American homes 4 rent (AMH)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13
Operating activities
Net income

156,260

112,438

76,492

10,446

-47,948

-33,092

-19,066

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

329,293

318,685

297,290

298,677

242,848

165,516

70,987

Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument

7,457

10,493

11,712

10,475

8,305

1,767

186

Noncash amortization of discounts on debt instruments

-

-

-

4,564

-

-

-

Noncash amortization of cash flow hedging instrument

-

-

-

0

-

-

-

Noncash amortization of discount on exchangeable senior notes

-

-

-

-

0

-

-

Noncash amortization of discount on ARP 2014-SFR1 securitization

-

-

-

-

0

-

-

Noncash share-based compensation

4,808

3,433

4,212

3,636

3,125

2,586

1,079

Gain on remeasurement of equity method investment

-

-

-

-

-

0

10,945

Gain on disposition of discontinued operations

-

-

-

-

-

0

904

Provision for bad debt

0

8,732

7,328

6,969

5,977

5,691

2,273

Hurricane-related charges, net

0

0

3,718

0

-

-

-

Loss on early extinguishment of debt

-659

-1,447

-6,555

-13,408

0

-

-

Remeasurement of participating preferred shares

-

-

-

11,463

0

-

-

Remeasurement of Series E units

-

-

-

-

2,100

-5,119

-2,057

Embedded Derivative, Gain (Loss) on Embedded Derivative, Net

0

1,212

2,841

-7,020

-4,830

-6,158

-1,810

Equity in net losses of unconsolidated joint ventures

509

546

1,642

860

-591

-138

0

Net gain on sale of single-family properties and other

43,873

17,946

6,826

14,569

0

-

-

Loss on impairment of single-family properties and other

3,663

5,858

4,680

4,970

0

-

-

Net gain on resolutions of mortgage loans

0

0

17

8,126

0

-

-

Other changes in operating assets and liabilities:
Rent and other receivables

2,784

12,172

11,020

9,704

10,542

10,115

-3,339

Restricted cash for resident security deposits

-

-

-

-

-

-14,967

-26,430

Prepaid expenses and other assets

10,170

17,447

11,295

5,996

8,212

-4,185

16,238

Deferred leasing costs

4,095

12,603

7,390

8,005

9,577

6,247

9,710

Accounts payable and accrued expenses

17,408

11,772

9,814

-13,291

16,569

18,528

13,543

Resident security deposit liability

-

-

-

-

-

14,967

26,430

Amounts payable to affiliates

-230

-50

5,191

-9,284

8,441

303

-22,239

Net cash provided by operating activities

457,887

410,882

385,961

278,867

212,307

160,537

16,172

Investing activities
Cash paid for single-family properties

120,487

489,625

784,666

252,841

608,952

1,349,912

2,011,977

Change in escrow deposits for purchase of single-family properties

7,171

-1,818

8,937

312

-

-

-

Net proceeds received from sales of single-family properties and other

221,930

106,157

87,063

-

-

-

-

Beazer Rental Homes portfolio acquisition

-

-

-

-

0

108,246

0

Ellington portfolio acquisition

-

-

-

-

0

74,356

0

Change in other restricted cash

-

-

-

-

-

35,801

0

Cash acquired in noncash business combinations

-

-

-

25,020

0

2,202

33,099

Payoff of credit facility in connection with ARPI merger

-

-

-

350,000

0

-

-

Change in escrow deposits for purchase of single-family properties

-

-

-

-

1,115

52,671

13,740

Proceeds from Sale of Real Estate

-

-

-

88,590

0

-

-

Net proceeds received from sales of non-performing loans

-

-

-

47,186

0

-

-

Purchase of commercial office buildings

-

-

-

27,105

0

-

-

Proceeds received from hurricane-related insurance claims

2,171

4,522

0

0

-

-

-

Settlement of net monetary assets related to Management Internalization

-

-

-

-

-

0

6,958

Net proceeds received from sale of discontinued operations

-

-

-

-

-

0

8,844

Investment in unconsolidated joint ventures

-

-

-

0

20,000

24,862

0

Investment in unconsolidated joint ventures

13,114

8,400

0

-

44,408

0

0

Distributions from joint ventures

22,561

36,917

9,292

8,347

0

0

3,431

Investments in mortgage financing receivables

-

-

-

-

12,373

57,346

0

Collections from mortgage financing receivables

0

0

268

19,425

0

-

-

Renovations to single-family properties

21,883

52,379

47,911

39,912

147,583

185,449

382,070

Recurring and other capital expenditures for single-family properties

71,481

54,465

37,540

27,807

27,369

14,311

0

Cash paid for development activity

383,271

215,797

0

0

-

-

-

Other purchases of productive assets

6,121

3,156

55,048

12,989

0

-

-

Net cash provided by (used for) investing activities

-376,866

-674,408

-837,479

-522,398

-861,800

-1,900,752

-2,369,371

Financing activities
Implied contribution by AH LLC for historical operations

-

-

-

-

-

0

517

Proceeds from Issuance of Common Stock

0

0

694,765

102,830

0

308,435

1,548,280

Proceeds from issuance of perpetual preferred shares

-

-

-

-

-

189,433

212,596

Repurchase of Class A common shares

0

34,969

0

96,098

57,383

0

0

Proceeds from exercise of stock options

11,524

10,707

932

3,171

251

431

0

Payments related to tax withholding for share-based compensation

834

546

384

-

-

-

-

Redemptions of Class A common units

0

0

169

399

0

-

-

Proceeds from asset-backed securitizations

-

-

-

-

1,030,559

1,497,039

0

Payments on asset-backed securitizations

21,517

20,847

477,879

381,117

19,739

3,315

0

Proceeds from revolving credit facility

-

-

-

-

827,000

1,828,000

1,425,000

Payments on revolving credit facility

-

-

-

-

1,034,000

1,996,000

1,050,000

Proceeds from term loan facility

-

-

-

-

0

-

-

Payments on term loan facility

-

-

-

-

0

-

-

Payments on secured note payable

0

49,427

969

924

892

0

0

Proceeds from unsecured senior notes, net of discount

397,944

497,210

0

0

-

-

-

Settlement of cash flow hedging instrument

0

-9,628

0

0

-

-

-

Payments on exchangeable senior notes

0

135,093

0

0

-

-

-

Proceeds from bridge loan

-

-

-

-

-

0

115,000

Payments on secured note payable

-

-

-

-

-

0

115,000

Extinguishment of RJ1 note payable

-

-

-

-

-

0

7,600

Contributions to noncontrolling interests

-

-

-

-

-

0

500

Distributions to noncontrolling interests

10,701

11,071

8,333

11,360

23,583

23,881

11,829

Distributions to common shareholders/unitholders

59,832

58,370

38,901

48,171

42,126

39,698

0

Distributions to preferred shareholders/unitholders

55,128

67,183

46,122

40,237

22,276

18,928

1,160

Deferred financing costs paid

3,572

5,100

3,974

10,476

25,335

41,503

11,314

Net cash provided by (used for) financing activities

-92,116

255,917

384,100

324,804

632,476

1,700,013

2,104,990

Net increase in cash, cash equivalents and restricted cash

-11,095

-7,609

-67,418

81,273

-17,017

-40,202

-248,209

Supplemental cash flow information
Cash payments for interest, net of amounts capitalized

