Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
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, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A common shares/units | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 295,896,219 | |
Class B common shares | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 635,075 | |
American Homes 4 Rent, L.P. | ||
Document Information | ||
Entity Registrant Name | American Homes 4 Rent, L.P. | |
Entity Central Index Key | 1,716,558 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Statues | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Single-family properties: | ||
Land | $ 1,689,207 | $ 1,665,631 |
Buildings and improvements | 7,385,387 | 7,303,270 |
Single-family properties held for sale, net | 299,551 | 35,803 |
Single-family properties, gross | 9,374,145 | 9,004,704 |
Less: accumulated depreciation | (1,115,588) | (939,724) |
Single-family properties, net | 8,258,557 | 8,064,980 |
Cash and cash equivalents | 110,138 | 46,156 |
Restricted cash | 156,026 | 136,667 |
Rent and other receivables, net | 36,078 | 30,144 |
Escrow deposits, prepaid expenses and other assets | 251,245 | 171,851 |
Deferred costs and other intangibles, net | 13,437 | 13,025 |
Asset-backed securitization certificates | 25,666 | 25,666 |
Goodwill | 120,279 | 120,279 |
Total assets | 8,971,426 | 8,608,768 |
Liabilities | ||
Asset-backed securitizations, net | 1,965,417 | 1,977,308 |
Unsecured senior notes, net | 492,603 | 0 |
Exchangeable senior notes, net | 114,507 | 111,697 |
Secured note payable | 0 | 48,859 |
Accounts payable and accrued expenses | 305,935 | 222,867 |
Amounts payable to affiliates | 4,784 | 4,720 |
Participating preferred shares/units derivative liability | 0 | 29,470 |
Total liabilities | 2,982,422 | 2,732,944 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 35,350,000 and 38,350,000 shares issued and outstanding at September 30, 2018, and December 31, 2017, respectively | 354 | 384 |
Additional paid-in capital | 5,750,309 | 5,600,256 |
Accumulated deficit | (493,995) | (453,953) |
Accumulated other comprehensive income | 9,026 | 75 |
Total shareholders’ equity | 5,268,659 | 5,149,629 |
Limited partners: | ||
Accumulated other comprehensive income | 9,026 | 75 |
Noncontrolling interest | 720,345 | 726,195 |
Total equity | 5,989,004 | 5,875,824 |
Total liabilities and equity/capital | 8,971,426 | 8,608,768 |
American Homes 4 Rent, L.P. | ||
Single-family properties: | ||
Land | 1,689,207 | 1,665,631 |
Buildings and improvements | 7,385,387 | 7,303,270 |
Single-family properties held for sale, net | 299,551 | 35,803 |
Single-family properties, gross | 9,374,145 | 9,004,704 |
Less: accumulated depreciation | (1,115,588) | (939,724) |
Single-family properties, net | 8,258,557 | 8,064,980 |
Cash and cash equivalents | 110,138 | 46,156 |
Restricted cash | 156,026 | 136,667 |
Rent and other receivables, net | 36,078 | 30,144 |
Escrow deposits, prepaid expenses and other assets | 248,614 | 171,851 |
Amounts due from affiliates | 28,297 | 25,666 |
Deferred costs and other intangibles, net | 13,437 | 13,025 |
Goodwill | 120,279 | 120,279 |
Total assets | 8,971,426 | 8,608,768 |
Liabilities | ||
Asset-backed securitizations, net | 1,965,417 | 1,977,308 |
Unsecured senior notes, net | 492,603 | 0 |
Exchangeable senior notes, net | 114,507 | 111,697 |
Secured note payable | 0 | 48,859 |
Accounts payable and accrued expenses | 305,935 | 222,867 |
Amounts payable to affiliates | 4,784 | 4,720 |
Participating preferred shares/units derivative liability | 0 | 29,470 |
Total liabilities | 2,982,422 | 2,732,944 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Accumulated other comprehensive income | 9,026 | 75 |
Limited partners: | ||
Limited partners, capital account | 720,345 | 727,544 |
Accumulated other comprehensive income | 9,026 | 75 |
Total partners' capital | 5,989,004 | 5,877,173 |
Noncontrolling interest | 0 | (1,349) |
Total capital | 5,989,004 | 5,875,824 |
Total liabilities and equity/capital | 8,971,426 | 8,608,768 |
American Homes 4 Rent, L.P. | Common Units | ||
General partner: | ||
General partner, capital account | 4,405,198 | 4,248,236 |
Limited partners: | ||
Limited partners, capital account | 720,345 | 727,544 |
American Homes 4 Rent, L.P. | Preferred Shares/Units | ||
General partner: | ||
General partner, capital account | 854,435 | 901,318 |
Class A common shares/units | ||
Shareholders’ equity: | ||
Common stock, value, issued | 2,959 | 2,861 |
Class B common shares | ||
Shareholders’ equity: | ||
Common stock, value, issued | 6 | 6 |
Term loan facility, net | ||
Liabilities | ||
Credit facility | 99,176 | 198,023 |
Term loan facility, net | American Homes 4 Rent, L.P. | ||
Liabilities | ||
Credit facility | 99,176 | 198,023 |
Revolving Credit Facility | ||
Liabilities | ||
Credit facility | 0 | 140,000 |
Revolving Credit Facility | American Homes 4 Rent, L.P. | ||
Liabilities | ||
Credit facility | $ 0 | $ 140,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
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) | 35,350,000 | 38,350,000 |
Preferred shares, shares outstanding (in shares) | 35,350,000 | 38,350,000 |
American Homes 4 Rent, L.P. | General Partner | ||
Common units, shares/units issued (in shares) | 296,531,294 | 286,749,712 |
Common units, shares/units outstanding (in shares) | 296,531,294 | 286,749,712 |
Preferred units, shares/units issued (in shares) | 35,350,000 | 38,350,000 |
Preferred units, shares/units outstanding (in shares) | 35,350,000 | 38,350,000 |
American Homes 4 Rent, L.P. | Limited Partners | ||
Common units, shares/units issued (in shares) | 55,350,153 | 55,350,153 |
Common units, shares/units outstanding (in shares) | 55,350,153 | 55,350,153 |
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) | 295,896,219 | 286,114,637 |
Common stock, shares outstanding (in shares) | 295,896,219 | 286,114,637 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Total revenues | $ 280,052 | $ 246,836 | $ 802,539 | $ 717,598 |
Expenses: | ||||
General and administrative expense | 9,265 | 8,525 | 28,173 | 26,746 |
Interest expense | 30,930 | 26,592 | 92,209 | 86,873 |
Acquisition fees and costs expensed | 1,055 | 1,306 | 3,687 | 3,814 |
Depreciation and amortization | 79,940 | 74,790 | 237,562 | 221,459 |
Hurricane-related charges, net | 0 | 10,136 | 0 | 10,136 |
Other | 1,069 | 1,285 | 3,520 | 4,202 |
Total expenses | 254,724 | 238,025 | 735,049 | 672,800 |
Gain on sale of single-family properties and other, net | 4,953 | 1,895 | 10,449 | 6,375 |
Loss on early extinguishment of debt | 0 | 0 | (1,447) | (6,555) |
Remeasurement of participating preferred units | 0 | 8,391 | 1,212 | 1,341 |
Net income | 30,281 | 19,097 | 77,704 | 45,959 |
Noncontrolling interest | 2,881 | 309 | 845 | (22) |
Dividends on preferred shares/Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred shares/units | 0 | 0 | 32,215 | 0 |
Net income (loss) attributable to common shareholders/unitholders | $ 15,177 | $ 1,535 | $ 5,840 | $ (141) |
Weighted-average shares/common units outstanding: | ||||
Basic (in shares) | 296,214,509 | 266,767,313 | 292,656,914 | 256,768,343 |
Diluted (in shares) | 296,967,649 | 289,153,060 | 293,319,245 | 256,768,343 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.01 | $ 0.02 | $ 0 |
Diluted (in dollars per share) | 0.05 | 0 | 0.02 | 0 |
Dividends declared per common share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
American Homes 4 Rent, L.P. | ||||
Revenues: | ||||
Total revenues | $ 280,052 | $ 246,836 | $ 802,539 | $ 717,598 |
Expenses: | ||||
General and administrative expense | 9,265 | 8,525 | 28,173 | 26,746 |
Interest expense | 30,930 | 26,592 | 92,209 | 86,873 |
Acquisition fees and costs expensed | 1,055 | 1,306 | 3,687 | 3,814 |
Depreciation and amortization | 79,940 | 74,790 | 237,562 | 221,459 |
Hurricane-related charges, net | 0 | 10,136 | 0 | 10,136 |
Other | 1,069 | 1,285 | 3,520 | 4,202 |
Total expenses | 254,724 | 238,025 | 735,049 | 672,800 |
Gain on sale of single-family properties and other, net | 4,953 | 1,895 | 10,449 | 6,375 |
Loss on early extinguishment of debt | 0 | 0 | (1,447) | (6,555) |
Remeasurement of participating preferred units | 0 | 8,391 | 1,212 | 1,341 |
Net income | 30,281 | 19,097 | 77,704 | 45,959 |
Noncontrolling interest | 0 | (31) | (259) | 8 |
Dividends on preferred shares/Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred shares/units | 0 | 0 | 32,215 | 0 |
Net income (loss) attributable to common shareholders/unitholders | $ 18,058 | $ 1,875 | $ 6,944 | $ (171) |
Weighted-average shares/common units outstanding: | ||||
Basic (in shares) | 351,564,662 | 322,303,138 | 348,007,067 | 312,315,728 |
Diluted (in shares) | 352,317,802 | 344,688,885 | 348,669,398 | 312,315,728 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.01 | $ 0.02 | $ 0 |
Diluted (in dollars per share) | $ 0.05 | $ 0 | $ 0.02 | $ 0 |
Rents from single-family properties | ||||
Revenues: | ||||
Total revenues | $ 231,324 | $ 207,490 | $ 676,558 | $ 613,245 |
Rents from single-family properties | American Homes 4 Rent, L.P. | ||||
Revenues: | ||||
Total revenues | 231,324 | 207,490 | 676,558 | 613,245 |
Fees from single-family properties | ||||
Revenues: | ||||
Total revenues | 2,711 | 2,843 | 8,298 | 8,137 |
Fees from single-family properties | American Homes 4 Rent, L.P. | ||||
Revenues: | ||||
Total revenues | 2,711 | 2,843 | 8,298 | 8,137 |
Tenant charge-backs | ||||
Revenues: | ||||
Total revenues | 44,152 | 36,094 | 112,876 | 91,849 |
Tenant charge-backs | American Homes 4 Rent, L.P. | ||||
Revenues: | ||||
Total revenues | 44,152 | 36,094 | 112,876 | 91,849 |
Other | ||||
Revenues: | ||||
Total revenues | 1,865 | 409 | 4,807 | 4,367 |
Other | American Homes 4 Rent, L.P. | ||||
Revenues: | ||||
Total revenues | 1,865 | 409 | 4,807 | 4,367 |
Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 113,600 | 97,944 | 313,430 | 267,203 |
Property operating expenses | American Homes 4 Rent, L.P. | ||||
Expenses: | ||||
Cost of goods and services sold | 113,600 | 97,944 | 313,430 | 267,203 |
Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 18,865 | 17,447 | 56,468 | 52,367 |
Property management expenses | American Homes 4 Rent, L.P. | ||||
Expenses: | ||||
Cost of goods and services sold | $ 18,865 | $ 17,447 | $ 56,468 | $ 52,367 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 30,281 | $ 19,097 | $ 77,704 | $ 45,959 |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 0 | 0 | 9,553 | 0 |
Reclassification adjustment for amortization of interest expense included in net income | (241) | 0 | (602) | (28) |
Gain on investment in equity securities: | ||||
Reclassification adjustment for realized gain included in net income | 0 | 0 | 0 | (67) |
Other comprehensive (loss) income | (241) | 0 | 8,951 | (95) |
Comprehensive income | 30,040 | 19,097 | 86,655 | 45,864 |
Comprehensive income (loss) attributable to noncontrolling interests | 2,835 | 309 | 2,269 | (5) |
Dividends on preferred shares/Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred shares/units | 0 | 0 | 32,215 | 0 |
Comprehensive income (loss) attributable to common shareholders/unitholders | 14,982 | 1,535 | 13,367 | (253) |
American Homes 4 Rent, L.P. | ||||
Net income | 30,281 | 19,097 | 77,704 | 45,959 |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 0 | 0 | 9,553 | 0 |
Reclassification adjustment for amortization of interest expense included in net income | (241) | 0 | (602) | (28) |
Gain on investment in equity securities: | ||||
Reclassification adjustment for realized gain included in net income | 0 | 0 | 0 | (67) |
Other comprehensive (loss) income | (241) | 0 | 8,951 | (95) |
Comprehensive income | 30,040 | 19,097 | 86,655 | 45,864 |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | (31) | (259) | 8 |
Dividends on preferred shares/Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred shares/units | 0 | 0 | 32,215 | 0 |
Comprehensive income (loss) attributable to common shareholders/unitholders | $ 17,817 | $ 1,875 | $ 15,895 | $ (266) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2018 - 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 balances at Dec. 31, 2017 | $ 5,875,824 | $ 5,149,629 | $ 2,861 | $ 6 | $ 384 | $ 5,600,256 | $ (453,953) | $ 75 | $ 726,195 |
Beginning balance (in shares) at Dec. 31, 2017 | 286,114,637 | 635,075 | 38,350,000 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Share-based compensation | 2,750 | 2,750 | 2,750 | ||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 10,889 | 10,889 | $ 7 | 10,882 | |||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 736,918 | ||||||||
Issuance of perpetual preferred shares, net of offering costs of $4,022 | 110,978 | 110,978 | $ 46 | 110,932 | |||||
Issuance of perpetual preferred shares, net of offering costs of $4,022 (in shares) | 4,600,000 | ||||||||
Redemption of Series C participating preferred shares into Class A common shares | 28,258 | 28,258 | $ 109 | $ (76) | 60,440 | (32,215) | |||
Redemptions of Series C participating preferred shares into Class A common shares (in shares) | 10,848,827 | (7,600,000) | |||||||
Repurchase of Class A common shares | (34,969) | (34,969) | $ (18) | (34,951) | |||||
Repurchases of Class A common shares (in shares) | (1,804,163) | ||||||||
Liquidation of consolidated joint venture | (241) | (1,849) | (1,849) | 1,608 | |||||
Distributions to equity holders: | |||||||||
Preferred shares | (38,804) | (38,804) | (38,804) | ||||||
Noncontrolling interests | (8,303) | (8,303) | |||||||
Common shares | (44,033) | (44,033) | (44,033) | ||||||
Net income | 77,704 | 76,859 | 76,859 | 845 | |||||
Total other comprehensive income | 8,951 | 8,951 | 8,951 | ||||||
Ending balances at Sep. 30, 2018 | $ 5,989,004 | $ 5,268,659 | $ 2,959 | $ 6 | $ 354 | $ 5,750,309 | $ (493,995) | $ 9,026 | $ 720,345 |
Ending balance (in shares) at Sep. 30, 2018 | 295,896,219 | 635,075 | 35,350,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Preferred shares | |
Stock issuance costs | $ 4,022 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Capital - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Increase (Decrease) in Capital [Roll Forward] | ||
Redemption of Series C participating preferred units into Class A units | $ 28,258 | |
Liquidation of consolidated joint venture | (241) | |
Distributions to equity holders: | ||
Noncontrolling interests | (8,303) | |
Net income | $ 30,281 | 77,704 |
Total other comprehensive income | (241) | 8,951 |
American Homes 4 Rent, L.P. | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | 5,875,824 | |
Share-based compensation | 2,750 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 10,889 | |
Issuance of perpetual preferred units, net of offering costs of $4,022 | 110,978 | |
Redemption of Series C participating preferred units into Class A units | 28,258 | |
Repurchase of Class A units | (34,969) | |
Liquidation of consolidated joint venture | (241) | |
Distributions to equity holders: | ||
Preferred units | (38,804) | |
Noncontrolling interests | 0 | |
Common units | (52,336) | |
Net income | 30,281 | 77,704 |
Total other comprehensive income | (241) | 8,951 |
Total capital, ending balance | 5,989,004 | 5,989,004 |
American Homes 4 Rent, L.P. | Total partners' capital | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | 5,877,173 | |
Share-based compensation | 2,750 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 10,889 | |
Issuance of perpetual preferred units, net of offering costs of $4,022 | 110,978 | |
Redemption of Series C participating preferred units into Class A units | 28,258 | |
Repurchase of Class A units | (34,969) | |
Liquidation of consolidated joint venture | (1,849) | |
Distributions to equity holders: | ||
Preferred units | (38,804) | |
Noncontrolling interests | 0 | |
Common units | (52,336) | |
Net income | 77,963 | |
Total other comprehensive income | 8,951 | |
Total capital, ending balance | 5,989,004 | 5,989,004 |
American Homes 4 Rent, L.P. | Accumulated other comprehensive income | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | 75 | |
Distributions to equity holders: | ||
Total other comprehensive income | 8,951 | |
Total capital, ending balance | 9,026 | 9,026 |
American Homes 4 Rent, L.P. | Noncontrolling interest | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | (1,349) | |
Liquidation of consolidated joint venture | 1,608 | |
Distributions to equity holders: | ||
Net income | (259) | |
Total capital, ending balance | 0 | 0 |
American Homes 4 Rent, L.P. | General Partner | Common Units | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | $ 4,248,236 | |
Beginning balance (in shares) | 286,749,712 | |
Share-based compensation | $ 2,750 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes | $ 10,889 | |
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares) | 736,918 | |
Redemption of Series C participating preferred units into Class A units | $ 186,119 | |
Redemption of Series C participating preferred units into Class A units (in shares) | 10,848,827 | |
Repurchase of Class A units | $ (34,969) | |
Repurchase of Class A units (in shares) | (1,804,163) | |
Liquidation of consolidated joint venture | $ (1,849) | |
Distributions to equity holders: | ||
Common units | (44,033) | |
Net income | 38,055 | |
Total capital, ending balance | $ 4,405,198 | $ 4,405,198 |
Ending balance (in shares) | 296,531,294 | 296,531,294 |
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | $ 901,318 | |
Issuance of perpetual preferred units, net of offering costs of $4,022 | 110,978 | |
Redemption of Series C participating preferred units into Class A units | (157,861) | |
Distributions to equity holders: | ||
Preferred units | (38,804) | |
Net income | 38,804 | |
Total capital, ending balance | $ 854,435 | 854,435 |
American Homes 4 Rent, L.P. | Limited Partners | Common Units | ||
Increase (Decrease) in Capital [Roll Forward] | ||
Total capital, beginning balance | $ 727,544 | |
Beginning balance (in shares) | 55,350,153 | |
Distributions to equity holders: | ||
Common units | $ (8,303) | |
Net income | 1,104 | |
Total capital, ending balance | $ 720,345 | $ 720,345 |
Ending balance (in shares) | 55,350,153 | 55,350,153 |
Condensed Consolidated Statem_6
Condensed Consolidated Statement of Capital (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Preferred Shares/Units | |
Stock issuance costs | $ 4,022 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net income | $ 77,704 | $ 45,959 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 237,562 | 221,459 |
Noncash amortization of deferred financing costs | 5,838 | 6,285 |
Noncash amortization of discounts on debt instruments | 2,984 | 2,624 |
Noncash amortization of cash flow hedging instrument | (602) | 0 |
Noncash share-based compensation | 2,750 | 3,175 |
Provision for bad debt | 6,365 | 5,142 |
Hurricane-related charges, net | 0 | 10,136 |
Loss on early extinguishment of debt | 1,447 | 6,555 |
Remeasurement of participating preferred shares | (1,212) | (1,341) |
Equity in net earnings of unconsolidated ventures | (423) | (1,367) |
Net gain on sale of single-family properties and other | (10,449) | (6,375) |
Loss on impairment of single-family properties | 2,796 | 3,786 |
Net gain on resolutions of mortgage loans | 0 | (17) |
Other changes in operating assets and liabilities: | ||
Rent and other receivables | (16,314) | (11,929) |
Prepaid expenses and other assets | (7,427) | (5,690) |
Deferred leasing costs | (9,556) | (5,361) |
Accounts payable and accrued expenses | 87,438 | 71,325 |
Amounts payable to affiliates | (2,438) | 5,009 |
Net cash provided by operating activities | 376,463 | 349,375 |
Investing activities | ||
Cash paid for single-family properties | (333,082) | (462,875) |
Change in escrow deposits for purchase of single-family properties | (2,194) | (2,710) |
Net proceeds received from sales of single-family properties and other | 47,757 | 68,618 |
Proceeds received from hurricane-related insurance claims | 4,000 | 0 |
Investment in unconsolidated joint venture | (3,800) | 0 |
Distributions from joint ventures | 36,251 | 5,981 |
Collections from mortgage financing receivables | 0 | 83 |
Initial renovations to single-family properties | (40,898) | (31,208) |
Recurring and other capital expenditures for single-family properties | (40,470) | (26,725) |
Other purchases of productive assets | (149,475) | (38,060) |
Net cash provided by (used for) investing activities | (481,911) | (486,896) |
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 0 | 694,765 |
Proceeds from issuance of perpetual preferred shares/units | 115,000 | 270,000 |
Repurchase of Class A common shares/units | (34,969) | 0 |
Share-based compensation proceeds, net | 8,871 | 988 |
Redemptions of Class A units | 0 | (169) |
Payments on asset-backed securitizations | (15,669) | (472,470) |
Payments on secured note payable | (49,427) | (721) |
Settlement of cash flow hedging instrument | 9,628 | 0 |
Distributions to noncontrolling interests | (8,303) | (8,333) |
Distributions to common shareholders/unitholders | (43,524) | (38,890) |
Distributions to preferred shareholders/unitholders | (41,178) | (46,122) |
Deferred financing costs paid | (5,100) | (3,974) |
Net cash provided by (used for) financing activities | 188,789 | 250,401 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 83,341 | 112,880 |
Cash, cash equivalents and restricted cash, beginning of period | 182,823 | 250,241 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 266,164 | 363,121 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (80,942) | (77,964) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | (107) | 7,151 |
Transfer of term loan borrowings to revolving credit facility | 0 | 50,000 |
Transfer of deferred financing costs from term loan to revolving credit facility | 0 | 1,524 |
Transfers of completed homebuilding deliveries to properties | 64,867 | 3,010 |
Property and land contributions to an unconsolidated joint venture | (40,942) | 0 |
Note receivable related to a bulk sale of properties, net of discount | 0 | 5,635 |
Redemption of participating preferred shares/units | (28,258) | 0 |
Accrued distributions to affiliates | (129) | 0 |
Accrued distributions to non-affiliates | (1,773) | 0 |
American Homes 4 Rent, L.P. | ||
Operating activities | ||
Net income | 77,704 | 45,959 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 237,562 | 221,459 |
Noncash amortization of deferred financing costs | 5,838 | 6,285 |
Noncash amortization of discounts on debt instruments | 2,984 | 2,624 |
Noncash amortization of cash flow hedging instrument | (602) | 0 |
Noncash share-based compensation | 2,750 | 3,175 |
Provision for bad debt | 6,365 | 5,142 |
Hurricane-related charges, net | 0 | 10,136 |
Loss on early extinguishment of debt | 1,447 | 6,555 |
Remeasurement of participating preferred shares | (1,212) | (1,341) |
Equity in net earnings of unconsolidated ventures | (423) | (1,367) |
Net gain on sale of single-family properties and other | (10,449) | (6,375) |
Loss on impairment of single-family properties | 2,796 | 3,786 |
Net gain on resolutions of mortgage loans | 0 | (17) |
Other changes in operating assets and liabilities: | ||
Rent and other receivables | (16,314) | (11,929) |
Prepaid expenses and other assets | (7,427) | (5,690) |
Deferred leasing costs | (9,556) | (5,361) |
Accounts payable and accrued expenses | 87,438 | 71,325 |
Amounts payable to affiliates | (2,438) | 5,009 |
Net cash provided by operating activities | 376,463 | 349,375 |
Investing activities | ||
Cash paid for single-family properties | (333,082) | (462,875) |
Change in escrow deposits for purchase of single-family properties | (2,194) | (2,710) |
Net proceeds received from sales of single-family properties and other | 47,757 | 68,618 |
Proceeds received from hurricane-related insurance claims | 4,000 | 0 |
Investment in unconsolidated joint venture | (3,800) | 0 |
Distributions from joint ventures | 36,251 | 5,981 |
Collections from mortgage financing receivables | 0 | 83 |
Initial renovations to single-family properties | (40,898) | (31,208) |
Recurring and other capital expenditures for single-family properties | (40,470) | (26,725) |
Other purchases of productive assets | (149,475) | (38,060) |
Net cash provided by (used for) investing activities | (481,911) | (486,896) |
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 0 | 694,765 |
Proceeds from issuance of perpetual preferred shares/units | 115,000 | 270,000 |
Repurchase of Class A common shares/units | (34,969) | 0 |
Share-based compensation proceeds, net | 8,871 | 988 |
Redemptions of Class A units | 0 | (169) |
Payments on asset-backed securitizations | (15,669) | (472,470) |
