XML 54 R38.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Fair Value (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
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 December 31, 2016 and 2015 (in thousands):
| December 31, 2016 |  | December 31, 2015
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
2014-SFR1 securitization | $ | 456,074 |  |  | $ | 465,343 |  |  | $ | 473,755 |  |  | $ | 472,258 |
2014-SFR2 securitization | 501,810 |  |  | 510,941 |  |  | 507,305 |  |  | 476,952 |
2014-SFR3 securitization | 517,827 |  |  | 530,549 |  |  | 523,109 |  |  | 489,448 |
2015-SFR1 securitization | 543,480 |  |  | 553,689 |  |  | 549,121 |  |  | 496,673 |
2015-SFR2 securitization | 472,043 |  |  | 483,901 |  |  | 476,920 |  |  | 433,633 |
Total asset-backed securitizations (1) | 2,491,234 |  |  | 2,544,423 |  |  | 2,530,210 |  |  | 2,368,964 |
Exchangeable senior notes, net (2) | 108,148 |  |  | 142,808 |  |  | — |  |  | — |
Secured note payable | 49,828 |  |  | 50,053 |  |  | 50,752 |  |  | 48,631 |
Term loan facility (3) | 325,000 |  |  | 325,000 |  |  | — |  |  | — |
Total debt | $ | 2,974,210 |  |  | $ | 3,062,284 |  |  | $ | 2,580,962 |  |  | $ | 2,417,595 |
(1) | The carrying values of the asset-backed securitizations exclude $48.4 million and $56.6 million of deferred financing costs as of December 31, 2016, and December 31, 2015, respectively.
(2) | The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount.
(3) | The carrying value of the term loan facility excludes $3.3 million of deferred financing costs as of December 31, 2016. As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30%, management believes that the carrying value of the term loan facility as of December 31, 2016, reasonably approximates fair value.
Fair Value of Financial Instruments | The following tables set forth the fair value of the contingently convertible Series E units liability and preferred shares derivative liability as of December 31, 2016 and 2015 (in thousands):
|  | December 31, 2016
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Preferred shares derivative liability |  | $ | — |  |  | $ | — |  |  | $ | 69,810 |  |  | $ | 69,810 |
|  | December 31, 2015
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingently convertible Series E units liability |  | $ | — |  |  | $ | — |  |  | $ | 69,957 |  |  | $ | 69,957 |
Preferred shares derivative liability |  | $ | — |  |  | $ | — |  |  | $ | 62,790 |  |  | $ | 62,790 |
Changes in Fair Value of Level 3 Financial Instruments | The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our contingently convertible Series E units liability and preferred shares derivative liability, which are measured on a recurring basis with changes in fair value recognized in remeasurement of Series E convertible units and remeasurement of preferred shares, respectively, in the consolidated statements of operations, for the years ended December 31, 2016 and 2015 (in thousands):
Description |  | January 1, 2016 |  | Conversions |  | Gain and remeasurement included in earnings |  | December 31, 2016
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingently convertible Series E units liability |  | $ | 69,957 |  |  | $ | (58,494 | ) |  | $ | (11,463 | ) |  | $ | — |
Preferred shares derivative liability |  | $ | 62,790 |  |  | $ | — |  |  | $ | 7,020 |  |  | $ | 69,810 |
Description |  | January 1, 2015 |  | Conversions |  | Remeasurement included in earnings |  | December 31, 2015
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingently convertible Series E units liability |  | $ | 72,057 |  |  | $ | — |  |  | $ | (2,100 | ) |  | $ | 69,957 |
Preferred shares derivative liability |  | $ | 57,960 |  |  | $ | — |  |  | $ | 4,830 |  |  | $ | 62,790 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration