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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2017
Condensed Financial Information of Parent Company Only 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. In addition, the Operating Partnership acquired the Guarantor Subsidiary on February 29, 2016. Accordingly, the information presented for the Guarantor Subsidiary does not reflect a full year of operating results for 2016. 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 December 31, 2017
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | 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 Balance Sheets (continued) (Amounts in thousands)
| As of December 31, 2016
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Assets |  |  |  |  |  |  |  |  |
Single-family properties, net | $ | — |  |  | $ | 4,838 |  |  | $ | 7,543,018 |  |  | $ | — |  |  | $ | 7,547,856 |
Cash and cash equivalents | 76,913 |  |  | — |  |  | 41,886 |  |  | — |  |  | 118,799 |
Restricted cash | — |  |  | 62 |  |  | 131,380 |  |  | — |  |  | 131,442 |
Rent and other receivables, net | 131 |  |  | 144 |  |  | 17,343 |  |  | — |  |  | 17,618 |
Intercompany receivables | 133,808 |  |  | — |  |  | — |  |  | (133,808 | ) |  | — |
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 57,543 |  |  | 170 |  |  | 101,547 |  |  | — |  |  | 159,260 |
Investments in subsidiaries | 4,928,974 |  |  | 116,242 |  |  | — |  |  | (5,045,216 | ) |  | — |
Deferred costs and other intangibles, net | 7,724 |  |  | 3 |  |  | 4,229 |  |  | — |  |  | 11,956 |
Goodwill | 120,279 |  |  | — |  |  | — |  |  | — |  |  | 120,279 |
Total assets | $ | 5,325,372 |  |  | $ | 121,459 |  |  | $ | 7,839,403 |  |  | $ | (5,179,024 | ) |  | $ | 8,107,210 |
Liabilities |  |  |  |  |  |  |  |  |
Revolving credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term loan facility, net | 321,735 |  |  | — |  |  | — |  |  | — |  |  | 321,735 |
Asset-backed securitizations, net | — |  |  | — |  |  | 2,442,863 |  |  | — |  |  | 2,442,863 |
Exchangeable senior notes, net | — |  |  | 108,148 |  |  | — |  |  | — |  |  | 108,148 |
Secured note payable | — |  |  | — |  |  | 49,828 |  |  | — |  |  | 49,828 |
Accounts payable and accrued expenses | 1,715 |  |  | 3,708 |  |  | 171,783 |  |  | — |  |  | 177,206 |
Intercompany payables | — |  |  | 8,393 |  |  | 125,415 |  |  | (133,808 | ) |  | — |
Participating preferred units derivative liability | 69,810 |  |  | — |  |  | — |  |  | — |  |  | 69,810 |
Total liabilities | 393,260 |  |  | 120,249 |  |  | 2,789,889 |  |  | (133,808 | ) |  | 3,169,590 |
Capital |  |  |  |  |  |  |  |  |
Partners' capital: |  |  |  |  |  |  |  |  |
General partner: |  |  |  |  |  |  |  |  |
Common units | 3,351,022 |  |  | 1,210 |  |  | 5,050,976 |  |  | (5,045,216 | ) |  | 3,357,992 |
Preferred units | 834,849 |  |  | — |  |  | — |  |  | — |  |  | 834,849 |
Limited partner: |  |  |  |  |  |  |  |  |
Common units | 746,174 |  |  | — |  |  | — |  |  | — |  |  | 746,174 |
Accumulated other comprehensive income | 67 |  |  | — |  |  | 28 |  |  | — |  |  | 95 |
Total partners' capital: | 4,932,112 |  |  | 1,210 |  |  | 5,051,004 |  |  | (5,045,216 | ) |  | 4,939,110 |
Noncontrolling interest | — |  |  | — |  |  | (1,490 | ) |  | — |  |  | (1,490 | )
Total capital | 4,932,112 |  |  | 1,210 |  |  | 5,049,514 |  |  | (5,045,216 | ) |  | 4,937,620 |
Total liabilities and capital | $ | 5,325,372 |  |  | $ | 121,459 |  |  | $ | 7,839,403 |  |  | $ | (5,179,024 | ) |  | $ | 8,107,210 |
Condensed Consolidating Statements of Operations (Amounts in thousands)
| For the Year Ended December 31, 2017
