XML 28 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income (loss) $ 76,492 $ 10,446 $ (47,948)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 297,290 298,677 242,848
Noncash amortization of deferred financing costs 8,163 10,475 8,305
Noncash amortization of discount on exchangeable senior notes 3,549 2,820 0
Noncash amortization of discount on ARP 2014-SFR1 securitization 0 1,744 0
Noncash share-based compensation 4,212 3,636 3,125
Provision for bad debt 7,328 6,969 5,977
Hurricane-related charges, net 3,718 0 0
Loss on early extinguishment of debt 6,555 13,408 0
Gain on conversion of Series E units to Series D units 0 (11,463) 0
Remeasurement of Series E units 0 0 (2,100)
Remeasurement of participating preferred shares (2,841) 7,020 4,830
Equity in net earnings of unconsolidated ventures (1,642) (860) 591
Net gain on sale of single-family properties and other (6,826) (14,569) 0
Loss on impairment of single-family properties 4,680 4,970 0
Net gain on resolutions of mortgage loans (17) (8,126) 0
Other changes in operating assets and liabilities:      
Rent and other receivables (11,020) (9,704) (10,542)
Prepaid expenses and other assets (11,295) (5,996) (8,212)
Deferred leasing costs (7,390) (8,005) (9,577)
Accounts payable and accrued expenses 9,814 (13,291) 16,569
Amounts payable to affiliates 5,191 (9,284) 8,441
Net cash provided by operating activities 385,961 278,867 212,307
Investing activities      
Cash paid for single-family properties (784,666) (252,841) (608,952)
Change in escrow deposits for purchase of single-family properties (8,937) (312) (1,115)
Cash acquired in noncash business combinations 0 25,020 0
Payoff of credit facility in connection with ARPI merger 0 (350,000) 0
Net proceeds received from sales of single-family properties and other 87,063 88,590 0
Net proceeds received from sales of non-performing loans 0 47,186 0
Purchase of commercial office buildings 0 (27,105) 0
Investment in unconsolidated joint ventures 0 0 (20,000)
Purchase of outside interests in RJ joint ventures 0 0 (44,408)
Investments in mortgage financing receivables 0 0 (12,373)
Collections from mortgage financing receivables 268 19,425 0
Distributions from unconsolidated joint ventures 9,292 8,347 0
Initial renovations to single-family properties (47,911) (39,912) (147,583)
Recurring and other capital expenditures for single-family properties (37,540) (27,807) (27,369)
Other purchases of productive assets (55,048) (12,989) 0
Net cash used for investing activities (837,479) (522,398) (861,800)
Financing activities      
Proceeds from issuance of Class A common shares 694,765 102,830 0
Proceeds from exercise of stock options, net of tax withholding 548 3,171 251
Repurchase of Class A common shares 0 (96,098) (57,383)
Redemptions of Class A units (169) (399) 0
Proceeds from asset-backed securitizations 0 0 1,030,559
Payments on asset-backed securitizations (477,879) (381,117) (19,739)
Payments on secured note payable (969) (924) (892)
Distributions to noncontrolling interests (8,333) (11,360) (23,583)
Distributions to common shareholders (38,901) (48,171) (42,126)
Distributions to preferred shareholders (46,122) (40,237) (22,276)
Deferred financing costs paid (3,974) (10,476) (25,335)
Net cash provided by financing activities 384,100 324,804 632,476
Net (decrease) increase in cash, cash equivalents and restricted cash (67,418) 81,273 (17,017)
Cash, cash equivalents and restricted cash, beginning of period 250,241 168,968 185,985
Cash, cash equivalents and restricted cash, end of period (see Note 2) 182,823 250,241 168,968
Supplemental cash flow information      
Cash payments for interest, net of amounts capitalized (100,908) (115,814) (77,445)
Supplemental schedule of noncash investing and financing activities      
Accounts payable and accrued expenses related to property acquisitions and renovations 7,964 (2,876) 821
Transfer of term loan borrowings to revolving credit facility 50,000 0 0
Transfer of deferred financing costs from term loan to revolving credit facility 1,524 0 0
Transfers of completed homebuilding deliveries to properties 4,536 0 0
Note receivable related to a bulk sale of properties, net of discount 5,710 0 0
Conversion of nonperforming loans to properties 0 3,554 20,317
Redemption of participating preferred shares (37,499) 0 0
Accrued distributions to affiliates 4,720 0 4,698
Accrued distributions to non-affiliates 26,982 0 0
American Homes 4 Rent, L.P.      
