American Residential Properties (ARPI) 10-Q 12 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 06, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
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	'	32,200,480

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Land	$227,384	$158,795
Building and improvements	939,433	627,881
Furniture, fixtures and equipment	8,842	6,930
Investment in real estate, gross	1,175,659	793,606
Less: accumulated depreciation	-45,866	-18,058
Investment in real estate, net	1,129,793	775,548
Mortgage financings	26,061	43,512
Cash and cash equivalents	26,850	24,294
Restricted cash	10,816	0
Acquisition deposits	4,401	282
Rents and other receivables, net	3,705	2,949
Deferred leasing costs and lease intangibles, net	3,432	2,454
Deferred financing costs, net	14,968	6,558
Investment in unconsolidated ventures	25,955	26,611
Goodwill	3,500	3,500
Other, net	9,795	8,494
Total assets	1,259,276	894,202
Liabilities:	'	'
Revolving credit facility	199,000	169,000
Exchangeable senior notes, net	101,455	99,377
Securitization loan, net	340,591	0
Accounts payable and accrued expenses	23,607	12,862
Security deposits	7,143	3,995
Prepaid rent	2,877	1,549
Total liabilities	674,673	286,783
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; 32,200,480 and 32,171,102 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	322	322
Additional paid-in capital	628,605	628,210
Accumulated other comprehensive loss	-67	0
Accumulated deficit	-55,562	-31,122
Total American Residential Properties, Inc. stockholders’ equity	573,298	597,410
Non-controlling interests	11,305	10,009
Total equity	584,603	607,419
Total liabilities and equity	$1,259,276	$894,202

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value (usd per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	32,200,480	32,171,102
Common stock, shares outstanding (in shares)	32,200,480	32,171,102

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue:	'	'	'	'
Management services (related party)	$100	$113	$321	$327
Interest and other	1,034	1,488	3,603	3,649
Total revenue	23,485	11,069	61,693	24,724
Expenses:	'	'	'	'
Property operating and maintenance	5,258	2,489	14,337	4,915
Real estate taxes	4,239	1,791	11,011	3,315
Homeowners’ association fees	540	228	1,505	746
Acquisition	98	301	179	3,750
Depreciation and amortization	12,576	6,589	32,960	14,367
General, administrative and other	4,056	3,105	11,274	12,319
Interest	5,961	1,204	15,060	2,257
Total expenses	32,728	15,707	86,326	41,669
Loss from continuing operations before equity in net (loss) income of unconsolidated ventures	-9,243	-4,638	-24,633	-16,945
Equity in net (loss) income of unconsolidated ventures	-84	50	-230	110
Net loss	-9,327	-4,588	-24,863	-16,835
Net loss attributable to non-controlling interests	165	73	423	229
Net loss attributable to common stockholders	-9,162	-4,515	-24,440	-16,606
Basic and diluted loss per share:	'	'	'	'
Net loss attributable to common stockholders (dollars per share)	($0.28)	($0.14)	($0.76)	($0.65)
Weighted-average number of shares of common stock outstanding (in shares)	32,153,307	32,124,857	32,139,807	25,447,193
Self-managed rental revenue	'	'	'	'
Revenue:	'	'	'	'
Rental revenue	21,078	7,520	53,818	15,430
Preferred operator rental revenue	'	'	'	'
Revenue:	'	'	'	'
Rental revenue	$1,273	$1,948	$3,951	$5,318

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net loss	($9,327)	($4,588)	($24,863)	($16,835)
Other comprehensive loss:	'	'	'	'
Change in unrealized loss on interest rate cap	-67	0	-67	0
Comprehensive loss	-9,394	-4,588	-24,930	-16,835
Comprehensive loss attributable to non-controlling interests	165	73	423	229
Comprehensive loss attributable to common stockholders	($9,229)	($4,515)	($24,507)	($16,606)

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non- Controlling Interests
In Thousands, except Share data, unless otherwise specified
Beginning Balance at Dec. 31, 2013	$607,419	$322	$0	$628,210	$0	($31,122)	$10,009
Beginning Balance, Shares at Dec. 31, 2013	'	32,171,102	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Issuance of common stock, shares	'	32,735	'	'	'	'	'
Issuance of common stock	0	'	'	164	'	'	-164
Repurchase of common stock, shares	'	-3,357	'	'	'	'	'
Repurchase of common stock	-61	'	'	-61	'	'	'
Net loss	-24,863	'	'	'	'	-24,440	-423
Other comprehensive loss	-67	'	'	'	-67	'	'
Stock-based compensation	2,175	'	'	292	'	'	1,883
Ending Balance at Sep. 30, 2014	$584,603	$322	$0	$628,605	($67)	($55,562)	$11,305
Ending Balance, Shares at Sep. 30, 2014	'	32,200,480	'	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities	'	'
Net loss	($24,863)	($16,835)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	32,960	14,367
Amortization of stock-based compensation	2,175	4,783
Amortization of deferred financing costs	3,928	911
Accretion of discount on senior exchangeable notes	2,078	'
Accretion of discount on securitization loan	32	'
Bad debt expense	1,742	1,229
Straight line rental revenue	179	-519
Equity in net loss (income) of unconsolidated ventures	230	-110
Distributions from unconsolidated ventures	0	110
Changes in operating assets and liabilities:	'	'
Restricted cash	-10,816	0
Rent and other receivables, net	-2,677	-1,758
Deferred leasing costs and lease intangibles, net	-5,118	-1,133
Other assets, net	-1,996	-2,455
Accounts payable, accrued expenses and other liabilities	14,122	10,464
Net cash provided by operating activities	11,976	9,054
Investing activities:	'	'
Improvements of real estate	-34,635	-14,492
Property acquisitions, including acquired in-place leases	-346,703	-458,542
Investment in mortgage financings	-13,243	-48,942
Repayments from mortgage financings	30,694	22,494
Contributions to unconsolidated ventures	0	-18,000
Distributions from unconsolidated ventures	426	948
Increase in acquisition deposits	-4,119	-1,189
Net cash used in investing activities	-367,580	-517,723
Financing activities:	'	'
Borrowings under revolving credit facility	358,000	279,000
Repayments of revolving credit facility	-328,000	-109,000
Proceeds from issuance of securitization loan	340,559	0
Deferred financing costs	-12,338	-4,628
Repurchase of common stock	-61	0
Proceeds from issuance of common stock	0	288,471
Common stock issuance transaction costs	0	-22,578
Net cash provided by financing activities	358,160	431,265
Net increase (decrease) in cash and cash equivalents	2,556	-77,404
Cash and cash equivalents-beginning of period	24,294	101,725
Cash and cash equivalents-end of period	26,850	24,321
Supplemental schedule of noncash investing and financing activities:	'	'
Accounts payable and accrued expenses for additions to investments in real estate	2,313	1,042
Cash paid for interest, net of amount capitalized	$7,497	$1,201

