Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 03, 2017 | |
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 | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A common shares | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 258,255,888 | |
Class B common shares | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 635,075 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Single-family properties: | ||
Land | $ 1,523,551 | $ 1,512,183 |
Buildings and improvements | 6,672,252 | 6,614,953 |
Single-family properties held for sale, net | 78,922 | 87,430 |
Single-family properties, gross | 8,274,725 | 8,214,566 |
Less: accumulated depreciation | (732,529) | (666,710) |
Single-family properties, net | 7,542,196 | 7,547,856 |
Cash and cash equivalents | 495,802 | 118,799 |
Restricted cash | 135,057 | 131,442 |
Rent and other receivables, net | 18,721 | 17,618 |
Escrow deposits, prepaid expenses and other assets | 142,745 | 133,594 |
Deferred costs and other intangibles, net | 10,139 | 11,956 |
Asset-backed securitization certificates | 25,666 | 25,666 |
Goodwill | 120,279 | 120,279 |
Total assets | 8,490,605 | 8,107,210 |
Liabilities | ||
Secured debt, net | 2,438,616 | 2,442,863 |
Exchangeable senior notes, net | 108,988 | 108,148 |
Secured note payable | 49,583 | 49,828 |
Accounts payable and accrued expenses | 199,693 | 177,206 |
Participating preferred shares derivative liability | 75,220 | 69,810 |
Total liabilities | 3,219,009 | 3,169,590 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 37,010,000 shares issued and outstanding at March 31, 2017, and December 31, 2016 | 370 | 370 |
Additional paid-in capital | 4,919,315 | 4,568,616 |
Accumulated deficit | (392,282) | (378,578) |
Accumulated other comprehensive income | 0 | 95 |
Total shareholders’ equity | 4,529,992 | 4,192,936 |
Noncontrolling interest | 741,604 | 744,684 |
Total equity | 5,271,596 | 4,937,620 |
Total liabilities and equity | 8,490,605 | 8,107,210 |
Class A common shares | ||
Shareholders’ equity: | ||
Common stock, value, issued | 2,583 | 2,427 |
Class B common shares | ||
Shareholders’ equity: | ||
Common stock, value, issued | 6 | 6 |
Term loan facility, net | ||
Liabilities | ||
Revolving credit facility | 346,909 | 321,735 |
Revolving Credit Facility | ||
Liabilities | ||
Revolving credit facility | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 37,010,000 |
Preferred shares, shares outstanding (in shares) | 37,010,000 | 37,010,000 |
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) | 258,255,888 | 242,740,482 |
Common shares, shares outstanding (in shares) | 258,255,888 | 242,740,482 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Rents from single-family properties | $ 201,107 | $ 167,995 |
Fees from single-family properties | 2,604 | 2,197 |
Tenant charge-backs | 28,373 | 21,016 |
Other | 1,670 | 3,751 |
Total revenues | 233,754 | 194,959 |
Expenses: | ||
Property operating expenses | 83,305 | 68,612 |
Property management expenses | 17,478 | 16,746 |
General and administrative expense | 9,295 | 8,570 |
Interest expense | 31,889 | 30,977 |
Acquisition fees and costs expensed | 1,096 | 5,653 |
Depreciation and amortization | 73,953 | 69,517 |
Other | 1,558 | 1,253 |
Total expenses | 218,574 | 201,328 |
Gain on sale of single-family properties and other, net | 2,026 | 234 |
Gain on conversion of Series E units | 0 | 11,463 |
Remeasurement of participating preferred shares | (5,410) | (300) |
Net income | 11,796 | 5,028 |
Noncontrolling interest | (301) | 3,836 |
Dividends on preferred shares | 13,587 | 5,569 |
Net loss attributable to common shareholders | $ (1,490) | $ (4,377) |
Weighted-average shares outstanding—basic and diluted (in shares) | 244,391,368 | 219,157,870 |
Net loss attributable to common shareholders per share—basic and diluted (in USD per share) | $ (0.01) | $ (0.02) |
Dividends declared per common share (in USD per share) | $ 0.05 | $ 0.05 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 11,796 | $ 5,028 |
Unrealized gain on interest rate cap agreement: | ||
Reclassification adjustment for amortization of interest expense included in net income | (28) | 40 |
Unrealized gain on investment in equity securities: | ||
Reclassification adjustment for realized gain included in net income | (67) | 0 |
Other comprehensive (loss) income | (95) | 40 |
Comprehensive income | 11,701 | 5,068 |
Comprehensive (loss) income attributable to noncontrolling interests | (283) | 3,836 |
Dividends on preferred shares | 13,587 | 5,569 |
Comprehensive loss attributable to common shareholders | $ (1,603) | $ (4,337) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Total | Class A common shares | Class B common shares | Common StockClass A common shares | Common StockClass B common shares | Preferred shares | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest |
Beginning balance common shares outstanding (in shares) at Dec. 31, 2016 | 242,740,482 | 635,075 | 242,740,482 | 635,075 | |||||||
Beginning balances at Dec. 31, 2016 | $ 4,937,620 | $ 2,427 | $ 6 | $ 370 | $ 4,568,616 | $ (378,578) | $ 95 | $ 4,192,936 | $ 744,684 | ||
Beginning balance preferred shares outstanding (in shares) at Dec. 31, 2016 | 37,010,000 | 37,010,000 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Share-based compensation | $ 938 | 938 | 938 | ||||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 42,892 | ||||||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | (95) | $ 1 | (96) | (95) | |||||||
Issuance of Class A common shares and units (in shares) | 15,472,514 | ||||||||||
Issuance of Class A common shares, net of offering costs of $600 | 350,012 | $ 155 | 349,857 | 350,012 | 0 | ||||||
Stock issuance costs | $ 600 | ||||||||||
Distributions to equity holders: | |||||||||||
Preferred shares | (13,587) | (13,587) | (13,587) | ||||||||
Noncontrolling interests | (2,779) | (2,779) | |||||||||
Common shares | (12,214) | (12,214) | (12,214) | ||||||||
Net income | 11,796 | 12,097 | 12,097 | (301) | |||||||
Total other comprehensive loss | (95) | (95) | (95) | ||||||||
Ending balance common shares outstanding (in shares) at Mar. 31, 2017 | 258,255,888 | 635,075 | 258,255,888 | 635,075 | |||||||
Ending balances at Mar. 31, 2017 | $ 5,271,596 | $ 2,583 | $ 6 | $ 370 | $ 4,919,315 | $ (392,282) | $ 0 | $ 4,529,992 | $ 741,604 | ||
Ending balance preferred shares outstanding (in shares) at Mar. 31, 2017 | 37,010,000 | 37,010,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||||
Net income | $ 11,796 | $ 5,028 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 73,953 | 69,517 | ||
Noncash amortization of deferred financing costs | 2,562 | 2,838 | ||
Noncash amortization of discount on exchangeable senior notes | 840 | 290 | ||
Noncash amortization of discount on ARP 2014-SFR1 securitization | 0 | 286 | ||
Noncash share-based compensation | 938 | 870 | $ 1,000 | $ 1,000 |
Provision for bad debt | 1,510 | 1,069 | ||
Gain on conversion of Series E units to Series D units | 0 | (11,463) | ||
Remeasurement of participating preferred shares | 5,410 | 300 | ||
Equity in net (earnings) loss of unconsolidated ventures | (295) | 232 | ||
Net gain on sale of single-family properties and other | (2,026) | (234) | ||
Loss on impairment of single-family properties | 929 | 174 | ||
Net gain on resolutions of mortgage loans | (15) | 0 | ||
Other changes in operating assets and liabilities: | ||||
Rent and other receivables | (2,657) | (3,277) | ||
Prepaid expenses and other assets | (8,356) | 659 | ||
Deferred leasing costs | (1,482) | (1,929) | ||
Accounts payable and accrued expenses | 22,050 | 9,159 | ||
Amounts payable to affiliates | 4,880 | (4,946) | ||
Net cash provided by operating activities | 110,037 | 68,573 | ||
Investing activities | ||||
Cash paid for single-family properties | (73,622) | (34,181) | ||
Change in escrow deposits for purchase of single-family properties | (1,072) | (467) | ||
Cash acquired in noncash business combinations | 0 | 25,020 | ||
Payoff of credit facility in connection with ARPI merger | 0 | (350,000) | ||
Net proceeds received from sales of single-family properties and other | 31,306 | 7,582 | ||
Collections from mortgage financing receivables | 70 | 0 | ||
Distributions from unconsolidated joint ventures | 1,192 | 0 | ||
Renovations to single-family properties | (7,677) | (12,118) | ||
Other capital expenditures for single-family properties | (6,484) | (4,526) | ||
Other purchases of productive assets | (13,710) | 0 | ||
Net cash used for investing activities | (69,997) | (368,690) | ||
Financing activities | ||||
Proceeds from issuance of Class A common shares | 350,612 | 1 | ||
Payments of Class A common share issuance costs | (236) | 0 | ||
Proceeds from exercise of stock options | 258 | 337 | ||
Repurchase of Class A common shares | 0 | (76,045) | ||
Redemptions of Class A units | 0 | (291) | ||
Payments on asset-backed securitizations | (6,231) | (6,381) | ||
Proceeds from revolving credit facility | 0 | 521,000 | ||
Payments on revolving credit facility | 0 | (83,000) | ||
Proceeds from term loan facility | 25,000 | 0 | ||
Payments on secured note payable | (245) | (230) | ||
Distributions to noncontrolling interests | (2,779) | (2,991) | ||
Distributions to common shareholders | (12,214) | (12,122) | ||
Distributions to preferred shareholders | (13,587) | (5,569) | ||
Deferred financing costs paid | 0 | (40) | ||
Net cash provided by financing activities | 340,578 | 334,669 | ||
Net increase in cash, cash equivalents and restricted cash | 380,618 | 34,552 | ||
Cash, cash equivalents and restricted cash, beginning of period | 250,241 | 168,968 | $ 168,968 | |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 630,859 | 203,520 | ||
Supplemental cash flow information | ||||
Cash payments for interest, net of amounts capitalized | (28,487) | (27,849) | ||
Supplemental schedule of noncash investing and financing activities | ||||
Accounts payable and accrued expenses related to property acquisitions and renovations | (951) | (1,013) | ||
Note receivable | 5,483 | 0 | ||
American Residential Properties Inc. | ||||
Merger with ARPI | ||||
Single-family properties | 0 | 1,277,253 | ||
Restricted cash | 0 | 9,521 | ||
Rent and other receivables, net | 0 | 843 | ||
Escrow deposits, prepaid expenses and other assets | 0 | 35,134 | ||
Deferred costs and other intangibles, net | 0 | 22,696 | ||
Accounts payable and accrued expenses | 0 | (38,485) | ||
Asset-backed securitization | American Residential Properties Inc. | ||||
Merger with ARPI | ||||
Debt assumed or extinguished | 0 | (329,703) | ||
Secured Notes Payable | American Residential Properties Inc. | ||||
Merger with ARPI | ||||
Debt assumed or extinguished | 0 | (112,298) | ||
Class A common shares | American Residential Properties Inc. | ||||
Merger with ARPI | ||||
