Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 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 | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A common shares/units | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 286,103,292 | |
Class B common shares | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 635,075 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Single-family properties: | ||
Land | $ 1,600,906 | $ 1,512,183 |
Buildings and improvements | 7,020,774 | 6,614,953 |
Single-family properties held for sale, net | 50,370 | 87,430 |
Single-family properties, gross | 8,672,050 | 8,214,566 |
Less: accumulated depreciation | (869,551) | (666,710) |
Single-family properties, net | 7,802,499 | 7,547,856 |
Cash and cash equivalents | 243,547 | 118,799 |
Restricted cash | 119,574 | 131,442 |
Rent and other receivables, net | 35,429 | 17,618 |
Escrow deposits, prepaid expenses and other assets | 149,366 | 133,594 |
Deferred costs and other intangibles, net | 13,516 | 11,956 |
Asset-backed securitization certificates | 25,666 | 25,666 |
Goodwill | 120,279 | 120,279 |
Total assets | 8,509,876 | 8,107,210 |
Liabilities | ||
Asset-backed securitizations, net | 1,981,444 | 2,442,863 |
Exchangeable senior notes, net | 110,771 | 108,148 |
Secured note payable | 49,107 | 49,828 |
Accounts payable and accrued expenses | 263,745 | 177,206 |
Participating preferred shares/units derivative liability | 68,469 | 69,810 |
Total liabilities | 2,671,449 | 3,169,590 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 47,810,000 and 37,010,000 shares issued and outstanding at September 30, 2017, and December 31, 2016, respectively | 478 | 370 |
Additional paid-in capital | 5,517,978 | 4,568,616 |
Accumulated deficit | (417,609) | (378,578) |
Accumulated other comprehensive income | 0 | 95 |
Total shareholders’ equity | 5,103,589 | 4,192,936 |
Limited partners: | ||
Noncontrolling interest | 734,838 | 744,684 |
Total equity | 5,838,427 | 4,937,620 |
Total liabilities and equity/capital | 8,509,876 | 8,107,210 |
Class A common shares/units | ||
Shareholders’ equity: | ||
Common stock, value, issued | 2,736 | 2,427 |
Class B common shares | ||
Shareholders’ equity: | ||
Common stock, value, issued | 6 | 6 |
American Homes 4 Rent, L.P. | ||
Single-family properties: | ||
Land | 1,600,906 | 1,512,183 |
Buildings and improvements | 7,020,774 | 6,614,953 |
Single-family properties held for sale, net | 50,370 | 87,430 |
Single-family properties, gross | 8,672,050 | 8,214,566 |
Less: accumulated depreciation | (869,551) | (666,710) |
Single-family properties, net | 7,802,499 | 7,547,856 |
Cash and cash equivalents | 243,547 | 118,799 |
Restricted cash | 119,574 | 131,442 |
Rent and other receivables, net | 35,429 | 17,618 |
Escrow deposits, prepaid expenses and other assets | 149,184 | 128,403 |
Amounts due from affiliates | 25,848 | 30,857 |
Deferred costs and other intangibles, net | 13,516 | 11,956 |
Goodwill | 120,279 | 120,279 |
Total assets | 8,509,876 | 8,107,210 |
Liabilities | ||
Asset-backed securitizations, net | 1,981,444 | 2,442,863 |
Exchangeable senior notes, net | 110,771 | 108,148 |
Secured note payable | 49,107 | 49,828 |
Accounts payable and accrued expenses | 263,745 | 177,206 |
Participating preferred shares/units derivative liability | 68,469 | 69,810 |
Total liabilities | 2,671,449 | 3,169,590 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Accumulated other comprehensive income | 0 | 95 |
Limited partners: | ||
Total partners' capital | 5,839,909 | 4,939,110 |
Noncontrolling interest | (1,482) | (1,490) |
Total capital | 5,838,427 | 4,937,620 |
Total liabilities and equity/capital | 8,509,876 | 8,107,210 |
American Homes 4 Rent, L.P. | Common Units | ||
General partner: | ||
General partner, capital account | 4,008,095 | 3,357,992 |
Limited partners: | ||
Limited partners, capital account | 736,320 | 746,174 |
American Homes 4 Rent, L.P. | Preferred Shares/Units | ||
General partner: | ||
General partner, capital account | 1,095,494 | 834,849 |
Term loan facility, net | ||
Liabilities | ||
Credit facility | 197,913 | 321,735 |
Term loan facility, net | American Homes 4 Rent, L.P. | ||
Liabilities | ||
Credit facility | 197,913 | 321,735 |
Revolving Credit Facility | ||
Liabilities | ||
Credit facility | 0 | 0 |
Revolving Credit Facility | American Homes 4 Rent, L.P. | ||
Liabilities | ||
Credit facility | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 47,810,000 | 37,010,000 |
Preferred shares, shares outstanding (in shares) | 47,810,000 | 37,010,000 |
American Homes 4 Rent, L.P. | General Partner | ||
Common units, shares/units issued (in shares) | 274,240,778 | 243,375,557 |
Common units, shares/units outstanding (in shares) | 274,240,778 | 243,375,557 |
Preferred units, shares/units issued (in shares) | 47,810,000 | 37,010,000 |
Preferred units, shares/units outstanding (in shares) | 47,810,000 | 37,010,000 |
American Homes 4 Rent, L.P. | Limited Partners | ||
Common units, shares/units issued (in shares) | 55,449,466 | 55,555,960 |
Common units, shares/units outstanding (in shares) | 55,449,466 | 55,555,960 |
Class A common shares/units | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock, shares issued (in shares) | 273,605,703 | 242,740,482 |
Common stock, shares outstanding (in shares) | 273,605,703 | 242,740,482 |
Class B common shares | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 635,075 | 635,075 |
Common stock, shares outstanding (in shares) | 635,075 | 635,075 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Rents from single-family properties | $ 207,490 | $ 197,137 | $ 613,245 | $ 558,623 |
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 |
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 |
Other | 409 | 5,214 | 4,367 | 12,811 |
Total revenues | 246,836 | 236,057 | 717,598 | 651,330 |
Expenses: | ||||
Property operating expenses | 97,944 | 92,488 | 267,203 | 238,987 |
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 |
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 |
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 |
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 |
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 |
Hurricane-related charges, net | 10,136 | 0 | 10,136 | 0 |
Other | 1,285 | 3,142 | 4,202 | 6,482 |
Total expenses | 238,025 | 232,008 | 672,800 | 657,911 |
Gain on sale of single-family properties and other, net | 1,895 | 11,682 | 6,375 | 12,574 |
Loss on early extinguishment of debt | 0 | (13,408) | (6,555) | (13,408) |
Gain on conversion of Series E units | 0 | 0 | 0 | 11,463 |
Remeasurement of participating preferred shares/units | 8,391 | (2,490) | 1,341 | (2,940) |
Net income (loss) | 19,097 | (167) | 45,959 | 1,108 |
Noncontrolling interest | 309 | 7,316 | (22) | 10,391 |
Dividends on preferred shares/Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 |
Net income (loss) attributable to common shareholders/unitholders | $ 1,535 | $ (21,152) | $ (141) | $ (35,933) |
Weighted-average shares/common units outstanding: | ||||
Basic (in shares) | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 |
Diluted (in shares) | 289,153,060 | 238,401,343 | 256,768,343 | 232,036,802 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.09) | $ 0 | $ (0.15) |
Diluted (in dollars per share) | 0 | (0.09) | 0 | (0.15) |
Dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
American Homes 4 Rent, L.P. | ||||
Revenues: | ||||
Rents from single-family properties | $ 207,490 | $ 197,137 | $ 613,245 | $ 558,623 |
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 |
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 |
Other | 409 | 5,214 | 4,367 | 12,811 |
Total revenues | 246,836 | 236,057 | 717,598 | 651,330 |
Expenses: | ||||
Property operating expenses | 97,944 | 92,488 | 267,203 | 238,987 |
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 |
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 |
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 |
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 |
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 |
Hurricane-related charges, net | 10,136 | 0 | 10,136 | 0 |
Other | 1,285 | 3,142 | 4,202 | 6,482 |
Total expenses | 238,025 | 232,008 | 672,800 | 657,911 |
Gain on sale of single-family properties and other, net | 1,895 | 11,682 | 6,375 | 12,574 |
Loss on early extinguishment of debt | 0 | (13,408) | (6,555) | (13,408) |
Gain on conversion of Series E units | 0 | 0 | 0 | 11,463 |
Remeasurement of participating preferred shares/units | 8,391 | (2,490) | 1,341 | (2,940) |
Net income (loss) | 19,097 | (167) | 45,959 | 1,108 |
Noncontrolling interest | (31) | (226) | 8 | (446) |
Dividends on preferred shares/Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 |
Income allocated to Series C and D limited partners | 0 | 10,915 | 0 | 16,478 |
Net income (loss) attributable to common shareholders/unitholders | $ 1,875 | $ (24,525) | $ (171) | $ (41,574) |
Weighted-average shares/common units outstanding: | ||||
Basic (in shares) | 322,303,138 | 285,208,489 | 312,315,728 | 271,994,345 |
Diluted (in shares) | 344,688,885 | 285,208,489 | 312,315,728 | 271,994,345 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.09) | $ 0 | $ (0.15) |
Diluted (in dollars per share) | $ 0 | $ (0.09) | $ 0 | $ (0.15) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) | $ 19,097 | $ (167) | $ 45,959 | $ 1,108 |
Unrealized gain on interest rate cap agreement: | ||||
Reclassification adjustment for amortization of interest expense included in net income (loss) | 0 | 28 | (28) | 130 |
Unrealized gain on investment in equity securities: | ||||
Reclassification adjustment for realized gain included in net income (loss) | 0 | 0 | (67) | 0 |
Other comprehensive income (loss) | 0 | 28 | (95) | 130 |
Comprehensive income (loss) | 19,097 | (139) | 45,864 | 1,238 |
Comprehensive income (loss) attributable to noncontrolling interests | 309 | 7,308 | (5) | 10,366 |
Dividends on preferred shares/Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 |
Comprehensive income (loss) attributable to common shareholders/unitholders | 1,535 | (21,116) | (253) | (35,778) |
American Homes 4 Rent, L.P. | ||||
Net income (loss) | 19,097 | (167) | 45,959 | 1,108 |
Unrealized gain on interest rate cap agreement: | ||||
Reclassification adjustment for amortization of interest expense included in net income (loss) | 0 | 28 | (28) | 130 |
Unrealized gain on investment in equity securities: | ||||
Reclassification adjustment for realized gain included in net income (loss) | 0 | 0 | (67) | 0 |
Other comprehensive income (loss) | 0 | 28 | (95) | 130 |
Comprehensive income (loss) | 19,097 | (139) | 45,864 | 1,238 |
Comprehensive income (loss) attributable to noncontrolling interests | (31) | (226) | 8 | (446) |
Dividends on preferred shares/Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 |
Income allocated to Series C and D limited partners | 0 | 10,915 | 0 | 16,478 |
Comprehensive income (loss) attributable to common shareholders/unitholders | $ 1,875 | $ (24,497) | $ (266) | $ (41,444) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Shareholders’ equity | Common StockClass A common shares/units | Common StockClass B common shares | Preferred shares | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Noncontrolling interest |
Beginning balance (in shares) at Dec. 31, 2016 | 242,740,482 | 635,075 | 37,010,000 | ||||||
Beginning balances at Dec. 31, 2016 | $ 4,937,620 | $ 4,192,936 | $ 2,427 | $ 6 | $ 370 | $ 4,568,616 | $ (378,578) | $ 95 | $ 744,684 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Share-based compensation | 3,175 | 3,175 | 3,175 | ||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 89,829 | ||||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | 630 | 630 | $ 1 | 629 | |||||
Issuance of Class A common shares, net of offering costs of $10,759 (in shares) | 30,676,080 | ||||||||
Issuance of Class A common shares, net of offering costs of $10,759 | 684,007 | 684,007 | $ 307 | 683,700 | |||||
Issuance of perpetual preferred shares, net of offering costs of $9,355 (in shares) | 10,800,000 | ||||||||
Issuance of perpetual preferred shares, net of offering costs of $9,355 | 260,645 | 260,645 | $ 108 | 260,537 | |||||
Redemptions of Class A units (in shares) | 99,312 | ||||||||
Redemptions of Class A units | (169) | 1,322 | $ 1 | 1,321 | (1,491) | ||||
Distributions to equity holders: | |||||||||
Preferred shares | (46,122) | (46,122) | (46,122) | ||||||
Noncontrolling interests | (8,333) | (8,333) | |||||||
Common shares | (38,890) | (38,890) | (38,890) | ||||||
Net income (loss) | 45,959 | 45,981 | 45,981 | (22) | |||||
Total other comprehensive loss | (95) | (95) | (95) | ||||||
Ending balance (in shares) at Sep. 30, 2017 | 273,605,703 | 635,075 | 47,810,000 | ||||||
Ending balances at Sep. 30, 2017 | $ 5,838,427 | $ 5,103,589 | $ 2,736 | $ 6 | $ 478 | $ 5,517,978 | $ (417,609) | $ 0 | $ 734,838 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Common Stock | Class A common shares/units | |
Net offering costs | $ 10,759 |
Preferred shares | |
Net offering costs | $ 9,355 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Capital - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Distributions to equity holders: | ||
Noncontrolling interests | $ (8,333) | |
Net income (loss) | $ 19,097 | 45,959 |
Total other comprehensive loss | 0 | (95) |
American Homes 4 Rent, L.P. | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | 4,937,620 | |
Share-based compensation | 3,175 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 630 | |
Issuance of Class A common units, net of offering costs of $10,759 | 684,007 | |
Issuance of perpetual preferred units, net of offering costs of $9,355 | 260,645 | |
Redemptions of Class A units | (169) | |
Distributions to equity holders: | ||
Preferred units | (46,122) | |
Noncontrolling interests | 0 | |
Common units | (47,223) | |
Net income (loss) | 19,097 | 45,959 |
Total other comprehensive loss | 0 | (95) |
Total capital, ending balance | 5,838,427 | 5,838,427 |
American Homes 4 Rent, L.P. | Total partners' capital | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | 4,939,110 | |
Share-based compensation | 3,175 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 630 | |
Issuance of Class A common units, net of offering costs of $10,759 | 684,007 | |
Issuance of perpetual preferred units, net of offering costs of $9,355 | 260,645 | |
Redemptions of Class A units | (169) | |
Distributions to equity holders: | ||
Preferred units | (46,122) | |
Noncontrolling interests | 0 | |
Common units | (47,223) | |
Net income (loss) | 45,951 | |
Total other comprehensive loss | (95) | |
Total capital, ending balance | 5,839,909 | 5,839,909 |