Payments on secured note payable | (49,427) | (721) |
Settlement of cash flow hedging instrument | 9,628 | 0 |
Distributions to common shareholders/unitholders | (51,827) | (47,223) |
Distributions to preferred shareholders/unitholders | (41,178) | (46,122) |
Deferred financing costs paid | (5,100) | (3,974) |
Net cash provided by (used for) financing activities | 188,789 | 250,401 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 83,341 | 112,880 |
Cash, cash equivalents and restricted cash, beginning of period | 182,823 | 250,241 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 266,164 | 363,121 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (80,942) | (77,964) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | (107) | 7,151 |
Transfer of term loan borrowings to revolving credit facility | 0 | 50,000 |
Transfer of deferred financing costs from term loan to revolving credit facility | 0 | 1,524 |
Transfers of completed homebuilding deliveries to properties | 64,867 | 3,010 |
Property and land contributions to an unconsolidated joint venture | (40,942) | 0 |
Note receivable related to a bulk sale of properties, net of discount | 0 | 5,635 |
Redemption of participating preferred shares/units | (28,258) | 0 |
Accrued distributions to affiliates | (129) | 0 |
Accrued distributions to non-affiliates | (1,773) | 0 |
Term Loan facility | ||
Financing activities | ||
Proceeds from debt | 0 | 25,000 |
Payments on credit facility | (100,000) | (100,000) |
Term Loan facility | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Proceeds from debt | 0 | 25,000 |
Payments on credit facility | (100,000) | (100,000) |
Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from unsecured senior notes, net of discount | 497,210 | 0 |
Unsecured Senior Notes | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Proceeds from unsecured senior notes, net of discount | 497,210 | 0 |
Revolving Credit Facility | ||
Financing activities | ||
Proceeds from debt | 155,000 | 62,000 |
Payments on credit facility | (295,000) | (112,000) |
Revolving Credit Facility | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Proceeds from debt | 155,000 | 62,000 |
Payments on credit facility | (295,000) | (112,000) |
Class A common shares/units | ||
Financing activities | ||
Stock issuance costs | 0 | (10,444) |
Class A common shares/units | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 694,765 | |
Stock issuance costs | 0 | (10,444) |
Repurchase of Class A common shares/units | (34,969) | |
Redemptions of Class A units | (169) | |
Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | (3,750) | (9,229) |
Preferred Shares/Units | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Stock issuance costs | (3,750) | (9,229) |
Proceeds from issuance of perpetual preferred shares/units | $ 115,000 | $ 270,000 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2018 | |
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 formed on October 22, 2012, 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, 2018 , the Company held 52,464 single-family properties in 22 states, including 2,266 properties identified as part of the Company's disposition program, comprised of 1,865 properties classified as held for sale and 401 properties identified for future sale. AH4R is the general partner of, and as of September 30, 2018 , owned an approximate 84.3% common partnership interest in, the Operating Partnership with the remaining 15.7% 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 OP units. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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. The condensed consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. The ownership interest in a consolidated subsidiary of the Company held by outside parties, which was liquidated during the second quarter of 2018, is 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, 2017 . 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, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . 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 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 is 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. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not 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 February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which sets forth principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees). Lessor accounting will remain similar to lessor accounting under previous guidance, while aligning with the FASB's new revenue recognition guidance for non-lease components. The new guidance will require lessees to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. 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. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) Targeted Improvements , which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component if the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component and, if accounted for separately, the lease component would be classified as an operating lease. As issued, ASU No. 2016-02 required modified retrospective application for all leases existing as of, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. ASU No. 2018-11 simplifies the transition requirements by providing companies an option to initially apply the new lease requirements as of the date of adoption and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will not need to restate comparative periods if it elects the simplified transition requirements provided by ASU No. 2018-11. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company does not anticipate significant changes in the accounting for our residential operating leases for which we are the lessor, as our leases generally do not have terms of more than one year. We anticipate the adoption of this guidance will require us to recognize additional property management expenses for costs that were previously capitalizable as deferred leasing costs. As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements for which we are the lessee. We anticipate that the adoption of this guidance will require us to recognize a right-of-use asset and corresponding lease liability for these office leases. The Company is currently assessing the impact of the adoption of this guidance on our policies, internal controls and 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 is effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material impact 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. Based on our assessment, the Company’s current accounting policies for these non-lease components are aligned with the revenue recognition principles prescribed by the new guidance. Therefore, the new standard did not ultimately change the amount or timing of our revenue recognition. 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 customers versus noncustomers, with the exception of the presentation of comprehensive income (revenue and expense when sales to customers or gains and losses when sales to noncustomers). The Company adopted the new revenue recognition guidance using the modified retrospective approach, effective January 1, 2018. We evaluated the revenue recognition for our contracts under existing accounting standards and under the new revenue recognition ASU and determined that there were no differences in the amounts or timing of recognition. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. In February 2018, the FASB issued ASU No. 2018-03, Recognition and Measurement of Financial Assets and Financial Liabilities , which retained the current framework for accounting for financial instruments in GAAP but made targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. The Company adopted this guidance effective July 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Companies will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. Companies will also be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2018 | |
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, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. 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 (in thousands): September 30, December 31, 2018 2017 2017 2016 Balance Sheet: Cash and cash equivalents $ 110,138 $ 243,547 $ 46,156 $ 118,799 Restricted cash 156,026 119,574 136,667 131,442 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 266,164 $ 363,121 $ 182,823 $ 250,241 |
Single-Family Properties
Single-Family Properties | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Single-Family Properties | Single-Family Properties Single-family properties, net, consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands, except property data): September 30, 2018 Number of Net book Leased single-family properties 47,776 $ 7,458,840 Single-family properties being renovated 345 90,485 Single-family properties being prepared for re-lease 430 66,730 Vacant single-family properties available for lease 1,647 284,279 Single-family properties held for sale, net 1,865 299,551 Single-family properties identified for future sale 401 58,672 Total 52,464 $ 8,258,557 December 31, 2017 Number of Net book Leased single-family properties 46,996 $ 7,284,708 Single-family properties being renovated 980 225,194 Single-family properties being prepared for re-lease 372 47,994 Vacant single-family properties available for lease 2,581 471,281 Single-family properties held for sale, net 310 35,803 Total 51,239 $ 8,064,980 Single-family properties, net as of September 30, 2018 , and December 31, 2017 , included $4.0 million and $44.2 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 $75.2 million and $71.2 million for the three months ended September 30, 2018 and 2017 , respectively, and $224.7 million and $208.9 million for the nine months ended September 30, 2018 and 2017 , respectively. During the three months ended September 30, 2018 , the Company sold 95 homes, which generated total net proceeds of $17.4 million and resulted in a net gain on sale of $3.4 million , and sold land which generated total net proceeds of $0.3 million and resulted in a net gain on sale of $0.1 million . During the nine months ended September 30, 2018 , the Company sold 311 homes, which generated total net proceeds of $47.0 million and resulted in a net gain on sale of $8.8 million , and sold land which generated total net proceeds of $0.8 million and resulted in a net gain on sale of $0.2 million . 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. |
Rent and Other Receivables, Net
Rent and Other Receivables, Net | 9 Months Ended |
Sep. 30, 2018 | |
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 $8.7 million and $10.4 million as of September 30, 2018 , and December 31, 2017 , respectively. Also included in rent and other receivables, net, is $5.4 million of hurricane-related insurance claims receivable and $0.8 million of non-tenant receivables as of September 30, 2018 , compared to $8.9 million of hurricane-related insurance claims receivable and $1.2 million of non-tenant receivables as of December 31, 2017 . |
Escrow Deposits, Prepaid Expens
Escrow Deposits, Prepaid Expenses and Other Assets | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Escrow Deposits, Prepaid Expenses and Other Assets | Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes escrow deposits, prepaid expenses and other assets as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Escrow deposits, prepaid expenses and other $ 40,934 $ 33,964 Investments in joint ventures 52,747 42,341 Commercial real estate, vehicles and FF&E, net 44,187 43,608 Land held for development 73,752 39,079 Homebuilding construction in progress 39,625 12,859 Total $ 251,245 $ 171,851 In August 2018, the Operating Partnership entered into a $156.3 million joint venture with a leading institutional investor for the purpose of developing, leasing and operating newly constructed single-family rental homes located in select submarkets in the Southeast. The initial term of the joint venture is five years, during which the Company is entitled to a proportionate share of the joint venture’s cash flows based on our 20% ownership interest, along with an opportunity for a promoted interest, and also receives fees for services the Company provides to the joint venture. In evaluating the Company’s 20% ownership interest in the joint venture, we concluded that the joint venture is not a variable interest entity after applying the variable interest model and, therefore, we account for our interest in the joint venture as an investment in an unconsolidated subsidiary after applying the voting interest model using the equity method of accounting. During the third quarter of 2018, the Company contributed $40.9 million of single-family properties and land, as well as $3.8 million of cash, to the joint venture and received $32.8 million in distributions from the joint venture in respect of its contributions. As of September 30, 2018, the balance of the Company’s investment in the joint venture was $13.4 million , which is included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. |
Deferred Costs and Other Intang
Deferred Costs and Other Intangibles, Net | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Deferred leasing costs $ 11,069 $ 7,030 Deferred financing costs 11,244 11,244 Intangible assets: Value of in-place leases 17 179 Trademark — 3,100 Database 2,100 2,100 24,430 23,653 Less: accumulated amortization (10,993 ) (10,628 ) Total $ 13,437 $ 13,025 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.9 million and $2.1 million for the three months ended September 30, 2018 and 2017 , respectively, and $7.7 million and $7.2 million for the nine months ended September 30, 2018 and 2017 , 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 each of the three months ended September 30, 2018 and 2017 , and $1.5 million and $1.3 million for the nine months ended September 30, 2018 and 2017 , respectively, which has been included in gross interest, prior to interest capitalization (see Note 8 ). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2018 , for future periods (in thousands): Year Deferred Deferred Value of Database Total Remaining 2018 $ 2,253 $ 495 $ 3 $ 75 $ 2,826 2019 3,315 1,964 — 300 5,579 2020 — 1,969 — 132 2,101 2021 — 1,964 — — 1,964 2022 — 967 — — 967 Total $ 5,568 $ 7,359 $ 3 $ 507 $ 13,437 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , and December 31, 2017 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2018 December 31, 2017 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 492,478 $ 496,326 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 508,080 512,041 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 533,578 537,723 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 463,552 467,267 Total asset-backed securitizations 1,997,688 2,013,357 Unsecured senior notes (4) 4.08% February 15, 2028 500,000 — Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable (5) N/A N/A — 48,859 Revolving credit facility (6) 3.46% June 30, 2022 — 140,000 Term loan facility (7) 3.61% June 30, 2022 100,000 200,000 Total debt (8) 2,712,688 2,517,216 Unamortized discounts on unsecured and exchangeable senior notes (2,751 ) (895 ) Equity component of exchangeable senior notes (358 ) (2,408 ) Deferred financing costs, net (9) (37,876 ) (38,026 ) Total debt per balance sheet $ 2,671,703 $ 2,475,887 (1) Interest rates are as of September 30, 2018 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the unsecured senior notes is 4.25% , which was effectively hedged to yield an interest rate of 4.08% . (5) The secured note payable was paid off in full during the second quarter of 2018. (6) 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, 2018 , plus 1-month LIBOR. (7) The term loan component of our credit facility matures 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, 2018 , plus 1-month LIBOR. (8) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, secured note payable, revolving credit facility and term loan facility as of September 30, 2018 , and December 31, 2017 . (9) Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of deferred financing costs was $1.5 million and $1.4 million for the three months ended September 30, 2018 and 2017 , respectively, and $4.4 million and $5.0 million for the nine months ended September 30, 2018 and 2017 , respectively, which has been included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the second quarter of 2018, the Company paid off the outstanding principal on the secured note payable of approximately $48.4 million , which resulted in $0.5 million of charges that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the secured note payable also resulted in the release of the 572 homes pledged as collateral and $2.1 million of restricted cash for lender requirements. Also during the second quarter of 2018, the Company paid down $100.0 million on our term loan facility, which resulted in $0.9 million of charges 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. 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 , 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. Debt Maturities The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of September 30, 2018 (in thousands): Remaining 2018 $ 120,179 2019 20,714 2020 20,714 2021 20,714 2022 120,714 Thereafter 2,409,653 Total debt 2,712,688 Unamortized discounts and deferred financing costs (1) (40,985 ) Total debt per balance sheet $ 2,671,703 (1) Includes the unamortized discounts on the unsecured and exchangeable senior notes, the equity component of the exchangeable senior notes and deferred financing costs, net. Unsecured Senior Notes In February 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the "2028 Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2018. The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before estimated offering costs of $1.9 million . The net proceeds from this issuance were used for general corporate purposes, including, without limitation, acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities. The 2028 Notes are the Operating Partnership's unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the Indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2028 Notes have been initially guaranteed by American Residential Properties OP, L.P., (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Operating Partnership, but such guarantee will be automatically released at the time that the Guarantor Subsidiary no longer guarantees our credit facility. Including the effect of a cash flow hedging instrument settled in February 2018 (see Note 13), the 2028 Notes yield an effective interest rate of 4.08% . 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, 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. 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, 2018 , was 55.6688 of the Company's Class A common shares per $1,000 principal amount of the notes. The exchange rate is adjusted based on the Company's Class A common share price and distributions to common shareholders. In August 2018, the Operating Partnership provided notice to the holders of the exchangeable senior notes that we have elected the cash settlement option for the payoff of the exchangeable senior notes, which mature on November 15, 2018. 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 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, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Gross interest $ 32,344 $ 28,125 $ 97,422 $ 90,044 Capitalized interest (1,414 ) (1,533 ) (5,213 ) (3,171 ) Interest expense $ 30,930 $ 26,592 $ 92,209 $ 86,873 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Accounts payable $ 151 $ 1,726 Accrued property taxes 115,305 47,765 Other accrued liabilities 39,011 31,788 Accrued distribution payable 25,209 26,982 Accrued construction and maintenance liabilities 20,182 17,928 Resident security deposits 82,845 75,951 Prepaid rent 23,232 20,727 Total $ 305,935 $ 222,867 |
Shareholders' Equity _ Partners
Shareholders' Equity / Partners' Capital | 9 Months Ended |
Sep. 30, 2018 | |
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. 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"). 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. The Original At-the-Market Program was replaced in August 2017 with an at-the-market common share offering program with a $500.0 million capacity with the same terms (the "At-the-Market Program"). As of September 30, 2018 , no shares have been issued under the At-the-Market Program and $500.0 million remained available for future share issuances. Share Repurchase Program In February 2018, the Company's board of trustees re-authorized our existing share repurchase program, authorizing the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred 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, 2018 , the Company repurchased and retired 1.8 million of our Class A common shares on a settlement date basis, in accordance with the program, at a weighted-average price of $19.36 per share and a total price of $34.9 million . We did not repurchase and retire any of our shares during the nine months ended September 30, 2017 . As of September 30, 2018 , we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program. Preferred Shares As of September 30, 2018 , and December 31, 2017 , the Company had the following series of preferred shares outstanding (in thousands, except share data): September 30, 2018 December 31, 2017 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value (1) Series C participating preferred shares (2) N/A N/A N/A — $ — 7,600,000 $ 218,236 Series D perpetual preferred shares 5/24/2016 5/24/2021 6.500 % 10,750,000 268,750 10,750,000 268,750 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % 9,200,000 230,000 9,200,000 230,000 Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875 % 6,200,000 155,000 6,200,000 155,000 Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875 % 4,600,000 115,000 4,600,000 115,000 Series H perpetual preferred shares 9/19/2018 9/19/2023 6.250 % 4,600,000 115,000 — — Total preferred shares 35,350,000 $ 883,750 38,350,000 $ 986,986 (1) Liquidation value reflects initial liquidation value of $25.00 per share, which in the case of the Series C participating preferred shares is 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. (2) All of the outstanding Series C participating preferred shares were converted into 10,848,827 Class A common shares on April 5, 2018 , based on a conversion ratio of 1.4275 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary. Issuance of Perpetual Preferred Shares During the third quarter of 2018, the Company issued 4,600,000 6.25% Series H cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.0 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. Redemption of Series C Participating Preferred Shares On April 5, 2018 , the Company redeemed all 7,600,000 shares of the outstanding 5.5% Series C participating preferred shares through a conversion of those 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 10,848,827 Class A common shares issued from the conversion, based on a conversion ratio of 1.4275 Class A common shares issued per Series C participating preferred share. The Operating Partnership also redeemed its corresponding Series C participating preferred units through a conversion into Class A units on April 5, 2018 . The conversion ratio was calculated by dividing (1) the initial liquidation preference on the Series C 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 (adjusted for a maximum 9.0% internal rate of return), plus unaccrued dividends by (2) the one-day volume weighted-average price (“VWAP”) of the Company’s Class A common shares on March 29, 2018, the date the Company delivered the required notice of redemption. As a result of the redemption, the Company recorded a $32.2 million allocation of income to the Series C participating preferred shareholders in the second quarter of 2018, which represents the initial liquidation value of the Series C participating preferred shares in excess of the original equity carrying value of the Series C participating preferred shares as of the redemption date. The original equity carrying value of the Series C participating preferred shares was net of the initial bifurcated home price appreciation derivative liability and offering costs . Distributions During the quarter ended September 30, 2018 , the Company's board of trustees declared distributions that totaled $0.05 per share on the Company's Class A and Class B common shares, $0.41 on the Company's 6.5% Series D perpetual preferred shares, $0.40 on the Company's 6.35% Series E perpetual preferred shares, $0.37 on the Company's 5.875% Series F perpetual preferred shares and $0.37 on the Company's 5.875% Series G perpetual preferred shares. The initial distribution for the Company's 6.25% Series H perpetual preferred shares was declared on November 1, 2018, and relates to the initial distribution period that commenced on and includes the original issuance date of September 19, 2018, through December 31, 2018. During the quarter ended September 30, 2017 , the Company's board of trustees declared distributions that totaled $0.05 per share on the Company's Class A and Class B common shares, $0.31 on the Company's 5.0% Series A participating preferred shares, $0.31 on the Company's 5.0% Series B participating preferred shares, $0.34 on the Company's 5.5% Series C participating preferred shares, $0.41 on the Company's 6.5% Series D perpetual preferred shares, $0.40 on the Company's 6.35% Series E perpetual preferred shares and $0.37 on the Company's 5.875% Series F perpetual preferred shares. Distributions declared on the Company's 5.875% Series G perpetual preferred shares were for a pro-rated amount of $0.30 during the quarter ended September 30, 2017 . 