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Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Balance Sheets | 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 | 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) | 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 | 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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