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Condensed Consolidating Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (Amounts in thousands)
| As of June 30, 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 | $ | — |  |  | $ | 656 |  |  | $ | 8,183,265 |  |  | $ | — |  |  | $ | 8,183,921 |
Cash and cash equivalents | 32,521 |  |  | — |  |  | 20,983 |  |  | — |  |  | 53,504 |
Restricted cash | 26,910 |  |  | 30 |  |  | 132,070 |  |  | — |  |  | 159,010 |
Rent and other receivables, net | 186 |  |  | 2 |  |  | 27,861 |  |  | — |  |  | 28,049 |
Intercompany receivables | 255,388 |  |  | — |  |  | — |  |  | (255,388 | ) |  | — |
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 58,231 |  |  | 172 |  |  | 214,140 |  |  | — |  |  | 272,543 |
Investments in subsidiaries | 5,988,782 |  |  | 115,663 |  |  | — |  |  | (6,104,445 | ) |  | — |
Deferred costs and other intangibles, net | 8,436 |  |  | — |  |  | 4,706 |  |  | — |  |  | 13,142 |
Goodwill | 120,279 |  |  | — |  |  | — |  |  | — |  |  | 120,279 |
Total assets | $ | 6,490,733 |  |  | $ | 116,523 |  |  | $ | 8,583,025 |  |  | $ | (6,359,833 | ) |  | $ | 8,830,448 |
Liabilities |  |  |  |  |  |  |  |  |
Revolving credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term loan facility, net | 99,120 |  |  | — |  |  | — |  |  | — |  |  | 99,120 |
Asset-backed securitizations, net | — |  |  | — |  |  | 1,969,322 |  |  | — |  |  | 1,969,322 |
Unsecured senior notes, net | 492,406 |  |  | — |  |  | — |  |  | — |  |  | 492,406 |
Exchangeable senior notes, net | — |  |  | 113,533 |  |  | — |  |  | — |  |  | 113,533 |
Accounts payable and accrued expenses | 32,844 |  |  | 2,648 |  |  | 247,242 |  |  | — |  |  | 282,734 |
Amounts payable to affiliates | 4,571 |  |  | — |  |  | — |  |  | — |  |  | 4,571 |
Intercompany payables | — |  |  | 9,011 |  |  | 246,377 |  |  | (255,388 | ) |  | — |
Total liabilities | 628,941 |  |  | 125,192 |  |  | 2,462,941 |  |  | (255,388 | ) |  | 2,961,686 |
Capital |  |  |  |  |  |  |  |  |
Partners' capital: |  |  |  |  |  |  |  |  |
General partner: |  |  |  |  |  |  |  |  |
Common units | 4,388,836 |  |  | (8,669 | ) |  | 6,120,084 |  |  | (6,104,445 | ) |  | 4,395,806 |
Preferred units | 743,457 |  |  | — |  |  | — |  |  | — |  |  | 743,457 |
Limited partner: |  |  |  |  |  |  |  |  |
Common units | 720,232 |  |  | — |  |  | — |  |  | — |  |  | 720,232 |
Accumulated other comprehensive income | 9,267 |  |  | — |  |  | — |  |  | — |  |  | 9,267 |
Total partners' capital: | 5,861,792 |  |  | (8,669 | ) |  | 6,120,084 |  |  | (6,104,445 | ) |  | 5,868,762 |
Total capital | 5,861,792 |  |  | (8,669 | ) |  | 6,120,084 |  |  | (6,104,445 | ) |  | 5,868,762 |
Total liabilities and capital | $ | 6,490,733 |  |  | $ | 116,523 |  |  | $ | 8,583,025 |  |  | $ | (6,359,833 | ) |  | $ | 8,830,448 |
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 | Condensed Consolidating Statements of Operations (Amounts in thousands)
| For the Three Months Ended June 30, 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 | $ | — |  |  | $ | 18 |  |  | $ | 227,193 |  |  | $ | — |  |  | $ | 227,211 |
Fees from single-family properties | — |  |  | 1 |  |  | 2,753 |  |  | — |  |  | 2,754 |
Tenant charge-backs | — |  |  | 1 |  |  | 32,916 |  |  | — |  |  | 32,917 |
