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Condensed Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2018
Condensed Financial Information 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. 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 September 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 |  |  | $ | 8,257,901 |  |  | $ | — |  |  | $ | 8,258,557 |
Cash and cash equivalents | 92,343 |  |  | — |  |  | 17,795 |  |  | — |  |  | 110,138 |
Restricted cash | 26,935 |  |  | 29 |  |  | 129,062 |  |  | — |  |  | 156,026 |
Rent and other receivables, net | — |  |  | 56 |  |  | 36,022 |  |  | — |  |  | 36,078 |
Intercompany receivables | 280,514 |  |  | — |  |  | — |  |  | (280,514 | ) |  | — |
Escrow deposits, prepaid expenses and other assets, including due from affiliates | 71,364 |  |  | 170 |  |  | 205,377 |  |  | — |  |  | 276,911 |
Investments in subsidiaries | 6,009,862 |  |  | 115,619 |  |  | — |  |  | (6,125,481 | ) |  | — |
Deferred costs and other intangibles, net | 7,866 |  |  | — |  |  | 5,571 |  |  | — |  |  | 13,437 |
Goodwill | 120,279 |  |  | — |  |  | — |  |  | — |  |  | 120,279 |
Total assets | $ | 6,609,163 |  |  | $ | 116,530 |  |  | $ | 8,651,728 |  |  | $ | (6,405,995 | ) |  | $ | 8,971,426 |
Liabilities |  |  |  |  |  |  |  |  |
Revolving credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term loan facility, net | 99,176 |  |  | — |  |  | — |  |  | — |  |  | 99,176 |
Asset-backed securitizations, net | — |  |  | — |  |  | 1,965,417 |  |  | — |  |  | 1,965,417 |
Unsecured senior notes, net | 492,603 |  |  | — |  |  | — |  |  | — |  |  | 492,603 |
Exchangeable senior notes, net | — |  |  | 114,507 |  |  | — |  |  | — |  |  | 114,507 |
Accounts payable and accrued expenses | 30,566 |  |  | 3,524 |  |  | 271,845 |  |  | — |  |  | 305,935 |
Amounts payable to affiliates | 4,784 |  |  | — |  |  | — |  |  | — |  |  | 4,784 |
Intercompany payables | — |  |  | 9,071 |  |  | 271,443 |  |  | (280,514 | ) |  | — |
Total liabilities | 627,129 |  |  | 127,102 |  |  | 2,508,705 |  |  | (280,514 | ) |  | 2,982,422 |
Capital |  |  |  |  |  |  |  |  |
Partners' capital: |  |  |  |  |  |  |  |  |
General partner: |  |  |  |  |  |  |  |  |
Common units | 4,398,228 |  |  | (10,572 | ) |  | 6,143,023 |  |  | (6,125,481 | ) |  | 4,405,198 |
Preferred units | 854,435 |  |  | — |  |  | — |  |  | — |  |  | 854,435 |
Limited partner: |  |  |  |  |  |  |  |  |
Common units | 720,345 |  |  | — |  |  | — |  |  | — |  |  | 720,345 |
Accumulated other comprehensive income | 9,026 |  |  | — |  |  | — |  |  | — |  |  | 9,026 |
Total partners' capital: | 5,982,034 |  |  | (10,572 | ) |  | 6,143,023 |  |  | (6,125,481 | ) |  | 5,989,004 |
Total capital | 5,982,034 |  |  | (10,572 | ) |  | 6,143,023 |  |  | (6,125,481 | ) |  | 5,989,004 |
Total liabilities and capital | $ | 6,609,163 |  |  | $ | 116,530 |  |  | $ | 8,651,728 |  |  | $ | (6,405,995 | ) |  | $ | 8,971,426 |
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 September 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 | $ | — |  |  | $ | 20 |  |  | $ | 231,304 |  |  | $ | — |  |  | $ | 231,324 |
Fees from single-family properties | — |  |  | — |  |  | 2,711 |  |  | — |  |  | 2,711 |
Tenant charge-backs | — |  |  | 2 |  |  | 44,150 |  |  | — |  |  | 44,152 |
