American Residential Properties (ARPI) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ARPI
Entity Registrant Name	American Residential Properties, Inc.
Entity Central Index Key	1,548,981
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,211,326

CONDENSED CONSOLIDATED BALANCE

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

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	32,211,326	32,195,280
Common stock, shares outstanding (in shares)	32,211,326	32,195,280

CONDENSED CONSOLIDATED STATEMEN

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

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,372)	$ (9,327)	$ (32,991)	$ (24,863)
Other comprehensive loss:
Change in unrealized loss on interest rate cap	17	(67)	(33)	(67)
Comprehensive loss	(12,355)	(9,394)	(33,024)	(24,930)
Comprehensive loss attributable to non-controlling interests	262	165	659	423
Comprehensive loss attributable to common stockholders	$ (12,093)	$ (9,229)	$ (32,365)	$ (24,507)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-Controlling Interests
Beginning Balance (in shares) at Dec. 31, 2014		32,195,280
Beginning Balance at Dec. 31, 2014	$ 572,565	$ 322	$ 0	$ 628,662	$ (96)	$ (68,101)	$ 11,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		19,301
Issuance of common stock	0			14			(14)
Repurchase of common stock (in shares)		(3,255)
Repurchase of common stock	(60)			(60)
Dividends/distributions declared	(6,646)					(6,445)	(201)
Net loss	(32,991)					(32,332)	(659)
Other comprehensive loss	(33)				(33)
Stock-based compensation	2,333			307			2,026
Ending Balance (in shares) at Sep. 30, 2015		32,211,326
Ending Balance at Sep. 30, 2015	$ 535,168	$ 322	$ 0	$ 628,923	$ (129)	$ (106,878)	$ 12,930

CONDENSED CONSOLIDATED STATEME7

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

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 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 97.9% interest as of September 30, 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 September 30, 2015 , we owned 8,938 properties in Arizona, California, Florida, Georgia, Illinois, Indiana, Nevada, North Carolina, Ohio, South Carolina, Tennessee and Texas.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 their relative fair values 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 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. 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. 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. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers, for all entities by one year. With the deferral, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 with early application permitted for annual reporting periods beginning after December 15, 2016. As leases are excluded from this guidance, the Company does not anticipate this standard to have a material impact on its financial position, results of operations and cash flows. 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. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies the treatment of debt issuance costs from line-of-credit arrangements after adoption of ASU 2015-03. ASU 2015-15 clarifies that SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company will plan to adopt the provisions of ASU 2015-15 upon adoption of ASU 2015-03 (discussed above).

Mortgage Financings

Mortgage Financings	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Mortgage Financings	Mortgage Financings Mortgage loans as of September 30, 2015 and December 31, 2014 are approximately $21.0 million and $21.0 million with weighted-average annual interest rates of approximately 8.6% and 11.9% , and weighted-average remaining terms of approximately 288 and 100 days, respectively. Our rents and other receivables are reported net of allowances for doubtful accounts, which are summarized as follows (in thousands): September 30, 2015 December 31, 2014 Self-managed allowance for doubtful accounts $ 1,334 $ 535 Local operator allowance for doubtful accounts 660 579 Total allowance for doubtful accounts $ 1,994 $ 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): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Self-managed bad debt expense $ 632 $ 365 $ 1,538 $ 1,185 Local operator bad debt expense 83 211 311 557 Total bad debt expense $ 715 $ 576 $ 1,849 $ 1,742

Rents and Other Receivables

Rents and Other Receivables	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Rents and Other Receivables	Mortgage Financings Mortgage loans as of September 30, 2015 and December 31, 2014 are approximately $21.0 million and $21.0 million with weighted-average annual interest rates of approximately 8.6% and 11.9% , and weighted-average remaining terms of approximately 288 and 100 days, respectively. Our rents and other receivables are reported net of allowances for doubtful accounts, which are summarized as follows (in thousands): September 30, 2015 December 31, 2014 Self-managed allowance for doubtful accounts $ 1,334 $ 535 Local operator allowance for doubtful accounts 660 579 Total allowance for doubtful accounts $ 1,994 $ 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): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Self-managed bad debt expense $ 632 $ 365 $ 1,538 $ 1,185 Local operator bad debt expense 83 211 311 557 Total bad debt expense $ 715 $ 576 $ 1,849 $ 1,742

