Condensed Consolidating Financial Statements

American Homes 4 Rent, L.P.

The 2028 Notes issued by American Homes 4 Rent, L.P. (the “Parent Company”) have been initially guaranteed by American Residential Properties OP, L.P. (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Parent Company, but such guarantee will be automatically released at the time that the Subsidiary Guarantor no longer guarantees our credit facility. The Parent Company’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of our properties (collectively, the “Combined Non-Guarantor Subsidiaries”), have not provided a guarantee of the 2028 Notes. Pursuant to Rule 3-10 of Regulation S-X, the following condensed consolidating financial information is provided for the Operating Partnership, including the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries. This summarized financial information may not necessarily be indicative of the results of operations or financial position had the Parent Company, the Guarantor Subsidiary or the Combined Non-Guarantor Subsidiaries operated as independent entities. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiary and the Non-Guarantor Subsidiaries have been eliminated as shown in the “Consolidating Adjustments” column. All assets and liabilities have been allocated to the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries based on legal entity ownership.

Condensed Consolidating Balance Sheets

(Amounts in thousands)



	As of September 30, 2018
	American Homes 4 Rent, L.P. (Parent Company)		American Residential Properties OP, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Total
Assets
Single-family properties, net	$	—	$	656		$	8,257,901	$	—		$	8,258,557
Cash and cash equivalents	92,343		—			17,795		—			110,138
Restricted cash	26,935		29			129,062		—			156,026
Rent and other receivables, net	—		56			36,022		—			36,078
Intercompany receivables	280,514		—			—		(280,514		)	—
Escrow deposits, prepaid expenses and other assets, including due from affiliates	71,364		170			205,377		—			276,911
Investments in subsidiaries	6,009,862		115,619			—		(6,125,481		)	—
Deferred costs and other intangibles, net	7,866		—			5,571		—			13,437
Goodwill	120,279		—			—		—			120,279
Total assets	$	6,609,163	$	116,530		$	8,651,728	$	(6,405,995	)	$	8,971,426

Liabilities
Revolving credit facility	$	—	$	—		$	—	$	—		$	—
Term loan facility, net	99,176		—			—		—			99,176
Asset-backed securitizations, net	—		—			1,965,417		—			1,965,417
Unsecured senior notes, net	492,603		—			—		—			492,603
Exchangeable senior notes, net	—		114,507			—		—			114,507
Accounts payable and accrued expenses	30,566		3,524			271,845		—			305,935
Amounts payable to affiliates	4,784		—			—		—			4,784
Intercompany payables	—		9,071			271,443		(280,514		)	—
Total liabilities	627,129		127,102			2,508,705		(280,514		)	2,982,422

Capital
Partners' capital:
General partner:
Common units	4,398,228		(10,572		)	6,143,023		(6,125,481		)	4,405,198
Preferred units	854,435		—			—		—			854,435
Limited partner:
Common units	720,345		—			—		—			720,345
Accumulated other comprehensive income	9,026		—			—		—			9,026
Total partners' capital:	5,982,034		(10,572		)	6,143,023		(6,125,481		)	5,989,004
Total capital	5,982,034		(10,572		)	6,143,023		(6,125,481		)	5,989,004

Total liabilities and capital	$	6,609,163	$	116,530		$	8,651,728	$	(6,405,995	)	$	8,971,426

Condensed Consolidating Balance Sheets (continued)

(Amounts in thousands)



	As of December 31, 2017
	American Homes 4 Rent, L.P. (Parent Company)		American Residential Properties OP, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Assets
Single-family properties, net	$	—	$	1,732		$	8,063,248		$	—		$	8,064,980
Cash and cash equivalents	22,157		—			23,999			—			46,156
Restricted cash	14,742		31			121,894			—			136,667
Rent and other receivables, net	114		57			29,973			—			30,144
Intercompany receivables	154,621		—			—			(154,621		)	—
Escrow deposits, prepaid expenses and other assets, including due from affiliates	59,271		164			138,082			—			197,517
Investments in subsidiaries	5,889,146		115,303			—			(6,004,449		)	—
Deferred costs and other intangibles, net	9,652		—			3,373			—			13,025
Goodwill	120,279		—			—			—			120,279
Total assets	$	6,269,982	$	117,287		$	8,380,569		$	(6,159,070	)	$	8,608,768