Companys_Organization_and_Oper

Company's Organization and Operations	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [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. We own all of our assets and conduct substantially all of our operations through (i) American Residential Properties OP, L.P., a Delaware limited partnership, or our Operating Partnership, in which we have a 98.2% interest as of September 30, 2014 and for which, through our wholly owned subsidiary, American Residential GP, LLC, we serve as sole general partner, and (ii) American Residential Properties TRS, LLC, or our TRS, which is our taxable REIT subsidiary. We have elected to be taxed as a REIT for federal income tax purposes. As a REIT, we will generally not be subject to federal income taxes to the extent that we currently distribute all of our taxable income to our stockholders and meet other specific requirements.
	We were incorporated in Maryland in March 2012 and completed our initial private offering of our common stock in May 2012, raising net proceeds of approximately $208.7 million. In December 2012 and January 2013, we raised an additional approximately $139.1 million of net proceeds from a follow-on private offering of our common stock and a private placement of our common stock.
	We completed our initial public offering, or our IPO, in May 2013, in which we issued and sold 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.
	As of September 30, 2014, we owned 8,223 properties in Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, North Carolina, Ohio, South Carolina, Tennessee and Texas.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
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, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014. 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, 2014 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 condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
	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 have acquired portfolios of leased properties from established local operators through our “preferred operator” program. In this program, we acquired 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. The Company capitalizes interest during the restoration period on newly acquired properties. 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 nine months ended September 30, 2014 or 2013.
	Revenue Recognition
	We lease single-family residences we own and manage directly to tenants who occupy the properties under operating leases, generally, with terms of one year. We perform credit investigations on prospective tenants and obtain security deposits. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Properties that are subject to longer-term operating arrangements with preferred operators are leased to the operator for a minimum of five to ten years with renewal options. These operators are responsible for taxes, insurance and maintenance of the properties under the terms of the operating arrangements. Under our preferred operator program, we earn base rental revenue paid monthly, with contractual minimum annual rent increases on each anniversary of the lease commencement date. We recognize rental revenue on a straight-line basis over the term of the lease. We also earn percentage rents on a quarterly basis equal to a fixed percentage of the gross revenue the preferred operator collects from its residential sub-tenants who occupy the homes. Percentage rental revenue is recorded when the gross revenue collected from the sub-tenants is known and the amount can be calculated.
	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, 2014 include approximately $25.4 million of short-term loans with a weighted-average interest rate of approximately 11.8% and a weighted-average remaining term of approximately 100 days and approximately $0.7 million in long-term loans with a weighted-average interest rate of approximately 8.0% and a weighted-average remaining term of approximately 28.5 years.
	Cash and Cash Equivalents
	Cash and cash equivalents are held in depository accounts with financial institutions that are members of the Federal Deposit Insurance Corporation, or the FDIC. Cash balances with institutions may be in excess of federally insured limits or may be invested in time deposits that are not insured by the institution or the FDIC or any other government agency. We have not realized any losses in such cash investments and we believe that these investments are not exposed to any significant credit risk. Cash equivalents consist of highly liquid investments with original maturities of three months or less when acquired. Such investments are stated at cost, which approximates fair value.
	Included in the cash and cash equivalents balance is approximately $3.9 million of cash held with designated brokers to facilitate the acquisition of properties as of September 30, 2014. There was no cash held with designated brokers as of December 31, 2013.
	Restricted Cash
	Restricted cash primarily consists of funds that are restricted as to withdrawal or use under the terms of certain contractual agreements, which include payments of real estate taxes, insurance, interest, management fees and tenant security deposits.
	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 $0.6 million and $0.5 million, respectively, for a total of $1.1 million as of September 30, 2014. The allowance for doubtful accounts was $1.7 million as of December 31, 2013.
	We recorded a provision for doubtful accounts for self-managed and preferred operator homes of approximately $0.4 million and $0.2 million, respectively, for a total of $0.6 million for the three months ended September 30, 2014. We recorded a provision for doubtful accounts for self-managed and preferred operator program homes of approximately $1.2 million and $0.6 million, respectively, for a total of $1.8 million for the nine months ended September 30, 2014. We recorded a provision for doubtful accounts for self-managed and preferred operator homes of approximately $0.4 million and $0.4 million, respectively, for a total of $0.8 million for the three months ended September 30, 2013. We recorded a provision for doubtful accounts for self-managed and preferred operator homes of approximately $0.8 million and $0.4 million, respectively, for a total of $1.2 million for the nine months ended September 30, 2013.
	Deferred Leasing Costs and In-Place Lease Intangibles, Net
	Deferred leasing commissions and other direct costs associated with leasing our properties (including direct internal costs) and in-place lease intangibles are capitalized and amortized on a straight-line basis over the terms of the related leases.
	Deferred Financing Costs, Net
	Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying condensed consolidated statements of operations.
	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 October 2012, we invested approximately $5.5 million in Flat Iron VI LLC, a joint venture in which our equity interest is approximately 78% of the total amount invested. In December 2012, we invested approximately $4.7 million in Siphon Draw LLC, a joint venture in which our equity interest is approximately 80% of the total amount invested. 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. Each of these joint ventures used invested funds to purchase portfolios of residential mortgage loans.
	Other Assets, Net
	Other assets include prepaid expenses, deposits, other receivables and other miscellaneous assets, including office property and equipment. Office property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets of three to seven years.
	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. 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.
	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 and local income and franchise taxes, and our TRS will be subject to federal, state and local taxes on its income. Franchise taxes are included in general and administrative expenses on the accompanying condensed consolidated statements of operations and comprehensive loss.
	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, 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.
	We determine whether any tax positions taken or expected to be taken meet the "more-likely-than-not" threshold of being sustained by the applicable federal, state or local tax authority. As of September 30, 2014, we concluded that there is no tax liability relating to uncertain income tax positions. Our policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at September 30, 2014.
	We file federal, state and local income tax returns. Federal and state tax returns filed for 2012 and 2013 are still subject to examination. We believe that we have appropriate support for the income tax positions taken on our tax returns. We had net operating loss carryforwards for income tax purposes at December 31, 2013 and 2012. These losses will be available to reduce future taxable income or distribution requirements until they expire, which varies by jurisdiction but generally is not more than 20 years from the tax year in which they originate. Based on all available evidence, we cannot conclude it is more likely than not these attributes will be utilized in the future and thus a valuation allowance has been recorded against them.
	Earnings (Loss) Per Share
	Basic earnings (loss) per share, or EPS, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed by dividing net loss attributable to common stockholders as adjusted for dilutive securities, by the weighted-average number of shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive securities include unvested restricted shares of our common stock, Operating Partnership units, or OP units, vested and unvested Long Term Incentive Plan units, or LTIP units, and exchangeable senior notes. We intend to satisfy our exchange obligation for the principal amount of the exchangeable senior notes to the exchanging note holders entirely in cash. As we intend to settle the principal amount of the exchangeable senior notes in cash, the "if-converted" method to include debt in diluted EPS is not applicable and the treasury stock method is being used and as our stock price is below the conversion price, there is no impact.
	Recent Accounting Pronouncements
	In April 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has adopted the provisions of this ASU and anticipates that the majority of property sales will not be classified as discontinued operations.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements.
	In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and will not have an impact on the Company’s financial position, results of operations or cash flows.

