American homes 4 rent (AMH)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
Operating activities
Net income

37,527

41,464

41,401

40,304

33,091

34,734

30,281

25,898

21,525

30,533

19,097

15,066

11,796

9,338

-167

-3,753

5,028

-11,347

-19,938

-8,398

-8,265

-9,992

-12,796

-3,369

-6,935

-9,471

-3,861

1,123

-6,857

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

82,821

83,219

82,073

82,840

81,161

81,123

79,940

78,319

79,303

75,831

74,790

72,716

73,953

74,164

75,392

79,604

69,517

62,163

67,800

59,221

53,664

47,205

44,855

38,325

35,131

33,160

24,043

10,879

2,905

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

1,849

1,492

1,989

2,166

1,810

4,655

1,950

1,988

1,900

5,427

1,875

1,848

2,562

2,563

2,633

2,441

2,838

2,536

2,269

2,123

1,377

848

473

283

163

0

0

0

186

Noncash amortization of discounts on debt instruments

-

-

-

-

-

-

1,043

1,006

935

-

910

874

840

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash amortization of cash flow hedging instrument

-

-

-

-

-

-

-241

-241

-120

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash amortization of discount on exchangeable senior notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

849

816

290

0

0

0

0

-

-

-

-

-

-

-

-

Noncash amortization of discount on ARP 2014-SFR1 securitization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

625

833

286

0

0

0

0

-

-

-

-

-

-

-

-

Noncash share-based compensation

1,808

1,299

1,288

1,269

952

683

832

943

975

1,037

1,116

1,121

938

892

891

983

870

782

913

734

696

691

751

612

532

473

153

279

174

Provision for bad debt

-

-

-

-

-

2,367

2,749

1,616

2,000

2,186

2,299

1,333

1,510

1,877

2,609

1,414

1,069

972

2,220

1,514

1,271

1,262

2,044

962

1,423

-

-

-

-

Remeasurement of participating preferred shares

-

-

-

-

-

-

-

-

1,212

-

8,391

-1,640

-5,410

0

0

0

11,463

0

0

0

0

-

-

-

-

-

-

-

-

Remeasurement of Series E units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,356

-525

2,143

1,838

-1,007

3,588

-4,944

-2,756

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,080

-2,490

-150

-300

-2,530

-3,000

580

120

-3,810

-1,750

-141

-457

-

-

-

-

Equity in net losses of unconsolidated joint ventures

-1,231

-262

918

-121

-26

123

-164

273

314

275

-256

1,328

295

442

679

-29

-232

-206

-112

-177

-96

-

-

-

-

-

-

-

-

Net gain on sale of single-family properties and other

10,765

10,978

13,521

13,725

5,649

7,497

4,953

3,240

2,256

451

1,895

2,454

2,026

1,995

11,682

658

234

-

-

-

-

-

-

-

-

-

-

-

-

Loss on impairment of single-family properties and other

4,446

580

1,650

929

504

3,062

560

1,536

700

894

1,299

1,558

929

3,503

567

726

174

0

0

0

0

-

-

-

-

-

-

-

-

Net gain on resolutions of mortgage loans

-

-

-

-

-

-

-

-

-

0

1

1

15

921

5,549

1,656

0

-

-

-

-

-

-

-

-

-

-

-

-

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

3,746

-6,684

2,984

2,683

3,801

-4,142

10,792

1,636

3,886

-909

7,432

1,840

2,657

-2,406

5,133

3,700

3,277

-2,529

7,766

2,727

2,578

6,188

1,898

1,584

445

1,905

-508

-6,063

1,327

Restricted cash for resident security deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,016

-5,014

-4,209

-1,735

-2,951

-4,125

-6,156

-

-

-

-

Prepaid expenses and other assets

5,980

7,429

-5,399

7,044

1,096

10,020

-4,740

-1,309

13,476

5,605

-1,750

-916

8,356

5,567

4,236

-3,148

-659

3,072

7,686

-5,365

2,819

2,146

-303

-2,791

-3,237

13,445

2,318

197

278

Deferred leasing costs

910

851

1,115

1,130

999

3,047

3,722

3,111

2,723

2,029

1,960

1,919

1,482

1,806

2,119

2,151

1,929

1,844

2,312

3,011

2,410

1,151

1,593

2,531

972

-

-

-

-

Accounts payable and accrued expenses

18,397

-78,094

21,009

32,483

42,010

-75,666

26,377

31,911

29,150

-61,511

30,358

18,917

22,050

-61,211

23,479

15,282

9,159

-

-

-

-17,117

378

10,266

3,912

3,972

-18,596

22,185

5,192

4,762

Resident security deposit liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,014

