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Fair Value (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table displays the carrying values and fair values of our debt instruments as of December 31, 2018 and 2017 (in thousands):

	December 31, 2018								December 31, 2017
	Carrying Value				Fair Value				Carrying Value				Fair Value
AH4R 2014-SFR2 securitization	491,195				494,820				496,326				504,730
AH4R 2014-SFR3 securitization	506,760				511,450				512,041				521,252
AH4R 2015-SFR1 securitization	532,197				534,666				537,723				544,592
AH4R 2015-SFR2 securitization	462,358				467,303				467,267				475,832
Total asset-backed securitizations (1)	1,992,510				2,008,239				2,013,357				2,046,406
Unsecured senior notes (1) (2)	497,454				479,730				—				—
Exchangeable senior notes (2)	—				—				111,697				147,462
Secured note payable (3)	—				—				48,859				49,027
Revolving credit facility (1) (4)	250,000				250,000				140,000				140,000
Term loan facility (1) (5)	100,000				100,000				200,000				200,000
Total debt	$	2,839,964			$	2,837,969			$	2,513,913			$	2,582,895

(1) The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $31.0 million, $4.7 million, $6.9 million, and $0.8 million, respectively, of unamortized deferred financing costs as of December 31, 2018, and exclude $36.0 million, zero, $8.8 million and $2.0 million, respectively, of unamortized deferred financing costs as of December 31, 2017.

(2) The carrying values of the unsecured senior notes and exchangeable senior notes are presented net of unamortized discounts.

(3) The secured note payable was paid off in full during the second quarter of 2018.

(4) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55%, management believes that the carrying value of the term loan facility reasonably approximates fair value.

(5) As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75%, management believes that the carrying value of the term loan facility reasonably approximates fair value.

Fair Value of Financial Instruments

The following tables set forth the fair values of the participating preferred shares derivative liability and treasury lock as of December 31, 2018 and 2017 (in thousands):

Description		Fair Value Hierarchy		December 31, 2018				December 31, 2017
Assets:
Treasury lock		Level 2		$	—			$	75
Liabilities:
Participating preferred shares derivative liability		Level 3		$	—			$	29,470

Changes in Fair Value of Level 3 Financial Instruments

The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the consolidated statements of operations for the years ended December 31, 2018 and 2017 (in thousands):

Description		January 1, 2018				Conversions				Remeasurement included in earnings				December 31, 2018
Liabilities:
Participating preferred shares derivative liability		$	29,470			$	(28,258	)		$	(1,212	)		$	—

Description		January 1, 2017				Conversions				Remeasurement included in earnings				December 31, 2017
Liabilities:
Participating preferred shares derivative liability		$	69,810			$	(37,499	)		$	(2,841	)		$	29,470

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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