single-family property operating expenses combined with leased single-family property operating expenses, which are both included in property operating expenses within the condensed consolidated statements of operations, and other expenses reclassified to other expenses within the condensed consolidated statements of operations. This resulted in the reclassification of the $2.5 million and $13.0 million , respectively, of vacant single-family properties and other expenses for the three and nine months ended September 30, 2015 , with $1.4 million and $10.3 million , respectively, of vacant single-family property operating expenses reclassified to property operating expenses and $1.1 million and $2.7 million , respectively, of other expenses reclassified to other expenses in the condensed consolidated statements of operations. Effective July 1, 2016, due to recently increased volume in the Company's sales of single-family properties, gains and losses from the sales of single-family properties have been included in gain on sale of single-family properties, net within the condensed consolidated statements of operations. Prior period gains and losses from the sales of single-family properties, which were previously included in other revenues have been reclassified to gain on sale of single-family properties, net to conform to the current presentation. There have been no other changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . Therefore, notes to the condensed consolidated financial statements that would substantially duplicate the disclosures contained in our most recent audited consolidated financial statements have been omitted. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) , to amend the accounting for credit losses for certain financial instruments by requiring companies to recognize an estimate of expected credit losses as an allowance in order to recognize such losses more timely than under previous guidance that had allowed companies to wait until it was probable such losses had been incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (Topic 718), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2016, and for interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition—Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the method of adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on our financial statements. |
Single-Family Properties
Single-Family Properties | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Single-Family Properties | Single-Family Properties Single-family properties, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (dollars in thousands): September 30, 2016 Number of Net book Leased single-family properties 44,746 $ 7,072,461 Single-family properties being renovated 406 77,451 Single-family properties being prepared for re-lease 90 15,333 Vacant single-family properties available for lease 1,673 274,845 Single-family properties held for sale, net 1,238 105,308 Total 48,153 $ 7,545,398 December 31, 2015 Number of Net book Leased single-family properties 36,403 $ 5,895,482 Single-family properties being renovated 476 75,055 Single-family properties being prepared for re-lease 178 28,525 Vacant single-family properties available for lease 1,678 283,444 Single-family properties held for sale, net 45 7,432 Total 38,780 $ 6,289,938 Single-family properties, net increased $1.2 billion to $7.5 billion as of September 30, 2016 , compared to $6.3 billion as of December 31, 2015 , primarily related to the acquisition of 8,936 properties in connection with the Merger with American Residential Properties, Inc. ("ARPI") (see Note 10). Single-family properties, net at September 30, 2016 , and December 31, 2015 , included $15.4 million and $8.5 million , respectively, related to properties for which the recorded grant deed had 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 was a delay for the deeds to be recorded. Depreciation expense related to single-family properties was $67.2 million and $63.9 million for the three months ended September 30, 2016 and 2015 , respectively, and $194.2 million and $165.8 million for the nine months ended September 30, 2016 and 2015 , respectively. During the three and nine months ended September 30, 2016 , the Company sold 453 and 587 homes, respectively, which generated total net proceeds of $56.2 million and $71.9 million , respectively, and resulted in a net gain on sale of $11.7 million and $12.6 million , respectively. In accordance with ASC 350, Intangibles—Goodwill and Other , the Company allocates a portion of goodwill to the carrying values of its leased properties sold, which results in a reduction to the gain on sale. The amount of goodwill allocated to leased properties sold during the three and nine months ended September 30, 2016 , was $0.4 million , which reduced goodwill to $120.3 million as of September 30, 2016 , compared to $120.7 million as of December 31, 2015 . |
Rent and Other Receivables, Net
Rent and Other Receivables, Net | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Rent and Other Receivables, Net | Rent and Other Receivables, Net Included in rent and other receivables, net is an allowance for doubtful accounts of $4.5 million and $3.0 million as of September 30, 2016 , and December 31, 2015 , respectively. Also included in rent and other receivables, net, are non-tenant receivables, which totaled $0.7 million and $1.0 million as of September 30, 2016 , and December 31, 2015 , respectively. |
Deferred Costs and Other Intang
Deferred Costs and Other Intangibles, Net | 9 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Other Intangibles, Net | Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Deferred leasing costs $ 14,985 $ 8,692 Deferred financing costs 6,520 12,454 Intangible assets: Value of in-place leases 22,352 152 Trademark 3,100 3,100 Database 2,100 2,100 49,057 26,498 Less: accumulated amortization (34,041 ) (16,069 ) Total $ 15,016 $ 10,429 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $6.9 million and $2.8 million for the three months ended September 30, 2016 and 2015 , respectively, and $26.7 million and $10.0 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been included in depreciation and amortization within the condensed consolidated statements of operations. Deferred financing costs relate to our revolving credit facilities. Amortization of deferred financing costs was $0.5 million and $0.6 million for the three months ended September 30, 2016 and 2015 , respectively, and $1.9 million and $1.8 million for the nine months ended September 30, 2016 and 2015 , 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 September 30, 2016 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2016 $ 1,463 $ 412 $ 2,222 $ 165 $ 75 2017 2,054 1,633 908 660 300 2018 — 1,633 21 92 300 2019 — 1,633 2 — 300 2020 — 1,011 — — 132 Total $ 3,517 $ 6,322 $ 3,153 $ 917 $ 1,107 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents the Company’s debt as of September 30, 2016 , and December 31, 2015 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2016 December 31, 2015 AH4R 2014-SFR1 securitization (2) 2.07 % June 9, 2019 $ 457,979 $ 473,755 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 503,093 507,305 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 519,148 523,109 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 544,861 549,121 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 473,237 476,920 Total asset-backed securitizations 2,498,318 2,530,210 Exchangeable senior notes 3.25 % November 15, 2018 115,000 — Secured note payable 4.06 % July 1, 2019 50,065 50,752 Revolving credit facilities (5) 2.38 % August 16, 2020 75,000 — Term loan facility (6) 2.33 % August 16, 2021 250,000 — Total debt (7) 2,988,383 2,580,962 Unamortized discount on exchangeable senior notes (2,134 ) — Equity component of exchangeable senior notes (5,583 ) — Deferred financing costs, net (8) (53,845 ) (56,567 ) Total debt per balance sheet $ 2,926,821 $ 2,524,395 (1) Interest rates are as of September 30, 2016 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of 1-month LIBOR plus 1.54% , subject to a LIBOR floor of 0.25% . The maturity date of June 9, 2019, reflects the fully extended maturity date based on an initial two -year loan term and three , 12 -month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms. (3) The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (4) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (5) The revolving credit facility that was entered into in August 2016 provides for a borrowing capacity of up to $650.0 million , with a fully extended maturity date of August 2020, and bears interest at a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $350.0 million , with a fully extended maturity date of August 2021, and bears interest at a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, exchangeable senior notes, secured note payable, credit facilities and term loan facility as of September 30, 2016 , and December 31, 2015 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $2.2 million and $1.8 million for the three months ended September 30, 2016 and 2015 , respectively, and $6.3 million and $5.0 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization. Asset-Backed Securitization In connection with the Merger with ARPI on February 29, 2016 (see Note 10), the Company assumed a securitization loan (the "ARP 2014-SFR1 securitization”), which involved the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 2,875 homes held by a special purpose entity, ARP 2014-1 Borrower, LLC (the “Borrower”). The Borrower under the loan was wholly owned by another special purpose entity (the “Equity Owner”) and the Equity Owner was wholly owned by the operating partnership. The loan, at the time of its origination by ARPI in August 2014, had an original principal amount of $342.2 million and an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. It was comprised of six floating rate components computed monthly based on 1-month LIBOR for each interest period plus a fixed component spread for each of the six components resulting in an effective weighted-average interest rate of 1-month LIBOR plus 2.11% . Interest on the loan was paid monthly. The 2,875 homes securing the loan were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties. During the duration of the loan, the Borrower’s properties were not generally able to be transferred, sold or otherwise securitized, the Company could have substituted properties only if a property owned by the Borrower became a disqualified property under the terms of the loan, and the Borrower was limited in its ability to incur any additional indebtedness. The loan was also secured by a security interest in all of the Borrower’s personal property and a pledge of all of the assets of the Equity Owner, including a security interest in its membership interest in the Borrower. The Company provided a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loan and all other obligations under the loan agreement in the event of insolvency or bankruptcy proceedings. The loan required that we maintained certain covenants, including but not limited to, a minimum debt yield on the collateral pool of properties. In September 2016, the Company paid off the ARP 2014-SFR1 asset-backed securitization using available cash and borrowings from our credit facilities, which resulted in a $10.7 million loss on early extinguishment of debt related to the write-off of the discount on the securitization. The payoff of the ARP 2014-SFR1 asset-backed securitization resulted in the release of the 2,875 collateralized homes and $10.1 million of restricted cash for lender requirements. Exchangeable Senior Notes, Net In connection with the Merger with ARPI on February 29, 2016 (see Note 10), the Company assumed 3.25% exchangeable senior notes due 2018 that have a $115.0 million aggregate principal amount and a fair value at assumption of $112.3 million . The exchangeable senior notes are senior unsecured obligations of the operating partnership and rank equally in right of payment with all other existing and future senior unsecured indebtedness of the operating partnership. Interest is payable in arrears on May 15 and November 15 of each year, beginning May 15, 2016, until the maturity date of November 15, 2018. The operating partnership’s obligations under the exchangeable senior notes are fully and unconditionally guaranteed by the Company. The exchangeable senior notes bear interest at a rate of 3.25% per annum and contain an exchange settlement feature, which provides that the exchangeable senior notes may, under certain circumstances, be exchangeable for cash, shares of our common stock or a combination of cash and shares of our common stock, at the option of the operating partnership, based on an initial exchange rate of 46.9423 shares of ARPI's common stock per $1,000 principal amount of the notes. The adjusted initial exchange rate would be 53.2795 shares of our common stock per $1,000 principal amount of the notes, based on the 1.135 exchange ratio of ARPI shares to our shares resulting from our merger with ARPI. The current exchange rate as of September 30, 2016 , was 54.6381 shares of our common stock per $1,000 principal amount of the notes. The exchange rate changes over time based on our common share price and distributions to common shareholders. Prior to the close of business on the business day immediately preceding August 15, 2018, the notes will be exchangeable at the option of the holders only under the following circumstances: (1) during any calendar quarter beginning after December 31, 2013 (and only during such quarter) if the closing sale price per share of our common stock is more than 130% of the then-current exchange price for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter; (2) during the five consecutive business-day period following any five consecutive trading-day period in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the closing sale price per share of our common stock multiplied by the then-current exchange rate; or (3) upon the occurrence of specified corporate transactions described in the indenture. On or after August 15, 2018, the notes will be exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date. Subject to its election to satisfy its exchange obligations entirely in shares of our common stock, upon exchange, the operating partnership will pay or deliver, as the case may be, to exchanging holders in respect of each $1,000 principal amount of notes being exchanged a settlement amount either solely in cash, solely in common shares or in a combination of cash and shares of our common stock. The fair value of the exchangeable senior notes, which was calculated using a binomial lattice model at the time of assumption, was $112.3 million , which represents the $115.0 million face value less a discount of $2.7 million , which will be amortized using the effective interest method over the term of the notes. The amount recorded to exchangeable senior notes, net at the time of assumption was $105.3 million , which represents the fair value of $112.3 million , less the fair value of the exchange settlement feature of the notes of $7.0 million , which was calculated using a straight-debt rate of 6.7% at the time of assumption. The fair value of the exchange settlement feature was recorded in additional paid-in capital and will be amortized using the effective interest method over the term of the notes. As of September 30, 2016 , the exchangeable senior notes, net had a balance of $107.3 million in the condensed consolidated balance sheets, which was net of an unamortized discount of $2.1 million and $5.6 million of unamortized fair value of the exchange settlement feature, which was included in additional paid-in capital within the condensed consolidated balance sheets. Credit Facilities In March 2013, the Company entered into a $500.0 million senior secured revolving credit facility with a financial institution, which was subsequently amended in September 2013 to, among other things, expand our borrowing capacity to $800.0 million and extend the repayment period to September 30, 2018. All borrowings under the credit facility accrued interest at 1-month LIBOR plus 2.75% until March 2017, and thereafter at 1-month LIBOR plus 3.125% . The credit facility was secured by our operating partnership’s membership interests in entities that own certain of our single-family properties and required that we maintain certain financial covenants. In July 2016, the Company paid off the $142.0 million of borrowings that had been outstanding on the credit facility as of June 30, 2016, using proceeds from our 6.35% Series E perpetual preferred share offering, and terminated the credit facility in August 2016. The termination of the credit facility resulted in $2.7 million of charges during the quarter ended September 30, 2016 , related to deferred financing cost write-offs, that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. In August 2016, the Company entered into a $1.0 billion credit agreement providing for a revolving credit facility in an aggregate principal amount of $650.0 million and a delayed draw term loan facility in an aggregate principal amount of $350.0 million . The interest rate on the revolving credit facility is, at the Company’s election, a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% . Loans under the term loan facility accrue interest, at the Company’s election, at either a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate plus a margin ranging from 0.70% to 1.30% . In each case, the actual margin is determined according to a ratio of the Company’s total indebtedness to total asset value in effect from time to time. Based on current credit metrics for LIBOR based borrowings as of September 30, 2016 , the revolving credit facility bears interest at 1-month LIBOR plus 1.85% , and the term loan facility bears interest at 1-LIBOR plus 1.80% . The credit agreement includes an accordion feature allowing the revolving credit facility or the term loan facility to be increased to an aggregate amount not to exceed $1.75 billion , subject to certain conditions. The facilities mature on August 16, 2019. No amortization payments are required on the term loan facility prior to the maturity date. The Company has the option to extend the maturity date of the revolving credit facility for up to one year, and has two options to extend the maturity date of the term loan facility for up to one year each, in both cases upon payment of an extension fee. The credit agreement requires that we maintain certain financial covenants. As of September 30, 2016 , the Company had $75.0 million of outstanding borrowings against the revolving credit facility, $250.0 million of outstanding borrowings against the term loan facility, net and was in compliance with all loan covenants. Interest Expense The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and nine months ended September 30, 2016 and 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Gross interest $ 33,433 $ 25,029 $ 100,886 $ 69,181 Capitalized interest (582 ) (1,163 ) (1,577 ) (7,642 ) Interest expense $ 32,851 $ 23,866 $ 99,309 $ 61,539 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Accounts payable $ — $ 1,173 Accrued property taxes 108,102 46,024 Other accrued liabilities 31,096 26,031 Accrued construction and maintenance liabilities 12,661 11,429 Resident security deposits 69,743 53,819 Prepaid rent 19,465 16,275 Total $ 241,067 $ 154,751 Accounts payable and accrued expenses rose $86.3 million to $241.1 million as of September 30, 2016 , compared to $154.8 million as of December 31, 2015 , primarily due to increases in accrued property taxes and resident security deposits, which are primarily related to the acquisition of 8,936 properties in connection with the Merger with ARPI (see Note 10). |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Issuance of Class A Common Shares and Class A Units In February 2016, the Company issued 36,546,170 Class A common shares, $0.01 par value per share, and 1,343,843 Class A units in connection with the Merger with ARPI (see Note 10). Class A units represent voting equity interests in our operating partnership. Holders of Class A units in our operating partnership have the right to redeem the units for cash or, at the election of the Company, exchange the units for the Company's Class A common shares on a one -for-one basis. Perpetual Preferred Shares Perpetual preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend equal to 6.5% for Series D cumulative redeemable perpetual preferred shares ("Series D perpetual preferred shares") and 6.35% for Series E cumulative redeemable perpetual preferred shares ("Series E perpetual preferred shares"), which is applied to the liquidation preference at issuance of $25 per share. The Company may, at its option, redeem the perpetual preferred shares for cash, in whole or in part, from time to time, at any time on or after May 24, 2021, for the Series D perpetual preferred shares and June 29, 2021, for the Series E perpetual preferred shares or within 120 days after the occurrence of a change in control at a redemption price equal to the $25 per share liquidation preference, plus any accumulated and unpaid dividends. During May 2016, the Company issued 10,750,000 6.5% Series D perpetual preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $268.8 million before offering costs of $8.5 million . During June 2016, the Company issued 9,200,000 6.35% Series E perpetual preferred shares in an underwritten public offering, raising gross proceeds of $230.0 million before offering costs of $7.5 million . Participating Preferred Shares As of September 30, 2016 , the initial liquidation preference on the Company’s participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets, for all of the Company’s outstanding 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares was $470.9 million . Conversion of Series C Convertible Units into Class A Units The Series C convertible units represented voting equity interests in our operating partnership owned by former AH LLC members. On February 28, 2016, the third anniversary of their original issue date, the 31,085,974 Series C convertible units converted into Class A units on a one -for-one basis in accordance with their terms. Conversion of Series E Convertible Units into Series D Convertible Units The Series E convertible units represented non-voting equity interests in our operating partnership. Series E convertible units did not participate in any distributions and were convertible into Series D convertible units on February 29, 2016, subject to an earn-out provision based on the level of pro forma annualized EBITDA contribution, as defined, of the Advisor and the Property Manager. The terms of the earn-out provision were met in full and, therefore, the 4,375,000 Series E convertible units were converted into Series D convertible units on a one -for-one basis on February 29, 2016. The fair value of the Series D convertible units was estimated using a Monte Carlo simulation model, which was primarily driven by the most recent trading price of the Company’s Class A common shares into which the Series D convertible units are ultimately convertible. Based on this valuation, the conversion of Series E convertible units into Series D convertible units resulted in a gain of $11.5 million which was recorded in gain on conversion of Series E units within the condensed consolidated statements of operations. Additionally, the Series E convertible units had a $2.8 million contingent beneficial conversion feature that represents a return to the Series E convertible unit holders in the form of additional noncontrolling interest, calculated as the difference between the estimated fair value of the Series D units and the Class A units at the time of the conversion of the Series E units into Series D units in February 2016. The contingent beneficial conversion feature was recognized when the contingency was met, which occurred when the Series D units converted into Class A units on September 30, 2016. Conversion of Series D Convertible Units into Class A Units The Series D convertible units represented non-voting equity interests in our operating partnership owned by former AH LLC members and began participating in distributions, representing 70% of distributions declared on Class A units, 30 months after their issuance. The Series D convertible units were automatically convertible into Class A units on a one -for-one basis only after the later of (1) 30 months after the date of issuance and (2) the earlier of (i) the date on which adjusted funds from operations per Class A common share aggregated to $0.80 or more over four consecutive quarters following the original issuance date of the units and (ii) the date on which the daily closing price of our Class A common shares on the New York Stock Exchange ("NYSE") averaged $18.00 or more for two consecutive quarters following the original issuance date of the units. On September 30, 2016, the above-referenced conversion contingency was met and the 8,750,000 Series D convertible units were converted into Class A units on a one -for-one basis, which resulted in a $4.8 million noncash charge that was included in noncontrolling interest within the condensed consolidated statements of operations. The noncash charge relates to a contingent beneficial conversion feature that represents a return to the Series D convertible unit holders in the form of additional noncontrolling interest, calculated as the difference between the estimated fair value of the Series D units and the Class A units at the time of their respective issuances, which was recognized when the contingency was met. Distributions Our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares during the quarters ended September 30, 2016 and 2015 . Distributions declared on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares during the quarters ended September 30, 2016 and 2015 , totaled $0.3125 per share, $0.3125 per share and $0.34375 per share, respectively. Distributions declared on our 6.5% Series D perpetual preferred shares and 6.35% Series E perpetual preferred shares totaled $0.40625 per share and $0.40569 per share, respectively, during the quarter ended September 30, 2016 . Distributions declared on our Series C convertible units totaled zero and $0.15113 per unit during the quarters ended September 30, 2016 and 2015 , respectively. Distributions declared on our Series D convertible units totaled $0.035 per unit for the quarter ended September 30, 2016 , which represents 70% of distributions declared on Class A units. Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interest held by former AH LLC members in units in the Company’s operating partnership. Former AH LLC members owned 54,276,644 and 14,440,670 , or approximately 18.5% and 6.5% , of the total 293,987,819 and 222,311,255 Class A units in the operating partnership as of September 30, 2016 , and December 31, 2015 , respectively. Additionally, former AH LLC members owned zero and all 31,085,974 of the Series C convertible units and owned zero and all 4,375,000 of the Series D convertible units in the operating partnership as of September 30, 2016 , and December 31, 2015 , respectively. Noncontrolling interest also includes interests held by former ARPI employees in Class A units of the Company's operating partnership, which were issued in connection with the Merger with ARPI in February 2016. Former ARPI Class A unit holders owned 1,279,316 , or approximately 0.4% of the total 293,987,819 Class A units in the operating partnership as of September 30, 2016 . Also included in noncontrolling interest is the outside ownership interest in a consolidated subsidiary of the Company. The following table summarizes the activity that relates to the Company’s noncontrolling interest as reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 : For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Preferred income allocated to Series C convertible units $ — $ 4,698 $ 3,027 $ 14,094 Net (loss) income allocated to Class A units (27 ) (1,575 ) 108 (3,241 ) Net income allocated to Series D convertible units — — 133 — Beneficial conversion feature 7,569 — 7,569 — Net loss allocated to noncontrolling interests in certain consolidated subsidiaries (226 ) (14 ) (446 ) (58 ) $ 7,316 $ 3,109 $ 10,391 $ 10,795 2012 Equity Incentive Plan During the nine months ended September 30, 2016 and 2015 , the Company granted stock options for 708,000 and 588,500 Class A common shares, respectively, and 74,100 and 44,000 restricted stock units, respectively, to certain employees of the Company under the 2012 Equity Incentive Plan (the “Plan”). The options and restricted stock units granted during the nine months ended September 30, 2016 and 2015 , 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 nine months ended September 30, 2016 and 2015 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2015 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (15,000 ) 15.00 19 Forfeited (178,500 ) 16.57 Options outstanding at September 30, 2015 2,560,000 $ 16.23 8.3 $ 557 Options exercisable at September 30, 2015 636,250 $ 15.94 7.7 $ 273 Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.84 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.08 $ 5,885 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise. 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 nine months ended September 30, 2016 and 2015 : 2016 2015 Weighted-average fair value $ 2.82 $ 4.57 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 27.3 % 35.9 % Risk-free interest rate 1.5 % 1.9 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2016 and 2015 : 2016 2015 Restricted stock units at beginning of period 91,650 85,000 Units awarded 74,100 44,000 Units vested (27,250 ) (22,000 ) Units forfeited (6,550 ) (9,700 ) Restricted stock units at end of the period 131,950 97,300 Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.9 million for the three months ended September 30, 2016 and 2015 and $2.7 million and $2.3 million for the nine months ended September 30, 2016 and 2015 , respectively. Share Repurchase Program On September 21, 2015 , the Company announced that our Board of Trustees approved a share repurchase program authorizing us to repurchase up to $300.0 million of our outstanding Class A common shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. In addition, the excess of the purchase price over the par value of shares repurchased is recorded as a reduction to additional paid-in capital. During the nine months ended September 30, 2016 , we repurchased and retired approximately 6.2 million of our Class A common shares, on a settlement basis, in accordance with the program at a weighted-average price of $15.44 per share and a total price of $96.0 million . During the nine months ended September 30, 2015 , we repurchased and retired approximately 3.4 million of our Class A common shares, in accordance with the program at a weighted-average price of $15.76 per share and a total price of $53.7 million . As of September 30, 2016 , we had a remaining repurchase authorization of $146.7 million under the program. Secondary Offering In September 2016, the Alaska Permanent Fund Corporation (the "Selling Shareholder") sold 43.5 million of the Company's Class A common shares at an offering price of $21.75 per share, in a registered offering (the "Secondary Offering"). The Company did not sell any shares in, or receive any proceeds from, the Secondary Offering. The Company incurred approximately $0.2 million of expenses in the third quarter of 2016 related to the Secondary Offering, which were included in acquisition fees and costs expensed within the condensed consolidated statements of operations. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of September 30, 2016 , and December 31, 2015 , former AH LLC members owned approximately 2.8% and 3.3% , respectively, of our outstanding Class A common shares. On a fully-diluted basis, former AH LLC members held (including consideration of 635,075 Class B common shares as of September 30, 2016 , and December 31, 2015 , 54,276,644 and 14,440,670 Class A units as of September 30, 2016 , and December 31, 2015 , respectively, zero and all 31,085,974 Series C convertible units as of September 30, 2016 , and December 31, 2015 , respectively, zero and all 4,375,000 Series D convertible units as of September 30, 2016 , and December 31, 2015 , respectively, and zero and all 4,375,000 Series E convertible units as of September 30, 2016 , and December 31, 2015 , respectively) an approximate 18.6% and 22.1% interest at September 30, 2016 , and December 31, 2015 , respectively. As of September 30, 2016 , the Company had a net receivable of $1.3 million due from affiliates primarily related to expense reimbursements due from a joint venture, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of December 31, 2015 , the Company had a net payable of $4.1 million payable to affiliates related to declared and unpaid distributions on the Series C units, partially offset by expense reimbursements from affiliates, which was included in amounts payable to affiliates within the condensed consolidated balance sheets. In June 2014, the Company and the Alaska Permanent Fund Corporation ("APFC") formed a joint venture (the "Alaska Joint Venture II"). As of September 30, 2016 , and December 31, 2015 , we had contributed $40.0 million to the Alaska Joint Venture II and APFC had contributed $160.0 million . During the third quarter of 2016, the Alaska Joint Venture II paid distributions totaling $0.4 million and $1.6 million to us and APFC, respectively. In evaluating the Company's interest in the Alaska Joint Venture II, we concluded that the entity is not a variable interest entity after applying the variable interest model and, therefore, we account for our interest in the Alaska Joint Venture II as an investment in an unconsolidated subsidiary using the equity method of accounting after applying the voting interest model. As of September 30, 2016 , the balance of the Company's investment in the Alaska Joint Venture II was $33.3 million , which is included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. The Company has a promoted interest in the Alaska Joint Venture II in addition to owning 20% of its equity. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Merger with American Residential Properties, Inc. On February 29, 2016, the Company completed a merger with ARPI, in which ARPI merged with and into a wholly owned subsidiary of us in a stock-for-stock transaction, with our subsidiary continuing as the surviving entity (the "Merger"). The purpose of this acquisition was to solidify our position as the largest public owner and operator of single-family rental properties, increase scale and achieve operating synergies. ARPI’s portfolio is substantially similar to our own, meets our high quality portfolio standards and the acquisition of their portfolio has allowed us to add density in key markets. As a result of the Merger, each holder of ARPI common stock received 1.135 of our Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI’s operating partnership received 1.135 Class A units of our operating partnership. We issued 36,546,170 Class A common shares and 1,343,843 Class A units in connection with the Merger, representing 12.7% of the total Class A common shares, Class B common shares and units of our operating partnership, collectively, as of the acquisition date. The equity transaction consideration of $530.5 million was calculated based on the 36,546,170 Class A common shares and 1,343,843 Class A units issued in connection with the Merger valued at the Company’s closing share price on the acquisition date of $14.00 per share. Transaction costs incurred by the Company related to the Merger totaled $7.7 million , of which $0.5 million was incurred during the third quarter of 2016 . The following table summarizes the preliminary allocation of the estimated fair values of the assets and liabilities acquired as part of the Merger as of the acquisition date (in thousands): Net assets acquired Land $ 262,396 Buildings and improvements 1,014,857 Cash and cash equivalents 15,499 Restricted cash 9,521 Rent and other receivables 843 Escrow deposits, prepaid expenses and other assets 35,134 In-place leases 22,696 Accounts payable and accrued expenses (38,485 ) Net assets acquired 1,322,461 Debt assumed or extinguished Credit facility 350,000 Exchangeable senior notes 112,298 Asset-backed securitization 329,703 Total debt assumed or extinguished 792,001 Equity transaction consideration 530,460 Total transaction consideration $ 1,322,461 Since the completion of the Merger, the Company has consolidated the 8,936 single-family properties acquired as part of the transaction and the related results of these operations are reflected in the Company’s condensed consolidated financial statements. The following table presents the total revenues and net income (loss) attributable to the Merger that are included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2016 (in thousands): For the Three Months Ended For the Period from February 29, 2016 to September 30, 2016 Total revenues $ 37,505 $ 83,387 Net income (loss) $ 2,148 $ (3,479 ) Pro Forma Supplemental Information The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the Merger had occurred on January 1, 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Pro forma total revenues (1) $ 236,057 $ 204,580 $ 674,291 $ 549,508 Pro forma net loss (1) $ (167 ) $ (22,958 ) $ (18,093 ) $ (42,265 ) Pro forma net loss per share (1) $ (0.09 ) $ (0.13 ) $ (0.23 ) $ (0.28 ) (1) This pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Merger occurred on January 1, 2015. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table reflects the computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2016 and 2015 (in thousands, except share data): For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 Numerator: Net (loss) income $ (167 ) $ (19,938 ) $ 1,108 $ (36,601 ) Noncontrolling interest 7,316 3,109 10,391 10,795 Dividends on preferred shares 13,669 5,569 26,650 16,707 Net loss attributable to common shareholders $ (21,152 ) $ (28,616 ) $ (35,933 ) $ (64,103 ) Denominator: Denominator: Weighted-average shares 238,401,343 211,414,368 232,036,802 211,460,840 Net loss per share—basic and diluted $ (0.09 ) $ (0.14 ) $ (0.15 ) $ (0.30 ) Total weighted-average shares for the three and nine months ended September 30, 2016 , excludes an aggregate of 81,898,292 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, restricted stock units and common shares issuable upon the conversion of our exchangeable senior notes from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods. Total weighted-average shares for the three and nine months ended September 30, 2015 , excludes an aggregate of 73,993,944 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, and restricted stock units from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2016 , and December 31, 2015 , we had commitments to acquire 103 and 12 single-family properties, respectively, with an aggregate purchase price of $22.4 million and $1.7 million , respectively. As of September 30, 2016 , the Company had sales in escrow for approximately 445 of our single-family properties for an aggregate selling price of $26.7 million . We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution. |
Noncash Transactions