American Homes 4 Rent, L.P. | Accumulated other comprehensive income | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | 95 | |
Distributions to equity holders: | ||
Total other comprehensive loss | (95) | |
Total capital, ending balance | 0 | 0 |
American Homes 4 Rent, L.P. | Noncontrolling interest | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | (1,490) | |
Distributions to equity holders: | ||
Net income (loss) | 8 | |
Total capital, ending balance | (1,482) | (1,482) |
American Homes 4 Rent, L.P. | General Partner | Common Units | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | $ 3,357,992 | |
Beginning balance (in shares) | 243,375,557 | |
Share-based compensation | $ 3,175 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | $ 630 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares) | 89,829 | |
Issuance of Class A common units, net of offering costs of $10,759 | $ 684,007 | |
Issuance of Class A common units, net of offering costs $10,759 (in shares) | 30,676,080 | |
Redemptions of Class A units | $ 1,322 | |
Redemptions of Class A units (in shares) | 99,312 | |
Distributions to equity holders: | ||
Common units | $ (38,890) | |
Net income (loss) | (141) | |
Total capital, ending balance | $ 4,008,095 | $ 4,008,095 |
Ending balance (in shares) | 274,240,778 | 274,240,778 |
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | $ 834,849 | |
Issuance of perpetual preferred units, net of offering costs of $9,355 | 260,645 | |
Distributions to equity holders: | ||
Preferred units | (46,122) | |
Net income (loss) | 46,122 | |
Total capital, ending balance | $ 1,095,494 | 1,095,494 |
American Homes 4 Rent, L.P. | Limited Partners | Common Units | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | $ 746,174 | |
Beginning balance (in shares) | 55,555,960 | |
Redemptions of Class A units | $ (1,491) | |
Redemptions of Class A units (in shares) | (106,494) | |
Distributions to equity holders: | ||
Common units | $ (8,333) | |
Net income (loss) | (30) | |
Total capital, ending balance | $ 736,320 | $ 736,320 |
Ending balance (in shares) | 55,449,466 | 55,449,466 |
Condensed Consolidated Stateme9
Condensed Consolidated Statement of Capital (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Common Units | |
Stock issuance costs | $ 10,759 |
Preferred Shares/Units | |
Stock issuance costs | $ 9,355 |
Condensed Consolidated Statem10
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net income | $ 45,959 | $ 1,108 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 221,459 | 224,513 |
Noncash amortization of deferred financing costs | 6,285 | 7,912 |
Noncash amortization of discount on exchangeable senior notes | 2,624 | 1,955 |
Noncash amortization of discount on ARP 2014-SFR1 securitization | 0 | 1,744 |
Noncash share-based compensation | 3,175 | 2,744 |
Provision for bad debt | 5,142 | 5,092 |
Hurricane-related charges, net | 10,136 | 0 |
Loss on early extinguishment of debt | 6,555 | 13,408 |
Gain on conversion of Series E units to Series D units | 0 | (11,463) |
Remeasurement of participating preferred shares/units | (1,341) | 2,940 |
Equity in net earnings of unconsolidated ventures | (1,367) | (418) |
Net gain on sale of single-family properties and other | (6,375) | (12,574) |
Loss on impairment of single-family properties | 3,786 | 1,467 |
Net gain on resolutions of mortgage loans | (17) | (7,205) |
Other changes in operating assets and liabilities: | ||
Rent and other receivables | (11,929) | (12,110) |
Prepaid expenses and other assets | (5,690) | (429) |
Deferred leasing costs | (5,361) | (6,199) |
Accounts payable and accrued expenses | 71,325 | 47,920 |
Amounts payable to affiliates | 5,009 | (5,425) |
Net cash provided by operating activities | 349,375 | 254,980 |
Investing activities | ||
Cash paid for single-family properties | (462,875) | (187,886) |
Change in escrow deposits for purchase of single-family properties | (2,710) | (821) |
Cash acquired in noncash business combinations | 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 | 68,618 | 71,894 |
Net proceeds received from sales of non-performing loans | 0 | 44,538 |
Purchase of commercial office buildings | 0 | (27,105) |
Collections from mortgage financing receivables | 83 | 17,687 |
Distributions from unconsolidated joint ventures | 5,981 | 6,400 |
Renovations to single-family properties | (31,208) | (21,710) |
Other capital expenditures for single-family properties | (26,725) | (22,026) |
Other purchases of productive assets | (38,060) | 0 |
Net cash used for investing activities | (486,896) | (444,009) |
Financing activities | ||
Proceeds from issuance of Class A common shares | 694,765 | 0 |
Proceeds from issuance of perpetual preferred shares/units | 270,000 | 498,750 |
Proceeds from exercise of stock options | 988 | 2,777 |
Repurchase of Class A common shares/units | 0 | (96,098) |
Redemptions of Class A units | (169) | (399) |
Payments on asset-backed securitizations | (472,470) | (374,031) |
Payments on secured note payable | (721) | (687) |
Distributions to noncontrolling interests | (8,333) | (8,582) |
Distributions to common shareholders/units | (38,890) | (35,997) |
Distributions to preferred shareholders/units | (46,122) | (26,650) |
Deferred financing costs paid | (3,974) | (10,425) |
Net cash provided by financing activities | 250,401 | 257,736 |
Net increase in cash, cash equivalents and restricted cash | 112,880 | 68,707 |
Cash, cash equivalents and restricted cash, beginning of period | 250,241 | 168,968 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 363,121 | 237,675 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (77,964) | (87,707) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions and renovations | 7,151 | (226) |
Transfer of term loan borrowings to revolving credit facility | 50,000 | 0 |
Transfer of deferred financing costs from term loan to revolving credit facility | 1,524 | 0 |
Transfers of completed homebuilding deliveries to properties | 3,010 | 0 |
Note receivable related to a bulk sale of properties, net of discount | 5,635 | 0 |
American Homes 4 Rent, L.P. | ||
Operating activities | ||
Net income | 45,959 | 1,108 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 221,459 | 224,513 |
Noncash amortization of deferred financing costs | 6,285 | 7,912 |
Noncash amortization of discount on exchangeable senior notes | 2,624 | 1,955 |
Noncash amortization of discount on ARP 2014-SFR1 securitization | 0 | 1,744 |
Noncash share-based compensation | 3,175 | 2,744 |
Provision for bad debt | 5,142 | 5,092 |
Hurricane-related charges, net | 10,136 | 0 |
Loss on early extinguishment of debt | 6,555 | 13,408 |
Gain on conversion of Series E units to Series D units | 0 | (11,463) |
Remeasurement of participating preferred shares/units | (1,341) | 2,940 |
Equity in net earnings of unconsolidated ventures | (1,367) | (418) |
Net gain on sale of single-family properties and other | (6,375) | (12,574) |
Loss on impairment of single-family properties | 3,786 | 1,467 |
Net gain on resolutions of mortgage loans | (17) | (7,205) |
Other changes in operating assets and liabilities: | ||
Rent and other receivables | (11,929) | (12,110) |
Prepaid expenses and other assets | (5,690) | (429) |
Deferred leasing costs | (5,361) | (6,199) |
Accounts payable and accrued expenses | 71,325 | 47,920 |
Amounts payable to affiliates | 5,009 | (5,425) |
Net cash provided by operating activities | 349,375 | 254,980 |
Investing activities | ||
Cash paid for single-family properties | (462,875) | (187,886) |
Change in escrow deposits for purchase of single-family properties | (2,710) | (821) |
Cash acquired in noncash business combinations | 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 | 68,618 | 71,894 |
Net proceeds received from sales of non-performing loans | 0 | 44,538 |
Purchase of commercial office buildings | 0 | (27,105) |
Collections from mortgage financing receivables | 83 | 17,687 |
Distributions from unconsolidated joint ventures | 5,981 | 6,400 |
Renovations to single-family properties | (31,208) | (21,710) |
Other capital expenditures for single-family properties | (26,725) | (22,026) |
Other purchases of productive assets | (38,060) | 0 |
Net cash used for investing activities | (486,896) | (444,009) |
Financing activities | ||
Proceeds from issuance of Class A common shares | 694,765 | 0 |
Proceeds from issuance of perpetual preferred shares/units | 270,000 | 498,750 |
Proceeds from exercise of stock options | 988 | 2,777 |
Repurchase of Class A common shares/units | 0 | (96,098) |
Redemptions of Class A units | (169) | (399) |
Payments on asset-backed securitizations | (472,470) | (374,031) |
Payments on secured note payable | (721) | (687) |
Distributions to noncontrolling interests | 0 | (230) |
Distributions to common shareholders/units | (47,223) | (43,493) |
Distributions to preferred shareholders/units | (46,122) | (26,650) |
Deferred financing costs paid | (3,974) | (10,425) |
Net cash provided by financing activities | 250,401 | 257,736 |
Net increase in cash, cash equivalents and restricted cash | 112,880 | 68,707 |
Cash, cash equivalents and restricted cash, beginning of period | 250,241 | 168,968 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 363,121 | 237,675 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (77,964) | (87,707) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions and renovations | 7,151 | (226) |
Transfer of term loan borrowings to revolving credit facility | 50,000 | 0 |
Transfer of deferred financing costs from term loan to revolving credit facility | 1,524 | 0 |
Transfers of completed homebuilding deliveries to properties | 3,010 | 0 |
Note receivable related to a bulk sale of properties, net of discount | 5,635 | 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) |
American Residential Properties Inc. | American Homes 4 Rent, L.P. | ||
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) |
Class A common shares and units issued | 0 | (530,460) |
American Residential Properties Inc. | Asset-backed securitization | ||
Merger with ARPI | ||
Debt assumed or extinguished | 0 | (329,703) |
American Residential Properties Inc. | Asset-backed securitization | American Homes 4 Rent, L.P. | ||
Merger with ARPI | ||
Debt assumed or extinguished | 0 | (329,703) |
American Residential Properties Inc. | Senior Notes | ||
Merger with ARPI | ||
Debt assumed or extinguished | 0 | (112,298) |
American Residential Properties Inc. | Senior Notes | American Homes 4 Rent, L.P. | ||
Merger with ARPI | ||
Debt assumed or extinguished | 0 | (112,298) |
Term Loan facility | ||
Financing activities | ||
Proceeds from credit facility | 25,000 | 250,000 |
Payments on credit facility | (100,000) | 0 |
Term Loan facility | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Proceeds from credit facility | 25,000 | 250,000 |
Payments on credit facility | (100,000) | 0 |
Revolving Credit Facility | ||
Financing activities | ||
Proceeds from credit facility | 62,000 | 951,000 |
Payments on credit facility | (112,000) | (876,000) |
Revolving Credit Facility | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Proceeds from credit facility | 62,000 | 951,000 |
Payments on credit facility | (112,000) | (876,000) |
Class A common shares/units | ||
Financing activities | ||
Stock issuance costs | (10,444) | 0 |
Class A common shares/units | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Stock issuance costs | (10,444) | 0 |
Class A common shares/units | American Residential Properties Inc. | ||
Merger with ARPI | ||
Class A common shares and units issued | 0 | (530,460) |
Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | (9,229) | (15,922) |
Preferred Shares/Units | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Stock issuance costs | (9,229) | (15,922) |
Series D Perpetual Preferred Shares/Units | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Distributions to preferred shareholders/units | $ 0 | $ (856) |
Organization and Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | Organization and Operations American Homes 4 Rent (“AH4R") is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012, for the purpose of acquiring, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership, and its consolidated subsidiaries (collectively, the "Operating Partnership," our "Operating Partnership" or the "OP") is the entity through which the Company conducts substantially all of our business and owns, directly or through subsidiaries, substantially all of our assets. References to “the Company,” “we,” "our," and “us” mean collectively, AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of September 30, 2017 , the Company held 50,015 single-family properties in 22 states, including 469 properties held for sale. AH4R is the general partner of, and as of September 30, 2017 , owned an approximate 83.2% common partnership interest in the Operating Partnership, with the remaining 16.8% common partnership interest owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of units of partnership interest. From our formation through June 10, 2013, the Company was 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 from 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 | 9 Months Ended |
Sep. 30, 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 AH4R, the Operating Partnership and their 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 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 $131.4 million and $111.3 million of restricted cash as of September 30, 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 and $2.7 million of noncash share-based compensation expense for the three and nine months ended September 30, 2016 , respectively, with $0.4 million and $1.1 million of noncash share-based compensation expense reclassified to property management expenses, respectively, and $0.5 million and $1.6 million of noncash share-based compensation expense reclassified to general and administrative expense, respectively, in the condensed consolidated statements of operations. This also resulted in $17.9 million and $52.0 million of property management expenses for the three and nine months ended September 30, 2016 , respectively, 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 August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to amend ASC No. 815, Derivatives and Hedging , to more closely align hedge accounting with a company’s risk management strategies, provide additional transparency and understandability of hedge results, as well as to simplify the application of hedge accounting. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness. Instead, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness will be recorded in other comprehensive income, and amounts deferred in other comprehensive income will be reclassified into earnings and presented in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. This guidance will be effective for public companies for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance effective September 30, 2017, which will impact our hedge accounting policy as disclosed above. The adoption of this guidance did not have a material impact on our financial statements. In January 2017, the 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. 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 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 is not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transactions costs are expensed in a business combination and capitalized in an asset acquisition. The 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. The adoption of this guidance did not have a material impact on our financial statements. 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. 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 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 for non-lease components. The new guidance will also require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Any other costs incurred, including allocated indirect costs, will no longer be capitalized and instead will be expensed as incurred. 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, and requires the use of the modified retrospective transition method. The Company is currently assessing the impact of the adoption of this guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments include identifying “distinct” performance obligations in multi-element contracts, estimating the amount of variable consideration to include in the transaction price at contract inception, allocating the transaction price to each separate performance obligation, and determining at contract inception whether the performance obligation is satisfied over time or at a point in time. Since lease contracts under ASC 840, "Leases" , are specifically excluded from ASU No. 2014-09’s scope, most of the Company’s rental contract revenue will continue to follow current leasing guidance. We have reviewed our other sources of revenue and identified that the non-lease components (tenant chargebacks and recovery revenue) in our single-family home and office leases will continue being accounted for under ASC 840 until the adoption of ASU 2016-02 beginning January 1, 2019. As part of ASU No. 2014-09, the FASB issued consequential amendments to other sections, eliminating ASC 360-20, Real Estate Sales and adding ASU No. 2017-05 Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets , Subtopic 610-20, "Other Income" . Real estate sales to noncustomers will follow new guidance from ASC 610-20, while sales to customers will follow the general revenue guidance in ASC 606. While the Company’s property sales are not part of our ordinary customer activity and will fall under ASC 610-20, there is little economic difference in the accounting for real estate sales to customer versus noncustomer, with exception to presentation of comprehensive income (revenue and expense when sale to customer or gain and loss when sale to noncustomer). In our initial assessment, the Company’s current accounting policies for tenant chargebacks, recovery revenue, and real estate property sales are aligned with the new revenue recognition principles prescribed by the new guidance. Although we do not expect the new standards to ultimately change the amount or timing of our revenue recognition, the Company will continue to assess the potential effects of ASU No. 2014-09 and ASU No. 2017-05, noting that the underlying principles and processes used to record that revenue are changing under ASC 606 and ASC 610-20. The guidance will be effective for the Company in fiscal years (interim and annual reporting periods) that begin after December 15, 2017, with early adoption permitted. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. The Company does not anticipate that adoption of this guidance will have a material impact on our financial statements. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 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 Federal Deposit Insurance Corporation ("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 Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of September 30, 2017 and 2016 : September 30, 2017 September 30, 2016 Balance Sheet: Cash and cash equivalents $ 243,547 $ 106,308 Restricted cash 119,574 131,367 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 363,121 $ 237,675 |
Single-Family Properties
Single-Family Properties | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Single-Family Properties | Single-Family Properties Single-family properties, net, consisted of the following as of September 30, 2017 , and December 31, 2016 (dollars in thousands): September 30, 2017 Number of Net book Leased single-family properties 46,026 $ 7,130,878 Single-family properties being renovated 858 179,208 Single-family properties being prepared for re-lease 392 49,341 Vacant single-family properties available for lease 2,270 392,702 Single-family properties held for sale, net 469 50,370 Total 50,015 $ 7,802,499 December 31, 2016 Number of 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 September 30, 2017 , and December 31, 2016 , included $27.5 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 $71.2 million and $67.2 million for the three months ended September 30, 2017 and 2016 , respectively, and $208.9 million and $194.2 million for the nine months ended September 30, 2017 and 2016 , respectively. During the three and nine months ended September 30, 2017 , the Company sold 107 and 738 homes, respectively, which generated total net proceeds of $14.4 million and $54.2 million , respectively, and resulted in a net gain on sale of $1.9 million and $3.1 million , respectively. Total net proceeds for the nine months ended September 30, 2017 , included a $7.0 million note receivable, before a $1.5 million discount, that was recorded during the first quarter of 2017. During the three and nine months ended September 30, 2016 , the Company sold 453 and 587 homes, respectively, which generated total net proceeds of $56.2 million and $71.9 million , respectively, and resulted in a net gain on sale of $11.7 million and $12.6 million , respectively. Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets during the third quarter of 2017. Approximately 140 homes sustained major damage and nearly 3,400 homes incurred minor damage, consisting primarily of downed trees and damaged roofs and fences. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the three months ended September 30, 2017 , the Company recognized a $12.6 million impairment charge to write down the net book values of the impacted properties, of which we believe it is probable that we will recover an estimated $11.0 million through insurance claims, and accrued $8.5 million of additional repair, remediation and other costs. The $10.1 million of net charges were included in hurricane-related charges, net within the condensed consolidated statement of operations for the three months ended September 30, 2017. After the $12.6 million impairment charge, the impacted properties had an aggregate net book value of $8.3 million . The impairment charge represents the difference between management’s estimates of the fair values of the impacted properties and their carrying values. The fair values were based on current market prices of the components of the properties that did not sustain damage. As these fair value measurements were estimated using unobservable inputs, we classify them within Level 3 of the valuation hierarchy. |
Rent and Other Receivables, Net
Rent and Other Receivables, Net | 9 Months Ended |
Sep. 30, 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 $9.3 million and $5.7 million as of September 30, 2017 , and December 31, 2016 , respectively. Also included in rent and other receivables, net, is $11.0 million of hurricane-related insurance claims receivable and $0.9 million of non-tenant receivables as of September 30, 2017 , compared to $0.6 million of non-tenant receivables as of December 31, 2016 . |
Deferred Costs and Other Intang
Deferred Costs and Other Intangibles, Net | 9 Months Ended |
Sep. 30, 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, consisted of the following as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Deferred leasing costs $ 12,831 $ 7,470 Deferred financing costs 11,244 6,552 Intangible assets: Value of in-place leases 4,623 4,739 Trademark 3,100 3,100 Database 2,100 2,100 33,898 23,961 Less: accumulated amortization (20,382 ) (12,005 ) Total $ 13,516 $ 11,956 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.1 million and $6.9 million for the three months ended September 30, 2017 and 2016 , respectively, and $7.2 million and $26.7 million for the nine months ended September 30, 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 $0.5 million for the three months ended September 30, 2017 and 2016 , and $1.3 million and $1.9 million for the nine months ended September 30, 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 September 30, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 1,240 $ 495 $ 31 $ 165 $ 75 2018 1,835 1,964 21 92 300 2019 — 1,964 2 — 300 2020 — 1,969 — — 132 2021 — 1,964 — — — Thereafter — 967 — — — Total $ 3,075 $ 9,323 $ 54 $ 257 $ 807 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt All of the Company's indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of September 30, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) N/A N/A $ — $ 456,074 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 497,743 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 513,361 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 539,199 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 468,461 472,043 Total asset-backed securitizations 2,018,764 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,107 49,828 Revolving credit facility (5) 2.43% June 30, 2022 — — Term loan facility (6) 2.58% June 30, 2022 200,000 325,000 Total debt (7) 2,382,871 2,981,062 Unamortized discount on exchangeable senior notes (1,156 ) (1,883 ) Equity component of exchangeable senior notes (3,073 ) (4,969 ) Deferred financing costs, net (8) (39,407 ) (51,636 ) Total debt per balance sheet $ 2,339,235 $ 2,922,574 (1) Interest rates are as of September 30, 2017 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 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 $800.0 million , with a fully extended maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2017 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $200.0 million , with a maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 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 September 30, 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 $1.4 million and $2.2 million for the three months ended September 30, 2017 and 2016 , respectively, and $5.0 million and $6.3 million for the nine months ended September 30, 2017 and 2016 , respectively, which has been included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the second quarter of 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 the first quarter of 2017 and available cash, which resulted in $6.6 million of charges primarily related to the write-off of unamortized deferred financing costs that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AH4R 2014-SFR1 asset-backed securitization also resulted in the release of the 3,799 homes pledged as collateral and $9.4 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 (the "ARPI Merger") with American Residential Properties, Inc. ("ARPI") 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, our Class A common shares or a combination of cash and our Class A common shares, 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. Settlements for cash will be paid for by the Operating Partnership, while settlements for the Company's Class A common shares will be issued by AH4R with the Operating Partnership issuing an equivalent number of Class A units to AH4R. The adjusted initial exchange rate would be 53.2795 of our Class A common shares 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 September 30, 2017 , was 55.1453 of our Class A common shares per $1,000 principal amount of the notes. The exchange rate is adjusted based on our Class A common share price and distributions to common shareholders. As of September 30, 2017 , the exchangeable senior notes, net had a balance of $110.8 million in the condensed consolidated balance sheets, which was net of an unamortized discount of $1.2 million and $3.1 million of unamortized fair value of the exchange settlement feature, which was included in additional paid-in capital within the Company's condensed consolidated balance sheets and was included in general partner's common capital within the Operating Partnership's condensed consolidated balance sheets. Credit Facilities During 2016, the Company entered into a $1.0 billion credit agreement, which was subsequently amended in June 2017. The amendment expanded our borrowing capacity on the revolving credit facility to $800.0 million and reduced the term loan facility to $200.0 million . The amendment also lowered our cost of borrowing and provides a more flexible borrowing structure. The interest rate on the revolving credit facility is, at the Company’s election, a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . Borrowings under the term loan facility accrue interest, at the Company’s election, at either a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate plus a margin ranging from 0.00% to 0.75% . In each case, the actual margin is determined based on the Company's credit ratings in effect from time to time. Based on current corporate ratings for LIBOR-based borrowings as of September 30, 2017 , the revolving credit facility bears interest at 1-month LIBOR plus 1.20% , and the term loan facility bears interest at 1-month LIBOR plus 1.35% . 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 revolving credit facility matures on June 30, 2021, with two six -month extension options at the Company's election upon payment of an extension fee, and the term loan facility matures on June 30, 2022. No amortization payments are required on the term loan facility prior to the maturity date. The credit agreement requires that we maintain certain financial covenants. As of September 30, 2017 and December 31, 2016 , the Company had no outstanding borrowings against the revolving credit facility, $200.0 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 and nine months ended September 30, 2017 and 2016 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Gross interest $ 28,125 $ 33,433 $ 90,044 $ 100,886 Capitalized interest (1,533 ) (582 ) (3,171 ) (1,577 ) Interest expense $ 26,592 $ 32,851 $ 86,873 $ 99,309 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Accounts payable $ 1,091 $ 9 Accrued property taxes 110,572 46,091 Other accrued liabilities 40,490 31,262 Accrued construction and maintenance liabilities 17,107 9,899 Resident security deposits 74,285 70,430 Prepaid rent 20,200 19,515 Total $ 263,745 $ 177,206 |