Other | 380 |  |  | — |  |  | 1,485 |  |  | — |  |  | 1,865 |
Total revenues | 380 |  |  | 22 |  |  | 279,650 |  |  | — |  |  | 280,052 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 12 |  |  | 113,588 |  |  | — |  |  | 113,600 |
Property management expenses | — |  |  | — |  |  | 18,865 |  |  | — |  |  | 18,865 |
General and administrative expense | 5,546 |  |  | — |  |  | 3,719 |  |  | — |  |  | 9,265 |
Interest expense | 7,355 |  |  | 1,908 |  |  | 21,667 |  |  | — |  |  | 30,930 |
Acquisition fees and costs expensed | — |  |  | — |  |  | 1,055 |  |  | — |  |  | 1,055 |
Depreciation and amortization | 204 |  |  | — |  |  | 79,736 |  |  | — |  |  | 79,940 |
Other expense | 527 |  |  | — |  |  | 542 |  |  | — |  |  | 1,069 |
Total expenses | 13,632 |  |  | 1,920 |  |  | 239,172 |  |  | — |  |  | 254,724 |
Intercompany income | 38 |  |  | — |  |  | 253 |  |  | (291 | ) |  | — |
Intercompany expenses | (253 | ) |  | — |  |  | (38 | ) |  | 291 |  |  | — |
Gain on sale of single-family properties and other, net | — |  |  | (3 | ) |  | 4,956 |  |  | — |  |  | 4,953 |
Equity in income of subsidiaries | 43,748 |  |  | 11,009 |  |  | — |  |  | (54,757 | ) |  | — |
Net income | 30,281 |  |  | 9,108 |  |  | 45,649 |  |  | (54,757 | ) |  | 30,281 |
Preferred distributions | 12,223 |  |  | — |  |  | — |  |  | — |  |  | 12,223 |
Net income attributable to common unitholders | $ | 18,058 |  |  | $ | 9,108 |  |  | $ | 45,649 |  |  | $ | (54,757 | ) |  | $ | 18,058 |
Condensed Consolidating Statements of Operations (continued) (Amounts in thousands)
| For the Three Months Ended September 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 | $ | — |  |  | $ | 48 |  |  | $ | 207,442 |  |  | $ | — |  |  | $ | 207,490 |
Fees from single-family properties | — |  |  | — |  |  | 2,843 |  |  | — |  |  | 2,843 |
Tenant charge-backs | — |  |  | 3 |  |  | 36,091 |  |  | — |  |  | 36,094 |
Other | 310 |  |  | — |  |  | 99 |  |  | — |  |  | 409 |
Total revenues | 310 |  |  | 51 |  |  | 246,475 |  |  | — |  |  | 246,836 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 27 |  |  | 97,917 |  |  | — |  |  | 97,944 |
Property management expenses | — |  |  | 3 |  |  | 17,444 |  |  | — |  |  | 17,447 |
General and administrative expense | 5,170 |  |  | — |  |  | 3,355 |  |  | — |  |  | 8,525 |
Interest expense | 2,490 |  |  | 1,844 |  |  | 22,258 |  |  | — |  |  | 26,592 |
Acquisition fees and costs expensed | — |  |  | — |  |  | 1,306 |  |  | — |  |  | 1,306 |
Depreciation and amortization | 369 |  |  | 2 |  |  | 74,419 |  |  | — |  |  | 74,790 |
Hurricane-related charges, net | — |  |  | — |  |  | 10,136 |  |  | — |  |  | 10,136 |
Other | 110 |  |  | 60 |  |  | 1,115 |  |  | — |  |  | 1,285 |
Total expenses | 8,139 |  |  | 1,936 |  |  | 227,950 |  |  | — |  |  | 238,025 |
Intercompany income | 69 |  |  | — |  |  | 86 |  |  | (155 | ) |  | — |
Intercompany expenses | (86 | ) |  | — |  |  | (69 | ) |  | 155 |  |  | — |
Gain on sale of single-family properties and other, net | — |  |  | 685 |  |  | 1,210 |  |  | — |  |  | 1,895 |
Remeasurement of participating preferred units | 8,391 |  |  | — |  |  | — |  |  | — |  |  | 8,391 |
Equity in income of subsidiaries | 18,583 |  |  | 8,655 |  |  | — |  |  | (27,238 | ) |  | — |
