American Residential Properties (ARPI) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'ARPI	'
Entity Registrant Name	'American Residential Properties, Inc.	'
Entity Central Index Key	'0001548981	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	32,170,434

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Land	$141,827	$44,381
Building and improvements	540,446	171,598
Furniture, fixtures and equipment	6,175	1,994
Investment in real estate, gross	688,448	217,973
Less: accumulated depreciation	-11,551	-1,277
Investment in real estate, net	676,897	216,696
Mortgage financings	39,473	13,025
Cash and cash equivalents	24,321	101,725
Acquisition deposits	1,406	217
Rents and other receivables, net	2,756	1,703
Due from related party	21	26
Deferred leasing costs and lease intangibles, net	2,243	1,576
Deferred financing costs, net	3,761	44
Investment in unconsolidated ventures	27,112	10,060
Goodwill	3,500	3,500
Other, net	3,072	855
Total assets	784,562	349,427
Liabilities:	'	'
Revolving credit facility	170,000	0
Accounts payable and accrued expenses	10,867	2,438
Security deposits	2,774	626
Prepaid rent	849	132
Total liabilities	184,490	3,196
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; 32,170,434 and 18,387,257 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	322	184
Additional paid-in capital	612,770	346,851
Accumulated deficit	-22,745	-6,139
Total American Residential Properties, Inc. stockholders' equity	590,347	340,896
Non-controlling interests	9,725	5,335
Total equity	600,072	346,231
Total liabilities and equity	$784,562	$349,427

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	32,170,434	32,170,434
Common stock, shares outstanding	18,387,257	18,387,257

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013
Revenue:	'	'	'	'
Management services (related party)	$113	$86	$145	$327
Interest and other	1,488	83	115	3,649
Total revenue	11,069	666	761	24,724
Expenses:	'	'	'	'
Property operating and maintenance	2,489	336	338	4,915
Real estate taxes	1,791	205	233	3,315
Homeownersb association fees	228	119	119	746
Acquisition	301	305	326	3,750
Depreciation and amortization	6,589	415	422	14,367
General, administrative and other	3,105	1,714	2,934	12,319
Interest	1,204	0	0	2,257
Total expenses	15,707	3,094	4,372	41,669
Loss from continuing operations before equity in net income of unconsolidated ventures	-4,638	-2,428	-3,611	-16,945
Equity in net income of unconsolidated ventures	50	0	0	110
Net loss and comprehensive loss	-4,588	-2,428	-3,611	-16,835
Net loss and comprehensive loss attributable to non-controlling interests	73	40	59	229
Net loss and comprehensive loss attributable to common stockholders	-4,515	-2,388	-3,552	-16,606
Basic and diluted loss per share:	'	'	'	'
Net loss attributable to common stockholders	($0.14)	($0.21)	($0.32)	($0.65)
Weighted-average number of shares of common stock outstanding	32,124,857	11,199,757	11,199,757	25,447,193
Self-managed rental revenue	'	'	'	'
Revenue:	'	'	'	'
Rental revenue	7,520	497	501	15,430
Preferred operator rental revenue	'	'	'	'
Revenue:	'	'	'	'
Rental revenue	$1,948	$0	$0	$5,318

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Deficit	Non-Controlling Interests
In Thousands, except Share data, unless otherwise specified
Beginning Balance at Dec. 31, 2012	$346,231	$184	$0	$346,851	($6,139)	$5,335
Beginning Balance, Shares at Dec. 31, 2012	'	18,387,257	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issuance of common stock	265,893	137	'	265,756	'	'
Common stock issued during period (in shares)	'	13,737,600	'	'	'	'
Net loss	-16,835	'	'	'	-16,606	-229
Other comprehensive loss	0	'	0	'	'	'
Stock-based compensation	4,783	1	'	163	'	4,619
Stock-based compensation, Shares	'	45,577	'	'	'	'
Ending Balance at Sep. 30, 2013	$600,072	$322	$0	$612,770	($22,745)	$9,725
Ending Balance, Shares at Sep. 30, 2013	'	32,170,434	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Sep. 30, 2013
Operating activities	'	'
Net loss	($3,611)	($16,835)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	422	14,367
Amortization of stock-based compensation	1,409	4,783
Amortization of deferred financing costs	0	911
Bad debt expense	10	1,229
Straight line rent revenue	0	-519
Equity in net income of unconsolidated ventures	0	-110
Distributions from unconsolidated ventures	0	110
Changes in operating assets and liabilities:	'	'
Rent and other receivables, net	-379	-1,763
Due from related party	-145	5
Deferred leasing costs	-75	-1,133
Other assets, net	-403	-2,455
Accounts payable and accrued expenses	1,455	10,464
Net cash provided by (used in) operating activities	-1,317	9,054
Investing activities:	'	'
Improvements of real estate	-907	-14,492
Property acquisitions, including acquired in-place leases	-84,910	-458,542
Investment in mortgage financings	-2,111	-48,942
Repayments from mortgage financings	91	22,494
Contributions to unconsolidated ventures	0	-18,000
Distributions from unconsolidated ventures	0	948
Increase in acquisition deposits	-409	-1,189
Net cash used in investing activities	-88,246	-517,723
Financing activities:	'	'
Borrowings under revolving credit facility	0	279,000
Repayments of revolving credit facility	0	-109,000
Proceeds from issuance of common stock	223,879	288,471
Common stock issuance transaction costs	-15,180	-22,578
Deferred financing costs paid	0	-4,628
Net cash provided by financing activities	208,699	431,265
Net (decrease) increase in cash and cash equivalents	119,136	-77,404
Cash and cash equivalents-beginning of period	'	101,725
Cash and cash equivalents-end of period	119,136	24,321
Supplemental schedule of noncash investing and financing activities	'	'
Accounts payable and accrued expenses for additions to investments in real estate	170	1,042
Cash paid for interest	0	1,201
Acquisition of management company business in exchange for operating partnership units	$3,500	$0

Companys_Organization_and_Oper

Company's Organization and Operations (Notes)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Company's Organization and Operations	'
	Company’s Organization and Operations
	As used in these condensed consolidated financial statements and related notes, the terms “American Residential Properties, Inc.,” the “Company,” “us,” “we” and “our” refer to American Residential Properties, Inc. We are an internally managed real estate company organized as a real estate investment trust, or REIT, that acquires, owns and manages single-family homes as rental properties. As of September 30, 2013, we own 5,440 properties in Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, North Carolina, Ohio, South Carolina, Tennessee and Texas. We conduct substantially all of our operations through (1) American Residential Properties OP, L.P., a Delaware limited partnership, or our Operating Partnership, in which we have a 98.4% interest as of September 30, 2013 and for which, through our wholly owned subsidiary, American Residential GP, LLC, we serve as sole general partner, and (2) American Residential Properties TRS, LLC, or our TRS, which is our taxable REIT subsidiary.
	Upon closing our initial private offering in May 2012, we issued 11,198,757 shares of our common stock to various institutional investors and accredited investors at an offering price of $20.00 per share, and we received approximately $208.7 million of net proceeds. Upon closing our follow-on private offering in December 2012, we issued 7,187,500 shares of our common stock to various institutional investors and accredited investors at an offering price of $20.50 per share, and we received approximately $138.3 million of net proceeds. We contributed the net proceeds from these offerings and the sale of shares to our founders at incorporation to our Operating Partnership in exchange for an aggregate of 18,387,257 units of limited partnership interest in our Operating Partnership, or OP units. In addition, upon closing our initial private offering, we acquired substantially all of the assets of American Residential Management, Inc., or ARM, a company co-owned by our founders, Stephen G. Schmitz, our Chief Executive Officer and Chairman, and Laurie A. Hawkes, our President and Chief Operating Officer, pursuant to a contribution and sale agreement between our Operating Partnership and ARM (Note 9). ARM is the vehicle within which our founders further developed our proprietary real estate acquisition and management platform. Our Operating Partnership issued 175,000 OP units to ARM and we paid $85,000 in cash as consideration for our acquisition of the ARM assets. As a result, upon completion of our initial private offering, we owned our founders’ proprietary real estate acquisition and management platform.
	On January 25, 2013, we issued 37,600 shares of our common stock at a price of $20.50 per share in a private placement pursuant to Rule 506 of Regulation D under the Securities Act of 1933, as amended, and we received gross proceeds of approximately $0.8 million.
	On May 14, 2013, we completed our initial public offering, or our IPO, of 13,700,000 shares of our common stock at an offering price of $21.00 per share, and we received approximately $265.1 million of net proceeds, after deducting the underwriting discounts and commissions, structuring fee and other offering expenses payable by us.
	The Company’s September 30, 2013 condensed consolidated financial statements and results of operations include a comparison to the period from March 30, 2012 (inception) through September 30, 2012. We were formed on March 30, 2012 (inception) and had no operating activity before May 11, 2012. We consider May 11, 2012, the closing date of our initial private offering and of our acquisition of the ARM assets, to be the date on which we first commenced investment activities.
	We have made an election to qualify, and believe we are operating so as to qualify, as a REIT for federal income tax purposes beginning with our short taxable year ended December 31, 2012. Assuming that we qualify for taxation as a REIT, we will generally not be subject to federal income taxes to the extent that we distribute substantially all of our taxable income to our stockholders and meet other specific requirements.

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Notes)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Accounting and Principles of Consolidation
	The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the period from March 30, 2012 (inception) through December 31, 2012, included in the Company’s prospectus dated May 8, 2013 and filed with the SEC on May 9, 2013. In the opinion of management, the unaudited condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the entire year.
	The accompanying condensed consolidated financial statements include the accounts of American Residential Properties, Inc., our Operating Partnership and the wholly owned subsidiaries of our Operating Partnership. All majority-owned subsidiaries are consolidated and included in our condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation.
	Use of Estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
	Reclassifications
	Certain reclassifications have been made to prior period balances to conform to the current period presentation.
	Investment in Real Estate
	Property acquired not subject to an existing lease is accounted for as an asset acquisition, with the property recorded at the purchase price, including acquisition costs, and allocated between land and building and improvements based upon their relative fair values at the date of acquisition. Property acquired with an existing lease is recorded as a business combination. For properties acquired through portfolio transactions, we determine whether the acquisition qualifies as a business combination based on the nature and status of the properties as of the acquisition date. A portfolio comprised of properties that are substantially leased at acquisition is treated as a business combination. A portfolio comprised of properties that are substantially vacant at acquisition is treated as an asset acquisition. For property acquisitions accounted for as business combinations, the land, building and improvements and the existing lease are recorded at fair value at the date of acquisition, with acquisition costs expensed as incurred.
	Fair value is determined under the guidance of Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements, primarily based on unobservable market data inputs, which are categorized as Level 3 inputs. In making estimates of fair values for purposes of allocating purchase price, we utilize our market knowledge and published market data. Our real estate portfolio is depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 5 to 27.5 years.
	We sometimes acquire portfolios of leased properties from established local operators through our “preferred operator” program. In this program, we acquire portfolios of leased properties for which the operator retains day-to-day management responsibilities pursuant to a longer-term lease. In these arrangements, the operator is responsible for all property-related expenses and we receive payments from the operator that escalate over the term of the lease. In-place lease intangibles associated with the preferred operator program are valued based on management’s estimates of lost rent and carrying costs. In-place lease intangibles associated with the acquisition of self-managed homes are valued based on management’s estimate of lost rent during the time it would take to locate a tenant and execute a lease if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining initial term of the related lease. The leases reflect market rental rates.
	We incur costs to prepare our acquired properties to be rented. These costs (including direct internal costs) are capitalized and allocated to building costs. Costs related to the restoration or improvement of our properties (including direct internal costs, primarily comprised of payroll expense) that improve and extend their useful lives are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary repairs and maintenance are expensed as incurred.
	Impairment of Long-Lived Assets
	We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows from the property against its net carrying amount. We prepare our future undiscounted cash flow analysis using estimates based on current rental rates, renewals and occupancy, operating expenses and inputs from our annual planning process and historical performance. When preparing these estimates, we consider each property’s historical results, current operating trends and current market conditions. These estimates may be impacted by variable factors, including inflation, expected rental rates, the general health of the economy and market competition. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. To determine the estimated fair value, we consider both recent comparable homes sales and the use of discounted projected future cash flows. The rates used to discount projected future cash flows reflect market discount rates. No impairments were recorded during the three or nine months ended September 30, 2013, the three months ended September 30, 2012 or the period from March 30, 2012 (inception) through September 30, 2012.
	Mortgage Financings
	We hold mortgage financing receivables for investment. The receivables are carried at cost, net of related unamortized premiums or discounts, if any. The mortgage loans are secured by single-family homes.
	Interest income on mortgage financings is recognized on the effective interest method applied on a loan-by-loan basis. Direct costs, if any, associated with funding loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the terms of the related loans using the effective interest method.
	Mortgage loans as of September 30, 2013 include approximately $38.0 million of short-term loans with a weighted-average interest rate of approximately 11.9% and a weighted-average remaining term of approximately 106 days and approximately $1.5 million in long-term loans with a weighted-average interest rate of approximately 8.0% and a weighted-average remaining term of approximately 29 years.
	Rents and Other Receivables, Net
	We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants, preferred operators or borrowers to make required rent or other payments. This allowance is estimated based on payment history and current credit status. If a tenant, preferred operator or borrower fails to make contractual payments beyond any allowance, we may recognize bad debt expense in future periods equal to the amount of unpaid rent, interest or principal and deferred rent. We generally do not require collateral or other security from our tenants, other than security deposits. Mortgage loans are secured by single-family homes. If estimates of collectibility differ from the cash received, then the timing and amount of our reported revenue could be impacted.
	Our rents and other receivables for self-managed and preferred operator program homes are presented net of an allowance for doubtful accounts in our condensed consolidated balance sheet of approximately $0.4 million and $0.5 million, respectively, for a total of $0.9 million as of September 30, 2013. The allowance for doubtful accounts was $41,000 as of December 31, 2012.
	We recorded a provision for doubtful accounts for self-managed homes of approximately $0.4 million and $0.8 million for the three and nine months ended September 30, 2013, respectively. We recorded a provision for doubtful accounts for preferred operator program homes of approximately $0.4 million and $0.4 million for the three and nine months ended September 30, 2013, respectively. The total provision for doubtful accounts was approximately $0.8 million and $1.2 million for the three and nine months ended September 30, 2013, respectively. We recorded a provision for doubtful accounts for self-managed homes of approximately $10,000 and $10,000 for the three months ended September 30, 2012 and the period from March 30, 2012 (inception) through September 30, 2012, respectively. There was no provision for doubtful accounts recorded for preferred operator program homes in 2012.
	Investments in Unconsolidated Ventures
	Investments in ventures are generally accounted for under the equity method of accounting when we exercise significant influence over the venture but we do not serve as managing member or control the venture. Net income/loss allocations are included in the investment balance along with the contributions made and distributions received over the life of the investment. In May 2013, we invested approximately $18.0 million in Red Rock River LLC, a joint-venture in which our equity interest is approximately 62% of the total amount invested. The joint-venture used invested funds to purchase portfolios of residential mortgage loans.
	Income Taxes
	We have elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended, or the Code, commencing with our short taxable year ended December 31, 2012. We believe that we have operated in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our stockholders equal or exceed our REIT taxable income.
	However, qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code related to the percentage of income that we earn from specified sources, the percentage of our assets that fall within specified categories, the diversity of our capital stock ownership, and the percentage of our earnings that we distribute. Accordingly, no assurance can be given that we will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we may be ineligible to qualify as a REIT for four subsequent tax years. Even if we qualify as a REIT, we may be subject to certain state or local income taxes, and our TRS will be subject to federal, state and local taxes on its income.
	We have elected to treat our TRS as a taxable REIT subsidiary. Certain activities that we undertake will be conducted in our TRS, such as third-party property management and non-customary services for our tenants and holding assets that we cannot hold directly. Our TRS is subject to both federal and state income taxes.
	Comprehensive Loss
	Net loss and comprehensive loss are the same for the three and nine months ended September 30, 2013, for the three months ended September 30, 2012 and for the period from March 30, 2012 (inception) through September 30, 2012.
	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or the SEC. We adopt the new pronouncements as of the specified effective date. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and therefore we believe will have minimal, if any, impact on our financial position or results of operations upon adoption.