Liabilities
Revolving credit facility	$	140,000	$	—		$	—		$	—		$	140,000
Term loan facility, net	198,023		—			—			—			198,023
Asset-backed securitizations, net	—		—			1,977,308			—			1,977,308
Exchangeable senior notes, net	—		111,697			—			—			111,697
Secured note payable	—		—			48,859			—			48,859
Accounts payable and accrued expenses	27,566		2,757			192,544			—			222,867
Amounts payable to affiliates	4,720		—			—			—			4,720
Intercompany payables	—		8,428			146,193			(154,621		)	—
Participating preferred units derivative liability	29,470		—			—			—			29,470
Total liabilities	399,779		122,882			2,364,904			(154,621		)	2,732,944

Capital
Partners' capital:
General partner:
Common units	4,241,266		(5,595		)	6,017,014			(6,004,449		)	4,248,236
Preferred units	901,318		—			—			—			901,318
Limited partner:
Common units	727,544		—			—			—			727,544
Accumulated other comprehensive income	75		—			—			—			75
Total partners' capital:	5,870,203		(5,595		)	6,017,014			(6,004,449		)	5,877,173
Noncontrolling interest	—		—			(1,349		)	—			(1,349		)
Total capital	5,870,203		(5,595		)	6,015,665			(6,004,449		)	5,875,824

Total liabilities and capital	$	6,269,982	$	117,287		$	8,380,569		$	(6,159,070	)	$	8,608,768

Condensed Consolidating Statements of Operations

(Amounts in thousands)



	For the Three Months Ended September 30, 2018
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Revenues:
Rents from single-family properties	$	—		$	20		$	231,304		$	—		$	231,324
Fees from single-family properties	—			—			2,711			—			2,711
Tenant charge-backs	—			2			44,150			—			44,152
Other	380			—			1,485			—			1,865
Total revenues	380			22			279,650			—			280,052

Expenses:
Property operating expenses	—			12			113,588			—			113,600
Property management expenses	—			—			18,865			—			18,865
General and administrative expense	5,546			—			3,719			—			9,265
Interest expense	7,355			1,908			21,667			—			30,930
Acquisition fees and costs expensed	—			—			1,055			—			1,055
Depreciation and amortization	204			—			79,736			—			79,940
Other expense	527			—			542			—			1,069
Total expenses	13,632			1,920			239,172			—			254,724

Intercompany income	38			—			253			(291		)	—
Intercompany expenses	(253		)	—			(38		)	291			—
Gain on sale of single-family properties and other, net	—			(3		)	4,956			—			4,953
Equity in income of subsidiaries	43,748			11,009			—			(54,757		)	—

Net income	30,281			9,108			45,649			(54,757		)	30,281

Preferred distributions	12,223			—			—			—			12,223

Net income attributable to common unitholders	$	18,058		$	9,108		$	45,649		$	(54,757	)	$	18,058

Condensed Consolidating Statements of Operations (continued)

(Amounts in thousands)



	For the Three Months Ended September 30, 2017
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)		Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Revenues:
Rents from single-family properties	$	—		$	48	$	207,442		$	—		$	207,490
Fees from single-family properties	—			—		2,843			—			2,843
Tenant charge-backs	—			3		36,091			—			36,094
Other	310			—		99			—			409
Total revenues	310			51		246,475			—			246,836

Expenses:
Property operating expenses	—			27		97,917			—			97,944
Property management expenses	—			3		17,444			—			17,447
General and administrative expense	5,170			—		3,355			—			8,525
Interest expense	2,490			1,844		22,258			—			26,592
Acquisition fees and costs expensed	—			—		1,306			—			1,306
Depreciation and amortization	369			2		74,419			—			74,790
Hurricane-related charges, net	—			—		10,136			—			10,136
Other	110			60		1,115			—			1,285
Total expenses	8,139			1,936		227,950			—			238,025

Intercompany income	69			—		86			(155		)	—
Intercompany expenses	(86		)	—		(69		)	155			—
Gain on sale of single-family properties and other, net	—			685		1,210			—			1,895
Remeasurement of participating preferred units	8,391			—		—			—			8,391
Equity in income of subsidiaries	18,583			8,655		—			(27,238		)	—

Net income	19,128			7,455		19,752			(27,238		)	19,097

Noncontrolling interest	—			—		(31		)	—			(31		)
Preferred distributions	17,253			—		—			—			17,253

Net income attributable to common unitholders	$	1,875		$	7,455	$	19,783		$	(27,238	)	$	1,875

Condensed Consolidating Statements of Operations (continued)

(Amounts in thousands)



	For the Nine Months Ended September 30, 2018
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)		Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Revenues:
Rents from single-family properties	$	—		$	60	$	676,498		$	—		$	676,558
Fees from single-family properties	—			1		8,297			—			8,298
Tenant charge-backs	—			6		112,870			—			112,876
Other	1,114			—		3,693			—			4,807
Total revenues	1,114			67		801,358			—			802,539

Expenses:
Property operating expenses	—			16		313,414			—			313,430
Property management expenses	—			3		56,465			—			56,468
General and administrative expense	17,497			2		10,674			—			28,173
Interest expense	21,584			5,613		65,012			—			92,209
Acquisition fees and costs expensed	—			—		3,687			—			3,687
Depreciation and amortization	705			—		236,857			—			237,562
Other expense	702			9		2,809			—			3,520
Total expenses	40,488			5,643		688,918			—			735,049

Intercompany income	1,064			—		395			(1,459		)	—
Intercompany expenses	(395		)	—		(1,064		)	1,459			—
Gain on sale of single-family properties and other, net	—			601		9,848			—			10,449
Loss on early extinguishment of debt	(879		)	—		(568		)	—			(1,447		)
Remeasurement of participating preferred units	1,212			—		—			—			1,212
Equity in income of subsidiaries	116,335			32,276		—			(148,611		)	—

Net income	77,963			27,301		121,051			(148,611		)	77,704

Noncontrolling interest	—			—		(259		)	—			(259		)
Preferred distributions	38,804			—		—			—			38,804
Redemption of participating preferred units	32,215			—		—			—			32,215

Net income attributable to common unitholders	$	6,944		$	27,301	$	121,310		$	(148,611	)	$	6,944

Condensed Consolidating Statements of Operations (continued)

(Amounts in thousands)



	For the Nine Months Ended September 30, 2017
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Revenues:
Rents from single-family properties	$	—		$	214		$	613,031		$	—		$	613,245
Fees from single-family properties	—			2			8,135			—			8,137
Tenant charge-backs	—			17			91,832			—			91,849
Other	1,029			—			3,338			—			4,367
Total revenues	1,029			233			716,336			—			717,598

Expenses:
Property operating expenses	—			129			267,074			—			267,203
Property management expenses	—			14			52,353			—			52,367
General and administrative expense	15,184			2			11,560			—			26,746
Interest expense	9,005			5,427			72,441			—			86,873
Acquisition fees and costs expensed	358			—			3,456			—			3,814
Depreciation and amortization	1,147			8			220,304			—			221,459
Hurricane-related charges, net	—			—			10,136			—			10,136
Other	290			111			3,801			—			4,202
Total expenses	25,984			5,691			641,125			—			672,800

Intercompany income	190			—			413			(603		)	—
Intercompany expenses	(413		)	—			(190		)	603			—
Gain (loss) on sale of single-family properties and other, net	3,031			(490		)	3,834			—			6,375
Loss on early extinguishment of debt	—			—			(6,555		)	—			(6,555		)
Remeasurement of participating preferred units	1,341			—			—			—			1,341
Equity in income of subsidiaries	66,757			27,143			—			(93,900		)	—

Net income	45,951			21,195			72,713			(93,900		)	45,959

Noncontrolling interest	—			—			8			—			8
Preferred distributions	46,122			—			—			—			46,122

Net (loss) income attributable to common unitholders	$	(171	)	$	21,195		$	72,705		$	(93,900	)	$	(171	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

(Amounts in thousands)



	For the Three Months Ended September 30, 2018
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated Total
Net income	$	30,281		$	9,108	$	45,649	$	(54,757	)	$	30,281
Other comprehensive loss:
Gain on cash flow hedging instrument:
Reclassification adjustment for amortization of interest expense included in net income	(241		)	—		—		—			(241		)
Other comprehensive loss	(241		)	—		—		—			(241		)
Comprehensive income	30,040			9,108		45,649		(54,757		)	30,040
Preferred distributions	12,223			—		—		—			12,223
Comprehensive income attributable to common unitholders	$	17,817		$	9,108	$	45,649	$	(54,757	)	$	17,817



	For the Three Months Ended September 30, 2017
	American Homes 4 Rent, L.P. (Parent Company)		American Residential Properties OP, L.P. (Guarantor Subsidiary)		Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Net income	$	19,128	$	7,201	$	20,006		$	(27,238	)	$	19,097
Comprehensive income	19,128		7,201		20,006			(27,238		)	19,097
Comprehensive loss attributable to noncontrolling interests	—		—		(31		)	—			(31		)
Preferred distributions	17,253		—		—			—			17,253
Comprehensive income attributable to common unitholders	$	1,875	$	7,201	$	20,037		$	(27,238	)	$	1,875

Condensed Consolidating Statements of Comprehensive Income (Loss) (continued)

(Amounts in thousands)



