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Subsequent Events | 12 Months Ended
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Dec. 31, 2019
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Revolving Credit Facility From January 1, 2020 through February 21, 2020, the Company borrowed an additional $55.0 million under its revolving credit facility, resulting in $55.0 million of outstanding borrowings under the revolving credit facility as of February 21, 2020. Subsequent Acquisitions From January 1, 2020 through February 21, 2020, the Company added 318 properties to its portfolio for a total cost of approximately $84.1 million, which included 191 homes developed through our new construction channel. Subsequent Dispositions From January 1, 2020 through February 21, 2020, the Company disposed of 297 properties for aggregate net proceeds of approximately $55.8 million. Investment in Joint Venture In February 2020, the Company entered into a $253.1 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes by the Company. The Company holds a 20% unconsolidated interest in the joint venture, which has an evergreen term. Additionally, the Company will earn fees for development and management services provided to the venture and have an opportunity to earn a promoted interest after construction and initial operation of the venture’s properties.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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