Lease_Intangibles_Notes

Lease Intangibles (Notes)	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Lease Intangibles	'
	Lease Intangibles
	Our identifiable intangible assets as of September 30, 2013 and December 31, 2012 are summarized as follows (amounts in thousands):
		30-Sep-13			31-Dec-12
	Acquired in-place leases	$	5,286		$	1,897
	Less: accumulated amortization	(3,851		)	(453		)
	Intangible lease assets, net	$	1,435		$	1,444
	The impact of the amortization of acquired in-place leases on our depreciation and amortization expense is approximately $1.2 million and $0.1 million for the three months ended September 30, 2013 and 2012, respectively, and approximately $3.4 million and $0.1 million for the nine months ended September 30, 2013 and for the period March 30, 2012 (inception) through September 30, 2012, respectively.

Debt_Notes

Debt (Notes)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	In January 2013, we entered into a $150 million senior secured revolving credit facility, or the Original Credit Facility, with a syndicate of major national banks. In September 2013, we entered into an amended and restated $340 million senior secured revolving credit facility, or the Credit Facility, with a syndicate of major national banks, which amended and restated in its entirety the $150 million Original Credit Facility. The Credit Facility has an accordion feature that allows us, assuming our compliance with applicable covenants and at the lenders’ discretion, to borrow up to $500 million thereunder if certain criteria are met. The amount available for us to borrow under the Credit Facility is subject to limitations governed by calculations based on the cost, value and debt yield supported by our properties that form the borrowing base of the Credit Facility. The credit agreement requires us to comply with various financial covenants as well as customary affirmative and negative covenants that restrict our ability to, among other things, incur debt and liens, make investments, dispose of properties and make distributions. The Credit Facility is secured by our ownership interest in American Residential Leasing Company, LLC, which is a wholly owned subsidiary of our Operating Partnership. As of September 30, 2013, we were in compliance with all of the financial covenants of the Credit Facility.
	The Credit Facility matures in January 2015 and has an optional one-year extension (assuming our compliance with applicable covenants). Borrowings under the Credit Facility bear interest, at our option, at either the one-month, two-month, three-month or six-month Eurodollar rate or the base rate, plus, in each case, a spread based on a ratio of total indebtedness to total asset value (each as defined in the credit agreement that governs the Credit Facility) ranging from less than or equal to 45% to greater than 55%. The Eurodollar rate for an interest period is the London Interbank Offered Rate, or LIBOR, for a term equivalent to such period plus a spread ranging from 2.50% to 3.25% (determined as described in the preceding sentence) and the base rate for any day is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) Bank of America's "prime rate" for such day and (c) the one-month Eurodollar rate plus 1.00% plus a spread ranging from 1.50% to 2.25% (determined as described in the preceding sentence). We are also required to pay a quarterly fee on the unused portion of the Credit Facility at a rate of between 0.35% and 0.45% per annum, based on the actual daily unused balance during a fiscal quarter. For the three and nine months ended September 30, 2013, the Company incurred non-utilization fees of $0.1 million and $0.4 million, respectively.
	Prior to the completion of our IPO on May 14, 2013, $109.0 million was outstanding under the Original Credit Facility. Proceeds from the IPO were utilized to repay the entire outstanding balance. As of September 30, 2013, $170.0 million was outstanding under the Credit Facility, bearing weighted-average interest at a rate of 2.68%, with remaining availability of $73.0 million. Subsequent to September 30, 2013, we borrowed an additional $40.0 million.
	As a result of entering into the Original Credit Facility and the Credit Facility, we incurred aggregate costs of $4.7 million which have been deferred and are included in deferred financing costs, net on the accompanying condensed consolidated balance sheets. These costs are being amortized to interest expense over the remaining initial term of the Credit Facility. The Company amortized $0.4 million and $0.9 million of deferred financing costs for the three and nine months ended September 30, 2013, respectively.

Earnings_Loss_Per_Share_Notes

Earnings (Loss) Per Share (Notes)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings (Loss) Per Share	'
	Earnings (Loss) Per Share
	Basic net income or loss attributable to common stockholders is computed by dividing reported net income or loss attributable to common stockholders by the weighted-average number of common and contingently issuable shares outstanding during each period.
	A reconciliation of our net loss per share is as follows (amounts in thousands, except share and per-share amounts):
		Three Months Ended September 30,							Nine Months			March 30, 2012 (inception) to September 30,
									Ended
									September 30,
		2013				2012			2013			2012
	Net loss attributable to common stockholders	$	(4,515	)		$	(2,388	)	$	(16,606	)	$	(3,552	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted	32,124,857				11,199,757			25,447,193			11,199,757
	Net loss per share of common stock, basic and diluted	$	(0.14	)		$	(0.21	)	$	(0.65	)	$	(0.32	)
	For all periods presented, no potentially dilutive securities were included in computing loss per share of common stock as their effect would be anti-dilutive. Potentially dilutive securities excluded were OP and vested LTIP units, unvested LTIP units, and unvested restricted stock. The weighted-average number of shares of potentially dilutive securities were as follows:
		Three Months Ended						Nine Months Ended		March 30, 2012 (inception) to September 30,
		September 30,						September 30,
		2013			2012			2013		2012
	OP and vested LTIP units	520,274			185,490			357,969		185,490
	Unvested LTIP units	182,577			464,432			333,540		464,432
	Unvested restricted stock	46,827			—			23,842		—
	Potentially dilutive shares	749,678			649,922			715,351		649,922

Stockholders_Equity_Notes

Stockholders' Equity (Notes)	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	On May 14, 2013, we completed our IPO of 13,700,000 shares of our common stock at a public offering price of $21.00 per share, and we received approximately $265.1 million of net proceeds, after deducting the underwriting discounts and commissions, structuring fee and other offering expenses payable by us.