Other | 400 |  |  | — |  |  | 1,201 |  |  | — |  |  | 1,601 |
Total revenues | 400 |  |  | 20 |  |  | 264,063 |  |  | — |  |  | 264,483 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 1 |  |  | 98,842 |  |  | — |  |  | 98,843 |
Property management expenses | — |  |  | — |  |  | 18,616 |  |  | — |  |  | 18,616 |
General and administrative expense | 6,014 |  |  | 1 |  |  | 3,662 |  |  | — |  |  | 9,677 |
Interest expense | 7,972 |  |  | 1,870 |  |  | 22,136 |  |  | — |  |  | 31,978 |
Acquisition fees and costs expensed | — |  |  | — |  |  | 1,321 |  |  | — |  |  | 1,321 |
Depreciation and amortization | 204 |  |  | — |  |  | 78,115 |  |  | — |  |  | 78,319 |
Other expense | 80 |  |  | — |  |  | 1,544 |  |  | — |  |  | 1,624 |
Total expenses | 14,270 |  |  | 1,872 |  |  | 224,236 |  |  | — |  |  | 240,378 |
Intercompany income | 575 |  |  | — |  |  | 85 |  |  | (660 | ) |  | — |
Intercompany expenses | (85 | ) |  | — |  |  | (575 | ) |  | 660 |  |  | — |
Gain on sale of single-family properties and other, net | — |  |  | 169 |  |  | 3,071 |  |  | — |  |  | 3,240 |
Loss on early extinguishment of debt | (879 | ) |  | — |  |  | (568 | ) |  | — |  |  | (1,447 | )
Equity in income of subsidiaries | 40,405 |  |  | 11,035 |  |  | — |  |  | (51,440 | ) |  | — |
Net income | 26,146 |  |  | 9,352 |  |  | 41,840 |  |  | (51,440 | ) |  | 25,898 |
Noncontrolling interest | — |  |  | — |  |  | (248 | ) |  | — |  |  | (248 | )
Preferred distributions | 11,984 |  |  | — |  |  | — |  |  | — |  |  | 11,984 |
Redemption of participating preferred units | 32,215 |  |  | — |  |  | — |  |  | — |  |  | 32,215 |
Net (loss) income attributable to common unitholders | $ | (18,053 | ) |  | $ | 9,352 |  |  | $ | 42,088 |  |  | $ | (51,440 | ) |  | $ | (18,053 | )
Condensed Consolidating Statements of Operations (continued) (Amounts in thousands)
| For the Three Months Ended June 30, 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 | $ | — |  |  | $ | 64 |  |  | $ | 204,584 |  |  | $ | — |  |  | $ | 204,648 |
Fees from single-family properties | — |  |  | 1 |  |  | 2,689 |  |  | — |  |  | 2,690 |
Tenant charge-backs | — |  |  | 7 |  |  | 27,375 |  |  | — |  |  | 27,382 |
Other | 333 |  |  | — |  |  | 1,955 |  |  | — |  |  | 2,288 |
Total revenues | 333 |  |  | 72 |  |  | 236,603 |  |  | — |  |  | 237,008 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 54 |  |  | 85,900 |  |  | — |  |  | 85,954 |
Property management expenses | — |  |  | 5 |  |  | 17,437 |  |  | — |  |  | 17,442 |
General and administrative expense | 5,020 |  |  | — |  |  | 3,906 |  |  | — |  |  | 8,926 |
Interest expense | 3,187 |  |  | 1,809 |  |  | 23,396 |  |  | — |  |  | 28,392 |
Acquisition fees and costs expensed | 3 |  |  | — |  |  | 1,409 |  |  | — |  |  | 1,412 |
Depreciation and amortization | 369 |  |  | 4 |  |  | 72,343 |  |  | — |  |  | 72,716 |
Other | 81 |  |  | 50 |  |  | 1,228 |  |  | — |  |  | 1,359 |
Total expenses | 8,660 |  |  | 1,922 |  |  | 205,619 |  |  | — |  |  | 216,201 |
Intercompany income | 45 |  |  | — |  |  | 179 |  |  | (224 | ) |  | — |
Intercompany expenses | (179 | ) |  | — |  |  | (45 | ) |  | 224 |  |  | — |
Gain on sale of single-family properties and other, net | — |  |  | 285 |  |  | 2,169 |  |  | — |  |  | 2,454 |
Loss on early extinguishment of debt | — |  |  | — |  |  | (6,555 | ) |  | — |  |  | (6,555 | )