4,209

1,735

2,951

4,125

6,156

-

-

-10,060

-3,042

Amounts payable to affiliates

-182

-553

273

123

-73

2,388

-2,430

2

-10

182

-38

167

4,880

-3,859

-175

-304

-4,946

10,162

-7,932

-746

6,957

-6,915

2,336

-2,990

7,872

-1,988

-14,902

-8,121

2,772

Net cash provided by operating activities

126,496

37,472

132,923

139,556

147,936

34,419

126,498

137,474

112,491

36,586

124,169

115,169

110,037

23,887

93,203

93,204

68,573

56,358

52,122

74,913

28,914

28,885

42,982

41,479

47,191

11,850

2,283

-3,340

5,379

Investing activities
Cash paid for single-family properties

102,575

42,604

6,522

13,621

57,740

156,543

126,945

56,463

149,674

321,791

235,938

153,315

73,622

64,955

125,920

27,785

34,181

56,008

114,255

145,954

292,735

435,853

316,342

256,653

341,064

-

-

768,318

525,427

Change in escrow deposits for purchase of single-family properties

-2,259

-

-

-

870

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

81,257

-

-

-

32,919

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in other restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,120

3,377

5,039

-

-

-

-

-

-

-

-

Cash acquired in noncash business combinations

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

25,020

0

0

0

0

-

-

-

-

-

-

-

-

Payoff of credit facility in connection with ARPI merger

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

350,000

0

0

0

0

-

-

-

-

-

-

-

-

Change in escrow deposits for purchase of single-family properties

-

-

-

-

-

-

-2,163

242

4,115

-

1,002

636

1,072

-

491

-137

467

-935

-1,063

854

2,259

14,837

43,878

1,334

-7,378

-

-

2,996

15,231

Proceeds from Sale of Real Estate

-

-

-

-

-

-

17,615

18,175

11,967

-

14,386

22,926

31,306

16,696

56,401

7,911

7,582

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds received from hurricane-related insurance claims

3,408

0

2,171

0

0

522

0

0

4,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,997

0

10,001

2

-

-

-

-

-

-

-

-

Investment in unconsolidated joint ventures

1,000

8,346

2,503

2,265

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions from joint ventures

887

5,168

11,079

6,032

282

666

33,811

1,210

1,230

3,311

3,837

952

1,192

1,947

630

5,770

0

-

-

-

-

-

-

-

-

0

0

0

3,431

Investments in mortgage financing receivables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,146

3,496

1,098

6,633

-

-

-

-

-

-

-

-

Collections from mortgage financing receivables

-

-

-

-

-

-

-

-

-

185

5

8

70

1,738

17,687

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Renovations to single-family properties

858

2,551

2,819

6,786

9,727

11,481

7,868

12,630

20,400

16,703

12,857

10,674

7,677

18,202

4,181

5,411

12,118

22,425

31,503

33,608

60,047

49,299

44,723

46,039

45,388

60,511

84,710

187,731

49,118

Recurring and other capital expenditures for single-family properties

21,224

19,414

18,736

17,628

15,703

13,995

17,139

12,164

11,167

10,815

11,687

8,554

6,484

5,781

9,351

8,149

4,526

4,361

7,083

9,468

6,457

-

-

-

-

-

-

-

-

Cash paid for development activity

138,957

146,873

96,676

59,732

79,990

66,322

54,121

95,354

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other purchases of productive assets

2,411

5,950

42

89

40

3,156

0

-53,472

53,472

16,988

21,124

3,226

13,710

12,989

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used for) investing activities

-179,214

-152,770

-54,063

-39,164

-130,869

-192,497

-156,284

-103,996

-221,631

-350,583

-264,380

-152,519

-69,997

-78,389

-44,141

-31,178

-368,690

-117,874

-166,394

-204,360

-373,172

-639,388

-538,407

-343,883

-379,074

-362,275

-503,649

-917,102

-586,345

Financing activities
Implied contribution by AH LLC for historical operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