Stock_Compensation_Notes

Stock Compensation (Notes)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Compensation	'
	Stock Compensation
	We award stock-based compensation to certain employees and members of our Board of Directors through the American Residential Properties, Inc. 2012 Equity Incentive Plan, or our 2012 Equity Incentive Plan. Under our 2012 Equity Incentive Plan, the Compensation Committee of our Board of Directors has the ability to grant nonqualified stock options, incentive stock options, restricted shares of our common stock, restricted stock units, dividend equivalents, stock appreciation rights and other awards to our officers, employees, directors and other persons providing services to our Operating Partnership and its subsidiaries. The number of shares of our common stock available for grant under our 2012 Equity Incentive Plan is subject to an aggregate limit of 1,500,000 shares. Our 2012 Equity Incentive Plan expires on May 11, 2022, except as to any grants which are then outstanding. As of September 30, 2013, there were 915,240 shares of our common stock available for grant under our 2012 Equity Incentive Plan.
	Upon completion of our IPO in May 2013, our Board of Directors awarded an aggregate of 416,665 LTIP units and shares of restricted common stock to senior management. In May 2013, we issued 21,429 LTIP units and 30,952 shares of restricted common stock pursuant to these awards. In November 2013, we issued 338,094 performance-based LTIP units pursuant to these awards.
	We recorded stock-based compensation cost of approximately $0.5 million and $4.8 million as part of general, administrative and other expense in the condensed consolidated statement of operations and comprehensive loss for the three and nine months ended September 30, 2013, respectively. The stock-based compensation cost recorded during the three months ended September 30, 2012 and for the period March 30, 2012 (inception) through September 30, 2012 was $0.8 million and $1.4 million, respectively.
	LTIP Units
	Under our 2012 Equity Incentive Plan, we may grant LTIP units. LTIP units are a special class of partnership interests in our Operating Partnership with certain restrictions, which are convertible into Operating Partnership units, or OP units, subject to satisfying vesting and other conditions. LTIP unit holders are entitled to receive the same distributions as holders of our OP units (only if we pay such distributions) on the unvested portion of their LTIP units. The vesting of LTIP units is determined at the time of the grant and may be based on performance criteria. Any unvested LTIP units are forfeited, except in limited circumstances, as determined by the Compensation Committee of our Board of Directors, when the recipient is no longer employed by us or when a director leaves our Board of Directors for any reason. LTIP units may be subject to full or partial accelerated vesting under certain circumstances, as described in the applicable award agreement. LTIP units are valued at fair value on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, which approximates a straight-line basis. We valued the LTIP units at a per-unit value equivalent to the per-share offering price of our common stock sold in our private and public offerings less a discount for lack of marketability estimated with the assistance of a third-party consultant.
	The following table summarizes information about the LTIP units outstanding as of September 30, 2013:
		Total Vested		Total Unvested		Total	Weighted-Average
		Units		Units		Outstanding	Grant Date Fair
						Units	Value (Per Unit)
	Balance, December 31, 2012	10,490		493,432		503,922	$	17
	Granted	—		35,261		35,261	$	16.72
	Vested	334,785		(334,785	)	—	$	17
	Converted	—		—		—	—
	Canceled	—		—		—	—
	Balance, September 30, 2013	345,275		193,908		539,183	$	16.98
	Upon the completion of our IPO in May 2013, a total of 262,460 LTIP units vested in accordance with the 2012 Equity Incentive Plan.
	Total unrecognized compensation cost related to unvested LTIP units totaled approximately $2.6 million as of September 30, 2013, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.8 years, subject to the stated vesting conditions.
	Restricted Stock
	Under our 2012 Equity Incentive Plan, we may grant restricted shares of our common stock. Restricted shares of our common stock are valued at fair value on the date of the grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, which approximates a straight-line basis.
	The following table summarizes information about the shares of restricted common stock outstanding as of September 30, 2013:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2012	—		—
	Granted	46,827		$	21
	Vested	—		—
	Canceled	(1,250	)	$	21
	Unvested at September 30, 2013	45,577		$	21
	Total unrecognized compensation cost related to unvested shares of restricted common stock totaled approximately $0.8 million as of September 30, 2013, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 2.5 years, subject to stated vesting conditions.

Fair_Value_Measurements_Notes

Fair Value Measurements (Notes)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Fair Value Measurements
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of fair value defined in ASC Topic 820, Fair Value Measurements, are as follows:
	•	Level 1—Valuations based on quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access.
	•	Level 2—Valuations based on quoted market prices for similar assets or liabilities, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
	•	Level 3—Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, which are typically based on the reporting entity’s own assumptions.
	Companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based upon market conditions and perceived risks as of September 30, 2013 and December 31, 2012. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.
	Our financial instruments include cash and cash equivalents, acquisition deposits, rents and other receivables, due from related party and accounts payable and accrued expenses. The carrying amount of these instruments approximates fair value because of their short-term nature.
	Our mortgage financings and the Credit Facility are also financial instruments, and we estimated their fair value based on market quotes for comparable instruments or discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair values using Level 3 assumptions approximate the carrying amounts of our mortgage financing receivables and the Credit Facility.