Noncash Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Noncash Transactions | Noncash Transactions On February 29, 2016 we completed our Merger with ARPI in a stock-for-stock transaction. Each holder of ARPI common stock received 1.135 of our Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI's operating partnership received 1.135 Class A units of our operating partnership. We issued 36,546,170 Class A common shares and 1,343,843 Class A units in connection with the Merger, representing 12.7% of the total Class A common shares, Class B common shares and units of our operating partnership, collectively, as of the acquisition date (see Note 10). |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. The Company’s interest rate cap agreement and preferred shares derivative liability are the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements. Our credit facilities, term loan facility, asset-backed securitizations, exchangeable senior notes and secured note payable are also financial instruments, which are classified as Level 3 in the fair value hierarchy as they were estimated by using unobservable inputs. We estimated their fair values by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. The following table displays the carrying values and fair values of our debt instruments as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ 457,979 $ 460,767 $ 473,755 $ 472,258 AH4R 2014-SFR2 securitization 503,093 513,484 507,305 476,952 AH4R 2014-SFR3 securitization 519,148 532,755 523,109 489,448 AH4R 2015-SFR1 securitization 544,861 555,558 549,121 496,673 AH4R 2015-SFR2 securitization 473,237 484,615 476,920 433,633 Total asset-backed securitizations (1) 2,498,318 2,547,179 2,530,210 2,368,964 Exchangeable senior notes, net (2) 107,283 107,283 — — Secured note payable 50,065 50,377 50,752 48,631 Revolving credit facilities (3) 75,000 75,000 — — Term loan facility (4) 250,000 250,000 — — Total debt $ 2,980,666 $ 3,029,839 $ 2,580,962 $ 2,417,595 (1) The carrying values of the asset-backed securitizations exclude $50.4 million and $56.6 million of deferred financing costs as of September 30, 2016 , and December 31, 2015 , respectively. (2) The exchangeable senior notes, net are presented net of unamortized discounts. As they were recently acquired in connection with the Merger with ARPI in February 2016, we believe the fair value approximates the carrying value. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the revolving credit facility as of September 30, 2016 , reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $3.4 million of deferred financing costs as of September 30, 2016 . As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the term loan facility as of September 30, 2016 , reasonably approximates fair value. 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 statistical areas, or MSAs, as outlined in the agreement. The following table sets forth the fair value of our contingently convertible Series E units liability and preferred shares derivative liability as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 Description Quoted Prices Significant Significant Total Liabilities: Preferred shares derivative liability $ — $ — $ 65,730 $ 65,730 December 31, 2015 Description Quoted Prices Significant Significant Total Liabilities: Contingently convertible Series E units liability $ — $ — $ 69,957 $ 69,957 Preferred shares derivative liability $ — $ — $ 62,790 $ 62,790 The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our 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 condensed consolidated statements of operations for the nine months ended September 30, 2016 and 2015 (in thousands): Description January 1, 2016 Issuances Conversions Remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (69,957 ) $ — $ — Preferred shares derivative liability $ 62,790 $ — $ — $ 2,940 $ 65,730 Description January 1, 2015 Issuances Conversions Remeasurement September 30, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ — $ (3,456 ) $ 68,601 Preferred shares derivative liability $ 57,960 $ — $ — $ 2,300 $ 60,260 Changes in inputs or assumptions used to value the preferred shares derivative liability may have a material impact on the resulting valuation. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Credit Facilities As of October 31, 2016 , the outstanding borrowings against the revolving credit facility and term loan facility were $75.0 million and $250.0 million , respectively. Subsequent Dispositions From October 1, 2016 , through October 31, 2016 , we disposed of 36 properties for aggregate net proceeds of approximately $5.7 million . Subsequent Acquisitions From October 1, 2016 , through October 31, 2016 , we acquired 129 properties for an aggregate purchase price of approximately $24.5 million . Declaration of Dividends On November 1, 2016 , our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on December 30, 2016 , to shareholders of record on December 15, 2016 , and $0.05 per Class B common share payable on December 30, 2016 , to shareholders of record on December 15, 2016 . Additionally, our board of trustees also declared quarterly dividends of $0.3125 per share on the Company’s 5.0% Series A participating preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 , $0.3125 per share on the Company’s 5.0% Series B participating preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 , $0.34375 per share on the Company’s 5.5% Series C participating preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 , $0.40625 per share on the Company’s 6.5% Series D perpetual preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 and $0.39688 per share on the Company’s 6.35% Series E perpetual preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 . Hurricane Matthew Certain of our properties in the Florida and Carolina markets were impacted by Hurricane Matthew. The Company is assessing potential damages, which are estimated to be approximately $0.6 million to $1.0 million . |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The 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 (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The 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 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, 2015 . Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) , to amend the accounting for credit losses for certain financial instruments by requiring companies to recognize an estimate of expected credit losses as an allowance in order to recognize such losses more timely than under previous guidance that had allowed companies to wait until it was probable such losses had been incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (Topic 718), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2016, and for interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition—Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the method of adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on our financial statements. |
Single-Family Properties (Table
Single-Family Properties (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Single-Family Properties, Net | Single-family properties, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (dollars in thousands): September 30, 2016 Number of Net book Leased single-family properties 44,746 $ 7,072,461 Single-family properties being renovated 406 77,451 Single-family properties being prepared for re-lease 90 15,333 Vacant single-family properties available for lease 1,673 274,845 Single-family properties held for sale, net 1,238 105,308 Total 48,153 $ 7,545,398 December 31, 2015 Number of Net book Leased single-family properties 36,403 $ 5,895,482 Single-family properties being renovated 476 75,055 Single-family properties being prepared for re-lease 178 28,525 Vacant single-family properties available for lease 1,678 283,444 Single-family properties held for sale, net 45 7,432 Total 38,780 $ 6,289,938 |
Deferred Costs and Other Inta26
Deferred Costs and Other Intangibles, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Other Intangibles | Deferred costs and other intangibles, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Deferred leasing costs $ 14,985 $ 8,692 Deferred financing costs 6,520 12,454 Intangible assets: Value of in-place leases 22,352 152 Trademark 3,100 3,100 Database 2,100 2,100 49,057 26,498 Less: accumulated amortization (34,041 ) (16,069 ) Total $ 15,016 $ 10,429 |
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 September 30, 2016 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2016 $ 1,463 $ 412 $ 2,222 $ 165 $ 75 2017 2,054 1,633 908 660 300 2018 — 1,633 21 92 300 2019 — 1,633 2 — 300 2020 — 1,011 — — 132 Total $ 3,517 $ 6,322 $ 3,153 $ 917 $ 1,107 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2016 , and December 31, 2015 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2016 December 31, 2015 AH4R 2014-SFR1 securitization (2) 2.07 % June 9, 2019 $ 457,979 $ 473,755 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 503,093 507,305 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 519,148 523,109 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 544,861 549,121 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 473,237 476,920 Total asset-backed securitizations 2,498,318 2,530,210 Exchangeable senior notes 3.25 % November 15, 2018 115,000 — Secured note payable 4.06 % July 1, 2019 50,065 50,752 Revolving credit facilities (5) 2.38 % August 16, 2020 75,000 — Term loan facility (6) 2.33 % August 16, 2021 250,000 — Total debt (7) 2,988,383 2,580,962 Unamortized discount on exchangeable senior notes (2,134 ) — Equity component of exchangeable senior notes (5,583 ) — Deferred financing costs, net (8) (53,845 ) (56,567 ) Total debt per balance sheet $ 2,926,821 $ 2,524,395 (1) Interest rates are as of September 30, 2016 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of 1-month LIBOR plus 1.54% , subject to a LIBOR floor of 0.25% . The maturity date of June 9, 2019, reflects the fully extended maturity date based on an initial two -year loan term and three , 12 -month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms. (3) The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (4) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (5) The revolving credit facility that was entered into in August 2016 provides for a borrowing capacity of up to $650.0 million , with a fully extended maturity date of August 2020, and bears interest at a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $350.0 million , with a fully extended maturity date of August 2021, and bears interest at a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, exchangeable senior notes, secured note payable, credit facilities and term loan facility as of September 30, 2016 , and December 31, 2015 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $2.2 million and $1.8 million for the three months ended September 30, 2016 and 2015 , respectively, and $6.3 million and $5.0 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization. |
Summary of Activity that Relates to Capitalized Interest | The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and nine months ended September 30, 2016 and 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Gross interest $ 33,433 $ 25,029 $ 100,886 $ 69,181 Capitalized interest (582 ) (1,163 ) (1,577 ) (7,642 ) Interest expense $ 32,851 $ 23,866 $ 99,309 $ 61,539 |
Accounts Payable and Accrued 28
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | The following table summarizes accounts payable and accrued expenses as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Accounts payable $ — $ 1,173 Accrued property taxes 108,102 46,024 Other accrued liabilities 31,096 26,031 Accrued construction and maintenance liabilities 12,661 11,429 Resident security deposits 69,743 53,819 Prepaid rent 19,465 16,275 Total $ 241,067 $ 154,751 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations | The following table summarizes the activity that relates to the Company’s noncontrolling interest as reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 : For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Preferred income allocated to Series C convertible units $ — $ 4,698 $ 3,027 $ 14,094 Net (loss) income allocated to Class A units (27 ) (1,575 ) 108 (3,241 ) Net income allocated to Series D convertible units — — 133 — Beneficial conversion feature 7,569 — 7,569 — Net loss allocated to noncontrolling interests in certain consolidated subsidiaries (226 ) (14 ) (446 ) (58 ) $ 7,316 $ 3,109 $ 10,391 $ 10,795 |
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2016 and 2015 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2015 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (15,000 ) 15.00 19 Forfeited (178,500 ) 16.57 Options outstanding at September 30, 2015 2,560,000 $ 16.23 8.3 $ 557 Options exercisable at September 30, 2015 636,250 $ 15.94 7.7 $ 273 Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.84 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.08 $ 5,885 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise. |
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 nine months ended September 30, 2016 and 2015 : 2016 2015 Weighted-average fair value $ 2.82 $ 4.57 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 27.3 % 35.9 % Risk-free interest rate 1.5 % 1.9 % |
Summary of Restricted Stock Units Activity Under Plan | The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2016 and 2015 : 2016 2015 Restricted stock units at beginning of period 91,650 85,000 Units awarded 74,100 44,000 Units vested (27,250 ) (22,000 ) Units forfeited (6,550 ) (9,700 ) Restricted stock units at end of the period 131,950 97,300 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the estimated fair values of the assets and liabilities acquired as part of the Merger as of the acquisition date (in thousands): Net assets acquired Land $ 262,396 Buildings and improvements 1,014,857 Cash and cash equivalents 15,499 Restricted cash 9,521 Rent and other receivables 843 Escrow deposits, prepaid expenses and other assets 35,134 In-place leases 22,696 Accounts payable and accrued expenses (38,485 ) Net assets acquired 1,322,461 Debt assumed or extinguished Credit facility 350,000 Exchangeable senior notes 112,298 Asset-backed securitization 329,703 Total debt assumed or extinguished 792,001 Equity transaction consideration 530,460 Total transaction consideration $ 1,322,461 |