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 American Homes 4 Rent, LLC ("AH LLC") members in units in the Operating Partnership. Former AH LLC members owned 54,276,644 , or approximately 15.4% and 15.9% , of the total 351,881,447 and 342,099,865 Class A units in the Operating Partnership as of September 30, 2018 , and December 31, 2017 , respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 1,073,509 , or approximately 0.3% of the total 351,881,447 and 342,099,865 Class A units in the Operating Partnership as of September 30, 2018 , and December 31, 2017 , respectively. Also included in noncontrolling interest as of December 31, 2017, was the outside ownership interest in a consolidated subsidiary of the Operating Partnership, which was liquidated during the second quarter of 2018. 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, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net income (loss) allocated to Class A units $ 2,881 $ 340 $ 1,104 $ (30 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary — (31 ) (259 ) 8 Total noncontrolling interest $ 2,881 $ 309 $ 845 $ (22 ) Noncontrolling interest as reflected in the Operating Partnership's condensed consolidated balance sheets consisted solely of the outside ownership interest in a consolidated subsidiary of the Operating Partnership, which was liquidated during the second quarter of 2018. 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, 2018 and 2017 , the Company granted stock options for 140,000 and 385,600 Class A common shares, respectively, and 304,400 and 174,000 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, 2018 and 2017 , vest over a four -year service period, and the options 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, 2018 and 2017 : Shares Weighted-Average Weighted-Average Aggregate 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 Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (684,875 ) 16.04 4,388 Forfeited (112,750 ) 17.84 Options outstanding at September 30, 2018 2,394,825 $ 16.92 6.4 $ 12,388 Options exercisable at September 30, 2018 1,659,050 $ 16.23 5.7 $ 9,521 (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, 2018 and 2017 : 2018 2017 Weighted-average fair value $ 3.03 $ 3.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 18.9 % 21.3 % Risk-free interest rate 2.8 % 2.2 % 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, 2018 and 2017 : 2018 2017 Restricted stock units at beginning of period 243,875 130,150 Units awarded 304,400 174,000 Units vested (80,125 ) (42,475 ) Units forfeited (69,100 ) (16,200 ) Restricted stock units at end of period 399,050 245,475 For the three months ended September 30, 2018 and 2017 , total non-cash share-based compensation expense related to stock options and restricted stock units was $0.8 million and $1.1 million , respectively, of which $0.5 million and $0.7 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $0.3 million and $0.4 million , respectively, 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, 2018 and 2017 , total non-cash share-based compensation expense related to stock options and restricted stock units was $2.7 million and $3.2 million , respectively, of which $1.6 million and $1.9 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $1.1 million and $1.3 million , respectively, related to centralized and field property management employees and was included in property management expenses in the condensed consolidated statements of operations. |
Earnings per Share _ Unit
Earnings per Share / Unit | 9 Months Ended |
Sep. 30, 2018 | |
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 or loss per common share on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest 2,881 309 845 (22 ) Dividends on preferred shares 12,223 17,253 38,804 46,122 Redemption of participating preferred shares — — 32,215 — Allocation to participating securities (1) 20 12 66 — Numerator for basic income (loss) per common share $ 15,157 $ 1,523 $ 5,774 $ (141 ) Add back: Dividends on participating preferred shares (2) — 5,569 — — Remeasurement of participating preferred shares (2) — (8,391 ) — — Numerator for diluted income (loss) per common share $ 15,157 $ (1,299 ) $ 5,774 $ (141 ) Denominator: Weighted-average common shares outstanding—basic 296,214,509 266,767,313 292,656,914 256,768,343 Effect of dilutive securities: Participating preferred shares (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common shares outstanding—diluted (4) 296,967,649 289,153,060 293,319,245 256,768,343 Net income (loss) per common share: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (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 participating preferred shares into Class A common shares. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per share for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 potentially dilutive securities, respectively, which include a combination of 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. The effect of the potential conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership's computation of net income or loss per common unit on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest — (31 ) (259 ) 8 Preferred distributions 12,223 17,253 38,804 46,122 Redemption of participating preferred units — — 32,215 — Allocation to participating securities (1) 21 12 66 — Numerator for basic income (loss) per common unit $ 18,037 $ 1,863 $ 6,878 $ (171 ) Add back: Distributions to participating preferred units (2) — 5,569 — — Remeasurement of participating preferred units (2) — (8,391 ) — — Numerator for diluted income (loss) per common unit $ 18,037 $ (959 ) $ 6,878 $ (171 ) Denominator: Weighted-average common units outstanding—basic 351,564,662 322,303,138 348,007,067 312,315,728 Effect of dilutive securities: Participating preferred units (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common units outstanding—diluted (4) 352,317,802 344,688,885 348,669,398 312,315,728 Net income (loss) per common unit: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (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 participating preferred units into Class A common units. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per unit for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 potentially dilutive securities, respectively, which include a combination of 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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2018 , the Company had commitments to acquire 196 single-family properties for an aggregate purchase price of $48.3 million , as well as $67.3 million in purchase commitments that relate to both third party developer agreements and land for our internal construction program. As of December 31, 2017 , the Company had commitments to acquire 520 single-family properties for an aggregate purchase price of $128.1 million , as well as $24.0 million in purchase commitments that relate to both third party developer agreements and land for our internal construction program. As of September 30, 2018 , and December 31, 2017 , the Company had sales in escrow for approximately 155 and 69 of our single-family properties, respectively, for aggregate selling prices of $23.9 million and $7.0 million , respectively. We are involved in various legal and administrative proceedings that are incidental to our business. We do not believe these matters will have a material 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. On January 16, 2018, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “Trading in Silver Bay Realty Trust Corp.” The letter enclosed a subpoena that requests us to produce certain documents and communications, including those related to our communications and agreements with Silver Bay Realty Trust Corp. (“Silver Bay”), communications with Silver Bay’s financial advisor, and our purchases, sales and holdings of Silver Bay stock. We purchased Silver Bay stock in 2016 and 2017 and then sold all of our holdings in 2017 for a profit of approximately $3.0 million . We intend to continue to cooperate fully with the SEC in connection with 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, 2018 | |
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. Our revolving credit facility, term loan facility, asset-backed securitizations and secured note payable are 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 unsecured senior notes and exchangeable senior notes are also financial instruments, which are classified as Level 2 in the fair value hierarchy as their fair values are 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, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 492,478 $ 498,510 $ 496,326 $ 504,730 AH4R 2014-SFR3 securitization 508,080 516,519 512,041 521,252 AH4R 2015-SFR1 securitization 533,578 538,414 537,723 544,592 AH4R 2015-SFR2 securitization 463,552 470,844 467,267 475,832 Total asset-backed securitizations (1) 1,997,688 2,024,287 2,013,357 2,046,406 Unsecured senior notes, net (1) (2) 497,384 477,805 — — Exchangeable senior notes, net (2) 114,507 144,135 111,697 147,462 Secured note payable (3) — — 48,859 49,027 Revolving credit facility (1) (4) — — 140,000 140,000 Term loan facility (1) (5) 100,000 100,000 200,000 200,000 Total debt $ 2,709,579 $ 2,746,227 $ 2,513,913 $ 2,582,895 (1) The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $32.3 million , $4.8 million , $7.4 million and $0.8 million , respectively, of unamortized deferred financing costs as of September 30, 2018 , and exclude $36.0 million , zero , $8.8 million and $2.0 million , respectively, of unamortized deferred financing costs as of December 31, 2017 . (2) The carrying values of the unsecured senior notes, net and exchangeable senior notes, net are presented net of unamortized discounts. (3) The secured note payable was paid off in full during the second quarter of 2018. (4) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 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% , management believes that the carrying value of the revolving credit facility reasonably approximates fair value. (5) 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 considered 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 considered 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 C participating preferred shares were redeemed through a conversion into Class A common shares on April 5, 2018 (see Note 10 ). In October 2017, in anticipation of the issuance of the 2028 Notes and in order to hedge interest rate risk, the Operating Partnership entered into a treasury lock agreement on a notional amount of $350.0 million , based on the 10 -year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and had a fair value of $0.1 million as of December 31, 2017, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury lock was settled upon the issuance of the 2028 Notes in February 2018 and resulted in a $9.6 million gain that was recorded in other comprehensive income and will be reclassified into earnings as a reduction of interest expense over the term of the 2028 Notes. The treasury lock is classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs, based on the 10-year treasury note rate. The following table sets forth the fair values of the participating preferred shares derivative liability and treasury lock as of September 30, 2018 , and December 31, 2017 (in thousands): Description Fair Value Hierarchy September 30, 2018 December 31, 2017 Assets: Treasury lock Level 2 $ — $ 75 Liabilities: Participating preferred shares derivative liability Level 3 $ — $ 29,470 The following tables present changes in the fair values of our Level 3 financial instruments that were 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, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings September 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements American Homes 4 Rent, L.P. The 2028 Notes issued by American Homes 4 Rent, L.P. (the “Parent Company”) have been initially guaranteed by American Residential Properties OP, L.P. (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Parent Company, but such guarantee will be automatically released at the time that the Subsidiary Guarantor no longer guarantees our credit facility. The Parent Company’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of our properties (collectively, the “Combined Non-Guarantor Subsidiaries”), have not provided a guarantee of the 2028 Notes. Pursuant to Rule 3-10 of Regulation S-X, the following condensed consolidating financial information is provided for the Operating Partnership, including the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries. This summarized financial information may not necessarily be indicative of the results of operations or financial position had the Parent Company, the Guarantor Subsidiary or the Combined Non-Guarantor Subsidiaries operated as independent entities. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiary and the Non-Guarantor Subsidiaries have been eliminated as shown in the “Consolidating Adjustments” column. All assets and liabilities have been allocated to the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries based on legal entity ownership. Condensed Consolidating Balance Sheets (Amounts in thousands) As of September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 656 $ 8,257,901 $ — $ 8,258,557 Cash and cash equivalents 92,343 — 17,795 — 110,138 Restricted cash 26,935 29 129,062 — 156,026 Rent and other receivables, net — 56 36,022 — 36,078 Intercompany receivables 280,514 — — (280,514 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 71,364 170 205,377 — 276,911 Investments in subsidiaries 6,009,862 115,619 — (6,125,481 ) — Deferred costs and other intangibles, net 7,866 — 5,571 — 13,437 Goodwill 120,279 — — — 120,279 Total assets $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 99,176 — — — 99,176 Asset-backed securitizations, net — — 1,965,417 — 1,965,417 Unsecured senior notes, net 492,603 — — — 492,603 Exchangeable senior notes, net — 114,507 — — 114,507 Accounts payable and accrued expenses 30,566 3,524 271,845 — 305,935 Amounts payable to affiliates 4,784 — — — 4,784 Intercompany payables — 9,071 271,443 (280,514 ) — Total liabilities 627,129 127,102 2,508,705 (280,514 ) 2,982,422 Capital Partners' capital: General partner: Common units 4,398,228 (10,572 ) 6,143,023 (6,125,481 ) 4,405,198 Preferred units 854,435 — — — 854,435 Limited partner: Common units 720,345 — — — 720,345 Accumulated other comprehensive income 9,026 — — — 9,026 Total partners' capital: 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total capital 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total liabilities and capital $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 Condensed Consolidating Balance Sheets (continued) (Amounts in thousands) As of December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 1,732 $ 8,063,248 $ — $ 8,064,980 Cash and cash equivalents 22,157 — 23,999 — 46,156 Restricted cash 14,742 31 121,894 — 136,667 Rent and other receivables, net 114 57 29,973 — 30,144 Intercompany receivables 154,621 — — (154,621 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 59,271 164 138,082 — 197,517 Investments in subsidiaries 5,889,146 115,303 — (6,004,449 ) — Deferred costs and other intangibles, net 9,652 — 3,373 — 13,025 Goodwill 120,279 — — — 120,279 Total assets $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Liabilities Revolving credit facility $ 140,000 $ — $ — $ — $ 140,000 Term loan facility, net 198,023 — — — 198,023 Asset-backed securitizations, net — — 1,977,308 — 1,977,308 Exchangeable senior notes, net — 111,697 — — 111,697 Secured note payable — — 48,859 — 48,859 Accounts payable and accrued expenses 27,566 2,757 192,544 — 222,867 Amounts payable to affiliates 4,720 — — — 4,720 Intercompany payables — 8,428 146,193 (154,621 ) — Participating preferred units derivative liability 29,470 — — — 29,470 Total liabilities 399,779 122,882 2,364,904 (154,621 ) 2,732,944 Capital Partners' capital: General partner: Common units 4,241,266 (5,595 ) 6,017,014 (6,004,449 ) 4,248,236 Preferred units 901,318 — — — 901,318 Limited partner: Common units 727,544 — — — 727,544 Accumulated other comprehensive income 75 — — — 75 Total partners' capital: 5,870,203 (5,595 ) 6,017,014 (6,004,449 ) 5,877,173 Noncontrolling interest — — (1,349 ) — (1,349 ) Total capital 5,870,203 (5,595 ) 6,015,665 (6,004,449 ) 5,875,824 Total liabilities and capital $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Condensed Consolidating Statements of Operations (Amounts in thousands) For the Three Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 20 $ 231,304 $ — $ 231,324 Fees from single-family properties — — 2,711 — 2,711 Tenant charge-backs — 2 44,150 — 44,152 Other 380 — 1,485 — 1,865 Total revenues 380 22 279,650 — 280,052 Expenses: Property operating expenses — 12 113,588 — 113,600 Property management expenses — — 18,865 — 18,865 General and administrative expense 5,546 — 3,719 — 9,265 Interest expense 7,355 1,908 21,667 — 30,930 Acquisition fees and costs expensed — — 1,055 — 1,055 Depreciation and amortization 204 — 79,736 — 79,940 Other expense 527 — 542 — 1,069 Total expenses 13,632 1,920 239,172 — 254,724 Intercompany income 38 — 253 (291 ) — Intercompany expenses (253 ) — (38 ) 291 — Gain on sale of single-family properties and other, net — (3 ) 4,956 — 4,953 Equity in income of subsidiaries 43,748 11,009 — (54,757 ) — Net income 30,281 9,108 45,649 (54,757 ) 30,281 Preferred distributions 12,223 — — — 12,223 Net income attributable to common unitholders $ 18,058 $ 9,108 $ 45,649 $ (54,757 ) $ 18,058 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Three Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 48 $ 207,442 $ — $ 207,490 Fees from single-family properties — — 2,843 — 2,843 Tenant charge-backs — 3 36,091 — 36,094 Other 310 — 99 — 409 Total revenues 310 51 246,475 — 246,836 Expenses: Property operating expenses — 27 97,917 — 97,944 Property management expenses — 3 17,444 — 17,447 General and administrative expense 5,170 — 3,355 — 8,525 Interest expense 2,490 1,844 22,258 — 26,592 Acquisition fees and costs expensed — — 1,306 — 1,306 Depreciation and amortization 369 2 74,419 — 74,790 Hurricane-related charges, net — — 10,136 — 10,136 Other 110 60 1,115 — 1,285 Total expenses 8,139 1,936 227,950 — 238,025 Intercompany income 69 — 86 (155 ) — Intercompany expenses (86 ) — (69 ) 155 — Gain on sale of single-family properties and other, net — 685 1,210 — 1,895 Remeasurement of participating preferred units 8,391 — — — 8,391 Equity in income of subsidiaries 18,583 8,655 — (27,238 ) — Net income 19,128 7,455 19,752 (27,238 ) 19,097 Noncontrolling interest — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Net income attributable to common unitholders $ 1,875 $ 7,455 $ 19,783 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 60 $ 676,498 $ — $ 676,558 Fees from single-family properties — 1 8,297 — 8,298 Tenant charge-backs — 6 112,870 — 112,876 Other 1,114 — 3,693 — 4,807 Total revenues 1,114 67 801,358 — 802,539 Expenses: Property operating expenses — 16 313,414 — 313,430 Property management expenses — 3 56,465 — 56,468 General and administrative expense 17,497 2 10,674 — 28,173 Interest expense 21,584 5,613 65,012 — 92,209 Acquisition fees and costs expensed — — 3,687 — 3,687 Depreciation and amortization 705 — 236,857 — 237,562 Other expense 702 9 2,809 — 3,520 Total expenses 40,488 5,643 688,918 — 735,049 Intercompany income 1,064 — 395 (1,459 ) — Intercompany expenses (395 ) — (1,064 ) 1,459 — Gain on sale of single-family properties and other, net — 601 9,848 — 10,449 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Remeasurement of participating preferred units 1,212 — — — 1,212 Equity in income of subsidiaries 116,335 32,276 — (148,611 ) — Net income 77,963 27,301 121,051 (148,611 ) 77,704 Noncontrolling interest — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Net income attributable to common unitholders $ 6,944 $ 27,301 $ 121,310 $ (148,611 ) $ 6,944 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 214 $ 613,031 $ — $ 613,245 Fees from single-family properties — 2 8,135 — 8,137 Tenant charge-backs — 17 91,832 — 91,849 Other 1,029 — 3,338 — 4,367 Total revenues 1,029 233 716,336 — 717,598 Expenses: Property operating expenses — 129 267,074 — 267,203 Property management expenses — 14 52,353 — 52,367 General and administrative expense 15,184 2 11,560 — 26,746 Interest expense 9,005 5,427 72,441 — 86,873 Acquisition fees and costs expensed 358 — 3,456 — 3,814 Depreciation and amortization 1,147 8 220,304 — 221,459 Hurricane-related charges, net — — 10,136 — 10,136 Other 290 111 3,801 — 4,202 Total expenses 25,984 5,691 641,125 — 672,800 Intercompany income 190 — 413 (603 ) — Intercompany expenses (413 ) — (190 ) 603 — Gain (loss) on sale of single-family properties and other, net 3,031 (490 ) 3,834 — 6,375 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units 1,341 — — — 1,341 Equity in income of subsidiaries 66,757 27,143 — (93,900 ) — Net income 45,951 21,195 72,713 (93,900 ) 45,959 Noncontrolling interest — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Net (loss) income attributable to common unitholders $ (171 ) $ 21,195 $ 72,705 $ (93,900 ) $ (171 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Three Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 30,281 $ 9,108 $ 45,649 $ (54,757 ) $ 30,281 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income (241 ) — — — (241 ) Other comprehensive loss (241 ) — — — (241 ) Comprehensive income 30,040 9,108 45,649 (54,757 ) 30,040 Preferred distributions 12,223 — — — 12,223 Comprehensive income attributable to common unitholders $ 17,817 $ 9,108 $ 45,649 $ (54,757 ) $ 17,817 For the Three Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 19,128 $ 7,201 $ 20,006 $ (27,238 ) $ 19,097 Comprehensive income 19,128 7,201 20,006 (27,238 ) 19,097 Comprehensive loss attributable to noncontrolling interests — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Comprehensive income attributable to common unitholders $ 1,875 $ 7,201 $ 20,037 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 77,963 $ 27,301 $ 121,051 $ (148,611 ) $ 77,704 Other comprehensive income: Gain on cash flow hedging instrument: Gain on settlement of cash flow hedging instrument 9,553 — — — 9,553 Reclassification adjustment for amortization of interest expense included in net income (602 ) — — — (602 ) Other comprehensive income 8,951 — — — 8,951 Comprehensive income 86,914 27,301 121,051 (148,611 ) 86,655 Comprehensive loss attributable to noncontrolling interests — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive income attributable to common unitholders $ 15,895 $ 27,301 $ 121,310 $ (148,611 ) $ 15,895 For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 45,951 $ 21,195 $ 72,713 $ (93,900 ) $ 45,959 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income — — (28 ) — (28 ) Unrealized gain on investment in equity securities: Reclassification adjustment for realized gain included in net income (67 ) — — — (67 ) Other comprehensive loss (67 ) — (28 ) — (95 ) Comprehensive income 45,884 21,195 72,685 (93,900 ) 45,864 Comprehensive income attributable to noncontrolling interests — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Comprehensive (loss) income attributable to common unitholders $ (238 ) $ 21,195 $ 72,677 $ (93,900 ) $ (266 ) Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (198,097 ) $ (1,345 ) $ 575,905 $ — $ 376,463 Investing activities Cash paid for single-family properties — — (333,082 ) — (333,082 ) Change in escrow deposits for purchase of single-family properties — — (2,194 ) — (2,194 ) Net proceeds received from sales of single-family properties and other — 2,165 45,592 — 47,757 Proceeds received from hurricane-related insurance claims — — 4,000 — 4,000 Investment in unconsolidated joint venture (3,800 ) — — — (3,800 ) Distributions from joint ventures 33,680 — 2,571 — 36,251 Collections from intercompany notes 1,800 — — (1,800 ) — (Investment in) return of investment in subsidiaries (5,089 ) 31,958 — (26,869 ) — Initial renovations to single-family properties — — (40,898 ) — (40,898 ) Recurring and other capital expenditures for single-family properties — (504 ) (39,966 ) — (40,470 ) Other purchases of productive assets — — (149,475 ) — (149,475 ) Net cash provided by (used for) investing activities 26,591 33,619 (513,452 ) (28,669 ) (481,911 ) Financing activities Proceeds from issuance of perpetual preferred units 115,000 — — — 115,000 Payments of perpetual preferred unit issuance costs (3,750 ) — — — (3,750 ) Repurchase of Class A units (34,969 ) — — — (34,969 ) Share-based compensation proceeds, net 8,871 — — — 8,871 Payments on asset-backed securitizations — — (15,669 ) — (15,669 ) Proceeds from revolving credit facility 155,000 — — — 155,000 Payments on revolving credit facility (295,000 ) — — — (295,000 ) Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (49,427 ) — (49,427 ) Proceeds from unsecured senior notes, net of discount 497,210 — — — 497,210 Settlement of cash flow hedging instrument 9,628 — — — 9,628 Payments on intercompany notes borrowed — — (1,800 ) 1,800 — Intercompany financing and distributions to parent — (32,276 ) 5,407 26,869 — Distributions to common unitholders (51,827 ) — — — (51,827 ) Distributions to preferred unitholders (41,178 ) — — — (41,178 ) Deferred financing costs paid (5,100 ) — — — (5,100 ) Net cash provided by (used for) financing activities 253,885 (32,276 ) (61,489 ) 28,669 188,789 Net increase (decrease) in cash, cash equivalents and restricted cash 82,379 (2 ) 964 — 83,341 Cash, cash equivalents and restricted cash, beginning of period 36,899 31 145,893 — 182,823 Cash, cash equivalents and restricted cash, end of period $ 119,278 $ 29 $ 146,857 $ — $ 266,164 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (17,667 ) $ (1,869 ) $ (61,406 ) $ — $ (80,942 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions, renovations and construction $ — $ (12 ) $ (95 ) $ — $ (107 ) Transfers of completed homebuilding deliveries to properties $ — $ — $ 64,867 $ — $ 64,867 Property and land contributions to an unconsolidated joint venture $ — $ — $ (40,942 ) $ — $ (40,942 ) Redemption of participating preferred units $ (28,258 ) $ — $ — $ — $ (28,258 ) Accrued distributions to affiliates $ (129 ) $ — $ — $ — $ (129 ) Accrued distributions to non-affiliates $ (1,773 ) $ — $ — $ — $ (1,773 ) Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (45,914 ) $ (3,563 ) $ 398,852 $ — $ 349,375 Investing activities Cash paid for single-family properties — — (462,875 ) — (462,875 ) Change in escrow deposits for purchase of single-family properties — — (2,710 ) — (2,710 ) Net proceeds received from sales of single-family properties and other 14,265 2,821 51,532 — 68,618 Collections from mortgage financing receivables — — 83 — 83 Distributions from joint ventures 680 — 5,301 — 5,981 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (575,754 ) 29,453 — 546,301 — Initial renovations to single-family properties — (1,591 ) (29,617 ) — (31,208 ) Recurring and other capital expenditures for single-family properties — — (26,725 ) — (26,725 ) Other purchases of productive assets (6,657 ) — (31,403 ) — (38,060 ) Net cash (used for) provided by investing activities (557,959 ) 30,683 (496,414 ) 536,794 (486,896 ) Financing activities Proceeds from issuance of Class A units 694,765 — — — 694,765 Payments of Class A unit issuance costs (10,444 ) — — — (10,444 ) Proceeds from issuance of perpetual preferred units 270,000 — — — 270,000 Payments of perpetual preferred unit issuance costs (9,229 ) — — — (9,229 ) Share-based compensation proceeds, net 988 — — — 988 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (472,470 ) — (472,470 ) Proceeds from revolving credit facility 62,000 — — — 62,000 Payments on revolving credit facility (112,000 ) — — — (112,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (721 ) — (721 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (27,143 ) 573,444 (546,301 ) — Distributions to common unitholders (47,223 ) — — — (47,223 ) Distributions to preferred unitholders (46,122 ) — — — (46,122 ) Deferred financing costs paid (3,974 ) — — — (3,974 ) Net cash provided by (used for) financing activities 723,592 (27,143 ) 90,746 (536,794 ) 250,401 Net increase (decrease) in cash, cash equivalents and restricted cash 119,719 (23 ) (6,816 ) — 112,880 Cash, cash equivalents and restricted cash, beginning of period 76,913 62 173,266 — 250,241 Cash, cash equivalents and restricted cash, end of period $ 196,632 $ 39 $ 166,450 $ — $ 363,121 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (7,235 ) $ (2,803 ) $ (67,926 ) $ — $ (77,964 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 12 $ 7,139 $ — $ 7,151 Transfer of term loan borrowings to revolving credit facility $ 50,000 $ — $ — $ — $ 50,000 Transfer of deferred financing costs from term loan to revolving credit facility $ 1,524 $ — $ — $ — $ 1,524 Transfers of completed homebuilding deliveries to properties $ — $ — $ 3,010 $ — $ 3,010 Note receivable related to a bulk sale of properties, net of discount $ 5,635 $ — $ — $ — $ 5,635 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent Acquisitions From October 1, 2018 , through October 31, 2018 , the Company acquired 221 properties for an aggregate purchase price of approximately $55.1 million , which included 12 homes developed through our internal construction program. Subsequent Dispositions From October 1, 2018 , through October 31, 2018 , the Company disposed of 138 properties for aggregate net proceeds of approximately $21.2 million . Declaration of Dividends On November 1, 2018 , the Company's board of trustees declared quarterly dividends of $0.05 per share on the Company's Class A and Class B common 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, $0.37 per share on the Company's 5.875% Series G perpetual preferred shares, and $0.44 per share on the Company's 6.25% Series H perpetual preferred shares, which includes $0.05 per share attributable to the period from the original issuance date of the Series H perpetual preferred shares of September 19, 2018, through September 30, 2018. The quarterly dividends are payable on December 31, 2018, to shareholders of record on December 14, 2018 . The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units. Hurricane Michael Certain of our properties in the Georgia and the Carolina markets were impacted by Hurricane Michael. The Company is assessing potential damages, which are estimated to be approximately $0.4 million to $0.7 million . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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. The condensed consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. The ownership interest in a consolidated subsidiary of the Company held by outside parties, which was liquidated during the second quarter of 2018, is 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, 2017 . 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, 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 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 is 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. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not 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 February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which sets forth principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees). Lessor accounting will remain similar to lessor accounting under previous guidance, while aligning with the FASB's new revenue recognition guidance for non-lease components. The new guidance will require lessees to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. 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. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) Targeted Improvements , which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component if the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component and, if accounted for separately, the lease component would be classified as an operating lease. As issued, ASU No. 2016-02 required modified retrospective application for all leases existing as of, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. ASU No. 2018-11 simplifies the transition requirements by providing companies an option to initially apply the new lease requirements as of the date of adoption and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will not need to restate comparative periods if it elects the simplified transition requirements provided by ASU No. 2018-11. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company does not anticipate significant changes in the accounting for our residential operating leases for which we are the lessor, as our leases generally do not have terms of more than one year. We anticipate the adoption of this guidance will require us to recognize additional property management expenses for costs that were previously capitalizable as deferred leasing costs. As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements for which we are the lessee. We anticipate that the adoption of this guidance will require us to recognize a right-of-use asset and corresponding lease liability for these office leases. The Company is currently assessing the impact of the adoption of this guidance on our policies, internal controls and 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 is effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material impact 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. Based on our assessment, the Company’s current accounting policies for these non-lease components are aligned with the revenue recognition principles prescribed by the new guidance. Therefore, the new standard did not ultimately change the amount or timing of our revenue recognition. 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 customers versus noncustomers, with the exception of the presentation of comprehensive income (revenue and expense when sales to customers or gains and losses when sales to noncustomers). The Company adopted the new revenue recognition guidance using the modified retrospective approach, effective January 1, 2018. We evaluated the revenue recognition for our contracts under existing accounting standards and under the new revenue recognition ASU and determined that there were no differences in the amounts or timing of recognition. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. In February 2018, the FASB issued ASU No. 2018-03, Recognition and Measurement of Financial Assets and Financial Liabilities , which retained the current framework for accounting for financial instruments in GAAP but made targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. The Company adopted this guidance effective July 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Companies will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. Companies will also be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 (in thousands): September 30, December 31, 2018 2017 2017 2016 Balance Sheet: Cash and cash equivalents $ 110,138 $ 243,547 $ 46,156 $ 118,799 Restricted cash 156,026 119,574 136,667 131,442 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 266,164 $ 363,121 $ 182,823 $ 250,241 |
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 (in thousands): September 30, December 31, 2018 2017 2017 2016 Balance Sheet: Cash and cash equivalents $ 110,138 $ 243,547 $ 46,156 $ 118,799 Restricted cash 156,026 119,574 136,667 131,442 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 266,164 $ 363,121 $ 182,823 $ 250,241 |
Single-Family Properties (Table
Single-Family Properties (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Single-Family Properties, Net | Single-family properties, net, consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands, except property data): September 30, 2018 Number of Net book Leased single-family properties 47,776 $ 7,458,840 Single-family properties being renovated 345 90,485 Single-family properties being prepared for re-lease 430 66,730 Vacant single-family properties available for lease 1,647 284,279 Single-family properties held for sale, net 1,865 299,551 Single-family properties identified for future sale 401 58,672 Total 52,464 $ 8,258,557 December 31, 2017 Number of Net book Leased single-family properties 46,996 $ 7,284,708 Single-family properties being renovated 980 225,194 Single-family properties being prepared for re-lease 372 47,994 Vacant single-family properties available for lease 2,581 471,281 Single-family properties held for sale, net 310 35,803 Total 51,239 $ 8,064,980 |
Escrow Deposits, Prepaid Expe_2
Escrow Deposits, Prepaid Expenses and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of escrow deposits, prepaid expenses and other assets | The following table summarizes escrow deposits, prepaid expenses and other assets as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Escrow deposits, prepaid expenses and other $ 40,934 $ 33,964 Investments in joint ventures 52,747 42,341 Commercial real estate, vehicles and FF&E, net 44,187 43,608 Land held for development 73,752 39,079 Homebuilding construction in progress 39,625 12,859 Total $ 251,245 $ 171,851 |
Deferred Costs and Other Inta_2
Deferred Costs and Other Intangibles, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Deferred leasing costs $ 11,069 $ 7,030 Deferred financing costs 11,244 11,244 Intangible assets: Value of in-place leases 17 179 Trademark — 3,100 Database 2,100 2,100 24,430 23,653 Less: accumulated amortization (10,993 ) (10,628 ) Total $ 13,437 $ 13,025 |
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, 2018 , for future periods (in thousands): Year Deferred Deferred Value of Database Total Remaining 2018 $ 2,253 $ 495 $ 3 $ 75 $ 2,826 2019 3,315 1,964 — 300 5,579 2020 — 1,969 — 132 2,101 2021 — 1,964 — — 1,964 2022 — 967 — — 967 Total $ 5,568 $ 7,359 $ 3 $ 507 $ 13,437 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2018 , and December 31, 2017 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2018 December 31, 2017 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 492,478 $ 496,326 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 508,080 512,041 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 533,578 537,723 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 463,552 467,267 Total asset-backed securitizations 1,997,688 2,013,357 Unsecured senior notes (4) 4.08% February 15, 2028 500,000 — Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable (5) N/A N/A — 48,859 Revolving credit facility (6) 3.46% June 30, 2022 — 140,000 Term loan facility (7) 3.61% June 30, 2022 100,000 200,000 Total debt (8) 2,712,688 2,517,216 Unamortized discounts on unsecured and exchangeable senior notes (2,751 ) (895 ) Equity component of exchangeable senior notes (358 ) (2,408 ) Deferred financing costs, net (9) (37,876 ) (38,026 ) Total debt per balance sheet $ 2,671,703 $ 2,475,887 (1) Interest rates are as of September 30, 2018 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the unsecured senior notes is 4.25% , which was effectively hedged to yield an interest rate of 4.08% . (5) The secured note payable was paid off in full during the second quarter of 2018. (6) 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, 2018 , plus 1-month LIBOR. (7) The term loan component of our credit facility matures 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, 2018 , plus 1-month LIBOR. (8) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, secured note payable, revolving credit facility and term loan facility as of September 30, 2018 , and December 31, 2017 . (9) Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of deferred financing costs was $1.5 million and $1.4 million for the three months ended September 30, 2018 and 2017 , respectively, and $4.4 million and $5.0 million for the nine months ended September 30, 2018 and 2017 , respectively, which has been included in gross interest, prior to interest capitalization. |
Schedule of Maturities of Long-term Debt | The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of September 30, 2018 (in thousands): Remaining 2018 $ 120,179 2019 20,714 2020 20,714 2021 20,714 2022 120,714 Thereafter 2,409,653 Total debt 2,712,688 Unamortized discounts and deferred financing costs (1) (40,985 ) Total debt per balance sheet $ 2,671,703 (1) Includes the unamortized discounts on the unsecured and exchangeable senior notes, the equity component of the exchangeable senior notes and deferred financing costs, net. |
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 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, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Gross interest $ 32,344 $ 28,125 $ 97,422 $ 90,044 Capitalized interest (1,414 ) (1,533 ) (5,213 ) (3,171 ) Interest expense $ 30,930 $ 26,592 $ 92,209 $ 86,873 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | The following table summarizes accounts payable and accrued expenses as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Accounts payable $ 151 $ 1,726 Accrued property taxes 115,305 47,765 Other accrued liabilities 39,011 31,788 Accrued distribution payable 25,209 26,982 Accrued construction and maintenance liabilities 20,182 17,928 Resident security deposits 82,845 75,951 Prepaid rent 23,232 20,727 Total $ 305,935 $ 222,867 |
Shareholders' Equity _ Partne_2
Shareholders' Equity / Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Preferred Shares Outstanding | As of September 30, 2018 , and December 31, 2017 , the Company had the following series of preferred shares outstanding (in thousands, except share data): September 30, 2018 December 31, 2017 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value (1) Series C participating preferred shares (2) N/A N/A N/A — $ — 7,600,000 $ 218,236 Series D perpetual preferred shares 5/24/2016 5/24/2021 6.500 % 10,750,000 268,750 10,750,000 268,750 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % 9,200,000 230,000 9,200,000 230,000 Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875 % 6,200,000 155,000 6,200,000 155,000 Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875 % 4,600,000 115,000 4,600,000 115,000 Series H perpetual preferred shares 9/19/2018 9/19/2023 6.250 % 4,600,000 115,000 — — Total preferred shares 35,350,000 $ 883,750 38,350,000 $ 986,986 (1) Liquidation value reflects initial liquidation value of $25.00 per share, which in the case of the Series C participating preferred shares is 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. (2) All of the outstanding Series C participating preferred shares were converted into 10,848,827 Class A common shares on April 5, 2018 , based on a conversion ratio of 1.4275 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary. |
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, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net income (loss) allocated to Class A units $ 2,881 $ 340 $ 1,104 $ (30 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary — (31 ) (259 ) 8 Total noncontrolling interest $ 2,881 $ 309 $ 845 $ (22 ) |
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2018 and 2017 : Shares Weighted-Average Weighted-Average Aggregate 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 Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (684,875 ) 16.04 4,388 Forfeited (112,750 ) 17.84 Options outstanding at September 30, 2018 2,394,825 $ 16.92 6.4 $ 12,388 Options exercisable at September 30, 2018 1,659,050 $ 16.23 5.7 $ 9,521 (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, 2018 and 2017 : 2018 2017 Weighted-average fair value $ 3.03 $ 3.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 18.9 % 21.3 % Risk-free interest rate 2.8 % 2.2 % |
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, 2018 and 2017 : 2018 2017 Restricted stock units at beginning of period 243,875 130,150 Units awarded 304,400 174,000 Units vested (80,125 ) (42,475 ) Units forfeited (69,100 ) (16,200 ) Restricted stock units at end of period 399,050 245,475 |
Earnings per Share _ Unit (Tabl
Earnings per Share / Unit (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Net Income (Loss) per Share on Basic and Diluted Basis | American Homes 4 Rent The following table reflects the Company's computation of net income or loss per common share on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest 2,881 309 845 (22 ) Dividends on preferred shares 12,223 17,253 38,804 46,122 Redemption of participating preferred shares — — 32,215 — Allocation to participating securities (1) 20 12 66 — Numerator for basic income (loss) per common share $ 15,157 $ 1,523 $ 5,774 $ (141 ) Add back: Dividends on participating preferred shares (2) — 5,569 — — Remeasurement of participating preferred shares (2) — (8,391 ) — — Numerator for diluted income (loss) per common share $ 15,157 $ (1,299 ) $ 5,774 $ (141 ) Denominator: Weighted-average common shares outstanding—basic 296,214,509 266,767,313 292,656,914 256,768,343 Effect of dilutive securities: Participating preferred shares (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common shares outstanding—diluted (4) 296,967,649 289,153,060 293,319,245 256,768,343 Net income (loss) per common share: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (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 participating preferred shares into Class A common shares. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per share for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 potentially dilutive securities, respectively, which include a combination of 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. The effect of the potential conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership's computation of net income or loss per common unit on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest — (31 ) (259 ) 8 Preferred distributions 12,223 17,253 38,804 46,122 Redemption of participating preferred units — — 32,215 — Allocation to participating securities (1) 21 12 66 — Numerator for basic income (loss) per common unit $ 18,037 $ 1,863 $ 6,878 $ (171 ) Add back: Distributions to participating preferred units (2) — 5,569 — — Remeasurement of participating preferred units (2) — (8,391 ) — — Numerator for diluted income (loss) per common unit $ 18,037 $ (959 ) $ 6,878 $ (171 ) Denominator: Weighted-average common units outstanding—basic 351,564,662 322,303,138 348,007,067 312,315,728 Effect of dilutive securities: Participating preferred units (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common units outstanding—diluted (4) 352,317,802 344,688,885 348,669,398 312,315,728 Net income (loss) per common unit: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (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 participating preferred units into Class A common units. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per unit for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 potentially dilutive securities, respectively, which include a combination of 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. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 492,478 $ 498,510 $ 496,326 $ 504,730 AH4R 2014-SFR3 securitization 508,080 516,519 512,041 521,252 AH4R 2015-SFR1 securitization 533,578 538,414 537,723 544,592 AH4R 2015-SFR2 securitization 463,552 470,844 467,267 475,832 Total asset-backed securitizations (1) 1,997,688 2,024,287 2,013,357 2,046,406 Unsecured senior notes, net (1) (2) 497,384 477,805 — — Exchangeable senior notes, net (2) 114,507 144,135 111,697 147,462 Secured note payable (3) — — 48,859 49,027 Revolving credit facility (1) (4) — — 140,000 140,000 Term loan facility (1) (5) 100,000 100,000 200,000 200,000 Total debt $ 2,709,579 $ 2,746,227 $ 2,513,913 $ 2,582,895 (1) The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $32.3 million , $4.8 million , $7.4 million and $0.8 million , respectively, of unamortized deferred financing costs as of September 30, 2018 , and exclude $36.0 million , zero , $8.8 million and $2.0 million , respectively, of unamortized deferred financing costs as of December 31, 2017 . (2) The carrying values of the unsecured senior notes, net and exchangeable senior notes, net are presented net of unamortized discounts. (3) The secured note payable was paid off in full during the second quarter of 2018. (4) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 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% , management believes that the carrying value of the revolving credit facility reasonably approximates fair value. (5) 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 table sets forth the fair values of the participating preferred shares derivative liability and treasury lock as of September 30, 2018 , and December 31, 2017 (in thousands): Description Fair Value Hierarchy September 30, 2018 December 31, 2017 Assets: Treasury lock Level 2 $ — $ 75 Liabilities: Participating preferred shares derivative liability Level 3 $ — $ 29,470 |
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 were 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, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings September 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (Amounts in thousands) As of September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 656 $ 8,257,901 $ — $ 8,258,557 Cash and cash equivalents 92,343 — 17,795 — 110,138 Restricted cash 26,935 29 129,062 — 156,026 Rent and other receivables, net — 56 36,022 — 36,078 Intercompany receivables 280,514 — — (280,514 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 71,364 170 205,377 — 276,911 Investments in subsidiaries 6,009,862 115,619 — (6,125,481 ) — Deferred costs and other intangibles, net 7,866 — 5,571 — 13,437 Goodwill 120,279 — — — 120,279 Total assets $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 99,176 — — — 99,176 Asset-backed securitizations, net — — 1,965,417 — 1,965,417 Unsecured senior notes, net 492,603 — — — 492,603 Exchangeable senior notes, net — 114,507 — — 114,507 Accounts payable and accrued expenses 30,566 3,524 271,845 — 305,935 Amounts payable to affiliates 4,784 — — — 4,784 Intercompany payables — 9,071 271,443 (280,514 ) — Total liabilities 627,129 127,102 2,508,705 (280,514 ) 2,982,422 Capital Partners' capital: General partner: Common units 4,398,228 (10,572 ) 6,143,023 (6,125,481 ) 4,405,198 Preferred units 854,435 — — — 854,435 Limited partner: Common units 720,345 — — — 720,345 Accumulated other comprehensive income 9,026 — — — 9,026 Total partners' capital: 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total capital 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total liabilities and capital $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 Condensed Consolidating Balance Sheets (continued) (Amounts in thousands) As of December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 1,732 $ 8,063,248 $ — $ 8,064,980 Cash and cash equivalents 22,157 — 23,999 — 46,156 Restricted cash 14,742 31 121,894 — 136,667 Rent and other receivables, net 114 57 29,973 — 30,144 Intercompany receivables 154,621 — — (154,621 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 59,271 164 138,082 — 197,517 Investments in subsidiaries 5,889,146 115,303 — (6,004,449 ) — Deferred costs and other intangibles, net 9,652 — 3,373 — 13,025 Goodwill 120,279 — — — 120,279 Total assets $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Liabilities Revolving credit facility $ 140,000 $ — $ — $ — $ 140,000 Term loan facility, net 198,023 — — — 198,023 Asset-backed securitizations, net — — 1,977,308 — 1,977,308 Exchangeable senior notes, net — 111,697 — — 111,697 Secured note payable — — 48,859 — 48,859 Accounts payable and accrued expenses 27,566 2,757 192,544 — 222,867 Amounts payable to affiliates 4,720 — — — 4,720 Intercompany payables — 8,428 146,193 (154,621 ) — Participating preferred units derivative liability 29,470 — — — 29,470 Total liabilities 399,779 122,882 2,364,904 (154,621 ) 2,732,944 Capital Partners' capital: General partner: Common units 4,241,266 (5,595 ) 6,017,014 (6,004,449 ) 4,248,236 Preferred units 901,318 — — — 901,318 Limited partner: Common units 727,544 — — — 727,544 Accumulated other comprehensive income 75 — — — 75 Total partners' capital: 5,870,203 (5,595 ) 6,017,014 (6,004,449 ) 5,877,173 Noncontrolling interest — — (1,349 ) — (1,349 ) Total capital 5,870,203 (5,595 ) 6,015,665 (6,004,449 ) 5,875,824 Total liabilities and capital $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations (Amounts in thousands) For the Three Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 20 $ 231,304 $ — $ 231,324 Fees from single-family properties — — 2,711 — 2,711 Tenant charge-backs — 2 44,150 — 44,152 Other 380 — 1,485 — 1,865 Total revenues 380 22 279,650 — 280,052 Expenses: Property operating expenses — 12 113,588 — 113,600 Property management expenses — — 18,865 — 18,865 General and administrative expense 5,546 — 3,719 — 9,265 Interest expense 7,355 1,908 21,667 — 30,930 Acquisition fees and costs expensed — — 1,055 — 1,055 Depreciation and amortization 204 — 79,736 — 79,940 Other expense 527 — 542 — 1,069 Total expenses 13,632 1,920 239,172 — 254,724 Intercompany income 38 — 253 (291 ) — Intercompany expenses (253 ) — (38 ) 291 — Gain on sale of single-family properties and other, net — (3 ) 4,956 — 4,953 Equity in income of subsidiaries 43,748 11,009 — (54,757 ) — Net income 30,281 9,108 45,649 (54,757 ) 30,281 Preferred distributions 12,223 — — — 12,223 Net income attributable to common unitholders $ 18,058 $ 9,108 $ 45,649 $ (54,757 ) $ 18,058 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Three Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 48 $ 207,442 $ — $ 207,490 Fees from single-family properties — — 2,843 — 2,843 Tenant charge-backs — 3 36,091 — 36,094 Other 310 — 99 — 409 Total revenues 310 51 246,475 — 246,836 Expenses: Property operating expenses — 27 97,917 — 97,944 Property management expenses — 3 17,444 — 17,447 General and administrative expense 5,170 — 3,355 — 8,525 Interest expense 2,490 1,844 22,258 — 26,592 Acquisition fees and costs expensed — — 1,306 — 1,306 Depreciation and amortization 369 2 74,419 — 74,790 Hurricane-related charges, net — — 10,136 — 10,136 Other 110 60 1,115 — 1,285 Total expenses 8,139 1,936 227,950 — 238,025 Intercompany income 69 — 86 (155 ) — Intercompany expenses (86 ) — (69 ) 155 — Gain on sale of single-family properties and other, net — 685 1,210 — 1,895 Remeasurement of participating preferred units 8,391 — — — 8,391 Equity in income of subsidiaries 18,583 8,655 — (27,238 ) — Net income 19,128 7,455 19,752 (27,238 ) 19,097 Noncontrolling interest — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Net income attributable to common unitholders $ 1,875 $ 7,455 $ 19,783 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 60 $ 676,498 $ — $ 676,558 Fees from single-family properties — 1 8,297 — 8,298 Tenant charge-backs — 6 112,870 — 112,876 Other 1,114 — 3,693 — 4,807 Total revenues 1,114 67 801,358 — 802,539 Expenses: Property operating expenses — 16 313,414 — 313,430 Property management expenses — 3 56,465 — 56,468 General and administrative expense 17,497 2 10,674 — 28,173 Interest expense 21,584 5,613 65,012 — 92,209 Acquisition fees and costs expensed — — 3,687 — 3,687 Depreciation and amortization 705 — 236,857 — 237,562 Other expense 702 9 2,809 — 3,520 Total expenses 40,488 5,643 688,918 — 735,049 Intercompany income 1,064 — 395 (1,459 ) — Intercompany expenses (395 ) — (1,064 ) 1,459 — Gain on sale of single-family properties and other, net — 601 9,848 — 10,449 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Remeasurement of participating preferred units 1,212 — — — 1,212 Equity in income of subsidiaries 116,335 32,276 — (148,611 ) — Net income 77,963 27,301 121,051 (148,611 ) 77,704 Noncontrolling interest — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Net income attributable to common unitholders $ 6,944 $ 27,301 $ 121,310 $ (148,611 ) $ 6,944 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 214 $ 613,031 $ — $ 613,245 Fees from single-family properties — 2 8,135 — 8,137 Tenant charge-backs — 17 91,832 — 91,849 Other 1,029 — 3,338 — 4,367 Total revenues 1,029 233 716,336 — 717,598 Expenses: Property operating expenses — 129 267,074 — 267,203 Property management expenses — 14 52,353 — 52,367 General and administrative expense 15,184 2 11,560 — 26,746 Interest expense 9,005 5,427 72,441 — 86,873 Acquisition fees and costs expensed 358 — 3,456 — 3,814 Depreciation and amortization 1,147 8 220,304 — 221,459 Hurricane-related charges, net — — 10,136 — 10,136 Other 290 111 3,801 — 4,202 Total expenses 25,984 5,691 641,125 — 672,800 Intercompany income 190 — 413 (603 ) — Intercompany expenses (413 ) — (190 ) 603 — Gain (loss) on sale of single-family properties and other, net 3,031 (490 ) 3,834 — 6,375 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units 1,341 — — — 1,341 Equity in income of subsidiaries 66,757 27,143 — (93,900 ) — Net income 45,951 21,195 72,713 (93,900 ) 45,959 Noncontrolling interest — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Net (loss) income attributable to common unitholders $ (171 ) $ 21,195 $ 72,705 $ (93,900 ) $ (171 ) |
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Three Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 30,281 $ 9,108 $ 45,649 $ (54,757 ) $ 30,281 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income (241 ) — — — (241 ) Other comprehensive loss (241 ) — — — (241 ) Comprehensive income 30,040 9,108 45,649 (54,757 ) 30,040 Preferred distributions 12,223 — — — 12,223 Comprehensive income attributable to common unitholders $ 17,817 $ 9,108 $ 45,649 $ (54,757 ) $ 17,817 For the Three Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 19,128 $ 7,201 $ 20,006 $ (27,238 ) $ 19,097 Comprehensive income 19,128 7,201 20,006 (27,238 ) 19,097 Comprehensive loss attributable to noncontrolling interests — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Comprehensive income attributable to common unitholders $ 1,875 $ 7,201 $ 20,037 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 77,963 $ 27,301 $ 121,051 $ (148,611 ) $ 77,704 Other comprehensive income: Gain on cash flow hedging instrument: Gain on settlement of cash flow hedging instrument 9,553 — — — 9,553 Reclassification adjustment for amortization of interest expense included in net income (602 ) — — — (602 ) Other comprehensive income 8,951 — — — 8,951 Comprehensive income 86,914 27,301 121,051 (148,611 ) 86,655 Comprehensive loss attributable to noncontrolling interests — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive income attributable to common unitholders $ 15,895 $ 27,301 $ 121,310 $ (148,611 ) $ 15,895 For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 45,951 $ 21,195 $ 72,713 $ (93,900 ) $ 45,959 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income — — (28 ) — (28 ) Unrealized gain on investment in equity securities: Reclassification adjustment for realized gain included in net income (67 ) — — — (67 ) Other comprehensive loss (67 ) — (28 ) — (95 ) Comprehensive income 45,884 21,195 72,685 (93,900 ) 45,864 Comprehensive income attributable to noncontrolling interests — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Comprehensive (loss) income attributable to common unitholders $ (238 ) $ 21,195 $ 72,677 $ (93,900 ) $ (266 ) |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (198,097 ) $ (1,345 ) $ 575,905 $ — $ 376,463 Investing activities Cash paid for single-family properties — — (333,082 ) — (333,082 ) Change in escrow deposits for purchase of single-family properties — — (2,194 ) — (2,194 ) Net proceeds received from sales of single-family properties and other — 2,165 45,592 — 47,757 Proceeds received from hurricane-related insurance claims — — 4,000 — 4,000 Investment in unconsolidated joint venture (3,800 ) — — — (3,800 ) Distributions from joint ventures 33,680 — 2,571 — 36,251 Collections from intercompany notes 1,800 — — (1,800 ) — (Investment in) return of investment in subsidiaries (5,089 ) 31,958 — (26,869 ) — Initial renovations to single-family properties — — (40,898 ) — (40,898 ) Recurring and other capital expenditures for single-family properties — (504 ) (39,966 ) — (40,470 ) Other purchases of productive assets — — (149,475 ) — (149,475 ) Net cash provided by (used for) investing activities 26,591 33,619 (513,452 ) (28,669 ) (481,911 ) Financing activities Proceeds from issuance of perpetual preferred units 115,000 — — — 115,000 Payments of perpetual preferred unit issuance costs (3,750 ) — — — (3,750 ) Repurchase of Class A units (34,969 ) — — — (34,969 ) Share-based compensation proceeds, net 8,871 — — — 8,871 Payments on asset-backed securitizations — — (15,669 ) — (15,669 ) Proceeds from revolving credit facility 155,000 — — — 155,000 Payments on revolving credit facility (295,000 ) — — — (295,000 ) Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (49,427 ) — (49,427 ) Proceeds from unsecured senior notes, net of discount 497,210 — — — 497,210 Settlement of cash flow hedging instrument 9,628 — — — 9,628 Payments on intercompany notes borrowed — — (1,800 ) 1,800 — Intercompany financing and distributions to parent — (32,276 ) 5,407 26,869 — Distributions to common unitholders (51,827 ) — — — (51,827 ) Distributions to preferred unitholders (41,178 ) — — — (41,178 ) Deferred financing costs paid (5,100 ) — — — (5,100 ) Net cash provided by (used for) financing activities 253,885 (32,276 ) (61,489 ) 28,669 188,789 Net increase (decrease) in cash, cash equivalents and restricted cash 82,379 (2 ) 964 — 83,341 Cash, cash equivalents and restricted cash, beginning of period 36,899 31 145,893 — 182,823 Cash, cash equivalents and restricted cash, end of period $ 119,278 $ 29 $ 146,857 $ — $ 266,164 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (17,667 ) $ (1,869 ) $ (61,406 ) $ — $ (80,942 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions, renovations and construction $ — $ (12 ) $ (95 ) $ — $ (107 ) Transfers of completed homebuilding deliveries to properties $ — $ — $ 64,867 $ — $ 64,867 Property and land contributions to an unconsolidated joint venture $ — $ — $ (40,942 ) $ — $ (40,942 ) Redemption of participating preferred units $ (28,258 ) $ — $ — $ — $ (28,258 ) Accrued distributions to affiliates $ (129 ) $ — $ — $ — $ (129 ) Accrued distributions to non-affiliates $ (1,773 ) $ — $ — $ — $ (1,773 ) Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (45,914 ) $ (3,563 ) $ 398,852 $ — $ 349,375 Investing activities Cash paid for single-family properties — — (462,875 ) — (462,875 ) Change in escrow deposits for purchase of single-family properties — — (2,710 ) — (2,710 ) Net proceeds received from sales of single-family properties and other 14,265 2,821 51,532 — 68,618 Collections from mortgage financing receivables — — 83 — 83 Distributions from joint ventures 680 — 5,301 — 5,981 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (575,754 ) 29,453 — 546,301 — Initial renovations to single-family properties — (1,591 ) (29,617 ) — (31,208 ) Recurring and other capital expenditures for single-family properties — — (26,725 ) — (26,725 ) Other purchases of productive assets (6,657 ) — (31,403 ) — (38,060 ) Net cash (used for) provided by investing activities (557,959 ) 30,683 (496,414 ) 536,794 (486,896 ) Financing activities Proceeds from issuance of Class A units 694,765 — — — 694,765 Payments of Class A unit issuance costs (10,444 ) — — — (10,444 ) Proceeds from issuance of perpetual preferred units 270,000 — — — 270,000 Payments of perpetual preferred unit issuance costs (9,229 ) — — — (9,229 ) Share-based compensation proceeds, net 988 — — — 988 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (472,470 ) — (472,470 ) Proceeds from revolving credit facility 62,000 — — — 62,000 Payments on revolving credit facility (112,000 ) — — — (112,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (721 ) — (721 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (27,143 ) 573,444 (546,301 ) — Distributions to common unitholders (47,223 ) — — — (47,223 ) Distributions to preferred unitholders (46,122 ) — — — (46,122 ) Deferred financing costs paid (3,974 ) — — — (3,974 ) Net cash provided by (used for) financing activities 723,592 (27,143 ) 90,746 (536,794 ) 250,401 Net increase (decrease) in cash, cash equivalents and restricted cash 119,719 (23 ) (6,816 ) — 112,880 Cash, cash equivalents and restricted cash, beginning of period 76,913 62 173,266 — 250,241 Cash, cash equivalents and restricted cash, end of period $ 196,632 $ 39 $ 166,450 $ — $ 363,121 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (7,235 ) $ (2,803 ) $ (67,926 ) $ — $ (77,964 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 12 $ 7,139 $ — $ 7,151 Transfer of term loan borrowings to revolving credit facility $ 50,000 $ — $ — $ — $ 50,000 Transfer of deferred financing costs from term loan to revolving credit facility $ 1,524 $ — $ — $ — $ 1,524 Transfers of completed homebuilding deliveries to properties $ — $ — $ 3,010 $ — $ 3,010 Note receivable related to a bulk sale of properties, net of discount $ 5,635 $ — $ — $ — $ 5,635 |
Organization and Operations (De
Organization and Operations (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)stateproperty | Dec. 31, 2017USD ($)property | |
Real Estate Properties [Line Items] | ||
Number of states | state | 22 | |
General partner interest | 84.30% | |
Limited partner interest | 15.70% | |
Asset-backed securitization certificates | $ | $ 25,666 | $ 25,666 |
Single Family Homes | ||
Real Estate Properties [Line Items] | ||
Number of properties | 52,464 | 51,239 |
Single Family Homes | Single-family properties identified as part of the disposition program | ||
Real Estate Properties [Line Items] | ||
Number of properties | 2,266 | |
Single Family Homes | Properties Held for Sale | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1,865 | 310 |
Single Family Homes | Single-family properties identified for future sale | ||
Real Estate Properties [Line Items] | ||
Number of properties | 401 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Lease agreement term (in years) | 1 year | |||
Balance Sheet | ||||
Cash and cash equivalents | $ 110,138 | $ 46,156 | $ 243,547 | $ 118,799 |
Restricted cash | 156,026 | 136,667 | 119,574 | 131,442 |
Statement of Cash Flows | ||||
Cash, cash equivalents and restricted cash | $ 266,164 | $ 182,823 | $ 363,121 | $ 250,241 |
Single-Family Properties - Comp
Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands | Sep. 30, 2018USD ($)property | Dec. 31, 2017USD ($)property |
Property Subject to or Available for Operating Lease | ||
Net book value | $ 8,258,557 | $ 8,064,980 |
Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | property | 52,464 | 51,239 |
Net book value | $ 8,258,557 | $ 8,064,980 |
Single Family Homes | Single-family properties being renovated | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | property | 345 | 980 |
Net book value | $ 90,485 | $ 225,194 |
Single Family Homes | Single-family properties being prepared for re-lease | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | property | 430 | 372 |
Net book value | $ 66,730 | $ 47,994 |
Single Family Homes | Single-family properties held for sale, net | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | property | 1,865 | 310 |
Net book value | $ 299,551 | $ 35,803 |
Single Family Homes | Single-family properties identified for future sale | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | property | 401 | |
Net book value | $ 58,672 | |
Single Family Homes | Leased single-family properties | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | property | 47,776 | 46,996 |
Net book value | $ 7,458,840 | $ 7,284,708 |
Single Family Homes | Vacant single-family properties available for lease | ||
Property Subject to or Available for Operating Lease | ||
Number of properties | property | 1,647 | 2,581 |
Net book value | $ 284,279 | $ 471,281 |
Single-Family Properties - Narr
Single-Family Properties - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)property | Sep. 30, 2017USD ($)property | Sep. 30, 2018USD ($)property | Sep. 30, 2017USD ($)property | Dec. 31, 2017USD ($) | |
Property Subject to or Available for Operating Lease | |||||
Proceeds from the sale of real estate properties | $ 47,757,000 | $ 68,618,000 | |||
Proceeds from sale of land | $ 300,000 | 800,000 | |||
Gain (loss) on land sold | 100,000 | 200,000 | |||
Single Family Homes | |||||
Property Subject to or Available for Operating Lease | |||||
Real estate investment properties unrecorded deed | 4,000,000 | 4,000,000 | $ 44,200,000 | ||
Depreciation expense | $ 75,200,000 | $ 71,200,000 | $ 224,700,000 | $ 208,900,000 | |
Number of real estate properties sold | property | 95 | 107 | 311 | 738 | |
Proceeds from the sale of real estate properties | $ 17,400,000 | $ 14,400,000 | $ 47,000,000 | $ 54,200,000 | |
Net gain (loss) on sale of single-family properties and other | $ 3,400,000 | 1,900,000 | $ 8,800,000 | 3,100,000 | |
Note receivable | 7,000,000 | 7,000,000 | |||
Discount of note receivable | $ 1,500,000 | $ 1,500,000 |
Rent and Other Receivables, N_2
Rent and Other Receivables, Net (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 8.7 | $ 10.4 |
Hurricane-related insurance claims receivable | 5.4 | 8.9 |
Non-tenant receivables | $ 0.8 | $ 1.2 |
Escrow Deposits, Prepaid Expe_3
Escrow Deposits, Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Escrow deposits, prepaid expenses and other | $ 40,934 | $ 40,934 | $ 33,964 | ||
Investments in joint ventures | 52,747 | 52,747 | 42,341 | ||
Commercial real estate, vehicles and FF&E, net | 44,187 | 44,187 | 43,608 | ||
Land held for development | 73,752 | 73,752 | 39,079 | ||
Homebuilding construction in progress | 39,625 | 39,625 | 12,859 | ||
Total | 251,245 | 251,245 | 171,851 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Property and land contributions to an unconsolidated joint venture | 40,942 | $ 0 | |||
Cash payments to acquire interest in joint venture | 3,800 | 0 | |||
American Homes 4 Rent, L.P. | |||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Total | 248,614 | 248,614 | $ 171,851 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Property and land contributions to an unconsolidated joint venture | 40,942 | 0 | |||
Cash payments to acquire interest in joint venture | 3,800 | $ 0 | |||
American Homes 4 Rent, L.P. | Joint Venture, Single-Family Rental Homes, Southeast | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Aggregate cost | $ 156,300 | ||||
Joint venture, initial term | 5 years | ||||
Ownership percentage | 20.00% | ||||
Property and land contributions to an unconsolidated joint venture | 40,900 | ||||
Cash payments to acquire interest in joint venture | 3,800 | ||||
Distributions received from the joint venture | 32,800 | ||||
Investment in joint venture balance | $ 13,400 | $ 13,400 |
Deferred Costs and Other Inta_3
Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Acquired Indefinite-lived Intangible Assets | ||
Deferred leasing costs | $ 11,069 | $ 7,030 |
Deferred financing costs | 11,244 | 11,244 |
Intangible assets: | ||
Intangible assets | 24,430 | 23,653 |
Less: accumulated amortization | (10,993) | (10,628) |
Total | 13,437 | 13,025 |
Value of in-place leases | ||
Intangible assets: | ||
Intangible assets | 17 | 179 |
Trademark | ||
Intangible assets: | ||
Intangible assets | 0 | 3,100 |
Database | ||
Intangible assets: | ||
Intangible assets | $ 2,100 | $ 2,100 |
Deferred Costs and Other Inta_4
Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Amortization expense related to deferred leasing costs, in-place leases, trademark and database | $ 2.9 | $ 2.1 | $ 7.7 | $ 7.2 |
Amortization of deferred financing costs | $ 0.5 | $ 0.5 | $ 1.5 | $ 1.3 |
Deferred Costs and Other Inta_5
Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2,018 | $ 2,826 |
2,019 | 5,579 |
2,020 | 2,101 |
2,021 | 1,964 |
2,022 | 967 |
Total | 13,437 |
Deferred Leasing Costs | |
Deferred Leasing Costs, Future Amortization Expenses [Abstract] | |
Remaining 2,018 | 2,253 |
2,019 | 3,315 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Total | 5,568 |
Deferred Financing Costs | |
Debt Issuance Costs, Future Amortization Expenses [Abstract] | |
Remaining 2,018 | 495 |
2,019 | 1,964 |
2,020 | 1,969 |
2,021 | 1,964 |
2,022 | 967 |
Total | 7,359 |
Value of in-place leases | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2,018 | 3 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Total | 3 |
Database | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2,018 | 75 |
2,019 | 300 |
2,020 | 132 |
2,021 | 0 |
2,022 | 0 |
