Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

(Amounts in thousands)



	As of March 31, 2018
	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	$	—	$	934		$	8,168,146		$	—		$	8,169,080
Cash and cash equivalents	174,161		—			29,722			—			203,883
Restricted cash	29,071		30			127,171			—			156,272
Rent and other receivables, net	147		3			27,965			—			28,115
Intercompany receivables	218,777		—			—			(218,777		)	—
Escrow deposits, prepaid expenses and other assets, including due from affiliates	58,483		163			208,727			—			267,373
Investments in subsidiaries	5,979,193		116,533			—			(6,095,726		)	—
Deferred costs and other intangibles, net	9,001		—			4,030			—			13,031
Goodwill	120,279		—			—			—			120,279
Total assets	$	6,589,112	$	117,663		$	8,565,761		$	(6,314,503	)	$	8,958,033

Liabilities
Revolving credit facility	$	—	$	—		$	—		$	—		$	—
Term loan facility, net	198,132		—			—			—			198,132
Asset-backed securitizations, net	—		—			1,973,242			—			1,973,242
Unsecured senior notes, net	492,282		—			—			—			492,282
Exchangeable senior notes, net	—		112,597			—			—			112,597
Secured note payable	—		—			48,604			—			48,604
Accounts payable and accrued expenses	33,399		3,661			225,207			—			262,267
Amounts payable to affiliates	2,001		—			—			—			2,001
Intercompany payables	—		8,391			210,386			(218,777		)	—
Participating preferred units derivative liability	28,258		—			—			—			28,258
Total liabilities	754,072		124,649			2,457,439			(218,777		)	3,117,383

Capital
Partners' capital:
General partner:
Common units	4,198,313		(6,986		)	6,109,682			(6,095,726		)	4,205,283
Preferred units	901,318		—			—			—			901,318
Limited partner:
Common units	725,901		—			—			—			725,901
Accumulated other comprehensive income	9,508		—			—			—			9,508
Total partners' capital:	5,835,040		(6,986		)	6,109,682			(6,095,726		)	5,842,010

Noncontrolling interest	—		—			(1,360		)	—			(1,360		)
Total capital	5,835,040		(6,986		)	6,108,322			(6,095,726		)	5,840,650

Total liabilities and capital	$	6,589,112	$	117,663		$	8,565,761		$	(6,314,503	)	$	8,958,033

Condensed Consolidating Balance Sheets (continued)

(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 Statements of Operations

(Amounts in thousands)



	For the Three Months Ended March 31, 2018
	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	$	—		$	22	$	218,001		$	—		$	218,023
Fees from single-family properties	—			—		2,833			—			2,833
Tenant charge-backs	—			3		35,804			—			35,807
Other	334			—		1,007			—			1,341
Total revenues	334			25		257,645			—			258,004

Expenses:
Property operating expenses	—			3		100,984			—			100,987
Property management expenses	—			3		18,984			—			18,987
General and administrative expense	5,937			1		3,293			—			9,231
Interest expense	6,257			1,835		21,209			—			29,301
Acquisition fees and costs expensed	—			—		1,311			—			1,311
Depreciation and amortization	297			—		79,006			—			79,303
Hurricane-related charges, net	—			—		—			—			—
Other expense	95			9		723			—			827
Total expenses	12,586			1,851		225,510			—			239,947

Intercompany income	451			—		57			(508		)	—
Intercompany expenses	(57		)	—		(451		)	508			—
Gain on sale of single-family properties and other, net	—			435		1,821			—			2,256
Remeasurement of participating preferred units	1,212			—		—			—			1,212
Equity in income of subsidiaries	32,182			10,232		—			(42,414		)	—

Net income	21,536			8,841		33,562			(42,414		)	21,525

Noncontrolling interest	—			—		(11		)	—			(11		)
Preferred distributions	14,597			—		—			—			14,597
Redemption of participating preferred units	—			—		—			—			—

Net income attributable to common unitholders	$	6,939		$	8,841	$	33,573		$	(42,414	)	$	6,939

Condensed Consolidating Statements of Operations (continued)

(Amounts in thousands)