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Revenues: |  |  |  |  |  |  |  |  |
Rents from single-family properties | $ | — |  |  | $ | 240 |  |  | $ | 823,783 |  |  | $ | — |  |  | $ | 824,023 |
Fees from single-family properties | — |  |  | 3 |  |  | 10,724 |  |  | — |  |  | 10,727 |
Tenant charge-backs | — |  |  | 23 |  |  | 120,058 |  |  | — |  |  | 120,081 |
Other | 1,455 |  |  | — |  |  | 4,113 |  |  | — |  |  | 5,568 |
Total revenues | 1,455 |  |  | 266 |  |  | 958,678 |  |  | — |  |  | 960,399 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 139 |  |  | 354,935 |  |  | — |  |  | 355,074 |
Property management expenses | — |  |  | 17 |  |  | 69,695 |  |  | — |  |  | 69,712 |
General and administrative expense | 21,136 |  |  | 149 |  |  | 13,447 |  |  | — |  |  | 34,732 |
Interest expense | 11,639 |  |  | 7,286 |  |  | 93,695 |  |  | — |  |  | 112,620 |
Acquisition fees and costs expensed | 358 |  |  | — |  |  | 4,265 |  |  | — |  |  | 4,623 |
Depreciation and amortization | 1,516 |  |  | 8 |  |  | 295,766 |  |  | — |  |  | 297,290 |
Hurricane-related charges, net | — |  |  | — |  |  | 7,963 |  |  | — |  |  | 7,963 |
Other expense (income) | 388 |  |  | (86 | ) |  | 4,703 |  |  | — |  |  | 5,005 |
Total expenses | 35,037 |  |  | 7,513 |  |  | 844,469 |  |  | — |  |  | 887,019 |
Intercompany income | 381 |  |  | — |  |  | 497 |  |  | (878 | ) |  | — |
Intercompany expenses | (497 | ) |  | — |  |  | (381 | ) |  | 878 |  |  | — |
Gain on sale of single-family properties and other, net | 3,031 |  |  | 442 |  |  | 3,353 |  |  | — |  |  | 6,826 |
Loss on early extinguishment of debt | — |  |  | — |  |  | (6,555 | ) |  | — |  |  | (6,555 | )
Remeasurement of participating preferred units | 2,841 |  |  | — |  |  | — |  |  | — |  |  | 2,841 |
Equity in income of subsidiaries | 104,177 |  |  | 35,594 |  |  | — |  |  | (139,771 | ) |  | — |
Net income (loss) | 76,351 |  |  | 28,789 |  |  | 111,123 |  |  | (139,771 | ) |  | 76,492 |
Noncontrolling interest | — |  |  | — |  |  | 141 |  |  | — |  |  | 141 |
Preferred distributions | 60,718 |  |  | — |  |  | — |  |  | — |  |  | 60,718 |
Redemption of participating preferred units | 42,416 |  |  | — |  |  | — |  |  | — |  |  | 42,416 |
Net (loss) income attributable to common unitholders | $ | (26,783 | ) |  | $ | 28,789 |  |  | $ | 110,982 |  |  | $ | (139,771 | ) |  | $ | (26,783 | )
Condensed Consolidating Statements of Operations (continued) (Amounts in thousands)
| For the Year Ended December 31, 2016
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Revenues: |  |  |  |  |  |  |  |  |
Rents from single-family properties | $ | — |  |  | $ | 436 |  |  | $ | 757,167 |  |  | $ | — |  |  | $ | 757,603 |
Fees from single-family properties | — |  |  | 4 |  |  | 10,230 |  |  | — |  |  | 10,234 |
Tenant charge-backs | — |  |  | 16 |  |  | 95,238 |  |  | — |  |  | 95,254 |
Other | 612 |  |  | — |  |  | 15,186 |  |  | — |  |  | 15,798 |
Total revenues | 612 |  |  | 456 |  |  | 877,821 |  |  | — |  |  | 878,889 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 161 |  |  | 317,149 |  |  | — |  |  | 317,310 |
Property management expenses | — |  |  | 26 |  |  | 70,698 |  |  | — |  |  | 70,724 |
General and administrative expense | 19,339 |  |  | 75 |  |  | 13,654 |  |  | — |  |  | 33,068 |
Interest expense | 11,306 |  |  | 5,935 |  |  | 113,606 |  |  | — |  |  | 130,847 |
Acquisition fees and costs expensed | 6,119 |  |  | — |  |  | 5,324 |  |  | — |  |  | 11,443 |
Depreciation and amortization | 1,221 |  |  | 106 |  |  | 297,350 |  |  | — |  |  | 298,677 |