112,980

105,056

100,908

115,814

77,445

24,616

5,473

Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures

18,276

1,921

7,964

-2,876

821

-

-

Transfer of term loan borrowings to revolving credit facility

0

0

50,000

0

-

-

-

Transfer of deferred financing costs from term loan to revolving credit facility

0

0

1,524

0

-

-

-

Transfers of completed homebuilding deliveries to properties

167,652

94,212

4,536

0

-

-

-

Accrued distribution to common shareholders

-

-

-

-

-

0

9,274

Single-family properties, including related assets and liabilities

-

-

-

-

-

0

32,229

Property and land contributions to an unconsolidated joint venture

20,448

40,942

0

0

-

-

-

Note receivable related to a bulk sale of properties, net of discount

29,474

0

5,710

0

-

-

-

Accounts payable and accrued expenses related to deferred financing costs

-

-

-

-

-

0

833

Amounts payable to affiliates related to property acquisitions

-

-

-

-

0

-5,720

244

Conversion of nonperforming loans to properties

-

-

-

3,554

20,317

5,561

0

Redemption of participating preferred shares

0

28,258

37,499

0

-

-

-

Accrued distributions to affiliates

4,629

71

4,720

0

4,698

4,698

5,387

Accrued distributions to non-affiliates

13,024

14,173

26,982

-

-

-

-

Issuance of Class A units

-

-

-

-

-

11,179

-

Single-family properties

-

-

-

-

0

144,834

966,571

Cash acquired in ARPI merger

-

-

-

25,020

0

2,202

33,099

Other net assets and liabilities

-

-

-

-

0

4,886

36,760

Deferred costs and other intangibles, net

-

-

-

-

0

2,655

133,195

Receivables related to property acquisitions

-

-

-

-

-

0

1,166

Accounts payable and accrued expenses

-

-

-

-

-

7,173

24,589

Additional paid-in capital

-

-

-

-

-

0

384,255

Due from affiliates

-

-

-

-

-

0

2,508

Issuance of Series C convertible units to noncontrolling interest

-

-

-

-

-

-

500

Additional paid-in capital

-

-

-

-

-

144,723

703,856

Noncontrolling interest in consolidated subsidiaries

-

-

-

-

-

0

39,321

American Homes 4 Rent, L.P.
Net income

156,260

112,438

76,492

10,446

-

-

-

Depreciation and amortization

329,293

318,685

297,290

298,677

-

-

-

Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument

7,457

10,493

11,712

10,475

-

-

-

Noncash amortization of discounts on debt instruments

-

-

-

4,564

-

-

-

Noncash amortization of cash flow hedging instrument

-

-

-

0

-

-

-

Noncash share-based compensation

4,808

3,433

4,212

3,636

-

-

-

Provision for bad debt

0

8,732

7,328

6,969

-

-

-

Hurricane-related charges, net

0

0

3,718

0

-

-

-

Loss on early extinguishment of debt

-659

-1,447

-6,555

-13,408

-

-

-

Remeasurement of participating preferred shares

-

-

-

11,463

-

-

-

Embedded Derivative, Gain (Loss) on Embedded Derivative, Net

0

1,212

2,841

-7,020

-

-

-

Equity in net losses of unconsolidated joint ventures

509

546

1,642

860

-

-

-

Net gain on sale of single-family properties and other

43,873

17,946

6,826

14,569

-

-

-

Loss on impairment of single-family properties and other

3,663

5,858

4,680

4,970

-

-

-

Net gain on resolutions of mortgage loans

0

0

17

8,126

-

-

-

Rent and other receivables

2,784

12,172

11,020

9,704

-

-

-

Prepaid expenses and other assets

10,170

17,447

11,295

5,996

-

-

-

Deferred leasing costs

4,095

12,603

7,390

8,005

-

-

-

Accounts payable and accrued expenses

17,408

11,772

9,814

-13,291

-

-

-

Amounts payable to affiliates

-230

-50

5,191

-9,284

-

-

-

Net cash provided by operating activities

457,887

410,882

385,961

278,867

-

-

-

Cash paid for single-family properties

120,487

489,625

784,666

252,841

-

-

-

Change in escrow deposits for purchase of single-family properties

7,171

-1,818

8,937

312

-

-

-

Net proceeds received from sales of single-family properties and other

221,930

106,157

87,063

-

-

-

-

Cash acquired in noncash business combinations

-

-

-

25,020

-

-

-

Payoff of credit facility in connection with ARPI merger

-

-

-

350,000

-

-

-

Proceeds from Sale of Real Estate

-

-

-

88,590

-

-

-

Net proceeds received from sales of non-performing loans

-

-

-

47,186

-

-

-

Purchase of commercial office buildings

-

-

-

27,105

-

-

-

Proceeds received from hurricane-related insurance claims

2,171

4,522

0

0

-

-

-

Investment in unconsolidated joint ventures

13,114

8,400

0

0

-

-

-

Distributions from joint ventures

22,561

36,917

9,292

8,347

-

-

-

Collections from mortgage financing receivables

0

0

268

19,425

-

-

-

Renovations to single-family properties

21,883

52,379

47,911

39,912

-

-

-