Net income | 19,128 |  |  | 7,455 |  |  | 19,752 |  |  | (27,238 | ) |  | 19,097 |
Noncontrolling interest | — |  |  | — |  |  | (31 | ) |  | — |  |  | (31 | )
Preferred distributions | 17,253 |  |  | — |  |  | — |  |  | — |  |  | 17,253 |
Net income attributable to common unitholders | $ | 1,875 |  |  | $ | 7,455 |  |  | $ | 19,783 |  |  | $ | (27,238 | ) |  | $ | 1,875 |
Condensed Consolidating Statements of Operations (continued) (Amounts in thousands)
| For the Nine Months Ended September 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 | $ | — |  |  | $ | 60 |  |  | $ | 676,498 |  |  | $ | — |  |  | $ | 676,558 |
Fees from single-family properties | — |  |  | 1 |  |  | 8,297 |  |  | — |  |  | 8,298 |
Tenant charge-backs | — |  |  | 6 |  |  | 112,870 |  |  | — |  |  | 112,876 |
Other | 1,114 |  |  | — |  |  | 3,693 |  |  | — |  |  | 4,807 |
Total revenues | 1,114 |  |  | 67 |  |  | 801,358 |  |  | — |  |  | 802,539 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 16 |  |  | 313,414 |  |  | — |  |  | 313,430 |
Property management expenses | — |  |  | 3 |  |  | 56,465 |  |  | — |  |  | 56,468 |
General and administrative expense | 17,497 |  |  | 2 |  |  | 10,674 |  |  | — |  |  | 28,173 |
Interest expense | 21,584 |  |  | 5,613 |  |  | 65,012 |  |  | — |  |  | 92,209 |
Acquisition fees and costs expensed | — |  |  | — |  |  | 3,687 |  |  | — |  |  | 3,687 |
Depreciation and amortization | 705 |  |  | — |  |  | 236,857 |  |  | — |  |  | 237,562 |
Other expense | 702 |  |  | 9 |  |  | 2,809 |  |  | — |  |  | 3,520 |
Total expenses | 40,488 |  |  | 5,643 |  |  | 688,918 |  |  | — |  |  | 735,049 |
Intercompany income | 1,064 |  |  | — |  |  | 395 |  |  | (1,459 | ) |  | — |
Intercompany expenses | (395 | ) |  | — |  |  | (1,064 | ) |  | 1,459 |  |  | — |
Gain on sale of single-family properties and other, net | — |  |  | 601 |  |  | 9,848 |  |  | — |  |  | 10,449 |
Loss on early extinguishment of debt | (879 | ) |  | — |  |  | (568 | ) |  | — |  |  | (1,447 | )
Remeasurement of participating preferred units | 1,212 |  |  | — |  |  | — |  |  | — |  |  | 1,212 |
Equity in income of subsidiaries | 116,335 |  |  | 32,276 |  |  | — |  |  | (148,611 | ) |  | — |
Net income | 77,963 |  |  | 27,301 |  |  | 121,051 |  |  | (148,611 | ) |  | 77,704 |
Noncontrolling interest | — |  |  | — |  |  | (259 | ) |  | — |  |  | (259 | )
Preferred distributions | 38,804 |  |  | — |  |  | — |  |  | — |  |  | 38,804 |
Redemption of participating preferred units | 32,215 |  |  | — |  |  | — |  |  | — |  |  | 32,215 |
Net income attributable to common unitholders | $ | 6,944 |  |  | $ | 27,301 |  |  | $ | 121,310 |  |  | $ | (148,611 | ) |  | $ | 6,944 |
Condensed Consolidating Statements of Operations (continued) (Amounts in thousands)
| For the Nine Months Ended September 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 | $ | — |  |  | $ | 214 |  |  | $ | 613,031 |  |  | $ | — |  |  | $ | 613,245 |
Fees from single-family properties | — |  |  | 2 |  |  | 8,135 |  |  | — |  |  | 8,137 |
Tenant charge-backs | — |  |  | 17 |  |  | 91,832 |  |  | — |  |  | 91,849 |
Other | 1,029 |  |  | — |  |  | 3,338 |  |  | — |  |  | 4,367 |
Total revenues | 1,029 |  |  | 233 |  |  | 716,336 |  |  | — |  |  | 717,598 |