	For the Three Months Ended March 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	$	—		$	102		$	201,005		$	—		$	201,107
Fees from single-family properties	—			1			2,603			—			2,604
Tenant charge-backs	—			7			28,366			—			28,373
Other	386			—			1,284			—			1,670
Total revenues	386			110			233,258			—			233,754

Expenses:
Property operating expenses	—			48			83,257			—			83,305
Property management expenses	—			6			17,472			—			17,478
General and administrative expense	4,994			2			4,299			—			9,295
Interest expense	3,328			1,774			26,787			—			31,889
Acquisition fees and costs expensed	355			—			741			—			1,096
Depreciation and amortization	409			2			73,542			—			73,953
Other	99			1			1,458			—			1,558
Total expenses	9,185			1,833			207,556			—			218,574

Intercompany income	76			—			148			(224		)	—
Intercompany expenses	(148		)	—			(76		)	224			—
Gain on sale of single-family properties and other, net	3,031			(1,460		)	455			—			2,026
Remeasurement of participating preferred units	(5,410		)	—			—			—			(5,410		)
Equity in income of subsidiaries	23,008			9,237			—			(32,245		)	—

Net income (loss)	11,758			6,054			26,229			(32,245		)	11,796

Noncontrolling interest	—			—			38			—			38
Preferred distributions	13,587			—			—			—			13,587

Net (loss) income attributable to common unitholders	$	(1,829	)	$	6,054		$	26,191		$	(32,245	)	$	(1,829	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

(Amounts in thousands)



	For the Three Months Ended March 31, 2018
	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	$	21,536		$	8,841	$	33,562		$	(42,414	)	$	21,525
Other comprehensive income:
Gain on cash flow hedging instrument:
Gain on settlement of cash flow hedging instrument	9,553			—		—			—			9,553
Reclassification adjustment for amortization of interest expense included in net income	(120		)	—		—			—			(120		)
Other comprehensive income	9,433			—		—			—			9,433
Comprehensive income	30,969			8,841		33,562			(42,414		)	30,958
Comprehensive loss attributable to noncontrolling interests	—			—		(11		)	—			(11		)
Preferred distributions	14,597			—		—			—			14,597
Comprehensive income attributable to common unitholders	$	16,372		$	8,841	$	33,573		$	(42,414	)	$	16,372



	For the Three Months Ended March 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	$	11,758		$	6,054	$	26,229		$	(32,245	)	$	11,796
Other comprehensive loss:
Gain on cash flow hedging instrument:
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 loss	(67		)	—		(28		)	—			(95		)
Comprehensive income	11,691			6,054		26,201			(32,245		)	11,701
Comprehensive income attributable to noncontrolling interests	—			—		38			—			38
Preferred distributions	13,587			—		—			—			13,587
Comprehensive (loss) income attributable to common unitholders	$	(1,896	)	$	6,054	$	26,163		$	(32,245	)	$	(1,924	)

Condensed Consolidating Statements of Cash Flows

(Amounts in thousands)



	For the Three Months Ended March 31, 2018
	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	$	(68,398	)	$	12		$	180,877		$	—		$	112,491

Investing activities
Cash paid for single-family properties	—			—			(149,674		)	—			(149,674		)
Change in escrow deposits for purchase of single-family properties	—			—			(4,115		)	—			(4,115		)
Net proceeds received from sales of single-family properties and other	—			1,422			10,545			—			11,967
Proceeds received from hurricane-related insurance claims	—			—			4,000			—			4,000
Distributions from joint ventures	180			—			1,050			—			1,230
(Investment in) return of investment in subsidiaries	(57,488		)	9,002			—			48,486			—
Initial renovations to single-family properties	—			—			(20,400		)	—			(20,400		)
Recurring and other capital expenditures for single-family properties	—			(205		)	(10,962		)	—			(11,167		)
Other purchases of productive assets	—			—			(53,472		)	—			(53,472		)
Net cash (used for) provided by investing activities	(57,308		)	10,219			(223,028		)	48,486			(221,631		)

