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Subsequent events | 3 Months Ended
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Mar. 31, 2014
Subsequent events |
Subsequent events | Note 16. Subsequent events Subsequent Acquisitions From April 1, 2014 through April 30, 2014, we acquired 513 properties with an aggregate purchase price of approximately $72.1 million. We expect that our level of acquisition activity will fluctuate based on the number of suitable investments and on the level of funds available for investment. Borrowings on Credit Facility From April 1, 2014 through April 30, 2014, the Company borrowed an additional $121.0 million under the credit facility, resulting in an outstanding balance of $792.0 million on April 30, 2014. Additionally, on May 2, 2014, the Company made a $179.0 million paydown using proceeds from the 5.50% Series C participating preferred shares issuance, as described below. Following this paydown on May 2, 2014, the loan had an outstanding balance of $613.0 million. Appointment of Chief Financial Officer In April 2014, the Company announced the appointment of Diana M. Laing as Chief Financial Officer, effective May 18, 2014. Issuance of 5.50% Series C Participating Preferred Shares On May 2, 2014, the Company issued 7,600,000 5.50% Series C participating preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $190.0 million. In addition, the Company granted the underwriters an option to purchase up to an additional 1,110,000 5.50% Series C participating preferred shares on or before May 29, 2014 solely to cover overallotments. Securitization Transaction On May 13, 2014, the Company announced pricing of a securitization transaction. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by approximately 3,852 homes of the Company's portfolio of single-family properties sold to one of its affiliates. The Company anticipates gross proceeds from the sale of its certificates of approximately $481 million from the offering, with a duration-weighted blended interest rate of LIBOR plus 154 basis points. The transaction is expected to close on or about May 21, 2014. The certificates will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The certificates will be offered and sold in the United States in accordance with Rule 144A under the Securities Act. This Quarterly Report on Form 10-Q shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of the certificates in any jurisdiction in which such offer, solicitation or sale would be unlawful under the laws of such jurisdiction. Declaration of Dividends On May 8, 2014, our board of trustees declared a quarterly dividend of $0.05 per Class A common share payable on June 30, 2014 to shareholders of record on June 15, 2014. Additionally, our board of trustees also declared the quarterly dividends of $0.3125 per share on the Company's 5.0% Series A Participating Preferred Shares payable on June 30, 2014 to shareholders of record on June 15, 2014 and of $0.3125 per share on the Company's 5.0% Series B Participating Preferred Shares payable on June 30, 2014 to shareholders of record on June 15, 2014. The board of trustees also declared the initial pro-rated quarterly dividend of $0.225347 per share on the Company's 5.50% Series C Participating Preferred Shares payable on June 30, 2014 to shareholders of record on June 15, 2014.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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