AMERICAN HOMES 4 RENT AMH Cash Flow

American homes 4 rent (AMH)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13
Operating activities
Net income
160,696	156,260	149,530	138,410	124,004	112,438	108,237	97,053	86,221	76,492	55,297	36,033	17,214	10,446	-10,239	-30,010	-34,655	-47,948	-46,593	-39,451	-34,422	-33,092	-32,571	-23,636	-19,144	-19,066	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
330,953	329,293	327,197	325,064	320,543	318,685	313,393	308,243	302,640	297,290	295,623	296,225	303,113	298,677	286,676	279,084	258,701	242,848	227,890	204,945	184,049	165,516	151,471	130,659	103,213	70,987	0	0	0
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument
7,496	7,457	10,620	10,581	10,403	10,493	11,265	11,190	11,050	11,712	8,848	9,606	10,199	10,475	10,448	10,084	9,766	8,305	6,617	4,821	2,981	1,767	919	446	163	186	0	0	0
Noncash amortization of discounts on debt instruments
-	-	-	-	-	-	0	0	3,644	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash amortization of cash flow hedging instrument
-	-	-	-	-	-	0	0	-120	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash amortization of discount on exchangeable senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,955	1,106	290	0	0	0	0	-	-	-	-	-	-	-	-
Noncash amortization of discount on ARP 2014-SFR1 securitization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,744	1,119	286	0	0	0	0	-	-	-	-	-	-	-	-
Noncash share-based compensation
5,664	4,808	4,192	3,736	3,410	3,433	3,787	4,071	4,249	4,212	4,067	3,842	3,704	3,636	3,526	3,548	3,299	3,125	3,034	2,872	2,750	2,586	2,368	1,770	1,437	1,079	0	0	0
Provision for bad debt
-	-	-	-	-	8,732	8,551	8,101	7,818	7,328	7,019	7,329	7,410	6,969	6,064	5,675	5,775	5,977	6,267	6,091	5,539	5,691	0	0	0	-	-	-	-
Remeasurement of participating preferred shares
-	-	-	-	-	-	-	-	6,622	-	1,341	-7,050	-5,410	11,463	11,463	11,463	11,463	0	0	0	0	-	-	-	-	-	-	-	-
Remeasurement of Series E units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,100	2,449	6,562	-525	-5,119	0	0	0	-	-	-	-
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net
-	-	-	-	-	-	-	-	-	-	-	-	-	-7,020	-5,470	-5,980	-5,250	-4,830	-6,110	-4,860	-5,581	-6,158	0	0	0	-	-	-	-
Equity in net losses of unconsolidated joint ventures
-696	509	894	-188	206	546	698	606	1,661	1,642	1,809	2,744	1,387	860	212	-579	-727	-591	0	0	0	-	-	-	-	-	-	-	-
Net gain on sale of single-family properties and other
48,989	43,873	40,392	31,824	21,339	17,946	10,900	7,842	7,056	6,826	8,370	18,157	16,361	14,569	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on impairment of single-family properties and other
7,605	3,663	6,145	5,055	5,662	5,858	3,690	4,429	4,451	4,680	7,289	6,557	5,725	4,970	1,467	900	174	0	0	0	0	-	-	-	-	-	-	-	-
Net gain on resolutions of mortgage loans
-	-	-	-	-	-	-	-	-	17	938	6,486	8,141	8,126	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other changes in operating assets and liabilities:
Rent and other receivables
2,729	2,784	5,326	13,134	12,087	12,172	15,405	12,045	12,249	11,020	9,523	7,224	9,084	9,704	9,581	12,214	11,241	10,542	19,259	13,391	12,248	10,115	5,832	3,426	-4,221	-3,339	0	0	0
Restricted cash for resident security deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-11,974	-13,909	-13,020	-14,967	0	0	0	-	-	-	-
Prepaid expenses and other assets
15,054	10,170	12,761	13,420	5,067	17,447	13,032	16,022	16,415	11,295	11,257	17,243	15,011	5,996	3,501	6,951	4,734	8,212	7,286	-703	1,871	-4,185	7,114	9,735	12,723	16,238	0	0	0
Deferred leasing costs
4,006	4,095	6,291	8,898	10,879	12,603	11,585	9,823	8,631	7,390	7,167	7,326	7,558	8,005	8,043	8,236	9,096	9,577	8,884	8,165	7,685	6,247	0	0	0	-	-	-	-
Accounts payable and accrued expenses
-6,205	17,408	19,836	25,204	24,632	11,772	25,927	29,908	16,914	9,814	10,114	3,235	-400	-13,291	0	0	0	-	-	-	-2,561	18,528	-446	11,473	12,753	13,543	0	0	0
Resident security deposit liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,909	13,020	14,967	0	0	0	-	-	0	0
Amounts payable to affiliates
-339	-230	2,711	8	-113	-50	-2,256	136	301	5,191	1,150	1,013	542	-9,284	4,737	-3,020	-3,462	8,441	-8,636	1,632	-612	303	5,230	-12,008	-17,139	-22,239	0	0	0
Net cash provided by operating activities
436,447	457,887	454,834	448,409	446,327	410,882	413,049	410,720	388,415	385,961	373,262	342,296	320,331	278,867	311,338	270,257	251,966	212,307	184,834	175,694	142,260	160,537	143,502	102,803	57,984	16,172	0	0	0
Investing activities
Cash paid for single-family properties
165,322	120,487	234,426	354,849	397,691	489,625	654,873	763,866	860,718	784,666	527,830	417,812	292,282	252,841	243,894	232,229	350,398	608,952	988,797	1,190,884	1,301,583	1,349,912	0	0	0	-	-	0	0
Change in escrow deposits for purchase of single-family properties
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds received from sales of single-family properties and other
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in other restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Cash acquired in noncash business combinations
-	-	-	-	-	-	-	-	-	-	-	-	-	25,020	25,020	25,020	25,020	0	0	0	0	-	-	-	-	-	-	-	-
Payoff of credit facility in connection with ARPI merger
-	-	-	-	-	-	-	-	-	-	-	-	-	350,000	350,000	350,000	350,000	0	0	0	0	-	-	-	-	-	-	-	-
Change in escrow deposits for purchase of single-family properties
-	-	-	-	-	-	0	0	0	-	0	0	917	-	-114	-1,668	-677	1,115	16,887	61,828	62,308	52,671	0	0	0	-	-	0	0
Proceeds from Sale of Real Estate
-	-	-	-	-	-	0	0	67,724	-	85,314	127,329	112,314	88,590	71,894	15,493	7,582	0	0	0	0	-	-	-	-	-	-	-	-
Proceeds received from hurricane-related insurance claims
5,579	2,171	2,693	522	522	4,522	4,000	4,000	4,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in unconsolidated joint ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,000	0	0	0	-	-	-	-	-	-	-	-
Investment in unconsolidated joint ventures
14,114	13,114	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from joint ventures
23,166	22,561	18,059	40,791	35,969	36,917	39,562	9,588	9,330	9,292	7,928	4,721	9,539	8,347	0	0	0	-	-	-	-	-	-	-	-	3,431	0	0	0
Investments in mortgage financing receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,373	0	0	0	-	-	-	-	-	-	-	-
Collections from mortgage financing receivables
-	-	-	-	-	-	-	-	-	268	1,821	19,503	19,495	19,425	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Renovations to single-family properties
13,014	21,883	30,813	35,862	41,706	52,379	57,601	62,590	60,634	47,911	49,410	40,734	35,471	39,912	44,135	71,457	99,654	147,583	174,457	187,677	200,108	185,449	196,661	236,648	378,340	382,070	0	0	0
Recurring and other capital expenditures for single-family properties
77,002	71,481	66,062	64,465	59,001	54,465	51,285	45,833	42,223	37,540	32,506	30,170	29,765	27,807	26,387	24,119	25,438	27,369	0	0	0	-	-	-	-	-	-	-	-
Cash paid for development activity
442,238	383,271	302,720	260,165	295,787	215,797	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other purchases of productive assets
8,492	6,121	3,327	3,285	-50,276	3,156	16,988	38,112	94,810	55,048	51,049	29,925	26,699	12,989	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used for) investing activities
-425,211	-376,866	-416,593	-518,814	-583,646	-674,408	-832,494	-940,590	-989,113	-837,479	-565,285	-345,046	-223,705	-522,398	-561,883	-684,136	-857,318	-861,800	-1,383,314	-1,755,327	-1,894,850	-1,900,752	-1,623,639	-1,588,881	-2,162,100	-2,369,371	0	0	0
Financing activities
Implied contribution by AH LLC for historical operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	517	0	0	0
Proceeds from Issuance of Common Stock
-	-	-	-	-	-	-	-	-	694,765	797,595	458,417	453,441	102,830	0	0	0	-	-	-	-	-	-	-	-	1,548,280	0	0	0
Payments of Stock Issuance Costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of perpetual preferred shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	180,271	189,433	0	0	0	-	-	-	-
Repurchase of Class A common shares
-	-	-	-	-	34,969	34,969	34,969	34,969	0	0	0	20,053	96,098	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation (payments) proceeds, net
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
12,913	11,524	0	0	0	-	-	-	-	932	1,382	3,347	3,092	3,171	2,803	1,933	588	251	0	0	0	-	-	-	-	-	-	-	-
Payments related to tax withholding for share-based compensation
1,616	834	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemptions of Class A common units