Lease_Intangibles

Lease Intangibles	9 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Lease Intangibles	'
	Lease Intangibles
	Our identifiable intangible assets as of September 30, 2014 and December 31, 2013 are summarized as follows (amounts in thousands):
		30-Sep-14			31-Dec-13
	Acquired in-place leases	$	456		$	1,823
	Less: accumulated amortization	(251		)	(1,039		)
	Intangible lease assets, net	$	205		$	784
	The impact of the amortization of acquired in-place leases on our depreciation and amortization expense is approximately $0.1 million and $1.2 million for the three months ended September 30, 2014 and 2013, respectively, and approximately $1.0 million and $3.4 million for the nine months ended September 30, 2014 and 2013, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	Senior Secured Revolving Credit Facility
	In 2013, we entered into an amended and restated $380 million senior secured revolving credit facility, or the Credit Facility, with a syndicate of major national banks. 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, subject to meeting certain criteria. In June 2014, we exercised the accordion feature, increasing our borrowing capacity to $500 million. In June 2014, we also amended the Credit Facility, increasing the size of the accordion feature to allow further increases of the borrowing capacity to an aggregate maximum of $750 million, subject to meeting certain criteria and obtaining additional commitments from the lenders. 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. The Credit Facility contains certain financial covenants, including a maximum leverage ratio, a minimum tangible net worth, a minimum fixed charge coverage ratio and a minimum liquidity. As of September 30, 2014, 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, 2014, we incurred non-utilization fees of $0.2 million and $0.5 million, respectively. For the three and nine months ended September 30, 2013 we incurred non-utilization fees of $0.1 million and $0.4 million, respectively.
	As of September 30, 2014, $199.0 million was outstanding under the Credit Facility, bearing interest at a weighted-average rate of 2.9%, with remaining availability of $165.5 million.
	We have incurred $6.7 million in financing costs in connection with the Credit Facility, which 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.
	Exchangeable Senior Notes
	In November 2013, we issued and sold $115.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2018, or the Notes. The Notes are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other existing and future senior unsecured indebtedness of the Operating Partnership. Interest is payable in arrears on May 15 and November 15 of each year, beginning May 15, 2014, until the maturity date of November 15, 2018. The Operating Partnership’s obligations under the Notes are fully and unconditionally guaranteed by the Company. The Notes bear interest at a rate of 3.25% per annum and contain an exchange settlement feature, which provides that the Notes may, under certain circumstances, be exchangeable for cash, shares of our common stock or a combination of cash and shares of our common stock, at the option of the Operating Partnership, based on an initial exchange rate of 46.9423 shares of our common stock per $1,000 principal amount of Notes, which rate is subject to adjustment under certain circumstances up to a maximum of 57.5043 shares of our common stock per $1,000 principal amount of Notes. At the initial exchange rate, the Notes are exchangeable for our common stock at an exchange price of approximately $21.30 per share of our common stock, representing an approximately 22.5% premium over the last reported sale price of our common stock on November 21, 2013, which was $17.39 per share.
	In connection with the issuance of the Notes, we recorded approximately $99.1 million within exchangeable senior notes, net on the accompanying condensed consolidated balance sheets, based on the fair value of the instrument using a straight-debt rate of 6.5% at the time of issuance, and approximately $15.4 million in additional paid-in-capital, net of $0.5 million in financing costs, in the accompanying condensed consolidated statement of equity. The difference between the $115.0 million face amount and the $99.1 million will be accreted over the five-year period ended November 15, 2018. As of September 30, 2014, the unaccreted discount was $13.5 million. We incurred $3.8 million in financing costs, of which $3.3 million are included in deferred financing costs, net on the accompanying condensed consolidated balance sheets to be amortized to interest expense over the term of the Notes.
	Securitization Loan
	In August 2014, the Company completed a securitization transaction resulting in $340.6 million in total gross proceeds. The transaction involves the issuance and sale of single-family rental pass-through certificates that represents beneficial ownership interests in a loan, or the Securitization Loan, secured by 2,876 homes sold to an affiliate from the Company's portfolio of single-family properties. The loan has an initial term of two years, with three, 12-month extension options, resulting in a fully extended maturity date of September 9, 2019 and requires that we maintain certain covenants, including but not limited to, a minimum debt yield on the collateral pool of properties. The effective weighted average of the fixed-rate spreads is 2.11% plus 1-month LIBOR. As of September 30, 2014, the Company was in compliance with all covenants under the loan agreement. The net balance at September 30, 2014 was $340.6 million, which is net of unamortized discount of $1.6 million. We incurred approximately $11 million in financing costs, which are included in deferred financing costs, net on the accompanying condensed consolidated balance sheets to be amortized over five years.
	Derivative and Hedging Activities
	Additionally, as part of certain lender requirements in connection with the Securitization Loan, we entered into an interest rate cap agreement with an aggregate notional amount of $342.2 million and LIBOR based strike rate equal to 3.12% for the initial two year term of the Securitization Loan to hedge against interest rate fluctuations. This interest rate cap agreement has been formally designated as a cash flow hedge at inception and will be regularly assessed for effectiveness on an on-going basis. During the three months ended September 30, 2014, our interest rate cap agreement was 100% effective as a cash flow hedge and, as a result, changes in fair value have been classified in accumulated other comprehensive loss. These amounts will subsequently be reclassified into earnings in the period which the hedged transaction affects earnings. The fair value of our interest rate cap agreement is estimated to be $0.1 million as of September 30, 2014 and has been included in other assets, net in the accompanying consolidated condensed balance sheets. The interest rate cap is valued using Level 2 observable market-based inputs, including interest rate curves.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings (Loss) Per Share	'
	Earnings (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							Nine Months
		September 30,							Ended
									September 30,
		2014				2013			2014			2013
	Net loss attributable to common stockholders	$	(9,162	)		$	(4,515	)	$	(24,440	)	$	(16,606	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted	32,153,307				32,124,857			32,139,807			25,447,193
	Net loss per share of common stock, basic and diluted	$	(0.28	)		$	(0.14	)	$	(0.76	)	$	(0.65	)
	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 Operating Partnership units, or OP units, and vested LTIP units, or Long Term Incentive Plan 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
		September 30,						September 30,
		2014			2013			2014		2013
	OP and vested LTIP units	592,995			520,274			560,383		357,969
	Unvested LTIP units	149,479			182,577			162,116		333,540
	Unvested restricted stock	45,995			46,827			44,716		23,842
	Unvested market-based LTIP units	377,230			—			354,293		—
	Potentially dilutive shares	1,165,699			749,678			1,121,508		715,351