517

Proceeds from Issuance of Common Stock

-

-

-

-

-

-

-

-

-

0

339,176

4,977

350,612

102,830

-2

1

1

-

-

-

-

-

-

-

-

0

844,783

0

703,497

Payments of Stock Issuance Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of perpetual preferred shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

0

180,271

9,162

-

-

-

-

Repurchase of Class A common shares

-

-

-

-

-

0

0

0

34,969

0

0

0

0

0

0

20,053

76,045

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation (payments) proceeds, net

-

-

-

-

-

-

-

-

-414

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

1,449

419

769

10,276

60

-

-

-

-

-56

-870

1,600

258

394

1,095

1,345

337

26

225

0

0

-

-

-

-

-

-

-

-

Payments related to tax withholding for share-based compensation

1,612

0

-1,909

1,913

830

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Redemptions of Class A common units

-

-

-

-

-

-

-

-

-

-

-

-

-

0

108

582

-291

-

-

-

-

-

-

-

-

-

-

-

-

Payments on asset-backed securitizations

5,435

5,230

5,551

5,180

5,556

5,178

5,179

5,178

5,312

5,409

5,677

460,562

6,231

7,086

361,269

6,381

6,381

5,982

5,200

4,726

3,831

-

-

-

-

-

-

-

-

Proceeds from asset-backed securitizations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

477,729

0

552,830

-

-

-

-

-

-

-

-

Proceeds from revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

521,000

28,000

171,000

282,000

346,000

654,000

336,091

516,909

321,000

-

-

-

-

Payments on revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

83,000

28,000

348,000

150,000

508,000

529,000

735,091

706,909

25,000

-

-

-

-

Proceeds from term loan facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments on secured note payable

-

-

-

-

-

0

0

49,172

255

248

239

237

245

237

230

227

230

-

-

-

-

-

-

-

-

-

-

-

-

Settlement of cash flow hedging instrument

-

-

-

-

-

-

-

-

-9,628

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from bridge loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

115,000

Payments on secured note payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

220

217

227

-

-

-

-

-

-

-

-

Payments on bridge loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

115,000

Distributions to noncontrolling interests

5,178

0

5,212

2,741

2,748

2,768

2,767

79

5,457

0

2,778

2,776

2,779

2,778

2,677

2,914

2,991

5,420

6,055

6,054

6,054

6,054

6,022

5,830

5,975

-

-

-

-

Distributions to common shareholders/unitholders

30,114

0

30,111

14,889

14,832

14,846

14,822

14,365

14,337

11

13,718

12,958

12,214

12,174

11,959

11,916

12,122

10,403

10,575

10,574

10,574

10,573

10,574

9,277

9,274

-

-

-

-

Distributions to preferred shareholders/unitholders

13,782

13,782

27,564

13,782

0

26,005

11,984

14,597

14,597

0

17,253

15,282

13,587

13,587

13,669

7,412

5,569

5,569

5,569

5,569

5,569

5,569

5,569

4,669

3,121

-

-

-

-

Deferred financing costs paid

0

0

0

0

3,572

0

0

75

5,025

0

44

3,930

0

51

10,035

350

40

172

11,303

449

13,411

13,603

13,585

13,666

649

1,755

4,619

4,104

836

Net cash provided by (used for) financing activities

50,328

-18,593

-65,760

-128,229

120,466

67,128

83,436

-181,119

286,472

133,699

307,483

-397,660

340,578

67,068

-215,752

138,819

334,669

-85,131

262,032

104,411

351,164

615,351

360,289

438,230

286,143

341,349

408,025

652,438

703,178

Net increase in cash, cash equivalents and restricted cash

-2,390

-133,891

13,100

-27,837

137,533

-90,950

53,650

-147,641

177,332

-180,298

167,272

-435,010

380,618

12,566

-166,690

200,845

34,552

-146,647

147,760

-25,036

6,906

4,848

-135,136

135,826

-45,740

-9,076

-93,341

-268,004

122,212

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

37,987

19,079

40,921

20,938

32,042

24,114

33,279

24,973

22,690

22,944

23,807

25,670

28,487

28,107

28,751

31,107

27,849

28,077

15,937

19,536

13,895

8,962

7,181

11,675

-3,202

1,462

3,563

264

184

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

9,618

3,454

4,985

3,068

6,769

2,028

-1,086

-8,396

9,375

813

3,229

4,873

-951

-2,650

1,119

-332

-1,013

-

-

-

-

-

-

-

-

-

-

-

-

Transfers of completed homebuilding deliveries to properties

75,498

60,207

55,499

28,891

23,055

29,345

27,326

28,848

8,693

1,526

3,010

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued distribution to common shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,275