Total | $ 507 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Feb. 28, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||||
Debt, gross | $ 2,712,688,000 | $ 2,712,688,000 | $ 2,517,216,000 | |||
Unamortized discounts on unsecured and exchangeable senior notes | (2,751,000) | (2,751,000) | (895,000) | |||
Equity component of exchangeable senior notes | (358,000) | (358,000) | (2,408,000) | |||
Deferred financing costs, net | (37,876,000) | (37,876,000) | (38,026,000) | |||
Total debt per balance sheet | 2,671,703,000 | 2,671,703,000 | 2,475,887,000 | |||
Amortization of financing costs | 5,838,000 | $ 6,285,000 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs, net | (7,400,000) | (7,400,000) | (8,800,000) | |||
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of financing costs | 1,500,000 | $ 1,400,000 | 4,400,000 | $ 5,000,000 | ||
Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt, gross | $ 1,997,688,000 | $ 1,997,688,000 | 2,013,357,000 | |||
Secured Debt | 2014-SFR 2 | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.42% | 4.42% | ||||
Debt, gross | $ 492,478,000 | $ 492,478,000 | 496,326,000 | |||
Secured Debt | 2014-SFR 3 | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.40% | 4.40% | ||||
Debt, gross | $ 508,080,000 | $ 508,080,000 | 512,041,000 | |||
Secured Debt | 2015-SFR 1 | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.14% | 4.14% | ||||
Debt, gross | $ 533,578,000 | $ 533,578,000 | 537,723,000 | |||
Secured Debt | 2015-SFR 2 | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.36% | 4.36% | ||||
Debt, gross | $ 463,552,000 | $ 463,552,000 | 467,267,000 | |||
Secured Debt | Secured Note Payable | ||||||
Debt Instrument [Line Items] | ||||||
Debt, gross | $ 0 | $ 0 | 48,859,000 | |||
Senior Notes | 4.25% Senior Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.25% | 4.25% | 4.25% | |||
Effective interest rate | 4.08% | 4.08% | ||||
Debt, gross | $ 500,000,000 | $ 500,000,000 | 0 | |||
Deferred financing costs, net | $ (1,900,000) | |||||
Convertible Debt | 3.25% Exchangeable Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.25% | 3.25% | ||||
Debt, gross | $ 115,000,000 | $ 115,000,000 | 115,000,000 | |||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate | 3.46% | 3.46% | ||||
Debt, gross | $ 0 | $ 0 | 140,000,000 | |||
Maximum borrowing capacity | $ 800,000,000 | $ 800,000,000 | ||||
Line of Credit | Revolving Credit Facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.825% | |||||
Line of Credit | Revolving Credit Facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.55% | |||||
Line of Credit | Revolving Credit Facility | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||
Line of Credit | Revolving Credit Facility | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.55% | |||||
Line of Credit | Term Loan facility | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate | 3.61% | 3.61% | ||||
Debt, gross | $ 100,000,000 | $ 100,000,000 | 200,000,000 | |||
Deferred financing costs, net | $ (800,000) | $ (800,000) | $ (2,000,000) | |||
Line of Credit | Term Loan facility | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.90% | |||||
Line of Credit | Term Loan facility | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||
Line of Credit | Term Loan facility | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.00% | |||||
Line of Credit | Term Loan facility | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.75% |
Debt - Narrative (Details)
Debt - Narrative (Details) | Feb. 29, 2016 | Feb. 28, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)property | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)property | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||
Payments on asset-backed securitizations | $ 15,669,000 | $ 472,470,000 | |||||||
Gain (loss) on early extinguishment of debt | $ 0 | $ 0 | (1,447,000) | (6,555,000) | |||||
Deferred financing costs, net | 37,876,000 | 37,876,000 | $ 38,026,000 | ||||||
Asset Backed Securitizations May 2014 Securitization | |||||||||
Debt Instrument [Line Items] | |||||||||
Payments on asset-backed securitizations | $ 455,400,000 | ||||||||
Asset Backed Securitizations May 2014 Securitization | Property disqualified from collateral pool | Single Family Homes | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of properties released | property | 3,799 | ||||||||
Increase (decrease) in cash collateral for borrowed securities | $ (9,400,000) | ||||||||
Secured Debt | Asset Backed Securitizations May 2014 Securitization | Special Purpose Entity | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain (loss) on early extinguishment of debt | (6,555,000) | ||||||||
Secured Note Payable | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Payments on asset-backed securitizations | $ 48,400,000 | ||||||||
Gain (loss) on early extinguishment of debt | $ (500,000) | ||||||||
Number of properties released | property | 572 | ||||||||
Increase (decrease) in cash collateral for borrowed securities | $ (2,100,000) | ||||||||
Term loan facility, net | |||||||||
Debt Instrument [Line Items] | |||||||||
Payments on credit facility | 100,000,000 | $ 100,000,000 | |||||||
Term loan facility, net | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Payments on credit facility | 100,000,000 | ||||||||
Write off of unamortized deferred financing costs | $ 900,000 | ||||||||
Deferred financing costs, net | $ 800,000 | $ 800,000 | $ 2,000,000 | ||||||
Effective interest rate | 3.61% | 3.61% | |||||||
4.25% Senior Notes Due 2028 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument face amount | $ 500,000,000 | ||||||||
Interest Rate | 4.25% | 4.25% | 4.25% | ||||||
Net proceeds from debt issuance | $ 494,000,000 | ||||||||
Underwriting fees | 3,200,000 | ||||||||
Unamortized discount | 2,800,000 | ||||||||
Deferred financing costs, net | $ 1,900,000 | ||||||||
Effective interest rate | 4.08% | 4.08% | |||||||
3.25% Exchangeable Senior Notes | Convertible Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Rate | 3.25% | 3.25% | |||||||
Convertible debt conversion ratio | 0.0556688 | ||||||||
3.25% Exchangeable Senior Notes | Convertible Debt | 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 | 1.135 |
Debt - Maturities (Details)
Debt - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Remaining 2,018 | $ 120,179 | |
2,019 | 20,714 | |
2,020 | 20,714 | |
2,021 | 20,714 | |
2,022 | 120,714 | |
Thereafter | 2,409,653 | |
Total debt | 2,712,688 | $ 2,517,216 |
Unamortized discounts and deferred financing costs | (40,985) | |
Total debt per balance sheet | $ 2,671,703 | $ 2,475,887 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Disclosure [Abstract] | ||||
Gross interest | $ 32,344 | $ 28,125 | $ 97,422 | $ 90,044 |
Capitalized interest | (1,414) | (1,533) | (5,213) | (3,171) |
Interest expense | $ 30,930 | $ 26,592 | $ 92,209 | $ 86,873 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 151 | $ 1,726 |
Accrued property taxes | 115,305 | 47,765 |
Other accrued liabilities | 39,011 | 31,788 |
Accrued distribution payable | 25,209 | 26,982 |
Accrued construction and maintenance liabilities | 20,182 | 17,928 |
Resident security deposits | 82,845 | 75,951 |
Prepaid rent | 23,232 | 20,727 |
Total | $ 305,935 | $ 222,867 |
Shareholders' Equity _ Partne_3
Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($) $ / shares in Units, shares in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Aug. 31, 2017 | Nov. 30, 2016 | |
Class of Stock [Line Items] | ||||
Proceeds from issuance of shares/units | $ 0 | $ 694,765,000 | ||
Class A common shares/units | ||||
Class of Stock [Line Items] | ||||
Stock issuance costs | 0 | $ 10,444,000 | ||
At the Market - Common Share Offering Program | Class A common shares/units | ||||
Class of Stock [Line Items] | ||||
Shares available for future issuance, value | $ 500,000,000 | $ 400,000,000 | ||
Shares issued during period (in shares) | 2 | |||
Proceeds from issuance of shares/units | $ 46,200,000 | |||
Shares issued, price per share (in dollars per share) | $ 22.74 | |||
Proceeds from issuance of common stock, net of issuance costs | $ 45,600,000 | |||
Stock issuance costs | $ 600,000 | |||
Shares authorized for future issuance, value | $ 500,000,000 |
Shareholders' Equity _ Partne_4
Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Feb. 28, 2018 | |
Class A common shares/units | |||
Class of Stock [Line Items] | |||
Repurchase of shares, authorized amount | $ 300,000,000 | ||
Average price per share of Class A common shares (in dollars per share) | $ 19.36 | ||
Stock repurchased less commission and fees paid | $ 34,900,000 | ||
Remaining repurchase authorization | $ 265,100,000 | ||
Class A common shares/units | Common Stock | |||
Class of Stock [Line Items] | |||
Repurchases of Class A common shares (in shares) | 1,804,163 | 0 | |
Preferred Shares/Units | |||
Class of Stock [Line Items] | |||
Repurchase of shares, authorized amount | $ 250,000,000 | $ 250,000,000 |
Shareholders' Equity _ Partne_5
Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Thousands | Apr. 05, 2018marketshares | Sep. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)market$ / sharesshares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)$ / sharesshares |
Class of Stock [Line Items] | |||||||
Preferred shares, shares outstanding (in shares) | shares | 35,350,000 | 35,350,000 | 38,350,000 | ||||
Liquidation Value | $ 883,750 | $ 883,750 | $ 986,986 | ||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||
Number of top markets used for purchase price index | market | 20 | ||||||
Redemption of participating preferred shares/units | $ 0 | $ 0 | $ 32,215 | $ 0 | |||
5.5% Series C Participating Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% | |||||
Preferred shares, shares outstanding (in shares) | shares | 0 | 0 | 7,600,000 | ||||
Liquidation Value | $ 0 | $ 0 | $ 218,236 | ||||
Stock converted during period (in shares) | shares | 7,600,000 | ||||||
Series D Perpetual Preferred Shares/Units | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.50% | 6.50% | 6.50% | ||||
Preferred shares, shares outstanding (in shares) | shares | 10,750,000 | 10,750,000 | 10,750,000 | ||||
Liquidation Value | $ 268,750 | $ 268,750 | $ 268,750 | ||||
Series E Perpetual Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.35% | 6.35% | 6.35% | ||||
Preferred shares, shares outstanding (in shares) | shares | 9,200,000 | 9,200,000 | 9,200,000 | ||||
Liquidation Value | $ 230,000 | $ 230,000 | $ 230,000 | ||||
Series F Perpetual Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.875% | 5.875% | 5.875% | ||||
Preferred shares, shares outstanding (in shares) | shares | 6,200,000 | 6,200,000 | 6,200,000 | ||||
Liquidation Value | $ 155,000 | $ 155,000 | $ 155,000 | ||||
Series G Perpetual Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 5.875% | 5.875% | |||||
Preferred shares, shares outstanding (in shares) | shares | 4,600,000 | 4,600,000 | 4,600,000 | ||||
Liquidation Value | $ 115,000 | $ 115,000 | $ 115,000 | ||||
Series H Perpetual Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.25% | 6.25% | |||||
Preferred shares, shares outstanding (in shares) | shares | 4,600,000 | 4,600,000 | 0 | ||||
Liquidation Value | $ 115,000 | $ 115,000 | $ 0 | ||||
Liquidation value (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||
Shares issued during period (in shares) | shares | 4,600,000 | ||||||
Gross proceeds on issuance of preferred shares | $ 115,000 | ||||||
Stock issuance costs | $ 4,000 | ||||||
Class A common shares/units | |||||||
Class of Stock [Line Items] | |||||||
Percent of liquidation preference | 50.00% | ||||||
Issuance of common shares, net of offering costs (in shares) | shares | 10,848,827 | ||||||
Stock exchange ratio | 1.4275 | ||||||
Stock issuance costs | $ 0 | $ 10,444 | |||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Number of markets used in calculation of conversion ratio | market | 20 | ||||||
Conversion ratio, maximum internal rate of return | 9.00% | ||||||
Redemption of participating preferred shares/units | $ 32,200 |
Shareholders' Equity _ Partne_6
Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | ||||
Common stock dividend declared (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.15 | $ 0.15 |
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 | ||
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% | 6.50% | 6.50% | |
Series E Perpetual Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared (in dollars per share) | $ 0.40 | $ 0.40 | ||
Preferred stock, dividend rate, percentage | 6.35% | 6.35% | 6.35% | |
Series F Perpetual Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared (in dollars per share) | $ 0.37 | $ 0.37 | ||
Preferred stock, dividend rate, percentage | 5.875% | 5.875% | 5.875% | |
Series G Perpetual Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared (in dollars per share) | $ 0.37 | $ 0.30 | ||
Preferred stock, dividend rate, percentage | 5.875% | 5.875% | ||
Series H Perpetual Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, percentage | 6.25% | 6.25% | ||
5.0% Series A Participating Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared (in dollars per share) | $ 0.31 | |||
Preferred stock, dividend rate, percentage | 5.00% | |||
5.0% Series B Participating Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared (in dollars per share) | $ 0.31 | |||
Preferred stock, dividend rate, percentage | 5.00% | |||
5.5% Series C Participating Preferred Shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared (in dollars per share) | $ 0.34 | |||
Preferred stock, dividend rate, percentage | 5.50% | 5.50% |
Shareholders' Equity _ Partne_7
Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Operating partnership units (in shares) | 351,881,447 | 342,099,865 |
American Residential Properties Inc. | ||
Class of Stock [Line Items] | ||
Percentage of units outstanding | 0.30% | 0.30% |
Operating partnership units (in shares) | 1,073,509 | 1,073,509 |
AH LLC | ||
Class of Stock [Line Items] | ||
Ownership units owned (in shares) | 54,276,644 | 54,276,644 |
Percentage of units outstanding | 15.40% | 15.90% |
Shareholders' Equity _ Partne_8
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | $ 2,881 | $ 309 | $ 845 | $ (22) |
Consolidated Subsidiaries With Noncontrolling Interest | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | 0 | (31) | (259) | 8 |
Class A Units | ||||
Class of Stock [Line Items] | ||||
Income (loss) allocated to noncontrolling interest | $ 2,881 | $ 340 | $ 1,104 | $ (30) |
Shareholders' Equity _ Partne_9
Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock options and Restricted stock units | ||||
Class of Stock [Line Items] | ||||
Allocated share-based compensation expense | $ 0.8 | $ 1.1 | $ 2.7 | $ 3.2 |
Stock options and Restricted stock units | General and Administrative Expense | ||||
Class of Stock [Line Items] | ||||
Allocated share-based compensation expense | 0.5 | 0.7 | 1.6 | 1.9 |
Stock options and Restricted stock units | Property Management Expense | ||||
Class of Stock [Line Items] | ||||
Allocated share-based compensation expense | $ 0.3 | $ 0.4 | $ 1.1 | $ 1.3 |
Restricted stock units | ||||
Class of Stock [Line Items] | ||||
Restricted stock unit grants in period (in shares) | 304,400 | 174,000 | ||
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 | |||
2012 Equity Incentive Plan | Stock options | ||||
Class of Stock [Line Items] | ||||
Granted (in shares) | 140,000 | 385,600 | ||
Expiration period for stock options | 10 years |
Shareholders' Equity _ Partn_10
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, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Options | ||||
Outstanding at beginning of the period (in shares) | 3,052,450 | 2,826,500 | 2,826,500 | |
Granted (in shares) | 140,000 | 385,600 | ||
Exercised (in shares) | (684,875) | (62,655) | ||
Forfeited (in shares) | (112,750) | (85,250) | ||
Outstanding at end of the period (in shares) | 2,394,825 | 3,064,195 | 3,052,450 | 2,826,500 |
Exercisable at end of the period (in shares) | 1,659,050 | 1,681,595 | ||
Weighted Average Exercise Price | ||||
Outstanding at beginning of the period (in dollars per share) | $ 16.65 | $ 15.69 | $ 15.69 | |
Granted (in dollars per share) | 19.40 | 23.38 | ||
Exercised (in dollars per share) | 16.04 | 15.77 | ||
Forfeited (in dollars per share) | 17.84 | 16.24 | ||
Outstanding at end of the period (in dollars per share) | 16.92 | 16.64 | $ 16.65 | $ 15.69 |
Exercisable at end of the period (in dollars per share) | $ 16.23 | $ 15.90 | ||
Aggregate intrinsic value | ||||
Weighted average remaining life (in years) | 6 years 4 months 10 days | 7 years 1 month 6 days | 6 years 10 months 24 days | 7 years 7 months 6 days |
Weighted average exercisable (in years) | 5 years 7 months 25 days | 6 years 3 months 18 days | ||
Aggregate intrinsic value | $ 12,388 | $ 16,149 | $ 16,421 | $ 14,956 |
Aggregate intrinsic value exercised | 4,388 | 444 | ||
Aggregate intrinsic value exercisable | $ 9,521 | $ 9,764 |
Shareholders' Equity _ Partn_11
Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Weighted-average fair value (in dollars per share) | $ 3.03 | $ 3.82 |
Expected term | 7 years | 7 years |
Dividend yield | 3.00% | 3.00% |
Volatility | 18.90% | 21.30% |
Risk-free interest rate | 2.80% | 2.20% |
Shareholders' Equity _ Partn_12
Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details) - Restricted stock units - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Number of Restricted Stock Units | ||
Restricted stock units at beginning of period (in shares) | 243,875 | 130,150 |
Units awarded (in shares) | 304,400 | 174,000 |
Units vested (in shares) | (80,125) | (42,475) |
Units forfeited (in shares) | (69,100) | (16,200) |
Restricted stock units at end of the period (in shares) | 399,050 | 245,475 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||
Net income | $ 30,281 | $ 19,097 | $ 77,704 | $ 45,959 |
Less: | ||||
Noncontrolling interest | 2,881 | 309 | 845 | (22) |
Dividends on preferred shares/Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred shares/units | 0 | 0 | 32,215 | 0 |
Allocation to participating securities | 20 | 12 | 66 | 0 |
Numerator for basic income (loss) per common shareholders/unitholders | 15,157 | 1,523 | 5,774 | (141) |
Add back: | ||||
Dividends on participating preferred shares/units | 0 | 5,569 | 0 | 0 |
Remeasurement of participating preferred shares/units | 0 | (8,391) | 0 | 0 |
Numerator for diluted income (loss) per common share/unit | $ 15,157 | $ (1,299) | $ 5,774 | $ (141) |
Denominator | ||||
Weighted-average common shares outstanding - basic (in shares) | 296,214,509 | 266,767,313 | 292,656,914 | 256,768,343 |
Effect of dilutive securities: | ||||
Participating preferred shares/units (in shares) | 0 | 22,385,747 | 0 | 0 |
Share-based compensation plan (in shares) | 753,140 | 0 | 662,331 | 0 |
Weighted-average shares outstanding - diluted (in shares) | 296,967,649 | 289,153,060 | 293,319,245 | 256,768,343 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.01 | $ 0.02 | $ 0 |
Diluted (in dollars per share) | $ 0.05 | $ 0 | $ 0.02 | $ 0 |
American Homes 4 Rent, L.P. | ||||
Numerator: | ||||
Net income | $ 30,281 | $ 19,097 | $ 77,704 | $ 45,959 |
Less: | ||||
Noncontrolling interest | 0 | (31) | (259) | 8 |
Dividends on preferred shares/Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred shares/units | 0 | 0 | 32,215 | 0 |
Allocation to participating securities | 21 | 12 | 66 | 0 |
Numerator for basic income (loss) per common shareholders/unitholders | 18,037 | 1,863 | 6,878 | (171) |
Add back: | ||||
Dividends on participating preferred shares/units | 0 | 5,569 | 0 | 0 |
Remeasurement of participating preferred shares/units | 0 | (8,391) | 0 | 0 |
Numerator for diluted income (loss) per common share/unit | $ 18,037 | $ (959) | $ 6,878 | $ (171) |
Denominator | ||||
Weighted-average common units outstanding - basic (in shares) | 351,564,662 | 322,303,138 | 348,007,067 | 312,315,728 |
Effect of dilutive securities: | ||||
Participating preferred shares/units (in shares) | 0 | 22,385,747 | 0 | 0 |
Share-based compensation plan (in shares) | 753,140 | 0 | 662,331 | 0 |
Weighted-average common units outstanding - diluted (in shares) | 352,317,802 | 344,688,885 | 348,669,398 | 312,315,728 |
Net income (loss) attributable to common shareholders/unitholders per share/unit | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.01 | $ 0.02 | $ 0 |
Diluted (in dollars per share) | $ 0.05 | $ 0 | $ 0.02 | $ 0 |
Earnings per Share _ Unit - Nar
Earnings per Share / Unit - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of EPS (in shares) | 0 | 7,078,066 | 0 | 29,474,000 |
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) | 0 | 7,078,066 | 0 | 29,474,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)property | Dec. 31, 2017USD ($)property | |
Purchase Commitment [Line Items] | ||
Single-family properties sales in escrow | property | 155 | 69 |
Single-family properties sales in escrow, selling price | $ 23.9 | $ 7 |
Silver Bay Realty Trust Corp. | ||
Gain (Loss) on Sale of Securities, Net [Abstract] | ||
Gain (loss) on sale of equity investments | 3 | |
Single Family Properties | ||
Purchase Commitment [Line Items] | ||
Purchase price of commitment to acquire single-family properties | 48.3 | 128.1 |
Land | ||
Purchase Commitment [Line Items] | ||
Purchase price of commitment to acquire single-family properties | $ 67.3 | $ 24 |
Commitment To Acquire Properties | ||
Purchase Commitment [Line Items] | ||
Number of properties | property | 196 | 520 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Fair Value (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ 37,876,000 | $ 38,026,000 | |
Gain on derivative recorded in other comprehensive income | 9,600,000 | ||
Treasury Lock | Designated as Hedging Instrument | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative, notional amount | $ 350,000,000 | ||
Revolving Credit Facility | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ 7,400,000 | 8,800,000 | |
Line of Credit | Revolving Credit Facility | LIBOR | Minimum | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.825% | ||
Line of Credit | Revolving Credit Facility | LIBOR | Maximum | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.55% | ||
Line of Credit | Revolving Credit Facility | Base Rate | Minimum | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.00% | ||
Line of Credit | Revolving Credit Facility | Base Rate | Maximum | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.55% | ||
Significant Other Observable Inputs (Level 2) | Recurring | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative asset | $ 0 | 75,000 | |
Asset-backed securitization | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | 32,300,000 | 36,000,000 | |
Term Loan facility | Line of Credit | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ 800,000 | 2,000,000 | |
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 | 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 | 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 | 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 | 0.75% | ||
Unsecured Senior Notes | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Deferred financing costs, net | $ 4,800,000 | 0 | |
Carrying Value | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 1,997,688,000 | 2,013,357,000 | |
Unsecured senior notes, net | 497,384,000 | 0 | |
Exchangeable senior notes, net | 114,507,000 | 111,697,000 | |
Secured note payable | 0 | 48,859,000 | |
Revolving credit facility | 0 | 140,000,000 | |
Term loan facility | 100,000,000 | 200,000,000 | |
Total debt | 2,709,579,000 | 2,513,913,000 | |
Carrying Value | 2014-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 492,478,000 | 496,326,000 | |
Carrying Value | 2014-SFR 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 508,080,000 | 512,041,000 | |
Carrying Value | 2015-SFR 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 533,578,000 | 537,723,000 | |
Carrying Value | 2015-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 463,552,000 | 467,267,000 | |
Fair Value | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 2,024,287,000 | 2,046,406,000 | |
Unsecured senior notes, net | 477,805,000 | 0 | |
Exchangeable senior notes, net | 144,135,000 | 147,462,000 | |
Secured note payable | 0 | 49,027,000 | |
Revolving credit facility | 0 | 140,000,000 | |
Term loan facility | 100,000,000 | 200,000,000 | |
Total debt | 2,746,227,000 | 2,582,895,000 | |
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 | 498,510,000 | 504,730,000 | |
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 | 516,519,000 | 521,252,000 | |
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 | 538,414,000 | 544,592,000 | |
