XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Cash Flows [Abstract]    
Net loss $ (42,391) $ (9,975)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 67,577 65,702
Share-based compensation expense 44,244 4,206
Amortization of deferred leasing costs 3,139 3,729
Amortization of deferred financing costs 11,327 12,776
Amortization of discount on mortgage loans 55 1,418
Provisions for impairment 1,037 0
Gain on sale of property, net of tax (14,321) (9,192)
Paid in kind interest on warehouse loan 0 694
Change in fair value of derivative instruments 3,752 0
Other noncash amounts included in net loss (337) (673)
Other noncash amounts included in net loss    
Restricted cash related to security deposits (5,213) (2,883)
Other assets, net (15,906) (5,992)
Accounts payable and accrued expenses 16,207 13,493
Resident security deposits 1,279 2,686
Other liabilities 412 1,342
Net cash provided by operating activities 70,861 77,331
Investing Activities:    
Changes in amounts deposited and held by others 484 709
Acquisition of residential properties (27,813) (112,733)
Initial renovations to single-family residential properties (6,855) (19,952)
Other capital expenditures for single-family residential properties (10,800) (10,056)
Corporate capital expenditures (270) (617)
Proceeds from sale of residential properties 73,652 72,701
Changes in restricted cash 83,136 (10,202)
Net cash provided by (used in) investing activities 111,534 (80,150)
Financing Activities:    
Contributions 0 128,002
Redemption of Series A Preferred Stock (1,153) 0
Proceeds from initial offering, net of underwriting discounts 1,692,058 0
Offering costs paid (2,457) 0
Proceeds from credit facilities 0 11,276
Payments on credit facilities (2,321,585) (43,268)
Payments on mortgage loans (1,030,471) (29,598)
Proceeds from term loan facility 1,500,000 0
Payments on warehouse loans 0 (68,767)
Deferred financing costs paid 24,456 164
Net cash used in financing activities (188,064) (2,519)
Change in cash and cash equivalents (5,669) (5,338)
Cash and cash equivalents, beginning of period 198,119 274,818
Cash and cash equivalents, end of period 192,450 269,480
Supplemental cash flow disclosures:    
Interest paid, net of amounts capitalized 53,645 57,396
Noncash investing and financing activities:    
Accrued renovation improvements at period end 3,620 9,031
Accrued residential property capital improvements at period end 2,277 3,346
Transfer of residential property, net to other asset, net for held for sale assets 32,862 4,971
Reclassification of offering costs from other assets to additional paid in capital 2,969 0
Change in other comprehensive income from cash flow hedges $ 13,272 $ 0