Shareholders' Equity _ Partners
Shareholders' Equity / Partners' Capital | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Shareholders' Equity / Partners' Capital | Shareholders’ Equity / Partners' Capital When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AH4R, with the Operating Partnership receiving the net proceeds from the share issuances. Class A Common Share Offering During the first quarter of 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 $0.3 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. During the third quarter of 2017, the Company issued 13,800,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising gross proceeds of $312.0 million before offering costs of approximately $9.2 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. At-the-Market Common Share Offering Program In November 2016, the Company established an at-the-market common share offering program under which we were able to issue Class A common shares from time to time through various sales agents up to an aggregate of $400.0 million (the "Original At-the-Market Program"), which was replaced in August 2017 with an at-the-market common share offering program with a $500.0 million capacity on the same terms (the "At-the-Market Program"). 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 may be suspended or terminated by the Company at any time. During the nine months ended September 30, 2017 , the Company issued and sold 2.0 million Class A common shares under the Original At-the-Market Program for gross proceeds of $46.2 million , or $22.74 per share, and net proceeds of $45.6 million , after commissions and other expenses of approximately $0.6 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the share issuances. As of September 30, 2017 , $500.0 million remained available for future share issuances under the At-the-Market 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. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the nine months ended September 30, 2017 , we did no t repurchase and retire any of our Class A common shares. During the nine months ended September 30, 2016 , we repurchased and retired 6.2 million of our Class A common shares, on a settlement date basis, in accordance with the program at a weighted-average price of $15.44 per share and a total price of $96.0 million . As of September 30, 2017 , we had a remaining repurchase authorization of $146.7 million under the program. Participating Preferred Shares As of September 30, 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 $490.7 million . As of September 30, 2017 , the Operating Partnership had a liquidation preference on its corresponding participating preferred units for the same amount. Conversion of Series A and B Participating Preferred Shares into Class A Common Shares On October 3, 2017, the Company converted all 5,060,000 shares of the outstanding 5.0% Series A participating preferred shares and all 4,400,000 shares of the outstanding 5.0% Series B participating preferred shares into Class A common shares of beneficial interest, $0.01 par value , in accordance with the conversion terms in the Articles Supplementary. This resulted in 12,398,276 total Class A common shares issued from the conversion, based on a conversion ratio of 1.3106 Class A common shares issued per Series A and B participating preferred share. The Operating Partnership also converted its corresponding Series A and B participating preferred units into Class A units on October 3, 2017 . The conversion ratio was calculated by dividing (1) the initial liquidation preference on the Series A and B 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, plus unaccrued dividends by (2) the one-day volume weighted-average price (“VWAP”) of the Company’s Class A common shares on September 27, 2017, the date the Company delivered the required notice of conversion. As a result of the conversion, the Company will record a $27.6 million allocation of income to the Series A and B participating preferred shareholders in the fourth quarter of 2017, which represents the initial liquidation value in excess of initial recorded equity carrying value, due to the bifurcation of the home price appreciation amount as a liability upon issuance. As the Series A and B participating preferred shares were converted into Class A common shares on October 3, 2017, the related participating preferred shares derivative liability was therefore remeasured based on the actual liquidation value at September 30, 2017. Perpetual Preferred Shares During the second quarter of 2017, the Company issued 6,200,000 5.875% Series F cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $155.0 million before offering costs of approximately $5.3 million , with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. During the third quarter of 2017, the Company issued 4,600,000 5.875% Series G cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.1 million , with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. Distributions During the quarter ended September 30, 2017 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.31 on our 5.0% Series A participating preferred shares, $0.31 on our 5.0% Series B participating preferred shares, $0.34 on our 5.5% Series C participating preferred shares, $0.41 on our 6.5% Series D perpetual preferred shares, $0.40 on our 6.35% Series E perpetual preferred shares and $0.37 on our 5.875% Series F perpetual preferred shares. Distributions declared on our 5.875% Series G perpetual preferred shares were for a pro-rated amount of $0.30 during the quarter ended September 30, 2017 . During the quarter ended September 30, 2016 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.31 on our 5.0% Series A participating preferred shares, $0.31 on our 5.0% Series B participating preferred shares, $0.34 on our 5.5% Series C participating preferred shares and $0.41 on our 6.5% Series D perpetual preferred shares. Distributions declared on our 6.35% Series E perpetual preferred shares were for a pro-rated amount of $0.41 per share during the quarter ended September 30, 2016 . Distributions declared on our Series D convertible units totaled $0.04 per unit for the quarter ended September 30, 2016 , which represented 70% of distributions declared on Class A units. The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units. Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former AH LLC members in units in the Operating Partnership. Former AH LLC members owned 54,276,644 , or approximately 16.5% and 18.2% , of the total 329,690,244 and 298,931,517 Class A units in the Operating Partnership as of September 30, 2017 , and December 31, 2016 , respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 1,172,822 and 1,279,316 , or approximately 0.3% and 0.4% of the total 329,690,244 and 298,931,517 Class A units in the Operating Partnership as of September 30, 2017 , and December 31, 2016 , respectively. Also included in noncontrolling interest is the outside ownership interest in a consolidated subsidiary of the Operating Partnership. The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 : For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Preferred income allocated to Series C convertible units $ — $ — $ — $ 3,027 Net income (loss) allocated to Class A units 340 (27 ) (30 ) 108 Net income allocated to Series D convertible units — — — 133 Beneficial conversion feature — 7,569 — 7,569 Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary (31 ) (226 ) 8 (446 ) $ 309 $ 7,316 $ (22 ) $ 10,391 Noncontrolling interest as reflected in the Operating Partnership's condensed consolidated balance sheets consists solely of the outside ownership interest in a consolidated subsidiary of the Operating Partnership. Income and loss allocated to the Operating Partnership's noncontrolling interest is reflected in noncontrolling interest within the Operating Partnership's condensed consolidated statements of operations. The Operating Partnership units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company's condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership's condensed consolidated balance sheets. 2012 Equity Incentive Plan The Company's employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the 2012 Equity Incentive Plan (the "Plan"), the Operating Partnership issues an equivalent number of Class A units to AH4R. During the nine months ended September 30, 2017 and 2016 , the Company granted stock options for 385,600 and 708,000 Class A common shares, respectively, and 174,000 and 74,100 restricted stock units, respectively, to certain employees of the Company under the Plan. The options and restricted stock units granted during the nine months ended September 30, 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 nine months ended September 30, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.8 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.1 $ 5,885 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,600 23.38 Exercised (62,655 ) 15.77 444 Forfeited (85,250 ) 16.24 Options outstanding at September 30, 2017 3,064,195 $ 16.64 7.1 $ 16,149 Options exercisable at September 30, 2017 1,681,595 $ 15.90 6.3 $ 9,764 (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 nine months ended September 30, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.3 % Risk-free interest rate 2.2 % 1.5 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2017 and 2016 : 2017 2016 Restricted stock units at beginning of period 130,150 91,650 Units awarded 174,000 74,100 Units vested (42,475 ) (27,250 ) Units forfeited (16,200 ) (6,550 ) Restricted stock units at end of the period 245,475 131,950 For the three months ended September 30, 2017 and 2016 , total non-cash share-based compensation expense related to stock options and restricted stock units was $1.1 million and $0.9 million , respectively, of which $0.7 million and $0.5 million , respectively, 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 within the condensed consolidated statements of operations. For the nine months ended September 30, 2017 and 2016 , total non-cash share-based compensation expense related to stock options and restricted stock units was $3.2 million and $2.7 million , respectively, of which $1.9 million and $1.6 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $1.3 million and $1.1 million , respectively, related to centralized and field property management employees and was included in property management expenses within the condensed consolidated statements of operations. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Concurrently with the Company's public offering of Class A common shares in the first quarter of 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. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. |
Earnings per Share _ Unit
Earnings per Share / Unit | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share / Unit | Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company's computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest 309 7,316 (22 ) 10,391 Dividends on preferred shares 17,253 13,669 46,122 26,650 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common share $ 1,523 $ (21,152 ) $ (141 ) $ (35,933 ) Add back: Dividends on participating preferred shares (2) 5,569 — — — Remeasurement of participating preferred shares (2) (8,391 ) — — — Numerator for diluted loss per common share $ (1,299 ) $ (21,152 ) $ (141 ) $ (35,933 ) Denominator: Weighted-average common shares outstanding–basic 266,767,313 238,401,343 256,768,343 232,036,802 Effect of dilutive securities: Participating preferred shares (2) 22,385,747 — — — Weighted-average common shares outstanding–diluted 289,153,060 238,401,343 256,768,343 232,036,802 Net income (loss) per common share: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred shares into Class A common shares. The computation of diluted earnings per share for the three months ended September 30, 2017 and 2016 , excludes an aggregate of 7,078,066 and 26,342,332 potentially dilutive securities, respectively, and for the nine months ended September 30, 2017 and 2016 , excludes an aggregate of 29,474,000 and 26,342,332 potentially dilutive securities, respectively, which include a combination of 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 to the respective periods. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership's computation of net income (loss) per unit on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest (31 ) (226 ) 8 (446 ) Preferred distributions 17,253 13,669 46,122 26,650 Income allocated to Series C and D limited partners — 10,915 — 16,478 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common unit $ 1,863 $ (24,525 ) $ (171 ) $ (41,574 ) Add back: Distributions to participating preferred units (2) 5,569 — — — Remeasurement of participating preferred units (2) (8,391 ) — — — Numerator for diluted loss per common unit $ (959 ) $ (24,525 ) $ (171 ) $ (41,574 ) Denominator: Weighted-average common units outstanding–basic 322,303,138 285,208,489 312,315,728 271,994,345 Effect of dilutive securities: Participating preferred units (2) 22,385,747 — — — Weighted-average common units outstanding–diluted 344,688,885 285,208,489 312,315,728 271,994,345 Net income (loss) per common unit: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred units into Class A common units. The computation of diluted earnings per unit for the three months ended September 30, 2017 and 2016 , excludes an aggregate of 7,078,066 and 26,342,332 potentially dilutive securities, respectively, and for the nine months ended September 30, 2017 and 2016 , excludes an aggregate of 29,474,000 and 26,342,332 potentially dilutive securities, respectively, which include a combination of Series A, B and C participating preferred units, exchangeable senior notes, common units issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods. There was no income or loss allocated to Series C convertible units during the three months ended September 30, 2017 and 2016 , and zero and $0.87 of net income per basic and diluted unit were allocated to Series D convertible units during the three months ended September 30, 2017 and 2016 , respectively. Zero and $0.46 of net income per basic and diluted unit were allocated to Series C convertible units during the nine months ended September 30, 2017 and 2016 , respectively, and zero and $0.99 of net income per basic and diluted unit were allocated to Series D convertible units during the nine months ended September 30, 2017 and 2016 , respectively. There was no income or loss allocated to Series E convertible units during the three and nine months ended September 30, 2017 and 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2017 , the Company had commitments to acquire 511 single-family properties for an aggregate purchase price of $122.6 million and $13.7 million in land purchase commitments. As of December 31, 2016 , the Company had commitments to acquire 203 single-family properties for an aggregate purchase price of $41.7 million and $3.9 million in land purchase commitments. As of September 30, 2017 , and December 31, 2016 , the Company had sales in escrow for 184 and 57 of our single-family properties, respectively, for aggregate selling prices of $17.1 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. Radian Group Inc. (“Radian”), the indirect parent company of Green River Capital LLC (“GRC”), which has been a service provider that provided certain broker price opinions (“BPO”) to us, disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, that GRC had received a letter in March 2017 from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations” and requesting information from market participants. Radian disclosed that the letter asked GRC to provide information regarding BPOs that GRC provided on properties included in single family rental securitization transactions (“Securitizations”). On September 13, 2017, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations.” The letter enclosed a subpoena that requests the production of certain documents and communications related to our Securitizations, including, without limitation, those related to BPOs provided by GRC on properties included in Securitizations. The letter does not allege any violation of law and we are cooperating with the SEC. We understand that other transaction parties in Securitizations have received requests in this matter. We do not believe this matter will have a material adverse impact on our financial position or results of operations upon resolution. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 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 participating preferred shares derivative liability is the only financial instrument 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ — $ — $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 497,743 506,835 501,810 510,941 AH4R 2014-SFR3 securitization 513,361 523,653 517,827 530,549 AH4R 2015-SFR1 securitization 539,199 546,630 543,480 553,689 AH4R 2015-SFR2 securitization 468,461 477,401 472,043 483,901 Total asset-backed securitizations (1) 2,018,764 2,054,519 2,491,234 2,544,423 Exchangeable senior notes, net (2) 110,771 143,297 108,148 142,808 Secured note payable 49,107 49,383 49,828 50,053 Term loan facility (3) 200,000 200,000 325,000 325,000 Total debt $ 2,378,642 $ 2,447,199 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $37.3 million and $48.4 million of deferred financing costs as of September 30, 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 $2.1 million and $3.3 million of deferred financing costs as of September 30, 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 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% , 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 Series A and B participating preferred shares were converted into Class A common shares on October 3, 2017, and the related participating preferred shares derivative liability was therefore remeasured based on the actual liquidation value at September 30, 2017 (see Note 9). The following tables set forth the fair value of the participating preferred shares derivative liability as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 68,469 $ 68,469 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 within the condensed consolidated statements of operations for the nine months ended September 30, 2017 and 2016 (in thousands): Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469 Description January 1, 2016 Conversions Gain and remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ 2,940 $ 65,730 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 | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent Acquisitions From October 1, 2017 , through October 31, 2017 , the Company acquired 471 properties for an aggregate purchase price of approximately $106.1 million , which included four homes developed through our internal construction program. Conversion of Series A and B Participating Preferred Shares into Class A Common Shares On October 3, 2017, the Company converted all 5,060,000 shares of the outstanding 5.0% Series A participating preferred shares and all 4,400,000 shares of the outstanding 5.0% Series B participating preferred shares into 12,398,276 Class A common shares, in accordance with the conversion terms in the Articles Supplementary, based on a conversion ratio of 1.3106 Class A common shares issued per Series A and B participating preferred share (see Note 9). Declaration of Distributions On November 2, 2017 , our board of trustees declared quarterly distributions of $0.05 per share on the Company's Class A and Class B common shares are payable on January 5, 2018 , to shareholders of record on January 2, 2018 . Our board of trustees also declared quarterly distributions of $0.34 per share on the Company's 5.5% Series C participating preferred shares, $0.41 per share on the Company’s 6.5% Series D perpetual preferred shares, $0.40 per share on the Company’s 6.35% Series E perpetual preferred shares, $0.37 per share on the Company’s 5.875% Series F perpetual preferred shares, and $0.37 per share on the Company's 5.875% Series G perpetual preferred shares. The quarterly distributions are payable on January 2, 2018 , to shareholders of record on December 15, 2017 . The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units. |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The condensed consolidated financial statements are unaudited and include the accounts of AH4R, the Operating Partnership and their 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. |
Recent Accounting Pronouncements | In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to amend ASC No. 815, Derivatives and Hedging , to more closely align hedge accounting with a company’s risk management strategies, provide additional transparency and understandability of hedge results, as well as to simplify the application of hedge accounting. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness. Instead, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness will be recorded in other comprehensive income, and amounts deferred in other comprehensive income will be reclassified into earnings and presented in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. This guidance will be effective for public companies for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance effective September 30, 2017, which will impact our hedge accounting policy as disclosed above. The adoption of this guidance did not have a material impact on our financial statements. In January 2017, the 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. 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 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 is not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transactions costs are expensed in a business combination and capitalized in an asset acquisition. The 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. The adoption of this guidance did not have a material impact on our financial statements. 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. 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 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 for non-lease components. The new guidance will also require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Any other costs incurred, including allocated indirect costs, will no longer be capitalized and instead will be expensed as incurred. 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, and requires the use of the modified retrospective transition method. The Company is currently assessing the impact of the adoption of this guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments include identifying “distinct” performance obligations in multi-element contracts, estimating the amount of variable consideration to include in the transaction price at contract inception, allocating the transaction price to each separate performance obligation, and determining at contract inception whether the performance obligation is satisfied over time or at a point in time. Since lease contracts under ASC 840, "Leases" , are specifically excluded from ASU No. 2014-09’s scope, most of the Company’s rental contract revenue will continue to follow current leasing guidance. We have reviewed our other sources of revenue and identified that the non-lease components (tenant chargebacks and recovery revenue) in our single-family home and office leases will continue being accounted for under ASC 840 until the adoption of ASU 2016-02 beginning January 1, 2019. As part of ASU No. 2014-09, the FASB issued consequential amendments to other sections, eliminating ASC 360-20, Real Estate Sales and adding ASU No. 2017-05 Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets , Subtopic 610-20, "Other Income" . Real estate sales to noncustomers will follow new guidance from ASC 610-20, while sales to customers will follow the general revenue guidance in ASC 606. While the Company’s property sales are not part of our ordinary customer activity and will fall under ASC 610-20, there is little economic difference in the accounting for real estate sales to customer versus noncustomer, with exception to presentation of comprehensive income (revenue and expense when sale to customer or gain and loss when sale to noncustomer). In our initial assessment, the Company’s current accounting policies for tenant chargebacks, recovery revenue, and real estate property sales are aligned with the new revenue recognition principles prescribed by the new guidance. Although we do not expect the new standards to ultimately change the amount or timing of our revenue recognition, the Company will continue to assess the potential effects of ASU No. 2014-09 and ASU No. 2017-05, noting that the underlying principles and processes used to record that revenue are changing under ASC 606 and ASC 610-20. The guidance will be effective for the Company in fiscal years (interim and annual reporting periods) that begin after December 15, 2017, with early adoption permitted. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. The Company does not anticipate that adoption of this guidance will have a material impact on our financial statements. |
Cash, Cash Equivalents and Re26
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of September 30, 2017 and 2016 : September 30, 2017 September 30, 2016 Balance Sheet: Cash and cash equivalents $ 243,547 $ 106,308 Restricted cash 119,574 131,367 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 363,121 $ 237,675 |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of September 30, 2017 and 2016 : September 30, 2017 September 30, 2016 Balance Sheet: Cash and cash equivalents $ 243,547 $ 106,308 Restricted cash 119,574 131,367 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 363,121 $ 237,675 |
Single-Family Properties (Table
Single-Family Properties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Single-Family Properties, Net | Single-family properties, net, consisted of the following as of September 30, 2017 , and December 31, 2016 (dollars in thousands): September 30, 2017 Number of Net book Leased single-family properties 46,026 $ 7,130,878 Single-family properties being renovated 858 179,208 Single-family properties being prepared for re-lease 392 49,341 Vacant single-family properties available for lease 2,270 392,702 Single-family properties held for sale, net 469 50,370 Total 50,015 $ 7,802,499 December 31, 2016 Number of 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 Inta28
Deferred Costs and Other Intangibles, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Other Intangibles | Deferred costs and other intangibles, net, consisted of the following as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Deferred leasing costs $ 12,831 $ 7,470 Deferred financing costs 11,244 6,552 Intangible assets: Value of in-place leases 4,623 4,739 Trademark 3,100 3,100 Database 2,100 2,100 33,898 23,961 Less: accumulated amortization (20,382 ) (12,005 ) Total $ 13,516 $ 11,956 |
Amortization Expense Related to Deferred Costs and Other Intangibles | The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 1,240 $ 495 $ 31 $ 165 $ 75 2018 1,835 1,964 21 92 300 2019 — 1,964 2 — 300 2020 — 1,969 — — 132 2021 — 1,964 — — — Thereafter — 967 — — — Total $ 3,075 $ 9,323 $ 54 $ 257 $ 807 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) N/A N/A $ — $ 456,074 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 497,743 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 513,361 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 539,199 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 468,461 472,043 Total asset-backed securitizations 2,018,764 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,107 49,828 Revolving credit facility (5) 2.43% June 30, 2022 — — Term loan facility (6) 2.58% June 30, 2022 200,000 325,000 Total debt (7) 2,382,871 2,981,062 Unamortized discount on exchangeable senior notes (1,156 ) (1,883 ) Equity component of exchangeable senior notes (3,073 ) (4,969 ) Deferred financing costs, net (8) (39,407 ) (51,636 ) Total debt per balance sheet $ 2,339,235 $ 2,922,574 (1) Interest rates are as of September 30, 2017 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 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 $800.0 million , with a fully extended maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2017 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $200.0 million , with a maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 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 September 30, 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 $1.4 million and $2.2 million for the three months ended September 30, 2017 and 2016 , respectively, and $5.0 million and $6.3 million for the nine months ended September 30, 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 and nine months ended September 30, 2017 and 2016 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Gross interest $ 28,125 $ 33,433 $ 90,044 $ 100,886 Capitalized interest (1,533 ) (582 ) (3,171 ) (1,577 ) Interest expense $ 26,592 $ 32,851 $ 86,873 $ 99,309 |