Schedule of Related Party Transactions | The following table presents the total revenues and net income (loss) attributable to the Merger that are included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2016 (in thousands): For the Three Months Ended For the Period from February 29, 2016 to September 30, 2016 Total revenues $ 37,505 $ 83,387 Net income (loss) $ 2,148 $ (3,479 ) |
Business Acquisition, Pro Forma Information | The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the Merger had occurred on January 1, 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Pro forma total revenues (1) $ 236,057 $ 204,580 $ 674,291 $ 549,508 Pro forma net loss (1) $ (167 ) $ (22,958 ) $ (18,093 ) $ (42,265 ) Pro forma net loss per share (1) $ (0.09 ) $ (0.13 ) $ (0.23 ) $ (0.28 ) (1) This pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Merger occurred on January 1, 2015. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Net Income (Loss) per Share on Basic and Diluted Basis | The following table reflects the computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2016 and 2015 (in thousands, except share data): For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 Numerator: Net (loss) income $ (167 ) $ (19,938 ) $ 1,108 $ (36,601 ) Noncontrolling interest 7,316 3,109 10,391 10,795 Dividends on preferred shares 13,669 5,569 26,650 16,707 Net loss attributable to common shareholders $ (21,152 ) $ (28,616 ) $ (35,933 ) $ (64,103 ) Denominator: Denominator: Weighted-average shares 238,401,343 211,414,368 232,036,802 211,460,840 Net loss per share—basic and diluted $ (0.09 ) $ (0.14 ) $ (0.15 ) $ (0.30 ) Total weighted-average shares for the three and nine months ended September 30, 2016 , excludes an aggregate of 81,898,292 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, restricted stock units and common shares issuable upon the conversion of our exchangeable senior notes from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods. Total weighted-average shares for the three and nine months ended September 30, 2015 , excludes an aggregate of 73,993,944 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, and restricted stock units from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table displays the carrying values and fair values of our debt instruments as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ 457,979 $ 460,767 $ 473,755 $ 472,258 AH4R 2014-SFR2 securitization 503,093 513,484 507,305 476,952 AH4R 2014-SFR3 securitization 519,148 532,755 523,109 489,448 AH4R 2015-SFR1 securitization 544,861 555,558 549,121 496,673 AH4R 2015-SFR2 securitization 473,237 484,615 476,920 433,633 Total asset-backed securitizations (1) 2,498,318 2,547,179 2,530,210 2,368,964 Exchangeable senior notes, net (2) 107,283 107,283 — — Secured note payable 50,065 50,377 50,752 48,631 Revolving credit facilities (3) 75,000 75,000 — — Term loan facility (4) 250,000 250,000 — — Total debt $ 2,980,666 $ 3,029,839 $ 2,580,962 $ 2,417,595 (1) The carrying values of the asset-backed securitizations exclude $50.4 million and $56.6 million of deferred financing costs as of September 30, 2016 , and December 31, 2015 , respectively. (2) The exchangeable senior notes, net are presented net of unamortized discounts. As they were recently acquired in connection with the Merger with ARPI in February 2016, we believe the fair value approximates the carrying value. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the revolving credit facility as of September 30, 2016 , reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $3.4 million of deferred financing costs as of September 30, 2016 . As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the term loan facility as of September 30, 2016 , reasonably approximates fair value. |
Fair Value of Financial Instruments | The following table sets forth the fair value of our contingently convertible Series E units liability and preferred shares derivative liability as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 Description Quoted Prices Significant Significant Total Liabilities: Preferred shares derivative liability $ — $ — $ 65,730 $ 65,730 December 31, 2015 Description Quoted Prices Significant Significant Total Liabilities: Contingently convertible Series E units liability $ — $ — $ 69,957 $ 69,957 Preferred shares derivative liability $ — $ — $ 62,790 $ 62,790 |
Changes in Fair Value of Level 3 Financial Instruments | The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our 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 condensed consolidated statements of operations for the nine months ended September 30, 2016 and 2015 (in thousands): Description January 1, 2016 Issuances Conversions Remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (69,957 ) $ — $ — Preferred shares derivative liability $ 62,790 $ — $ — $ 2,940 $ 65,730 Description January 1, 2015 Issuances Conversions Remeasurement September 30, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ — $ (3,456 ) $ 68,601 Preferred shares derivative liability $ 57,960 $ — $ — $ 2,300 $ 60,260 |
Organization and Operations (De
Organization and Operations (Details) | Jun. 10, 2013shares | Sep. 30, 2016statesingle_family_property | Dec. 31, 2015single_family_property |
Real Estate Properties [Line Items] | |||
Number of properties | single_family_property | 48,153 | 38,780 | |
Number of states | state | 22 | ||
Operating Partnership | Series D Convertible Units | |||
Real Estate Properties [Line Items] | |||
Units issued to AH LLC (in shares) | shares | 4,375,000 | ||
Operating Partnership | Series E Convertible Units | |||
Real Estate Properties [Line Items] | |||
Units issued to AH LLC (in shares) | shares | 4,375,000 | ||
Properties Held for Sale | Single Family Homes | |||
Real Estate Properties [Line Items] | |||
Number of properties | single_family_property | 1,238 | 45 |
Significant Accounting Polici34
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Deferred financing costs, net | $ 53,845 | $ 53,845 | $ 56,567 | ||
Property operating expenses | $ (110,412) | $ (85,052) | $ (290,998) | $ (215,699) | |
Accounting Standards Update 2015-03 | Asset-backed securitization | |||||
Debt Instrument [Line Items] | |||||
Deferred financing costs, net | 56,600 | ||||
Accounting Standards Update 2015-03 | Deferred Costs and Other Intangibles | |||||
Debt Instrument [Line Items] | |||||
Deferred financing costs, net | $ (56,600) | ||||
Reclassification of Vacant Single-Family Properties and Other Expenses to Property Operating Expenses | Property Operating Expenses | |||||
Debt Instrument [Line Items] | |||||
Property operating expenses | (1,400) | (13,000) | |||
Reclassification of Vacant Single-Family Properties and Other Expenses to Property Operating Expenses | Restatement Adjustment | Vacant Single-Family Properties and Other | |||||
Debt Instrument [Line Items] | |||||
Property operating expenses | 2,500 | 13,000 | |||
Reclassification Adjustment of Vacant Single-Family Property Operating Expense [Member] | Property Operating Expenses | |||||
Debt Instrument [Line Items] | |||||
Property operating expenses | (2,500) | (10,300) | |||
Reclassification Adjustment of Vacant Single-Family Property Operating Expense [Member] | Restatement Adjustment | Vacant Single-Family Properties and Other | |||||
Debt Instrument [Line Items] | |||||
Property operating expenses | 1,400 | 10,300 | |||
Reclassification of Leased Single-Family Properties and Vacant Single-Family Properties Other to Other Expenses | Other Expense | |||||
Debt Instrument [Line Items] | |||||
Other operating expenses | (1,100) | (2,700) | |||
Reclassification of Leased Single-Family Properties and Vacant Single-Family Properties Other to Other Expenses | Restatement Adjustment | Leased Single-Family Properties, Vacant Single-Family Properties, and Other | |||||
Debt Instrument [Line Items] | |||||
Other operating expenses | $ 1,100 | $ 2,700 |
Single-Family Properties - Comp
Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands | Sep. 30, 2016USD ($)single_family_property | Dec. 31, 2015USD ($)single_family_property |
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 48,153 | 38,780 |
Net book value | $ | $ 7,545,398 | $ 6,289,938 |
Single Family Homes | Properties being renovated | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 406 | 476 |
Net book value | $ | $ 77,451 | $ 75,055 |
Single Family Homes | Properties being prepared for re-lease | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 90 | 178 |
Net book value | $ | $ 15,333 | $ 28,525 |
Single Family Homes | Properties held for sale | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 1,238 | 45 |
Net book value | $ | $ 105,308 | $ 7,432 |
Leased | Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 44,746 | 36,403 |
Net book value | $ | $ 7,072,461 | $ 5,895,482 |
Vacant | Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 1,673 | 1,678 |
Net book value | $ | $ 274,845 | $ 283,444 |
Single-Family Properties - Narr
Single-Family Properties - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($) | Feb. 29, 2016single_family_property | Dec. 31, 2015USD ($) | |
Property Subject to or Available for Operating Lease | ||||||
Real estate, net increase | $ 1,200,000 | |||||
Net book value | $ 7,545,398 | 7,545,398 | $ 6,289,938 | |||
Goodwill allocated to leased properties | $ 400 | $ 400 | ||||
Number of real estate properties sold | property | 453 | 587 | ||||
Proceeds from the sale of real estate properties | $ 56,200 | $ 71,894 | $ 0 | |||
Gain on sale of single-family properties, net | 11,682 | $ 0 | 12,574 | 0 | ||
Goodwill | 120,317 | 120,317 | 120,655 | |||
Single Family Homes | ||||||
Property Subject to or Available for Operating Lease | ||||||
Net book value | 15,400 | 15,400 | $ 8,500 | |||
Depreciation expense | $ 67,200 | $ 63,900 | $ 194,200 | $ 165,800 | ||
American Residential Properties Inc. | ||||||
Property Subject to or Available for Operating Lease | ||||||
Number of properties acquired | single_family_property | 8,936 |
Rent and Other Receivables, N37
Rent and Other Receivables, Net (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 4.5 | $ 3 |
Non-tenant receivables | $ 0.7 | $ 1 |
Deferred Costs and Other Inta38
Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Acquired Indefinite-lived Intangible Assets | ||
Deferred leasing costs | $ 14,985 | $ 8,692 |
Deferred financing costs | 6,520 | 12,454 |
Intangible assets: | ||
Intangible assets | 49,057 | 26,498 |
Less: accumulated amortization | (34,041) | (16,069) |
Total | 15,016 | 10,429 |
Value of in-place leases | ||
Intangible assets: | ||
Intangible assets | 22,352 | 152 |
Trademark | ||
Intangible assets: | ||
Intangible assets | 3,100 | 3,100 |
Database | ||
Intangible assets: | ||
Intangible assets | $ 2,100 | $ 2,100 |
Deferred Costs and Other Inta39
Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense related to deferred leasing costs, in-place leases, trademark and database | $ 6,900 | $ 2,800 | $ 26,700 | $ 10,000 |
Noncash amortization of deferred financing costs | 7,912 | 5,769 | ||
Line of Credit | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Noncash amortization of deferred financing costs | $ 500 | $ 600 | $ 1,900 | $ 1,800 |
Deferred Costs and Other Inta40
Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 53,845 | $ 56,567 |
Deferred Leasing Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,016 | 1,463 | |
2,017 | 2,054 | |
Total | 3,517 | |
Deferred Financing Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,016 | 412 | |
2,017 | 1,633 | |
2,018 | 1,633 | |
2,019 | 1,633 | |
2,020 | 1,011 | |
Total | 6,322 | |
Value of in-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,016 | 2,222 | |
2,017 | 908 | |
2,018 | 21 | |
2,019 | 2 | |
Total | 3,153 | |
Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,016 | 165 | |
2,017 | 660 | |
2,018 | 92 | |
Total | 917 | |
Database | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,016 | 75 | |
2,017 | 300 | |
2,018 | 300 | |
2,019 | 300 | |
2,020 | 132 | |
Total | $ 1,107 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Aug. 31, 2016USD ($)extension_option | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)extension_option | Sep. 30, 2015USD ($) | Feb. 29, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2013USD ($) | Mar. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||||
Asset-backed securitizations, gross | $ 2,498,318,000 | $ 2,498,318,000 | $ 2,530,210,000 | ||||||
Secured note payable | 50,065,000 | 50,065,000 | 50,752,000 | ||||||
Revolving credit facilities | 75,000,000 | 75,000,000 | 0 | ||||||
Debt, gross | 2,988,383,000 | 2,988,383,000 | 2,580,962,000 | ||||||
Deferred financing costs, net | (53,845,000) | (53,845,000) | (56,567,000) | ||||||
Debt outstanding, net | 2,926,821,000 | 2,926,821,000 | 2,524,395,000 | ||||||
Amortization of financing costs | 7,912,000 | $ 5,769,000 | |||||||
Delayed Draw Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Secured debt outstanding | $ 246,575,000 | $ 246,575,000 | 0 | ||||||
2014-SFR 1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 2.07% | 2.07% | |||||||
Asset-backed securitizations, gross | $ 457,979,000 | $ 457,979,000 | 473,755,000 | ||||||
Debt instrument initial term | 2 years | ||||||||
Number of extension options | extension_option | 3 | ||||||||
Period of extension options | 12 months | ||||||||
2014-SFR 1 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.25% | ||||||||
2014-SFR 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.42% | 4.42% | |||||||
Asset-backed securitizations, gross | $ 503,093,000 | $ 503,093,000 | 507,305,000 | ||||||
2014-SFR 3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.40% | 4.40% | |||||||