-

-

-

-

Property and land contributions to an unconsolidated joint venture

9,835

1,849

13,409

5,190

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,050

23,460

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

-

-

-

-

-

-

-

-

-

75

76

76

5,483

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses related to deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,700

-800

-1,250

4,583

Amounts payable to affiliates related to property acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7,603

1,236

-1,918

2,565

-1,439

-595

-8,274

10,552

Accrued distributions to affiliates

0

4,629

-4,647

-121

4,768

200

20

2,570

-2,719

4,720

0

0

0

-

-

-

-

0

0

0

4,698

9,396

-9,396

-498

5,196

-

-

-

-

Accrued distributions to non-affiliates

41

12,965

-26,721

147

26,633

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash acquired in ARPI merger

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

25,020

0

0

0

0

-

-

-

-

-

-

-

-

Receivables related to property acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-473

378

739

522

Accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,794

-4,450

2,542

555

5,019

-943

-3,648

8,036

12,773

7,428

Additional paid-in capital

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

768,476

-229

-383,992

Due from affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-2,508

American Homes 4 Rent, L.P.
Net income

37,527

41,464

41,401

40,304

33,091

34,734

30,281

25,898

21,525

30,533

19,097

15,066

11,796

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

82,821

83,219

82,073

82,840

81,161

81,123

79,940

78,319

79,303

75,831

74,790

72,716

73,953

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

1,849

1,492

1,989

2,166

1,810

4,655

1,950

1,988

1,900

5,427

1,875

1,848

2,562

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash amortization of discounts on debt instruments

-

-

-

-

-

-

1,043

1,006

935

-

910

874

840

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash amortization of cash flow hedging instrument

-

-

-

-

-

-

-241

-241

-120

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash share-based compensation

1,808

1,299

1,288

1,269

952

683

832

943

975

1,037

1,116

1,121

938

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for bad debt

-

-

-

-

-

2,367

2,749

1,616

2,000

2,186

2,299

1,333

1,510

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Remeasurement of participating preferred shares

-

-

-

-

-

-

-

-

1,212

-

8,391

-1,640

-5,410

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in net losses of unconsolidated joint ventures

-1,231

-262

918

-121

-26

123

-164

273

314

275

-256

1,328

295

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net gain on sale of single-family properties and other

10,765

10,978

13,521

13,725

5,649

7,497

4,953

3,240

2,256

451

1,895

2,454

2,026

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on impairment of single-family properties and other

4,446

580

1,650

929

504

3,062

560

1,536

700

894

1,299

1,558

929

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net gain on resolutions of mortgage loans

-

-

-

-

-

-

-

-

-

0

1

1

15

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Rent and other receivables

3,746

-6,684

2,984

2,683

3,801

-4,142

10,792

1,636

3,886

-909

7,432

1,840

2,657

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other assets

5,980

7,429

-5,399

7,044

1,096

10,020

-4,740

-1,309

13,476

5,605

-1,750

-916

8,356

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred leasing costs

910

851

1,115

1,130

999

3,047

3,722

3,111

2,723

2,029

1,960

1,919

1,482

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

18,397

-78,094

21,009

32,483

42,010

-75,666

26,377

31,911

29,150

-61,511

30,358

18,917

22,050

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amounts payable to affiliates

-182

-553

273

123

-73

2,388

-2,430

2

-10

182

-38

167

4,880

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

126,496

37,472

132,923

139,556

147,936

34,419

126,498

137,474

112,491

36,586

124,169

115,169

110,037

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for single-family properties

102,575

42,604

6,522

13,621

57,740

156,543

126,945

56,463

149,674

321,791

235,938

153,315

73,622

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in escrow deposits for purchase of single-family properties

-2,259

-

-

-

870

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

81,257

-

-

-

32,919

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in escrow deposits for purchase of single-family properties