-	-	-	-	-	-	-	-	-	-	-	-	-	399	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments on asset-backed securitizations
21,396	21,517	21,465	21,093	21,091	20,847	21,078	21,576	476,960	477,879	479,556	835,148	380,967	381,117	380,013	23,944	22,289	19,739	0	0	0	-	-	-	-	-	-	-	-
Proceeds from asset-backed securitizations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Proceeds from revolving credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,002,000	827,000	1,453,000	1,618,091	1,853,000	1,828,000	0	0	0	-	-	-	-
Payments on revolving credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	609,000	1,034,000	1,535,000	1,922,091	2,479,000	1,996,000	0	0	0	-	-	-	-
Proceeds from term loan facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments on secured note payable
-	-	-	-	-	49,427	49,675	49,914	979	969	958	949	939	924	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of cash flow hedging instrument
-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from bridge loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	115,000	0	0	0
Payments on secured note payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Payments on bridge loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Distributions to noncontrolling interests
13,131	10,701	13,469	11,024	8,362	11,071	8,303	8,314	11,011	8,333	11,111	11,010	11,148	11,360	14,002	17,380	20,520	23,583	24,217	24,184	23,960	23,881	0	0	0	-	-	-	-
Distributions to common shareholders/unitholders
75,114	59,832	74,678	59,389	58,865	58,370	43,535	42,431	41,024	38,901	51,064	49,305	48,263	48,171	46,400	45,016	43,674	42,126	42,296	42,295	40,998	39,698	0	0	0	-	-	-	-
Distributions to preferred shareholders/unitholders
68,910	55,128	67,351	51,771	52,586	67,183	41,178	46,447	47,132	46,122	59,709	56,125	48,255	40,237	32,219	24,119	22,276	22,276	22,276	22,276	21,376	18,928	0	0	0	-	-	-	-
Deferred financing costs paid
0	3,572	3,572	3,572	3,647	5,100	5,100	5,144	8,999	3,974	4,025	14,016	10,436	10,476	10,597	11,865	11,964	25,335	38,766	41,048	54,265	41,503	29,655	20,689	11,127	11,314	0	0	0
Net cash provided by (used for) financing activities
-162,254	-92,116	-6,395	142,801	89,911	255,917	322,488	546,535	329,994	384,100	317,469	-205,766	330,713	324,804	172,605	650,389	615,981	632,476	1,332,958	1,431,215	1,765,034	1,700,013	1,426,011	1,473,747	1,687,955	2,104,990	0	0	0
Net increase in cash, cash equivalents and restricted cash
-151,018	-11,095	31,846	72,396	-47,408	-7,609	-96,957	16,665	-270,704	-67,418	125,446	-208,516	427,339	81,273	-77,940	236,510	10,629	-17,017	134,478	-148,418	12,444	-40,202	-54,126	-12,331	-416,161	-248,209	0	0	0
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized
118,925	112,980	118,015	110,373	114,408	105,056	103,886	94,414	95,111	100,908	106,071	111,015	116,452	115,814	115,784	102,970	91,399	77,445	58,330	49,574	41,713	24,616	17,116	13,498	2,087	5,473	0	0	0
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures
21,125	18,276	16,850	10,779	-685	1,921	706	5,021	18,290	7,964	4,501	2,391	-2,814	-2,876	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Transfers of completed homebuilding deliveries to properties
220,095	167,652	136,790	108,617	108,574	94,212	66,393	42,077	13,229	4,536	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued distribution to common shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Property and land contributions to an unconsolidated joint venture
30,283	20,448	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Note receivable related to a bulk sale of properties, net of discount
-	-	-	-	-	-	-	-	-	5,710	5,635	5,559	5,483	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued expenses related to deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	833	0	0	0
Amounts payable to affiliates related to property acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,720	444	-1,387	-7,743	244	0	0	0
Accrued distributions to affiliates
-139	4,629	200	4,867	7,558	71	4,591	4,571	2,001	4,720	0	0	0	-	-	-	-	4,698	14,094	4,698	4,200	4,698	0	0	0	-	-	-	-
Accrued distributions to non-affiliates
-13,568	13,024	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash acquired in ARPI merger