Transactions_With_Related_Part

Transactions With Related Parties (Notes)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Transactions With Related Parties	'
	Transactions With Related Parties
	In connection with the closing of our initial private offering on May 11, 2012, we acquired from ARM the proprietary, vertically integrated real estate acquisition and management platform that Mr. Schmitz and Ms. Hawkes developed in exchange for 175,000 OP units, valued at $3.5 million, representing a 1.5% limited partnership interest in our Operating Partnership, and approximately $85,000 in cash. The OP units were valued at $20 per unit, equivalent to the offering price per share of our common stock sold in our initial private offering.
	Prior to February 2013, we earned management services fees from ARM pursuant to a cancellable sub-management agreement for the provision of real estate management services to ARM. These services allowed ARM to fulfill its obligations to ARP Phoenix Fund I, LP, or Phoenix Fund, pursuant to a management agreement between ARM and Phoenix Fund. The general partner of Phoenix Fund is ARP Phoenix Fund I GP, LLC, which is owned by Mr. Schmitz and Ms. Hawkes. These services included property restoration, leasing and property management and disposition services with respect to the properties owned by Phoenix Fund. Under the sub-management agreement, ARM was required to reimburse our TRS for the actual expenses incurred by our TRS to perform its obligations under the sub-management agreement, plus a fee of 1.0% of the gross rental revenue earned from Phoenix Fund with respect to the properties managed by ARM.
	In February 2013, ARM, Phoenix Fund and our TRS terminated the property management and sub-management agreements for the provision of real estate management services to Phoenix Fund, and our TRS entered into a management agreement directly with Phoenix Fund, pursuant to which our TRS performs the same services to Phoenix Fund for a fee in an amount equal to 6.0% of the gross rental revenue received by Phoenix Fund with respect to the properties managed by our TRS.
	We earned approximately $0.1 million and $86,000 in property management fees during the three months ended September 30, 2013 and 2012, respectively, and $0.3 million and $0.1 million during the nine months ended September 30, 2013 and for the period from March 30, 2012 (inception) through September 30, 2012, respectively, under the prior and current management agreements, which are included in management services (related party) in our condensed consolidated statement of operations and comprehensive loss. Accounts receivable of approximately $21,000 and $26,000 due from Phoenix Fund and ARM are included in due from related party in our condensed consolidated balance sheet at September 30, 2013 and December 31, 2012, respectively.
	Phoenix Fund purchased 150,000 shares of our common stock in our initial private offering.

NonControlling_Interests_Notes

Non-Controlling Interests (Notes)	9 Months Ended
	Sep. 30, 2013
Noncontrolling Interest [Abstract]	'
Non-Controlling Interests	'
	Non-Controlling Interests
	Non-controlling common units of our Operating Partnership relate to the interest in our Operating Partnership that is not owned by us and are presented as non-controlling interests in the equity section of our condensed consolidated balance sheet.
	Non-controlling common units of our Operating Partnership have essentially the same economic characteristics as shares of our common stock as they share equally in the net income or loss and distributions of our Operating Partnership. Our limited partners have the right to redeem all or part of their non-controlling common units of our Operating Partnership following the one-year anniversary of issuance. At the time of redemption, we have the right to determine whether to redeem the non-controlling common units of our Operating Partnership for cash, based upon the fair value of an equivalent number of shares of our common stock at the time of redemption, or exchange them for unregistered shares of our common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distribution and similar events. In the event of a termination or liquidation of us and our Operating Partnership, it is expected that in most cases each common unit would be entitled to a liquidating distribution equal to the amount payable with respect to each share of our common stock. As of September 30, 2013, there were 520,275 outstanding non-controlling common units of our Operating Partnership, representing an approximate 1.6% ownership interest in our Operating Partnership. These units are comprised of 175,000 units issued in connection with our acquisition of the assets and management platform from ARM and 345,275 vested LTIP units.
	Net income or loss attributable to non-controlling common units of our Operating Partnership is allocated based on their relative ownership percentage of the Operating Partnership during the period. The non-controlling ownership interest percentage is determined by dividing the number of non-controlling common units outstanding by the total of the shares of our common stock and non-controlling units outstanding at the balance sheet date. The issuance or redemption of additional shares of our common stock or common units results in changes to our limited partners’ ownership interest in our Operating Partnership, as well as our net assets. As a result, all equity-related transactions result in an allocation between stockholders’ equity and the non-controlling common units of our Operating Partnership in the condensed consolidated balance sheet to account for any change in ownership percentage during the period. Our limited partners’ weighted-average share of our net loss was 1.6% and 1.6% for the three months ended September 30, 2013 and 2012, respectively, and 1.4% and 1.6% for the nine months ended September 30, 2013 and for the period from March 30, 2012 (inception) through September 30, 2012, respectively.

Commitments_and_Contingencies_

Commitments and Contingencies (Notes)	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Litigation
	From time to time, we are subject to potential liability under various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal claims that would have a material effect on our condensed consolidated financial statements and therefore no accrual is required as of September 30, 2013.
	Accepted Purchase Offers
	As of September 30, 2013, we have committed to purchase rental properties totaling approximately $49.8 million. These are offers to purchase rental properties that were accepted by the sellers but not closed as of September 30, 2013.
	Homeowners’ Association Fees
	Certain of our properties are located in communities that are subject to homeowners’ association, or HOA, fees. The fees are generally billed monthly and subject to annual adjustments. The fees cover the costs of maintaining common areas and are generally paid for by us.
	Concentrations
	Approximately 52.6% of our properties are located in Arizona and Texas, which exposes us to greater economic risks than if we owned a more geographically dispersed portfolio.
	Executive Bonus
	We entered into employment agreements with our Chief Executive Officer and our President and Chief Operating Officer under which we were committed to pay bonuses relating to the registration and listing or the public issuance of our common stock. Each of the two executives was entitled to be paid a special cash bonus of $250,000 if, by April 30, 2013, we filed with the SEC a shelf registration statement relating to the registration of the shares sold in our initial private offering for resale in accordance with the terms set forth in the related registration rights agreements, and each of the two executives was entitled to be paid an additional special cash bonus of $250,000 if, prior to October 29, 2013, the shares sold in our initial private offering had become registered with the SEC and listed on a national securities exchange. During the three months ended June 30, 2013, the criteria for the bonuses were fully satisfied and we paid, and recognized as compensation expense, bonuses totaling $1 million in connection with these obligations.

