XML 26 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 154,829 $ 156,260 $ 112,438
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 343,153 329,293 318,685
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument 7,431 7,457 10,493
Noncash share-based compensation 9,834 4,808 3,433
Provision for bad debt 0 0 8,732
Loss on early extinguishment of debt 0 659 1,447
Remeasurement of participating preferred shares 0 0 (1,212)
Equity in net losses (income) of unconsolidated joint ventures 774 (509) (546)
Net gain on sale of single-family properties and other (44,194) (43,873) (17,946)
Loss on impairment of single-family properties and other 5,421 3,663 5,858
Other changes in operating assets and liabilities:      
Rent and other receivables (15,633) (2,784) (12,172)
Prepaid expenses and other assets 2,652 (10,170) (17,447)
Deferred leasing costs (4,070) (4,095) (12,603)
Accounts payable and accrued expenses 14,193 17,408 11,772
Amounts due from related parties (290) (230) (50)
Net cash provided by operating activities 474,100 457,887 410,882
Investing activities      
Cash paid for single-family properties (269,273) (120,487) (489,625)
Change in escrow deposits for purchase of single-family properties (374) (7,171) 1,818
Net proceeds received from sales of single-family properties and other 228,566 221,930 106,157
Proceeds received from hurricane-related insurance claims 3,705 2,171 4,522
Investment in unconsolidated joint ventures (29,834) (13,114) (8,400)
Distributions from joint ventures 129,007 22,561 36,917
Renovations to single-family properties (16,968) (21,883) (52,379)
Recurring and other capital expenditures for single-family properties (104,819) (71,481) (54,465)
Cash paid for development activity (564,241) (383,271) (215,797)
Other purchases of productive assets (18,694) (6,121) (3,156)
Net cash used for investing activities (642,925) (376,866) (674,408)
Financing activities      
Proceeds from issuance of Class A common shares 414,100 0 0
Repurchase of Class A common shares 0 0 (34,969)
Proceeds from exercise of stock options 7,011 11,524 10,707
Payments related to tax withholding for share-based compensation (1,651) (834) (546)
Payments on asset-backed securitizations (22,501) (21,517) (20,847)
Proceeds from revolving credit facility 130,000 0 405,000
Payments on secured note payable 0 0 (49,427)
Proceeds from unsecured senior notes, net of discount 0 397,944 497,210
Settlement of cash flow hedging instrument 0 0 9,628
Payments on exchangeable senior notes 0 0 (135,093)
Distributions to noncontrolling interests (10,381) (10,701) (11,071)
Distributions to common shareholders (61,067) (59,832) (58,370)
Distributions to preferred shareholders (55,128) (55,128) (67,183)
Deferred financing costs paid 0 (3,572) (5,100)
Net cash provided by (used for) financing activities 269,783 (92,116) 255,917
Net increase (decrease) in cash, cash equivalents and restricted cash 100,958 (11,095) (7,609)
Cash, cash equivalents and restricted cash, beginning of period (see Note 2) 164,119 175,214 182,823
Cash, cash equivalents and restricted cash, end of period (see Note 2) 265,077 164,119 175,214
Supplemental cash flow information      
Cash payments for interest, net of amounts capitalized (109,679) (112,980) (105,056)
Supplemental schedule of noncash investing and financing activities      
Accrued property renovations and development expenditures 36,544 18,276 1,921
Transfers of completed homebuilding deliveries to properties 322,024 167,652 94,212
Property and land contributions to unconsolidated joint ventures (132,439) (20,448) (40,942)
Note receivable related to a bulk sale of properties, net of discount 0 29,474 0
Redemption of participating preferred shares 0 0 (28,258)
Noncash right-of-use assets obtained in exchange for operating lease liabilities 17,105 6,089 0
Accrued distributions to affiliates 4,834 4,629 71
Accrued distributions to non-affiliates 13,612 13,024 14,173
American Homes 4 Rent, L.P.      