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | — |  |  | 129 |  |  | 267,074 |  |  | — |  |  | 267,203 |
Property management expenses | — |  |  | 14 |  |  | 52,353 |  |  | — |  |  | 52,367 |
General and administrative expense | 15,184 |  |  | 2 |  |  | 11,560 |  |  | — |  |  | 26,746 |
Interest expense | 9,005 |  |  | 5,427 |  |  | 72,441 |  |  | — |  |  | 86,873 |
Acquisition fees and costs expensed | 358 |  |  | — |  |  | 3,456 |  |  | — |  |  | 3,814 |
Depreciation and amortization | 1,147 |  |  | 8 |  |  | 220,304 |  |  | — |  |  | 221,459 |
Hurricane-related charges, net | — |  |  | — |  |  | 10,136 |  |  | — |  |  | 10,136 |
Other | 290 |  |  | 111 |  |  | 3,801 |  |  | — |  |  | 4,202 |
Total expenses | 25,984 |  |  | 5,691 |  |  | 641,125 |  |  | — |  |  | 672,800 |
Intercompany income | 190 |  |  | — |  |  | 413 |  |  | (603 | ) |  | — |
Intercompany expenses | (413 | ) |  | — |  |  | (190 | ) |  | 603 |  |  | — |
Gain (loss) on sale of single-family properties and other, net | 3,031 |  |  | (490 | ) |  | 3,834 |  |  | — |  |  | 6,375 |
Loss on early extinguishment of debt | — |  |  | — |  |  | (6,555 | ) |  | — |  |  | (6,555 | )
Remeasurement of participating preferred units | 1,341 |  |  | — |  |  | — |  |  | — |  |  | 1,341 |
Equity in income of subsidiaries | 66,757 |  |  | 27,143 |  |  | — |  |  | (93,900 | ) |  | — |
Net income | 45,951 |  |  | 21,195 |  |  | 72,713 |  |  | (93,900 | ) |  | 45,959 |
Noncontrolling interest | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Preferred distributions | 46,122 |  |  | — |  |  | — |  |  | — |  |  | 46,122 |
Net (loss) income attributable to common unitholders | $ | (171 | ) |  | $ | 21,195 |  |  | $ | 72,705 |  |  | $ | (93,900 | ) |  | $ | (171 | )
Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands)
| For the Three Months Ended September 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 | $ | 30,281 |  |  | $ | 9,108 |  |  | $ | 45,649 |  |  | $ | (54,757 | ) |  | $ | 30,281 |
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 | 30,040 |  |  | 9,108 |  |  | 45,649 |  |  | (54,757 | ) |  | 30,040 |
Preferred distributions | 12,223 |  |  | — |  |  | — |  |  | — |  |  | 12,223 |
Comprehensive income attributable to common unitholders | $ | 17,817 |  |  | $ | 9,108 |  |  | $ | 45,649 |  |  | $ | (54,757 | ) |  | $ | 17,817 |
| For the Three Months Ended September 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 | $ | 19,128 |  |  | $ | 7,201 |  |  | $ | 20,006 |  |  | $ | (27,238 | ) |  | $ | 19,097 |
Comprehensive income | 19,128 |  |  | 7,201 |  |  | 20,006 |  |  | (27,238 | ) |  | 19,097 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (31 | ) |  | — |  |  | (31 | )
Preferred distributions | 17,253 |  |  | — |  |  | — |  |  | — |  |  | 17,253 |
Comprehensive income attributable to common unitholders | $ | 1,875 |  |  | $ | 7,201 |  |  | $ | 20,037 |  |  | $ | (27,238 | ) |  | $ | 1,875 |
Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands)
| For the Nine Months Ended September 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 | $ | 77,963 |  |  | $ | 27,301 |  |  | $ | 121,051 |  |  | $ | (148,611 | ) |  | $ | 77,704 |
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 | (602 | ) |  | — |  |  | — |  |  | — |  |  | (602 | )