Stock_Compensation

Stock Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Compensation	'
	Stock Compensation
	We award stock-based compensation to certain employees, executives and members of our Board of Directors under 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, 2014, there were 475,639 shares of our common stock available for grant under our 2012 Equity Incentive Plan.
	We recorded stock-based compensation cost of approximately $0.8 million and $2.2 million as part of general, administrative and other expense in the condensed consolidated statement of operations during each of the three and nine months ended September 30, 2014, respectively. The stock-based compensation cost recorded during the three and nine months ended September 30, 2013 was $0.5 million and $4.8 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 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.
	Service-Based LTIP Units
	Service-based LTIP units are valued at fair value on the date of grant and compensation expense is recognized over the vesting period, which approximates a straight-line basis. These shares generally vest over three years based on continued service or employment. We valued the service-based 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 for grants issued prior to our IPO. Subsequent to our IPO, we valued the service-based LTIP units at the per-share market close trading price of our common stock on the date of grant less a discount for lack of marketability estimated with the assistance of a third-party consultant.
	The following table summarizes information about the service-based LTIP units outstanding as of September 30, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance, December 31, 2013	349,941		174,242		524,183		$	16.98
	Granted	—		64,592		64,592		$	15.68
	Vested	84,966		(84,966	)	—		$	16.74
	Converted	(17,967	)	—		(17,967	)	$	17
	Canceled	—		(4,166	)	(4,166	)	$	17
	Balance, September 30, 2014	416,940		149,702		566,642		$	16.83
	Total unrecognized compensation cost related to unvested service-based LTIP units totaled approximately $1.7 million as of September 30, 2014, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.4 years, subject to the stated vesting conditions.
	Market-Based LTIP Units
	In November 2013, we issued 338,094 LTIP units, of which up to 50% will vest based on the percentage increase of the Company’s total stockholder return, or TSR, beginning on May 14, 2013 (the date of the closing of our initial public offering), and up to 50% will vest based on the relative outperformance of our TSR as compared to the percentage change of the SNL US REIT Equity Index, or the Index, over the same period. The market-based LTIP awards were valued on the date of grant using a Monte Carlo simulation method. The aggregate grant date fair value of the market-based LTIP units was $1.9 million.
	In June 2014, we issued 39,136 LTIP units, of which up to 100% will vest based on the percentage increase of the Company's TSR beginning on January 1, 2014. The market-based LTIP awards were valued on the date of grant using a Monte Carlo simulation method. The aggregate grant date fair value of the market-based LTIP units was $0.4 million.
	The following table summarizes information about the market-based LTIP units outstanding as of September 30, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance, December 31, 2013	—		338,094		338,094		$	5.58
	Granted	—		39,136		39,136		$	10.12
	Vested	—		—		—		$	—
	Converted	—		—		—		$	—
	Forfeited	—		—		—		$	—
	Balance, September 30, 2014	—		377,230		377,230		$	6.05
	Total unrecognized compensation cost related to unvested market-based LTIP units totaled approximately $1.5 million as of September 30, 2014, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 3.4 years, subject to 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 the per-share market close trading price of our common stock on the date of grant and compensation expense is recognized over the vesting period, which approximates a straight-line basis. These shares generally vest over three years based on continued service or employment. We valued the restricted shares of our common stock based on the closing price of our common stock on the grant date.
	The following table summarizes information about the shares of restricted common stock outstanding as of September 30, 2014:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2013	40,369		$	21
	Granted	17,944		$	17.98
	Vested	(10,651	)	$	20.91
	Canceled	(1,667	)	$	21
	Unvested at September 30, 2014	45,995		$	19.84
	Total unrecognized compensation cost related to unvested shares of restricted common stock totaled approximately $0.7 million as of September 30, 2014, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.8 years, subject to stated vesting conditions.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2014
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, 2014 and December 31, 2013. 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 and accounts payable and accrued expenses. The carrying amount of these instruments approximates fair value because of their short-term nature.
	Our mortgage financings, the Credit Facility, the Notes and the Securitization Loan 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 of the Credit Facility using Level 2 assumptions approximate the carrying amounts. The estimated fair values of our mortgage financing receivables using Level 3 assumptions approximate the carrying amounts. We entered into an interest rate cap designated as a cash flow hedge to reduce our exposure to interest rate risk. See Note 4 for disclosures on the fair value of our interest rate cap.
	The fair value of our Notes and the Securitization Loan using Level 2 assumptions is as follows (amounts in thousands):
			September 30, 2014
			Fair Value		Carrying Value
	Exchangeable senior notes (1)		$	120,319	$	101,455
	Securitization Loan(2)		$	340,591	$	340,591
	______________
	(1)    The carrying amount of the exchangeable senior notes includes a discount of $13.5 million.
	(2)    The fair value of the securitization loan approximates carrying value and includes a discount of $1.6 million.

Transactions_With_Related_Part

Transactions With Related Parties	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Transactions With Related Parties	'
	Transactions With Related Parties
	Upon closing our initial private offering, we acquired the proprietary, vertically integrated real estate acquisition and management platform 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. As consideration for our acquisition, our Operating Partnership issued 175,000 OP units, valued at $3.5 million, representing a 1.5% limited partnership interest in our Operating Partnership at that time, and we paid 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.
	In February 2013, our TRS entered into a management agreement directly with ARP Phoenix Fund I, LP, or Phoenix Fund. The general partner of Phoenix Fund is ARP Phoenix Fund I GP, LLC, which is owned by Mr. Schmitz and Ms. Hawkes. The services our TRS provides to Phoenix Fund include property restoration, leasing and property management and disposition services with respect to the properties owned by Phoenix Fund. Our TRS provides these 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 $0.1 million in property management fees during the three months ended September 30, 2014 and 2013, respectively, and $0.3 million and $0.3 million during the nine months ended September 30, 2014 and 2013, respectively.
	Accounts receivable of approximately $0.1 million and $43,000 due from Phoenix Fund and ARM are included in rents and other receivables, net in our condensed consolidated balance sheets at September 30, 2014 and December 31, 2013, respectively.
	Phoenix Fund purchased 150,000 shares of our common stock in our initial private offering.

NonControlling_Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 2014
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 sheets.
	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, 2014, there were 591,940 outstanding non-controlling common units of our Operating Partnership, representing an approximate 1.8% 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 416,940 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 1.8% and 1.6% for the three months ended September 30, 2014 and 2013, respectively, and 1.7% and 1.4% for the nine months ended September 30, 2014 and 2013, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
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, 2014.
	Accepted Purchase Offers
	As of September 30, 2014, we have committed to purchase single-family homes for a total purchase price of approximately $50.4 million. These are offers to purchase properties that were accepted by the sellers but had not closed as of September 30, 2014.
	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 46% 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.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	For the period from October 1, 2014 to October 31, 2014, we acquired 337 single-family homes for a total purchase price of approximately $51.0 million and contracted to acquire 240 single-family homes for a total purchase price of approximately $39.8 million.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Accounting	'
	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, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 31, 2014. 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, 2014 are not necessarily indicative of the results to be expected for the entire year.
Principles of Consolidation	'
	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 condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
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 have acquired portfolios of leased properties from established local operators through our “preferred operator” program. In this program, we acquired 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. The Company capitalizes interest during the restoration period on newly acquired properties. 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.
Revenue Recognition	'
	Revenue Recognition
	We lease single-family residences we own and manage directly to tenants who occupy the properties under operating leases, generally, with terms of one year. We perform credit investigations on prospective tenants and obtain security deposits. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Properties that are subject to longer-term operating arrangements with preferred operators are leased to the operator for a minimum of five to ten years with renewal options. These operators are responsible for taxes, insurance and maintenance of the properties under the terms of the operating arrangements. Under our preferred operator program, we earn base rental revenue paid monthly, with contractual minimum annual rent increases on each anniversary of the lease commencement date. We recognize rental revenue on a straight-line basis over the term of the lease. We also earn percentage rents on a quarterly basis equal to a fixed percentage of the gross revenue the preferred operator collects from its residential sub-tenants who occupy the homes. Percentage rental revenue is recorded when the gross revenue collected from the sub-tenants is known and the amount can be calculated.
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.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash and cash equivalents are held in depository accounts with financial institutions that are members of the Federal Deposit Insurance Corporation, or the FDIC. Cash balances with institutions may be in excess of federally insured limits or may be invested in time deposits that are not insured by the institution or the FDIC or any other government agency. We have not realized any losses in such cash investments and we believe that these investments are not exposed to any significant credit risk. Cash equivalents consist of highly liquid investments with original maturities of three months or less when acquired. Such investments are stated at cost, which approximates fair value.
Restricted Cash	'
	Restricted Cash
	Restricted cash primarily consists of funds that are restricted as to withdrawal or use under the terms of certain contractual agreements, which include payments of real estate taxes, insurance, interest, management fees and tenant security deposits.
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.
Deferred Leasing Costs and In-Place Lease Intangibles, Net	'
	Deferred Leasing Costs and In-Place Lease Intangibles, Net
	Deferred leasing commissions and other direct costs associated with leasing our properties (including direct internal costs) and in-place lease intangibles are capitalized and amortized on a straight-line basis over the terms of the related leases.
Deferred Financing Costs, Net	'
	Deferred Financing Costs, Net
	Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying condensed consolidated statements of operations.
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.
Other Assets	'
	Other Assets, Net
	Other assets include prepaid expenses, deposits, other receivables and other miscellaneous assets, including office property and equipment. Office property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets of three to seven years.
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. 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.
	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 and local income and franchise taxes, and our TRS will be subject to federal, state and local taxes on its income. Franchise taxes are included in general and administrative expenses on the accompanying condensed consolidated statements of operations and comprehensive loss.
	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, 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.
	We determine whether any tax positions taken or expected to be taken meet the "more-likely-than-not" threshold of being sustained by the applicable federal, state or local tax authority. As of September 30, 2014, we concluded that there is no tax liability relating to uncertain income tax positions. Our policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at September 30, 2014.
	We file federal, state and local income tax returns. Federal and state tax returns filed for 2012 and 2013 are still subject to examination. We believe that we have appropriate support for the income tax positions taken on our tax returns. We had net operating loss carryforwards for income tax purposes at December 31, 2013 and 2012. These losses will be available to reduce future taxable income or distribution requirements until they expire, which varies by jurisdiction but generally is not more than 20 years from the tax year in which they originate. Based on all available evidence, we cannot conclude it is more likely than not these attributes will be utilized in the future and thus a valuation allowance has been recorded against them.
Earnings (Loss) Per Share	'
	Earnings (Loss) Per Share
	Basic earnings (loss) per share, or EPS, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed by dividing net loss attributable to common stockholders as adjusted for dilutive securities, by the weighted-average number of shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive securities include unvested restricted shares of our common stock, Operating Partnership units, or OP units, vested and unvested Long Term Incentive Plan units, or LTIP units, and exchangeable senior notes. We intend to satisfy our exchange obligation for the principal amount of the exchangeable senior notes to the exchanging note holders entirely in cash. As we intend to settle the principal amount of the exchangeable senior notes in cash, the "if-converted" method to include debt in diluted EPS is not applicable and the treasury stock method is being used and as our stock price is below the conversion price, there is no impact.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In April 2014, the FASB issued ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has adopted the provisions of this ASU and anticipates that the majority of property sales will not be classified as discontinued operations.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements.
	In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and will not have an impact on the Company’s financial position, results of operations or cash flows.
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, 2014 and December 31, 2013. 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 and accounts payable and accrued expenses. The carrying amount of these instruments approximates fair value because of their short-term nature.
	Our mortgage financings, the Credit Facility, the Notes and the Securitization Loan 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 of the Credit Facility using Level 2 assumptions approximate the carrying amounts. The estimated fair values of our mortgage financing receivables using Level 3 assumptions approximate the carrying amounts.