Accounts Payable and Accrued 30
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | The following table summarizes accounts payable and accrued expenses as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Accounts payable $ 1,091 $ 9 Accrued property taxes 110,572 46,091 Other accrued liabilities 40,490 31,262 Accrued construction and maintenance liabilities 17,107 9,899 Resident security deposits 74,285 70,430 Prepaid rent 20,200 19,515 Total $ 263,745 $ 177,206 |
Shareholders' Equity _ Partne31
Shareholders' Equity / Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations | The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 : For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Preferred income allocated to Series C convertible units $ — $ — $ — $ 3,027 Net income (loss) allocated to Class A units 340 (27 ) (30 ) 108 Net income allocated to Series D convertible units — — — 133 Beneficial conversion feature — 7,569 — 7,569 Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary (31 ) (226 ) 8 (446 ) $ 309 $ 7,316 $ (22 ) $ 10,391 |
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.8 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.1 $ 5,885 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,600 23.38 Exercised (62,655 ) 15.77 444 Forfeited (85,250 ) 16.24 Options outstanding at September 30, 2017 3,064,195 $ 16.64 7.1 $ 16,149 Options exercisable at September 30, 2017 1,681,595 $ 15.90 6.3 $ 9,764 (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 nine months ended September 30, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.3 % Risk-free interest rate 2.2 % 1.5 % |
Summary of Restricted Stock Units Activity Under Plan | The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2017 and 2016 : 2017 2016 Restricted stock units at beginning of period 130,150 91,650 Units awarded 174,000 74,100 Units vested (42,475 ) (27,250 ) Units forfeited (16,200 ) (6,550 ) Restricted stock units at end of the period 245,475 131,950 |
Earnings per Share _ Unit (Tabl
Earnings per Share / Unit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Net Income (Loss) per Share on Basic and Diluted Basis | The following table reflects the Company's computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest 309 7,316 (22 ) 10,391 Dividends on preferred shares 17,253 13,669 46,122 26,650 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common share $ 1,523 $ (21,152 ) $ (141 ) $ (35,933 ) Add back: Dividends on participating preferred shares (2) 5,569 — — — Remeasurement of participating preferred shares (2) (8,391 ) — — — Numerator for diluted loss per common share $ (1,299 ) $ (21,152 ) $ (141 ) $ (35,933 ) Denominator: Weighted-average common shares outstanding–basic 266,767,313 238,401,343 256,768,343 232,036,802 Effect of dilutive securities: Participating preferred shares (2) 22,385,747 — — — Weighted-average common shares outstanding–diluted 289,153,060 238,401,343 256,768,343 232,036,802 Net income (loss) per common share: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred shares into Class A common shares. The following table reflects the Operating Partnership's computation of net income (loss) per unit on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest (31 ) (226 ) 8 (446 ) Preferred distributions 17,253 13,669 46,122 26,650 Income allocated to Series C and D limited partners — 10,915 — 16,478 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common unit $ 1,863 $ (24,525 ) $ (171 ) $ (41,574 ) Add back: Distributions to participating preferred units (2) 5,569 — — — Remeasurement of participating preferred units (2) (8,391 ) — — — Numerator for diluted loss per common unit $ (959 ) $ (24,525 ) $ (171 ) $ (41,574 ) Denominator: Weighted-average common units outstanding–basic 322,303,138 285,208,489 312,315,728 271,994,345 Effect of dilutive securities: Participating preferred units (2) 22,385,747 — — — Weighted-average common units outstanding–diluted 344,688,885 285,208,489 312,315,728 271,994,345 Net income (loss) per common unit: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred units into Class A common units. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ — $ — $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 497,743 506,835 501,810 510,941 AH4R 2014-SFR3 securitization 513,361 523,653 517,827 530,549 AH4R 2015-SFR1 securitization 539,199 546,630 543,480 553,689 AH4R 2015-SFR2 securitization 468,461 477,401 472,043 483,901 Total asset-backed securitizations (1) 2,018,764 2,054,519 2,491,234 2,544,423 Exchangeable senior notes, net (2) 110,771 143,297 108,148 142,808 Secured note payable 49,107 49,383 49,828 50,053 Term loan facility (3) 200,000 200,000 325,000 325,000 Total debt $ 2,378,642 $ 2,447,199 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $37.3 million and $48.4 million of deferred financing costs as of September 30, 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 $2.1 million and $3.3 million of deferred financing costs as of September 30, 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 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% , 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 68,469 $ 68,469 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 within the condensed consolidated statements of operations for the nine months ended September 30, 2017 and 2016 (in thousands): Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469 Description January 1, 2016 Conversions Gain and remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ 2,940 $ 65,730 |
Organization and Operations (De
Organization and Operations (Details) $ in Thousands | Jun. 10, 2013shares | Sep. 30, 2017USD ($)statesingle_family_property | Dec. 31, 2016USD ($)single_family_property |
Real Estate Properties [Line Items] | |||
Number of states | state | 22 | ||
General partner interest | 83.20% | ||
Limited partner interest | 16.80% | ||
Asset-backed securitization certificates | $ | $ 25,666 | $ 25,666 | |
General Partner | Series D Convertible Units | |||
Real Estate Properties [Line Items] | |||
Units issued to AH LLC (in shares) | shares | 4,375,000 | ||
General Partner | 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 | 50,015 | 48,422 | |
Single Family Homes | Properties Held for Sale | |||
Real Estate Properties [Line Items] | |||
Number of properties | single_family_property | 469 | 1,119 |
Significant Accounting Polici35
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||||||
Restricted cash | $ 119,574 | $ 131,367 | $ 119,574 | $ 131,367 | $ 131,442 | $ 111,300 |
Accounting Policies [Line Items] | ||||||
Property management expenses | $ 17,447 | 18,335 | $ 52,367 | 53,177 | ||
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to Property Management Expenses and General and Administrative Expense | ||||||
Accounting Policies [Line Items] | ||||||
Non-cash share based compensation expense | 900 | 2,700 | ||||
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to Property Management Expenses | ||||||
Accounting Policies [Line Items] | ||||||
Non-cash share based compensation expense | 400 | 1,100 | ||||
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to General and Administrative Expenses | ||||||
Accounting Policies [Line Items] | ||||||
Non-cash share based compensation expense | 500 | 1,600 | ||||
Restatement Adjustment | Reclassification of Property Management Expenses | ||||||
Accounting Policies [Line Items] | ||||||
Property management expenses | $ 17,900 | $ 52,000 |
Cash, Cash Equivalents and Re36
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | ||||
Lease agreement term (in years) | 1 year | |||
Balance Sheet | ||||
Cash and cash equivalents | $ 243,547 | $ 118,799 | $ 106,308 | |
Restricted cash | 119,574 | 131,442 | 131,367 | $ 111,300 |
Statement of Cash Flows | ||||
Cash, cash equivalents and restricted cash | $ 363,121 | $ 250,241 | $ 237,675 | $ 168,968 |
Single-Family Properties - Comp
Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands | Sep. 30, 2017USD ($)single_family_property | Dec. 31, 2016USD ($)single_family_property |
Property Subject to or Available for Operating Lease | ||
Net book value | $ 7,802,499 | $ 7,547,856 |
Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 50,015 | 48,422 |
Net book value | $ 7,802,499 | $ 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 | 858 | 312 |
Net book value | $ 179,208 | $ 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 | 392 | 91 |
Net book value | $ 49,341 | $ 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 | 469 | 1,119 |
Net book value | $ 50,370 | $ 87,430 |
Single Family Homes | Leased single-family properties | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 46,026 | 44,798 |
Net book value | $ 7,130,878 | $ 7,040,000 |
Single Family Homes | Vacant single-family properties available for lease | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | single_family_property | 2,270 | 2,102 |
Net book value | $ 392,702 | $ 348,773 |
Single-Family Properties - Narr
Single-Family Properties - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($)property | Sep. 30, 2016USD ($)property | Sep. 30, 2017USD ($)property | Sep. 30, 2016USD ($)property | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property Subject to or Available for Operating Lease | ||||||
Proceeds from the sale of real estate properties and other | $ 68,618,000 | $ 71,894,000 | ||||
Gain (loss) on sale of single-family properties and other, net | $ 1,895,000 | $ 11,682,000 | 6,375,000 | 12,574,000 | ||
Hurricane-related insurance claims receivable | 11,000,000 | 11,000,000 | ||||
Hurricane-related charges, net | $ 10,136,000 | 0 | 10,136,000 | 0 | ||
Hurricanes | ||||||
Property Subject to or Available for Operating Lease | ||||||
Number of homes with major damage | property | 140 | |||||
Number of homes with minor damage | property | 3,400 | |||||
Impairment charge to write down the net book values of the impacted properties | $ 12,600,000 | |||||
Additional repair, remediation and other costs | 8,500,000 | |||||
Hurricane-related insurance claims receivable | 11,000,000 | 11,000,000 | ||||
Hurricane-related charges, net | 10,100,000 | |||||
Aggregate net book value of impacted properties | 8,300,000 | 8,300,000 | ||||
Single Family Homes | ||||||
Property Subject to or Available for Operating Lease | ||||||
Real estate investment properties unrecorded deed | 27,500,000 | 27,500,000 | $ 14,300,000 | |||
Depreciation expense | $ 71,200,000 | $ 67,200,000 | $ 208,900,000 | $ 194,200,000 | ||
Number of real estate properties sold | property | 107 | 453 | 738 | 587 | ||
Proceeds from the sale of real estate properties and other | $ 14,400,000 | $ 56,200,000 | $ 54,200,000 | $ 71,900,000 | ||
Gain (loss) on sale of single-family properties and other, net | $ 1,900,000 | $ 11,700,000 | $ 3,100,000 | $ 12,600,000 | ||
Note receivable | $ 7,000,000 | |||||
Discount of note receivable | $ 1,500,000 |
Rent and Other Receivables, N39
Rent and Other Receivables, Net (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 9.3 | $ 5.7 |
Hurricane-related insurance claims receivable | 11 | |
Non-tenant receivables | $ 0.9 | $ 0.6 |
Deferred Costs and Other Inta40
Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Acquired Indefinite-lived Intangible Assets | ||
Deferred leasing costs | $ 12,831 | $ 7,470 |
Deferred financing costs | 11,244 | 6,552 |
Intangible assets: | ||
Intangible assets | 33,898 | 23,961 |
Less: accumulated amortization | (20,382) | (12,005) |
Total | 13,516 | 11,956 |
Value of in-place leases | ||
Intangible assets: | ||
Intangible assets | 4,623 | 4,739 |
Trademark | ||
Intangible assets: | ||
Intangible assets | 3,100 | 3,100 |
Database | ||
Intangible assets: | ||
Intangible assets | $ 2,100 | $ 2,100 |
Deferred Costs and Other Inta41
Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense related to deferred leasing costs, in-place leases, trademark and database | $ 2,100 | $ 6,900 | $ 7,200 | $ 26,700 |
Noncash amortization of deferred financing costs | 6,285 | 7,912 | ||
Revolving Credit Facility | Line of Credit | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Noncash amortization of deferred financing costs | $ 500 | $ 500 | $ 1,300 | $ 1,900 |
Deferred Costs and Other Inta42
Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Issuance Costs, Future Amortization Expenses [Abstract] | ||
Total | $ 39,407 | $ 51,636 |
Deferred Leasing Costs | ||
Deferred Leasing Costs, Future Amortization Expenses [Abstract] | ||
Remaining 2,017 | 1,240 | |
2,018 | 1,835 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 3,075 | |
Deferred Financing Costs | ||
Debt Issuance Costs, Future Amortization Expenses [Abstract] | ||
Remaining 2,017 | 495 | |
2,018 | 1,964 | |
2,019 | 1,964 | |
2,020 | 1,969 | |
2,021 | 1,964 | |
Thereafter | 967 | |
Total | 9,323 | |
Value of in-place leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remaining 2,017 | 31 | |
2,018 | 21 | |
2,019 | 2 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 54 | |
Trademark | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remaining 2,017 | 165 | |
2,018 | 92 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 257 | |
Database | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remaining 2,017 | 75 | |
2,018 | 300 | |
2,019 | 300 | |
2,020 | 132 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | $ 807 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||
Debt, gross | $ 2,382,871,000 | $ 2,382,871,000 | $ 2,981,062,000 | |||
Unamortized discount on exchangeable senior notes | (1,156,000) | (1,156,000) | (1,883,000) | |||
Equity component of exchangeable senior notes | (3,073,000) | (3,073,000) | (4,969,000) | |||
Deferred financing costs, net | (39,407,000) | (39,407,000) | (51,636,000) | |||
Total debt per balance sheet | 2,339,235,000 | 2,339,235,000 | 2,922,574,000 | |||
Amortization of financing costs | 6,285,000 | $ 7,912,000 | ||||
Asset-Backed Securitizations and Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of financing costs | 1,400,000 | $ 2,200,000 | 5,000,000 | 6,300,000 | ||
Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt, gross | 2,018,764,000 | 2,018,764,000 | 2,491,234,000 | |||
Secured Debt | 2014-SFR 1 | ||||||
Debt Instrument [Line Items] | ||||||
Debt, gross | $ 0 | $ 0 | 456,074,000 | |||
Secured Debt | 2014-SFR 2 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.42% | 4.42% | ||||
Debt, gross | $ 497,743,000 | $ 497,743,000 | 501,810,000 | |||
Secured Debt | 2014-SFR 3 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.40% | 4.40% | ||||
Debt, gross | $ 513,361,000 | $ 513,361,000 | 517,827,000 | |||