Class A common shares and units issued | $ 0 | $ (530,460) |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 , the Company held 48,336 single-family properties in 22 states, including 704 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 were 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 convertible units and 4,375,000 Series E convertible 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. 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 | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 . 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. 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 July 1, 2016, due to 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 and other, net within the condensed consolidated statements of operations. Prior period net gain from the sales of single-family properties, which totaled $0.2 million for the three months ended March 31, 2016 , was previously included in other revenues and has been reclassified to gain on sale of single-family properties and other, net to conform to the current presentation. Effective December 31, 2016, in accordance with our adoption of Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , the Company includes restricted cash together with cash and cash equivalents when reconciling the beginning and ending balances shown in the statements of cash flows, which has the effect of excluding the presentation of transfers between restricted and unrestricted cash amounts in the statements of cash flows. Prior to the adoption, the beginning and ending balances presented in the statements of cash flows included only cash and cash equivalents, and transfers between restricted and unrestricted cash amounts were presented within operating and investing activities based on the nature of the amounts. All prior period amounts have been reclassified to conform to the current presentation. This resulted in $132.1 million and $111.3 million of restricted cash as of March 31, 2016 and December 31, 2015, respectively, being added to cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows. Effective January 1, 2017, in order to include share-based compensation costs for employees in the same financial statement line item as the cash compensation paid to the employees, noncash share-based compensation expense has been reclassified with the amounts related to corporate administrative employees and centralized and field property management employees reflected in general and administrative expense and property management expenses, respectively, within the condensed consolidated statements of operations. Additionally, all costs associated with operating our proprietary property management platform such as salary expenses for both centralized and field property management personnel, lease expenses and operating costs for property management offices and technology expenses for maintaining the property management platform, which were previously included in property operating expenses, have been reclassified into property management expenses. This resulted in the reclassification of $0.9 million of noncash share-based compensation expense for the three months ended March 31, 2016 , with $0.4 million of noncash share-based compensation expense reclassified to property management expenses and $0.5 million of noncash share-based compensation expense reclassified to general and administrative expense in the condensed consolidated statements of operations. This also resulted in $16.4 million of property management expenses for the three months ended March 31, 2016 , which were previously included in property operating expenses, being reclassified to property management expenses in the condensed consolidated statements of operations. 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, 2016 . 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 January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. This 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 any goodwill impairment tests performed after January 1, 2017. The Company is currently assessing the impact of the guidance on our financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changed the definition of a business and will now require management to determine whether substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. When this is the case, the transferred assets and activities are not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transaction costs are expensed in a business combination and capitalized in an asset acquisition. This guidance will be effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods, with early adoption permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted this guidance as of January 1, 2017, on a prospective basis, which results in our leased properties no longer meeting the definition of a business. Therefore, dispositions of leased properties will no longer result in a reduction to goodwill. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce the existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. If early adopted, an entity must adopt all of the amendments in the same period. The Company is currently assessing the impact of the adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on our financial statements. In June 2016, the 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 , 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 became effective for the Company for annual reporting periods beginning after December 15, 2016, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2017, which resulted in our election to recognize forfeitures of share-based compensation as they occur. The adoption of this guidance did not have a material impact 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 does not anticipate that the adoption of this guidance will have a material impact 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 permitted only as of annual reporting periods beginning after December 15, 2016, and for interim periods within that annual period. 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 as most of our revenue is from rental revenues, which this standard does not cover. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the FDIC insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted cash primarily consists of funds held related to resident security deposits and cash reserves in accordance with certain loan agreements. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of March 31, 2017 and 2016 : March 31, 2017 March 31, 2016 Balance Sheet: Cash and cash equivalents $ 495,802 $ 71,438 Restricted cash 135,057 132,082 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 630,859 $ 203,520 |
Single-Family Properties
Single-Family Properties | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Single-Family Properties | Single-Family Properties Single-family properties, net, consisted of the following as of March 31, 2017 , and December 31, 2016 (dollars in thousands): March 31, 2017 Number of Net book Leased single-family properties 45,285 $ 7,077,008 Single-family properties being renovated 367 64,973 Single-family properties being prepared for re-lease 121 18,630 Vacant single-family properties available for lease 1,859 302,663 Single-family properties held for sale, net 704 78,922 Total 48,336 $ 7,542,196 December 31, 2016 Number of Net book Leased single-family properties 44,798 $ 7,040,000 Single-family properties being renovated 312 57,200 Single-family properties being prepared for re-lease 91 14,453 Vacant single-family properties available for lease 2,102 348,773 Single-family properties held for sale, net 1,119 87,430 Total 48,422 $ 7,547,856 Single-family properties, net as of March 31, 2017 , and December 31, 2016 , included $13.9 million and $14.3 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 $68.7 million and $60.8 million for the three months ended March 31, 2017 and 2016 , respectively. During the three months ended March 31, 2017 , the Company sold 504 homes, which generated total net proceeds of $24.0 million , which includes a $7.0 million note receivable, before a $1.5 million discount, and resulted in a net loss on sale of $1.0 million . During the three months ended March 31, 2016 , the Company sold 66 homes, which generated total net proceeds of $7.6 million and resulted in a net gain on sale of $0.2 million . |
Rent and Other Receivables, Net
Rent and Other Receivables, Net | 3 Months Ended |
Mar. 31, 2017 | |
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 $6.7 million and $5.7 million as of March 31, 2017 , and December 31, 2016 , respectively. Also included in rent and other receivables, net, are non-tenant receivables, which totaled $1.0 million and $0.6 million as of March 31, 2017 , and December 31, 2016 , respectively. |
Deferred Costs and Other Intang
Deferred Costs and Other Intangibles, Net | 3 Months Ended |
Mar. 31, 2017 | |
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, consist of the following as of March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Deferred leasing costs $ 8,952 $ 7,470 Deferred financing costs 6,552 6,552 Intangible assets: Value of in-place leases 4,644 4,739 Trademark 3,100 3,100 Database 2,100 2,100 25,348 23,961 Less: accumulated amortization (15,209 ) (12,005 ) Total $ 10,139 $ 11,956 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.9 million and $7.6 million for the three months ended March 31, 2017 and 2016 , respectively, which has been included in depreciation and amortization within the condensed consolidated statements of operations. Deferred financing costs that relate to our revolving credit facility are included in deferred costs and other intangibles, net within the condensed consolidated balance sheets. Amortization of deferred financing costs that relate to our revolving credit facility was $0.4 million and $0.6 million for the three months ended March 31, 2017 and 2016 , respectively, which has been included in gross interest, prior to interest capitalization (see Note 7 ). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 2,700 $ 1,237 $ 181 $ 495 $ 225 2018 155 1,641 21 92 300 2019 — 1,641 2 — 300 2020 — 1,017 — — 132 2021 — — — — — Total $ 2,855 $ 5,536 $ 204 $ 587 $ 957 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents the Company’s debt as of March 31, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) 2.52% June 9, 2019 $ 455,385 $ 456,074 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 500,527 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 516,144 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 542,099 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 470,849 472,043 Total asset-backed securitizations 2,485,004 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,583 49,828 Revolving credit facility (5) 2.73% August 16, 2020 — — Term loan facility (6) 2.68% August 16, 2021 350,000 325,000 Total debt (7) 2,999,587 2,981,062 Unamortized discount on exchangeable senior notes (1,656 ) (1,883 ) Equity component of exchangeable senior notes (4,356 ) (4,969 ) Deferred financing costs, net (8) (49,479 ) (51,636 ) Total debt per balance sheet $ 2,944,096 $ 2,922,574 (1) Interest rates are as of March 31, 2017 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization had 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 was no event of default and compliance with certain other terms. This securitization was paid off in full during April 2017. (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 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 March 31, 2017 , 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 March 31, 2017 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, secured note payable, revolving credit facility and term loan facility as of March 31, 2017 , and December 31, 2016 . (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 $2.1 million for the three months ended March 31, 2017 and 2016 , respectively, which has been included in gross interest, prior to interest capitalization. Early Extinguishment of Debt In April 2017, the Company paid off the outstanding principal on the AH4R 2014-SFR1 asset-backed securitization of approximately $455.4 million using proceeds from the Class A common share offering in March 2017 and available cash, which resulted in approximately $6.6 million of early extinguishment of debt charges primarily related to the write-off of unamortized deferred financing costs. The payoff of the AH4R 2014-SFR1 asset-backed securitization also resulted in the release of the 3,799 homes pledged as collateral and $4.8 million of restricted cash for lender requirements. Exchangeable Senior Notes, Net The exchangeable senior notes, which were assumed in connection with the Company's merger with American Residential Properties, Inc. ("ARPI") (the "ARPI Merger") during 2016, 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. 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 the ARPI Merger. The current exchange rate as of March 31, 2017 , was 54.8933 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. As of March 31, 2017 , the exchangeable senior notes, net had a balance of $109.0 million in the condensed consolidated balance sheets, which was net of an unamortized discount of $1.7 million and $4.4 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 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 March 31, 2017 , the revolving credit facility bears interest at 1-month LIBOR plus 1.75% , and the term loan facility bears interest at 1-month LIBOR plus 1.70% . 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 March 31, 2017 and December 31, 2016 , the Company had no outstanding borrowings against the revolving credit facility, $350.0 million and $325.0 million , respectively, of outstanding borrowings against the term loan facility 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 months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 March 31, 2016 Gross interest $ 32,492 $ 31,613 Capitalized interest (603 ) (636 ) Interest expense $ 31,889 $ 30,977 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Accounts payable $ 250 $ 9 Accrued property taxes 63,417 46,091 Other accrued liabilities 32,312 31,262 Accrued construction and maintenance liabilities 9,113 9,899 Resident security deposits 72,075 70,430 Prepaid rent 22,526 19,515 Total $ 199,693 $ 177,206 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Class A Common Share Offering In March 2017, the Company issued 14,842,982 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering and concurrent private placement, raising gross proceeds to the Company of $336.5 million after underwriter's discount and before offering costs of approximately $0.6 million . "At the Market" Common Share Offering Program In November 2016, the Company established an “at the market” common share offering program under which we may issue Class A common shares from time to time through various sales agents up to an aggregate of $400.0 million . The program was established in order to use the net proceeds from share issuances to repay borrowings against the Company’s revolving credit and term loan facilities, to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy, and for working capital and general corporate purposes. The program does not have an expiration date, but may be suspended or terminated by the Company at any time. During the three months ended March 31, 2017 , the Company issued and sold 0.6 million Class A common shares for gross proceeds of $14.3 million , or $22.72 per share, and net proceeds of $14.1 million , after commissions and other expenses of approximately $0.2 million . As of March 31, 2017 , $281.7 million remained available for future share issuances under the program. Share Repurchase Program In September 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 three months ended March 31, 2017 , we did no t repurchase and retire any of our Class A common shares. During the three months ended March 31, 2016 , we repurchased and retired 4.9 million of our Class A common shares, on a settlement date basis, in accordance with the program at a weighted-average price of $15.40 per share and a total price of $75.9 million . As of March 31, 2017 , we had a remaining repurchase authorization of $146.7 million under the program. Participating Preferred Shares As of March 31, 2017 , 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 $476.7 million . Perpetual Preferred Shares In April 2017, the Company issued 6,000,000 of 5.875% Series F cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $150.0 million before offering costs of approximately $5.0 million , with a liquidation preference of $25.00 per share. Distributions During the quarter ended March 31, 2017 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.3125 on our 5.0% Series A participating preferred shares, $0.3125 on our 5.0% Series B participating preferred shares, $0.34375 on our 5.5% Series C participating preferred shares, $0.40625 on our 6.5% Series D perpetual preferred shares and $0.39688 on our 6.35% Series E perpetual preferred shares. During the quarter ended March 31, 2016 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.3125 on our 5.0% Series A participating preferred shares, $0.3125 on our 5.0% Series B participating preferred shares, $0.34375 on our 5.5% Series C participating preferred shares, and former Series C convertible unit holders received a pro-rated distribution of $0.09739 per unit based on the period of time during the first quarter of 2016 prior to their conversion to Class A units on February 28, 2016. 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 , or approximately 17.3% and 18.2% , of the total 314,446,923 and 298,931,517 Class A units in our operating partnership as of March 31, 2017 , and December 31, 2016 , 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 ARPI Merger in February 2016. Former ARPI Class A unit holders owned 1,279,316 , or approximately 0.4% of the total 314,446,923 and 298,931,517 Class A units in the operating partnership as of March 31, 2017 , and December 31, 2016 , respectively. 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 months ended March 31, 2017 and 2016 : For the Three Months Ended March 31, 2017 March 31, 2016 Preferred income allocated to Series C convertible units $ — $ 3,027 Net (loss) income allocated to Class A units (339 ) 750 Net income allocated to Series D convertible units — 134 Net income (loss) allocated to noncontrolling interests in certain consolidated subsidiaries 38 (75 ) $ (301 ) $ 3,836 2012 Equity Incentive Plan During the three months ended March 31, 2017 and 2016 , the Company granted stock options for 385,200 and 688,000 Class A common shares, respectively, and 174,000 and 74,100 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 three months ended March 31, 2017 and 2016 , 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 three months ended March 31, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 688,000 14.02 Exercised (22,500 ) 15.00 13 Forfeited (32,150 ) 16.70 Options outstanding at March 31, 2016 3,117,750 $ 15.74 8.3 $ 1,711 Options exercisable at March 31, 2016 1,137,125 $ 16.02 7.5 $ 314 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (16,000 ) 16.07 117 Forfeited (5,000 ) 16.48 Options outstanding at March 31, 2017 3,190,700 $ 16.62 7.7 $ 20,404 Options exercisable at March 31, 2017 1,660,750 $ 15.84 6.9 $ 11,824 (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 granted during the three months ended March 31, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.81 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.8 % Risk-free interest rate 2.2 % 1.5 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the three months ended March 31, 2017 and 2016 : 2017 2016 Restricted stock units at beginning of period 130,150 91,650 Units awarded 174,000 74,100 Units vested (41,975 ) (26,750 ) Units forfeited (1,750 ) (400 ) Restricted stock units at end of the period 260,425 138,600 Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.9 million , of which $0.5 million related to corporate administrative employees and was included in general and administrative expense and $0.4 million related to centralized and field property management employees and was included in property management expenses in the condensed consolidated statements of operations for each of the three months ended March 31, 2017 and 2016 . |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Concurrently with the Company's public offering of Class A common shares in March 2017, the Chairman of our Board of Trustees, B. Wayne Hughes, purchased $50.0 million of our Class A common shares in a private placement at the public offering price. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table reflects the computation of net loss per share on a basic and diluted basis for the three months ended March 31, 2017 and 2016 (in thousands, except share data): For the Three Months Ended 2017 2016 Income (numerator): Net income $ 11,796 $ 5,028 Noncontrolling interest (301 ) 3,836 Dividends on preferred shares 13,587 5,569 Net loss attributable to common shareholders $ (1,490 ) $ (4,377 ) Weighted-average shares (denominator) 244,391,368 219,157,870 Net loss per share—basic and diluted $ (0.01 ) $ (0.02 ) The computation of diluted earnings per share for the quarters ended March 31, 2017 and 2016 , excludes an aggregate of 27,790,165 and 20,316,350 potentially dilutive securities, respectively, which include Series A, B and C participating preferred shares, exchangeable senior notes, common shares issuable upon exercise of stock options, and unvested restricted stock units, because their effect would have been antidilutive due to the net loss for those periods. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of March 31, 2017 , and December 31, 2016 , we had commitments to acquire 429 and 203 single-family properties, respectively, with an aggregate purchase price of $77.8 million and $41.7 million , respectively. As of March 31, 2017 , and December 31, 2016 , the Company had sales in escrow for approximately 107 and 57 of our single-family properties, respectively, for an aggregate selling price of $11.9 million and $6.6 million , respectively. 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. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
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 participating preferred shares derivative liability are the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements. Our revolving credit facility, term loan facility, asset-backed securitizations 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. Our exchangeable senior notes are also financial instruments, which are classified as Level 2 in the fair value hierarchy as their fair value is estimated using observable inputs, based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ 455,385 $ 465,034 $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 500,527 507,508 501,810 510,941 AH4R 2014-SFR3 securitization 516,144 523,943 517,827 530,549 AH4R 2015-SFR1 securitization 542,099 546,653 543,480 553,689 AH4R 2015-SFR2 securitization 470,849 478,496 472,043 483,901 Total asset-backed securitizations (1) 2,485,004 2,521,634 2,491,234 2,544,423 Exchangeable senior notes, net (2) 108,988 157,465 108,148 142,808 Secured note payable 49,583 50,074 49,828 50,053 Term loan facility (3) 350,000 350,000 325,000 325,000 Total debt $ 2,993,575 $ 3,079,173 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $46.4 million and $48.4 million of deferred financing costs as of March 31, 2017 , and December 31, 2016 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) The carrying value of the term loan facility excludes $3.1 million and $3.3 million of deferred financing costs as of March 31, 2017 , and December 31, 2016 , respectively. 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% , management believes that the carrying value of the term loan facility reasonably approximates fair value. Valuation of the participating preferred shares derivative liability considers scenarios in which the participating 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 tables set forth the fair value of the participating preferred shares derivative liability as of March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 75,220 $ 75,220 December 31, 2016 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 69,810 $ 69,810 The following tables present changes in the fair values of our Level 3 financial instruments that are measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares in the condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016 (in thousands): Description January 1, 2017 Issuances Conversions Remeasurement included in earnings March 31, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ — $ 5,410 $ 75,220 Description January 1, 2016 Issuances Conversions Gain and remeasurement March 31, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ — $ 300 $ 63,090 Changes in inputs or assumptions used to value the participating preferred shares derivative liability may have a material impact on the resulting valuation. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Credit Facilities As of April 30, 2017 , the Company had no outstanding borrowings under our revolving credit facility. From April 1, 2017 , through April 30, 2017 , the Company paid down $100.0 million on our term loan facility, resulting in an outstanding balance of $250.0 million as of April 30, 2017 . Subsequent Dispositions From April 1, 2017 , through April 30, 2017 , the Company disposed of 41 properties for aggregate net proceeds of approximately $4.9 million . Subsequent Acquisitions From April 1, 2017 , through April 30, 2017 , the Company acquired 249 properties for an aggregate purchase price of approximately $47.6 million . Early Extinguishment of Debt In April 2017, the Company paid off the outstanding principal on the AH4R 2014-SFR1 asset-backed securitization of approximately $455.4 million using proceeds from the Class A common share offering in March 2017 and available cash, which resulted in approximately $6.6 million of early extinguishment of debt charges primarily related to the write-off of unamortized deferred financing costs. The payoff of the AH4R 2014-SFR1 asset-backed securitization also resulted in the release of the 3,799 homes pledged as collateral and $4.8 million of restricted cash for lender requirements. Perpetual Preferred Shares Offering In April 2017, the Company issued 6,000,000 of 5.875% Series F cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $150.0 million before offering costs of approximately $5.0 million , with a liquidation preference of $25.00 per share. Declaration of Dividends On May 4, 2017 , our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on June 30, 2017 , to shareholders of record on June 15, 2017 , and $0.05 per Class B common share payable on June 30, 2017 , to shareholders of record on June 15, 2017 . 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 June 30, 2017 , to shareholders of record on June 15, 2017 , $0.3125 per share on the Company’s 5.0% Series B participating preferred shares payable on June 30, 2017 , to shareholders of record on June 15, 2017 , $0.34375 per share on the Company’s 5.5% Series C participating preferred shares payable on June 30, 2017 , to shareholders of record on June 15, 2017 , $0.40625 per share on the Company’s 6.5% Series D perpetual preferred shares payable on June 30, 2017 , to shareholders of record on June 15, 2017 , $0.39688 per share on the Company’s 6.35% Series E perpetual preferred shares payable on June 30, 2017 , to shareholders of record on June 15, 2017 , and $0.27335 per share on the Company’s 5.875% Series F perpetual preferred shares payable on June 30, 2017 , to shareholders of record on June 15, 2017 . |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 . 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. 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 July 1, 2016, due to 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 and other, net within the condensed consolidated statements of operations. Prior period net gain from the sales of single-family properties, which totaled $0.2 million for the three months ended March 31, 2016 , was previously included in other revenues and has been reclassified to gain on sale of single-family properties and other, net to conform to the current presentation. Effective December 31, 2016, in accordance with our adoption of Accounting Standards Update ("ASU") No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , the Company includes restricted cash together with cash and cash equivalents when reconciling the beginning and ending balances shown in the statements of cash flows, which has the effect of excluding the presentation of transfers between restricted and unrestricted cash amounts in the statements of cash flows. Prior to the adoption, the beginning and ending balances presented in the statements of cash flows included only cash and cash equivalents, and transfers between restricted and unrestricted cash amounts were presented within operating and investing activities based on the nature of the amounts. All prior period amounts have been reclassified to conform to the current presentation. This resulted in $132.1 million and $111.3 million of restricted cash as of March 31, 2016 and December 31, 2015, respectively, being added to cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows. Effective January 1, 2017, in order to include share-based compensation costs for employees in the same financial statement line item as the cash compensation paid to the employees, noncash share-based compensation expense has been reclassified with the amounts related to corporate administrative employees and centralized and field property management employees reflected in general and administrative expense and property management expenses, respectively, within the condensed consolidated statements of operations. Additionally, all costs associated with operating our proprietary property management platform such as salary expenses for both centralized and field property management personnel, lease expenses and operating costs for property management offices and technology expenses for maintaining the property management platform, which were previously included in property operating expenses, have been reclassified into property management expenses. This resulted in the reclassification of $0.9 million of noncash share-based compensation expense for the three months ended March 31, 2016 , with $0.4 million of noncash share-based compensation expense reclassified to property management expenses and $0.5 million of noncash share-based compensation expense reclassified to general and administrative expense in the condensed consolidated statements of operations. This also resulted in $16.4 million of property management expenses for the three months ended March 31, 2016 , which were previously included in property operating expenses, being reclassified to property management expenses in the condensed consolidated statements of operations. 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, 2016 . 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 | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. This 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 any goodwill impairment tests performed after January 1, 2017. The Company is currently assessing the impact of the guidance on our financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changed the definition of a business and will now require management to determine whether substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. When this is the case, the transferred assets and activities are not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transaction costs are expensed in a business combination and capitalized in an asset acquisition. This guidance will be effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods, with early adoption permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted this guidance as of January 1, 2017, on a prospective basis, which results in our leased properties no longer meeting the definition of a business. Therefore, dispositions of leased properties will no longer result in a reduction to goodwill. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce the existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. If early adopted, an entity must adopt all of the amendments in the same period. The Company is currently assessing the impact of the adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on our financial statements. In June 2016, the 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 , 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 became effective for the Company for annual reporting periods beginning after December 15, 2016, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2017, which resulted in our election to recognize forfeitures of share-based compensation as they occur. The adoption of this guidance did not have a material impact 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 does not anticipate that the adoption of this guidance will have a material impact 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 permitted only as of annual reporting periods beginning after December 15, 2016, and for interim periods within that annual period. 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 as most of our revenue is from rental revenues, which this standard does not cover. |
Cash, Cash Equivalents and Re23
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of March 31, 2017 and 2016 : March 31, 2017 March 31, 2016 Balance Sheet: Cash and cash equivalents $ 495,802 $ 71,438 Restricted cash 135,057 132,082 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 630,859 $ 203,520 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of March 31, 2017 and 2016 : March 31, 2017 March 31, 2016 Balance Sheet: Cash and cash equivalents $ 495,802 $ 71,438 Restricted cash 135,057 132,082 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 630,859 $ 203,520 |
Single-Family Properties (Table
Single-Family Properties (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Single-Family Properties, Net | Single-family properties, net, consisted of the following as of March 31, 2017 , and December 31, 2016 (dollars in thousands): March 31, 2017 Number of Net book Leased single-family properties 45,285 $ 7,077,008 Single-family properties being renovated 367 64,973 Single-family properties being prepared for re-lease 121 18,630 Vacant single-family properties available for lease 1,859 302,663 Single-family properties held for sale, net 704 78,922 Total 48,336 $ 7,542,196 December 31, 2016 Number of Net book Leased single-family properties 44,798 $ 7,040,000 Single-family properties being renovated 312 57,200 Single-family properties being prepared for re-lease 91 14,453 Vacant single-family properties available for lease 2,102 348,773 Single-family properties held for sale, net 1,119 87,430 Total 48,422 $ 7,547,856 |
Deferred Costs and Other Inta25
Deferred Costs and Other Intangibles, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Other Intangibles | Deferred costs and other intangibles, net, consist of the following as of March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Deferred leasing costs $ 8,952 $ 7,470 Deferred financing costs 6,552 6,552 Intangible assets: Value of in-place leases 4,644 4,739 Trademark 3,100 3,100 Database 2,100 2,100 25,348 23,961 Less: accumulated amortization (15,209 ) (12,005 ) Total $ 10,139 $ 11,956 |
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 March 31, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 2,700 $ 1,237 $ 181 $ 495 $ 225 2018 155 1,641 21 92 300 2019 — 1,641 2 — 300 2020 — 1,017 — — 132 2021 — — — — — Total $ 2,855 $ 5,536 $ 204 $ 587 $ 957 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table presents the Company’s debt as of March 31, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) 2.52% June 9, 2019 $ 455,385 $ 456,074 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 500,527 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 516,144 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 542,099 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 470,849 472,043 Total asset-backed securitizations 2,485,004 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,583 49,828 Revolving credit facility (5) 2.73% August 16, 2020 — — Term loan facility (6) 2.68% August 16, 2021 350,000 325,000 Total debt (7) 2,999,587 2,981,062 Unamortized discount on exchangeable senior notes (1,656 ) (1,883 ) Equity component of exchangeable senior notes (4,356 ) (4,969 ) Deferred financing costs, net (8) (49,479 ) (51,636 ) Total debt per balance sheet $ 2,944,096 $ 2,922,574 (1) Interest rates are as of March 31, 2017 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization had 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 was no event of default and compliance with certain other terms. This securitization was paid off in full during April 2017. (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 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 March 31, 2017 , 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 March 31, 2017 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, secured note payable, revolving credit facility and term loan facility as of March 31, 2017 , and December 31, 2016 . (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 $2.1 million for the three months ended March 31, 2017 and 2016 , 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 months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 March 31, 2016 Gross interest $ 32,492 $ 31,613 Capitalized interest (603 ) (636 ) Interest expense $ 31,889 $ 30,977 |
Accounts Payable and Accrued 27
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | The following table summarizes accounts payable and accrued expenses as of March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Accounts payable $ 250 $ 9 Accrued property taxes 63,417 46,091 Other accrued liabilities 32,312 31,262 Accrued construction and maintenance liabilities 9,113 9,899 Resident security deposits 72,075 70,430 Prepaid rent 22,526 19,515 Total $ 199,693 $ 177,206 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 2016 : For the Three Months Ended March 31, 2017 March 31, 2016 Preferred income allocated to Series C convertible units $ — $ 3,027 Net (loss) income allocated to Class A units (339 ) 750 Net income allocated to Series D convertible units — 134 Net income (loss) allocated to noncontrolling interests in certain consolidated subsidiaries 38 (75 ) $ (301 ) $ 3,836 |
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the Plan for the three months ended March 31, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 688,000 14.02 Exercised (22,500 ) 15.00 13 Forfeited (32,150 ) 16.70 Options outstanding at March 31, 2016 3,117,750 $ 15.74 8.3 $ 1,711 Options exercisable at March 31, 2016 1,137,125 $ 16.02 7.5 $ 314 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (16,000 ) 16.07 117 Forfeited (5,000 ) 16.48 Options outstanding at March 31, 2017 3,190,700 $ 16.62 7.7 $ 20,404 Options exercisable at March 31, 2017 1,660,750 $ 15.84 6.9 $ 11,824 (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 granted during the three months ended March 31, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.81 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.8 % Risk-free interest rate 2.2 % 1.5 % |
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 three months ended March 31, 2017 and 2016 : 2017 2016 Restricted stock units at beginning of period 130,150 91,650 Units awarded 174,000 74,100 Units vested (41,975 ) (26,750 ) Units forfeited (1,750 ) (400 ) Restricted stock units at end of the period 260,425 138,600 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Net Income (Loss) per Share on Basic and Diluted Basis | The following table reflects the computation of net loss per share on a basic and diluted basis for the three months ended March 31, 2017 and 2016 (in thousands, except share data): For the Three Months Ended 2017 2016 Income (numerator): Net income $ 11,796 $ 5,028 Noncontrolling interest (301 ) 3,836 Dividends on preferred shares 13,587 5,569 Net loss attributable to common shareholders $ (1,490 ) $ (4,377 ) Weighted-average shares (denominator) 244,391,368 219,157,870 Net loss per share—basic and diluted $ (0.01 ) $ (0.02 ) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ 455,385 $ 465,034 $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 500,527 507,508 501,810 510,941 AH4R 2014-SFR3 securitization 516,144 523,943 517,827 530,549 AH4R 2015-SFR1 securitization 542,099 546,653 543,480 553,689 AH4R 2015-SFR2 securitization 470,849 478,496 472,043 483,901 Total asset-backed securitizations (1) 2,485,004 2,521,634 2,491,234 2,544,423 Exchangeable senior notes, net (2) 108,988 157,465 108,148 142,808 Secured note payable 49,583 50,074 49,828 50,053 Term loan facility (3) 350,000 350,000 325,000 325,000 Total debt $ 2,993,575 $ 3,079,173 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $46.4 million and $48.4 million of deferred financing costs as of March 31, 2017 , and December 31, 2016 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) The carrying value of the term loan facility excludes $3.1 million and $3.3 million of deferred financing costs as of March 31, 2017 , and December 31, 2016 , respectively. 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% , management believes that the carrying value of the term loan facility reasonably approximates fair value. |
Fair Value of Financial Instruments | The following tables set forth the fair value of the participating preferred shares derivative liability as of March 31, 2017 , and December 31, 2016 (in thousands): March 31, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 75,220 $ 75,220 December 31, 2016 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 69,810 $ 69,810 |
Changes in Fair Value of Level 3 Financial Instruments | The following tables present changes in the fair values of our Level 3 financial instruments that are measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares in the condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016 (in thousands): Description January 1, 2017 Issuances Conversions Remeasurement included in earnings March 31, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ — $ 5,410 $ 75,220 Description January 1, 2016 Issuances Conversions Gain and remeasurement March 31, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ — $ 300 $ 63,090 |
Organization and Operations (De
Organization and Operations (Details) | Jun. 10, 2013shares | Mar. 31, 2017statesingle_family_property | Dec. 31, 2016single_family_property |
Real Estate Properties [Line Items] | |||
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 | ||
Single Family Homes | |||
Real Estate Properties [Line Items] | |||
Number of properties | single_family_property | 48,336 | 48,422 | |
Properties Held for Sale | Single Family Homes | |||
Real Estate Properties [Line Items] | |||
Number of properties | single_family_property | 704 | 1,119 |
Significant Accounting Polici32
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Line Items] | ||||
Gain on sale of single-family properties and other, net | $ 2,026 | $ 234 | ||
Restricted cash | 135,057 | 132,082 | $ 131,442 | $ 111,300 |
Property operating expenses | 83,305 | 68,612 | ||
Property management expenses | $ 17,478 | 16,746 | ||
Reclassification of Noncash Share-based Compensation to Property Management Expenses and General and Administrative Expense | Restatement Adjustment | ||||
Accounting Policies [Line Items] | ||||
Non-cash share based compensation expense | (900) | |||