Lease_Intangibles_Tables

Lease Intangibles (Tables)	9 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Identifiable Intangible Assets	'
	Our identifiable intangible assets as of September 30, 2014 and December 31, 2013 are summarized as follows (amounts in thousands):
		30-Sep-14			31-Dec-13
	Acquired in-place leases	$	456		$	1,823
	Less: accumulated amortization	(251		)	(1,039		)
	Intangible lease assets, net	$	205		$	784

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
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							Nine Months
		September 30,							Ended
									September 30,
		2014				2013			2014			2013
	Net loss attributable to common stockholders	$	(9,162	)		$	(4,515	)	$	(24,440	)	$	(16,606	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted	32,153,307				32,124,857			32,139,807			25,447,193
	Net loss per share of common stock, basic and diluted	$	(0.28	)		$	(0.14	)	$	(0.76	)	$	(0.65	)
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
		September 30,						September 30,
		2014			2013			2014		2013
	OP and vested LTIP units	592,995			520,274			560,383		357,969
	Unvested LTIP units	149,479			182,577			162,116		333,540
	Unvested restricted stock	45,995			46,827			44,716		23,842
	Unvested market-based LTIP units	377,230			—			354,293		—
	Potentially dilutive shares	1,165,699			749,678			1,121,508		715,351

Stock_Compensation_Tables

Stock Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
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 service-based LTIP units outstanding as of September 30, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance, December 31, 2013	349,941		174,242		524,183		$	16.98
	Granted	—		64,592		64,592		$	15.68
	Vested	84,966		(84,966	)	—		$	16.74
	Converted	(17,967	)	—		(17,967	)	$	17
	Canceled	—		(4,166	)	(4,166	)	$	17
	Balance, September 30, 2014	416,940		149,702		566,642		$	16.83
Market-based 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 market-based LTIP units outstanding as of September 30, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance, December 31, 2013	—		338,094		338,094		$	5.58
	Granted	—		39,136		39,136		$	10.12
	Vested	—		—		—		$	—
	Converted	—		—		—		$	—
	Forfeited	—		—		—		$	—
	Balance, September 30, 2014	—		377,230		377,230		$	6.05
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, 2014:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2013	40,369		$	21
	Granted	17,944		$	17.98
	Vested	(10,651	)	$	20.91
	Canceled	(1,667	)	$	21
	Unvested at September 30, 2014	45,995		$	19.84

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value	'
	The fair value of our Notes and the Securitization Loan using Level 2 assumptions is as follows (amounts in thousands):
		September 30, 2014
		Fair Value		Carrying Value
	Exchangeable senior notes (1)	$	120,319	$	101,455
	Securitization Loan(2)	$	340,591	$	340,591
	______________
	(1)    The carrying amount of the exchangeable senior notes includes a discount of $13.5 million.
	(2)    The fair value of the securitization loan approximates carrying value and includes a discount of $1.6 million.

Companys_Organization_and_Oper1

Company's Organization and Operations (Details) (USD $)	1 Months Ended			2 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	31-May-13	31-May-12	11-May-12	Jan. 31, 2013	Sep. 30, 2014
					Property
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'	'	'	'
Operating Partnership interest	'	'	1.50%	'	98.20%
Net proceeds from private placement	'	$208.70	'	$139.10	'
Common stock issued during period (in shares)	13,700,000	'	'	'	'
Common stock, offering price per share	$21	'	'	'	'
Net proceeds from issuance of common stock	$265.10	'	'	'	'
Number of properties	'	'	'	'	8,223

Summary_of_Significant_Account2

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

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Oct. 31, 2012

Dec. 31, 2012

31-May-13

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Flat Iron VI LLC

Siphon Draw LLC

Red Rock River LLC

Self-Managed Homes

Self-Managed Homes

Self-Managed Homes

Self-Managed Homes

Preferred Operator Homes

Preferred Operator Homes

Preferred Operator Homes

Preferred Operator Homes

Cash and Cash Equivalents

Cash and Cash Equivalents

Short Term Loans Receivable

Long Term Loans Receivable

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Office property and equipment

Preferred Operators

Office property and equipment

Preferred Operators

Summary Of Significant Accounting Policies [Line Items]

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Estimate useful lives

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'5 years

'3 years

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'27 years 6 months

'7 years

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Operating lease term

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'5 years

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'10 years

Mortgage loans

$26,061,000

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$26,061,000

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$43,512,000

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$25,400,000

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Mortgage loans, weighted-average interest rate

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11.80%

8.00%

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Mortgage loans, weighted-average remaining term

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'

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'100 days

'28 years 6 months

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Mortgage loans

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700,000

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Restricted cash

10,816,000

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10,816,000

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0

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3,900,000

0

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Rents and other receivables, net

1,100,000

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1,100,000

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1,700,000

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600,000

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600,000

'

500,000

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500,000

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Provision for doubtful accounts