Operating activities      
Net income 154,829 156,260 112,438
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 343,153 329,293 318,685
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument 7,431 7,457 10,493
Noncash share-based compensation 9,834 4,808 3,433
Provision for bad debt 0 0 8,732
Loss on early extinguishment of debt 0 659 1,447
Remeasurement of participating preferred shares 0 0 (1,212)
Equity in net losses (income) of unconsolidated joint ventures 774 (509) (546)
Net gain on sale of single-family properties and other (44,194) (43,873) (17,946)
Loss on impairment of single-family properties and other 5,421 3,663 5,858
Other changes in operating assets and liabilities:      
Rent and other receivables (15,633) (2,784) (12,172)
Prepaid expenses and other assets 2,652 (10,170) (17,447)
Deferred leasing costs (4,070) (4,095) (12,603)
Accounts payable and accrued expenses 14,193 17,408 11,772
Amounts due from related parties (290) (230) (50)
Net cash provided by operating activities 474,100 457,887 410,882
Investing activities      
Cash paid for single-family properties (269,273) (120,487) (489,625)
Change in escrow deposits for purchase of single-family properties (374) (7,171) 1,818
Net proceeds received from sales of single-family properties and other 228,566 221,930 106,157
Proceeds received from hurricane-related insurance claims 3,705 2,171 4,522
Investment in unconsolidated joint ventures (29,834) (13,114) (8,400)
Distributions from joint ventures 129,007 22,561 36,917
Renovations to single-family properties (16,968) (21,883) (52,379)
Recurring and other capital expenditures for single-family properties (104,819) (71,481) (54,465)
Cash paid for development activity (564,241) (383,271) (215,797)
Other purchases of productive assets (18,694) (6,121) (3,156)
Net cash used for investing activities (642,925) (376,866) (674,408)
Financing activities      
Proceeds from issuance of Class A common shares 414,100 0 0
Proceeds from issuance of perpetual preferred shares 0 0 115,000
Repurchase of Class A common shares 0 0 (34,969)
Proceeds from exercise of stock options 7,011 11,524 10,707
Payments related to tax withholding for share-based compensation (1,651) (834) (546)
Payments on asset-backed securitizations (22,501) (21,517) (20,847)
Proceeds from revolving credit facility 130,000 0 405,000
Payments on secured note payable 0 0 (49,427)
Proceeds from unsecured senior notes, net of discount 0 397,944 497,210
Settlement of cash flow hedging instrument 0 0 9,628
Payments on exchangeable senior notes 0 0 (135,093)
Distributions to common shareholders (71,448) (70,533) (69,441)
Distributions to preferred shareholders (55,128) (55,128) (67,183)
Deferred financing costs paid 0 (3,572) (5,100)
Net cash provided by (used for) financing activities 269,783 (92,116) 255,917
Net increase (decrease) in cash, cash equivalents and restricted cash 100,958 (11,095) (7,609)
Cash, cash equivalents and restricted cash, beginning of period (see Note 2) 164,119 175,214 182,823
Cash, cash equivalents and restricted cash, end of period (see Note 2) 265,077 164,119 175,214
Supplemental cash flow information      
Cash payments for interest, net of amounts capitalized (109,679) (112,980) (105,056)
Supplemental schedule of noncash investing and financing activities      
Accrued property renovations and development expenditures 36,544 18,276 1,921
Transfers of completed homebuilding deliveries to properties 322,024 167,652 94,212
Property and land contributions to unconsolidated joint ventures (132,439) (20,448) (40,942)
Note receivable related to a bulk sale of properties, net of discount 0 29,474 0
Redemption of participating preferred shares 0 0 (28,258)
Noncash right-of-use assets obtained in exchange for operating lease liabilities 17,105 6,089 0
Accrued distributions to affiliates 4,834 4,629 71
Accrued distributions to non-affiliates 13,612 13,024 14,173
Term loan facility, net      
Financing activities      
Payments on credit facility 0 (100,000) (100,000)
Term loan facility, net | American Homes 4 Rent, L.P.      
Financing activities      
Payments on credit facility 0 (100,000) (100,000)
Revolving Credit Facility      
Financing activities      
Payments on credit facility (130,000) (250,000) (295,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.      
Financing activities      
Payments on credit facility (130,000) (250,000) (295,000)
Class A Common Shares/units      
Financing activities      
Stock issuance costs (600) 0 0
Class A Common Shares/units | American Homes 4 Rent, L.P.      
Financing activities      
Stock issuance costs (600) 0 0
Preferred shares      
Financing activities      
Stock issuance costs 0 0 (4,022)
Proceeds from issuance of perpetual preferred shares 0 0 115,000
Preferred shares | American Homes 4 Rent, L.P.      
Financing activities      
Stock issuance costs $ 0 $ 0 $ (4,022)