Remeasurement of participating preferred units | (1,640 | ) |  | — |  |  | — |  |  | — |  |  | (1,640 | )
Equity in income of subsidiaries | 25,166 |  |  | 9,251 |  |  | — |  |  | (34,417 | ) |  | — |
Net income | 15,065 |  |  | 7,686 |  |  | 26,732 |  |  | (34,417 | ) |  | 15,066 |
Noncontrolling interest | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Preferred distributions | 15,282 |  |  | — |  |  | — |  |  | — |  |  | 15,282 |
Net (loss) income attributable to common unitholders | $ | (217 | ) |  | $ | 7,686 |  |  | $ | 26,731 |  |  | $ | (34,417 | ) |  | $ | (217 | )
Condensed Consolidating Statements of Operations (continued) (Amounts in thousands)
| For the Six Months Ended June 30, 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 | $ | — |  |  | $ | 40 |  |  | $ | 445,194 |  |  | $ | — |  |  | $ | 445,234 |
Fees from single-family properties | — |  |  | 1 |  |  | 5,586 |  |  | — |  |  | 5,587 |
Tenant charge-backs | — |  |  | 4 |  |  | 68,720 |  |  | — |  |  | 68,724 |
Other | 734 |  |  | — |  |  | 2,208 |  |  | — |  |  | 2,942 |
Total revenues | 734 |  |  | 45 |  |  | 521,708 |  |  | — |  |  | 522,487 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 4 |  |  | 199,826 |  |  | — |  |  | 199,830 |
Property management expenses | — |  |  | 3 |  |  | 37,600 |  |  | — |  |  | 37,603 |
General and administrative expense | 11,951 |  |  | 2 |  |  | 6,955 |  |  | — |  |  | 18,908 |
Interest expense | 14,229 |  |  | 3,705 |  |  | 43,345 |  |  | — |  |  | 61,279 |
Acquisition fees and costs expensed | — |  |  | — |  |  | 2,632 |  |  | — |  |  | 2,632 |
Depreciation and amortization | 501 |  |  | — |  |  | 157,121 |  |  | — |  |  | 157,622 |
Other expense | 175 |  |  | 9 |  |  | 2,267 |  |  | — |  |  | 2,451 |
Total expenses | 26,856 |  |  | 3,723 |  |  | 449,746 |  |  | — |  |  | 480,325 |
Intercompany income | 1,026 |  |  | — |  |  | 142 |  |  | (1,168 | ) |  | — |
Intercompany expenses | (142 | ) |  | — |  |  | (1,026 | ) |  | 1,168 |  |  | — |
Gain on sale of single-family properties and other, net | — |  |  | 604 |  |  | 4,892 |  |  | — |  |  | 5,496 |
Loss on early extinguishment of debt | (879 | ) |  | — |  |  | (568 | ) |  | — |  |  | (1,447 | )
Remeasurement of participating preferred units | 1,212 |  |  | — |  |  | — |  |  | — |  |  | 1,212 |
Equity in income of subsidiaries | 72,587 |  |  | 21,267 |  |  | — |  |  | (93,854 | ) |  | — |
Net income | 47,682 |  |  | 18,193 |  |  | 75,402 |  |  | (93,854 | ) |  | 47,423 |
Noncontrolling interest | — |  |  | — |  |  | (259 | ) |  | — |  |  | (259 | )
Preferred distributions | 26,581 |  |  | — |  |  | — |  |  | — |  |  | 26,581 |
Redemption of participating preferred units | 32,215 |  |  | — |  |  | — |  |  | — |  |  | 32,215 |
Net (loss) income attributable to common unitholders | $ | (11,114 | ) |  | $ | 18,193 |  |  | $ | 75,661 |  |  | $ | (93,854 | ) |  | $ | (11,114 | )
Condensed Consolidating Statements of Operations (continued) (Amounts in thousands)
| For the Six Months Ended June 30, 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 | $ | — |  |  | $ | 166 |  |  | $ | 405,589 |  |  | $ | — |  |  | $ | 405,755 |
Fees from single-family properties | — |  |  | 2 |  |  | 5,292 |  |  | — |  |  | 5,294 |
Tenant charge-backs | — |  |  | 14 |  |  | 55,741 |  |  | — |  |  | 55,755 |