Operating activities      
Net income (loss) 76,492 10,446 (47,948)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 297,290 298,677 242,848
Noncash amortization of deferred financing costs 8,163 10,475 8,305
Noncash amortization of discount on exchangeable senior notes 3,549 2,820 0
Noncash amortization of discount on ARP 2014-SFR1 securitization 0 1,744 0
Noncash share-based compensation 4,212 3,636 3,125
Provision for bad debt 7,328 6,969 5,977
Hurricane-related charges, net 3,718 0 0
Loss on early extinguishment of debt 6,555 13,408 0
Gain on conversion of Series E units to Series D units 0 (11,463) 0
Remeasurement of Series E units 0 0 (2,100)
Remeasurement of participating preferred shares (2,841) 7,020 4,830
Equity in net earnings of unconsolidated ventures (1,642) (860) 591
Net gain on sale of single-family properties and other (6,826) (14,569) 0
Loss on impairment of single-family properties 4,680 4,970 0
Net gain on resolutions of mortgage loans (17) (8,126) 0
Other changes in operating assets and liabilities:      
Rent and other receivables (11,020) (9,704) (10,542)
Prepaid expenses and other assets (11,295) (5,996) (8,212)
Deferred leasing costs (7,390) (8,005) (9,577)
Accounts payable and accrued expenses 9,814 (13,291) 16,569
Amounts payable to affiliates 5,191 (9,284) 8,441
Net cash provided by operating activities 385,961 278,867 212,307
Investing activities      
Cash paid for single-family properties (784,666) (252,841) (608,952)
Change in escrow deposits for purchase of single-family properties (8,937) (312) (1,115)
Cash acquired in noncash business combinations 0 25,020 0
Payoff of credit facility in connection with ARPI merger 0 (350,000) 0
Net proceeds received from sales of single-family properties and other 87,063 88,590 0
Net proceeds received from sales of non-performing loans 0 47,186 0
Purchase of commercial office buildings 0 (27,105) 0
Investment in unconsolidated joint ventures 0 0 (20,000)
Purchase of outside interests in RJ joint ventures 0 0 (44,408)
Investments in mortgage financing receivables 0 0 (12,373)
Collections from mortgage financing receivables 268 19,425 0
Distributions from unconsolidated joint ventures 9,292 8,347 0
Initial renovations to single-family properties (47,911) (39,912) (147,583)
Recurring and other capital expenditures for single-family properties (37,540) (27,807) (27,369)
Other purchases of productive assets (55,048) (12,989) 0
Net cash used for investing activities (837,479) (522,398) (861,800)
Financing activities      
Proceeds from issuance of Class A common shares 694,765 102,830 0
Proceeds from issuance of perpetual preferred shares 270,000 498,750 0
Proceeds from exercise of stock options, net of tax withholding 548 3,171 251
Repurchase of Class A common shares 0 (96,098) (57,383)
Redemptions of Class A units (169) (399) 0
Proceeds from asset-backed securitizations 0 0 1,030,559
Payments on asset-backed securitizations (477,879) (381,117) (19,739)
Payments on secured note payable (969) (924) (892)
Distributions to noncontrolling interests 0 (230) (1,902)
Distributions to common shareholders (47,234) (58,445) (45,015)
Distributions to preferred shareholders (46,122) (40,237) (22,276)
Deferred financing costs paid (3,974) (10,476) (25,335)
Net cash provided by financing activities 384,100 324,804 632,476
Net (decrease) increase in cash, cash equivalents and restricted cash (67,418) 81,273 (17,017)
Cash, cash equivalents and restricted cash, beginning of period 250,241 168,968 185,985
Cash, cash equivalents and restricted cash, end of period (see Note 2) 182,823 250,241 168,968
Supplemental cash flow information      
Cash payments for interest, net of amounts capitalized (100,908) (115,814) (77,445)
Supplemental schedule of noncash investing and financing activities      
Accounts payable and accrued expenses related to property acquisitions and renovations 7,964 (2,876) 821
Transfer of term loan borrowings to revolving credit facility 50,000 0 0
Transfer of deferred financing costs from term loan to revolving credit facility 1,524 0 0
Transfers of completed homebuilding deliveries to properties 4,536 0 0
Note receivable related to a bulk sale of properties, net of discount 5,710 0 0
Conversion of nonperforming loans to properties 0 3,554 20,317
Redemption of participating preferred shares (37,499) 0 0
Accrued distributions to affiliates 4,720 0 4,698
Accrued distributions to non-affiliates 26,982 0 0
American Residential Properties Inc.      