Other comprehensive income | 8,951 |  |  | — |  |  | — |  |  | — |  |  | 8,951 |
Comprehensive income | 86,914 |  |  | 27,301 |  |  | 121,051 |  |  | (148,611 | ) |  | 86,655 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (259 | ) |  | — |  |  | (259 | )
Preferred distributions | 38,804 |  |  | — |  |  | — |  |  | — |  |  | 38,804 |
Redemption of participating preferred units | 32,215 |  |  | — |  |  | — |  |  | — |  |  | 32,215 |
Comprehensive income attributable to common unitholders | $ | 15,895 |  |  | $ | 27,301 |  |  | $ | 121,310 |  |  | $ | (148,611 | ) |  | $ | 15,895 |
| For the Nine Months Ended September 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 | $ | 45,951 |  |  | $ | 21,195 |  |  | $ | 72,713 |  |  | $ | (93,900 | ) |  | $ | 45,959 |
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 | 45,884 |  |  | 21,195 |  |  | 72,685 |  |  | (93,900 | ) |  | 45,864 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Preferred distributions | 46,122 |  |  | — |  |  | — |  |  | — |  |  | 46,122 |
Comprehensive (loss) income attributable to common unitholders | $ | (238 | ) |  | $ | 21,195 |  |  | $ | 72,677 |  |  | $ | (93,900 | ) |  | $ | (266 | )
Condensed Consolidating Statements of Cash Flows (Amounts in thousands)
| For the Nine Months Ended September 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 | $ | (198,097 | ) |  | $ | (1,345 | ) |  | $ | 575,905 |  |  | $ | — |  |  | $ | 376,463 |
Investing activities |  |  |  |  |  |  |  |  |
Cash paid for single-family properties | — |  |  | — |  |  | (333,082 | ) |  | — |  |  | (333,082 | )
Change in escrow deposits for purchase of single-family properties | — |  |  | — |  |  | (2,194 | ) |  | — |  |  | (2,194 | )
Net proceeds received from sales of single-family properties and other | — |  |  | 2,165 |  |  | 45,592 |  |  | — |  |  | 47,757 |
Proceeds received from hurricane-related insurance claims | — |  |  | — |  |  | 4,000 |  |  | — |  |  | 4,000 |
Investment in unconsolidated joint venture | (3,800 | ) |  | — |  |  | — |  |  | — |  |  | (3,800 | )
Distributions from joint ventures | 33,680 |  |  | — |  |  | 2,571 |  |  | — |  |  | 36,251 |
Collections from intercompany notes | 1,800 |  |  | — |  |  | — |  |  | (1,800 | ) |  | — |
(Investment in) return of investment in subsidiaries | (5,089 | ) |  | 31,958 |  |  | — |  |  | (26,869 | ) |  | — |
Initial renovations to single-family properties | — |  |  | — |  |  | (40,898 | ) |  | — |  |  | (40,898 | )
Recurring and other capital expenditures for single-family properties | — |  |  | (504 | ) |  | (39,966 | ) |  | — |  |  | (40,470 | )
Other purchases of productive assets | — |  |  | — |  |  | (149,475 | ) |  | — |  |  | (149,475 | )
Net cash provided by (used for) investing activities | 26,591 |  |  | 33,619 |  |  | (513,452 | ) |  | (28,669 | ) |  | (481,911 | )
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of perpetual preferred units | 115,000 |  |  | — |  |  | — |  |  | — |  |  | 115,000 |
Payments of perpetual preferred unit issuance costs | (3,750 | ) |  | — |  |  | — |  |  | — |  |  | (3,750 | )
Repurchase of Class A units | (34,969 | ) |  | — |  |  | — |  |  | — |  |  | (34,969 | )
Share-based compensation proceeds, net | 8,871 |  |  | — |  |  | — |  |  | — |  |  | 8,871 |
