American Residential Properties, Inc.

CIK:0001548981|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Management services (related party)	$ 0	$ 100	$ 107	$ 321
Interest and other	660	1,034	3,337	3,603
Total revenue	31,967	23,485	91,509	61,693
Expenses:
Property operating and maintenance	9,548	5,258	23,259	14,337
Real estate taxes	5,334	4,239	15,941	11,011
Homeowners’ association fees	722	540	2,143	1,505
Acquisition	0	98	85	179
Depreciation and amortization	16,171	12,576	47,064	32,960
General, administrative and other	4,839	4,056	13,341	11,274
Interest	7,725	5,961	22,677	15,060
Total expenses	44,339	32,728	124,510	86,326
Loss from continuing operations before equity in net income (loss) of unconsolidated ventures	(12,372)	(9,243)	(33,001)	(24,633)
Equity in net income (loss) of unconsolidated ventures	0	(84)	10	(230)
Net loss	(12,372)	(9,327)	(32,991)	(24,863)
Net loss attributable to non-controlling interests	262	165	659	423
Net loss attributable to common stockholders	$ (12,110)	$ (9,162)	$ (32,332)	$ (24,440)
Basic and diluted loss per share:
Net loss attributable to common stockholders (in dollars per share)	$ (0.38)	$ (0.28)	$ (1.01)	$ (0.76)
Weighted-average number of shares of common stock outstanding - basic and diluted (in shares)	32,168,878	32,153,307	32,164,563	32,139,807
Dividend per common share (in dollars per share)	$ 0.10	$ 0.00	$ 0.20	$ 0.00
Self-managed rental revenue
Revenue:
Rental revenue	$ 29,959	$ 21,078	$ 84,051	$ 53,818
Local operator rental revenue
Revenue:
Rental revenue	$ 1,348	$ 1,273	$ 4,014	$ 3,951

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (32,991)	$ (24,863)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	47,064	32,960
Amortization of stock-based compensation	2,333	2,175
Amortization of deferred financing costs	3,362	3,928
Accretion of debt discount	2,466	2,110
Bad debt expense	1,849	1,742
Straight line rental revenue	401	179
Equity in net (income) loss of unconsolidated ventures	(10)	230
Distributions on returns of unconsolidated ventures	10	0
Net (gain) on dispositions of real estate and other assets	(1,565)	0
Changes in operating assets and liabilities:
Restricted cash	(1,279)	(10,816)
Rent and other receivables, net	(1,089)	(2,677)
Deferred leasing costs and lease intangibles, net	(6,371)	(5,118)
Other assets, net	(2,934)	(1,996)
Accounts payable, accrued expenses and other liabilities	6,548	14,122
Net cash provided by operating activities	17,794	11,976
Investing activities:
Improvements of real estate	(25,476)	(34,635)
Property acquisitions, including acquired in-place leases	(25,961)	(346,703)
Proceeds from sale of real estate	6,636	0
Investment in mortgage financings	(3,320)	(13,243)
Repayments from mortgage financings	8,021	30,694
Distributions from unconsolidated ventures	1,044	426
Decrease (increase) in acquisition deposits	2,561	(4,119)
Net cash used in investing activities	(36,495)	(367,580)
Financing activities:
Borrowings under revolving credit facility	45,000	358,000
Repayments of revolving credit facility	(21,000)	(328,000)
Proceeds from issuance of securitization loan	0	340,559
Deferred financing costs	(1,494)	(12,338)
Repurchase of common stock	(60)	(61)
Distributions to non-controlling interests	(101)	0
Payments of dividends	(3,222)	0
Net cash provided by financing activities	19,123	358,160
Net increase in cash and cash equivalents	422	2,556
Cash and cash equivalents—beginning of period	21,270	24,294
Cash and cash equivalents—end of period	21,692	26,850
Supplemental schedule of noncash investing and financing activities:
Accounts payable and accrued expenses for additions to investments in real estate	1,346	2,313
Cash paid for interest, net of amount capitalized	16,022	7,497
Sale of properties in exchange for a secured promissory note	$ 4,590	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment in real estate:
Land	$ 252,175	$ 249,151
Building and improvements	1,078,713	1,042,954
Furniture, fixtures and equipment	10,997	9,508
Investment in real estate, gross	1,341,885	1,301,613
Less: accumulated depreciation	(97,511)	(58,010)
Investment in real estate, net	1,244,374	1,243,603
Mortgage financings	20,986	21,097
Cash and cash equivalents	21,692	21,270
Restricted cash	12,752	11,473
Acquisition deposits		2,561
Rents and other receivables, net	3,422	4,583
Deferred leasing costs and lease intangibles, net	4,052	3,391
Deferred financing costs, net	11,169	13,037
Investment in unconsolidated ventures	24,647	25,691
Goodwill	3,500	3,500
Other, net	12,518	10,567
Total assets	1,359,112	1,360,773
Liabilities:
Revolving credit facility	335,000	311,000
Exchangeable senior notes, net	104,406	102,188
Securitization loan, net	340,923	340,675
Accounts payable and accrued expenses	30,606	23,507
Security deposits	10,294	7,919
Prepaid rent	2,715	2,919
Total liabilities	823,944	788,208
American Residential Properties, Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 32,211,326 and 32,195,280 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	322	322
Additional paid-in capital	628,923	628,662
Accumulated other comprehensive loss	(129)	(96)
Accumulated deficit	(106,878)	(68,101)
Total American Residential Properties, Inc. stockholders’ equity	522,238	560,787
Non-controlling interests	12,930	11,778
Total equity	535,168	572,565
Total liabilities and equity	$ 1,359,112	$ 1,360,773