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Shareholders' Equity / Partners' Capital (Tables)
 9 Months Ended
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