Financing activities
Repurchase of Class A units	(34,969		)	—			—			—			(34,969		)
Share-based compensation payments, net	(414		)	—			—			—			(414		)
Payments on asset-backed securitizations	—			—			(5,312		)	—			(5,312		)
Proceeds from revolving credit facility	100,000			—			—			—			100,000
Payments on revolving credit facility	(240,000		)	—			—			—			(240,000		)
Payments on secured note payable	—			—			(255		)	—			(255		)
Proceeds from unsecured senior notes, net of discount	497,210			—			—			—			497,210
Settlement of cash flow hedging instrument	9,628			—			—			—			9,628
Intercompany financing and distributions to parent	—			(10,232		)	58,718			(48,486		)	—
Distributions to common unitholders	(19,794		)	—			—			—			(19,794		)
Distributions to preferred unitholders	(14,597		)	—			—			—			(14,597		)
Deferred financing costs paid	(5,025		)	—			—			—			(5,025		)
Net cash provided by (used for) financing activities	292,039			(10,232		)	53,151			(48,486		)	286,472

Net increase (decrease) in cash, cash equivalents and restricted cash	166,333			(1		)	11,000			—			177,332
Cash, cash equivalents and restricted cash, beginning of period	36,899			31			145,893			—			182,823
Cash, cash equivalents and restricted cash, end of period	$	203,232		$	30		$	156,893		$	—		$	360,155

Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(2,708	)	$	—		$	(19,982	)	$	—		$	(22,690	)

Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	$	—		$	(12	)	$	9,387		$	—		$	9,375
Transfers of completed homebuilding deliveries to properties	$	—		$	—		$	8,693		$	—		$	8,693
Accrued distributions to affiliates	$	(2,719	)	$	—		$	—		$	—		$	(2,719	)
Accrued distributions to non-affiliates	$	25		$	—		$	—		$	—		$	25

Condensed Consolidating Statements of Cash Flows (continued)

(Amounts in thousands)



	For the Three Months Ended March 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	$	(7,999	)	$	(4,271	)	$	122,307		$	—		$	110,037

Investing activities
Cash paid for single-family properties	—			—			(73,622		)	—			(73,622		)
Change in escrow deposits for purchase of single-family properties	—			—			(1,072		)	—			(1,072		)
Net proceeds received from sales of single-family properties and other	14,265			199			16,842			—			31,306
Collections from mortgage financing receivables	—			—			70			—			70
Distributions from unconsolidated joint ventures	280			—			912			—			1,192
Collections from intercompany notes	2,857			—			—			(2,857		)	—
Return of investment in subsidiaries	32,162			15,757			—			(47,919		)	—
Initial renovations to single-family properties	—			(1,549		)	(6,128		)	—			(7,677		)
Recurring and other capital expenditures for single-family properties	—			—			(6,484		)	—			(6,484		)
Other purchases of productive assets	(6,657		)	—			(7,053		)	—			(13,710		)
Net cash provided by (used for) investing activities	42,907			14,407			(76,535		)	(50,776		)	(69,997		)

Financing activities
Proceeds from issuance of Class A units	350,612			—			—			—			350,612
Payments of Class A unit issuance costs	(236		)	—			—			—			(236		)
Proceeds from exercise of stock options, net of tax withholding	258			—			—			—			258
Payments on asset-backed securitizations	—			—			(6,231		)	—			(6,231		)
Proceeds from term loan facility	25,000			—			—			—			25,000
Payments on secured note payable	—			—			(245		)	—			(245		)
Payments on intercompany notes borrowed	—			—			(2,857		)	2,857			—
Intercompany financing and distributions to parent	—			(9,237		)	(38,682		)	47,919			—
Distributions to common unitholders	(14,993		)	—			—			—			(14,993		)
Distributions to preferred unitholders	(13,587		)	—			—			—			(13,587		)
Net cash provided by (used for) financing activities	347,054			(9,237		)	(48,015		)	50,776			340,578

Net increase (decrease) in cash, cash equivalents and restricted cash	381,962			899			(2,243		)	—			380,618
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	$	458,875		$	961		$	171,023		$	—		$	630,859

Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(2,749	)	$	(934	)	$	(24,804	)	$	—		$	(28,487	)

Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	$	—		$	26		$	(977	)	$	—		$	(951	)
Note receivable related to a bulk sale of properties, net of discount	$	5,483		$	—		$	—		$	—		$	5,483