Other | 133 |  |  | 60 |  |  | 11,785 |  |  | — |  |  | 11,978 |
Total expenses | 38,118 |  |  | 6,363 |  |  | 829,566 |  |  | — |  |  | 874,047 |
Intercompany income | 413 |  |  | — |  |  | 502 |  |  | (915 | ) |  | — |
Intercompany expenses | (502 | ) |  | — |  |  | (413 | ) |  | 915 |  |  | — |
Gain on sale of single-family properties and other, net | — |  |  | 147 |  |  | 14,422 |  |  | — |  |  | 14,569 |
Loss on early extinguishment of debt | (2,724 | ) |  | — |  |  | (10,684 | ) |  | — |  |  | (13,408 | )
Gain on conversion of Series E units | 11,463 |  |  | — |  |  | — |  |  | — |  |  | 11,463 |
Remeasurement of participating preferred units | (7,020 | ) |  | — |  |  | — |  |  | — |  |  | (7,020 | )
Equity in income of subsidiaries | 46,884 |  |  | 1 |  |  | — |  |  | (46,885 | ) |  | — |
Net income (loss) | 11,008 |  |  | (5,759 | ) |  | 52,082 |  |  | (46,885 | ) |  | 10,446 |
Noncontrolling interest | — |  |  | — |  |  | (562 | ) |  | — |  |  | (562 | )
Preferred distributions | 40,237 |  |  | — |  |  | — |  |  | — |  |  | 40,237 |
Income allocated to Series C and D limited partners | 10,730 |  |  | — |  |  | — |  |  | — |  |  | 10,730 |
Net (loss) income attributable to common unitholders | $ | (39,959 | ) |  | $ | (5,759 | ) |  | $ | 52,644 |  |  | $ | (46,885 | ) |  | $ | (39,959 | )
Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands)
| For the Year Ended December 31, 2017
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net income | $ | 76,351 |  |  | $ | 28,789 |  |  | $ | 111,123 |  |  | $ | (139,771 | ) |  | $ | 76,492 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Unrealized gain on cash flow hedging instruments: |  |  |  |  |  |  |  |  |
Unrealized gain on cash flow hedging instruments | 75 |  |  | — |  |  | — |  |  | — |  |  | 75 |
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 income (loss) | 8 |  |  | — |  |  | (28 | ) |  | — |  |  | (20 | )
Comprehensive income | 76,359 |  |  | 28,789 |  |  | 111,095 |  |  | (139,771 | ) |  | 76,472 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 141 |  |  | — |  |  | 141 |
Preferred distributions | 60,718 |  |  | — |  |  | — |  |  | — |  |  | 60,718 |
Redemption of participating preferred units | 42,416 |  |  | — |  |  | — |  |  | — |  |  | 42,416 |
Comprehensive (loss) income attributable to common unitholders | $ | (26,775 | ) |  | $ | 28,789 |  |  | $ | 110,954 |  |  | $ | (139,771 | ) |  | $ | (26,803 | )
| For the Year Ended December 31, 2016
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Net income (loss) | $ | 11,008 |  |  | $ | (5,759 | ) |  | $ | 52,082 |  |  | $ | (46,885 | ) |  | $ | 10,446 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Unrealized gain on interest rate cap agreement: |  |  |  |  |  |  |  |  |
Reclassification adjustment for amortization of interest expense included in net income (loss) | — |  |  | — |  |  | 130 |  |  | — |  |  | 130 |
Unrealized gain on investment in equity securities | 67 |  |  | — |  |  | — |  |  | — |  |  | 67 |
Other comprehensive income | 67 |  |  | — |  |  | 130 |  |  | — |  |  | 197 |
Comprehensive income (loss) | 11,075 |  |  | (5,759 | ) |  | 52,212 |  |  | (46,885 | ) |  | 10,643 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (562 | ) |  | — |  |  | (562 | )
Preferred distributions | 40,237 |  |  | — |  |  | — |  |  | — |  |  | 40,237 |
Income allocated to Series C and D limited partners | 10,730 |  |  | — |  |  | — |  |  | — |  |  | 10,730 |
Comprehensive (loss) income attributable to common unitholders | $ | (39,892 | ) |  | $ | (5,759 | ) |  | $ | 52,774 |  |  | $ | (46,885 | ) |  | $ | (39,762 | )