Secured Debt | 2015-SFR 1 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.14% | 4.14% | ||||
Debt, gross | $ 539,199,000 | $ 539,199,000 | 543,480,000 | |||
Secured Debt | 2015-SFR 2 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.36% | 4.36% | ||||
Debt, gross | $ 468,461,000 | $ 468,461,000 | 472,043,000 | |||
Secured Debt | Secured Note Payable | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.06% | 4.06% | ||||
Debt, gross | $ 49,107,000 | $ 49,107,000 | $ 49,828,000 | |||
Convertible Debt | 3.25% Exchangeable Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.25% | 3.25% | 3.25% | |||
Debt, gross | $ 115,000,000 | $ 115,000,000 | $ 115,000,000 | |||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 2.43% | 2.43% | ||||
Debt, gross | $ 0 | $ 0 | 0 | |||
Credit facility amount, maximum | 800,000,000 | 800,000,000 | $ 800,000,000 | |||
Amortization of financing costs | $ 500,000 | $ 500,000 | $ 1,300,000 | $ 1,900,000 | ||
Line of Credit | Revolving Credit Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.20% | |||||
Line of Credit | Revolving Credit Facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.825% | |||||
Line of Credit | Revolving Credit Facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.55% | |||||
Line of Credit | Revolving Credit Facility | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.00% | |||||
Line of Credit | Revolving Credit Facility | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.55% | |||||
Line of Credit | Term Loan facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 2.58% | 2.58% | ||||
Debt, gross | $ 200,000,000 | $ 200,000,000 | 325,000,000 | |||
Deferred financing costs, net | (2,100,000) | (2,100,000) | $ (3,300,000) | |||
Credit facility amount, maximum | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||
Line of Credit | Term Loan facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.35% | |||||
Line of Credit | Term Loan facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | |||||
Line of Credit | Term Loan facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.75% | |||||
Line of Credit | Term Loan facility | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.00% | |||||
Line of Credit | Term Loan facility | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.75% |
Debt - Early Extinguishment of
Debt - Early Extinguishment of Debt (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)property | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Payments on asset-backed securitizations | $ 472,470 | $ 374,031 | |||
Loss on early extinguishment of debt | $ 0 | $ 13,408 | $ 6,555 | $ 13,408 | |
2014-SFR 1 | |||||
Debt Instrument [Line Items] | |||||
Payments on asset-backed securitizations | $ 455,400 | ||||
2014-SFR 1 | Single Family Homes | Property disqualified from collateral pool | |||||
Debt Instrument [Line Items] | |||||
Number of properties disqualified or released | property | 3,799 | ||||
Release of restricted cash collateral for borrowed securities | $ 9,400 | ||||
2014-SFR 1 | Secured Debt | Special Purpose Entity | |||||
Debt Instrument [Line Items] | |||||
Loss on early extinguishment of debt | $ 6,600 |
Debt - Exchangeable Senior Note
Debt - Exchangeable Senior Notes, Net (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Exchangeable senior notes, net | $ 110,771 | $ 108,148 |
Unamortized discount on exchangeable senior notes | 1,156 | 1,883 |
Equity component of exchangeable senior notes | $ 3,073 | $ 4,969 |
Convertible Debt | 3.25% Exchangeable Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 3.25% | 3.25% |
Convertible debt conversion ratio | 0.0551453 | |
Convertible Debt | 3.25% Exchangeable Senior Notes | American Residential Properties Inc. | ||
Debt Instrument [Line Items] | ||
Convertible debt conversion ratio | 0.0469423 | |
Convertible debt conversion ratio adjustment | 0.0532795 | |
Equity interest issued, number of shares, multiplier | 1.135 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) | 9 Months Ended | ||
Sep. 30, 2017USD ($)extension_option | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Debt, gross | $ 2,382,871,000 | $ 2,981,062,000 | |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings against the revolving credit facility | 0 | 0 | |
Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility amount, maximum | $ 800,000,000 | $ 800,000,000 | |
Number of extension options | extension_option | 2 | ||
Debt instrument extension period (up to) | 6 months | ||
Outstanding borrowings against the revolving credit facility | $ 0 | 0 | |
Debt, gross | $ 0 | 0 | |
Line of Credit | Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 1.20% | ||
Line of Credit | Revolving Credit Facility | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 0.825% | ||
Line of Credit | Revolving Credit Facility | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 1.55% | ||
Line of Credit | Revolving Credit Facility | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 0.00% | ||
Line of Credit | Revolving Credit Facility | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 0.55% | ||
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 | 197,913,000 | 321,735,000 | |
Term Loan facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Credit facility amount, maximum | 200,000,000 | $ 200,000,000 | |
Debt, gross | $ 200,000,000 | $ 325,000,000 | |
Term Loan facility | Line of Credit | LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 1.35% | ||
Term Loan facility | Line of Credit | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | ||
Term Loan facility | Line of Credit | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 1.75% | ||
Term Loan facility | Line of Credit | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 0.00% | ||
Term Loan facility | Line of Credit | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (as a percent) | 0.75% |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Disclosure [Abstract] | ||||
Gross interest | $ 28,125 | $ 33,433 | $ 90,044 | $ 100,886 |
Capitalized interest | (1,533) | (582) | (3,171) | (1,577) |
Interest expense | $ 26,592 | $ 32,851 | $ 86,873 | $ 99,309 |
Accounts Payable and Accrued 48
Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 1,091 | $ 9 |
Accrued property taxes | 110,572 | 46,091 |
Other accrued liabilities | 40,490 | 31,262 |
Accrued construction and maintenance liabilities | 17,107 | 9,899 |
Resident security deposits | 74,285 | 70,430 |
Prepaid rent | 20,200 | 19,515 |
Total | $ 263,745 | $ 177,206 |
Shareholders' Equity _ Partne49
Shareholders' Equity / Partners' Capital - Class A Common Share Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||||
Proceeds from issuance of shares/units | $ 694,765 | $ 0 | |||
Class A common shares/units | |||||
Class of Stock [Line Items] | |||||
Shares issued during period (in shares) | 13,800,000 | 14,842,982 | |||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Proceeds from issuance of shares/units | $ 336,500 | ||||
Stock issuance costs | $ 9,200 | $ 300 | $ 10,444 | $ 0 | |
Underwritten Public Offering | Class A common shares/units | |||||
Class of Stock [Line Items] | |||||
Proceeds from issuance of shares/units | $ 312,000 |
Shareholders' Equity _ Partne50
Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Nov. 30, 2016 | |
Class of Stock [Line Items] | ||||||
Proceeds from issuance of shares/units | $ 694,765,000 | $ 0 | ||||
Class A common shares/units | ||||||
Class of Stock [Line Items] | ||||||
Shares issued during period (in shares) | 13,800,000 | 14,842,982 | ||||
Proceeds from issuance of shares/units | $ 336,500,000 | |||||
Stock issuance costs | $ 9,200,000 | $ 300,000 | $ 10,444,000 | $ 0 | ||
At the Market - Common Share Offering Program | Class A common shares/units | ||||||
Class of Stock [Line Items] | ||||||
Shares authorized for future issuance, value | $ 500,000,000 | $ 400,000,000 | ||||
Shares issued during period (in shares) | 2,000,000 | |||||
Proceeds from issuance of shares/units | $ 46,200,000 | |||||
Shares issued, price per share (in dollars per share) | $ 22.74 | $ 22.74 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 45,600,000 | |||||
Stock issuance costs | 600,000 | |||||
Shares available for future issuance, value | $ 500,000,000 | $ 500,000,000 |
Shareholders' Equity _ Partne51
Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - Class A common shares/units - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 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 dollars per share) | $ 15.44 | ||
Total price from repurchase of common shares | $ 96,000,000 | ||
Remaining repurchase authorization | $ 146,700,000 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Repurchases of Class A common shares (in shares) | 0 | 6,200,000 |
Shareholders' Equity _ Partne52
Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Millions | Oct. 03, 2017market$ / sharesshares | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016 | Sep. 30, 2017USD ($)market$ / sharesshares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / sharesshares |
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 | $ | $ 490.7 | $ 490.7 | |||||
Preferred shares, shares outstanding (in shares) | 47,810,000 | 47,810,000 | 37,010,000 | ||||
Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Issuance of common shares, net of offering costs (in shares) | 12,398,276 | ||||||
Class A conversion ratio | 1.3106 | ||||||
5.0% Series A Participating Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||||
5.0% Series A Participating Preferred Shares | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.00% | ||||||
Preferred shares, shares outstanding (in shares) | 5,060,000 | ||||||
5.0% Series B Participating Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||||
5.0% Series B Participating Preferred Shares | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.00% | ||||||
Preferred shares, shares outstanding (in shares) | 4,400,000 | ||||||
5.5% Series C Participating Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% | 5.50% | ||||
Class A common shares/units | |||||||
Class of Stock [Line Items] | |||||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Class A common shares/units | Scenario, Forecast | |||||||
Class of Stock [Line Items] | |||||||
Allocation to participating preferred shareholders | $ | $ 27.6 | ||||||
Class A common shares/units | Subsequent Event | |||||||
Class of Stock [Line Items] | |||||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||
Percent of liquidation preference | 50.00% | ||||||
Number of markets used in calculation of conversion ratio | market | 20 |
Shareholders' Equity _ Partne53
Shareholders' Equity / Partners' Capital - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Series F Perpetual Preferred Shares | ||
Class of Stock [Line Items] | ||
Shares issued during period (in shares) | 6,200,000 | |
Preferred stock, dividend rate, percentage | 5.875% | |
Proceeds from issuance of preferred stock | $ 155 | |
Stock issuance costs | $ 5.3 | |
Liquidation preference per share (in dollars per share) | $ 25 | |
Series G, Preferred Perpetual Shares | ||
Class of Stock [Line Items] | ||
Shares issued during period (in shares) | 4,600,000 | |
Preferred stock, dividend rate, percentage | 5.875% | |
Proceeds from issuance of preferred stock | $ 115 | |
Stock issuance costs | $ 4.1 | |
Liquidation preference per share (in dollars per share) | $ 25 |
Shareholders' Equity _ Partne54
Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Class of Stock [Line Items] | |||||
Common stock dividend declared (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 | |
Series D Convertible Units | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.04 | ||||
Convertible units, percent of class A units (as a percent) | 70.00% | ||||
Class A common shares/units | |||||
Class of Stock [Line Items] | |||||
Common stock dividend declared (in dollars per share) | 0.05 | $ 0.05 | |||
Class B common shares | |||||
Class of Stock [Line Items] | |||||
Common stock dividend declared (in dollars per share) | 0.05 | 0.05 | |||
5.0% Series A Participating Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.31 | $ 0.31 | |||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||
5.0% Series B Participating Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.31 | $ 0.31 | |||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||
5.5% Series C Participating Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.34 | $ 0.34 | |||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% | 5.50% | ||
Series D Perpetual Preferred Shares/Units | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.41 | $ 0.41 | |||
Preferred stock, dividend rate, percentage | 6.50% | ||||
Series E Perpetual Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.40 | $ 0.41 | |||
Preferred stock, dividend rate, percentage | 6.35% | ||||
Series F Perpetual Preferred Shares | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.37 | ||||
Preferred stock, dividend rate, percentage | 5.875% | ||||
Series G, Preferred Perpetual Shares | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared (in dollars per share) | $ 0.30 | ||||
Preferred stock, dividend rate, percentage | 5.875% |
Shareholders' Equity _ Partne55
Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Operating Partnership - Class A Units - shares | Sep. 30, 2017 | Dec. 31, 2016 |
American Residential Properties Inc. | ||
Class of Stock [Line Items] | ||
Percentage of units outstanding | 0.30% | 0.40% |
Operating partnership units (in shares) | 1,172,822 | 1,279,316 |
AH LLC | ||
Class of Stock [Line Items] | ||
Ownership units owned (in shares) | 54,276,644 | 54,276,644 |
Percentage of units outstanding | 16.50% | 18.20% |
Operating partnership units (in shares) | 329,690,244 | 298,931,517 |
Shareholders' Equity _ Partne56
Shareholders' Equity / Partners' Capital - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | $ 309 | $ 7,316 | $ (22) | $ 10,391 |
Consolidated Subsidiaries With Noncontrolling Interest | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | (31) | (226) | 8 | (446) |
Series C Convertible Units | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | 0 | 0 | 0 | 3,027 |
Class A Units | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | 340 | (27) | (30) | 108 |
Series D Convertible Units | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | 0 | 0 | 0 | 133 |
Beneficial conversion feature | $ 0 | $ 7,569 | $ 0 | $ 7,569 |
Shareholders' Equity _ Partne57
Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock options and Restricted stock units | ||||
Class of Stock [Line Items] | ||||
Allocated share-based compensation expense | $ 1.1 | $ 0.9 | $ 3.2 | $ 2.7 |
Stock options and Restricted stock units | General and Administrative Expense | ||||
Class of Stock [Line Items] | ||||
