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Shareholders' Equity / Partners' Capital (Tables) | 9 Months Ended
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Sep. 30, 2018
Equity [Abstract] |
Schedule of Preferred Shares Outstanding | As of September 30, 2018, and December 31, 2017, the Company had the following series of preferred shares outstanding (in thousands, except share data):
|  |  |  |  |  |  |  | September 30, 2018 |  | December 31, 2017
Series |  | Issuance Date |  | Earliest Redemption Date |  | Dividend Rate |  | Outstanding Shares |  | Current Liquidation Value |  | Outstanding Shares |  | Current Liquidation Value (1)
Series C participating preferred shares (2) |  | N/A |  | N/A |  | N/A |  |  | — |  |  | $ | — |  |  | 7,600,000 |  |  | $ | 218,236 |
Series D perpetual preferred shares |  | 5/24/2016 |  | 5/24/2021 |  | 6.500 | % |  | 10,750,000 |  |  | 268,750 |  |  | 10,750,000 |  |  | 268,750 |
Series E perpetual preferred shares |  | 6/29/2016 |  | 6/29/2021 |  | 6.350 | % |  | 9,200,000 |  |  | 230,000 |  |  | 9,200,000 |  |  | 230,000 |
Series F perpetual preferred shares |  | 4/24/2017 |  | 4/24/2022 |  | 5.875 | % |  | 6,200,000 |  |  | 155,000 |  |  | 6,200,000 |  |  | 155,000 |
Series G perpetual preferred shares |  | 7/17/2017 |  | 7/17/2022 |  | 5.875 | % |  | 4,600,000 |  |  | 115,000 |  |  | 4,600,000 |  |  | 115,000 |
Series H perpetual preferred shares |  | 9/19/2018 |  | 9/19/2023 |  | 6.250 | % |  | 4,600,000 |  |  | 115,000 |  |  | — |  |  | — |
Total preferred shares |  |  |  |  |  |  |  | 35,350,000 |  |  | $ | 883,750 |  |  | 38,350,000 |  |  | $ | 986,986 |
(1) | Liquidation value reflects initial liquidation value of $25.00 per share, which in the case of the Series C participating preferred shares is adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets.
(2) | All of the outstanding Series C participating preferred shares were converted into 10,848,827 Class A common shares on April 5, 2018, based on a conversion ratio of 1.4275 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary.
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations | The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2018 and 2017 (in thousands):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2018 |  | September 30, 2017 |  | September 30, 2018 |  | September 30, 2017 |
Net income (loss) allocated to Class A units | $ | 2,881 |  |  | $ | 340 |  |  | $ | 1,104 |  |  | $ | (30 | )
Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary | — |  |  | (31 | ) |  | (259 | ) |  | 8 |
Total noncontrolling interest | $ | 2,881 |  |  | $ | 309 |  |  | $ | 845 |  |  | $ | (22 | )
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2018 and 2017:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at January 1, 2017 | 2,826,500 |  |  | $ | 15.69 |  |  | 7.6 |  | $ | 14,956 |
Granted | 385,600 |  |  | 23.38 |  |  |  |  |  |
Exercised | (62,655 | ) |  | 15.77 |  |  |  |  | 444 |
Forfeited | (85,250 | ) |  | 16.24 |  |  |  |  |  |
Options outstanding at September 30, 2017 | 3,064,195 |  |  | $ | 16.64 |  |  | 7.1 |  | $ | 16,149 |
Options exercisable at September 30, 2017 | 1,681,595 |  |  | $ | 15.90 |  |  | 6.3 |  | $ | 9,764 |
Options outstanding at January 1, 2018 | 3,052,450 |  |  | $ | 16.65 |  |  | 6.9 |  | $ | 16,421 |
Granted | 140,000 |  |  | 19.40 |  |  |  |  |  |
Exercised | (684,875 | ) |  | 16.04 |  |  |  |  | 4,388 |
Forfeited | (112,750 | ) |  | 17.84 |  |  |  |  |  |
Options outstanding at September 30, 2018 | 2,394,825 |  |  | $ | 16.92 |  |  | 6.4 |  | $ | 12,388 |
Options exercisable at September 30, 2018 | 1,659,050 |  |  | $ | 16.23 |  |  | 5.7 |  | $ | 9,521 |
(1) | Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding | The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares granted during the nine months ended September 30, 2018 and 2017:
| 2018 |  | 2017
Weighted-average fair value | $ | 3.03 |  |  | $ | 3.82 |
Expected term (years) |  | 7.0 |  |  |  | 7.0 |
Dividend yield |  | 3.0 | % |  |  | 3.0 | %
Volatility |  | 18.9 | % |  |  | 21.3 | %
Risk-free interest rate |  | 2.8 | % |  |  | 2.2 | %
Summary of Restricted Stock Units Activity Under Plan | The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2018 and 2017:
| 2018 |  | 2017
Restricted stock units at beginning of period | 243,875 |  |  | 130,150 |
Units awarded | 304,400 |  |  | 174,000 |
Units vested | (80,125 | ) |  | (42,475 | )
Units forfeited | (69,100 | ) |  | (16,200 | )
Restricted stock units at end of period | 399,050 |  |  | 245,475 |

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