Reclassification of Noncash Share-based Compensation to Property Management Expenses | Restatement Adjustment | ||||
Accounting Policies [Line Items] | ||||
Non-cash share based compensation expense | 400 | |||
Reclassification of Net Gains from Sales of Single-Family Properties from Other Revenues to Gain on Sale of Single Family Properties, Net | Restatement Adjustment | ||||
Accounting Policies [Line Items] | ||||
Other revenue | (200) | |||
Reclassification of Net Gains from Sale of Single-Family Properties, Net | Restatement Adjustment | ||||
Accounting Policies [Line Items] | ||||
Gain on sale of single-family properties and other, net | 200 | |||
Reclassification of Noncash Share-based Compensation to General and Administrative Expenses | Restatement Adjustment | ||||
Accounting Policies [Line Items] | ||||
Non-cash share based compensation expense | 500 | |||
Reclassification of Property Operating Expenses | Restatement Adjustment | ||||
Accounting Policies [Line Items] | ||||
Property operating expenses | (16,400) | |||
Reclassification of Property Management Expenses | Restatement Adjustment | ||||
Accounting Policies [Line Items] | ||||
Property management expenses | $ 16,400 |
Cash, Cash Equivalents and Re33
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 495,802 | $ 118,799 | $ 71,438 | |
Restricted cash | 135,057 | 131,442 | 132,082 | $ 111,300 |
Cash, cash equivalents and restricted cash | $ 630,859 | $ 250,241 | $ 203,520 | $ 168,968 |
Single-Family Properties - Comp
Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands | Mar. 31, 2017USD ($)single_family_property | Dec. 31, 2016USD ($)single_family_property |
Property Subject to or Available for Operating Lease | ||
Net book value | $ 7,542,196 | $ 7,547,856 |
Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 48,336 | 48,422 |
Net book value | $ 7,542,196 | $ 7,547,856 |
Single Family Homes | Single-family properties being renovated | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 367 | 312 |
Net book value | $ 64,973 | $ 57,200 |
Single Family Homes | Single-family properties being prepared for re-lease | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 121 | 91 |
Net book value | $ 18,630 | $ 14,453 |
Single Family Homes | Single-family properties held for sale, net | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 704 | 1,119 |
Net book value | $ 78,922 | $ 87,430 |
Leased single-family properties | Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 45,285 | 44,798 |
Net book value | $ 7,077,008 | $ 7,040,000 |
Vacant single-family properties available for lease | Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 1,859 | 2,102 |
Net book value | $ 302,663 | $ 348,773 |
Single-Family Properties - Narr
Single-Family Properties - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)property | Mar. 31, 2016USD ($)property | Dec. 31, 2016USD ($) | |
Property Subject to or Available for Operating Lease | |||
Proceeds from the sale of real estate properties and other | $ 31,306,000 | $ 7,582,000 | |
Gain (loss) on sale of single-family properties, net | 2,026,000 | 234,000 | |
Single Family Homes | |||
Property Subject to or Available for Operating Lease | |||
Real estate investment properties unrecorded deed | 13,900,000 | $ 14,300,000 | |
Depreciation expense | $ 68,700,000 | $ 60,800,000 | |
Number of real estate properties sold | property | 504 | 66 | |
Proceeds from the sale of real estate properties and other | $ 24,000,000 | $ 7,600,000 | |
Note receivable | 7,000,000 | ||
Discount of note receivable | 1,500,000 | ||
Gain (loss) on sale of single-family properties, net | $ (1,000,000) | $ 200,000 |
Rent and Other Receivables, N36
Rent and Other Receivables, Net (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 6.7 | $ 5.7 |
Non-tenant receivables | $ 1 | $ 0.6 |
Deferred Costs and Other Inta37
Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Acquired Indefinite-lived Intangible Assets | ||
Deferred leasing costs | $ 8,952 | $ 7,470 |
Deferred financing costs | 6,552 | 6,552 |
Intangible assets: | ||
Intangible assets | 25,348 | 23,961 |
Less: accumulated amortization | (15,209) | (12,005) |
Total | 10,139 | 11,956 |
Value of in-place leases | ||
Intangible assets: | ||
Intangible assets | 4,644 | 4,739 |
Trademark | ||
Intangible assets: | ||
Intangible assets | 3,100 | 3,100 |
Database | ||
Intangible assets: | ||
Intangible assets | $ 2,100 | $ 2,100 |
Deferred Costs and Other Inta38
Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense related to deferred leasing costs, in-place leases, trademark and database | $ 2.9 | $ 7.6 |
Noncash amortization of deferred financing costs | $ 0.4 | $ 0.6 |
Deferred Costs and Other Inta39
Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 49,479 | $ 51,636 |
Deferred Leasing Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,017 | 2,700 | |
2,018 | 155 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Total | 2,855 | |
Deferred Financing Costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,017 | 1,237 | |
2,018 | 1,641 | |
2,019 | 1,641 | |
2,020 | 1,017 | |
2,021 | 0 | |
Total | 5,536 | |
Value of in-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,017 | 181 | |
2,018 | 21 | |
2,019 | 2 | |
2,020 | 0 | |
2,021 | 0 | |
Total | 204 | |
Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,017 | 495 | |
2,018 | 92 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Total | 587 | |
Database | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2,017 | 225 | |
2,018 | 300 | |
2,019 | 300 | |
2,020 | 132 | |
2,021 | 0 | |
Total | $ 957 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2016USD ($)extension_option | Mar. 31, 2017USD ($)extension_option | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Debt, gross | $ 2,999,587,000 | $ 2,981,062,000 | ||
Unamortized discount on exchangeable senior notes | (1,656,000) | (1,883,000) | ||
Equity component of exchangeable senior notes | (4,356,000) | (4,969,000) | ||
Deferred financing costs, net | (49,479,000) | (51,636,000) | ||
Total debt per balance sheet | 2,944,096,000 | 2,922,574,000 | ||
Amortization of financing costs | 2,562,000 | $ 2,838,000 | ||
Asset-Backed Securitizations and Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Amortization of financing costs | 2,000,000 | $ 2,000,000 | ||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 2,485,004,000 | 2,491,234,000 | ||
Secured Debt | 2014-SFR 1 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.52% | |||
Debt, gross | $ 455,385,000 | 456,074,000 | ||
Debt instrument initial term | 2 years | |||
Number of extension options | extension_option | 3 | |||
Period of extension options | 12 months | |||
Secured Debt | 2014-SFR 1 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
LBOR floor rate | 0.25% | |||
Secured Debt | 2014-SFR 1 | LIBOR | Weighted blended interest rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.54% | |||
Secured Debt | 2014-SFR 2 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.42% | |||
Debt, gross | $ 500,527,000 | 501,810,000 | ||
Secured Debt | 2014-SFR 3 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.40% | |||
Debt, gross | $ 516,144,000 | 517,827,000 | ||
Secured Debt | 2015-SFR 1 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.14% | |||
Debt, gross | $ 542,099,000 | 543,480,000 | ||
Secured Debt | 2015-SFR 2 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.36% | |||
Debt, gross | $ 470,849,000 | 472,043,000 | ||
Secured Debt | Secured Note Payable | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.06% | |||
Debt, gross | $ 49,583,000 | $ 49,828,000 | ||
Convertible Debt | 3.25% Exchangeable Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.25% | 3.25% | ||
Debt, gross | $ 115,000,000 | $ 115,000,000 | ||
Line of Credit | Term Loan facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.68% | |||
Debt, gross | $ 350,000,000 | 325,000,000 | ||
Deferred financing costs, net | (3,100,000) | (3,300,000) | ||
Number of extension options | extension_option | 2 | |||
Credit facility amount, maximum | $ 350,000,000 | $ 350,000,000 | ||
Line of Credit | Term Loan facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.70% | |||
Line of Credit | Term Loan facility | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.70% | 1.70% | ||
Line of Credit | Term Loan facility | LIBOR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.30% | 2.30% | ||
Line of Credit | Term Loan facility | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.70% | 0.70% | ||
Line of Credit | Term Loan facility | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.30% | 1.30% | ||
Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.73% | |||
Debt, gross | $ 0 | $ 0 | ||
Credit facility amount, maximum | $ 650,000,000 | $ 650,000,000 | ||
Revolving Credit Facility | Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.75% | |||
Revolving Credit Facility | Line of Credit | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.75% | 1.75% | ||
Revolving Credit Facility | Line of Credit | LIBOR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.30% | 2.30% | ||
Revolving Credit Facility | Line of Credit | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.75% | 0.75% | ||
Revolving Credit Facility | Line of Credit | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.30% | 1.30% |
Debt - Early Extinguishment of
Debt - Early Extinguishment of Debt (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2017USD ($)property | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Payments on asset-backed securitizations | $ 6,231 | $ 6,381 | |
2014-SFR 1 | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Payments on asset-backed securitizations | $ 455,400 | ||
2014-SFR 1 | Special Purpose Entity | Subsequent Event | Secured Debt | |||
Debt Instrument [Line Items] | |||
Gain (loss) on extinguishment of debt | $ (6,600) | ||
Single Family Homes | Property disqualified from collateral pool | 2014-SFR 1 | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Number of properties disqualified or released | property | 3,799 | ||
Release of restricted cash collateral for borrowed securities | $ 4,800 |
Debt - Exchangeable Senior Note
Debt - Exchangeable Senior Notes, Net (Details) $ in Thousands | Feb. 29, 2016 | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||
Exchangeable senior notes, net | $ 108,988 | $ 108,148 | |
Unamortized discount on exchangeable senior notes | (1,656) | (1,883) | |
Equity component of exchangeable senior notes | $ (4,356) | $ (4,969) | |
Convertible Debt | 3.25% Exchangeable Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.25% | 3.25% | |
Convertible debt conversion ratio | 0.0548933 | ||
American Residential Properties Inc. | Convertible Debt | 3.25% Exchangeable Senior Notes | |||
Debt Instrument [Line Items] | |||
Equity interest issued, number of shares, multiplier | 1.135 | ||
Convertible debt conversion ratio adjustment | 0.0532795 | ||