Allocated share-based compensation expense | 0.7 | 0.5 | 1.9 | 1.6 |
Stock options and Restricted stock units | Property Management Expense | ||||
Class of Stock [Line Items] | ||||
Allocated share-based compensation expense | $ 0.4 | $ 0.4 | $ 1.3 | $ 1.1 |
2012 Equity Incentive Plan | Stock options and Restricted stock units | ||||
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 | |||
2012 Equity Incentive Plan | Stock options | ||||
Class of Stock [Line Items] | ||||
Granted (in shares) | 385,600 | 708,000 | ||
2012 Equity Incentive Plan | Restricted stock units | ||||
Class of Stock [Line Items] | ||||
Restricted stock unit grants in period (in shares) | 174,000 | 74,100 |
Shareholders' Equity _ Partne58
Shareholders' Equity / Partners' Capital - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 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) | 385,600 | 708,000 | ||
Exercised (in shares) | (62,655) | (172,250) | ||
Forfeited (in shares) | (85,250) | (153,150) | ||
Outstanding at end of the period (in shares) | 3,064,195 | 2,867,000 | 2,826,500 | 2,484,400 |
Exercisable at end of the period (in shares) | 1,681,595 | 1,051,125 | ||
Weighted Average Exercise Price | ||||
Outstanding at beginning of the period (in dollars per share) | $ 15.69 | $ 16.22 | $ 16.22 | |
Granted (in dollars per share) | 23.38 | 14.15 | ||
Exercised (in dollars per share) | 15.77 | 16.12 | ||
Forfeited (in dollars per share) | 16.24 | 16.36 | ||
Outstanding at end of the period (in dollars per share) | 16.64 | 15.70 | $ 15.69 | $ 16.22 |
Exercisable at end of the period (in dollars per share) | $ 15.90 | $ 16.04 | ||
Aggregate intrinsic value | ||||
Weighted average remaining life (in years) | 7 years 1 month 6 days | 7 years 9 months 18 days | 7 years 7 months 6 days | 8 years |
Weighted average exercisable (in years) | 6 years 3 months 18 days | 7 years 1 month 6 days | ||
Aggregate intrinsic value | $ 16,149 | $ 17,021 | $ 14,956 | $ 1,225 |
Aggregate intrinsic value exercised | 444 | 680 | ||
Aggregate intrinsic value exercisable | $ 9,764 | $ 5,885 |
Shareholders' Equity _ Partne59
Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Weighted-average fair value (in dollars per share) | $ 3.82 | $ 2.82 |
Expected term (in years) | 7 years | 7 years |
Dividend yield (as a percent) | 3.00% | 3.00% |
Volatility (as a percent) | 21.30% | 27.30% |
Risk-free interest rate (as a percent) | 2.20% | 1.50% |
Shareholders' Equity _ Partne60
Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details) - Restricted stock units - 2012 Equity Incentive Plan - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 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) | (42,475) | (27,250) |
Units forfeited (in shares) | (16,200) | (6,550) |
Restricted stock units at end of the period (in shares) | 245,475 | 131,950 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Private Placement | Board of Directors Chairman | Class A common shares/units | |
Related Party Transaction | |
Proceeds from issuance of stock in private placement offering | $ 50 |
Earnings per Share _ Unit - Com
Earnings per Share / Unit - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net income (loss) | $ 19,097 | $ (167) | $ 45,959 | $ 1,108 |
Less: | ||||
Noncontrolling interest | 309 | 7,316 | (22) | 10,391 |
Dividends on preferred shares/Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 |
Allocation to participating securities | 12 | 0 | 0 | 0 |
Net income (loss) attributable to common shareholders/unitholders | 1,523 | (21,152) | (141) | (35,933) |
Add back: | ||||
Dividends on participating preferred shares/units | 5,569 | 0 | 0 | 0 |
Remeasurement of participating preferred shares/units | (8,391) | 0 | 0 | 0 |
Numerator for diluted loss per common share/unit | $ (1,299) | $ (21,152) | $ (141) | $ (35,933) |
Denominator | ||||
Weighted-average common shares outstanding - basic (in shares) | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 |
Participating preferred shares/units (in shares) | 22,385,747 | 0 | 0 | 0 |
Weighted-average common shares outstanding–diluted (in shares) | 289,153,060 | 238,401,343 | 256,768,343 | 232,036,802 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.09) | $ 0 | $ (0.15) |
Diluted (in dollars per share) | $ 0 | $ (0.09) | $ 0 | $ (0.15) |
American Homes 4 Rent, L.P. | ||||
Numerator: | ||||
Net income (loss) | $ 19,097 | $ (167) | $ 45,959 | $ 1,108 |
Less: | ||||
Noncontrolling interest | (31) | (226) | 8 | (446) |
Dividends on preferred shares/Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 |
Income allocated to limited partners | 0 | 10,915 | 0 | 16,478 |
Allocation to participating securities | 12 | 0 | 0 | 0 |
Net income (loss) attributable to common shareholders/unitholders | 1,863 | (24,525) | (171) | (41,574) |
Add back: | ||||
Dividends on participating preferred shares/units | 5,569 | 0 | 0 | 0 |
Remeasurement of participating preferred shares/units | (8,391) | 0 | 0 | 0 |
Numerator for diluted loss per common share/unit | $ (959) | $ (24,525) | $ (171) | $ (41,574) |
Denominator | ||||
Participating preferred shares/units (in shares) | 22,385,747 | 0 | 0 | 0 |
Weighted-average common units outstanding - basic (in shares) | 322,303,138 | 285,208,489 | 312,315,728 | 271,994,345 |
Weighted-average common units outstanding–diluted (in shares) | 344,688,885 | 285,208,489 | 312,315,728 | 271,994,345 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.01 | $ (0.09) | $ 0 | $ (0.15) |
Diluted (in dollars per share) | $ 0 | $ (0.09) | $ 0 | $ (0.15) |
Earnings per Share _ Unit - Nar
Earnings per Share / Unit - Narrative (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of EPS (in shares) | 7,078,066 | 26,342,332 | 29,474,000 | 26,342,332 |
American Homes 4 Rent, L.P. | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of EPS (in shares) | 7,078,066 | 26,342,332 | 29,474,000 | 26,342,332 |
American Homes 4 Rent, L.P. | Series C Convertible Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income allocated to limited partners | $ 0 | $ 0 | $ 0.46 | |
American Homes 4 Rent, L.P. | Series D Convertible Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income allocated to limited partners | 0 | $ 0.87 | $ 0 | $ 0.99 |
American Homes 4 Rent, L.P. | Series E Convertible Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income allocated to limited partners | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | 184 | 57 |
Single-family properties sales in escrow, selling price | $ 17.1 | $ 6.6 |
Single Family Properties | ||
Long-term Purchase Commitment [Line Items] | ||
Commitment to acquire single-family properties | single_family_property | 511 | 203 |
Purchase price of commitment to acquire single-family properties | $ 122.6 | $ 41.7 |
Land | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase price of commitment to acquire single-family properties | $ 13.7 | $ 3.9 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Deferred financing costs, net | $ 39,407 | $ 51,636 |
Asset-backed securitization | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Deferred financing costs, net | 37,300 | 48,400 |
Term Loan facility | Line of Credit | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Deferred financing costs, net | $ 2,100 | 3,300 |
Term Loan facility | Line of Credit | LIBOR | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.35% | |
Term Loan facility | Line of Credit | LIBOR | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | |
Term Loan facility | Line of Credit | LIBOR | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.75% | |
Term Loan facility | Line of Credit | Base Rate | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.00% | |
Term Loan facility | Line of Credit | Base Rate | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.75% | |
Carrying Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-backed securitization | $ 2,018,764 | 2,491,234 |
Exchangeable senior notes, net | 110,771 | 108,148 |
Secured note payable | 49,107 | 49,828 |
Term loan facility | 200,000 | 325,000 |
Total debt | 2,378,642 | 2,974,210 |
Carrying Value | 2014-SFR 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-backed securitization | 0 | 456,074 |
Carrying Value | 2014-SFR 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-backed securitization | 497,743 | 501,810 |
Carrying Value | 2014-SFR 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-backed securitization | 513,361 | 517,827 |
Carrying Value | 2015-SFR 1 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-backed securitization | 539,199 | 543,480 |
Carrying Value | 2015-SFR 2 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-backed securitization | 468,461 | 472,043 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-backed securitization | 2,054,519 | 2,544,423 |
Exchangeable senior notes, net | 143,297 | 142,808 |
Secured note payable | 49,383 | 50,053 |
Term loan facility | 200,000 | 325,000 |
Total debt | 2,447,199 | 3,062,284 |
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 | 0 | 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 | 506,835 | 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 | 523,653 | 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 | 546,630 | 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 | $ 477,401 | $ 483,901 |
Fair Value - Fair Value Hierarc
Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Liabilities: | ||||
Participating preferred shares/units derivative liability | $ 68,469 | $ 69,810 | $ 65,730 | $ 62,790 |
Recurring | ||||
Liabilities: | ||||
Participating preferred shares/units derivative liability | 68,469 | 69,810 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Liabilities: | ||||
Participating preferred shares/units derivative liability | 0 | 0 | ||
Recurring | Significant Other Observable Inputs (Level 2) | ||||
Liabilities: | ||||
Participating preferred shares/units derivative liability | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | ||||
Liabilities: | ||||
Participating preferred shares/units derivative liability | $ 68,469 | $ 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Preferred shares derivative liability, Beginning Balance | $ 69,810 | $ 62,790 | ||
Preferred share derivative liability, Conversion | 0 | 0 | ||
Preferred share derivative liability, Gain and remeasurement included in earnings | $ (8,391) | $ 2,490 | (1,341) | 2,940 |
Preferred shares derivative liability, Ending Balance | $ 68,469 | 65,730 | $ 68,469 | 65,730 |
Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Continently Convertible Liability, Calculation [Roll Forward] | ||||
Contingently convertible Series E units liability, Beginning Balance | 69,957 | |||
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 | $ 0 |
Subsequent Events - Subsequent
Subsequent Events - Subsequent Acquisitions (Details) - Subsequent Event $ in Millions | 1 Months Ended |
Oct. 31, 2017USD ($)property | |
Subsequent Event [Line Items] | |
Number of properties acquired | 471 |
Purchase price to acquire real estate | $ | $ 106.1 |
Number of internally developed properties developed | 4 |
Subsequent Events - Share Issua
Subsequent Events - Share Issuances (Details) | Oct. 03, 2017shares | Sep. 30, 2017shares | Sep. 30, 2016 | Sep. 30, 2017shares | Dec. 31, 2016shares |
Subsequent Event [Line Items] | |||||
Preferred shares, shares outstanding (in shares) | 47,810,000 | 47,810,000 | 37,010,000 | ||
5.0% Series A Participating Preferred Shares | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||
5.0% Series B Participating Preferred Shares | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, dividend rate, percentage | 5.00% | 5.00% | 5.00% | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Issuance of perpetual preferred shares, net of offering costs (in shares) | 12,398,276 | ||||
Class A conversion ratio | 1.3106 | ||||
Subsequent Event | 5.0% Series A Participating Preferred Shares | |||||
Subsequent Event [Line Items] | |||||
Preferred shares, shares outstanding (in shares) | 5,060,000 | ||||
Preferred stock, dividend rate, percentage | 5.00% | ||||
Subsequent Event | 5.0% Series B Participating Preferred Shares | |||||
Subsequent Event [Line Items] | |||||
Preferred shares, shares outstanding (in shares) | 4,400,000 | ||||
Preferred stock, dividend rate, percentage | 5.00% |
Subsequent Events - Declaration
Subsequent Events - Declaration of Dividends (Details) - $ / shares | Nov. 02, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | ||||||
Quarterly dividend (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 | ||
Class A common shares/units | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly dividend (in dollars per share) | 0.05 | 0.05 | ||||
Class B common shares | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly dividend (in dollars per share) | 0.05 | 0.05 | ||||
5.5% Series C Participating Preferred Shares | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.34 | $ 0.34 | ||||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% | 5.50% | |||
Series D Perpetual Preferred Shares/Units | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.41 | $ 0.41 | ||||
Preferred stock, dividend rate, percentage | 6.50% | |||||
Series E Perpetual Preferred Shares | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.40 | $ 0.41 | ||||
Preferred stock, dividend rate, percentage | 6.35% | |||||
Series F Perpetual Preferred Shares | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.37 | |||||
Preferred stock, dividend rate, percentage | 5.875% | |||||
Series G, Preferred Perpetual Shares | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.30 | |||||
Preferred stock, dividend rate, percentage | 5.875% | |||||
Subsequent Event | Class A common shares/units | Dividend Declared | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly dividend (in dollars per share) | $ 0.05 | |||||
Subsequent Event | 5.5% Series C Participating Preferred Shares | Dividend Declared | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.34375 | |||||
Preferred stock, dividend rate, percentage | 5.50% | |||||
Subsequent Event | Series D Perpetual Preferred Shares/Units | Dividend Declared | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars 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 dollars per share) | $ 0.39688 | |||||
Preferred stock, dividend rate, percentage | 6.35% | |||||
Subsequent Event | Series F Perpetual Preferred Shares | Dividend Declared | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.36719 | |||||
Preferred stock, dividend rate, percentage | 5.875% | |||||
Subsequent Event | Series G, Preferred Perpetual Shares | Dividend Declared | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly preferred dividend (in dollars per share) | $ 0.36719 | |||||
Preferred stock, dividend rate, percentage | 5.875% |