Subsequent_Events_Notes

Subsequent Events (Notes)	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	For the period from October 1, 2013 to October 31, 2013, we acquired 217 single-family homes for a total purchase price of approximately $31.5 million and have contracted to acquire 302 single-family homes for a total purchase price of approximately $43.6 million. Additionally, for the period from October 1, 2013 to October 31, 2013, we funded approximately $8.8 million in private mortgage loans.
	On November 7, 2013, we entered into a mutual release agreement to terminate the master leases with one of our preferred operators. We have taken operational control of the Company-owned properties, which the preferred operator had been operating pursuant to the leases, and transferred the 280 homes into our self-managed portfolio, of which 138 homes are in Florida, 131 homes are in Georgia and 11 homes are in North Carolina.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of Accounting and Principles of Consolidation	'
	Basis of Accounting and Principles of Consolidation
	The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the period from March 30, 2012 (inception) through December 31, 2012, included in the Company’s prospectus dated May 8, 2013 and filed with the SEC on May 9, 2013. In the opinion of management, the unaudited condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of the information required to be set forth therein. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the entire year.
	The accompanying condensed consolidated financial statements include the accounts of American Residential Properties, Inc., our Operating Partnership and the wholly owned subsidiaries of our Operating Partnership. All majority-owned subsidiaries are consolidated and included in our condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	'
	Use of Estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to prior period balances to conform to the current period presentation.
Investment in Real Estate	'
	Investment in Real Estate
	Property acquired not subject to an existing lease is accounted for as an asset acquisition, with the property recorded at the purchase price, including acquisition costs, and allocated between land and building and improvements based upon their relative fair values at the date of acquisition. Property acquired with an existing lease is recorded as a business combination. For properties acquired through portfolio transactions, we determine whether the acquisition qualifies as a business combination based on the nature and status of the properties as of the acquisition date. A portfolio comprised of properties that are substantially leased at acquisition is treated as a business combination. A portfolio comprised of properties that are substantially vacant at acquisition is treated as an asset acquisition. For property acquisitions accounted for as business combinations, the land, building and improvements and the existing lease are recorded at fair value at the date of acquisition, with acquisition costs expensed as incurred.
	Fair value is determined under the guidance of Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements, primarily based on unobservable market data inputs, which are categorized as Level 3 inputs. In making estimates of fair values for purposes of allocating purchase price, we utilize our market knowledge and published market data. Our real estate portfolio is depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 5 to 27.5 years.
	We sometimes acquire portfolios of leased properties from established local operators through our “preferred operator” program. In this program, we acquire portfolios of leased properties for which the operator retains day-to-day management responsibilities pursuant to a longer-term lease. In these arrangements, the operator is responsible for all property-related expenses and we receive payments from the operator that escalate over the term of the lease. In-place lease intangibles associated with the preferred operator program are valued based on management’s estimates of lost rent and carrying costs. In-place lease intangibles associated with the acquisition of self-managed homes are valued based on management’s estimate of lost rent during the time it would take to locate a tenant and execute a lease if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining initial term of the related lease. The leases reflect market rental rates.
	We incur costs to prepare our acquired properties to be rented. These costs (including direct internal costs) are capitalized and allocated to building costs. Costs related to the restoration or improvement of our properties (including direct internal costs, primarily comprised of payroll expense) that improve and extend their useful lives are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	'
	Impairment of Long-Lived Assets
	We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows from the property against its net carrying amount. We prepare our future undiscounted cash flow analysis using estimates based on current rental rates, renewals and occupancy, operating expenses and inputs from our annual planning process and historical performance. When preparing these estimates, we consider each property’s historical results, current operating trends and current market conditions. These estimates may be impacted by variable factors, including inflation, expected rental rates, the general health of the economy and market competition. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. To determine the estimated fair value, we consider both recent comparable homes sales and the use of discounted projected future cash flows. The rates used to discount projected future cash flows reflect market discount rates.
Mortgage Financings	'
	Mortgage Financings
	We hold mortgage financing receivables for investment. The receivables are carried at cost, net of related unamortized premiums or discounts, if any. The mortgage loans are secured by single-family homes.
	Interest income on mortgage financings is recognized on the effective interest method applied on a loan-by-loan basis. Direct costs, if any, associated with funding loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the terms of the related loans using the effective interest method.
Rents and Other Receivables, Net	'
	Rents and Other Receivables, Net
	We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants, preferred operators or borrowers to make required rent or other payments. This allowance is estimated based on payment history and current credit status. If a tenant, preferred operator or borrower fails to make contractual payments beyond any allowance, we may recognize bad debt expense in future periods equal to the amount of unpaid rent, interest or principal and deferred rent. We generally do not require collateral or other security from our tenants, other than security deposits. Mortgage loans are secured by single-family homes. If estimates of collectibility differ from the cash received, then the timing and amount of our reported revenue could be impacted.
Investments in Unconsolidated Ventures	'
	Investments in Unconsolidated Ventures
	Investments in ventures are generally accounted for under the equity method of accounting when we exercise significant influence over the venture but we do not serve as managing member or control the venture. Net income/loss allocations are included in the investment balance along with the contributions made and distributions received over the life of the investment.
Income Taxes	'
	Income Taxes
	We have elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended, or the Code, commencing with our short taxable year ended December 31, 2012. We believe that we have operated in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our stockholders equal or exceed our REIT taxable income.
	However, qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code related to the percentage of income that we earn from specified sources, the percentage of our assets that fall within specified categories, the diversity of our capital stock ownership, and the percentage of our earnings that we distribute. Accordingly, no assurance can be given that we will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we may be ineligible to qualify as a REIT for four subsequent tax years. Even if we qualify as a REIT, we may be subject to certain state or local income taxes, and our TRS will be subject to federal, state and local taxes on its income.
	We have elected to treat our TRS as a taxable REIT subsidiary. Certain activities that we undertake will be conducted in our TRS, such as third-party property management and non-customary services for our tenants and holding assets that we cannot hold directly. Our TRS is subject to both federal and state income taxes.
Comprehensive Loss	'
	Comprehensive Loss
	Net loss and comprehensive loss are the same for the three and nine months ended September 30, 2013, for the three months ended September 30, 2012 and for the period from March 30, 2012 (inception) through September 30, 2012.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or the SEC. We adopt the new pronouncements as of the specified effective date. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and therefore we believe will have minimal, if any, impact on our financial position or results of operations upon adoption.
Earnings (Loss) Per Share	'
	Basic net income or loss attributable to common stockholders is computed by dividing reported net income or loss attributable to common stockholders by the weighted-average number of common and contingently issuable shares outstanding during each period.
Fair Value Measurements	'
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of fair value defined in ASC Topic 820, Fair Value Measurements, are as follows:
	•	Level 1—Valuations based on quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access.
	•	Level 2—Valuations based on quoted market prices for similar assets or liabilities, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
	•	Level 3—Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, which are typically based on the reporting entity’s own assumptions.
	Companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value.

Lease_Intangibles_Tables

Lease Intangibles (Tables)	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Identifiable Intangible Assets	'
	Our identifiable intangible assets as of September 30, 2013 and December 31, 2012 are summarized as follows (amounts in thousands):
		30-Sep-13			31-Dec-12
	Acquired in-place leases	$	5,286		$	1,897
	Less: accumulated amortization	(3,851		)	(453		)
	Intangible lease assets, net	$	1,435		$	1,444

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Reconciliation of Net Loss per Share	'
	A reconciliation of our net loss per share is as follows (amounts in thousands, except share and per-share amounts):
		Three Months Ended September 30,							Nine Months			March 30, 2012 (inception) to September 30,
									Ended
									September 30,
		2013				2012			2013			2012
	Net loss attributable to common stockholders	$	(4,515	)		$	(2,388	)	$	(16,606	)	$	(3,552	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted	32,124,857				11,199,757			25,447,193			11,199,757
	Net loss per share of common stock, basic and diluted	$	(0.14	)		$	(0.21	)	$	(0.65	)	$	(0.32	)
Weighted-Average Number of Shares of Potentially Dilutive Securities	'
	The weighted-average number of shares of potentially dilutive securities were as follows:
		Three Months Ended						Nine Months Ended		March 30, 2012 (inception) to September 30,
		September 30,						September 30,
		2013			2012			2013		2012
	OP and vested LTIP units	520,274			185,490			357,969		185,490
	Unvested LTIP units	182,577			464,432			333,540		464,432
	Unvested restricted stock	46,827			—			23,842		—
	Potentially dilutive shares	749,678			649,922			715,351		649,922