Convertible debt conversion ratio | 0.0469423 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2016USD ($)extension_option | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Secured debt, net | $ 2,438,616,000 | $ 2,442,863,000 | |
Debt, gross | 2,999,587,000 | 2,981,062,000 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Total credit agreement amount | $ 1,000,000,000 | ||
Credit agreement accordion feature | 1,750,000,000 | ||
Term Loan facility | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings against the revolving credit facility | 346,909,000 | 321,735,000 | |
Line of Credit | Term Loan facility | |||
Debt Instrument [Line Items] | |||
Credit facility amount, maximum | $ 350,000,000 | 350,000,000 | |
Debt instrument extension period (up to) | 1 year | ||
Number of extension options | extension_option | 2 | ||
Debt, gross | $ 350,000,000 | 325,000,000 | |
Line of Credit | Term Loan facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.70% | ||
Line of Credit | Term Loan facility | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.70% | 1.70% | |
Line of Credit | Term Loan facility | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.30% | 2.30% | |
Line of Credit | Term Loan facility | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.70% | 0.70% | |
Line of Credit | Term Loan facility | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.30% | 1.30% | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings against the revolving credit facility | $ 0 | 0 | |
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Credit facility amount, maximum | $ 650,000,000 | 650,000,000 | |
Debt instrument extension period (up to) | 1 year | ||
Outstanding borrowings against the revolving credit facility | 0 | 0 | |
Debt, gross | $ 0 | $ 0 | |
Revolving Credit Facility | Line of Credit | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Revolving Credit Facility | Line of Credit | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | 1.75% | |
Revolving Credit Facility | Line of Credit | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.30% | 2.30% | |
Revolving Credit Facility | Line of Credit | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.75% | 0.75% | |
Revolving Credit Facility | Line of Credit | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.30% | 1.30% |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Debt Disclosure [Abstract] | ||
Gross interest | $ 32,492 | $ 31,613 |
Capitalized interest | (603) | (636) |
Interest expense | $ 31,889 | $ 30,977 |
Accounts Payable and Accrued 45
Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 250 | $ 9 |
Accrued property taxes | 63,417 | 46,091 |
Other accrued liabilities | 32,312 | 31,262 |
Accrued construction and maintenance liabilities | 9,113 | 9,899 |
Resident security deposits | 72,075 | 70,430 |
Prepaid rent | 22,526 | 19,515 |
Total | $ 199,693 | $ 177,206 |
Shareholders' Equity - Class A
Shareholders' Equity - Class A Common Share Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||
Proceeds from issuance of shares | $ 350,612 | $ 1 | ||
Stock issuance costs | $ 236 | $ 0 | ||
Class A common shares | ||||
Class of Stock [Line Items] | ||||
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Underwritten Public Offering | Class A common shares | ||||
Class of Stock [Line Items] | ||||
Shares issued during period (in shares) | 14,842,982 | |||
Common shares, par value (in USD per share) | $ 0.01 | $ 0.01 | ||
Proceeds from issuance of shares | $ 336,500 | |||
Stock issuance costs | $ 600 |
Shareholders' Equity - At the M
Shareholders' Equity - At the Market Common Share Offering Program (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Nov. 30, 2016 | |
Class of Stock [Line Items] | |||
Proceeds from issuance of shares | $ 350,612,000 | $ 1,000 | |
Stock issuance costs | 236,000 | $ 0 | |
At the Market - Common Share Offering Program | Class A common shares | |||
Class of Stock [Line Items] | |||
Shares available for future issuance | $ 281,700,000 | $ 400,000,000 | |
Shares issued during period (in shares) | 0.6 | ||
Proceeds from issuance of shares | $ 14,300,000 | ||
Shares issued, price per share (in USD per share) | $ 22.72 | ||
Proceeds from issuance of common stock, net of issuance costs | $ 14,100,000 | ||
Stock issuance costs | $ 200,000 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase (Details) - Class A common shares - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 21, 2015 | |
Class of Stock [Line Items] | |||
Repurchase of Class A common stock, authorized amount | $ 300,000,000 | ||
Average price per share of Class A common shares (in USD per share) | $ 15.40 | ||
Total price from repurchase of common shares | $ 75,900,000 | ||
Remaining repurchase authorization | $ 146,700,000 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Repurchases of Class A common shares (in shares) | 0 | 4,900,000 |
Shareholders' Equity - Particip
Shareholders' Equity - Participating Preferred Shares (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)market | Mar. 31, 2016 | |
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 | $ | $ 476.7 | |
5.0% Series A Participating Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, percentage | 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% |
5.5% Series C Participating Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% |
Shareholders' Equity - Perpetua
Shareholders' Equity - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Class of Stock [Line Items] | |||
Stock issuance costs | $ 236 | $ 0 | |
Underwritten Public Offering | Subsequent Event | Series F Redeemable Preferred Perpetual | |||
Class of Stock [Line Items] | |||
Shares issued during period (in shares) | 6,000,000 | ||
Preferred stock, dividend rate, percentage | 5.875% | ||
Proceeds from issuance of preferred stock | $ 150,000 | ||
Stock issuance costs | $ 5,000 | ||
Liquidation preference per share (in USD per share) | $ 25 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distributions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Class of Stock [Line Items] | ||
Common stock dividend declared (in USD per share) | $ 0.05 | $ 0.05 |
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 dividends declared (in USD per share) | $ 0.3125 | $ 0.3125 |
Preferred stock, dividend rate, percentage | 5.00% | 5.00% |
5.0% Series B Participating Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in USD per share) | $ 0.3125 | $ 0.3125 |
Preferred stock, dividend rate, percentage | 5.00% | 5.00% |
5.5% Series C Participating Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in USD per share) | $ 0.34375 | $ 0.34375 |
Preferred stock, dividend rate, percentage | 5.50% | 5.50% |
Series D Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in USD per share) | $ 0.40625 | |
Preferred stock, dividend rate, percentage | 6.50% | |
Series E Perpetual Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred stock dividends declared (in USD per share) | $ 0.39688 | |
Preferred stock, dividend rate, percentage | 6.35% | |
Series C Convertible Units | ||
Class of Stock [Line Items] | ||
Declared distributions (in USD per share) | $ 0.09739 |
Shareholders' Equity - Noncontr
Shareholders' Equity - Noncontrolling Interest (Details) - Operating Partnership - Class A Units - shares | Mar. 31, 2017 | Dec. 31, 2016 |
AH LLC | ||
Class of Stock [Line Items] | ||
Ownership units owned (in shares) | 54,276,644 | 54,276,644 |
Percentage of units outstanding | 17.30% | 18.20% |
Operating partnership units (in shares) | 314,446,923 | 298,931,517 |
American Residential Properties Inc. | ||
Class of Stock [Line Items] | ||
Percentage of units outstanding | 0.40% | 0.40% |
Operating partnership units (in shares) | 1,279,316 | 1,279,316 |
Shareholders' Equity - Noncon53
Shareholders' Equity - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Class of Stock [Line Items] | ||
Income (loss) allocated to noncontrolling interest | $ (301) | $ 3,836 |
Series C Convertible Units | ||
Class of Stock [Line Items] | ||
Income (loss) allocated to noncontrolling interest | 0 | 3,027 |
Class A Units | ||
Class of Stock [Line Items] | ||
Income (loss) allocated to noncontrolling interest | (339) | 750 |
Series D Convertible Units | ||
Class of Stock [Line Items] | ||
Income (loss) allocated to noncontrolling interest | 0 | 134 |
Consolidated Subsidiaries With Noncontrolling Interest | ||
Class of Stock [Line Items] | ||
Income (loss) allocated to noncontrolling interest | $ 38 | $ (75) |
Shareholders' Equity - 2012 Equ
Shareholders' Equity - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock options and Restricted stock units | ||
Class of Stock [Line Items] | ||
Allocated share-based compensation expense | $ 0.9 | $ 0.9 |
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 | |
Expiration period for stock options and restricted stock units | 10 years | |
Stock options | 2012 Equity Incentive Plan | ||
Class of Stock [Line Items] | ||
Granted (in shares) | 385,200 | 688,000 |
Restricted stock units | 2012 Equity Incentive Plan | ||
Class of Stock [Line Items] | ||
Restricted stock unit grants in period (in shares) | 174,000 | 74,100 |
General and Administrative Expense [Member] | ||
Class of Stock [Line Items] | ||
Allocated share-based compensation expense | $ 0.5 | $ 0.5 |
Property Management Expense [Member] | ||
Class of Stock [Line Items] | ||
Allocated share-based compensation expense | $ 0.4 | $ 0.4 |
Shareholders' Equity - Stock Op
Shareholders' Equity - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options | ||||
Outstanding at beginning of the period (in shares) | 2,826,500 | 2,484,400 | 2,484,400 | |
Granted (in shares) | 385,200 | 688,000 | ||
Exercised (in shares) | (16,000) | (22,500) | ||
Forfeited (in shares) | (5,000) | (32,150) | ||
Outstanding at end of the period (in shares) | 3,190,700 | 3,117,750 | 2,826,500 | 2,484,400 |
Exercisable at end of the period (in shares) | 1,660,750 | 1,137,125 | ||
Weighted Average Exercise Price | ||||
Outstanding at beginning of the period (in USD per share) | $ 15.69 | $ 16.22 | $ 16.22 | |
Granted (in USD per share) | 23.38 | 14.02 | ||
Exercised (in USD per share) | 16.07 | 15 | ||
Forfeited (in USD per share) | 16.48 | 16.70 | ||
Outstanding at end of the period (in USD per share) | 16.62 | 15.74 | $ 15.69 | $ 16.22 |
Exercisable at end of the period (in USD per share) | $ 15.84 | $ 16.02 | ||
Aggregate intrinsic value | ||||
Weighted average remaining life (years) | 7 years 7 months 25 days | 8 years 3 months 18 days | 7 years 7 months 6 days | 8 years |
Weighted average exercisable (years) | 6 years 10 months 10 days | 7 years 5 months 16 days | ||
Aggregate intrinsic value | $ 20,404 | $ 1,711 | $ 14,956 | $ 1,225 |
Aggregate intrinsic value exercised | 117 | 13 | ||
Aggregate intrinsic value exercisable | $ 11,824 | $ 314 |
Shareholders' Equity - Valuatio
Shareholders' Equity - Valuation Inputs (Details) - Class A common shares - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Weighted-average fair value (in USD per share) | $ 3.82 | $ 2.81 |