Recurring and other capital expenditures for single-family properties

71,481

54,465

37,540

27,807

-

-

-

Cash paid for development activity

383,271

215,797

0

0

-

-

-

Other purchases of productive assets

6,121

3,156

55,048

12,989

-

-

-

Net cash provided by (used for) investing activities

-376,866

-674,408

-837,479

-522,398

-

-

-

Proceeds from Issuance of Common Stock

0

0

694,765

102,830

-

-

-

Proceeds from issuance of perpetual preferred shares

0

115,000

270,000

498,750

-

-

-

Repurchase of Class A common shares

0

34,969

0

96,098

-

-

-

Proceeds from exercise of stock options

11,524

10,707

932

3,171

-

-

-

Payments related to tax withholding for share-based compensation

834

546

384

-

-

-

-

Redemptions of Class A common units

0

0

169

399

-

-

-

Payments on asset-backed securitizations

21,517

20,847

477,879

381,117

-

-

-

Payments on secured note payable

0

49,427

969

924

-

-

-

Proceeds from unsecured senior notes, net of discount

397,944

497,210

0

0

-

-

-

Settlement of cash flow hedging instrument

0

-9,628

0

0

-

-

-

Payments on exchangeable senior notes

0

135,093

0

0

-

-

-

Distributions to noncontrolling interests

-

-

-

230

-

-

-

Distributions to common shareholders/unitholders

70,533

69,441

47,234

58,445

-

-

-

Distributions to preferred shareholders/unitholders

55,128

67,183

46,122

40,237

-

-

-

Deferred financing costs paid

3,572

5,100

3,974

10,476

-

-

-

Net cash provided by (used for) financing activities

-92,116

255,917

384,100

324,804

-

-

-

Net increase (decrease) in cash, cash equivalents and restricted cash

-11,095

-7,609

-67,418

81,273

-

-

-

Cash payments for interest, net of amounts capitalized

112,980

105,056

100,908

115,814

-

-

-

Accrued property renovations and development expenditures

18,276

1,921

7,964

-2,876

-

-

-

Transfer of term loan borrowings to revolving credit facility

0

0

50,000

0

-

-

-

Transfer of deferred financing costs from term loan to revolving credit facility

0

0

1,524

0

-

-

-

Transfers of completed homebuilding deliveries to properties

167,652

94,212

4,536

0

-

-

-

Property and land contributions to an unconsolidated joint venture

20,448

40,942

0

-

-

-

-

Note receivable related to a bulk sale of properties, net of discount

29,474

0

5,710

0

-

-

-

Conversion of nonperforming loans to properties

-

-

-

3,554

-

-

-

Redemption of participating preferred shares

0

28,258

37,499

0

-

-

-

Accrued distributions to affiliates

4,629

71

4,720

0

-

-

-

Accrued distributions to non-affiliates

13,024

14,173

26,982

-

-

-

-

Class A common shares
Noncash share-based compensation

-

-

-

-

-

-

300

Purchase of outside interest in RJ joint venture

-

-

-

-

-

82

436

Class A common shares issued

-

-

-

-

0

-

-

Beazer Rental Homes portfolio
Cash acquired in noncash business combinations

-

-

-

-

0

-

-

Class A common shares/units
Payments of Stock Issuance Costs

0

0

10,637

227

0

-

-

Preferred Stock [Member]
Payments of Stock Issuance Costs

0

4,022

9,229

15,996

-

-

-

Proceeds from issuance of perpetual preferred shares

0

115,000

270,000

498,750

-

-

-

Perpetual preferred
Payments of share offering/issuance costs

-

-

-

-

0

-

-

Proceeds from issuance of participating/perpetual preferred shares

-

-

-

-

0

-

-

Participating preferred
Proceeds from issuance of participating/perpetual preferred shares

-

-

-

-

0

-

-

Revolving Credit Facility
Proceeds from revolving credit facility

0

405,000

202,000

951,000

-

-

-

Payments on revolving credit facility

250,000

295,000

112,000

951,000

-

-

-

Term loan facility, net
Proceeds from credit facilities

0

0

25,000

325,000

-

-

-

Payments on credit facility

100,000

100,000

100,000

0

-

-

-

Class A Units
Issuance of Class A units

-

-

-

-

0

11,179

0

Issuance of units to noncontrolling interest

-

-

-

-

-

0

221,934

American Residential Properties Inc.
Single-family properties

-

-

-

1,277,253

0

-

-

Restricted cash

-

-

-

-

0

-

-

Rent and other receivables, net

-

-

-

843

0

-

-

Escrow deposits, prepaid expenses and other assets

-

-

-

35,134

0

-

-

Deferred costs and other intangibles, net

-

-

-

22,696

0

-

-

Accounts payable and accrued expenses

-

-

-

38,485

0

-

-

Series C Convertible Units
Issuance of units to noncontrolling interest

-

-

-

-

-

0

391,701

Series D Convertible Units
Issuance of units to noncontrolling interest

-

-

-

-

-

0

65,188

Class B common shares
Issuance of common shares

-

-

-

-

-

0

7,993

Series E Units
Contingently convertible Series E units liability

-

-

-

-

-

0

64,881