Stock_Compensation_Tables

Stock Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
LTIP Units	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding	'
	The following table summarizes information about the LTIP units outstanding as of September 30, 2013:
		Total Vested		Total Unvested		Total	Weighted-Average
		Units		Units		Outstanding	Grant Date Fair
						Units	Value (Per Unit)
	Balance, December 31, 2012	10,490		493,432		503,922	$	17
	Granted	—		35,261		35,261	$	16.72
	Vested	334,785		(334,785	)	—	$	17
	Converted	—		—		—	—
	Canceled	—		—		—	—
	Balance, September 30, 2013	345,275		193,908		539,183	$	16.98
Restricted Shares	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding	'
	The following table summarizes information about the shares of restricted common stock outstanding as of September 30, 2013:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2012	—		—
	Granted	46,827		$	21
	Vested	—		—
	Canceled	(1,250	)	$	21
	Unvested at September 30, 2013	45,577		$	21

Companys_Organization_and_Oper1

Company's Organization and Operations (Details) (USD $)	0 Months Ended	1 Months Ended					9 Months Ended
	14-May-13	14-May-13	Jan. 25, 2013	Dec. 31, 2012	31-May-12	11-May-12	Sep. 30, 2013
							Property
Summary Of Organization And Operations [Line Items]	'	'	'	'	'	'	'
Number of properties	'	'	'	'	'	'	5,440
Operating Partnership interest	'	'	'	'	'	1.50%	98.40%
Common stock issued during period (in shares)	13,700,000	13,700,000	37,600	7,187,500	11,198,757	'	'
Net proceeds from private placement	'	'	$800,000	$138,300,000	$208,700,000	'	'
Common stock, offering price per share	$21	$21	$20.50	$20.50	$20	'	'
Business acquisition exchange of units	'	'	'	'	175,000	175,000	'
Business acquisition cash consideration	'	'	'	'	85,000	85,000	'
Net proceeds from issuance of common stock	$265,100,000	$265,100,000	'	'	'	'	'
Limited partnership interest	'	'	'	'	'	'	'
Summary Of Organization And Operations [Line Items]	'	'	'	'	'	'	'
Common stock issued	'	'	'	18,387,257	'	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

31-May-13

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2013

Red Rock River LLC

Short Term Loans Receivable

Long Term Loans Receivable

Minimum

Maximum

Self-Managed Homes

Self-Managed Homes

Self-Managed Homes

Self-Managed Homes

Preferred Operator Homes

Preferred Operator Homes

Preferred Operator Homes

Preferred Operator Homes

Summary Of Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimate useful lives of assets in real estate portfolio

'

'

'

'

'

'

'

'5 years

'27 years 6 months

'

'

'

'

'

'

'

'

Mortgage loans

$39,473,000

'

$39,473,000

$13,025,000

'

$38,000,000

'

'

'

'

'

'

'

'

'

'

'

Mortgage loans, weighted-average interest rate

'

'

'

'

'

11.90%

8.00%

'

'

'

'

'

'

'

'

'

'

Mortgage loans, weighted-average remaining term

'

'

'

'

'

'106 days

'29 years

'

'

'

'

'

'

'

'

'

'

Mortgage loans

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

'

'

'

'

Rents and other receivables, net

900,000

'

900,000

41,000

'

'

'

'

'

400,000

'

'

400,000

500,000

'

'

500,000

Provision for doubtful accounts

753,000

10,000

1,229,000

'

'

'

'

'

'

400,000

10,000

10,000

800,000

400,000

0

0

400,000

Investment in joint-venture

'

'

'

'

$18,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Equity interest in joint-venture, percentage

'

'

'

'

62.00%

'

'

'

'

'

'

'

'

'

'

'

'

Lease_Intangibles_Identifiable

Lease Intangibles Identifiable Intangible Assets (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets, Net [Abstract]	'	'
Acquired in-place leases	$5,286	$1,897
Less: accumulated amortization	-3,851	-453
Intangible lease assets, net	$1,435	$1,444

Lease_Intangibles_Details

Lease Intangibles (Details) (Acquired in-place leases, USD $)	3 Months Ended		6 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013
Acquired in-place leases	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization of acquired in-place leases	$1.20	$0.10	$0.10	$3.40

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2013

Nov. 14, 2013

Sep. 30, 2013

Sep. 30, 2013

14-May-13

Jan. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Subsequent Event

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

LIBOR

Federal Funds Rate

Prime Rate

One-month Eurodollar

One-month Eurodollar

One-month Eurodollar

Minimum

Maximum

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Minimum

Maximum

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Senior secured revolving credit facility, current maximum borrowing capacity

'

'

'

$340,000,000

$340,000,000

'

$150,000,000

'

'

'

'

'

'

'

'

Senior secured revolving credit facility, maximum borrowing capacity

'

'

'

500,000,000

500,000,000

'

'

'

'

'

'

'

'

'

'

Optional one-year extension

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

Line of credit facility maturity period

'

'2015-01

'

'

'

'

'

'

'

'

'

'

'

'

'

Ratio of total indebtedness to total asset value

'

'

'

'

'

'

'

45.00%

55.00%

'

'

'

'

'

'

Interest rate over LIBOR rate on revolving credit facility

'

'

'

'

'

'

'

2.50%

3.25%

'

'

'

'

'

'

Description of variable rate basis

'

'

'

'

'

'

'

'

'

'LIBOR

'Federal Funds Rate

'prime rate

'one-month Eurodollar

'

'

Basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

0.50%

'

'

'

'

Basis spread on variable rate, first component

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

Basis spread on variable rate, second component

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

2.25%

Quarterly fee on unused portion of credit facility

'

'

'

'

'

'

'

0.35%

0.45%

'

'

'

'

'

'

Non utilization fees

'

'

'

100,000

400,000

'

'

'

'

'

'

'

'

'

'

Amount outstanding under Credit Facility

170,000,000

170,000,000

'

'

'

109,000,000

'

'

'

'

'

'

'

'

'

Weighted average interest rate

'

'

'

2.68%

2.68%

'

'

'

'

'

'

'

'

'

'

Amounts available under Credit Facility

'

'

'

73,000,000

73,000,000

'

'

'

'

'

'

'

'

'

'

Additional borrowing from line of credit facility

'

'

40,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Deferred financing costs

4,700,000

4,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization of deferred financing costs

$400,000

$900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings_Loss_Per_Share_Reconc

Earnings (Loss) Per Share Reconciliation of Net Loss per Share (Details) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Net loss attributable to common stockholders	($4,515)	($2,388)	($3,552)	($16,606)
Weighted-average number of shares of common stock outstanding:	'	'	'	'
Basic and diluted	32,124,857	11,199,757	11,199,757	25,447,193
Net loss per share of common stock, basic and diluted	($0.14)	($0.21)	($0.32)	($0.65)

Earnings_Loss_Per_Share_Weight

Earnings (Loss) Per Share Weighted-Average Number of Shares of Potentially Dilutive Securities (Details)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	749,678	649,922	649,922	715,351
OP and vested LTIP units	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	520,274	185,490	185,490	357,969
Unvested LTIP units	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	182,577	464,432	464,432	333,540
Unvested restricted stock	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	46,827	0	0	23,842

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended	1 Months Ended
In Millions, except Share data, unless otherwise specified	14-May-13	14-May-13	Jan. 25, 2013	Dec. 31, 2012	31-May-12
Equity [Abstract]	'	'	'	'	'
Common stock issued during period (in shares)	13,700,000	13,700,000	37,600	7,187,500	11,198,757
Common stock, Initial Public Offering price per share	$21	$21	$20.50	$20.50	$20
Net proceeds from issuance of common stock	$265.10	$265.10	'	'	'