-	-	-	-	-	-	-	-	-	-	-	-	-	25,020	25,020	25,020	25,020	0	0	0	0	-	-	-	-	-	-	-	-
Receivables related to property acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,166	0	0	0
Accounts payable and accrued expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,441	3,666	7,173	983	8,464	16,218	24,589	0	0	0
Additional paid-in capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	384,255	0	0	0
Due from affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
American Homes 4 Rent, L.P.
Net income
160,696	156,260	149,530	138,410	124,004	112,438	108,237	97,053	86,221	76,492	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
330,953	329,293	327,197	325,064	320,543	318,685	313,393	308,243	302,640	297,290	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument
7,496	7,457	10,620	10,581	10,403	10,493	11,265	11,190	11,050	11,712	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash amortization of discounts on debt instruments
-	-	-	-	-	-	0	0	3,644	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash amortization of cash flow hedging instrument
-	-	-	-	-	-	0	0	-120	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash share-based compensation
5,664	4,808	4,192	3,736	3,410	3,433	3,787	4,071	4,249	4,212	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for bad debt
-	-	-	-	-	8,732	8,551	8,101	7,818	7,328	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Remeasurement of participating preferred shares
-	-	-	-	-	-	-	-	6,622	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in net losses of unconsolidated joint ventures
-696	509	894	-188	206	546	698	606	1,661	1,642	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on sale of single-family properties and other
48,989	43,873	40,392	31,824	21,339	17,946	10,900	7,842	7,056	6,826	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on impairment of single-family properties and other
7,605	3,663	6,145	5,055	5,662	5,858	3,690	4,429	4,451	4,680	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on resolutions of mortgage loans
-	-	-	-	-	-	-	-	-	17	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rent and other receivables
2,729	2,784	5,326	13,134	12,087	12,172	15,405	12,045	12,249	11,020	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses and other assets
15,054	10,170	12,761	13,420	5,067	17,447	13,032	16,022	16,415	11,295	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred leasing costs
4,006	4,095	6,291	8,898	10,879	12,603	11,585	9,823	8,631	7,390	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued expenses
-6,205	17,408	19,836	25,204	24,632	11,772	25,927	29,908	16,914	9,814	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable to affiliates
-339	-230	2,711	8	-113	-50	-2,256	136	301	5,191	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
436,447	457,887	454,834	448,409	446,327	410,882	413,049	410,720	388,415	385,961	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for single-family properties
165,322	120,487	234,426	354,849	397,691	489,625	654,873	763,866	860,718	784,666	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in escrow deposits for purchase of single-family properties
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds received from sales of single-family properties and other
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in escrow deposits for purchase of single-family properties
-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Sale of Real Estate
-	-	-	-	-	-	0	0	67,724	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds received from hurricane-related insurance claims
5,579	2,171	2,693	522	522	4,522	4,000	4,000	4,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in unconsolidated joint ventures
14,114	13,114	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from joint ventures
23,166	22,561	18,059	40,791	35,969	36,917	39,562	9,588	9,330	9,292	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Collections from mortgage financing receivables
-	-	-	-	-	-	-	-	-	268	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Renovations to single-family properties