Condensed Consolidating Statements of Cash Flows (Amounts in thousands)
| For the Year Ended December 31, 2017
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Operating activities |  |  |  |  |  |  |  |  |
Net cash (used for) provided by operating activities | $ | (66,411 | ) |  | $ | (4,513 | ) |  | $ | 456,885 |  |  | $ | — |  |  | $ | 385,961 |
Investing activities |  |  |  |  |  |  |  |  |
Cash paid for single-family properties | — |  |  | — |  |  | (784,666 | ) |  | — |  |  | (784,666 | )
Change in escrow deposits for purchase of single-family properties | — |  |  | — |  |  | (8,937 | ) |  | — |  |  | (8,937 | )
Net proceeds received from sales of single-family properties and other | 14,265 |  |  | 5,156 |  |  | 67,642 |  |  | — |  |  | 87,063 |
Collections from mortgage financing receivables | — |  |  | — |  |  | 268 |  |  | — |  |  | 268 |
Distributions from unconsolidated joint ventures | 680 |  |  | — |  |  | 8,612 |  |  | — |  |  | 9,292 |
Collections from intercompany notes | 9,507 |  |  | — |  |  | — |  |  | (9,507 | ) |  | — |
(Investment in) return of investment in subsidiaries | (854,346 | ) |  | 36,533 |  |  | — |  |  | 817,813 |  |  | — |
Initial renovations to single-family properties | — |  |  | (1,613 | ) |  | (46,298 | ) |  | — |  |  | (47,911 | )
Recurring and other capital expenditures for single-family properties | — |  |  | — |  |  | (37,540 | ) |  | — |  |  | (37,540 | )
Other purchases of productive assets | (6,657 | ) |  | — |  |  | (48,391 | ) |  | — |  |  | (55,048 | )
Net cash (used for) provided by investing activities | (836,551 | ) |  | 40,076 |  |  | (849,310 | ) |  | 808,306 |  |  | (837,479 | )
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of Class A units | 694,765 |  |  | — |  |  | — |  |  | — |  |  | 694,765 |
Payments of Class A unit issuance costs | (10,637 | ) |  | — |  |  | — |  |  | — |  |  | (10,637 | )
Proceeds from issuance of perpetual preferred units | 270,000 |  |  | — |  |  | — |  |  | — |  |  | 270,000 |
Payments of perpetual preferred unit issuance costs | (9,229 | ) |  | — |  |  | — |  |  | — |  |  | (9,229 | )
Proceeds from exercise of stock options, net of tax withholding | 548 |  |  | — |  |  | — |  |  | — |  |  | 548 |
Redemptions of Class A units | (169 | ) |  | — |  |  | — |  |  | — |  |  | (169 | )
Payments on asset-backed securitizations | — |  |  | — |  |  | (477,879 | ) |  | — |  |  | (477,879 | )
Proceeds from revolving credit facility | 202,000 |  |  | — |  |  | — |  |  | — |  |  | 202,000 |
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 | — |  |  | — |  |  | (969 | ) |  | — |  |  | (969 | )
Payments on intercompany notes borrowed | — |  |  | — |  |  | (9,507 | ) |  | 9,507 |  |  | — |
Intercompany financing and distributions to parent | — |  |  | (35,594 | ) |  | 853,407 |  |  | (817,813 | ) |  | — |
Distributions to common unitholders | (47,234 | ) |  | — |  |  | — |  |  | — |  |  | (47,234 | )
Distributions to preferred unitholders | (46,122 | ) |  | — |  |  | — |  |  | — |  |  | (46,122 | )
Deferred financing costs paid | (3,974 | ) |  | — |  |  | — |  |  | — |  |  | (3,974 | )
Net cash provided by (used for) financing activities | 862,948 |  |  | (35,594 | ) |  | 365,052 |  |  | (808,306 | ) |  | 384,100 |
Net decrease in cash, cash equivalents and restricted cash | (40,014 | ) |  | (31 | ) |  | (27,373 | ) |  | — |  |  | (67,418 | )
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 | $ | 36,899 |  |  | $ | 31 |  |  | $ | 145,893 |  |  | $ | — |  |  | $ | 182,823 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |
Cash payments for interest, net of amounts capitalized | $ | (9,263 | ) |  | $ | (3,738 | ) |  | $ | (87,907 | ) |  | $ | — |  |  | $ | (100,908 | )
Supplemental schedule of noncash investing and financing activities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses related to property acquisitions and renovations | $ | — |  |  | $ | 11 |  |  | $ | 7,953 |  |  | $ | — |  |  | $ | 7,964 |
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 | $ | — |  |  | $ | — |  |  | $ | 4,536 |  |  | $ | — |  |  | $ | 4,536 |
Note receivable related to a bulk sale of properties, net of discount | $ | 5,710 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,710 |
Redemption of participating preferred units | $ | (37,499 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (37,499 | )
Accrued distributions to affiliates | $ | 4,720 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,720 |
Accrued distributions to non-affiliates | $ | 26,982 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,982 |
Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands)
| For the Year Ended December 31, 2016
| American Homes 4 Rent, L.P. (Parent Company) |  | American Residential Properties OP, L.P. (Guarantor Subsidiary) |  | Combined Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated Total
Operating activities |  |  |  |  |  |  |  |  |
Net cash (used for) provided by operating activities | $ | (137,991 | ) |  | $ | 5,692 |  |  | $ | 411,166 |  |  | $ | — |  |  | $ | 278,867 |
Investing activities |  |  |  |  |  |  |  |  |
Cash paid for single-family properties | — |  |  | — |  |  | (252,841 | ) |  | — |  |  | (252,841 | )
Change in escrow deposits for purchase of single-family properties | — |  |  | — |  |  | (312 | ) |  | — |  |  | (312 | )
Cash acquired in noncash business combinations | — |  |  | 3,317 |  |  | 21,703 |  |  | — |  |  | 25,020 |
Payoff of credit facility in connection with ARPI merger | (350,000 | ) |  | — |  |  | — |  |  | — |  |  | (350,000 | )
Net proceeds received from sales of single-family properties and other | — |  |  | 603 |  |  | 87,987 |  |  | — |  |  | 88,590 |
Net proceeds received from sales of non-performing loans | — |  |  | — |  |  | 47,186 |  |  | — |  |  | 47,186 |
Purchase of commercial office buildings | (20,056 | ) |  | — |  |  | (7,049 | ) |  | — |  |  | (27,105 | )
Collections from mortgage financing receivables | — |  |  | — |  |  | 19,425 |  |  | — |  |  | 19,425 |
Distributions from unconsolidated joint ventures | 7,200 |  |  | — |  |  | 1,147 |  |  | — |  |  | 8,347 |
Collections from intercompany notes | 19,092 |  |  | — |  |  | — |  |  | (19,092 | ) |  | — |
Investments in subsidiaries | (155,139 | ) |  | (9,508 | ) |  | — |  |  | 164,647 |  |  | — |
Initial renovations to single-family properties | — |  |  | (41 | ) |  | (39,871 | ) |  | — |  |  | (39,912 | )
Recurring and other capital expenditures for single-family properties | — |  |  | — |  |  | (27,807 | ) |  | — |  |  | (27,807 | )
Other purchases of productive assets | (4,576 | ) |  | — |  |  | (8,413 | ) |  | — |  |  | (12,989 | )
Net cash (used for) provided by investing activities | (503,479 | ) |  | (5,629 | ) |  | (158,845 | ) |  | 145,555 |  |  | (522,398 | )
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of Class A units | 102,830 |  |  | — |  |  | — |  |  | — |  |  | 102,830 |
Payments of Class A unit offering costs | (227 | ) |  | — |  |  | — |  |  | — |  |  | (227 | )
Proceeds from issuance of perpetual preferred units | 498,750 |  |  | — |  |  | — |  |  | — |  |  | 498,750 |
Payments of perpetual preferred units issuance costs | (15,938 | ) |  | — |  |  | — |  |  | — |  |  | (15,938 | )