Deferred Financing Costs, Net

Deferred Financing Costs, Net	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred financing costs, net	Deferred financing costs, net Our deferred financing costs, net as of September 30, 2015 and December 31, 2014 are summarized as follows (amounts in thousands): September 30, 2015 December 31, 2014 Deferred financing costs $ 22,433 $ 20,939 Less: accumulated amortization (11,264 ) (7,902 ) Deferred financing costs, net $ 11,169 $ 13,037 The impact of the amortization of deferred financing costs on our interest expense is approximately $1.1 million and $1.9 million for the three months ended September 30, 2015 and 2014, respectively and approximately $3.4 million and $3.9 million for the nine months ended September 30, 2015 and 2014, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The following table details the Company's debt as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Credit facility $ 335,000 $ 311,000 Exchangeable senior notes 115,000 115,000 Securitization loan 342,241 342,241 Total debt before unamortized discount 792,241 768,241 Less: Total unamortized discount on debt (11,912 ) (14,378 ) Total debt $ 780,329 $ 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 September 30, 2015 , we were in compliance with all of the financial covenants under the Credit Facility. As of September 30, 2015 , $335.0 million was outstanding under the Credit Facility, bearing interest at a weighted-average annual rate of 3.2% , with remaining availability of $136.1 million . 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. 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) September 30, 2015 December 31, 2014 Principal amount $ 115,000 $ 115,000 Unamortized discount (10,594 ) (12,812 ) Net carrying amount $ 104,406 $ 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 (" LI BOR"), or 2.31% . As of September 30, 2015 , we were in compliance with all covenants under the loan agreement. The net balance at September 30, 2015 was $340.9 million , which is net of unamortized discount of $1.3 million . 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 and nine months ended September 30, 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 $1,075 as of September 30, 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	9 Months Ended
	Sep. 30, 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, 2013, and 2014 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 September 30, 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 September 30, 2015 or December 31, 2014 .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2015 2014 2015 2014 Net loss attributable to common stockholders $ (12,110 ) $ (9,162 ) $ (32,332 ) $ (24,440 ) Weighted-average number of shares of common stock outstanding: Basic and diluted 32,168,878 32,153,307 32,164,563 32,139,807 Net loss per share of common stock, basic and diluted $ (0.38 ) $ (0.28 ) $ (1.01 ) $ (0.76 ) 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 Nine Months Ended 2015 2014 2015 2014 OP and vested LTIP units 696,629 592,995 655,440 560,383 Unvested LTIP units 104,260 149,479 122,538 162,116 Unvested restricted stock 46,805 45,995 45,853 44,716 Unvested market-based LTIP units 464,969 377,230 429,564 354,293 Potentially dilutive shares 1,312,663 1,165,699 1,253,395 1,121,508

Stock Compensation

Stock Compensation	9 Months Ended
	Sep. 30, 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): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Stock-based compensation costs $ 801 $ 819 $ 2,333 $ 2,175 LTIP Units Service-Based LTIP Units The following table summarizes information about the service-based LTIP units outstanding as of September 30, 2015 : Total Vested Units Total Unvested Units Total Outstanding Units Weighted-Average Grant Date Fair Value (Per Unit) Balance, December 31, 2014 422,441 149,883 572,324 $ 16.67 Granted — 56,227 56,227 $ 16.22 Vested 107,618 (107,618 ) — $ 16.44 Converted (833 ) — (833 ) $ 17.00 Canceled — (4,810 ) (4,810 ) $ 16.26 Balance, September 30, 2015 529,226 93,682 622,908 $ 16.76 Unrecognized compensation cost related to unvested service-based LTIP units totaled approximately $1.0 million as of September 30, 2015 , and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.8 years , subject to the stated vesting conditions. Market-Based LTIP Units The following table summarizes information about the market-based LTIP units outstanding as of September 30, 2015 : Total Vested Units Total Unvested Units Total Outstanding Units Weighted-Average Grant Date Fair Value (Per Unit) Balance, December 31, 2014 — 377,230 377,230 $ 6.05 Granted — 91,399 91,399 $ 12.89 Vested — — — $ — Converted — — — $ — Forfeited — (9,621 ) (9,621 ) $ 12.89 Balance, September 30, 2015 — 459,008 459,008 $ 7.27 Total unrecognized compensation cost related to unvested market-based LTIP units totaled approximately $1.5 million as of September 30, 2015 , and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 2.4 years , subject to stated vesting conditions. Restricted Stock The following table summarizes information about the shares of restricted common stock outstanding as of September 30, 2015 : Number of Shares Weighted-Average Grant Date Fair Value (Per Share) Unvested at December 31, 2014 34,297 $ 20.14 Granted 27,478 $ 18.63 Vested (10,317 ) $ 21.00 Canceled (9,010 ) $ 18.52 Unvested at September 30, 2015 42,448 $ 19.29 Total unrecognized compensation cost related to unvested shares of restricted common stock totaled approximately $0.6 million as of September 30, 2015 , and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.9 years , subject to stated vesting conditions.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	r 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, 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 value of the Credit Facility using Level 2 assumptions approximates the carrying amount. 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): September 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Exchangeable Senior Notes (1) $ 114,713 $ 104,406 $ 116,581 $ 102,188 Securitization Loan (2) $ 340,923 $ 340,923 $ 340,675 $ 340,675 ______________ (1) The carrying amount of the exchangeable senior notes includes a discount of $10.6 million and $12.8 million at September 30, 2015 and December 31, 2014 , respectively. (2) The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.3 million and $1.6 million at September 30, 2015 and December 31, 2014 , respectively.

Transactions With Related Parti

Transactions With Related Parties	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Transactions With Related Parties	Transactions With Related Parties Property management fees earned under the management agreement with ARP Phoenix Fund I, LP ("Phoenix Fund"), are reported in management services (related party) in our condensed consolidated statements of operations. As of July 2015, all of the homes owned by Phoenix Fund were sold and property management services are no longer being provided. Accounts receivable of approximately $1,000 and $20,000 due from Phoenix Fund are included in rents and other receivables, net in our condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 , respectively.

Non-Controlling Interests

Non-Controlling Interests	9 Months Ended
	Sep. 30, 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 September 30, 2015 , there were 704,226 outstanding non-controlling common units of our Operating Partnership, representing an approximate 2.1% 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 American Residential Management, Inc. ("ARM") and 529,226 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 2.1% and 1.8% for the three months ended September 30, 2015 and 2014 , respectively, and 2.0% and 1.7% for the nine months ended September 30, 2015 and 2014 , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 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 are reported in homeowners' association fees in our condensed consolidated statements of operations. Concentrations As of September 30, 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 Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 their relative fair values 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 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. 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. 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.
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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which defers the effective date of ASU 2014-09, Revenue from Contracts with Customers, for all entities by one year. With the deferral, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 with early application permitted for annual reporting periods beginning after December 15, 2016. As leases are excluded from this guidance, the Company does not anticipate this standard to have a material impact on its financial position, results of operations and cash flows. 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. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarifies the treatment of debt issuance costs from line-of-credit arrangements after adoption of ASU 2015-03. ASU 2015-15 clarifies that SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company will plan to adopt the provisions of ASU 2015-15 upon adoption of ASU 2015-03 (discussed above).
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, 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 value of the Credit Facility using Level 2 assumptions approximates the carrying amount. 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)	9 Months Ended
	Sep. 30, 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): September 30, 2015 December 31, 2014 Self-managed allowance for doubtful accounts $ 1,334 $ 535 Local operator allowance for doubtful accounts 660 579 Total allowance for doubtful accounts $ 1,994 $ 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): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Self-managed bad debt expense $ 632 $ 365 $ 1,538 $ 1,185 Local operator bad debt expense 83 211 311 557 Total bad debt expense $ 715 $ 576 $ 1,849 $ 1,742

Deferred Financing Costs, Net (

Deferred Financing Costs, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Financing Costs	Our deferred financing costs, net as of September 30, 2015 and December 31, 2014 are summarized as follows (amounts in thousands): September 30, 2015 December 31, 2014 Deferred financing costs $ 22,433 $ 20,939 Less: accumulated amortization (11,264 ) (7,902 ) Deferred financing costs, net $ 11,169 $ 13,037