Stock_Compensation_Details

Stock Compensation (Details) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended			9 Months Ended			0 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	31-May-13	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Nov. 12, 2013
					LTIP	LTIP	LTIP	Restricted common stock	Restricted common stock	Subsequent Event
							Senior management		Senior management	Performance-based LTIP
										Senior management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'	'
Number of shares of common stock available for grant	1,500,000	'	'	1,500,000	'	'	'	'	'	'
2012 Equity Incentive Plan expiration date	'	'	'	11-May-22	'	'	'	'	'	'
Stock compensation for common stock available for grant	915,240	'	'	915,240	'	'	'	'	'	'
Stock-based compensation cost	$0.50	$0.80	$1.40	$4.80	'	'	'	'	'	'
Unrecognized compensation cost related to unvested LTIP units	'	'	'	'	$2.60	'	'	$0.80	'	'
Weighted average period over which unrecognized compensation is expected to be recognized	'	'	'	'	'1 year 9 months 18 days	'	'	'2 years 6 months	'	'
Number of units vested	'	'	'	'	'	262,460	'	'	'	'
LTIP unit awards and shares of restricted common stock to senior management	'	'	'	'	'	'	416,665	'	'	'
LTIP units and shares of restricted common stock, issued	'	'	'	'	'	'	21,429	'	30,952	338,094

Stock_Compensation_Summary_of_

Stock Compensation Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
LTIP Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Total Outstanding Units, Beginning Balance	503,922
Total Outstanding Units, Granted	35,261
Total Outstanding Units, Vested	0
Total Outstanding Units, Converted	0
Total Outstanding Units, Cancelled	0
Total Outstanding Units, Ending Balance	539,183
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]	'
Weighted-Average Grant Date Fair Value, Beginning Balance	$17
Weighted-Average Grant Date Fair Value, Granted	$16.72
Weighted-Average Grant Date Fair Value, Vested	$17
Weighted-Average Grant Date Fair Value, Converted	$0
Weighted-Average Grant Date Fair Value, Cancelled	'
Weighted-Average Grant Date Fair Value, Ending Balance	$16.98
LTIP Units | Total Vested Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Total Outstanding Units, Beginning Balance	10,490
Total Outstanding Units, Granted	0
Total Outstanding Units, Vested	334,785
Total Outstanding Units, Converted	0
Total Outstanding Units, Cancelled	0
Total Outstanding Units, Ending Balance	345,275
LTIP Units | Total Unvested Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Total Outstanding Units, Beginning Balance	493,432
Total Outstanding Units, Granted	35,261
Total Outstanding Units, Vested	-334,785
Total Outstanding Units, Converted	0
Total Outstanding Units, Cancelled	0
Total Outstanding Units, Ending Balance	193,908
Restricted Shares	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Total Outstanding Units, Beginning Balance	0
Total Outstanding Units, Granted	46,827
Total Outstanding Units, Cancelled	-1,250
Total Outstanding Units, Ending Balance	45,577
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]	'
Weighted-Average Grant Date Fair Value, Granted	$21
Weighted-Average Grant Date Fair Value, Cancelled	$21
Weighted-Average Grant Date Fair Value, Ending Balance	$21

Transactions_With_Related_Part1

Transactions With Related Parties (Details) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

14-May-13

14-May-13

Feb. 28, 2013

Jan. 25, 2013

Jan. 31, 2013

Dec. 31, 2012

31-May-12

11-May-12

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2012

Sep. 30, 2013

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition exchange of OP units

'

'

'

'

'

'

175,000

175,000

'

'

'

'

Business acquisition exchange of OP units, value

'

'

'

'

'

'

'

$3,500,000

'

'

'

'

Percentage of limited partnership interest in Operating Partnership

'

'

'

'

'

'

'

1.50%

'

'

'

98.40%

Business acquisition cash consideration

'

'

'

'

'

'

85,000

85,000

'

'

'

'

Value of Operating Partnership units, per unit

'

'

'

'

'

'

'

20

'

'

'

'

Management services fees percentage on gross rental revenue

'

'

6.00%

'

1.00%

'

'

'

'

'

'

'

Property management fees

'

'

'

'

'

'

'

'

100,000

86,000

100,000

300,000

Accounts receivable from related party

'

'

'

'

'

$26,000

'

'

$21,000

'

'

$21,000

Common stock issued in initial private offering

13,700,000

13,700,000

'

37,600

'

7,187,500

11,198,757

'

'

'

'

'

Phoenix Fund

'

'

'

'

'

'

'

'

'

'

'

'

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Common stock issued in initial private offering

'

'

'

'

'

'

150,000

'

'

'

'

'

NonControlling_Interests_Detai

Non-Controlling Interests (Details)	1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended
	31-May-12	11-May-12	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013
Noncontrolling Interest [Line Items]	'	'	'	'	'	'
Non-controlling common units of Operating Partnership, outstanding	'	'	520,275	'	'	520,275
Non-controlling ownership interest in Operating Partnership	'	'	1.60%	'	'	1.60%
Units issued in connection with acquisition of assets and management platform	175,000	175,000	'	'	'	'
Weighted-average share of net loss attributable to limited partners'	'	'	1.60%	1.60%	1.60%	1.40%
ARM	'	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'	'
Units issued in connection with acquisition of assets and management platform	'	'	'	'	'	175,000
LTIP	'	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'	'
Total vested LTIP units	'	'	345,275	'	'	345,275

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
		Chief Executive Officer, President and Chief Operating Officer	Chief Executive Officer, President and Chief Operating Officer	Arizona, Texas and North Carolina
			Additional Special Cash Bonus
Loss Contingencies [Line Items]	'	'	'	'
Payment for deposit on acquisition	$49,800,000	'	'	'
Concentration risk exposure, percentage	'	'	'	52.60%
Cash bonus paid to the executives	$1,000,000	$250,000	$250,000	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	6 Months Ended	9 Months Ended	1 Months Ended		0 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Oct. 31, 2013	Oct. 31, 2013	Nov. 07, 2013	Nov. 07, 2013	Nov. 07, 2013	Nov. 07, 2013	Nov. 07, 2013
			Subsequent Event	Subsequent Event	Preferred Operator Homes	Self-Managed Homes	FLORIDA	GEORGIA	NORTH CAROLINA
			Home	Contracted to Acquire	Subsequent Event	Subsequent Event	Self-Managed Homes	Self-Managed Homes	Self-Managed Homes
				Home	Operator	Home	Subsequent Event	Subsequent Event	Subsequent Event
							Home	Home	Home
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'
Number of homes acquired	'	'	217	302	'	'	'	'	'
Total purchase price of homes acquired	$84,910,000	$458,542,000	$31,500,000	$43,600,000	'	'	'	'	'
Funded to private mortgage loans	'	'	$8,800,000	'	'	'	'	'	'
Number of preferred operators	'	'	'	'	1	'	'	'	'
Number of homes transferred into self-managed portfolio	'	'	'	'	'	280	138	131	11