Asset-backed securitizations, gross | $ 519,148,000 | $ 519,148,000 | 523,109,000 | ||||||
2015-SFR 1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.14% | 4.14% | |||||||
Asset-backed securitizations, gross | $ 544,861,000 | $ 544,861,000 | 549,121,000 | ||||||
2015-SFR 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.36% | 4.36% | |||||||
Asset-backed securitizations, gross | $ 473,237,000 | $ 473,237,000 | 476,920,000 | ||||||
Secured Notes Payable | Note Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 4.06% | 4.06% | |||||||
Secured note payable | $ 50,065,000 | $ 50,065,000 | 50,752,000 | ||||||
Senior Secured Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 2.38% | 2.38% | |||||||
Revolving credit facilities | $ 75,000,000 | $ 75,000,000 | 0 | ||||||
Credit facility amount, maximum (up to) | 650,000,000 | $ 650,000,000 | $ 800,000,000 | $ 500,000,000 | |||||
Weighted blended interest rate | 2014-SFR 1 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.54% | ||||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of financing costs | 500,000 | $ 600,000 | $ 1,900,000 | 1,800,000 | |||||
Line of Credit | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facilities | 75,000,000 | $ 75,000,000 | |||||||
Credit facility amount, maximum (up to) | $ 650,000,000 | ||||||||
Line of Credit | Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.85% | ||||||||
Line of Credit | Minimum | Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||||
Line of Credit | Minimum | Revolving Credit Facility | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||||
Line of Credit | Maximum | Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.30% | ||||||||
Line of Credit | Maximum | Revolving Credit Facility | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.30% | ||||||||
Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of financing costs | $ 2,200,000 | $ 1,800,000 | $ 6,300,000 | $ 5,000,000 | |||||
Secured Debt | Delayed Draw Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 2.33% | 2.33% | |||||||
Secured debt outstanding | $ 250,000,000 | $ 250,000,000 | |||||||
Debt, gross | 0 | ||||||||
Deferred financing costs, net | $ (3,400,000) | $ (3,400,000) | |||||||
Number of extension options | extension_option | 2 | ||||||||
Credit facility amount, maximum (up to) | $ 350,000,000 | ||||||||
Secured Debt | Delayed Draw Term Loan Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.80% | ||||||||
Secured Debt | Minimum | Delayed Draw Term Loan Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.70% | ||||||||
Secured Debt | Minimum | Delayed Draw Term Loan Facility | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 0.70% | ||||||||
Secured Debt | Maximum | Delayed Draw Term Loan Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.30% | ||||||||
Secured Debt | Maximum | Delayed Draw Term Loan Facility | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 1.30% | ||||||||
Convertible Debt | 3.25% Exchangeable Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.25% | 3.25% | 3.25% | ||||||
Exchangeable senior notes | $ 115,000,000 | $ 115,000,000 | $ 115,000,000 | 0 | |||||
Unamortized discount | (2,134,000) | (2,134,000) | (2,700,000) | 0 | |||||
Convertible instrument carrying amount | $ (5,583,000) | $ (5,583,000) | $ (7,000,000) | $ 0 |
Debt - Asset-Backed Securitizat
Debt - Asset-Backed Securitization Narrative (Details) | Feb. 29, 2016USD ($)extension_optionfloating_rate_componentproperty | Sep. 30, 2016USD ($)single_family_property | Sep. 30, 2016USD ($)single_family_property | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)single_family_property | Sep. 30, 2015USD ($) | Dec. 31, 2015single_family_property |
Debt Instrument [Line Items] | |||||||
Number of properties | single_family_property | 48,153 | 48,153 | 48,153 | 38,780 | |||
Loss on early extinguishment of debt | $ 13,408,000 | $ 0 | $ 13,408,000 | $ 0 | |||
Asset-backed securities | Borrower | ARP 2014-SFR1 | |||||||
Debt Instrument [Line Items] | |||||||
Number of properties | property | 2,875 | ||||||
Loss on early extinguishment of debt | $ 10,700,000 | ||||||
Principal amount | $ 342,200,000 | ||||||
Debt instrument initial term | 2 years | ||||||
Number of extension options | extension_option | 3 | ||||||
Period of extension options | 12 months | ||||||
Number of floating rate components | floating_rate_component | 6 | ||||||
Restricted cash released | $ 10,100,000 | ||||||
Asset-backed securities | Weighted blended interest rate | Borrower | ARP 2014-SFR1 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 2.11% |
Debt - Exchangeable Senior Note
Debt - Exchangeable Senior Notes Narrative (Details) | Feb. 29, 2016USD ($)day | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||
Exchangeable senior notes, net | $ 107,283,000 | $ 0 | |
Convertible Debt | 3.25% Exchangeable Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.25% | 3.25% | |
Principal amount | $ 115,000,000 | $ 115,000,000 | 0 |
Fair value of convertible debt | $ 112,300,000 | ||
Debt exchange ratio | 0.0546381 | ||
Current exchange price percentage | 98.00% | ||
Minimum trading days | day | 20 | ||
Consecutive trading days | 5 days | ||
Unamortized discount | $ (2,700,000) | $ (2,134,000) | 0 |
Exchangeable senior notes, net | $ 105,300,000 | 107,300,000 | |
Straight-debt rate | 6.70% | ||
Convertible instrument carrying amount | $ 7,000,000 | $ 5,583,000 | $ 0 |
Convertible Debt | 3.25% Exchangeable Senior Notes | Minimum | |||
Debt Instrument [Line Items] | |||
Current exchange price percentage | 130.00% | ||
Consecutive trading days | 30 days | ||
American Residential Properties Inc. | Convertible Debt | 3.25% Exchangeable Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt exchange ratio | 0.0469423 | ||
Adjusted debt exchange ratio | 0.0532795 | ||
Ownership units exchange ratio | 1.135 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2016USD ($)extension_option | Jul. 31, 2016USD ($) | Jun. 30, 2016 | Sep. 30, 2013USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2013USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||
Revolving credit facilities | $ 75,000,000 | $ 75,000,000 | $ 0 | |||||||
Loss on early extinguishment of debt | 13,408,000 | $ 0 | 13,408,000 | $ 0 | ||||||
Debt outstanding | 2,926,821,000 | 2,926,821,000 | 2,524,395,000 | |||||||
Senior Secured Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility amount, maximum | $ 800,000,000 | 650,000,000 | 650,000,000 | $ 500,000,000 | ||||||
Revolving credit facilities | 75,000,000 | 75,000,000 | 0 | |||||||
Loss on early extinguishment of debt | 2,700,000 | |||||||||
Until March 2017 | LIBOR | Senior Secured Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.75% | |||||||||
March 2017 and Thereafter | LIBOR | Senior Secured Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 3.125% | |||||||||
Line of Credit | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility amount, maximum | $ 650,000,000 | |||||||||
Revolving credit facilities | $ 75,000,000 | $ 75,000,000 | ||||||||
Repayments of borrowings on existing credit facility | $ 142,000,000 | |||||||||
Debt instrument extension period (up to) | 1 year | |||||||||
Line of Credit | LIBOR | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.85% | |||||||||
Series E Perpetual Preferred Shares | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Preferred stock, dividend rate, percentage | 6.35% | 6.35% | 6.35% | 6.35% | ||||||
Credit Agreement | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total credit agreement amount | $ 1,000,000,000 | |||||||||
Credit agreement accordion feature (not to exceed) | 1,750,000,000 | |||||||||
Delayed Draw Term Loan Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured debt outstanding | $ 246,575,000 | $ 246,575,000 | $ 0 | |||||||
Delayed Draw Term Loan Facility | Secured Debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility amount, maximum | $ 350,000,000 | |||||||||
Debt instrument extension period (up to) | 1 year | |||||||||
Number of extension options | extension_option | 2 | |||||||||
Secured debt outstanding | $ 250,000,000 | $ 250,000,000 | ||||||||
Delayed Draw Term Loan Facility | Secured Debt | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.80% | |||||||||
Minimum | Line of Credit | LIBOR | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||
Minimum | Line of Credit | Base Rate | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||||||
Minimum | Delayed Draw Term Loan Facility | Secured Debt | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.70% | |||||||||
Minimum | Delayed Draw Term Loan Facility | Secured Debt | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 0.70% | |||||||||
Maximum | Line of Credit | LIBOR | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.30% | |||||||||
Maximum | Line of Credit | Base Rate | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.30% | |||||||||
Maximum | Delayed Draw Term Loan Facility | Secured Debt | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 2.30% | |||||||||
Maximum | Delayed Draw Term Loan Facility | Secured Debt | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, basis spread on variable rate | 1.30% |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Debt Disclosure [Abstract] | ||||
Gross interest | $ 33,433 | $ 25,029 | $ 100,886 | $ 69,181 |
Capitalized interest | (582) | (1,163) | (1,577) | (7,642) |
Interest expense | $ 32,851 | $ 23,866 | $ 99,309 | $ 61,539 |
Accounts Payable and Accrued 46
Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 0 | $ 1,173 |
Accrued property taxes | 108,102 | 46,024 |
Other accrued liabilities | 31,096 | 26,031 |
Accrued construction and maintenance liabilities | 12,661 | 11,429 |
Resident security deposits | 69,743 | 53,819 |
Prepaid rent | 19,465 | 16,275 |
Total | $ 241,067 | $ 154,751 |
Accounts Payable and Accrued 47
Accounts Payable and Accrued Expenses - Narrative (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Feb. 29, 2016single_family_property | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | |||
Increase (decrease) in accounts payable and accrued expenses | $ 86,300 | ||
Accounts payable and accrued expenses | $ 241,067 | $ 154,751 | |
American Residential Properties Inc. | |||
Business Acquisition [Line Items] | |||
Number of properties acquired | single_family_property | 8,936 |
Shareholders' Equity - Issuance
Shareholders' Equity - Issuance of Class A Common Shares and Class A Units (Details) | 1 Months Ended | ||
Feb. 29, 2016$ / sharesshares | Sep. 30, 2016$ / shares | Dec. 31, 2015$ / shares | |
Operating Partnership | Class A Units | |||
Class of Stock [Line Items] | |||
Operating partnership units (in shares) | 1,343,843 | ||
Ownership units exchange ratio | 1 | ||
Class A common shares | |||
Class of Stock [Line Items] | |||
Common shares issued | 36,546,170 | ||
Common shares, par value (in USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Shareholders' Equity - Perpetua
Shareholders' Equity - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||||||
Liquidation preference (in USD per share) | $ 25 | $ 25 | |||||
Preferred stock change in control redemption period | 120 days | ||||||
Gross proceeds from issuance of preferred stock | $ 498,750 | $ 0 | |||||
Preferred shares, shares issued (in shares) | 37,010,000 | 37,010,000 | 17,060,000 | ||||
Series D Perpetual Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.50% | 6.50% | 6.50% | ||||
Gross proceeds from issuance of preferred stock | $ 268,800 | ||||||
Preferred shares, shares issued (in shares) | 10,750,000 | ||||||
Issuance of perpetual preferred shares, offering costs | $ 8,500 | ||||||
Series E Perpetual Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.35% | 6.35% | 6.35% | 6.35% | |||
Gross proceeds from issuance of preferred stock | $ 230,000 | ||||||
Preferred shares, shares issued (in shares) | 9,200,000 | ||||||
Issuance of perpetual preferred shares, offering costs | $ 7,500 |
Shareholders' Equity - Particip
Shareholders' Equity - Participating Preferred Shares (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($)market | Sep. 30, 2015 | |
Class of Stock [Line Items] | |||
Cumulative change in value of index based on purchase prices | 50.00% | ||
Number of top markets used for purchase price index | market | 20 | ||
Liquidation preference value | $ | $ 470.9 | $ 470.9 | |
5.0% Series A Participating Preferred Shares | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% |
5.0% Series B Participating Preferred Shares | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% |
5.5% Series C Participating Preferred Shares | |||
Class of Stock [Line Items] | |||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% | 5.50% |
Shareholders' Equity - Conversi
Shareholders' Equity - Conversion of Series C Convertible Units into Class A Units (Details) - AH LLC - Series C Convertible Units | Sep. 30, 2016shares | Feb. 28, 2016shares | Dec. 31, 2015shares |
Class of Stock [Line Items] | |||
Ownership units owned (in shares) | 0 | 31,085,974 | |
Operating Partnership | |||
Class of Stock [Line Items] | |||
Ownership units owned (in shares) | 0 | 31,085,974 | 31,085,974 |
Ownership units exchange ratio | 1 |
Shareholders' Equity - Conver52
Shareholders' Equity - Conversion of Series E Convertible Units in Series D Convertible Units (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Feb. 29, 2016shares | Dec. 31, 2015shares | |
Class of Stock [Line Items] | ||||||
Conversion of convertible units | $ | $ 0 | $ 0 | $ 11,463 | $ 0 | ||
Series E Convertible Units | ||||||
Class of Stock [Line Items] | ||||||