Other | 719 |  |  | — |  |  | 3,239 |  |  | — |  |  | 3,958 |
Total revenues | 719 |  |  | 182 |  |  | 469,861 |  |  | — |  |  | 470,762 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 102 |  |  | 169,157 |  |  | — |  |  | 169,259 |
Property management expenses | — |  |  | 11 |  |  | 34,909 |  |  | — |  |  | 34,920 |
General and administrative expense | 10,014 |  |  | 2 |  |  | 8,205 |  |  | — |  |  | 18,221 |
Interest expense | 6,515 |  |  | 3,583 |  |  | 50,183 |  |  | — |  |  | 60,281 |
Acquisition fees and costs expensed | 358 |  |  | — |  |  | 2,150 |  |  | — |  |  | 2,508 |
Depreciation and amortization | 778 |  |  | 6 |  |  | 145,885 |  |  | — |  |  | 146,669 |
Other | 180 |  |  | 51 |  |  | 2,686 |  |  | — |  |  | 2,917 |
Total expenses | 17,845 |  |  | 3,755 |  |  | 413,175 |  |  | — |  |  | 434,775 |
Intercompany income | 121 |  |  | — |  |  | 327 |  |  | (448 | ) |  | — |
Intercompany expenses | (327 | ) |  | — |  |  | (121 | ) |  | 448 |  |  | — |
Gain (loss) on sale of single-family properties and other, net | 3,031 |  |  | (1,175 | ) |  | 2,624 |  |  | — |  |  | 4,480 |
Loss on early extinguishment of debt | — |  |  | — |  |  | (6,555 | ) |  | — |  |  | (6,555 | )
Remeasurement of participating preferred units | (7,050 | ) |  | — |  |  | — |  |  | — |  |  | (7,050 | )
Equity in income of subsidiaries | 48,174 |  |  | 18,488 |  |  | — |  |  | (66,662 | ) |  | — |
Net income | 26,823 |  |  | 13,740 |  |  | 52,961 |  |  | (66,662 | ) |  | 26,862 |
Noncontrolling interest | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Preferred distributions | 28,869 |  |  | — |  |  | — |  |  | — |  |  | 28,869 |
Net (loss) income attributable to common unitholders | $ | (2,046 | ) |  | $ | 13,740 |  |  | $ | 52,922 |  |  | $ | (66,662 | ) |  | $ | (2,046 | )
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands)
| For the Three Months Ended June 30, 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 | $ | 26,146 |  |  | $ | 9,352 |  |  | $ | 41,840 |  |  | $ | (51,440 | ) |  | $ | 25,898 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Gain on cash flow hedging instrument: |  |  |  |  |  |  |  |  |
Reclassification adjustment for amortization of interest expense included in net income | (241 | ) |  | — |  |  | — |  |  | — |  |  | (241 | )
Other comprehensive loss | (241 | ) |  | — |  |  | — |  |  | — |  |  | (241 | )
Comprehensive income | 25,905 |  |  | 9,352 |  |  | 41,840 |  |  | (51,440 | ) |  | 25,657 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (248 | ) |  | — |  |  | (248 | )
Preferred distributions | 11,984 |  |  | — |  |  | — |  |  | — |  |  | 11,984 |
Redemption of participating preferred units | 32,215 |  |  | — |  |  | — |  |  | — |  |  | 32,215 |
Comprehensive (loss) income attributable to common unitholders | $ | (18,294 | ) |  | $ | 9,352 |  |  | $ | 42,088 |  |  | $ | (51,440 | ) |  | $ | (18,294 | )
| For the Three Months Ended June 30, 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 | $ | 15,065 |  |  | $ | 7,686 |  |  | $ | 26,732 |  |  | $ | (34,417 | ) |  | $ | 15,066 |
Comprehensive income | 15,065 |  |  | 7,686 |  |  | 26,732 |  |  | (34,417 | ) |  | 15,066 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Preferred distributions | 15,282 |  |  | — |  |  | — |  |  | — |  |  | 15,282 |