Payments on asset-backed securitizations | — |  |  | — |  |  | (15,669 | ) |  | — |  |  | (15,669 | )
Proceeds from revolving credit facility | 155,000 |  |  | — |  |  | — |  |  | — |  |  | 155,000 |
Payments on revolving credit facility | (295,000 | ) |  | — |  |  | — |  |  | — |  |  | (295,000 | )
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 |
Payments on intercompany notes borrowed | — |  |  | — |  |  | (1,800 | ) |  | 1,800 |  |  | — |
Intercompany financing and distributions to parent | — |  |  | (32,276 | ) |  | 5,407 |  |  | 26,869 |  |  | — |
Distributions to common unitholders | (51,827 | ) |  | — |  |  | — |  |  | — |  |  | (51,827 | )
Distributions to preferred unitholders | (41,178 | ) |  | — |  |  | — |  |  | — |  |  | (41,178 | )
Deferred financing costs paid | (5,100 | ) |  | — |  |  | — |  |  | — |  |  | (5,100 | )
Net cash provided by (used for) financing activities | 253,885 |  |  | (32,276 | ) |  | (61,489 | ) |  | 28,669 |  |  | 188,789 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 82,379 |  |  | (2 | ) |  | 964 |  |  | — |  |  | 83,341 |
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 | $ | 119,278 |  |  | $ | 29 |  |  | $ | 146,857 |  |  | $ | — |  |  | $ | 266,164 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |
Cash payments for interest, net of amounts capitalized | $ | (17,667 | ) |  | $ | (1,869 | ) |  | $ | (61,406 | ) |  | $ | — |  |  | $ | (80,942 | )
Supplemental schedule of noncash investing and financing activities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses related to property acquisitions, renovations and construction | $ | — |  |  | $ | (12 | ) |  | $ | (95 | ) |  | $ | — |  |  | $ | (107 | )
Transfers of completed homebuilding deliveries to properties | $ | — |  |  | $ | — |  |  | $ | 64,867 |  |  | $ | — |  |  | $ | 64,867 |
Property and land contributions to an unconsolidated joint venture | $ | — |  |  | $ | — |  |  | $ | (40,942 | ) |  | $ | — |  |  | $ | (40,942 | )
Redemption of participating preferred units | $ | (28,258 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (28,258 | )
Accrued distributions to affiliates | $ | (129 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (129 | )
Accrued distributions to non-affiliates | $ | (1,773 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,773 | )
Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands)
| For the Nine Months Ended September 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 | $ | (45,914 | ) |  | $ | (3,563 | ) |  | $ | 398,852 |  |  | $ | — |  |  | $ | 349,375 |
Investing activities |  |  |  |  |  |  |  |  |
Cash paid for single-family properties | — |  |  | — |  |  | (462,875 | ) |  | — |  |  | (462,875 | )
Change in escrow deposits for purchase of single-family properties | — |  |  | — |  |  | (2,710 | ) |  | — |  |  | (2,710 | )
Net proceeds received from sales of single-family properties and other | 14,265 |  |  | 2,821 |  |  | 51,532 |  |  | — |  |  | 68,618 |
Collections from mortgage financing receivables | — |  |  | — |  |  | 83 |  |  | — |  |  | 83 |
Distributions from joint ventures | 680 |  |  | — |  |  | 5,301 |  |  | — |  |  | 5,981 |
Collections from intercompany notes | 9,507 |  |  | — |  |  | — |  |  | (9,507 | ) |  | — |