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table details the Company's debt as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Credit facility $ 335,000 $ 311,000 Exchangeable senior notes 115,000 115,000 Securitization loan 342,241 342,241 Total debt before unamortized discount 792,241 768,241 Less: Total unamortized discount on debt (11,912 ) (14,378 ) Total debt $ 780,329 $ 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) September 30, 2015 December 31, 2014 Principal amount $ 115,000 $ 115,000 Unamortized discount (10,594 ) (12,812 ) Net carrying amount $ 104,406 $ 102,188 Additional paid in capital $ 15,360 $ 15,360

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2015 2014 2015 2014 Net loss attributable to common stockholders $ (12,110 ) $ (9,162 ) $ (32,332 ) $ (24,440 ) Weighted-average number of shares of common stock outstanding: Basic and diluted 32,168,878 32,153,307 32,164,563 32,139,807 Net loss per share of common stock, basic and diluted $ (0.38 ) $ (0.28 ) $ (1.01 ) $ (0.76 )
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 2015 2014 2015 2014 OP and vested LTIP units 696,629 592,995 655,440 560,383 Unvested LTIP units 104,260 149,479 122,538 162,116 Unvested restricted stock 46,805 45,995 45,853 44,716 Unvested market-based LTIP units 464,969 377,230 429,564 354,293 Potentially dilutive shares 1,312,663 1,165,699 1,253,395 1,121,508

Stock Compensation (Tables)

Stock Compensation (Tables)	9 Months Ended
	Sep. 30, 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): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Stock-based compensation costs $ 801 $ 819 $ 2,333 $ 2,175
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, 2015 : Total Vested Units Total Unvested Units Total Outstanding Units Weighted-Average Grant Date Fair Value (Per Unit) Balance, December 31, 2014 422,441 149,883 572,324 $ 16.67 Granted — 56,227 56,227 $ 16.22 Vested 107,618 (107,618 ) — $ 16.44 Converted (833 ) — (833 ) $ 17.00 Canceled — (4,810 ) (4,810 ) $ 16.26 Balance, September 30, 2015 529,226 93,682 622,908 $ 16.76
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, 2015 : Total Vested Units Total Unvested Units Total Outstanding Units Weighted-Average Grant Date Fair Value (Per Unit) Balance, December 31, 2014 — 377,230 377,230 $ 6.05 Granted — 91,399 91,399 $ 12.89 Vested — — — $ — Converted — — — $ — Forfeited — (9,621 ) (9,621 ) $ 12.89 Balance, September 30, 2015 — 459,008 459,008 $ 7.27
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, 2015 : Number of Shares Weighted-Average Grant Date Fair Value (Per Share) Unvested at December 31, 2014 34,297 $ 20.14 Granted 27,478 $ 18.63 Vested (10,317 ) $ 21.00 Canceled (9,010 ) $ 18.52 Unvested at September 30, 2015 42,448 $ 19.29

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2015 December 31, 2014 Fair Value Carrying Value Fair Value Carrying Value Exchangeable Senior Notes (1) $ 114,713 $ 104,406 $ 116,581 $ 102,188 Securitization Loan (2) $ 340,923 $ 340,923 $ 340,675 $ 340,675 ______________ (1) The carrying amount of the exchangeable senior notes includes a discount of $10.6 million and $12.8 million at September 30, 2015 and December 31, 2014 , respectively. (2) The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.3 million and $1.6 million at September 30, 2015 and December 31, 2014 , respectively.

Organization and Operations (De

Organization and Operations (Details)	9 Months Ended
	Sep. 30, 2015Property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Partnership interest	97.90%
Number of properties	8,938

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 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 ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage financings	$ 20,986	$ 21,097
Short Term Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage financings	$ 21,000	$ 21,000
Weighted-average interest rate	8.60%	11.90%
Weighted average remaining term	288 days	100 days

Rents and Other Receivables (De

Rents and Other Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for doubtful accounts	$ 1,994		$ 1,994		$ 1,114
Total bad debt expense	715	$ 576	1,849	$ 1,742
Self-Managed Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for doubtful accounts	1,334		1,334		535
Total bad debt expense	632	365		1,185
Preferred Operator Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total allowance for doubtful accounts	660		$ 660		$ 579
Total bad debt expense	$ 83	$ 211		$ 557

Deferred Financing Costs, Net32

Deferred Financing Costs, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Deferred Finance Costs, Net [Abstract]
Deferred financing costs	$ 22,433		$ 22,433		$ 20,939
Less: accumulated amortization	(11,264)		(11,264)		(7,902)
Deferred financing costs, net	11,169		11,169		$ 13,037
Amortization of deferred financing costs	$ 1,100	$ 1,900	$ 3,362	$ 3,928

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Nov. 30, 2013
Debt Instrument [Line Items]
Total debt before unamortized discount	$ 792,241,000	$ 768,241,000
Less: Total unamortized discount on debt	(11,912,000)	(14,378,000)
Total debt	780,329,000	753,863,000
Senior Notes | 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	(10,594,000)	(12,812,000)
Total debt	104,406,000	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	(1,319,000)	(1,600,000)
Total debt	340,922,000
Revolving credit facility | Credit Facility
Debt Instrument [Line Items]
Total debt before unamortized discount	$ 335,000,000	$ 311,000,000

Debt - Additional Information (

Debt - Additional Information (Detail)	1 Months Ended			9 Months Ended		12 Months Ended
	Jan. 31, 2015	Aug. 31, 2014USD ($)extensionHome	Nov. 30, 2013USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Total debt before unamortized discount				$ 792,241,000		$ 768,241,000
Long-term debt				780,329,000		753,863,000
Proceeds from issuance of securitization loan				0	$ 340,559,000
Number of single family homes sold to an affiliate | Home		2,876
Unamortized discount				11,912,000		14,378,000
Interest Rate Cap | Other Assets, Net
Debt Instrument [Line Items]
Fair value of interest rate cap agreement				$ 1,075
Interest Rate Cap | Designated as Hedging Instrument
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%
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
Interest rate			3.25%	3.25%
Long-term debt			$ 99,100,000	$ 104,406,000		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				10,594,000		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
Long-term debt				$ 340,922,000
Proceeds from issuance of securitization loan		$ 340,600,000
Initial loan term		2 years
Number of 12-month extensions | extension		3
Effective weighted-average of the fixed rate spreads				2.31%
Unamortized discount				$ 1,319,000		1,600,000
Securitization Loan | One Month LIBOR | Secured Debt
Debt Instrument [Line Items]
Effective weighted-average of the fixed rate spreads				2.11%
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				$ 335,000,000		$ 311,000,000
Weighted average interest rate				3.20%
Amounts available under Credit Facility				$ 136,100,000

Debt - Schedule of Exchangeable

Debt - Schedule of Exchangeable Notes, Debt and Equity Components (Details) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 30, 2013	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal amount		$ 792,241,000	$ 768,241,000
Unamortized discount		(11,912,000)	(14,378,000)
Total debt		$ 780,329,000	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		(10,594,000)	(12,812,000)
Total debt	99,100,000	104,406,000	102,188,000
Additional paid in capital	$ 15,400,000	$ 15,360,000	$ 15,360,000

Taxes (Details)

Taxes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 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 - Rec

Earnings (Loss) Per Share - Reconciliation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (12,110)	$ (9,162)	$ (32,332)	$ (24,440)
Weighted-average number of shares of common stock outstanding:
Basic and diluted (in shares)	32,168,878	32,153,307	32,164,563	32,139,807
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.38)	$ (0.28)	$ (1.01)	$ (0.76)

Earnings (Loss) Per Share - Wei

Earnings (Loss) Per Share - Weighted-Average Number of Shares of Potentially Dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	1,312,663	1,165,699	1,253,395	1,121,508
OP and vested LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	696,629	592,995	655,440	560,383
Unvested LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	104,260	149,479	122,538	162,116
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	46,805	45,995	45,853	44,716
Unvested market-based LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	464,969	377,230	429,564	354,293

Stock Compensation - Schedule o

Stock Compensation - Schedule of Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
General, Administrative and Other Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation costs	$ 801	$ 819	$ 2,333	$ 2,175

Stock Compensation - Additional

Stock Compensation - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested LTIP units	$ 1
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 9 months 26 days
Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested LTIP units	$ 1.5
Weighted average period over which unrecognized compensation is expected to be recognized	2 years 4 months 17 days
Restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested LTIP units	$ 0.6
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 10 months 21 days