Comprehensive (loss) income attributable to common unitholders | $ | (217 | ) |  | $ | 7,686 |  |  | $ | 26,731 |  |  | $ | (34,417 | ) |  | $ | (217 | )
Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands)
| For the Six Months Ended June 30, 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 | $ | 47,682 |  |  | $ | 18,193 |  |  | $ | 75,402 |  |  | $ | (93,854 | ) |  | $ | 47,423 |
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 | (361 | ) |  | — |  |  | — |  |  | — |  |  | (361 | )
Other comprehensive income | 9,192 |  |  | — |  |  | — |  |  | — |  |  | 9,192 |
Comprehensive income | 56,874 |  |  | 18,193 |  |  | 75,402 |  |  | (93,854 | ) |  | 56,615 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (259 | ) |  | — |  |  | (259 | )
Preferred distributions | 26,581 |  |  | — |  |  | — |  |  | — |  |  | 26,581 |
Redemption of participating preferred units | 32,215 |  |  | — |  |  | — |  |  | — |  |  | 32,215 |
Comprehensive (loss) income attributable to common unitholders | $ | (1,922 | ) |  | $ | 18,193 |  |  | $ | 75,661 |  |  | $ | (93,854 | ) |  | $ | (1,922 | )
| For the Six Months Ended June 30, 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 | $ | 26,823 |  |  | $ | 13,740 |  |  | $ | 52,961 |  |  | $ | (66,662 | ) |  | $ | 26,862 |
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 | 26,756 |  |  | 13,740 |  |  | 52,933 |  |  | (66,662 | ) |  | 26,767 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Preferred distributions | 28,869 |  |  | — |  |  | — |  |  | — |  |  | 28,869 |
Comprehensive (loss) income attributable to common unitholders | $ | (2,113 | ) |  | $ | 13,740 |  |  | $ | 52,894 |  |  | $ | (66,662 | ) |  | $ | (2,141 | )
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows (Amounts in thousands)
| For the Six Months Ended June 30, 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 | $ | (115,080 | ) |  | $ | (1,305 | ) |  | $ | 366,350 |  |  | $ | — |  |  | $ | 249,965 |
Investing activities |  |  |  |  |  |  |  |  |
Cash paid for single-family properties | — |  |  | — |  |  | (206,137 | ) |  | — |  |  | (206,137 | )
Change in escrow deposits for purchase of single-family properties | — |  |  | — |  |  | (4,357 | ) |  | — |  |  | (4,357 | )
Net proceeds received from sales of single-family properties and other | — |  |  | 2,165 |  |  | 27,977 |  |  | — |  |  | 30,142 |
Proceeds received from hurricane-related insurance claims | — |  |  | — |  |  | 4,000 |  |  | — |  |  | 4,000 |
Distributions from joint ventures | 440 |  |  | — |  |  | 2,000 |  |  | — |  |  | 2,440 |
(Investment in) return of investment in subsidiaries | (28,098 | ) |  | 20,907 |  |  | — |  |  | 7,191 |  |  | — |
Initial renovations to single-family properties | — |  |  | — |  |  | (33,030 | ) |  | — |  |  | (33,030 | )
Recurring and other capital expenditures for single-family properties | — |  |  | (501 | ) |  | (22,830 | ) |  | — |  |  | (23,331 | )
Other purchases of productive assets | — |  |  | — |  |  | (95,354 | ) |  | — |  |  | (95,354 | )
Net cash (used for) provided by investing activities | (27,658 | ) |  | 22,571 |  |  | (327,731 | ) |  | 7,191 |  |  | (325,627 | )
Financing activities |  |  |  |  |  |  |  |  |
Repurchase of Class A units | (34,969 | ) |  | — |  |  | — |  |  | — |  |  | (34,969 | )
