XML 48 R35.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Fair Value (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table displays the carrying values and fair values of our debt instruments as of September 30, 2018, and December 31, 2017 (in thousands):
| September 30, 2018 |  | December 31, 2017
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
AH4R 2014-SFR2 securitization | $ | 492,478 |  |  | $ | 498,510 |  |  | $ | 496,326 |  |  | $ | 504,730 |
AH4R 2014-SFR3 securitization | 508,080 |  |  | 516,519 |  |  | 512,041 |  |  | 521,252 |
AH4R 2015-SFR1 securitization | 533,578 |  |  | 538,414 |  |  | 537,723 |  |  | 544,592 |
AH4R 2015-SFR2 securitization | 463,552 |  |  | 470,844 |  |  | 467,267 |  |  | 475,832 |
Total asset-backed securitizations (1) | 1,997,688 |  |  | 2,024,287 |  |  | 2,013,357 |  |  | 2,046,406 |
Unsecured senior notes, net (1) (2) | 497,384 |  |  | 477,805 |  |  | — |  |  | — |
Exchangeable senior notes, net (2) | 114,507 |  |  | 144,135 |  |  | 111,697 |  |  | 147,462 |
Secured note payable (3) | — |  |  | — |  |  | 48,859 |  |  | 49,027 |
Revolving credit facility (1) (4) | — |  |  | — |  |  | 140,000 |  |  | 140,000 |
Term loan facility (1) (5) | 100,000 |  |  | 100,000 |  |  | 200,000 |  |  | 200,000 |
Total debt | $ | 2,709,579 |  |  | $ | 2,746,227 |  |  | $ | 2,513,913 |  |  | $ | 2,582,895 |
(1) | The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $32.3 million, $4.8 million, $7.4 million and $0.8 million, respectively, of unamortized deferred financing costs as of September 30, 2018, and exclude $36.0 million, zero, $8.8 million and $2.0 million, respectively, of unamortized deferred financing costs as of December 31, 2017.
(2) | The carrying values of the unsecured senior notes, net and exchangeable senior notes, net are presented net of unamortized discounts.
(3) | The secured note payable was paid off in full during the second quarter of 2018.
(4) | As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55%, management believes that the carrying value of the revolving credit facility reasonably approximates fair value.
(5) | As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75%, management believes that the carrying value of the term loan facility reasonably approximates fair value.
Fair Value of Financial Instruments | The following table sets forth the fair values of the participating preferred shares derivative liability and treasury lock as of September 30, 2018, and December 31, 2017 (in thousands):
Description |  | Fair Value Hierarchy |  | September 30, 2018 |  | December 31, 2017
Assets: |  |  |  |  |  |  |  |
Treasury lock |  | Level 2 |  | $ | — |  |  | $ | 75 |
Liabilities: |  |  |  |  |  |  |  |
Participating preferred shares derivative liability |  | Level 3 |  | $ | — |  |  | $ | 29,470 |
Changes in Fair Value of Level 3 Financial Instruments | The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the condensed consolidated statements of operations for the nine months ended September 30, 2018 and 2017 (in thousands):
Description |  | January 1, 2018 |  | Conversions |  | Remeasurement included in earnings |  | September 30, 2018
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Participating preferred shares derivative liability |  | $ | 29,470 |  |  | $ | (28,258 | ) |  | $ | (1,212 | ) |  | $ | — |
Description |  | January 1, 2017 |  | Conversions |  | Remeasurement included in earnings |  | September 30, 2017
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Participating preferred shares derivative liability |  | $ | 69,810 |  |  | $ | — |  |  | $ | (1,341 | ) |  | $ | 68,469 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration