American Residential Properties (ARPI) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	6-May-15
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	ARPI
Entity Registrant Name	American Residential Properties, Inc.
Entity Central Index Key	1548981
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,195,280

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Investment in real estate:
Land	$254,557	$249,151
Building and improvements	1,075,715	1,042,954
Furniture, fixtures and equipment	10,136	9,508
Investment in real estate, gross	1,340,408	1,301,613
Less: accumulated depreciation	-71,316	-58,010
Investment in real estate, net	1,269,092	1,243,603
Mortgage financings	19,458	21,097
Cash and cash equivalents	23,144	21,270
Restricted cash	15,381	11,473
Acquisition deposits	4	2,561
Rents and other receivables, net	4,406	4,583
Deferred leasing costs and lease intangibles, net	3,454	3,391
Deferred financing costs, net	13,101	13,037
Investment in unconsolidated ventures	25,427	25,691
Goodwill	3,500	3,500
Other, net	10,196	10,567
Total assets	1,387,163	1,360,773
Liabilities:
Revolving credit facility	350,000	311,000
Exchangeable senior notes, net	102,898	102,188
Securitization loan, net	340,757	340,675
Accounts payable and accrued expenses	19,104	23,507
Security deposits	9,008	7,919
Prepaid rent	3,288	2,919
Total liabilities	825,055	788,208
American Residential Properties, Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 32,195,280 and 32,195,280 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	322	322
Additional paid-in capital	628,758	628,662
Accumulated other comprehensive loss	-139	-96
Accumulated deficit	-79,003	-68,101
Total American Residential Properties, Inc. stockholders’ equity	549,938	560,787
Non-controlling interests	12,170	11,778
Total equity	562,108	572,565
Total liabilities and equity	$1,387,163	$1,360,773

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars 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 (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	32,195,280	32,195,280
Common stock, shares outstanding (in shares)	32,195,280	32,195,280

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Management services (related party)	$68	$113
Interest and other	782	1,411
Total revenue	27,492	17,454
Expenses:
Property operating and maintenance	6,207	4,146
Real estate taxes	5,009	3,111
Homeowners’ association fees	658	460
Acquisition	57	67
Depreciation and amortization	15,145	9,464
General, administrative and other	4,220	3,720
Interest	7,316	4,230
Total expenses	38,612	25,198
Loss from continuing operations before equity in net income (loss) of unconsolidated ventures	-11,120	-7,744
Equity in net income (loss) of unconsolidated ventures	10	-50
Net loss	-11,110	-7,794
Net loss attributable to non-controlling interests	208	125
Net loss attributable to common stockholders	-10,902	-7,669
Basic and diluted loss per share:
Net loss attributable to common stockholders (in dollars per share)	($0.34)	($0.24)
Weighted-average number of shares of common stock outstanding (in shares)	32,160,983	32,130,733
Self-managed rental revenue
Revenue:
Rental revenue	25,289	14,562
Local operator rental revenue
Revenue:
Rental revenue	$1,353	$1,368

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	($11,110)	($7,794)
Other comprehensive loss:
Change in unrealized loss on interest rate cap	-43	0
Comprehensive loss	-11,153	-7,794
Comprehensive loss attributable to non-controlling interests	208	125
Comprehensive loss attributable to common stockholders	($10,945)	($7,669)

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, 2014	$572,565	$322	$0	$628,662	($96)	($68,101)	$11,778
Beginning Balance (in shares) at Dec. 31, 2014		32,195,280
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	-11,110					-10,902	-208
Other comprehensive loss	-43				-43
Stock-based compensation	696			96			600
Ending Balance at Mar. 31, 2015	$562,108	$322	$0	$628,758	($139)	($79,003)	$12,170
Ending Balance (in shares) at Mar. 31, 2015		32,195,280

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	($11,110)	($7,794)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	15,145	9,464
Amortization of stock-based compensation	696	667
Amortization of deferred financing costs	1,264	1,034
Accretion of discount on exchangeable senior notes	710	664
Accretion of discount on securitization loan	82
Bad debt expense	522	545
Straight line rental revenue	120	-67
Equity in net (income) loss of unconsolidated ventures	-10	50
Distributions on returns of unconsolidated ventures	10	0
Net (gain) on dispositions of real estate and other assets	-40	0
Changes in operating assets and liabilities:
Restricted cash	-3,908	0
Rent and other receivables, net	-465	-712
Deferred leasing costs and lease intangibles, net	-1,883	-1,778
Other assets, net	328	3,627
Accounts payable, accrued expenses and other liabilities	-2,753	1,388
Net cash (used in) provided by operating activities	-1,292	7,088
Investing activities:
Improvements of real estate	-12,568	-8,272
Property acquisitions, including acquired in-place leases	-26,646	-108,619
Proceeds from sale of real estate	248	0
Investment in mortgage financings	-1,154	-5,407
Repayments from mortgage financings	2,793	12,263
Distributions from unconsolidated ventures	264	0
Decrease (increase) in acquisition deposits	2,557	-4,327
Net cash used in investing activities	-34,506	-114,362
Financing activities:
Borrowings under revolving credit facility	39,000	144,000
Repayments of revolving credit facility		-10,000
Deferred financing costs	-1,328	-165
Net cash provided by financing activities	37,672	133,835
Net increase in cash and cash equivalents	1,874	26,561
Cash and cash equivalents-beginning of period	21,270	24,294
Cash and cash equivalents-end of period	23,144	50,855
Supplemental schedule of noncash investing and financing activities:
Accounts payable and accrued expenses for additions to investments in real estate	1,667	1,607
Cash paid for interest, net of amount capitalized	$4,204	$1,301

Organization_and_Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations
	As used in these unaudited 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 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 ("our Operating Partnership"), in which we have a 98.1% interest as of March 31, 2015 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 ("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 did not have any meaningful operating activity until the consummation of our initial private offering of our common stock in May 2012. We completed a follow-on private offering and a separate private placement of our common stock in December 2012 and January 2013, respectively, and completed our initial public offering ("IPO") in May 2013.
	As of March 31, 2015, we owned 9,038 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	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Basis of Accounting and Principles of Consolidation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC rules and regulations. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring entries), considered necessary for a fair presentation of our results have been included. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year.
	The accompanying unaudited 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 unaudited condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation.
	These financial statements should be read in conjunction with our audited consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 16, 2015.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the amounts reported in these financial statements and accompanying footnotes. 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 ("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 ("local operators"), that retain day-to-day management responsibilities pursuant to a longer-term net lease. In these arrangements, the local operator is responsible for all property-related expenses and we receive rental payments from the local operator that escalate over the term of the net lease. In-place lease intangibles associated with homes managed by local operators 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) 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.
	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 local operators are leased to the operator for a minimum of five to ten years with renewal options. These local operators are responsible for all taxes, insurance, maintenance and capital expenses (including significant capital improvements) of the properties under the terms of the operating arrangements. Under our local operator net lease agreements, 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 local 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.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), 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. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016; however, the FASB has issued an exposure draft regarding the deferral of the effective date of the standard. 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 February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the existing variable interest entity guidance. ASU 2015-02 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2015 with early adoption allowed in any interim period. We have not yet selected a transition method nor have we determined the effect of ASU 2015-02 on our ongoing financial reporting.
	In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 will require that debt issuance costs related to a recognized debt liability, which are currently presented as deferred charges (assets), be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years.

Mortgage_Financings

Mortgage Financings	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Mortgage Financings	Mortgage Financings
	Mortgage loans as of March 31, 2015 and December 31, 2014 include approximately $19.4 million and $21.0 million of short-term loans with weighted-average annual interest rates of approximately 12.0% and 11.9%, and weighted-average remaining terms of approximately 83 and 100 days, respectively.
	Rents and Other Receivables
	Our rents and other receivables are reported net of allowances for doubtful accounts, which are summarized as follows (in thousands):
		March 31, 2015		December 31, 2014
	Self-managed allowance for doubtful accounts	$	563	$	535
	Local operator allowance for doubtful accounts	609		579
	Total allowance for doubtful accounts	$	1,172	$	1,114
	Our provisions for doubtful accounts for self-managed homes and local operator homes are included as components of rental revenue on our condensed consolidated statements of operations, and are summarized as follows (in thousands):
		March 31, 2015		March 31, 2014
	Self-managed bad debt expense	$	428	$	372
	Local operator bad debt expense	94		173
	Total bad debt expense	$	522	$	545

Rents_and_Other_Receivables

Rents and Other Receivables	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Rents and Other Receivables	Mortgage Financings
	Mortgage loans as of March 31, 2015 and December 31, 2014 include approximately $19.4 million and $21.0 million of short-term loans with weighted-average annual interest rates of approximately 12.0% and 11.9%, and weighted-average remaining terms of approximately 83 and 100 days, respectively.
	Rents and Other Receivables
	Our rents and other receivables are reported net of allowances for doubtful accounts, which are summarized as follows (in thousands):
		March 31, 2015		December 31, 2014
	Self-managed allowance for doubtful accounts	$	563	$	535
	Local operator allowance for doubtful accounts	609		579
	Total allowance for doubtful accounts	$	1,172	$	1,114
	Our provisions for doubtful accounts for self-managed homes and local operator homes are included as components of rental revenue on our condensed consolidated statements of operations, and are summarized as follows (in thousands):
		March 31, 2015		March 31, 2014
	Self-managed bad debt expense	$	428	$	372
	Local operator bad debt expense	94		173
	Total bad debt expense	$	522	$	545

Lease_Intangibles

Lease Intangibles	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	Lease Intangibles
	Our identifiable intangible assets as of March 31, 2015 and December 31, 2014 are summarized as follows (amounts in thousands):
		31-Mar-15			31-Dec-14
	Acquired in-place leases	$	91		$	327
	Less: accumulated amortization	(69		)	(222		)
	Intangible lease assets, net	$	22		$	105
	The impact of the amortization of acquired in-place leases on our depreciation and amortization expense is approximately $0.1 million and $0.5 million for the three months ended March 31, 2015 and 2014, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt
	The following table details the Company's debt as of March 31, 2015 and December 31, 2014 (in thousands):
		31-Mar-15			31-Dec-14
	Credit Facility	$	350,000		$	311,000
	Exchangeable senior notes	115,000			115,000
	Securitization Loan	342,241			342,241
	Total debt before unamortized discount	807,241			768,241
	Less: Total unamortized discount on debt	(13,586		)	(14,378		)
	Total debt	$	793,655		$	753,863
	Senior Secured Revolving Credit Facility
	We have a $500 million senior secured revolving credit facility (the "Credit Facility") with an uncommitted accordion feature that permits us to increase the size of the facility to $750 million, subject to meeting certain criteria and obtaining additional commitments from the lending banks. 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. In January 2015, we exercised our option to extend the maturity date of our Credit Facility by one year to January 2016, pursuant to the terms of the Credit Facility. At March 31, 2015, we were in compliance with all of the financial covenants under the Credit Facility.
	As of March 31, 2015, $350.0 million was outstanding under the Credit Facility, bearing interest at a weighted-average annual rate of 3.0%, with remaining availability of $125.3 million.
	We have incurred a total of approximately $8.0 million in financing costs in connection with the Credit Facility, of which $1.1 million and $0.3 million are included in deferred financing costs, net on the accompanying condensed consolidated balance sheets at March 31, 2015 and December 31, 2014, respectively. These costs are being amortized to interest expense over the remaining 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 (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. We incurred $3.8 million in financing costs, of which $2.4 million and $2.6 million are included in deferred financing costs, net on the accompanying condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively, to be amortized to interest expense over the term of the Notes.
	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 ending November 15, 2018.
	The following table details the debt and equity components recognized related to the 3.25% Notes (in thousands)
		31-Mar-15			31-Dec-14
	Principal amount	$	115,000		$	115,000
	Unamortized discount	(12,102		)	(12,812		)
	Net carrying amount	102,898			102,188
	Additional paid in capital	15,360			15,360
	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 (the "Securitization Loan"), secured by 2,876 homes transferred 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 London Interbank Offered Rate ("LIBOR"), or 2.28%. As of March 31, 2015, we were in compliance with all covenants under the loan agreement. The net balance at March 31, 2015 was $340.8 million, which is net of unamortized discount of $1.5 million. We incurred approximately $11 million in financing costs, of which $9.6 million and $10.2 million are included in deferred financing costs, net on the accompanying condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively, to be amortized over five years.
	Derivative and Hedging Activities
	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 March 31, 2015, 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 approximately $16,000 as of March 31, 2015 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.

Taxes

Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Taxes	Taxes
	We have elected to be taxed as a REIT for federal income tax purposes. As a REIT, we are generally not 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. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. 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 continue to qualify as a REIT, we may be subject to certain state or local income taxes, and our TRS, which is our taxable REIT subsidiary, will be subject to federal, state and local taxes on its income at regular corporate rates.
	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 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 March 31, 2015, 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 March 31, 2015 or 2014.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2015
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
			March 31,
			2015			2014
	Net loss attributable to common stockholders		$	(10,902	)	$	(7,669	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted		32,160,983			32,130,733
	Net loss per share of common stock, basic and diluted		$	(0.34	)	$	(0.24	)
	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 ("OP") units, vested long-term incentive plan ("LTIP") units, unvested LTIP units, and unvested restricted shares of common stock. The weighted-average number of shares of potentially dilutive securities were as follows:
		Three Months Ended
		March 31,
		2015			2014
	OP and vested LTIP units	613,318			524,941
	Unvested LTIP units	511,236			520,830
	Unvested restricted stock	34,297			40,369
	Potentially dilutive shares	1,158,851			1,086,140

Stock_Compensation

Stock Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation	Stock Compensation
	We recorded stock-based compensation cost as part of general, administrative and other expense in the condensed consolidated statements of operations and are summarized as follows (in thousands):
		31-Mar-15			31-Mar-14
	Stock-based compensation costs	$	696		$	667
	LTIP Units
	Service-Based LTIP Units
	The following table summarizes information about the service-based LTIP units outstanding as of March 31, 2015:
		Total Vested		Total Unvested			Total	Weighted-Average
		Units		Units			Outstanding	Grant Date Fair
							Units	Value (Per Unit)
	Balance, December 31, 2014	422,441		149,883			572,324	$	16.67
	Granted	—		—			—	$	—
	Vested	16,044		(16,044	)		—	$	15.78
	Converted	—		—			—	$	—
	Canceled	—		—			—	$	—
	Balance, March 31, 2015	438,485		133,839			572,324	$	16.67
	Unrecognized compensation cost related to unvested service-based LTIP units totaled approximately $0.9 million as of March 31, 2015, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.5 years, subject to the stated vesting conditions.
	Market-Based LTIP Units
	The following table summarizes information about the market-based LTIP units outstanding as of March 31, 2015:
		Total Vested		Total Unvested			Total	Weighted-Average
		Units		Units			Outstanding	Grant Date Fair
							Units	Value (Per Unit)
	Balance, December 31, 2014	—		377,230			377,230	$	6.05
	Granted	—		—			—	$	—
	Vested	—		—			—	$	—
	Converted	—		—			—	$	—
	Forfeited	—		—			—	$	—
	Balance, March 31, 2015	—		377,230			377,230	$	6.05
	Total unrecognized compensation cost related to unvested market-based LTIP units totaled approximately $1.1 million as of March 31, 2015, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 2.9 years, subject to stated vesting conditions.
	Restricted Stock
	The following table summarizes information about the shares of restricted common stock outstanding as of March 31, 2015:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2014	34,297		$	20.14
	Granted	—		$	—
	Vested	—		$	—
	Canceled	—		$	—
	Unvested at March 31, 2015	34,297		$	20.14
	Total unrecognized compensation cost related to unvested shares of restricted common stock totaled approximately $0.4 million as of March 31, 2015, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.3 years, subject to stated vesting conditions.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014. 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, restricted cash, acquisition deposits, rents and other receivables, accounts payable, accrued expenses, security deposits and prepaid rent. Due to the short-term nature of these financial assets and liabilities, we consider the carrying amounts to approximate fair value.
	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 have entered into an interest rate cap designated as a cash flow hedge to reduce our exposure to interest rate risk. See Derivative and Hedging Activities in Note 6 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):
			March 31, 2015				December 31, 2014
			Fair Value		Carrying Value		Fair Value		Carrying Value
	Exchangeable Senior Notes (1)		$	116,294	$	102,898	$	116,581	$	102,188
	Securitization Loan(2)		$	340,757	$	340,757	$	340,675	$	340,675
	______________
	(1) The carrying amount of the exchangeable senior notes includes a discount of $12.1 million and $12.8 million at March 31, 2015 and December 31, 2014, respectively.
	(2) The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.5 million and $1.6 million at March 31, 2015 and December 31, 2014, respectively.

Transactions_With_Related_Part

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2015
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. ("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 ("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. Property management fees earned under the management agreement with Phoenix Fund are reported in management services (related party) in our condensed consolidated statements of operations.
	Accounts receivable of approximately $23,000 and $20,000 due from Phoenix Fund are included in rents and other receivables, net in our condensed consolidated balance sheets at March 31, 2015 and December 31, 2014, respectively.
	Phoenix Fund purchased 150,000 shares of our common stock in our initial private offering.

NonControlling_Interests

Non-Controlling Interests	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, there were 613,485 outstanding non-controlling common units of our Operating Partnership, representing an approximate 1.9% 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 438,485 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 sheets to account for any change in ownership percentage during the period. Our limited partners’ weighted-average share of our net loss was 1.9% and 1.6% for the three months ended March 31, 2015 and 2014, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015.
	Homeowners’ Association Fees
	Certain of our properties are located in communities that are subject to homeowners’ association ("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. HOA fees were approximately $0.7 million and $0.5 million for the three months ended March 31, 2015 and 2014, respectively.
	Concentrations
	As of March 31, 2015, approximately 56% of our properties were located in Texas, Arizona and Georgia. This concentration may expose us to greater economic risks than if we owned a more geographically dispersed portfolio.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC rules and regulations. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring entries), considered necessary for a fair presentation of our results have been included. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year.
Principles of Consolidation	The accompanying unaudited 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 unaudited condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the amounts reported in these financial statements and accompanying footnotes. 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 ("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 ("local operators"), that retain day-to-day management responsibilities pursuant to a longer-term net lease. In these arrangements, the local operator is responsible for all property-related expenses and we receive rental payments from the local operator that escalate over the term of the net lease. In-place lease intangibles associated with homes managed by local operators 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) 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.
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 local operators are leased to the operator for a minimum of five to ten years with renewal options. These local operators are responsible for all taxes, insurance, maintenance and capital expenses (including significant capital improvements) of the properties under the terms of the operating arrangements. Under our local operator net lease agreements, 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 local 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.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), 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. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016; however, the FASB has issued an exposure draft regarding the deferral of the effective date of the standard. 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 February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the existing variable interest entity guidance. ASU 2015-02 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2015 with early adoption allowed in any interim period. We have not yet selected a transition method nor have we determined the effect of ASU 2015-02 on our ongoing financial reporting.
	In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 will require that debt issuance costs related to a recognized debt liability, which are currently presented as deferred charges (assets), be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years.
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 March 31, 2015 and December 31, 2014. 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, restricted cash, acquisition deposits, rents and other receivables, accounts payable, accrued expenses, security deposits and prepaid rent. Due to the short-term nature of these financial assets and liabilities, we consider the carrying amounts to approximate fair value.
	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.

Rents_and_Other_Receivables_Ta

Rents and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Our rents and other receivables are reported net of allowances for doubtful accounts, which are summarized as follows (in thousands):
		March 31, 2015		December 31, 2014
	Self-managed allowance for doubtful accounts	$	563	$	535
	Local operator allowance for doubtful accounts	609		579
	Total allowance for doubtful accounts	$	1,172	$	1,114
	Our provisions for doubtful accounts for self-managed homes and local operator homes are included as components of rental revenue on our condensed consolidated statements of operations, and are summarized as follows (in thousands):
		March 31, 2015		March 31, 2014
	Self-managed bad debt expense	$	428	$	372
	Local operator bad debt expense	94		173
	Total bad debt expense	$	522	$	545

Lease_Intangibles_Lease_Intang

Lease Intangibles Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Identifiable Intangible Assets	Our identifiable intangible assets as of March 31, 2015 and December 31, 2014 are summarized as follows (amounts in thousands):
		31-Mar-15			31-Dec-14
	Acquired in-place leases	$	91		$	327
	Less: accumulated amortization	(69		)	(222		)
	Intangible lease assets, net	$	22		$	105

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table details the Company's debt as of March 31, 2015 and December 31, 2014 (in thousands):
		31-Mar-15			31-Dec-14
	Credit Facility	$	350,000		$	311,000
	Exchangeable senior notes	115,000			115,000
	Securitization Loan	342,241			342,241
	Total debt before unamortized discount	807,241			768,241
	Less: Total unamortized discount on debt	(13,586		)	(14,378		)
	Total debt	$	793,655		$	753,863
Schedule of Debt and Equity Components	The following table details the debt and equity components recognized related to the 3.25% Notes (in thousands)
		31-Mar-15			31-Dec-14
	Principal amount	$	115,000		$	115,000
	Unamortized discount	(12,102		)	(12,812		)
	Net carrying amount	102,898			102,188
	Additional paid in capital	15,360			15,360

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
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
			March 31,
			2015			2014
	Net loss attributable to common stockholders		$	(10,902	)	$	(7,669	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted		32,160,983			32,130,733
	Net loss per share of common stock, basic and diluted		$	(0.34	)	$	(0.24	)
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
		March 31,
		2015			2014
	OP and vested LTIP units	613,318			524,941
	Unvested LTIP units	511,236			520,830
	Unvested restricted stock	34,297			40,369
	Potentially dilutive shares	1,158,851			1,086,140

Stock_Compensation_Tables

Stock Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	We recorded stock-based compensation cost as part of general, administrative and other expense in the condensed consolidated statements of operations and are summarized as follows (in thousands):
		31-Mar-15			31-Mar-14
	Stock-based compensation costs	$	696		$	667
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 March 31, 2015:
		Total Vested		Total Unvested			Total	Weighted-Average
		Units		Units			Outstanding	Grant Date Fair
							Units	Value (Per Unit)
	Balance, December 31, 2014	422,441		149,883			572,324	$	16.67
	Granted	—		—			—	$	—
	Vested	16,044		(16,044	)		—	$	15.78
	Converted	—		—			—	$	—
	Canceled	—		—			—	$	—
	Balance, March 31, 2015	438,485		133,839			572,324	$	16.67
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 March 31, 2015:
		Total Vested		Total Unvested			Total	Weighted-Average
		Units		Units			Outstanding	Grant Date Fair
							Units	Value (Per Unit)
	Balance, December 31, 2014	—		377,230			377,230	$	6.05
	Granted	—		—			—	$	—
	Vested	—		—			—	$	—
	Converted	—		—			—	$	—
	Forfeited	—		—			—	$	—
	Balance, March 31, 2015	—		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 March 31, 2015:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2014	34,297		$	20.14
	Granted	—		$	—
	Vested	—		$	—
	Canceled	—		$	—
	Unvested at March 31, 2015	34,297		$	20.14

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
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):
		March 31, 2015				December 31, 2014
		Fair Value		Carrying Value		Fair Value		Carrying Value
	Exchangeable Senior Notes (1)	$	116,294	$	102,898	$	116,581	$	102,188
	Securitization Loan(2)	$	340,757	$	340,757	$	340,675	$	340,675
	______________
	(1) The carrying amount of the exchangeable senior notes includes a discount of $12.1 million and $12.8 million at March 31, 2015 and December 31, 2014, respectively.
	(2) The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.5 million and $1.6 million at March 31, 2015 and December 31, 2014, respectively.

Organization_and_Operations_De

Organization and Operations (Details)	1 Months Ended	3 Months Ended
	31-May-13	Mar. 31, 2015
		Property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Partnership interest	1.50%	98.10%
Number of properties		9,038

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Operating lease terms	1 year
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimate useful lives	5 years
Operating lease terms	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimate useful lives	27 years 6 months
Operating lease terms	10 years

Mortgage_Financings_Details

Mortgage Financings (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage financings	$19,458	$21,097
Short Term Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage financings	$19,400	$21,000
Weighted-average interest rate	12.00%	11.90%
Weighted average remaining term	83 days	100 days

Rents_and_Other_Receivables_De

Rents and Other Receivables (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for doubtful accounts	$1,172		$1,114
Total bad debt expense	522	545
Self-Managed Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for doubtful accounts	563		535
Total bad debt expense	428	372
Preferred Operator Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for doubtful accounts	609		579
Total bad debt expense	$94	$173

Lease_Intangibles_Details

Lease Intangibles (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets, Net [Abstract]
Acquired in-place leases	$91	$327
Less: accumulated amortization	-69	-222
Intangible lease assets, net	$22	$105

Lease_Intangibles_Additional_I

Lease Intangibles - Additional Information (Details) (Acquired in-place leases, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired in-place leases	$0.10	$0.50

Debt_Schedule_of_Debt_Details

Debt - Schedule of Debt (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Nov. 30, 2013
Debt Instrument [Line Items]
Total debt before unamortized discount	$807,241,000	$768,241,000
Less: Total unamortized discount on debt	-13,586,000	-14,378,000
Total debt	793,655,000	753,863,000
Senior Notes | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Total debt before unamortized discount	115,000,000	115,000,000	115,000,000
Less: Total unamortized discount on debt	-12,102,000	-12,812,000
Total debt	102,898,000	102,188,000	99,100,000
Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Total debt before unamortized discount	342,241,000	342,241,000
Less: Total unamortized discount on debt	-1,500,000	-1,600,000
Total debt	340,757,000
Revolving credit facility | Credit Facility
Debt Instrument [Line Items]
Total debt before unamortized discount	$350,000,000	$311,000,000

Debt_Additional_Information_De

Debt - Additional Information (Detail) (USD $)	1 Months Ended			3 Months Ended	12 Months Ended
	Aug. 31, 2014	Jan. 31, 2015	Nov. 30, 2013	Mar. 31, 2015	Dec. 31, 2014
	Home
Debt Instrument [Line Items]
Total debt before unamortized discount				$807,241,000	$768,241,000
Deferred financing costs, net				13,101,000	13,037,000
Long-term debt				793,655,000	753,863,000
Number of single family homes sold to an affiliate	2,876
Unamortized discount				13,586,000	14,378,000
Revolving credit facility
Debt Instrument [Line Items]
Senior secured revolving credit facility, current maximum borrowing capacity				500,000,000
Senior secured revolving credit facility, accordion feature, higher borrowing capacity option				750,000,000
Loan extension period		1 year
Revolving credit facility | Credit Facility
Debt Instrument [Line Items]
Total debt before unamortized discount				350,000,000	311,000,000
Weighted average interest rate				3.00%
Amounts available under Credit Facility				125,300,000
Deferred financing costs, gross				8,000,000
Deferred financing costs, net				1,100,000	300,000
LIBOR
Debt Instrument [Line Items]
Cap interest rate				3.12%
3.25% Exchangeable Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt before unamortized discount			115,000,000	115,000,000	115,000,000
Deferred financing costs, gross				3,800,000
Deferred financing costs, net				2,400,000	2,600,000
Interest rate			3.25%	3.25%
Long-term debt			99,100,000	102,898,000	102,188,000
Straight-debt rate			6.50%
Additional paid in capital			15,400,000	15,360,000	15,360,000
Financing costs			500,000
Remaining discount amortization period			5 years
Unamortized discount				12,102,000	12,812,000
Securitization Loan | Secured Debt
Debt Instrument [Line Items]
Loan extension period	12 months
Total debt before unamortized discount				342,241,000	342,241,000
Deferred financing costs, gross				11,000,000
Deferred financing costs, net				9,600,000	10,200,000
Long-term debt				340,757,000
Proceeds from issuance of securitization loan	340,559,000
Initial loan term	2 years
Number of 12-month extensions	3
Effective weighted-average of the fixed rate spreads				2.28%
Unamortized discount				1,500,000	1,600,000
Amortization period of financing costs				5 years
Securitization Loan | One Month LIBOR | Secured Debt
Debt Instrument [Line Items]
Effective weighted-average of the fixed rate spreads				2.11%
Designated as Hedging Instrument | Interest Rate Cap
Debt Instrument [Line Items]
Initial loan term				2 years
Aggregate notional amount of interest rate cap agreement				342,200,000
Effectiveness percentage of interest rate cap agreement				100.00%
Other Assets, Net | Interest Rate Cap
Debt Instrument [Line Items]
Fair value of interest rate cap agreement				$16,000

Debt_Schedule_of_Exchangeable_

Debt - Schedule of Exchangeable Notes, Debt and Equity Components (Details) (USD $)	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2013	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal amount		$807,241,000	$768,241,000
Unamortized discount		-13,586,000	-14,378,000
Total debt		793,655,000	753,863,000
Senior Notes | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate	3.25%	3.25%
Principal amount	115,000,000	115,000,000	115,000,000
Unamortized discount		-12,102,000	-12,812,000
Total debt	99,100,000	102,898,000	102,188,000
Additional paid in capital	$15,400,000	$15,360,000	$15,360,000

Taxes_Details

Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Provision for federal income taxes	$0
Tax liability relating to uncertain tax positions	0
Accrual for interest or penalties	$0	$0

Earnings_Loss_Per_Share_Reconc

Earnings (Loss) Per Share - Reconciliation of Net Loss per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	($10,902)	($7,669)
Weighted-average number of shares of common stock outstanding:
Basic and diluted (in shares)	32,160,983	32,130,733
Net loss per share of common stock (in dollars per share)	($0.34)	($0.24)

Earnings_Loss_Per_Share_Weight

Earnings (Loss) Per Share - Weighted-Average Number of Shares of Potentially Dilutive Securities (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	1,158,851	1,086,140
OP and vested LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	613,318	524,941
Unvested LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	511,236	520,830
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	34,297	40,369

Stock_Compensation_Schedule_of

Stock Compensation - Schedule of Compensation Costs (Details) (General, Administrative and Other Expense, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
General, Administrative and Other Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation costs	$696	$667

Stock_Compensation_Additional_

Stock Compensation - Additional Information (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested LTIP units	$0.90
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 6 months
Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested LTIP units	1.1
Weighted average period over which unrecognized compensation is expected to be recognized	2 years 10 months 24 days
Restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested LTIP units	$0.40
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 3 months 18 days

Stock_Compensation_Summary_of_

Stock Compensation - Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
LTIP Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	572,324
Vested (in shares)	0
Converted (in shares)	0
Canceled (in shares)	0
Ending balance (in shares)	572,324
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$16.67
Vested (in dollars per share)	$15.78
Converted (in dollars per share)	$0
Canceled (in dollars per share)	$0
Ending Balance (in dollars per share)	$16.67
Restricted Common Stock [Roll Forward]
Vested (in shares)	0
LTIP Units | Total Vested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	422,441
Granted (in shares)	0
Vested (in shares)	-16,044
Converted (in shares)	0
Canceled (in shares)	0
Ending balance (in shares)	438,485
Restricted Common Stock [Roll Forward]
Vested (in shares)	-16,044
LTIP Units | Total Unvested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	149,883
Vested (in shares)	-16,044
Converted (in shares)	0
Canceled (in shares)	0
Ending balance (in shares)	133,839
Restricted Common Stock [Roll Forward]
Vested (in shares)	-16,044
Market-based LTIP Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	377,230
Vested (in shares)	0
Converted (in shares)	0
Canceled (in shares)	0
Ending balance (in shares)	377,230
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$6.05
Vested (in dollars per share)	$0
Converted (in dollars per share)	$0
Canceled (in dollars per share)	$0
Ending Balance (in dollars per share)	$6.05
Restricted Common Stock [Roll Forward]
Vested (in shares)	0
Market-based LTIP Units | Total Vested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Granted (in shares)	0
Vested (in shares)	0
Converted (in shares)	0
Canceled (in shares)	0
Restricted Common Stock [Roll Forward]
Vested (in shares)	0
Market-based LTIP Units | Total Unvested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	377,230
Vested (in shares)	0
Converted (in shares)	0
Canceled (in shares)	0
Ending balance (in shares)	377,230
Restricted Common Stock [Roll Forward]
Vested (in shares)	0
Restricted Shares
Stock-Compensation, Shares, Outstanding [Roll Forward]
Vested (in shares)	0
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share)	$20.14
Granted (in dollars per share)	$0
Vested (in dollars per share)	$0
Canceled (in dollars per share)	$0
Ending Balance (in dollars per share)	$20.14
Restricted Common Stock [Roll Forward]
Unvested, beginning balance (in shares)	34,297
Granted (in shares)	0
Vested (in shares)	0
Canceled (in shares)	0
Unvested, ending balance (in shares)	34,297

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount	$13,586		$14,378
Senior Notes | 3.25% Exchangeable Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount	12,102		12,812
Secured Debt | Securitization Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount	1,500		1,600
Carrying value | Senior Notes | 3.25% Exchangeable Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exchangeable senior notes	102,898	[1]	102,188	[1]
Carrying value | Secured Debt | Securitization Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exchangeable senior notes	340,757	[2]	340,675	[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	116,294	[1]	116,581	[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	[2]	$341	[2]
[1]	The carrying amount of the exchangeable senior notes includes a discount of $12.1 million and $12.8 million at March 31, 2015 and December 31, 2014, respectively.
[2]	The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.5 million and $1.6 million at March 31, 2015 and December 31, 2014, respectively.

Transactions_With_Related_Part1

Transactions With Related Parties (Details) (USD $)	1 Months Ended	3 Months Ended	1 Months Ended
	31-May-13	Mar. 31, 2015	Feb. 28, 2013	31-May-12	Dec. 31, 2014
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%	98.10%
Business acquisition cash consideration	85,000
Value of Operating Partnership units (in dollars per unit)	20
Phoenix Fund
Related Party Transaction [Line Items]
Management services fees percentage on gross rental revenue			6.00%
Accounts receivable from related party		23,000			$20,000
Common stock issued during period (in shares)				150,000

NonControlling_Interests_Detai

Non-Controlling Interests (Details)	1 Months Ended	3 Months Ended
	31-May-13	Mar. 31, 2015	Mar. 31, 2014
Noncontrolling Interest [Line Items]
Redeemable Noncontrolling Interest, Redemption Period		1 year
Operating Partnership units conversion ratio for common stock		1
Non-controlling common units of Operating Partnership, outstanding (in shares)		613,485
Non-controlling ownership interest in Operating Partnership		1.90%
Units issued in connection with acquisition of assets and management platform (in shares)	175,000
Weighted-average share of net loss attributable to limited partners		1.90%	1.60%
LTIP
Noncontrolling Interest [Line Items]
Total vested LTIP units		438,485
Assets and Management Platform from ARM
Noncontrolling Interest [Line Items]
Units issued in connection with acquisition of assets and management platform (in shares)		175,000

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Loss Contingencies [Line Items]
Homeowners’ association fees	$658	$460
Real Estate Properties | Texas, Arizona and Georgia
Loss Contingencies [Line Items]
Concentration risk exposure, percentage	56.00%