	For the Nine Months Ended September 30, 2018
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)		Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Net income	$	77,963		$	27,301	$	121,051		$	(148,611	)	$	77,704
Other comprehensive income:
Gain on cash flow hedging instrument:
Gain on settlement of cash flow hedging instrument	9,553			—		—			—			9,553
Reclassification adjustment for amortization of interest expense included in net income	(602		)	—		—			—			(602		)
Other comprehensive income	8,951			—		—			—			8,951
Comprehensive income	86,914			27,301		121,051			(148,611		)	86,655
Comprehensive loss attributable to noncontrolling interests	—			—		(259		)	—			(259		)
Preferred distributions	38,804			—		—			—			38,804
Redemption of participating preferred units	32,215			—		—			—			32,215
Comprehensive income attributable to common unitholders	$	15,895		$	27,301	$	121,310		$	(148,611	)	$	15,895



	For the Nine Months Ended September 30, 2017
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)		Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Net income	$	45,951		$	21,195	$	72,713		$	(93,900	)	$	45,959
Other comprehensive loss:
Gain on cash flow hedging instrument:
Reclassification adjustment for amortization of interest expense included in net income	—			—		(28		)	—			(28		)
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income	(67		)	—		—			—			(67		)
Other comprehensive loss	(67		)	—		(28		)	—			(95		)
Comprehensive income	45,884			21,195		72,685			(93,900		)	45,864
Comprehensive income attributable to noncontrolling interests	—			—		8			—			8
Preferred distributions	46,122			—		—			—			46,122
Comprehensive (loss) income attributable to common unitholders	$	(238	)	$	21,195	$	72,677		$	(93,900	)	$	(266	)

Condensed Consolidating Statements of Cash Flows

(Amounts in thousands)



	For the Nine Months Ended September 30, 2018
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Operating activities
Net cash (used for) provided by operating activities	$	(198,097	)	$	(1,345	)	$	575,905		$	—		$	376,463

Investing activities
Cash paid for single-family properties	—			—			(333,082		)	—			(333,082		)
Change in escrow deposits for purchase of single-family properties	—			—			(2,194		)	—			(2,194		)
Net proceeds received from sales of single-family properties and other	—			2,165			45,592			—			47,757
Proceeds received from hurricane-related insurance claims	—			—			4,000			—			4,000
Investment in unconsolidated joint venture	(3,800		)	—			—			—			(3,800		)
Distributions from joint ventures	33,680			—			2,571			—			36,251
Collections from intercompany notes	1,800			—			—			(1,800		)	—
(Investment in) return of investment in subsidiaries	(5,089		)	31,958			—			(26,869		)	—
Initial renovations to single-family properties	—			—			(40,898		)	—			(40,898		)
Recurring and other capital expenditures for single-family properties	—			(504		)	(39,966		)	—			(40,470		)
Other purchases of productive assets	—			—			(149,475		)	—			(149,475		)
Net cash provided by (used for) investing activities	26,591			33,619			(513,452		)	(28,669		)	(481,911		)

Financing activities
Proceeds from issuance of perpetual preferred units	115,000			—			—			—			115,000
Payments of perpetual preferred unit issuance costs	(3,750		)	—			—			—			(3,750		)
Repurchase of Class A units	(34,969		)	—			—			—			(34,969		)
Share-based compensation proceeds, net	8,871			—			—			—			8,871
Payments on asset-backed securitizations	—			—			(15,669		)	—			(15,669		)
Proceeds from revolving credit facility	155,000			—			—			—			155,000
Payments on revolving credit facility	(295,000		)	—			—			—			(295,000		)
Payments on term loan facility	(100,000		)	—			—			—			(100,000		)
Payments on secured note payable	—			—			(49,427		)	—			(49,427		)
Proceeds from unsecured senior notes, net of discount	497,210			—			—			—			497,210
Settlement of cash flow hedging instrument	9,628			—			—			—			9,628
Payments on intercompany notes borrowed	—			—			(1,800		)	1,800			—
Intercompany financing and distributions to parent	—			(32,276		)	5,407			26,869			—
Distributions to common unitholders	(51,827		)	—			—			—			(51,827		)
Distributions to preferred unitholders	(41,178		)	—			—			—			(41,178		)
Deferred financing costs paid	(5,100		)	—			—			—			(5,100		)
Net cash provided by (used for) financing activities	253,885			(32,276		)	(61,489		)	28,669			188,789

Net increase (decrease) in cash, cash equivalents and restricted cash	82,379			(2		)	964			—			83,341
Cash, cash equivalents and restricted cash, beginning of period	36,899			31			145,893			—			182,823
Cash, cash equivalents and restricted cash, end of period	$	119,278		$	29		$	146,857		$	—		$	266,164

Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(17,667	)	$	(1,869	)	$	(61,406	)	$	—		$	(80,942	)

Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	$	—		$	(12	)	$	(95	)	$	—		$	(107	)
Transfers of completed homebuilding deliveries to properties	$	—		$	—		$	64,867		$	—		$	64,867
Property and land contributions to an unconsolidated joint venture	$	—		$	—		$	(40,942	)	$	—		$	(40,942	)
Redemption of participating preferred units	$	(28,258	)	$	—		$	—		$	—		$	(28,258	)
Accrued distributions to affiliates	$	(129	)	$	—		$	—		$	—		$	(129	)
Accrued distributions to non-affiliates	$	(1,773	)	$	—		$	—		$	—		$	(1,773	)

Condensed Consolidating Statements of Cash Flows (continued)

(Amounts in thousands)



	For the Nine Months Ended September 30, 2017
	American Homes 4 Rent, L.P. (Parent Company)			American Residential Properties OP, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated Total
Operating activities
Net cash (used for) provided by operating activities	$	(45,914	)	$	(3,563	)	$	398,852		$	—		$	349,375

Investing activities
Cash paid for single-family properties	—			—			(462,875		)	—			(462,875		)
Change in escrow deposits for purchase of single-family properties	—			—			(2,710		)	—			(2,710		)
Net proceeds received from sales of single-family properties and other	14,265			2,821			51,532			—			68,618
Collections from mortgage financing receivables	—			—			83			—			83
Distributions from joint ventures	680			—			5,301			—			5,981
Collections from intercompany notes	9,507			—			—			(9,507		)	—
(Investment in) return of investment in subsidiaries	(575,754		)	29,453			—			546,301			—
Initial renovations to single-family properties	—			(1,591		)	(29,617		)	—			(31,208		)
Recurring and other capital expenditures for single-family properties	—			—			(26,725		)	—			(26,725		)
Other purchases of productive assets	(6,657		)	—			(31,403		)	—			(38,060		)
Net cash (used for) provided by investing activities	(557,959		)	30,683			(496,414		)	536,794			(486,896		)

Financing activities
Proceeds from issuance of Class A units	694,765			—			—			—			694,765
Payments of Class A unit issuance costs	(10,444		)	—			—			—			(10,444		)
Proceeds from issuance of perpetual preferred units	270,000			—			—			—			270,000
Payments of perpetual preferred unit issuance costs	(9,229		)	—			—			—			(9,229		)
Share-based compensation proceeds, net	988			—			—			—			988
Redemptions of Class A units	(169		)	—			—			—			(169		)
Payments on asset-backed securitizations	—			—			(472,470		)	—			(472,470		)
Proceeds from revolving credit facility	62,000			—			—			—			62,000
Payments on revolving credit facility	(112,000		)	—			—			—			(112,000		)
Proceeds from term loan facility	25,000			—			—			—			25,000
Payments on term loan facility	(100,000		)	—			—			—			(100,000		)
Payments on secured note payable	—			—			(721		)	—			(721		)
Payments on intercompany notes borrowed	—			—			(9,507		)	9,507			—
Intercompany financing and distributions to parent	—			(27,143		)	573,444			(546,301		)	—
Distributions to common unitholders	(47,223		)	—			—			—			(47,223		)
Distributions to preferred unitholders	(46,122		)	—			—			—			(46,122		)
Deferred financing costs paid	(3,974		)	—			—			—			(3,974		)
Net cash provided by (used for) financing activities	723,592			(27,143		)	90,746			(536,794		)	250,401

Net increase (decrease) in cash, cash equivalents and restricted cash	119,719			(23		)	(6,816		)	—			112,880
Cash, cash equivalents and restricted cash, beginning of period	76,913			62			173,266			—			250,241
Cash, cash equivalents and restricted cash, end of period	$	196,632		$	39		$	166,450		$	—		$	363,121

Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(7,235	)	$	(2,803	)	$	(67,926	)	$	—		$	(77,964	)

Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	$	—		$	12		$	7,139		$	—		$	7,151
Transfer of term loan borrowings to revolving credit facility	$	50,000		$	—		$	—		$	—		$	50,000
Transfer of deferred financing costs from term loan to revolving credit facility	$	1,524		$	—		$	—		$	—		$	1,524
Transfers of completed homebuilding deliveries to properties	$	—		$	—		$	3,010		$	—		$	3,010
Note receivable related to a bulk sale of properties, net of discount	$	5,635		$	—		$	—		$	—		$	5,635