Share-based compensation proceeds, net | 1,933 |  |  | — |  |  | — |  |  | — |  |  | 1,933 |
Payments on asset-backed securitizations | — |  |  | — |  |  | (10,490 | ) |  | — |  |  | (10,490 | )
Proceeds from revolving credit facility | 100,000 |  |  | — |  |  | — |  |  | — |  |  | 100,000 |
Payments on revolving credit facility | (240,000 | ) |  | — |  |  | — |  |  | — |  |  | (240,000 | )
Payments on term loan facility | (100,000 | ) |  | — |  |  | — |  |  | — |  |  | (100,000 | )
Payments on secured note payable | — |  |  | — |  |  | (49,427 | ) |  | — |  |  | (49,427 | )
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 | — |  |  | (21,267 | ) |  | 28,458 |  |  | (7,191 | ) |  | — |
Distributions to common unitholders | (34,238 | ) |  | — |  |  | — |  |  | — |  |  | (34,238 | )
Distributions to preferred unitholders | (29,194 | ) |  | — |  |  | — |  |  | — |  |  | (29,194 | )
Deferred financing costs paid | (5,100 | ) |  | — |  |  | — |  |  | — |  |  | (5,100 | )
Net cash provided by (used for) financing activities | 165,270 |  |  | (21,267 | ) |  | (31,459 | ) |  | (7,191 | ) |  | 105,353 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 22,532 |  |  | (1 | ) |  | 7,160 |  |  | — |  |  | 29,691 |
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 | $ | 59,431 |  |  | $ | 30 |  |  | $ | 153,053 |  |  | $ | — |  |  | $ | 212,514 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |
Cash payments for interest, net of amounts capitalized | $ | (4,799 | ) |  | $ | (1,869 | ) |  | $ | (40,995 | ) |  | $ | — |  |  | $ | (47,663 | )
Supplemental schedule of noncash investing and financing activities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | $ | — |  |  | $ | (12 | ) |  | $ | 991 |  |  | $ | — |  |  | $ | 979 |
Transfers of completed homebuilding deliveries to properties | $ | — |  |  | $ | — |  |  | $ | 37,541 |  |  | $ | — |  |  | $ | 37,541 |
Redemption of participating preferred units | $ | (28,258 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (28,258 | )
Accrued distributions to affiliates | $ | (149 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (149 | )
Accrued distributions to non-affiliates | $ | (1,995 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,995 | )
Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands)
| For the Six Months Ended June 30, 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 | $ | (31,632 | ) |  | $ | (4,980 | ) |  | $ | 261,818 |  |  | $ | — |  |  | $ | 225,206 |
Investing activities |  |  |  |  |  |  |  |  |
Cash paid for single-family properties | — |  |  | — |  |  | (226,937 | ) |  | — |  |  | (226,937 | )
Change in escrow deposits for purchase of single-family properties | — |  |  | — |  |  | (1,708 | ) |  | — |  |  | (1,708 | )
Net proceeds received from sales of single-family properties and other | 14,265 |  |  | 949 |  |  | 39,018 |  |  | — |  |  | 54,232 |
Collections from mortgage financing receivables | — |  |  | — |  |  | 78 |  |  | — |  |  | 78 |
Distributions from joint ventures | 480 |  |  | — |  |  | 1,664 |  |  | — |  |  | 2,144 |
Collections from intercompany notes | 9,507 |  |  | — |  |  | — |  |  | (9,507 | ) |  | — |
(Investment in) return of investment in subsidiaries | (444,589 | ) |  | 24,064 |  |  | — |  |  | 420,525 |  |  | — |