Stock Compensation - Summary of

Stock Compensation - Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
LTIP Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	572,324
Granted (in shares)	56,227
Vested (in shares)	0
Converted (in shares)	(833)
Canceled/Forfeited (in shares)	(4,810)
Ending balance (in shares)	622,908
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share) | $ / shares	$ 16.67
Granted (in dollars per share) | $ / shares	16.22
Vested (in dollars per share) | $ / shares	16.44
Converted (in dollars per share) | $ / shares	17
Canceled/Forfeited (in dollars per share) | $ / shares	16.26
Ending Balance (in dollars per share) | $ / shares	$ 16.76
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)	(107,618)
Converted (in shares)	833
Canceled/Forfeited (in shares)	0
Ending balance (in shares)	529,226
Restricted Common Stock [Roll Forward]
Vested (in shares)	(107,618)
LTIP Units | Total Unvested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	149,883
Granted (in shares)	56,227
Vested (in shares)	(107,618)
Converted (in shares)	0
Canceled/Forfeited (in shares)	(4,810)
Ending balance (in shares)	93,682
Restricted Common Stock [Roll Forward]
Vested (in shares)	(107,618)
Market-based LTIP Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Beginning balance (in shares)	377,230
Granted (in shares)	91,399
Vested (in shares)	0
Converted (in shares)	0
Canceled/Forfeited (in shares)	(9,621)
Ending balance (in shares)	459,008
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share) | $ / shares	$ 6.05
Granted (in dollars per share) | $ / shares	12.89
Vested (in dollars per share) | $ / shares	0
Converted (in dollars per share) | $ / shares	0
Canceled/Forfeited (in dollars per share) | $ / shares	12.89
Ending Balance (in dollars per share) | $ / shares	$ 7.27
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/Forfeited (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
Granted (in shares)	91,399
Vested (in shares)	0
Converted (in shares)	0
Canceled/Forfeited (in shares)	(9,621)
Ending balance (in shares)	459,008
Restricted Common Stock [Roll Forward]
Vested (in shares)	0
Restricted Shares
Stock-Compensation, Shares, Outstanding [Roll Forward]
Vested (in shares)	(10,317)
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance (in dollars per share) | $ / shares	$ 20.14
Granted (in dollars per share) | $ / shares	18.63
Vested (in dollars per share) | $ / shares	21
Canceled/Forfeited (in dollars per share) | $ / shares	18.52
Ending Balance (in dollars per share) | $ / shares	$ 19.29
Restricted Common Stock [Roll Forward]
Unvested, beginning balance (in shares)	34,297
Granted (in shares)	27,478
Vested (in shares)	(10,317)
Canceled (in shares)	(9,010)
Unvested, ending balance (in shares)	42,448

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount	$ 11,912	$ 14,378
Senior Notes | 3.25% Exchangeable Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount	10,594	12,812
Secured Debt | Securitization Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount	1,319	1,600
Carrying value | Senior Notes | 3.25% Exchangeable Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exchangeable senior notes	104,406	102,188
Carrying value | Secured Debt | Securitization Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exchangeable senior notes	340,923	340,675
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	114,713	116,581
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	$ 340,923	$ 340,675

Transactions With Related Par43

Transactions With Related Parties (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Phoenix Fund
Related Party Transaction [Line Items]
Accounts receivable from related party	$ 1	$ 20

Non-Controlling Interests (Deta

Non-Controlling Interests (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Noncontrolling Interest [Line Items]
Redemption period for Operating Partnership			1 year
Operating Partnership units conversion ratio for common stock			1
Non-controlling common units of Operating Partnership, outstanding (in shares)	704,226		704,226
Non-controlling ownership interest in Operating Partnership	2.10%		2.10%
Weighted-average share of net loss attributable to limited partners	2.10%	1.80%	2.00%	1.70%
LTIP
Noncontrolling Interest [Line Items]
Total vested LTIP units	529,226		529,226
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)	9 Months Ended
	Sep. 30, 2015
Real Estate Properties | Texas, Arizona and Georgia
Loss Contingencies [Line Items]
Concentration risk exposure, percentage	56.00%