Expected term (years) | 7 years | 7 years |
Dividend yield | 3.00% | 3.00% |
Volatility | 21.30% | 27.80% |
Risk-free interest rate | 2.20% | 1.50% |
Shareholders' Equity - Restrict
Shareholders' Equity - Restricted Stock Units (Details) - Restricted stock units - 2012 Equity Incentive Plan - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Restricted Stock Units | ||
Restricted stock units at beginning of period (in shares) | 130,150 | 91,650 |
Units awarded (in shares) | 174,000 | 74,100 |
Units vested (in shares) | (41,975) | (26,750) |
Units forfeited (in shares) | (1,750) | (400) |
Restricted stock units at end of the period (in shares) | 260,425 | 138,600 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 1 Months Ended |
Mar. 31, 2017USD ($) | |
Private Placement | Board of Directors Chairman | Class A common shares | |
Related Party Transaction | |
Proceeds from issuance of stock in private placement offering | $ 50 |
Earnings per Share - Computatio
Earnings per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income (numerator): | ||
Net income | $ 11,796 | $ 5,028 |
Noncontrolling interest | (301) | 3,836 |
Dividends on preferred shares | 13,587 | 5,569 |
Net loss attributable to common shareholders | $ (1,490) | $ (4,377) |
Denominator | ||
Weighted-average shares outstanding (denominator) (in shares) | 244,391,368 | 219,157,870 |
Net loss per share - basic and diluted (in USD per share) | $ (0.01) | $ (0.02) |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from calculation of EPS (in shares) | 27,790,165 | 20,316,350 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)single_family_property | Dec. 31, 2016USD ($)single_family_property | |
Long-term Purchase Commitment [Line Items] | ||
Single-family properties sales in escrow | single_family_property | 107 | 57 |
Single-family properties sales in escrow, selling price | $ | $ 11.9 | $ 6.6 |
Single Family Properties | ||
Long-term Purchase Commitment [Line Items] | ||
Commitment to acquire single-family properties | single_family_property | 429 | 203 |
Purchase price of commitment to acquire single-family properties | $ | $ 77.8 | $ 41.7 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ 49,479 | $ 51,636 | |
Asset-backed securitization | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | 46,400 | 48,400 | |
Line of Credit | Term Loan facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ 3,100 | 3,300 | |
LIBOR | Line of Credit | Term Loan facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.70% | ||
LIBOR | Minimum | Line of Credit | Term Loan facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.70% | 1.70% | |
LIBOR | Maximum | Line of Credit | Term Loan facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.30% | 2.30% | |
Base Rate | Minimum | Line of Credit | Term Loan facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.70% | 0.70% | |
Base Rate | Maximum | Line of Credit | Term Loan facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.30% | 1.30% | |
Carrying Value | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | $ 2,485,004 | 2,491,234 | |
Exchangeable senior notes | 108,988 | 108,148 | |
Secured note payable | 49,583 | 49,828 | |
Term loan facility | 350,000 | 325,000 | |
Total debt | 2,993,575 | 2,974,210 | |
Carrying Value | 2014-SFR 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 455,385 | 456,074 | |
Carrying Value | 2014-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 500,527 | 501,810 | |
Carrying Value | 2014-SFR 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 516,144 | 517,827 | |
Carrying Value | 2015-SFR 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 542,099 | 543,480 | |
Carrying Value | 2015-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 470,849 | 472,043 | |
Fair Value | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 2,521,634 | 2,544,423 | |
Secured note payable | 50,074 | 50,053 | |
Term loan facility | 350,000 | 325,000 | |
Total debt | 3,079,173 | 3,062,284 | |
Fair Value | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Exchangeable senior notes | 157,465 | 142,808 | |
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 | 465,034 | 465,343 | |
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 | 507,508 | 510,941 | |
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 | 523,943 | 530,549 | |
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 | 546,653 | 553,689 | |
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 | $ 478,496 | $ 483,901 |
Fair Value - Fair Value Hierarc
Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||||
Participating preferred shares derivative liability | $ 75,220 | $ 69,810 | $ 63,090 | $ 62,790 |
Recurring | ||||
Liabilities: | ||||
Participating preferred shares derivative liability | 75,220 | 69,810 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | ||||
Liabilities: | ||||
Participating preferred shares derivative liability | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Recurring | ||||
Liabilities: | ||||
Participating preferred shares derivative liability | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | Recurring | ||||
Liabilities: | ||||
Participating preferred shares derivative liability | $ 75,220 | $ 69,810 |
Fair Value - Changes in Fair Va
Fair Value - Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingently convertible Series E units liability, Beginning Balance | $ 69,957 | |
Contingently convertible Series E units liability, Issuance | 0 | |
Contingently convertible Series E units liability, Conversions | (58,494) | |
Contingently convertible Series E units liability, Gain and remeasurement included in earnings | (11,463) | |
Contingently convertible Series E units liability, Ending Balance | 0 | |
Preferred shares derivative liability, Beginning Balance | $ 69,810 | 62,790 |
Preferred shares derivative liability, Issuance | 0 | 0 |
Preferred share derivative liability, Conversion | 0 | 0 |
Preferred share derivative liability, Gain and remeasurement included in earnings | 5,410 | 300 |
Preferred shares derivative liability, Ending Balance | $ 75,220 | $ 63,090 |
Subsequent Events - Credit Faci
Subsequent Events - Credit Facility (Details) - USD ($) | 1 Months Ended | ||
Apr. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | |||
Outstanding debt | $ 2,944,096,000 | $ 2,922,574,000 | |
Revolving Credit Facility | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Outstanding debt | $ 0 | ||
Term Loan facility | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Outstanding debt | 250,000,000 | ||
Payments on term loan facility | $ 100,000,000 |
Subsequent Events - Subsequent
Subsequent Events - Subsequent Dispositions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2017USD ($)property | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Subsequent Event [Line Items] | |||
Proceeds from the sale of real estate properties and other | $ 31,306 | $ 7,582 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of real estate properties sold | property | 41 | ||
Proceeds from the sale of real estate properties and other | $ 4,900 |
Subsequent Events - Subsequen67
Subsequent Events - Subsequent Acquisitions (Details) - Subsequent Event $ in Millions | 1 Months Ended |
Apr. 30, 2017USD ($)property | |
Subsequent Event [Line Items] | |
Number of properties acquired | property | 249 |
Purchase price to acquire properties | $ | $ 47.6 |
Subsequent Events - Early Extin
Subsequent Events - Early Extinguishment of Debt (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2017USD ($)property | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Subsequent Event [Line Items] | |||
Payments on asset-backed securitizations | $ 6,231 | $ 6,381 | |
2014-SFR 1 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Payments on asset-backed securitizations | $ 455,400 | ||
2014-SFR 1 | Secured Debt | Special Purpose Entity | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Gain (loss) on extinguishment of debt | $ (6,600) | ||
Single Family Homes | Property disqualified from collateral pool | 2014-SFR 1 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of properties disqualified or released | property | 3,799 | ||
Release of restricted cash collateral for borrowed securities | $ 4,800 |
Subsequent Events - Perpetual P
Subsequent Events - Perpetual Preferred Shares Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Subsequent Event [Line Items] | |||
Stock issuance costs | $ 236 | $ 0 | |
Underwritten Public Offering | Series F Redeemable Preferred Perpetual | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Shares issued during period (in shares) | 6,000,000 | ||
Preferred stock, dividend rate, percentage | 5.875% | ||
Proceeds from issuance of preferred stock | $ 150,000 | ||
Stock issuance costs | $ 5,000 | ||
Liquidation preference per share (in USD per share) | $ 25 |
Subsequent Events - Declaration
Subsequent Events - Declaration of Dividends (Details) - $ / shares | May 04, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Subsequent Event [Line Items] | |||
Quarterly dividend (in USD per share) | $ 0.05 | $ 0.05 | |
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% | |
5.0% 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% | |
5.5% 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% | |
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% | ||
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 Event | Class A common shares | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Quarterly dividend (in USD per share) | $ 0.05 | ||
Subsequent Event | Class B common shares | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Quarterly dividend (in USD per share) | 0.05 | ||
Subsequent Event | 5.0% Series A Participating Preferred Shares | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Quarterly preferred dividend (in USD per share) | $ 0.3125 | ||
Preferred stock, dividend rate, percentage | 5.00% | ||
Subsequent Event | 5.0% Series B Participating Preferred Shares | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Quarterly preferred dividend (in USD per share) | $ 0.3125 | ||
Preferred stock, dividend rate, percentage | 5.00% | ||
Subsequent Event | 5.5% Series C Participating Preferred Shares | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Quarterly preferred dividend (in USD per share) | $ 0.34375 | ||
Preferred stock, dividend rate, percentage | 5.50% | ||
Subsequent Event | Series D Perpetual Preferred Shares | Dividend Declared | |||
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 | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Quarterly preferred dividend (in USD per share) | $ 0.39688 | ||
Preferred stock, dividend rate, percentage | 6.35% | ||
Subsequent Event | Series F Redeemable Preferred Perpetual | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Quarterly preferred dividend (in USD per share) | $ 0.27335 | ||
Preferred stock, dividend rate, percentage | 5.875% |