Initial renovations to single-family properties | — |  |  | (1,565 | ) |  | (16,786 | ) |  | — |  |  | (18,351 | )
Recurring and other capital expenditures for single-family properties | — |  |  | — |  |  | (15,038 | ) |  | — |  |  | (15,038 | )
Other purchases of productive assets | (6,657 | ) |  | — |  |  | (10,279 | ) |  | — |  |  | (16,936 | )
Net cash (used for) provided by investing activities | (426,994 | ) |  | 23,448 |  |  | (229,988 | ) |  | 411,018 |  |  | (222,516 | )
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of Class A units | 355,589 |  |  | — |  |  | — |  |  | — |  |  | 355,589 |
Payments of Class A unit issuance costs | (350 | ) |  | — |  |  | — |  |  | — |  |  | (350 | )
Proceeds from issuance of perpetual preferred units | 155,000 |  |  | — |  |  | — |  |  | — |  |  | 155,000 |
Payments of perpetual preferred unit issuance costs | (5,209 | ) |  | — |  |  | — |  |  | — |  |  | (5,209 | )
Share-based compensation proceeds, net | 1,858 |  |  | — |  |  | — |  |  | — |  |  | 1,858 |
Redemptions of Class A units | (169 | ) |  | — |  |  | — |  |  | — |  |  | (169 | )
Payments on asset-backed securitizations | — |  |  | — |  |  | (466,793 | ) |  | — |  |  | (466,793 | )
Proceeds from revolving credit facility | 62,000 |  |  | — |  |  | — |  |  | — |  |  | 62,000 |
Payments on revolving credit facility | (20,000 | ) |  | — |  |  | — |  |  | — |  |  | (20,000 | )
Proceeds from term loan facility | 25,000 |  |  | — |  |  | — |  |  | — |  |  | 25,000 |
Payments on term loan facility | (100,000 | ) |  | — |  |  | — |  |  | — |  |  | (100,000 | )
Payments on secured note payable | — |  |  | — |  |  | (482 | ) |  | — |  |  | (482 | )
Payments on intercompany notes borrowed | — |  |  | — |  |  | (9,507 | ) |  | 9,507 |  |  | — |
Intercompany financing and distributions to parent | — |  |  | (18,488 | ) |  | 439,013 |  |  | (420,525 | ) |  | — |
Distributions to common unitholders | (30,727 | ) |  | — |  |  | — |  |  | — |  |  | (30,727 | )
Distributions to preferred unitholders | (28,869 | ) |  | — |  |  | — |  |  | — |  |  | (28,869 | )
Deferred financing costs paid | (3,930 | ) |  | — |  |  | — |  |  | — |  |  | (3,930 | )
Net cash provided by (used for) financing activities | 410,193 |  |  | (18,488 | ) |  | (37,769 | ) |  | (411,018 | ) |  | (57,082 | )
Net decrease in cash, cash equivalents and restricted cash | (48,433 | ) |  | (20 | ) |  | (5,939 | ) |  | — |  |  | (54,392 | )
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 | $ | 28,480 |  |  | $ | 42 |  |  | $ | 167,327 |  |  | $ | — |  |  | $ | 195,849 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |
Cash payments for interest, net of amounts capitalized | $ | (5,347 | ) |  | $ | (1,869 | ) |  | $ | (46,941 | ) |  | $ | — |  |  | $ | (54,157 | )
Supplemental schedule of noncash investing and financing activities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses related to property acquisitions and renovations | $ | — |  |  | $ | 21 |  |  | $ | 3,901 |  |  | $ | — |  |  | $ | 3,922 |
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 | $ | 1,354 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,354 |
Note receivable related to a bulk sale of properties, net of discount | $ | 5,559 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,559 |

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