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Acquisitions | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
Acquisitions | Acquisitions 2016 Acquisition Merger with American Residential Properties, Inc. On February 29, 2016, the Company completed a merger with American Residential Properties, Inc. ("ARPI"), in which ARPI merged with and into a wholly owned subsidiary of the Operating Partnership in a stock-for-stock transaction, with our subsidiary continuing as the surviving entity (the "ARPI Merger"). The purpose of this acquisition was to solidify our position as the largest public owner and operator of single-family rental properties, as of the acquisition date, increase scale and achieve operating synergies. ARPI’s portfolio was substantially similar to our own, met our high quality portfolio standards and the acquisition of their portfolio has allowed us to add density in key markets. As a result of the ARPI Merger, each holder of ARPI common stock received 1.135 of the Company's Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI’s operating partnership received 1.135 Class A units of the Operating Partnership. The Company issued 36,546,170 Class A common shares in connection with the ARPI Merger, for which the Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the transaction consideration. Additionally, the Operating Partnership issued 1,343,843 Class A units to certain former ARPI employees in connection with the ARPI Merger. The total Class A shares and units issued in connection with the ARPI Merger represented 12.7% of the total common units of the Operating Partnership, on a fully diluted basis assuming the conversion of convertible units into common units, as of the acquisition date. The equity transaction consideration of $530.5 million was calculated based on the 36,546,170 Class A common shares and 1,343,843 Class A units issued in connection with the ARPI Merger valued at the Company’s closing share price on the acquisition date of $14.00 per share. Transaction costs incurred by the Company related to the ARPI Merger totaled $5.8 million, of which $5.8 million and $1.6 million was incurred during the years ended December 31, 2016 and 2015, respectively. The following table summarizes the allocation of the estimated fair values of the assets and liabilities acquired as part of the ARPI Merger as of the acquisition date (in thousands):
Net assets acquired |  |
Land |  | $ | 262,396 |
Buildings and improvements |  | 1,014,857 |
Cash and cash equivalents |  | 15,499 |
Restricted cash |  | 9,521 |
Rent and other receivables |  | 843 |
Escrow deposits, prepaid expenses and other assets |  | 35,134 |
In-place leases |  | 22,696 |
Accounts payable and accrued expenses |  | (38,485 | )
Net assets acquired |  | 1,322,461 |
Debt assumed or extinguished |  |
Credit facility |  | 350,000 |
Exchangeable senior notes |  | 112,298 |
Asset-backed securitization |  | 329,703 |
Total debt assumed or extinguished |  | 792,001 |
Equity transaction consideration |  | 530,460 |
Total transaction consideration |  | $ | 1,322,461 |
Since the completion of the ARPI Merger, the Company has consolidated the 8,936 single-family properties acquired as part of the transaction and the related results of these operations are reflected in the Company’s and the Operating Partnership's consolidated financial statements. The following table presents the total revenues and net income attributable to the ARPI Merger that are included in our consolidated statements of operations for the year ended December 31, 2016 (in thousands):
| For the Period from February 29, 2016 to December 31, 2016
Total revenues | $ | 119,245 |
Net income | $ | 1,237 |
Pro Forma Supplemental Information The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the ARPI Merger had occurred on January 1, 2015 (in thousands, except per share amounts):
| For the Years Ended December 31,
| 2016 |  | 2015
Pro forma total revenues (1) | $ | 900,958 |  |  | $ | 754,710 |
Pro forma net loss (1) | $ | (8,989 | ) |  | $ | (54,995 | )
Pro forma net loss per share / unit (1) | $ | (0.22 | ) |  | $ | (0.37 | )
(1) | This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the ARPI Merger occurred on January 1, 2015.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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