Noncash charge related to contingent beneficial conversion on convertible units | $ | 2,800 | |||||
Series D Convertible Units | ||||||
Class of Stock [Line Items] | ||||||
Noncash charge related to contingent beneficial conversion on convertible units | $ | $ 4,800 | |||||
Series D Convertible Units | Operating Partnership | ||||||
Class of Stock [Line Items] | ||||||
Ownership units owned (in shares) | 8,750,000 | 8,750,000 | ||||
AH LLC | Series E Convertible Units | ||||||
Class of Stock [Line Items] | ||||||
Ownership units owned (in shares) | 0 | 0 | 4,375,000 | |||
AH LLC | Series E Convertible Units | Operating Partnership | ||||||
Class of Stock [Line Items] | ||||||
Ownership units owned (in shares) | 4,375,000 | |||||
Ownership units exchange ratio | 1 | |||||
AH LLC | Series D Convertible Units | ||||||
Class of Stock [Line Items] | ||||||
Ownership units owned (in shares) | 0 | 0 | 4,375,000 | |||
AH LLC | Series D Convertible Units | Operating Partnership | ||||||
Class of Stock [Line Items] | ||||||
Ownership units owned (in shares) | 0 | 0 | 4,375,000 |
Shareholders' Equity - Conver53
Shareholders' Equity - Conversion of Series D Convertible Units into Class A Units (Details) - Series D Convertible Units $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares | |
Class of Stock [Line Items] | ||
Percentage of distributions claimed on operating partnership units | 70.00% | |
Period after issuance for eligibility to participate in operating partnership distributions | 30 months | |
Conversion requirements, adjusted funds from operations per share (in USD per share) | $ / shares | $ 0.80 | |
Conversion requirements, average price per common share (in USD per share) | $ / shares | $ 18 | |
Noncash charge related to contingent beneficial conversion on convertible units | $ | $ 4.8 | |
AH LLC | ||
Class of Stock [Line Items] | ||
Ownership units owned (in shares) | 0 | 4,375,000 |
Operating Partnership | ||
Class of Stock [Line Items] | ||
Ownership units owned (in shares) | 8,750,000 | |
Operating Partnership | AH LLC | ||
Class of Stock [Line Items] | ||
Conversion ratio of convertible units | 1 | |
Ownership units owned (in shares) | 0 | 4,375,000 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | |||||||
Common stock dividend declared (in USD per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 | |||
Class A common shares | |||||||
Class of Stock [Line Items] | |||||||
Common stock dividend declared (in USD per share) | 0.05 | 0.05 | |||||
Class B common shares | |||||||
Class of Stock [Line Items] | |||||||
Common stock dividend declared (in USD per share) | $ 0.05 | 0.05 | |||||
5.0% Series A Participating Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||||
Preferred stock dividends declared (in USD per share) | $ 0.3125 | 0.3125 | |||||
5.0% Series B Participating Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||||
Preferred stock dividends declared (in USD per share) | $ 0.3125 | 0.3125 | |||||
5.5% Series C Participating Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% | 5.50% | ||||
Preferred stock dividends declared (in USD per share) | $ 0.34375 | 0.34375 | |||||
Series D Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.50% | 6.50% | 6.50% | ||||
Preferred stock dividends declared (in USD per share) | $ 0.40625 | ||||||
Series E Perpetual Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.35% | 6.35% | 6.35% | 6.35% | |||
Preferred stock dividends declared (in USD per share) | $ 0.40569 | ||||||
Series D Convertible Units | |||||||
Class of Stock [Line Items] | |||||||
Declared distributions (in USD per share) | 0.035 | $ 0.035 | |||||
Series C Convertible Units | |||||||
Class of Stock [Line Items] | |||||||
Declared distributions (in USD per share) | $ 0 | $ 0.15113 | $ 0 | $ 0.15113 | |||
Series D Convertible Units | |||||||
Class of Stock [Line Items] | |||||||
Percentage of participation eligibility on distributions | 70.00% |
Shareholders' Equity - Noncontr
Shareholders' Equity - Noncontrolling Interest (Details) - shares | Sep. 30, 2016 | Feb. 29, 2016 | Feb. 28, 2016 | Dec. 31, 2015 |
Operating Partnership | Class A Units | ||||
Class of Stock [Line Items] | ||||
Operating partnership units (in shares) | 1,343,843 | |||
Operating Partnership | Series D Convertible Units | ||||
Class of Stock [Line Items] | ||||
Ownership units owned (in shares) | 8,750,000 | |||
AH LLC | ||||
Class of Stock [Line Items] | ||||
Percentage of units outstanding | 18.60% | 22.10% | ||
AH LLC | Class A Units | ||||
Class of Stock [Line Items] | ||||
Ownership units owned (in shares) | 54,276,644 | 14,440,670 | ||
AH LLC | Series C Convertible Units | ||||
Class of Stock [Line Items] | ||||
Ownership units owned (in shares) | 0 | 31,085,974 | ||
AH LLC | Series D Convertible Units | ||||
Class of Stock [Line Items] | ||||
Ownership units owned (in shares) | 0 | 4,375,000 | ||
AH LLC | Operating Partnership | Class A Units | ||||
Class of Stock [Line Items] | ||||
Ownership units owned (in shares) | 54,276,644 | 14,440,670 | ||
Percentage of units outstanding | 18.50% | 6.50% | ||
Operating partnership units (in shares) | 293,987,819 | 222,311,255 | ||
AH LLC | Operating Partnership | Series C Convertible Units | ||||
Class of Stock [Line Items] | ||||
Ownership units owned (in shares) | 0 | 31,085,974 | 31,085,974 | |
AH LLC | Operating Partnership | Series D Convertible Units | ||||
Class of Stock [Line Items] | ||||
Ownership units owned (in shares) | 0 | 4,375,000 | ||
American Residential Properties Inc. | Operating Partnership | Class A Units | ||||
Class of Stock [Line Items] | ||||
Percentage of units outstanding | 0.40% | |||
Operating partnership units (in shares) | 1,279,316 |
Shareholders' Equity - Noncon56
Shareholders' Equity - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | $ 7,316 | $ 3,109 | $ 10,391 | $ 10,795 |
Class A Units | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | (27) | (1,575) | 108 | (3,241) |
Series C Convertible Units | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | 0 | 4,698 | 3,027 | 14,094 |
Series D Convertible Units | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | 0 | 0 | 133 | 0 |
Beneficial conversion feature | 7,569 | 0 | 7,569 | 0 |
Consolidated Subsidiaries With Noncontrolling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | $ (226) | $ (14) | $ (446) | $ (58) |
Shareholders' Equity - 2012 Equ
Shareholders' Equity - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | ||||
Noncash share-based compensation | $ 891 | $ 913 | $ 2,744 | $ 2,343 |
Stock options and Restricted stock units | 2012 Equity Incentive Plan | ||||
Class of Stock [Line Items] | ||||
Vesting period for stock options and restricted stock units | 4 years | 4 years | ||
Expiration period for stock options and restricted stock units | 10 years | 10 years | ||
Stock options | 2012 Equity Incentive Plan | ||||
Class of Stock [Line Items] | ||||
Granted (in shares) | 708,000 | 588,500 | ||
Restricted stock units | 2012 Equity Incentive Plan | ||||
Class of Stock [Line Items] | ||||
Restricted stock unit grants in period (in shares) | 74,100 | 44,000 |
Shareholders' Equity - Stock Op
Shareholders' Equity - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options | ||||
Outstanding at beginning of the period (in shares) | 2,484,400 | 2,165,000 | 2,165,000 | |
Granted (in shares) | 708,000 | 588,500 | ||
Exercised (in shares) | (172,250) | (15,000) | ||
Forfeited (in shares) | (153,150) | (178,500) | ||
Outstanding at end of the period (in shares) | 2,867,000 | 2,560,000 | 2,484,400 | 2,165,000 |
Exercisable at end of the period (in shares) | 1,051,125 | 636,250 | ||
Weighted Average Exercise Price | ||||
Outstanding at beginning of the period (in USD per share) | $ 16.22 | $ 16.17 | $ 16.17 | |
Granted (in USD per share) | 14.15 | 16.49 | ||
Exercised (in USD per share) | 16.12 | 15 | ||
Forfeited (in USD per share) | 16.36 | 16.57 | ||
Outstanding at end of the period (in USD per share) | 15.70 | 16.23 | $ 16.22 | $ 16.17 |
Exercisable at end of the period (in USD per share) | $ 16.04 | $ 15.94 | ||
Aggregate intrinsic value | ||||
Weighted average remaining life (years) | 7 years 10 months 2 days | 8 years 3 months 18 days | 8 years | 8 years 9 months 18 days |
Weighted average exercisable (years) | 7 years 29 days | 7 years 8 months 12 days | ||
Aggregate intrinsic value | $ 17,021 | $ 557 | $ 1,225 | $ 1,890 |
Aggregate intrinsic value exercised | 680 | 19 | ||
Aggregate intrinsic value exercisable | $ 5,885 | $ 273 |
Shareholders' Equity - Valuatio
Shareholders' Equity - Valuation Inputs (Details) - Class A common shares - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Weighted-average fair value (in USD per share) | $ 2.82 | $ 4.57 |
Expected term (years) | 7 years | 7 years |
Dividend yield | 3.00% | 3.00% |
Volatility | 27.30% | 35.90% |
Risk-free interest rate | 1.50% | 1.90% |
Shareholders' Equity - Restrict
Shareholders' Equity - Restricted Stock Units (Details) - Restricted stock units - 2012 Equity Incentive Plan - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Restricted Stock Units | ||
Restricted stock units at beginning of period (in shares) | 91,650 | 85,000 |
Units awarded (in shares) | 74,100 | 44,000 |
Units vested (in shares) | (27,250) | (22,000) |
Units forfeited (in shares) | (6,550) | (9,700) |
Restricted stock units at end of the period (in shares) | 131,950 | 97,300 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 21, 2015 | |
Class of Stock [Line Items] | |||
Total price from repurchase of common shares | $ 96,098,000 | ||
Class A common shares | |||
Class of Stock [Line Items] | |||
Repurchase of Class A common stock, authorized amount (up to) | $ 300,000,000 | ||
Average price per share of Class A common shares (in USD per share) | $ 15.44 | $ 15.76 | |
Total price from repurchase of common shares | $ 96,000,000 | $ 53,700,000 | |
Remaining repurchase authorization | $ 146,700,000 | ||
Common Stock | Class A common shares | |||
Class of Stock [Line Items] | |||
Repurchases of Class A common shares (in shares) | 6,215,656 | 3,400,000 | |
Total price from repurchase of common shares | $ 62,000 |
Shareholders' Equity - Secondar
Shareholders' Equity - Secondary Offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | |||
Stock issuance expenses | $ 15,922 | $ 0 | |
Secondary Offering | |||
Class of Stock [Line Items] | |||
Common shares issued by shareholder | 43.5 | ||
Pricer per share of shares issued by shareholders (in USD per share) | $ 21.75 | $ 21.75 | |
Stock issuance expenses | $ 200 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transaction | ||||
Distributions from unconsolidated joint ventures | $ 6,400 | $ 0 | ||
AH LLC | ||||
Related Party Transaction | ||||
Noncontrolling interest equity interest ownership | 18.60% | 18.60% | 22.10% | |
Due from affiliates | $ 1,300 | $ 1,300 | ||
Due to affiliate | $ 4,100 | |||
AH LLC | Class A Units | ||||
Related Party Transaction | ||||
Units owned (in shares) | 54,276,644 | 54,276,644 | 14,440,670 | |
AH LLC | Series C Convertible Units | ||||
Related Party Transaction | ||||
Units owned (in shares) | 0 | 0 | 31,085,974 | |
AH LLC | Series D Convertible Units | ||||
Related Party Transaction | ||||
Units owned (in shares) | 0 | 0 | 4,375,000 | |
AH LLC | Series E Convertible Units | ||||
Related Party Transaction | ||||
Units owned (in shares) | 0 | 0 | 4,375,000 | |
AH LLC | Class A common shares | ||||
Related Party Transaction | ||||
Noncontrolling interest equity interest ownership | 2.80% | 2.80% | 3.30% | |
AH LLC | Class B common shares | ||||
Related Party Transaction | ||||
Shares owned (in shares) | 635,075 | 635,075 | 635,075 | |
Corporate Joint Venture | ||||
Related Party Transaction | ||||
Distributions from unconsolidated joint ventures | $ 400 | |||
Alaska Permanent Fund Corporation | Corporate Joint Venture | ||||
Related Party Transaction | ||||
Distributions from unconsolidated joint ventures | 1,600 | |||
Alaska Joint Venture Acquisition | ||||
Related Party Transaction | ||||
Contribution to joint venture | $ 40,000 | $ 40,000 | ||
Equity method investment in joint venture | $ 33,300 | $ 33,300 | ||
Equity ownership percentage in joint venture | 20.00% | 20.00% | ||
Alaska Joint Venture Acquisition | Alaska Permanent Fund Corporation | ||||
Related Party Transaction | ||||
Contribution to joint venture | $ 160,000 | $ 160,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - American Residential Properties Inc. $ / shares in Units, $ in Thousands | Feb. 29, 2016USD ($)single_family_property$ / sharesshares | Sep. 30, 2016USD ($) |
Business Acquisition [Line Items] | ||
Equity interest in acquiree (percent) | 12.70% | |
Equity transaction consideration | $ | $ 530,460 | |
Share price at acquisition (in USD per share) | $ / shares | $ 14 | |
Acquisition transaction costs | $ | $ 7,700 | $ 500 |
Number of properties acquired | single_family_property | 8,936 | |
Class A common shares | ||
Business Acquisition [Line Items] | ||
Equity interest issued, number of shares, multiplier | 1.135 | |
Equity interest issued, number of shares (in shares) | shares | 36,546,170 | |
Class A Units | ||
Business Acquisition [Line Items] | ||
Equity interest issued, number of shares, multiplier | 1.135 | |
Equity interest issued, number of shares (in shares) | shares | 1,343,843 |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Values of Assets and Liabilities Acquired (Details) - American Residential Properties Inc. - USD ($) $ in Thousands | Feb. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Business Acquisition [Line Items] | |||
Land | $ 262,396 | ||
Buildings and improvements | 1,014,857 | ||
Cash and cash equivalents | 15,499 | ||
Restricted cash | 9,521 | ||
Rent and other receivables | 843 | ||
Escrow deposits, prepaid expenses and other assets | 35,134 | ||
In-place leases | 22,696 | ||
Accounts payable and accrued expenses | (38,485) | ||
Net assets acquired | 1,322,461 | ||
Total debt assumed or extinguished | 792,001 | ||
Equity transaction consideration | 530,460 | ||
Total transaction consideration | 1,322,461 | ||
Credit facility | |||
Business Acquisition [Line Items] | |||
Total debt assumed or extinguished | 350,000 | $ 350,000 | $ 0 |
Exchangeable senior notes | |||
Business Acquisition [Line Items] | |||
Total debt assumed or extinguished | 112,298 | 112,298 | 0 |
Asset-backed securitization | |||
Business Acquisition [Line Items] | |||
Total debt assumed or extinguished | $ 329,703 | $ 329,703 | $ 0 |
Acquisitions - Total Revenues a
Acquisitions - Total Revenues and Net Loss Attributable to Acquisition (Details) - American Residential Properties Inc. - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 37,505 | $ 83,387 |
Net income (loss) | $ 2,148 | $ (3,479) |
Acquisitions - Pro Forma Revenu
Acquisitions - Pro Forma Revenue and Net Income Attributable to Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Pro forma total revenues | $ 236,057 | $ 204,580 | $ 674,291 | $ 549,508 |
Pro forma net loss | $ (167) | $ (22,958) | $ (18,093) | $ (42,265) |
Pro forma net loss per share (in USD per share) | $ (0.09) | $ (0.14) | $ (0.15) | $ (0.30) |
Pro Forma | ||||
Business Acquisition [Line Items] | ||||
Pro forma net loss per share (in USD per share) | $ (0.09) | $ (0.13) | $ (0.23) | $ (0.28) |
Earnings per Share - Computatio
Earnings per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator: | ||||
Net (loss) income | $ (167) | $ (19,938) | $ 1,108 | $ (36,601) |
Noncontrolling interest | 7,316 | 3,109 | 10,391 | 10,795 |
Dividends on preferred shares | 13,669 | 5,569 | 26,650 | 16,707 |
Net income (loss) attributable to common shareholders | $ (21,152) | $ (28,616) | $ (35,933) | $ (64,103) |
Denominator: | ||||
Weighted-average shares (denominator) (in shares) | 238,401,343 | 211,414,368 | 232,036,802 | 211,460,840 |
Net loss per share—basic and diluted (in USD per share) | $ (0.09) | $ (0.14) | $ (0.15) | $ (0.30) |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from calculation of EPS (in shares) | 81,898,292 | 73,993,944 | 81,898,292 | 73,993,944 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016USD ($)single_family_property | Dec. 31, 2015USD ($)single_family_property | |
Long-term Purchase Commitment [Line Items] | ||
Single-family properties sales in escrow | single_family_property | 445 | |
Single-family properties sales in escrow, selling price | $ | $ 26.7 | |
Single Family Properties | ||
Long-term Purchase Commitment [Line Items] | ||
Commitment to acquire single-family properties | single_family_property | 103 | 12 |
Purchase price of commitment to acquire single-family properties | $ | $ 22.4 | $ 1.7 |
Noncash Transactions (Details)
Noncash Transactions (Details) - American Residential Properties Inc. | Feb. 29, 2016shares |
Noncash or Part Noncash Acquisitions [Line Items] | |
Equity interest in acquiree (percent) | 12.70% |
Class A common shares | |
Noncash or Part Noncash Acquisitions [Line Items] | |
Equity interest issued, number of shares, multiplier | 1.135 |
Equity interest issued, number of shares (in shares) | 36,546,170 |
Class A Units | |
Noncash or Part Noncash Acquisitions [Line Items] | |
Equity interest issued, number of shares, multiplier | 1.135 |
Equity interest issued, number of shares (in shares) | 1,343,843 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Aug. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ (53,845) | $ (56,567) | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Credit facility | 75,000 | 0 | |
Asset-backed securitization | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | (50,400) | (56,600) | |
Secured Debt | Term loan facility, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ (3,400) | ||
LIBOR | Line of Credit | Revolving Credit Facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.85% | ||
LIBOR | Secured Debt | Term loan facility, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.80% | ||
LIBOR | Minimum | Line of Credit | Revolving Credit Facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
LIBOR | Minimum | Secured Debt | Term loan facility, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.70% | ||
LIBOR | Maximum | Line of Credit | Revolving Credit Facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.30% | ||
LIBOR | Maximum | Secured Debt | Term loan facility, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.30% | ||
Base Rate | Minimum | Line of Credit | Revolving Credit Facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.75% | ||
Base Rate | Minimum | Secured Debt | Term loan facility, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.70% | ||
Base Rate | Maximum | Line of Credit | Revolving Credit Facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.30% | ||
Base Rate | Maximum | Secured Debt | Term loan facility, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.30% | ||
Carrying Value | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | $ 2,498,318 | 2,530,210 | |
Exchangeable senior notes | 107,283 | 0 | |
Secured note payable | 50,065 | 50,752 | |
Credit facility | 75,000 | 0 | |
Total debt | 2,980,666 | 2,580,962 | |
Carrying Value | 2014-SFR 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 457,979 | 473,755 | |
Carrying Value | 2014-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 503,093 | 507,305 | |
Carrying Value | 2014-SFR 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 519,148 | 523,109 | |
Carrying Value | 2015-SFR 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 544,861 | 549,121 | |
Carrying Value | 2015-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 473,237 | 476,920 | |
Carrying Value | Term loan facility, net | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total debt | 250,000 | 0 | |
Fair Value | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 2,547,179 | 2,368,964 | |
Exchangeable senior notes | 107,283 | 0 | |
Secured note payable | 50,377 | 48,631 | |
Total debt | 3,029,839 | 2,417,595 | |
Fair Value | 2014-SFR 1 | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 460,767 | 472,258 | |
Fair Value | 2014-SFR 2 | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 513,484 | 476,952 | |
Fair Value | 2014-SFR 3 | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 532,755 | 489,448 | |
Fair Value | 2015-SFR 1 | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 555,558 | 496,673 | |
Fair Value | 2015-SFR 2 | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 484,615 | 433,633 | |
Fair Value | Term loan facility, net | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total debt | $ 250,000 | $ 0 |
Fair Value - Fair Value Hierarc
Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Liabilities: | ||||
Contingently convertible Series E units liability | $ 0 | $ 69,957 | $ 68,601 | $ 72,057 |
Preferred shares derivative liability | 65,730 | 62,790 | $ 60,260 | $ 57,960 |
Recurring | ||||
Liabilities: | ||||
Contingently convertible Series E units liability | 69,957 | |||
Preferred shares derivative liability | 65,730 | 62,790 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | ||||
Liabilities: | ||||
Contingently convertible Series E units liability | 0 | |||
Preferred shares derivative liability | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Recurring | ||||
Liabilities: | ||||
Contingently convertible Series E units liability | 0 | |||
Preferred shares derivative liability | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Recurring | ||||
Liabilities: | ||||
Contingently convertible Series E units liability | 69,957 | |||
Preferred shares derivative liability | $ 65,730 | $ 62,790 |
Fair Value - Changes in Fair Va
Fair Value - Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Contingently convertible Series E units liability, Beginning Balance | $ 69,957 | $ 72,057 | ||
Contingently convertible Series E units liability, Issuance | 0 | 0 | ||
Contingently convertible Series E units liability, Conversions | (69,957) | 0 | ||
Contingently convertible Series E units liability, Remeasurement included in earnings | $ 0 | $ 525 | 0 | (3,456) |
Contingently convertible Series E units liability, Ending Balance | 0 | 68,601 | 0 | 68,601 |
Preferred shares derivative liability, Beginning Balance | 62,790 | 57,960 | ||
Preferred shares derivative liability, Issuance | 0 | 0 | ||
Preferred share derivative liability, Conversion | 0 | 0 | ||
Preferred share derivative liability, Remeasurement included in earnings | 2,490 | 3,000 | 2,940 | 2,300 |
Preferred shares derivative liability, Ending Balance | $ 65,730 | $ 60,260 | $ 65,730 | $ 60,260 |
Subsequent Events - Credit Faci
Subsequent Events - Credit Facility (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Debt outstanding | $ 2,926,821 | $ 2,524,395 | |
Credit Agreement | Revolving Credit Facility | Line of Credit | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Debt outstanding | $ 75,000 | ||
Delayed Draw Term Loan Facility | Secured Debt | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Debt outstanding | $ 250,000 |
Subsequent Events - Subsequent
Subsequent Events - Subsequent Dispositions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2016USD ($)property | Sep. 30, 2016USD ($)property | Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($) | |
Subsequent Event [Line Items] | ||||
Number of real estate properties sold | property | 453 | 587 | ||
Proceeds from the sale of real estate properties | $ | $ 56,200 | $ 71,894 | $ 0 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of real estate properties sold | property | 36 | |||
Proceeds from the sale of real estate properties | $ | $ 5,700 |
Subsequent Events - Subsequen77
Subsequent Events - Subsequent Acquisitions (Details) - Subsequent Event $ in Millions | 1 Months Ended |
Oct. 31, 2016USD ($)property | |
Subsequent Event [Line Items] | |
Number of properties acquired | property | 129 |
Purchase price to acquire properties | $ | $ 24.5 |
Subsequent Events - Declaration
Subsequent Events - Declaration of Dividends (Details) - $ / shares | Nov. 01, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Subsequent Event [Line Items] | ||||||||
Quarterly dividend (in USD per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 | ||||
Class A common shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly dividend (in USD per share) | 0.05 | 0.05 | ||||||
Class B common shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly dividend (in USD per share) | 0.05 | 0.05 | ||||||
5.0% Series A Participating Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.3125 | 0.3125 | ||||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | |||||
5.0% Series B Participating Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.3125 | 0.3125 | ||||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | |||||
5.5% Series C Participating Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.34375 | $ 0.34375 | ||||||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% | 5.50% | |||||
Series D Perpetual Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.40625 | |||||||
Preferred stock, dividend rate, percentage | 6.50% | 6.50% | 6.50% | |||||
Series E Perpetual Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.40569 | |||||||
Preferred stock, dividend rate, percentage | 6.35% | 6.35% | 6.35% | 6.35% | ||||
Subsequent Event | Class A common shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly dividend (in USD per share) | $ 0.05 | |||||||
Subsequent Event | Class B common shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly dividend (in USD per share) | 0.05 | |||||||
Subsequent Event | 5.0% Series A Participating Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.3125 | |||||||
Subsequent Event | 5.0% Series A Participating Preferred Shares | Dividend Declared | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock, dividend rate, percentage | 5.00% | |||||||
Subsequent Event | 5.0% Series B Participating Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.3125 | |||||||
Subsequent Event | 5.0% Series B Participating Preferred Shares | Dividend Declared | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock, dividend rate, percentage | 5.00% | |||||||
Subsequent Event | 5.5% Series C Participating Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.34375 | |||||||
Subsequent Event | 5.5% Series C Participating Preferred Shares | Dividend Declared | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock, dividend rate, percentage | 5.50% | |||||||
Subsequent Event | Series D Perpetual Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.40625 | |||||||
Preferred stock, dividend rate, percentage | 6.50% | |||||||
Subsequent Event | Series E Perpetual Preferred Shares | ||||||||
Subsequent Event [Line Items] | ||||||||
Quarterly preferred dividend (in USD per share) | $ 0.39688 | |||||||
Preferred stock, dividend rate, percentage | 6.35% |
Subsequent Events - Hurricane M
Subsequent Events - Hurricane Matthew (Details) - Subsequent Event $ in Millions | Oct. 31, 2016USD ($) |
Minimum | |
Subsequent Event [Line Items] | |
Estimate of possible loss | $ 0.6 |
Maximum | |
Subsequent Event [Line Items] | |
Estimate of possible loss | $ 1 |