576,000

800,000

1,742,000

1,229,000

'

'

'

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400,000

400,000

1,200,000

800,000

200,000

387,000

600,000

436,000

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Investment in joint-venture

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$5,500,000

$4,700,000

$18,000,000

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Equity interest in joint-venture, percentage

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78.00%

80.00%

62.00%

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Lease_Intangibles_Identifiable

Lease Intangibles Identifiable Intangible Assets (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets, Net [Abstract]	'	'
Acquired in-place leases	$456	$1,823
Less: accumulated amortization	-251	-1,039
Intangible lease assets, net	$205	$784

Lease_Intangibles_Details

Lease Intangibles (Details) (Acquired in-place leases, USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Acquired in-place leases	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization of acquired in-place leases	$0.10	$1.20	$1	$3.40

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)

1 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

Aug. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Nov. 30, 2013

Sep. 30, 2014

Nov. 21, 2013

Aug. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Aug. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Home

Interest Rate Cap

Interest Rate Cap

Senior Notes

Senior Notes

Senior Notes

Secured Debt

Secured Debt

LIBOR

One-month LIBOR

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Other Assets

Designated as Hedging Instrument

3.25% Exchangeable Senior Notes

3.25% Exchangeable Senior Notes

3.25% Exchangeable Senior Notes

Securitization Loan

Securitization Loan

Secured Debt

LIBOR

Federal Funds Rate

Prime Rate

One-month Eurodollar

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

extension

Securitization Loan

LIBOR

One-month Eurodollar

LIBOR

One-month Eurodollar

Debt Instrument [Line Items]

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Senior secured revolving credit facility, current maximum borrowing capacity

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$380,000,000

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Senior secured revolving credit facility, maximum borrowing capacity

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500,000,000

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Senior secured revolving credit facility, accordion feature, higher borrowing capacity option

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750,000,000

500,000,000

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Optional one-year extension

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'1 year

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Line of credit facility maturity period

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'2015-01

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Ratio of total indebtedness to total asset value

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45.00%

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55.00%

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Description of variable rate basis

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'LIBOR

'Federal Funds Rate

'prime rate

'one-month Eurodollar

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Basis spread on variable rate

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2.11%

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0.50%

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2.50%

'

'

3.25%

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

100,000

500,000

400,000

'

'

'

'

'

'

'

'

'

'

'

'

Revolving credit facility

'

199,000,000

'

169,000,000

'

'

'

'

'

'

'

'

'

199,000,000

'

199,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

2.90%

'

2.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

Amounts available under Credit Facility

'

'

'

'

'

'

'

'

'

'

'

'

'

165,500,000

'

165,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred financing costs

'

6,700,000

'

'

'

'

'

3,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Gross

'

'

'

'

'

'

115,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate

'

'

'

'

'

'

3.25%

3.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial exchange rate

'

'

'

'

'

'

'

0.0469423

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share cap exchange rate

'

'

'

'

'

'

'

0.0575043

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exchange price per share

'

'

'

'

'

'

'

$21.30

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Premium over the last reported sales price of common stock

'

'

'

'

'

'

'

22.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share Price

'

'

'

'

'

'

'

'

$17.39

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt

'

'

'

'

'

'

99,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value assumptions, interest rate percentage

'

'

'

'

'

'

6.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of exchangeable notes

'

'

'

'

'

'

15,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financing costs, equity component

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized discount

'

'

'

'

'

'

'

13,500,000

'

'

1,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred financing costs, net

'

14,968,000

'

6,558,000

'

'

'

3,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of securitization loan

'

340,559,000

0

'

'

'

'

'

'

340,559,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance costs

'

'

'

'

'

'

'

'

'

10,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Single Family Homes Sold to an Affiliate

2,876

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of 12-month extensions

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization period of financing costs

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount

'

'

'

'

'

342,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Strike rate

'

'

'

'

'

'

'

'

'

'

'

3.12%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial loan term

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of interest rate cap

'

'

'

'

$100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings_Loss_Per_Share_Reconc

Earnings (Loss) Per Share Reconciliation of Net Loss per Share (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Net loss attributable to common stockholders	($9,162)	($4,515)	($24,440)	($16,606)
Weighted-average number of shares of common stock outstanding:	'	'	'	'
Basic and diluted (in shares)	32,153,307	32,124,857	32,139,807	25,447,193
Net loss per share of common stock (dollars per share)	($0.28)	($0.14)	($0.76)	($0.65)

Earnings_Loss_Per_Share_Weight

Earnings (Loss) Per Share Weighted-Average Number of Shares of Potentially Dilutive Securities (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	1,165,699	749,678	1,121,508	715,351
OP and vested LTIP units	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	592,995	520,274	560,383	357,969
Unvested LTIP units	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	149,479	182,577	162,116	333,540
Unvested restricted stock	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	45,995	46,827	44,716	23,842
Unvested market-based LTIP units	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potentially dilutive shares	377,230	0	354,293	0

Stock_Compensation_Narrative_D

Stock Compensation Narrative (Details) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

In Millions, except Share data, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Nov. 30, 2013

Jun. 30, 2014

Nov. 30, 2013

Sep. 30, 2014

Jun. 30, 2014

Nov. 30, 2013

Nov. 30, 2013

LTIP

Market-based LTIP Units

Market-based LTIP Units

Market-based LTIP Units

Market-based LTIP Units

Market-based LTIP Units

Restricted common stock

Percent Vesting Based on TSR

Percent Vesting Based on TSR

Percent Vesting Based on Relative Outperformance of TSR Compared to Percentage Change of Index

Senior management

Senior management

Maximum

Maximum

Maximum

Market-based LTIP Units

Market-based LTIP Units

Market-based LTIP Units

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

475,639

'

475,639

'

'

'

'

'

'

'

'

'

'

'

Stock-based compensation cost

$0.80

$0.50

$2.20

$4.80

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'3 years

'

'

'

'

'

'3 years

'

'

'

Unrecognized compensation cost related to unvested LTIP units

'

'

'

'

1.7

1.5

'

'

'

'

0.7

'

'

'

Weighted average period over which unrecognized compensation is expected to be recognized

'

'

'

'

'1 year 4 months 24 days

'3 years 4 months 24 days

'

'

'

'

'1 year 9 months 18 days

'