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 | $ 470,844,000 | $ 475,832,000 |
Fair Value - Fair Value Hierarc
Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Liabilities: | ||||
Participating preferred shares/units derivative liability | $ 0 | $ 29,470 | $ 68,469 | $ 69,810 |
Recurring | Significant Other Observable Inputs (Level 2) | ||||
Assets: | ||||
Derivative asset | 0 | 75 | ||
Recurring | Significant Unobservable Inputs (Level 3) | ||||
Liabilities: | ||||
Participating preferred shares/units derivative liability | $ 0 | $ 29,470 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Preferred shares, derivative liability, Beginning Balance | $ 29,470 | $ 69,810 | ||
Preferred shares, derivative liability, Conversions | (28,258) | 0 | ||
Preferred shares, derivative liability, Remeasurement included in earnings | $ 0 | $ (8,391) | (1,212) | (1,341) |
Preferred shares, derivative liability, Ending Balance | $ 0 | $ 68,469 | $ 0 | $ 68,469 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||||
Single-family properties, net | $ 8,258,557 | $ 8,064,980 | ||
Cash and cash equivalents | 110,138 | 46,156 | $ 243,547 | $ 118,799 |
Restricted cash | 156,026 | 136,667 | 119,574 | 131,442 |
Rent and other receivables, net | 36,078 | 30,144 | ||
Deferred costs and other intangibles, net | 13,437 | 13,025 | ||
Goodwill | 120,279 | 120,279 | ||
Total assets | 8,971,426 | 8,608,768 | ||
Liabilities | ||||
Asset-backed securitizations, net | 1,965,417 | 1,977,308 | ||
Unsecured senior notes, net | 492,603 | 0 | ||
Exchangeable senior notes, net | 114,507 | 111,697 | ||
Secured note payable | 0 | 48,859 | ||
Accounts payable and accrued expenses | 305,935 | 222,867 | ||
Amounts payable to affiliates | 4,784 | 4,720 | ||
Participating preferred units derivative liability | 0 | 29,470 | $ 68,469 | $ 69,810 |
Total liabilities | 2,982,422 | 2,732,944 | ||
Capital | ||||
Accumulated other comprehensive income | 9,026 | 75 | ||
Total liabilities and equity/capital | 8,971,426 | 8,608,768 | ||
Term loan facility, net | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 99,176 | 198,023 | ||
Revolving Credit Facility | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 140,000 | ||
American Homes 4 Rent, L.P. | ||||
Assets | ||||
Single-family properties, net | 8,258,557 | 8,064,980 | ||
Cash and cash equivalents | 110,138 | 46,156 | ||
Restricted cash | 156,026 | 136,667 | ||
Rent and other receivables, net | 36,078 | 30,144 | ||
Intercompany receivables | 0 | 0 | ||
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 276,911 | 197,517 | ||
Investments in subsidiaries | 0 | 0 | ||
Deferred costs and other intangibles, net | 13,437 | 13,025 | ||
Goodwill | 120,279 | 120,279 | ||
Total assets | 8,971,426 | 8,608,768 | ||
Liabilities | ||||
Asset-backed securitizations, net | 1,965,417 | 1,977,308 | ||
Unsecured senior notes, net | 492,603 | 0 | ||
Exchangeable senior notes, net | 114,507 | 111,697 | ||
Secured note payable | 0 | 48,859 | ||
Accounts payable and accrued expenses | 305,935 | 222,867 | ||
Amounts payable to affiliates | 4,784 | 4,720 | ||
Intercompany payables | 0 | 0 | ||
Participating preferred units derivative liability | 0 | 29,470 | ||
Total liabilities | 2,982,422 | 2,732,944 | ||
Capital | ||||
Limited partners, capital account | 720,345 | 727,544 | ||
Accumulated other comprehensive income | 9,026 | 75 | ||
Total partners' capital | 5,989,004 | 5,877,173 | ||
Noncontrolling interest | 0 | (1,349) | ||
Total capital | 5,989,004 | 5,875,824 | ||
Total liabilities and equity/capital | 8,971,426 | 8,608,768 | ||
American Homes 4 Rent, L.P. | Common Units | ||||
Capital | ||||
General partner, capital account | 4,405,198 | 4,248,236 | ||
Limited partners, capital account | 720,345 | 727,544 | ||
American Homes 4 Rent, L.P. | Preferred Shares/Units | ||||
Capital | ||||
General partner, capital account | 854,435 | 901,318 | ||
American Homes 4 Rent, L.P. | Term loan facility, net | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 99,176 | 198,023 | ||
American Homes 4 Rent, L.P. | Revolving Credit Facility | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 140,000 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | ||||
Assets | ||||
Single-family properties, net | 0 | 0 | ||
Cash and cash equivalents | 92,343 | 22,157 | ||
Restricted cash | 26,935 | 14,742 | ||
Rent and other receivables, net | 0 | 114 | ||
Intercompany receivables | 280,514 | 154,621 | ||
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 71,364 | 59,271 | ||
Investments in subsidiaries | 6,009,862 | 5,889,146 | ||
Deferred costs and other intangibles, net | 7,866 | 9,652 | ||
Goodwill | 120,279 | 120,279 | ||
Total assets | 6,609,163 | 6,269,982 | ||
Liabilities | ||||
Asset-backed securitizations, net | 0 | 0 | ||
Unsecured senior notes, net | 492,603 | |||
Exchangeable senior notes, net | 0 | 0 | ||
Secured note payable | 0 | |||
Accounts payable and accrued expenses | 30,566 | 27,566 | ||
Amounts payable to affiliates | 4,784 | 4,720 | ||
Intercompany payables | 0 | 0 | ||
Participating preferred units derivative liability | 29,470 | |||
Total liabilities | 627,129 | 399,779 | ||
Capital | ||||
Limited partners, capital account | 720,345 | 727,544 | ||
Accumulated other comprehensive income | 9,026 | 75 | ||
Total partners' capital | 5,982,034 | 5,870,203 | ||
Noncontrolling interest | 0 | |||
Total capital | 5,982,034 | 5,870,203 | ||
Total liabilities and equity/capital | 6,609,163 | 6,269,982 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Common Units | ||||
Capital | ||||
General partner, capital account | 4,398,228 | 4,241,266 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Preferred Shares/Units | ||||
Capital | ||||
General partner, capital account | 854,435 | 901,318 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Term loan facility, net | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 99,176 | 198,023 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Revolving Credit Facility | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 140,000 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | ||||
Assets | ||||
Single-family properties, net | 656 | 1,732 | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 29 | 31 | ||
Rent and other receivables, net | 56 | 57 | ||
Intercompany receivables | 0 | 0 | ||
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 170 | 164 | ||
Investments in subsidiaries | 115,619 | 115,303 | ||
Deferred costs and other intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total assets | 116,530 | 117,287 | ||
Liabilities | ||||
Asset-backed securitizations, net | 0 | 0 | ||
Unsecured senior notes, net | 0 | |||
Exchangeable senior notes, net | 114,507 | 111,697 | ||
Secured note payable | 0 | |||
Accounts payable and accrued expenses | 3,524 | 2,757 | ||
Amounts payable to affiliates | 0 | 0 | ||
Intercompany payables | 9,071 | 8,428 | ||
Participating preferred units derivative liability | 0 | |||
Total liabilities | 127,102 | 122,882 | ||
Capital | ||||
Limited partners, capital account | 0 | 0 | ||
Accumulated other comprehensive income | 0 | 0 | ||
Total partners' capital | (10,572) | (5,595) | ||
Noncontrolling interest | 0 | |||
Total capital | (10,572) | (5,595) | ||
Total liabilities and equity/capital | 116,530 | 117,287 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Common Units | ||||
Capital | ||||
General partner, capital account | (10,572) | (5,595) | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Preferred Shares/Units | ||||
Capital | ||||
General partner, capital account | 0 | 0 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Term loan facility, net | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 0 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Revolving Credit Facility | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 0 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||
Assets | ||||
Single-family properties, net | 8,257,901 | 8,063,248 | ||
Cash and cash equivalents | 17,795 | 23,999 | ||
Restricted cash | 129,062 | 121,894 | ||
Rent and other receivables, net | 36,022 | 29,973 | ||
Intercompany receivables | 0 | 0 | ||
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 205,377 | 138,082 | ||
Investments in subsidiaries | 0 | 0 | ||
Deferred costs and other intangibles, net | 5,571 | 3,373 | ||
Goodwill | 0 | 0 | ||
Total assets | 8,651,728 | 8,380,569 | ||
Liabilities | ||||
Asset-backed securitizations, net | 1,965,417 | 1,977,308 | ||
Unsecured senior notes, net | 0 | |||
Exchangeable senior notes, net | 0 | 0 | ||
Secured note payable | 48,859 | |||
Accounts payable and accrued expenses | 271,845 | 192,544 | ||
Amounts payable to affiliates | 0 | 0 | ||
Intercompany payables | 271,443 | 146,193 | ||
Participating preferred units derivative liability | 0 | |||
Total liabilities | 2,508,705 | 2,364,904 | ||
Capital | ||||
Limited partners, capital account | 0 | 0 | ||
Accumulated other comprehensive income | 0 | 0 | ||
Total partners' capital | 6,143,023 | 6,017,014 | ||
Noncontrolling interest | (1,349) | |||
Total capital | 6,143,023 | 6,015,665 | ||
Total liabilities and equity/capital | 8,651,728 | 8,380,569 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Common Units | ||||
Capital | ||||
General partner, capital account | 6,143,023 | 6,017,014 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Preferred Shares/Units | ||||
Capital | ||||
General partner, capital account | 0 | 0 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Term loan facility, net | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 0 | ||
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Revolving Credit Facility | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 0 | ||
American Homes 4 Rent, L.P. | Consolidating Adjustments | ||||
Assets | ||||
Single-family properties, net | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Rent and other receivables, net | 0 | 0 | ||
Intercompany receivables | (280,514) | (154,621) | ||
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 0 | 0 | ||
Investments in subsidiaries | (6,125,481) | (6,004,449) | ||
Deferred costs and other intangibles, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total assets | (6,405,995) | (6,159,070) | ||
Liabilities | ||||
Asset-backed securitizations, net | 0 | 0 | ||
Unsecured senior notes, net | 0 | |||
Exchangeable senior notes, net | 0 | 0 | ||
Secured note payable | 0 | |||
Accounts payable and accrued expenses | 0 | 0 | ||
Amounts payable to affiliates | 0 | 0 | ||
Intercompany payables | (280,514) | (154,621) | ||
Participating preferred units derivative liability | 0 | |||
Total liabilities | (280,514) | (154,621) | ||
Capital | ||||
Limited partners, capital account | 0 | 0 | ||
Accumulated other comprehensive income | 0 | 0 | ||
Total partners' capital | (6,125,481) | (6,004,449) | ||
Noncontrolling interest | 0 | |||
Total capital | (6,125,481) | (6,004,449) | ||
Total liabilities and equity/capital | (6,405,995) | (6,159,070) | ||
American Homes 4 Rent, L.P. | Consolidating Adjustments | Common Units | ||||
Capital | ||||
General partner, capital account | (6,125,481) | (6,004,449) | ||
American Homes 4 Rent, L.P. | Consolidating Adjustments | Preferred Shares/Units | ||||
Capital | ||||
General partner, capital account | 0 | 0 | ||
American Homes 4 Rent, L.P. | Consolidating Adjustments | Term loan facility, net | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | 0 | 0 | ||
American Homes 4 Rent, L.P. | Consolidating Adjustments | Revolving Credit Facility | ||||
Liabilities | ||||
Revolving credit facility and Term loan facility, net | $ 0 | $ 0 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Total revenues | $ 280,052 | $ 246,836 | $ 802,539 | $ 717,598 |
Expenses: | ||||
General and administrative expense | 9,265 | 8,525 | 28,173 | 26,746 |
Interest expense | 30,930 | 26,592 | 92,209 | 86,873 |
Acquisition fees and costs expensed | 1,055 | 1,306 | 3,687 | 3,814 |
Depreciation and amortization | 79,940 | 74,790 | 237,562 | 221,459 |
Hurricane-related charges, net | 0 | 10,136 | 0 | 10,136 |
Other | 1,069 | 1,285 | 3,520 | 4,202 |
Total expenses | 254,724 | 238,025 | 735,049 | 672,800 |
Gain on sale of single-family properties and other, net | 4,953 | 1,895 | 10,449 | 6,375 |
Loss on early extinguishment of debt | 0 | 0 | (1,447) | (6,555) |
Remeasurement of participating preferred units | 0 | 8,391 | 1,212 | 1,341 |
Net income | 30,281 | 19,097 | 77,704 | 45,959 |
Noncontrolling interest | 2,881 | 309 | 845 | (22) |
Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Net income (loss) attributable to common shareholders/unitholders | 15,177 | 1,535 | 5,840 | (141) |
Rents from single-family properties | ||||
Revenues: | ||||
Total revenues | 231,324 | 207,490 | 676,558 | 613,245 |
Fees from single-family properties | ||||
Revenues: | ||||
Total revenues | 2,711 | 2,843 | 8,298 | 8,137 |
Tenant charge-backs | ||||
Revenues: | ||||
Total revenues | 44,152 | 36,094 | 112,876 | 91,849 |
Other | ||||
Revenues: | ||||
Total revenues | 1,865 | 409 | 4,807 | 4,367 |
Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 113,600 | 97,944 | 313,430 | 267,203 |
Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 18,865 | 17,447 | 56,468 | 52,367 |
American Homes 4 Rent, L.P. | ||||
Revenues: | ||||
Total revenues | 280,052 | 246,836 | 802,539 | 717,598 |
Expenses: | ||||
General and administrative expense | 9,265 | 8,525 | 28,173 | 26,746 |
Interest expense | 30,930 | 26,592 | 92,209 | 86,873 |
Acquisition fees and costs expensed | 1,055 | 1,306 | 3,687 | 3,814 |
Depreciation and amortization | 79,940 | 74,790 | 237,562 | 221,459 |
Hurricane-related charges, net | 0 | 10,136 | 0 | 10,136 |
Other | 1,069 | 1,285 | 3,520 | 4,202 |
Total expenses | 254,724 | 238,025 | 735,049 | 672,800 |
Intercompany income | 0 | 0 | 0 | 0 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Gain on sale of single-family properties and other, net | 4,953 | 1,895 | 10,449 | 6,375 |
Loss on early extinguishment of debt | 0 | 0 | (1,447) | (6,555) |
Remeasurement of participating preferred units | 0 | 8,391 | 1,212 | 1,341 |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 30,281 | 19,097 | 77,704 | 45,959 |
Noncontrolling interest | 0 | (31) | (259) | 8 |
Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred units | 32,215 | |||
Net income (loss) attributable to common shareholders/unitholders | 18,058 | 1,875 | 6,944 | (171) |
American Homes 4 Rent, L.P. | Rents from single-family properties | ||||
Revenues: | ||||
Total revenues | 231,324 | 207,490 | 676,558 | 613,245 |
American Homes 4 Rent, L.P. | Fees from single-family properties | ||||
Revenues: | ||||
Total revenues | 2,711 | 2,843 | 8,298 | 8,137 |
American Homes 4 Rent, L.P. | Tenant charge-backs | ||||
Revenues: | ||||
Total revenues | 44,152 | 36,094 | 112,876 | 91,849 |
American Homes 4 Rent, L.P. | Other | ||||
Revenues: | ||||
Total revenues | 1,865 | 409 | 4,807 | 4,367 |
American Homes 4 Rent, L.P. | Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 113,600 | 97,944 | 313,430 | 267,203 |
American Homes 4 Rent, L.P. | Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 18,865 | 17,447 | 56,468 | 52,367 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | ||||
Revenues: | ||||
Total revenues | 380 | 310 | 1,114 | 1,029 |
Expenses: | ||||
General and administrative expense | 5,546 | 5,170 | 17,497 | 15,184 |
Interest expense | 7,355 | 2,490 | 21,584 | 9,005 |
Acquisition fees and costs expensed | 0 | 0 | 0 | 358 |
Depreciation and amortization | 204 | 369 | 705 | 1,147 |
Hurricane-related charges, net | 0 | 0 | ||
Other | 527 | 110 | 702 | 290 |
Total expenses | 13,632 | 8,139 | 40,488 | 25,984 |
Intercompany income | 38 | 69 | 1,064 | 190 |
Intercompany expenses | (253) | (86) | (395) | (413) |
Gain on sale of single-family properties and other, net | 0 | 0 | 0 | 3,031 |
Loss on early extinguishment of debt | (879) | 0 | ||
Remeasurement of participating preferred units | 8,391 | 1,212 | 1,341 | |
Equity in income of subsidiaries | 43,748 | 18,583 | 116,335 | 66,757 |
Net income | 30,281 | 19,128 | 77,963 | 45,951 |
Noncontrolling interest | 0 | 0 | 0 | |
Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred units | 32,215 | |||
Net income (loss) attributable to common shareholders/unitholders | 18,058 | 1,875 | 6,944 | (171) |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Rents from single-family properties | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Fees from single-family properties | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Tenant charge-backs | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Other | ||||
Revenues: | ||||
Total revenues | 380 | 310 | 1,114 | 1,029 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | ||||
Revenues: | ||||
Total revenues | 22 | 51 | 67 | 233 |
Expenses: | ||||
General and administrative expense | 0 | 0 | 2 | 2 |
Interest expense | 1,908 | 1,844 | 5,613 | 5,427 |
Acquisition fees and costs expensed | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 2 | 0 | 8 |
Hurricane-related charges, net | 0 | 0 | ||
Other | 0 | 60 | 9 | 111 |
Total expenses | 1,920 | 1,936 | 5,643 | 5,691 |
Intercompany income | 0 | 0 | 0 | 0 |
Intercompany expenses | 0 | 0 | 0 | 0 |
Gain on sale of single-family properties and other, net | (3) | 685 | 601 | (490) |
Loss on early extinguishment of debt | 0 | 0 | ||
Remeasurement of participating preferred units | 0 | 0 | 0 | |
Equity in income of subsidiaries | 11,009 | 8,655 | 32,276 | 27,143 |
Net income | 9,108 | 7,455 | 27,301 | 21,195 |
Noncontrolling interest | 0 | 0 | 0 | |
Preferred distributions | 0 | 0 | 0 | 0 |
Redemption of participating preferred units | 0 | |||
Net income (loss) attributable to common shareholders/unitholders | 9,108 | 7,455 | 27,301 | 21,195 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Rents from single-family properties | ||||
Revenues: | ||||
Total revenues | 20 | 48 | 60 | 214 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Fees from single-family properties | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 1 | 2 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Tenant charge-backs | ||||
Revenues: | ||||
Total revenues | 2 | 3 | 6 | 17 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Other | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 12 | 27 | 16 | 129 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 0 | 3 | 3 | 14 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||
Revenues: | ||||
Total revenues | 279,650 | 246,475 | 801,358 | 716,336 |
Expenses: | ||||
General and administrative expense | 3,719 | 3,355 | 10,674 | 11,560 |
Interest expense | 21,667 | 22,258 | 65,012 | 72,441 |
Acquisition fees and costs expensed | 1,055 | 1,306 | 3,687 | 3,456 |
Depreciation and amortization | 79,736 | 74,419 | 236,857 | 220,304 |
Hurricane-related charges, net | 10,136 | 10,136 | ||
Other | 542 | 1,115 | 2,809 | 3,801 |
Total expenses | 239,172 | 227,950 | 688,918 | 641,125 |
Intercompany income | 253 | 86 | 395 | 413 |
Intercompany expenses | (38) | (69) | (1,064) | (190) |
Gain on sale of single-family properties and other, net | 4,956 | 1,210 | 9,848 | 3,834 |
Loss on early extinguishment of debt | (568) | (6,555) | ||
Remeasurement of participating preferred units | 0 | 0 | 0 | |
Equity in income of subsidiaries | 0 | 0 | 0 | 0 |
Net income | 45,649 | 19,752 | 121,051 | 72,713 |
Noncontrolling interest | (31) | (259) | 8 | |
Preferred distributions | 0 | 0 | 0 | 0 |
Redemption of participating preferred units | 0 | |||
Net income (loss) attributable to common shareholders/unitholders | 45,649 | 19,783 | 121,310 | 72,705 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Rents from single-family properties | ||||
Revenues: | ||||
Total revenues | 231,304 | 207,442 | 676,498 | 613,031 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Fees from single-family properties | ||||
Revenues: | ||||
Total revenues | 2,711 | 2,843 | 8,297 | 8,135 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Tenant charge-backs | ||||
Revenues: | ||||
Total revenues | 44,150 | 36,091 | 112,870 | 91,832 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Other | ||||
Revenues: | ||||
Total revenues | 1,485 | 99 | 3,693 | 3,338 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 113,588 | 97,917 | 313,414 | 267,074 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 18,865 | 17,444 | 56,465 | 52,353 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
Expenses: | ||||
General and administrative expense | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Acquisition fees and costs expensed | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Hurricane-related charges, net | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 |
Total expenses | 0 | 0 | 0 | 0 |
Intercompany income | (291) | (155) | (1,459) | (603) |
Intercompany expenses | 291 | 155 | 1,459 | 603 |
Gain on sale of single-family properties and other, net | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt | 0 | 0 | ||
Remeasurement of participating preferred units | 0 | 0 | 0 | |
Equity in income of subsidiaries | (54,757) | (27,238) | (148,611) | (93,900) |
Net income | (54,757) | (27,238) | (148,611) | (93,900) |
Noncontrolling interest | 0 | 0 | 0 | |
Preferred distributions | 0 | 0 | 0 | 0 |
Redemption of participating preferred units | 0 | |||
Net income (loss) attributable to common shareholders/unitholders | (54,757) | (27,238) | (148,611) | (93,900) |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Rents from single-family properties | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Fees from single-family properties | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Tenant charge-backs | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Other | ||||
Revenues: | ||||
Total revenues | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 0 | 0 | 0 | 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Statements - Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net income | $ 30,281 | $ 19,097 | $ 77,704 | $ 45,959 |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 0 | 0 | 9,553 | 0 |
Reclassification adjustment for amortization of interest expense included in net income | (241) | 0 | (602) | (28) |
Reclassification adjustment for realized gain included in net income | 0 | 0 | 0 | (67) |
Other comprehensive (loss) income | (241) | 0 | 8,951 | (95) |
Comprehensive income | 30,040 | 19,097 | 86,655 | 45,864 |
Comprehensive income (loss) attributable to noncontrolling interests | 2,835 | 309 | 2,269 | (5) |
Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred units | 0 | 0 | 32,215 | 0 |
Comprehensive income (loss) attributable to common shareholders/unitholders | 14,982 | 1,535 | 13,367 | (253) |
American Homes 4 Rent, L.P. | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 30,281 | 19,097 | 77,704 | 45,959 |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 0 | 0 | 9,553 | 0 |
Reclassification adjustment for amortization of interest expense included in net income | (241) | 0 | (602) | (28) |
Reclassification adjustment for realized gain included in net income | 0 | 0 | 0 | (67) |
Other comprehensive (loss) income | (241) | 0 | 8,951 | (95) |
Comprehensive income | 30,040 | 19,097 | 86,655 | 45,864 |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | (31) | (259) | 8 |
Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred units | 0 | 0 | 32,215 | 0 |
Comprehensive income (loss) attributable to common shareholders/unitholders | 17,817 | 1,875 | 15,895 | (266) |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 30,281 | 19,128 | 77,963 | 45,951 |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 9,553 | |||
Reclassification adjustment for amortization of interest expense included in net income | (241) | (602) | 0 | |
Reclassification adjustment for realized gain included in net income | (67) | |||
Other comprehensive (loss) income | (241) | 8,951 | (67) | |
Comprehensive income | 30,040 | 19,128 | 86,914 | 45,884 |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Preferred distributions | 12,223 | 17,253 | 38,804 | 46,122 |
Redemption of participating preferred units | 32,215 | |||
Comprehensive income (loss) attributable to common shareholders/unitholders | 17,817 | 1,875 | 15,895 | (238) |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 9,108 | 7,201 | 27,301 | 21,195 |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 0 | |||
Reclassification adjustment for amortization of interest expense included in net income | 0 | 0 | 0 | |
Reclassification adjustment for realized gain included in net income | 0 | |||
Other comprehensive (loss) income | 0 | 0 | 0 | |