(Investment in) return of investment in subsidiaries | (575,754 | ) |  | 29,453 |  |  | — |  |  | 546,301 |  |  | — |
Initial renovations to single-family properties | — |  |  | (1,591 | ) |  | (29,617 | ) |  | — |  |  | (31,208 | )
Recurring and other capital expenditures for single-family properties | — |  |  | — |  |  | (26,725 | ) |  | — |  |  | (26,725 | )
Other purchases of productive assets | (6,657 | ) |  | — |  |  | (31,403 | ) |  | — |  |  | (38,060 | )
Net cash (used for) provided by investing activities | (557,959 | ) |  | 30,683 |  |  | (496,414 | ) |  | 536,794 |  |  | (486,896 | )
Financing activities |  |  |  |  |  |  |  |  |
Proceeds from issuance of Class A units | 694,765 |  |  | — |  |  | — |  |  | — |  |  | 694,765 |
Payments of Class A unit issuance costs | (10,444 | ) |  | — |  |  | — |  |  | — |  |  | (10,444 | )
Proceeds from issuance of perpetual preferred units | 270,000 |  |  | — |  |  | — |  |  | — |  |  | 270,000 |
Payments of perpetual preferred unit issuance costs | (9,229 | ) |  | — |  |  | — |  |  | — |  |  | (9,229 | )
Share-based compensation proceeds, net | 988 |  |  | — |  |  | — |  |  | — |  |  | 988 |
Redemptions of Class A units | (169 | ) |  | — |  |  | — |  |  | — |  |  | (169 | )
Payments on asset-backed securitizations | — |  |  | — |  |  | (472,470 | ) |  | — |  |  | (472,470 | )
Proceeds from revolving credit facility | 62,000 |  |  | — |  |  | — |  |  | — |  |  | 62,000 |
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 | — |  |  | — |  |  | (721 | ) |  | — |  |  | (721 | )
Payments on intercompany notes borrowed | — |  |  | — |  |  | (9,507 | ) |  | 9,507 |  |  | — |
Intercompany financing and distributions to parent | — |  |  | (27,143 | ) |  | 573,444 |  |  | (546,301 | ) |  | — |
Distributions to common unitholders | (47,223 | ) |  | — |  |  | — |  |  | — |  |  | (47,223 | )
Distributions to preferred unitholders | (46,122 | ) |  | — |  |  | — |  |  | — |  |  | (46,122 | )
Deferred financing costs paid | (3,974 | ) |  | — |  |  | — |  |  | — |  |  | (3,974 | )
Net cash provided by (used for) financing activities | 723,592 |  |  | (27,143 | ) |  | 90,746 |  |  | (536,794 | ) |  | 250,401 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 119,719 |  |  | (23 | ) |  | (6,816 | ) |  | — |  |  | 112,880 |
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 | $ | 196,632 |  |  | $ | 39 |  |  | $ | 166,450 |  |  | $ | — |  |  | $ | 363,121 |
Supplemental cash flow information |  |  |  |  |  |  |  |  |
Cash payments for interest, net of amounts capitalized | $ | (7,235 | ) |  | $ | (2,803 | ) |  | $ | (67,926 | ) |  | $ | — |  |  | $ | (77,964 | )
Supplemental schedule of noncash investing and financing activities |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses related to property acquisitions and renovations | $ | — |  |  | $ | 12 |  |  | $ | 7,139 |  |  | $ | — |  |  | $ | 7,151 |
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 | $ | — |  |  | $ | — |  |  | $ | 3,010 |  |  | $ | — |  |  | $ | 3,010 |
Note receivable related to a bulk sale of properties, net of discount | $ | 5,635 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,635 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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