'

'

LTIP units and shares of restricted common stock, issued

'

'

'

'

'

'

'

'

39,136

338,094

'

'

'

'

TSR requirement for vesting period

'

'

'

'

'

'

'

'

'

'

'

100.00%

50.00%

50.00%

Aggregate grant date fair value

'

'

'

'

'

'

$0.40

$1.90

'

'

'

'

'

'

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, 2014
LTIP Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Beginning balance	524,183
Granted	64,592
Vested	0
Total Outstanding Units, Converted	-17,967
Total Outstanding Units, Canceled	-4,166
Ending balance	566,642
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]	'
Weighted-Average Grant Date Fair Value, Beginning Balance	$16.98
Weighted-Average Grant Date Fair Value, Granted	$15.68
Weighted-Average Grant Date Fair Value, Vested	$16.74
Weighted-Average Grant Date Fair Value, Converted	$17
Weighted-Average Grant Date Fair Value, Canceled	$17
Weighted-Average Grant Date Fair Value, Ending Balance	$16.83
Restricted Common Stock [Roll Forward]	'
Vested	0
LTIP Units | Total Vested Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Beginning balance	349,941
Granted	0
Vested	-84,966
Total Outstanding Units, Converted	-17,967
Total Outstanding Units, Canceled	0
Ending balance	416,940
Restricted Common Stock [Roll Forward]	'
Vested	-84,966
LTIP Units | Total Unvested Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Beginning balance	174,242
Granted	64,592
Vested	-84,966
Total Outstanding Units, Converted	0
Total Outstanding Units, Canceled	-4,166
Ending balance	149,702
Restricted Common Stock [Roll Forward]	'
Vested	-84,966
Market-based LTIP Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Beginning balance	338,094
Granted	39,136
Ending balance	377,230
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]	'
Weighted-Average Grant Date Fair Value, Beginning Balance	$5.58
Weighted-Average Grant Date Fair Value, Granted	$10.12
Weighted-Average Grant Date Fair Value, Ending Balance	$6.05
Market-based LTIP Units | Total Unvested Units	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Beginning balance	338,094
Granted	39,136
Ending balance	377,230
Restricted Shares	'
Stock-Compensation, Shares, Outstanding [Roll Forward]	'
Vested	-10,651
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]	'
Weighted-Average Grant Date Fair Value, Beginning Balance	$21
Weighted-Average Grant Date Fair Value, Granted	$17.98
Weighted-Average Grant Date Fair Value, Vested	$20.91
Weighted-Average Grant Date Fair Value, Canceled	$21
Weighted-Average Grant Date Fair Value, Ending Balance	$19.84
Restricted Common Stock [Roll Forward]	'
Unvested, beginning balance	40,369
Granted	17,944
Vested	-10,651
Canceled	-1,667
Unvested, ending balance	45,995

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2014
Senior Notes | 3.25% Exchangeable Senior Notes	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Unamortized discount	$13,500,000
Secured Debt | Securitization Loan	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Unamortized discount	1,600,000
Carrying value | Senior Notes | 3.25% Exchangeable Senior Notes	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Exchangeable senior notes	101,455,000	[1]
Carrying value | Secured Debt | Securitization Loan	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Exchangeable senior notes	340,591,000	[2]
Fair Value, Measurements, Recurring | Level 2 | Fair Value | Senior Notes | 3.25% Exchangeable Senior Notes	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Exchangeable senior notes	120,000	[1]
Fair Value, Measurements, Recurring | Level 2 | Fair Value | Secured Debt | Securitization Loan	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'
Exchangeable senior notes	$341,000	[2]
[1]	The carrying amount of the exchangeable senior notes includes a discount of $13.5 million.
[2]	The fair value of the securitization loan approximates carrying value and includes a discount of $1.6 million.

Transactions_With_Related_Part1

Transactions With Related Parties (Details) (USD $)	1 Months Ended			3 Months Ended		9 Months Ended			1 Months Ended
	31-May-13	Feb. 28, 2013	11-May-12	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	31-May-12
									Phoenix Fund
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'
Business acquisition exchange of OP units (in shares)	'	'	175,000	'	'	'	'	'	'
Business acquisition exchange of OP units, value	'	'	$3,500,000	'	'	'	'	'	'
Percentage of limited partnership interest in Operating Partnership	'	'	1.50%	'	'	98.20%	'	'	'
Business acquisition cash consideration	'	'	85,000	'	'	'	'	'	'
Value of Operating Partnership units (usd per unit)	'	'	20	'	'	'	'	'	'
Management services fees percentage on gross rental revenue	'	6.00%	'	'	'	'	'	'	'
Property management fees	'	'	'	100,000	100,000	300,000	300,000	'	'
Accounts receivable from related party	'	'	'	$100,000	'	$100,000	'	$43,000	'
Common stock issued during period (in shares)	13,700,000	'	'	'	'	'	'	'	150,000

NonControlling_Interests_Detai

Non-Controlling Interests (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	11-May-12	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Noncontrolling Interest [Line Items]	'	'	'	'	'
Non-controlling common units of Operating Partnership, outstanding (in units)	'	591,940	'	591,940	'
Non-controlling ownership interest in Operating Partnership	'	1.80%	'	1.80%	'
Units issued in connection with acquisition of assets and management platform (usd per unit)	175,000	'	'	'	'
Weighted-average share of net loss attributable to limited partners'	'	1.80%	1.60%	1.70%	1.40%
LTIP	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Total vested LTIP units	'	416,940	'	416,940	'
Assets and Management Platform from ARM	'	'	'	'	'
Noncontrolling Interest [Line Items]	'	'	'	'	'
Units issued in connection with acquisition of assets and management platform (usd per unit)	'	'	'	175,000	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
Loss Contingencies [Line Items]	'
Payment for deposit on acquisition	50.4
Arizona and Texas	'
Loss Contingencies [Line Items]	'
Concentration risk exposure, percentage	46.00%

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	9 Months Ended		1 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Oct. 31, 2014
			Subsequent Event
			Home
Subsequent Event [Line Items]	'	'	'
Number of homes acquired	'	'	337
Total purchase price of homes acquired	$346,703,000	$458,542,000	$51,000,000
Number of homes contracted to acquire	'	'	240
Contracted purchase price to acquire homes	'	'	$39,800,000