Comprehensive income | 9,108 | 7,201 | 27,301 | 21,195 |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Preferred distributions | 0 | 0 | 0 | 0 |
Redemption of participating preferred units | 0 | |||
Comprehensive income (loss) attributable to common shareholders/unitholders | 9,108 | 7,201 | 27,301 | 21,195 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | 45,649 | 20,006 | 121,051 | 72,713 |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 0 | |||
Reclassification adjustment for amortization of interest expense included in net income | 0 | 0 | (28) | |
Reclassification adjustment for realized gain included in net income | 0 | |||
Other comprehensive (loss) income | 0 | 0 | (28) | |
Comprehensive income | 45,649 | 20,006 | 121,051 | 72,685 |
Comprehensive income (loss) attributable to noncontrolling interests | (31) | (259) | 8 | |
Preferred distributions | 0 | 0 | 0 | 0 |
Redemption of participating preferred units | 0 | |||
Comprehensive income (loss) attributable to common shareholders/unitholders | 45,649 | 20,037 | 121,310 | 72,677 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net income | (54,757) | (27,238) | (148,611) | (93,900) |
Gain on cash flow hedging instruments: | ||||
Gain on settlement of cash flow hedging instrument | 0 | |||
Reclassification adjustment for amortization of interest expense included in net income | 0 | 0 | 0 | |
Reclassification adjustment for realized gain included in net income | 0 | |||
Other comprehensive (loss) income | 0 | 0 | 0 | |
Comprehensive income | (54,757) | (27,238) | (148,611) | (93,900) |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Preferred distributions | 0 | 0 | 0 | 0 |
Redemption of participating preferred units | 0 | |||
Comprehensive income (loss) attributable to common shareholders/unitholders | $ (54,757) | $ (27,238) | $ (148,611) | $ (93,900) |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net cash (used for) provided by operating activities | $ 376,463 | $ 349,375 |
Investing activities | ||
Cash paid for single-family properties | (333,082) | (462,875) |
Change in escrow deposits for purchase of single-family properties | (2,194) | (2,710) |
Net proceeds received from sales of single-family properties and other | 47,757 | 68,618 |
Proceeds received from hurricane-related insurance claims | 4,000 | 0 |
Investment in unconsolidated joint venture | (3,800) | 0 |
Collections from mortgage financing receivables | 0 | 83 |
Distributions from joint ventures | 36,251 | 5,981 |
Initial renovations to single-family properties | (40,898) | (31,208) |
Recurring and other capital expenditures for single-family properties | (40,470) | (26,725) |
Other purchases of productive assets | (149,475) | (38,060) |
Net cash provided by (used for) investing activities | (481,911) | (486,896) |
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 0 | 694,765 |
Proceeds from issuance of perpetual preferred shares/units | 115,000 | 270,000 |
Repurchase of Class A common shares/units | (34,969) | 0 |
Redemptions of Class A units | 0 | (169) |
Payments on asset-backed securitizations | (15,669) | (472,470) |
Payments on secured note payable | (49,427) | (721) |
Settlement of cash flow hedging instrument | 9,628 | 0 |
Distributions to common unitholders | (43,524) | (38,890) |
Distributions to preferred unitholders | (41,178) | (46,122) |
Net cash provided by (used for) financing activities | 188,789 | 250,401 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 83,341 | 112,880 |
Cash, cash equivalents and restricted cash, beginning of period | 182,823 | 250,241 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 266,164 | 363,121 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (80,942) | (77,964) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | (107) | 7,151 |
Transfers of completed homebuilding deliveries to properties | 64,867 | 3,010 |
Property and land contributions to an unconsolidated joint venture | (40,942) | 0 |
Transfer of term loan borrowings to revolving credit facility | 0 | 50,000 |
Redemption of participating preferred shares/units | (28,258) | 0 |
Transfer of deferred financing costs from term loan to revolving credit facility | 0 | 1,524 |
Accrued distributions to non-affiliates | (1,773) | 0 |
Note receivable related to a bulk sale of properties, net of discount | 0 | 5,635 |
Revolving Credit Facility | ||
Financing activities | ||
Proceeds from debt | 155,000 | 62,000 |
Payments on credit facility | (295,000) | (112,000) |
Class A common shares/units | ||
Financing activities | ||
Stock issuance costs | 0 | (10,444) |
Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | (3,750) | (9,229) |
American Homes 4 Rent, L.P. | ||
Operating activities | ||
Net cash (used for) provided by operating activities | 376,463 | 349,375 |
Investing activities | ||
Cash paid for single-family properties | (333,082) | (462,875) |
Change in escrow deposits for purchase of single-family properties | (2,194) | (2,710) |
Net proceeds received from sales of single-family properties and other | 47,757 | 68,618 |
Proceeds received from hurricane-related insurance claims | 4,000 | 0 |
Investment in unconsolidated joint venture | (3,800) | 0 |
Collections from mortgage financing receivables | 0 | 83 |
Distributions from joint ventures | 36,251 | 5,981 |
Collections from intercompany notes | 0 | 0 |
(Investment in) return of investment in subsidiaries | 0 | 0 |
Initial renovations to single-family properties | (40,898) | (31,208) |
Recurring and other capital expenditures for single-family properties | (40,470) | (26,725) |
Other purchases of productive assets | (149,475) | (38,060) |
Net cash provided by (used for) investing activities | (481,911) | (486,896) |
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 0 | 694,765 |
Proceeds from issuance of perpetual preferred shares/units | 115,000 | 270,000 |
Repurchase of Class A common shares/units | (34,969) | 0 |
Share-based compensation proceeds, net | 8,871 | 988 |
Redemptions of Class A units | 0 | (169) |
Payments on asset-backed securitizations | (15,669) | (472,470) |
Payments on secured note payable | (49,427) | (721) |
Settlement of cash flow hedging instrument | 9,628 | 0 |
Payments on intercompany notes borrowed | 0 | 0 |
Intercompany financing and distributions to parent | 0 | 0 |
Distributions to common unitholders | (51,827) | (47,223) |
Distributions to preferred unitholders | (41,178) | (46,122) |
Payments of offering costs on unsecured senior notes | (5,100) | (3,974) |
Net cash provided by (used for) financing activities | 188,789 | 250,401 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 83,341 | 112,880 |
Cash, cash equivalents and restricted cash, beginning of period | 182,823 | 250,241 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 266,164 | 363,121 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (80,942) | (77,964) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | (107) | 7,151 |
Transfers of completed homebuilding deliveries to properties | 64,867 | 3,010 |
Property and land contributions to an unconsolidated joint venture | (40,942) | 0 |
Transfer of term loan borrowings to revolving credit facility | 0 | 50,000 |
Redemption of participating preferred shares/units | (28,258) | 0 |
Transfer of deferred financing costs from term loan to revolving credit facility | 0 | 1,524 |
Accrued distributions to affiliates | (129) | |
Accrued distributions to non-affiliates | (1,773) | 0 |
Note receivable related to a bulk sale of properties, net of discount | 0 | 5,635 |
American Homes 4 Rent, L.P. | Revolving Credit Facility | ||
Financing activities | ||
Proceeds from debt | 155,000 | 62,000 |
Payments on credit facility | (295,000) | (112,000) |
American Homes 4 Rent, L.P. | Term Loan Facility | ||
Financing activities | ||
Proceeds from debt | 25,000 | |
Payments on credit facility | (100,000) | (100,000) |
American Homes 4 Rent, L.P. | Class A common shares/units | ||
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 694,765 | |
Stock issuance costs | 0 | (10,444) |
Repurchase of Class A common shares/units | (34,969) | |
Redemptions of Class A units | (169) | |
American Homes 4 Rent, L.P. | Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | (3,750) | (9,229) |
Proceeds from issuance of perpetual preferred shares/units | 115,000 | 270,000 |
American Homes 4 Rent, L.P. | Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from debt | 497,210 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | ||
Operating activities | ||
Net cash (used for) provided by operating activities | (198,097) | (45,914) |
Investing activities | ||
Cash paid for single-family properties | 0 | 0 |
Change in escrow deposits for purchase of single-family properties | 0 | 0 |
Net proceeds received from sales of single-family properties and other | 0 | 14,265 |
Proceeds received from hurricane-related insurance claims | 0 | |
Investment in unconsolidated joint venture | (3,800) | |
Collections from mortgage financing receivables | 0 | |
Distributions from joint ventures | 33,680 | 680 |
Collections from intercompany notes | 1,800 | 9,507 |
(Investment in) return of investment in subsidiaries | (5,089) | (575,754) |
Initial renovations to single-family properties | 0 | 0 |
Recurring and other capital expenditures for single-family properties | 0 | 0 |
Other purchases of productive assets | 0 | (6,657) |
Net cash provided by (used for) investing activities | 26,591 | (557,959) |
Financing activities | ||
Share-based compensation proceeds, net | 8,871 | 988 |
Payments on asset-backed securitizations | 0 | 0 |
Payments on secured note payable | 0 | 0 |
Settlement of cash flow hedging instrument | 9,628 | |
Payments on intercompany notes borrowed | 0 | 0 |
Intercompany financing and distributions to parent | 0 | 0 |
Distributions to common unitholders | (51,827) | (47,223) |
Distributions to preferred unitholders | (41,178) | (46,122) |
Payments of offering costs on unsecured senior notes | (5,100) | (3,974) |
Net cash provided by (used for) financing activities | 253,885 | 723,592 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 82,379 | 119,719 |
Cash, cash equivalents and restricted cash, beginning of period | 36,899 | 76,913 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 119,278 | 196,632 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (17,667) | (7,235) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | 0 | 0 |
Transfers of completed homebuilding deliveries to properties | 0 | 0 |
Property and land contributions to an unconsolidated joint venture | 0 | |
Transfer of term loan borrowings to revolving credit facility | 50,000 | |
Redemption of participating preferred shares/units | (28,258) | |
Transfer of deferred financing costs from term loan to revolving credit facility | 1,524 | |
Accrued distributions to affiliates | (129) | |
Accrued distributions to non-affiliates | (1,773) | |
Note receivable related to a bulk sale of properties, net of discount | 5,635 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Revolving Credit Facility | ||
Financing activities | ||
Proceeds from debt | 155,000 | 62,000 |
Payments on credit facility | (295,000) | (112,000) |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Term Loan Facility | ||
Financing activities | ||
Proceeds from debt | 25,000 | |
Payments on credit facility | (100,000) | (100,000) |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Class A common shares/units | ||
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 694,765 | |
Stock issuance costs | (10,444) | |
Repurchase of Class A common shares/units | (34,969) | |
Redemptions of Class A units | (169) | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | (3,750) | (9,229) |
Proceeds from issuance of perpetual preferred shares/units | 115,000 | 270,000 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from debt | 497,210 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | ||
Operating activities | ||
Net cash (used for) provided by operating activities | (1,345) | (3,563) |
Investing activities | ||
Cash paid for single-family properties | 0 | 0 |
Change in escrow deposits for purchase of single-family properties | 0 | 0 |
Net proceeds received from sales of single-family properties and other | 2,165 | 2,821 |
Proceeds received from hurricane-related insurance claims | 0 | |
Investment in unconsolidated joint venture | 0 | |
Collections from mortgage financing receivables | 0 | |
Distributions from joint ventures | 0 | 0 |
Collections from intercompany notes | 0 | 0 |
(Investment in) return of investment in subsidiaries | 31,958 | 29,453 |
Initial renovations to single-family properties | 0 | (1,591) |
Recurring and other capital expenditures for single-family properties | (504) | 0 |
Other purchases of productive assets | 0 | 0 |
Net cash provided by (used for) investing activities | 33,619 | 30,683 |
Financing activities | ||
Share-based compensation proceeds, net | 0 | 0 |
Payments on asset-backed securitizations | 0 | 0 |
Payments on secured note payable | 0 | 0 |
Settlement of cash flow hedging instrument | 0 | |
Payments on intercompany notes borrowed | 0 | 0 |
Intercompany financing and distributions to parent | (32,276) | (27,143) |
Distributions to common unitholders | 0 | 0 |
Distributions to preferred unitholders | 0 | 0 |
Payments of offering costs on unsecured senior notes | 0 | 0 |
Net cash provided by (used for) financing activities | (32,276) | (27,143) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (2) | (23) |
Cash, cash equivalents and restricted cash, beginning of period | 31 | 62 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 29 | 39 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (1,869) | (2,803) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | (12) | 12 |
Transfers of completed homebuilding deliveries to properties | 0 | 0 |
Property and land contributions to an unconsolidated joint venture | 0 | |
Transfer of term loan borrowings to revolving credit facility | 0 | |
Redemption of participating preferred shares/units | 0 | |
Transfer of deferred financing costs from term loan to revolving credit facility | 0 | |
Accrued distributions to affiliates | 0 | |
Accrued distributions to non-affiliates | 0 | |
Note receivable related to a bulk sale of properties, net of discount | 0 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Revolving Credit Facility | ||
Financing activities | ||
Proceeds from debt | 0 | 0 |
Payments on credit facility | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Term Loan Facility | ||
Financing activities | ||
Proceeds from debt | 0 | |
Payments on credit facility | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Class A common shares/units | ||
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 0 | |
Stock issuance costs | 0 | |
Repurchase of Class A common shares/units | 0 | |
Redemptions of Class A units | 0 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | 0 | 0 |
Proceeds from issuance of perpetual preferred shares/units | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from debt | 0 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||
Operating activities | ||
Net cash (used for) provided by operating activities | 575,905 | 398,852 |
Investing activities | ||
Cash paid for single-family properties | (333,082) | (462,875) |
Change in escrow deposits for purchase of single-family properties | (2,194) | (2,710) |
Net proceeds received from sales of single-family properties and other | 45,592 | 51,532 |
Proceeds received from hurricane-related insurance claims | 4,000 | |
Investment in unconsolidated joint venture | 0 | |
Collections from mortgage financing receivables | 83 | |
Distributions from joint ventures | 2,571 | 5,301 |
Collections from intercompany notes | 0 | 0 |
(Investment in) return of investment in subsidiaries | 0 | 0 |
Initial renovations to single-family properties | (40,898) | (29,617) |
Recurring and other capital expenditures for single-family properties | (39,966) | (26,725) |
Other purchases of productive assets | (149,475) | (31,403) |
Net cash provided by (used for) investing activities | (513,452) | (496,414) |
Financing activities | ||
Share-based compensation proceeds, net | 0 | 0 |
Payments on asset-backed securitizations | (15,669) | (472,470) |
Payments on secured note payable | (49,427) | (721) |
Settlement of cash flow hedging instrument | 0 | |
Payments on intercompany notes borrowed | (1,800) | (9,507) |
Intercompany financing and distributions to parent | 5,407 | 573,444 |
Distributions to common unitholders | 0 | 0 |
Distributions to preferred unitholders | 0 | 0 |
Payments of offering costs on unsecured senior notes | 0 | 0 |
Net cash provided by (used for) financing activities | (61,489) | 90,746 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 964 | (6,816) |
Cash, cash equivalents and restricted cash, beginning of period | 145,893 | 173,266 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 146,857 | 166,450 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (61,406) | (67,926) |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | (95) | 7,139 |
Transfers of completed homebuilding deliveries to properties | 64,867 | 3,010 |
Property and land contributions to an unconsolidated joint venture | (40,942) | |
Transfer of term loan borrowings to revolving credit facility | 0 | |
Redemption of participating preferred shares/units | 0 | |
Transfer of deferred financing costs from term loan to revolving credit facility | 0 | |
Accrued distributions to affiliates | 0 | |
Accrued distributions to non-affiliates | 0 | |
Note receivable related to a bulk sale of properties, net of discount | 0 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Revolving Credit Facility | ||
Financing activities | ||
Proceeds from debt | 0 | 0 |
Payments on credit facility | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Term Loan Facility | ||
Financing activities | ||
Proceeds from debt | 0 | |
Payments on credit facility | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Class A common shares/units | ||
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 0 | |
Stock issuance costs | 0 | |
Repurchase of Class A common shares/units | 0 | |
Redemptions of Class A units | 0 | |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | 0 | 0 |
Proceeds from issuance of perpetual preferred shares/units | 0 | 0 |
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from debt | 0 | |
American Homes 4 Rent, L.P. | Consolidating Adjustments | ||
Operating activities | ||
Net cash (used for) provided by operating activities | 0 | 0 |
Investing activities | ||
Cash paid for single-family properties | 0 | 0 |
Change in escrow deposits for purchase of single-family properties | 0 | 0 |
Net proceeds received from sales of single-family properties and other | 0 | 0 |
Proceeds received from hurricane-related insurance claims | 0 | |
Investment in unconsolidated joint venture | 0 | |
Collections from mortgage financing receivables | 0 | |
Distributions from joint ventures | 0 | 0 |
Collections from intercompany notes | (1,800) | (9,507) |
(Investment in) return of investment in subsidiaries | (26,869) | 546,301 |
Initial renovations to single-family properties | 0 | 0 |
Recurring and other capital expenditures for single-family properties | 0 | 0 |
Other purchases of productive assets | 0 | 0 |
Net cash provided by (used for) investing activities | (28,669) | 536,794 |
Financing activities | ||
Share-based compensation proceeds, net | 0 | 0 |
Payments on asset-backed securitizations | 0 | 0 |
Payments on secured note payable | 0 | 0 |
Settlement of cash flow hedging instrument | 0 | |
Payments on intercompany notes borrowed | 1,800 | 9,507 |
Intercompany financing and distributions to parent | 26,869 | (546,301) |
Distributions to common unitholders | 0 | 0 |
Distributions to preferred unitholders | 0 | 0 |
Payments of offering costs on unsecured senior notes | 0 | 0 |
Net cash provided by (used for) financing activities | 28,669 | (536,794) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Cash, cash equivalents and restricted cash, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash, end of period (see Note 3) | 0 | 0 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | 0 | 0 |
Supplemental schedule of noncash investing and financing activities | ||
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | 0 | 0 |
Transfers of completed homebuilding deliveries to properties | 0 | 0 |
Property and land contributions to an unconsolidated joint venture | 0 | |
Transfer of term loan borrowings to revolving credit facility | 0 | |
Redemption of participating preferred shares/units | 0 | |
Transfer of deferred financing costs from term loan to revolving credit facility | 0 | |
Accrued distributions to affiliates | 0 | |
Accrued distributions to non-affiliates | 0 | |
Note receivable related to a bulk sale of properties, net of discount | 0 | |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Revolving Credit Facility | ||
Financing activities | ||
Proceeds from debt | 0 | 0 |
Payments on credit facility | 0 | 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Term Loan Facility | ||
Financing activities | ||
Proceeds from debt | 0 | |
Payments on credit facility | 0 | 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Class A common shares/units | ||
Financing activities | ||
Proceeds from issuance of Class A common shares/units | 0 | |
Stock issuance costs | 0 | |
Repurchase of Class A common shares/units | 0 | |
Redemptions of Class A units | 0 | |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Preferred Shares/Units | ||
Financing activities | ||
Stock issuance costs | 0 | 0 |
Proceeds from issuance of perpetual preferred shares/units | 0 | $ 0 |
American Homes 4 Rent, L.P. | Consolidating Adjustments | Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from debt | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Nov. 01, 2018$ / shares | Oct. 31, 2018USD ($)property | Sep. 30, 2018$ / shares | Sep. 30, 2017$ / shares | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2017USD ($)$ / shares | Nov. 02, 2018USD ($) |
Subsequent Event [Line Items] | |||||||
Proceeds from the sale of real estate properties | $ | $ 47,757 | $ 68,618 | |||||
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 | |||||
Series D Perpetual Preferred Shares/Units | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | $ 0.41 | $ 0.41 | |||||
Preferred stock, dividend rate, percentage | 6.50% | 6.50% | 6.50% | ||||
Series E Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | $ 0.40 | $ 0.40 | |||||
Preferred stock, dividend rate, percentage | 6.35% | 6.35% | 6.35% | ||||
Series F Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | $ 0.37 | $ 0.37 | |||||
Preferred stock, dividend rate, percentage | 5.875% | 5.875% | 5.875% | ||||
Series G Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | $ 0.37 | $ 0.30 | |||||
Preferred stock, dividend rate, percentage | 5.875% | 5.875% | |||||
Series H Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock, dividend rate, percentage | 6.25% | 6.25% | |||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of properties acquired | property | 221 | ||||||
Purchase price to acquire real estate | $ | $ 55,100 | ||||||
Number of internally developed properties developed | property | 12 | ||||||
Number of real estate properties sold | property | 138 | ||||||
Proceeds from the sale of real estate properties | $ | $ 21,200 | ||||||
Subsequent Event | Hurricane Michael | Minimum | |||||||
Subsequent Event [Line Items] | |||||||
Estimate of possible loss | $ | $ 400 | ||||||
Subsequent Event | Hurricane Michael | Maximum | |||||||
Subsequent Event [Line Items] | |||||||
Estimate of possible loss | $ | $ 700 | ||||||
Subsequent Event | Class A common shares/units | |||||||
Subsequent Event [Line Items] | |||||||
Quarterly dividend (in dollars per share) | $ 0.05 | ||||||
Subsequent Event | Class B common shares | |||||||
Subsequent Event [Line Items] | |||||||
Quarterly dividend (in dollars per share) | 0.05 | ||||||
Subsequent Event | Series D Perpetual Preferred Shares/Units | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | 0.40625 | ||||||
Subsequent Event | Series E Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | 0.39688 | ||||||
Subsequent Event | Series F Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | 0.36719 | ||||||
Subsequent Event | Series G Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | 0.36719 | ||||||
Subsequent Event | Series H Perpetual Preferred Shares | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends declared (in dollars per share) | 0.44271 | ||||||
Preferred stock, dividend rate, prorated amount, percentage | $ 0.05 |