Merger with ARPI      
Single-family properties 0 1,277,253 0
Rent and other receivables, net 0 843 0
Escrow deposits, prepaid expenses and other assets 0 35,134 0
Deferred costs and other intangibles, net 0 22,696 0
Accounts payable and accrued expenses 0 (38,485) 0
American Residential Properties Inc. | American Homes 4 Rent, L.P.      
Merger with ARPI      
Single-family properties 0 1,277,253 0
Rent and other receivables, net 0 843 0
Escrow deposits, prepaid expenses and other assets 0 35,134 0
Deferred costs and other intangibles, net 0 22,696 0
Accounts payable and accrued expenses 0 (38,485) 0
Class A shares and units issued 0 (530,460) 0
American Residential Properties Inc. | Asset-backed securitization      
Merger with ARPI      
Asset-backed securitization and Exchangeable senior notes, net 0 (329,703) 0
American Residential Properties Inc. | Asset-backed securitization | American Homes 4 Rent, L.P.      
Merger with ARPI      
Asset-backed securitization and Exchangeable senior notes, net 0 (329,703) 0
American Residential Properties Inc. | Exchangeable senior notes      
Merger with ARPI      
Asset-backed securitization and Exchangeable senior notes, net 0 (112,298) 0
American Residential Properties Inc. | Exchangeable senior notes | American Homes 4 Rent, L.P.      
Merger with ARPI      
Asset-backed securitization and Exchangeable senior notes, net 0 (112,298) 0
Term loan facility, net      
Financing activities      
Proceeds from credit facilities 25,000 325,000 0
Payments on credit facility (100,000) 0 0
Term loan facility, net | American Homes 4 Rent, L.P.      
Financing activities      
Proceeds from credit facilities 25,000 325,000 0
Payments on credit facility (100,000) 0 0
Revolving Credit Facility      
Financing activities      
Proceeds from credit facilities 202,000 951,000 827,000
Payments on credit facility (112,000) (951,000) (1,034,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.      
Financing activities      
Proceeds from credit facilities 202,000 951,000 827,000
Payments on credit facility (112,000) (951,000) (1,034,000)
Class A common shares/units      
Financing activities      
Stock issuance costs (10,637) (227) 0
Class A common shares/units | American Homes 4 Rent, L.P.      
Financing activities      
Proceeds from issuance of Class A common shares 694,765 102,830  
Stock issuance costs (10,637) (227) 0
Class A common shares/units | American Residential Properties Inc.      
Merger with ARPI      
Class A shares and units issued 0 (530,460) 0
Preferred shares      
Financing activities      
Stock issuance costs (9,229) (15,938) 0
Proceeds from issuance of perpetual preferred shares 270,000 498,750 0
Preferred shares | American Homes 4 Rent, L.P.      
Financing activities      
Proceeds from issuance of Class A common shares   498,750  
Stock issuance costs (9,229) (15,938) 0
Proceeds from issuance of perpetual preferred shares 270,000    
Series D Perpetual Preferred Shares/Units | American Homes 4 Rent, L.P.      
Financing activities      
Distributions to preferred shareholders $ 0 $ (856) $ (18,792)