13,014	21,883	30,813	35,862	41,706	52,379	57,601	62,590	60,634	47,911	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Recurring and other capital expenditures for single-family properties
77,002	71,481	66,062	64,465	59,001	54,465	51,285	45,833	42,223	37,540	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for development activity
442,238	383,271	302,720	260,165	295,787	215,797	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other purchases of productive assets
8,492	6,121	3,327	3,285	-50,276	3,156	16,988	38,112	94,810	55,048	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used for) investing activities
-425,211	-376,866	-416,593	-518,814	-583,646	-674,408	-832,494	-940,590	-989,113	-837,479	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Issuance of Common Stock
-	-	-	-	-	-	-	-	-	694,765	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of Class A common shares
-	-	-	-	-	34,969	34,969	34,969	34,969	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation (payments) proceeds, net
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
12,913	11,524	0	0	0	-	-	-	-	932	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments related to tax withholding for share-based compensation
1,616	834	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on asset-backed securitizations
21,396	21,517	21,465	21,093	21,091	20,847	21,078	21,576	476,960	477,879	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on secured note payable
-	-	-	-	-	49,427	49,675	49,914	979	969	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlement of cash flow hedging instrument
-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to common shareholders/unitholders
88,245	70,533	88,147	70,413	67,227	69,441	51,838	50,745	52,035	47,234	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to preferred shareholders/unitholders
68,910	55,128	67,351	51,771	52,586	67,183	41,178	46,447	47,132	46,122	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs paid
0	3,572	3,572	3,572	3,647	5,100	5,100	5,144	8,999	3,974	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used for) financing activities
-162,254	-92,116	-6,395	142,801	89,911	255,917	322,488	546,535	329,994	384,100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase (decrease) in cash, cash equivalents and restricted cash
-151,018	-11,095	31,846	72,396	-47,408	-7,609	-96,957	16,665	-270,704	-67,418	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash payments for interest, net of amounts capitalized
118,925	112,980	118,015	110,373	114,408	105,056	103,886	94,414	95,111	100,908	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued property renovations and development expenditures
21,125	18,276	16,850	10,779	-685	1,921	706	5,021	18,290	7,964	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers of completed homebuilding deliveries to properties
220,095	167,652	136,790	108,617	108,574	94,212	66,393	42,077	13,229	4,536	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property and land contributions to an unconsolidated joint venture
30,283	20,448	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Note receivable related to a bulk sale of properties, net of discount
-	-	-	-	-	-	-	-	-	5,710	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued distributions to affiliates
-139	4,629	200	4,867	7,558	71	4,591	4,571	2,001	4,720	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued distributions to non-affiliates
-13,568	13,024	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Class A common shares/units
Payments of Stock Issuance Costs
-	-	-	-	-	-	-	-	-	10,637	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revolving Credit Facility
Proceeds from revolving credit facility
105,000	0	250,000	305,000	305,000	405,000	295,000	240,000	302,000	202,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on revolving credit facility
0	250,000	250,000	305,000	305,000	295,000	295,000	332,000	352,000	112,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Term loan facility, net
Proceeds from credit facilities
-	-	-	-	-	-	-	-	-	25,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unsecured Senior Notes
Proceeds from unsecured senior notes, net of discount
0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-