Proceeds from exercise of stock options | 3,171 |  |  | — |  |  | — |  |  | — |  |  | 3,171 |
Repurchase of Class A units | (96,098 | ) |  | — |  |  | — |  |  | — |  |  | (96,098 | )
Redemptions of Class A units | (399 | ) |  | — |  |  | — |  |  | — |  |  | (399 | )
Payments on asset-backed securitizations | — |  |  | — |  |  | (381,117 | ) |  | — |  |  | (381,117 | )
Proceeds from revolving credit facilities | 951,000 |  |  | — |  |  | — |  |  | — |  |  | 951,000 |
Payments on revolving credit facilities | (951,000 | ) |  | — |  |  | — |  |  | — |  |  | (951,000 | )
Proceeds from term loan facility | 325,000 |  |  | — |  |  | — |  |  | — |  |  | 325,000 |
Payments on secured note payable | — |  |  | — |  |  | (924 | ) |  | — |  |  | (924 | )
Payments on intercompany notes borrowed | — |  |  | — |  |  | (19,092 | ) |  | 19,092 |  |  | — |
Intercompany financing and distributions to parent | — |  |  | (1 | ) |  | 164,648 |  |  | (164,647 | ) |  | — |
Distributions to noncontrolling interests | — |  |  | — |  |  | (230 | ) |  | — |  |  | (230 | )
Distributions to common unitholders | (58,445 | ) |  | — |  |  | — |  |  | — |  |  | (58,445 | )
Distributions to preferred unitholders | (40,237 | ) |  | — |  |  | — |  |  | — |  |  | (40,237 | )
Distributions to Series C and D convertible unitholders | (856 | ) |  | — |  |  | — |  |  | — |  |  | (856 | )
Deferred financing costs paid | (10,436 | ) |  | — |  |  | (40 | ) |  | — |  |  | (10,476 | )
Net cash provided by (used for) financing activities | 707,115 |  |  | (1 | ) |  | (236,755 | ) |  | (145,555 | ) |  | 324,804 |
Net increase in cash, cash equivalents and restricted cash | 65,645 |  |  | 62 |  |  | 15,566 |  |  | — |  |  | 81,273 |
Cash, cash equivalents and restricted cash, beginning of period | 11,268 |  |  | — |  |  | 157,700 |  |  | — |  |  | 168,968 |
Cash, cash equivalents and restricted cash, end of period | $ | 76,913 |  |  | $ | 62 |  |  | $ | 173,266 |  |  | $ | — |  |  | $ | 250,241 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |
Cash payments for interest, net of amounts capitalized | $ | (8,774 | ) |  | $ | (3,115 | ) |  | $ | (103,925 | ) |  | $ | — |  |  | $ | (115,814 | )
Supplemental schedule of noncash investing and financing activities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses related to property acquisitions and renovations | $ | — |  |  | $ | — |  |  | $ | (2,876 | ) |  | $ | — |  |  | $ | (2,876 | )
Conversion of nonperforming loans to properties | $ | — |  |  | $ | — |  |  | $ | 3,554 |  |  | $ | — |  |  | $ | 3,554 |
Merger with ARPI |  |  |  |  |  |  |  |  |
Single-family properties | $ | — |  |  | $ | 5,898 |  |  | $ | 1,271,355 |  |  | $ | — |  |  | $ | 1,277,253 |
Rent and other receivables, net | $ | — |  |  | $ | 50 |  |  | $ | 793 |  |  | $ | — |  |  | $ | 843 |
Escrow deposits, prepaid expenses and other assets | $ | — |  |  | $ | 666 |  |  | $ | 34,468 |  |  | $ | — |  |  | $ | 35,134 |
Deferred costs and other intangibles, net | $ | — |  |  | $ | 109 |  |  | $ | 22,587 |  |  | $ | — |  |  | $ | 22,696 |
Asset-backed securitization | $ | — |  |  | $ | — |  |  | $ | (329,703 | ) |  | $ | — |  |  | $ | (329,703 | )
Exchangeable senior notes, net | $ | — |  |  | $ | (112,298 | ) |  | $ | — |  |  | $ | — |  |  | $ | (112,298 | )
Accounts payable and accrued expenses | $ | (8,660 | ) |  | $ | (4,475 | ) |  | $ | (25,350 | ) |  | $ | — |  |  | $ | (38,485 | )
Class A units issued | $ | (530,460 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (530,460 | )

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