Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2018

Condensed Financial Information Disclosure [Abstract]

(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

(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)

(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

(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