-

-

-

-

-

-

-2,163

242

4,115

-

1,002

636

1,072

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Sale of Real Estate

-

-

-

-

-

-

17,615

18,175

11,967

-

14,386

22,926

31,306

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received from hurricane-related insurance claims

3,408

0

2,171

0

0

522

0

0

4,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in unconsolidated joint ventures

1,000

8,346

2,503

2,265

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions from joint ventures

887

5,168

11,079

6,032

282

666

33,811

1,210

1,230

3,311

3,837

952

1,192

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Collections from mortgage financing receivables

-

-

-

-

-

-

-

-

-

185

5

8

70

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Renovations to single-family properties

858

2,551

2,819

6,786

9,727

11,481

7,868

12,630

20,400

16,703

12,857

10,674

7,677

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recurring and other capital expenditures for single-family properties

21,224

19,414

18,736

17,628

15,703

13,995

17,139

12,164

11,167

10,815

11,687

8,554

6,484

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for development activity

138,957

146,873

96,676

59,732

79,990

66,322

54,121

95,354

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other purchases of productive assets

2,411

5,950

42

89

40

3,156

0

-53,472

53,472

16,988

21,124

3,226

13,710

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used for) investing activities

-179,214

-152,770

-54,063

-39,164

-130,869

-192,497

-156,284

-103,996

-221,631

-350,583

-264,380

-152,519

-69,997

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Issuance of Common Stock

-

-

-

-

-

-

-

-

-

0

339,176

4,977

350,612

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of Class A common shares

-

-

-

-

-

0

0

0

34,969

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation (payments) proceeds, net

-

-

-

-

-

-

-

-

-414

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

1,449

419

769

10,276

60

-

-

-

-

-56

-870

1,600

258

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments related to tax withholding for share-based compensation

1,612

0

-1,909

1,913

830

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on asset-backed securitizations

5,435

5,230

5,551

5,180

5,556

5,178

5,179

5,178

5,312

5,409

5,677

460,562

6,231

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on secured note payable

-

-

-

-

-

0

0

49,172

255

248

239

237

245

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Settlement of cash flow hedging instrument

-

-

-

-

-

-

-

-

-9,628

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to common shareholders/unitholders

35,292

0

35,323

17,630

17,580

17,614

17,589

14,444

19,794

11

16,496

15,734

14,993

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to preferred shareholders/unitholders

13,782

13,782

27,564

13,782

0

26,005

11,984

14,597

14,597

0

17,253

15,282

13,587

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred financing costs paid

0

0

0

0

3,572

0

0

75

5,025

0

44

3,930

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used for) financing activities

50,328

-18,593

-65,760

-128,229

120,466

67,128

83,436

-181,119

286,472

133,699

307,483

-397,660

340,578

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-2,390

-133,891

13,100

-27,837

137,533

-90,950

53,650

-147,641

177,332

-180,298

167,272

-435,010

380,618

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash payments for interest, net of amounts capitalized

37,987

19,079

40,921

20,938

32,042

24,114

33,279

24,973

22,690

22,944

23,807

25,670

28,487

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued property renovations and development expenditures

9,618

3,454

4,985

3,068

6,769

2,028

-1,086

-8,396

9,375

813

3,229

4,873

-951

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transfers of completed homebuilding deliveries to properties

75,498

60,207

55,499

28,891

23,055

29,345

27,326

28,848

8,693

1,526

3,010

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Property and land contributions to an unconsolidated joint venture

9,835

1,849

13,409

5,190

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

75

76

76

5,483

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued distributions to affiliates

0

4,629

-4,647

-121

4,768

200

20

2,570

-2,719

4,720

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued distributions to non-affiliates

41

12,965

-26,721

147

26,633

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Class A common shares/units
Payments of Stock Issuance Costs

-

-

-

-

-

-

-

-

-

193

10,094

114

236

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Revolving Credit Facility
Proceeds from revolving credit facility

105,000

0

0

0

0

250,000

55,000

0

100,000

140,000

0

62,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on revolving credit facility

0

0

0

0

250,000

0

55,000

0

240,000

0

92,000

20,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Term loan facility, net
Proceeds from credit facilities

-

-

-

-

-

-

-

-

-

0

0

0

25,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unsecured Senior Notes
Proceeds from unsecured senior notes, net of discount

0

-

0

0

397,944

-

0

0

497,210

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-