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Shareholders' Equity / Partners' Capital (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Preferred Shares

As of December 31, 2018 and 2017, the Company had the following series of preferred shares outstanding (in thousands, except share data):

									December 31, 2018							December 31, 2017
Series		Issuance Date		Earliest Redemption Date		Dividend Rate			Outstanding Shares			Liquidation Value				Outstanding Shares			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 was 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

The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016 (in thousands):

	For the Years Ended December 31,
	2018				2017				2016
Preferred income allocated to Series C convertible units	$	—			$	—			$	3,027
Net income (loss) allocated to Class A units	4,424				(4,648		)		(6,417		)
Net income allocated to Series D convertible units	—				—				134
Beneficial conversion feature related to Series D and E convertible units	—				—				7,569
Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary	(259		)		141				(562		)
	$	4,165			$	(4,507	)		$	3,751

Summary of Stock Option Activity Under Plan

The following table summarizes stock option activity under the Plan for the years ended December 31, 2018, 2017 and 2016:

	Shares			Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at December 31, 2015	2,484,400			$	16.22			8.0		$	1,225
Granted	708,000			14.15
Exercised	(196,000	)		16.18						790
Forfeited	(169,900	)		16.38
Options outstanding at December 31, 2016	2,826,500			$	15.69			7.6		$	14,956
Granted	385,200			23.38
Exercised	(74,000	)		15.65						520
Forfeited	(85,250	)		16.24
Options outstanding at December 31, 2017	3,052,450			$	16.65			6.9		$	16,421
Granted	140,000			19.40
Exercised	(769,875	)		16.07						4,754
Forfeited	(170,300	)		17.93
Options outstanding at December 31, 2018	2,252,275			$	16.92			6.1		$	7,713
Options exercisable at December 31, 2018	1,569,800			$	16.21			5.4		$	6,018

(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 years ended December 31, 2018, 2017 and 2016:

	2018				2017				2016
Weighted-average fair value	$	3.03			$	3.82			$	2.82
Expected term (years)		7.0				7.0				7.0
Dividend yield		3.0	%			3.0	%			3.0	%
Volatility		18.9	%			21.3	%			27.3	%
Risk-free interest rate		2.8	%			2.2	%			1.5	%

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 years ended December 31, 2018, 2017 and 2016:

	2018			2017			2016
Restricted stock units at beginning of period	243,875			130,150			91,650
Units awarded	304,400			174,400			74,100
Units vested	(80,125	)		(42,475	)		(27,250	)
Units forfeited	(95,775	)		(18,200	)		(8,350	)
Restricted stock units at end of the period	372,375			243,875			130,150

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Tabular disclosure of preferred units of master limited partnerships that have priority over limited partner units in areas including liquidation, redemption, conversion, tax status of distribution or sharing in distributions. This schedule ordinarily includes a description of the preferred units that details various rights including redemption, conversion, liquidation, and sharing in distributions; capital contributed by preferred partners; number of preferred units authorized to be issued, issued, and outstanding; aggregate cumulative cash distributions made to the preferred partners; aggregate cumulative net income earned by the preferred partners; capital account balance of the preferred partners.

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