Silver Bay Realty Trust (SBY) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document and Entity Information
Entity Registrant Name	SILVER BAY REALTY TRUST CORP.
Entity Central Index Key	1,557,255
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		35,380,034
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments in real estate:
Land and land improvements	$ 213,978	$ 220,110
Building and improvements	975,967	989,574
Investments in real estate, gross	1,189,945	1,209,684
Accumulated depreciation	(99,386)	(74,907)
Investments in real estate, net	1,090,559	1,134,777
Assets held for sale	18,473	11,184
Cash	37,320	29,028
Escrow deposits	65,590	15,472
Resident security deposits	12,784	12,521
Other assets	8,197	13,298
Total assets	1,232,923	1,216,280
Liabilities:
Revolving credit facility	364,130	326,472
Securitization loan, net	296,754	295,741
Accounts payable and accrued expenses	24,687	16,752
Resident prepaid rent and security deposits	14,561	14,462
Total liabilities	700,132	653,427
10% cumulative redeemable preferred stock at liquidation value, $0.01 par; 50,000,000 shares authorized, 1,000 shares issued and outstanding	1,000	1,000
Stockholders’ equity:
Common stock $0.01 par; 450,000,000 shares authorized; 35,380,133 and 36,063,187, respectively, shares issued and outstanding	352	359
Additional paid-in capital	643,011	651,987
Accumulated other comprehensive loss	(1,646)	(1,613)
Cumulative deficit	(141,477)	(121,620)
Total stockholders’ equity	500,240	529,113
Noncontrolling interests - Operating Partnership	31,551	32,740
Total equity	531,791	561,853
Total liabilities and equity	$ 1,232,923	$ 1,216,280

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%
10% cumulative redeemable preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
10% cumulative redeemable preferred stock, shares authorized	50,000,000	50,000,000
10% cumulative redeemable preferred stock, shares issued	1,000	1,000
10% cumulative redeemable preferred stock, shares outstanding	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	35,380,133	36,063,187
Common stock, shares outstanding	35,380,133	36,063,187

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Rental income	$ 30,750	$ 29,919	$ 91,895	$ 81,184
Other income	811	698	2,290	1,869
Total revenue	31,561	30,617	94,185	83,053
Expenses:
Property operating and maintenance	6,262	6,529	17,875	16,479
Real estate taxes	4,563	3,918	13,493	11,864
Homeowners’ association fees	410	512	1,258	1,465
Property management	2,778	3,167	8,291	8,262
Depreciation and amortization	9,243	9,068	27,938	25,074
Portfolio acquisition expense	123	66	123	2,046
General and administrative	3,514	3,925	11,104	11,924
Share-based compensation	661	718	2,009	1,895
Severance and other	310	0	1,977	0
Interest expense	6,589	5,959	19,093	15,307
Total expenses	34,453	33,862	103,161	94,316
Loss before other income, income taxes and non-controlling interests	(2,892)	(3,245)	(8,976)	(11,263)
Other income:
Net gain on disposition of real estate	2,417	2,089	6,158	2,320
Adjustments for derivative instruments, net	(120)	0	(120)	0
Other expense	(646)	(223)	(1,436)	(64)
Total other income	1,651	1,866	4,602	2,256
Loss before income taxes and non-controlling interests	(1,241)	(1,379)	(4,374)	(9,007)
Income tax expense, net	(424)	(48)	(1,102)	(147)
Net loss	(1,665)	(1,427)	(5,476)	(9,154)
Net loss attributable to noncontrolling interests - Operating Partnership	98	84	321	531
Net loss attributable to controlling interests	(1,567)	(1,343)	(5,155)	(8,623)
Preferred stock distributions	(25)	(25)	(75)	(75)
Net loss attributable to common stockholders	$ (1,592)	$ (1,368)	$ (5,230)	$ (8,698)
Loss per share - basic and diluted:
Net loss attributable to common shares (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.15)	$ (0.24)
Weighted average common shares outstanding (in shares)	35,385,138	36,071,146	35,617,262	36,257,449
Comprehensive Loss:
Net loss	$ (1,665)	$ (1,427)	$ (5,476)	$ (9,154)
Other comprehensive loss:
Net change in fair value of cash flow hedges	357	(1,014)	(281)	(1,503)
Losses reclassified into earnings from other comprehensive income (loss)	167	0	248	0
Other comprehensive income (loss)	524	(1,014)	(33)	(1,503)
Comprehensive loss	(1,141)	(2,441)	(5,509)	(10,657)
Comprehensive loss attributable to noncontrolling interests- Operating Partnership	68	84	327	531
Comprehensive loss attributable to controlling interests	$ (1,073)	$ (2,357)	$ (5,182)	$ (10,126)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit	Noncontrolling Interests - Operating Partnership
Balance at Dec. 31, 2015	$ 561,853	$ 529,113	$ 359	$ 651,987	$ (1,613)	$ (121,620)	$ 32,740
Balance (in shares) at Dec. 31, 2015	36,063,187		36,063,187
Increase (Decrease) in Stockholders' Equity
Non-cash equity awards, net	$ 1,940	1,940	$ 1	1,939
Non-cash equity awards, net (in shares)			132,089
Repurchase and retirement of common stock	(11,791)	(11,791)	$ (8)	(11,783)
Repurchase and retirement of common stock (in shares)			(815,143)
Dividends declared	(14,702)	(14,702)				(14,702)
Net loss	(5,476)	(5,155)				(5,155)	(321)
Net change in fair value of cash flow hedges	(281)	(281)			(281)
Losses reclassified into earnings from other comprehensive loss	248	248			248
Adjustment to noncontrolling interests - Operating Partnership	0	868		868			(868)
Balance at Sep. 30, 2016	$ 531,791	$ 500,240	$ 352	$ 643,011	$ (1,646)	$ (141,477)	$ 31,551
Balance (in shares) at Sep. 30, 2016	35,380,133		35,380,133

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows From Operating Activities:
Net loss	$ (5,476)	$ (9,154)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	27,938	25,074
Non-cash share-based compensation	1,940	1,826
Losses reclassified into earnings from other comprehensive loss	248	0
Amortization and write-off of deferred financing costs	3,456	3,341
Amortization of discount on securitization loan	225	225
Net gain on disposition of real estate	(6,158)	(2,320)
Other	1,633	1,129
Net change in assets and liabilities:
Increase in escrow cash for operating activities and debt reserves	(8,675)	(3,776)
Decrease (increase) in other assets	193	(3,733)
Increase in accounts payable, accrued expenses, and prepaid rent	8,911	10,459
Net cash provided by operating activities	24,235	23,071
Cash Flows From Investing Activities:
Purchase of investments in real estate	(1,632)	(272,679)
Capital improvements of investments in real estate	(11,596)	(20,698)
(Increase) decrease in escrow cash for investing activities	(39,667)	959
Proceeds from disposition of real estate	28,711	21,063
Other	0	(43)
Net cash used in investing activities	(24,184)	(271,398)
Cash Flows From Financing Activities:
Payments on securitization loan	(910)	(6,866)
Proceeds from revolving credit facility	47,819	281,963
Payments on revolving credit facility	(10,161)	(4,805)
Deferred financing costs paid	(122)	(5,783)
Purchase of interest rate cap agreements	(30)	(2,250)
Change in interest rate swap collateral	(1,776)	0
Repurchase and retirement of common stock	(11,791)	(12,326)
Dividends paid	(14,788)	(10,434)
Net cash provided by financing activities	8,241	239,499
Net change in cash	8,292	(8,828)
Cash at beginning of period	29,028	49,854
Cash at end of period	37,320	41,026
Supplemental disclosure of cash flow information:
Decrease in fair value of interest rate cap agreements	281	1,503
Noncash investing and financing activities:
Common stock and unit dividends declared, but not paid	4,869	4,572
Capital improvements in accounts payable	$ 307	$ 1,058

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations Silver Bay Realty Trust Corp. ("Silver Bay" or the "Company") is a Maryland corporation that focuses on the acquisition, renovation, leasing and management of single-family properties in select markets in the United States. As of September 30, 2016 , the Company owned 8,837 single-family properties for rental purposes in Arizona, California, Florida, Georgia , Nevada, North Carolina, Ohio, South Carolina and Texas, excluding properties reflected as assets held for sale on its condensed consolidated balance sheets. In connection with its initial public offering in 2012, the Company restructured its ownership to conduct its business through a traditional umbrella partnership in which substantially all of its assets are held by, and its operations are conducted through, Silver Bay Operating Partnership L.P. (the "Operating Partnership"), a Delaware limited partnership. This structure is commonly referred to as an "UPREIT". The Company's wholly owned subsidiary, Silver Bay Management LLC, is the sole general partner of the Operating Partnership. As of September 30, 2016 , the Company owned, through a combination of direct and indirect interests, 94.1% of the partnership interests in the Operating Partnership. The Company has elected to be treated as a real estate investment trust ("REIT") for U.S. federal tax purposes, commencing with, and in connection with the filing of its federal tax return for, its taxable year ended December 31, 2012. As a REIT, the Company will generally not be subject to federal income tax on the taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax at regular corporate rates. Even if it qualifies for taxation as a REIT, the Company may be subject to some federal, state and local taxes on its income or property. In addition, the income of any taxable REIT subsidiary ("TRS") that the Company owns will be subject to taxation at regular corporate rates. During 2015, the Company acquired a portfolio of 2,461 properties from The American Home Real Estate Investment Trust, Inc. (the "Portfolio Acquisition"). The Portfolio Acquisition was substantially completed on April 1, 2015 with an aggregate purchase price of $263,000 . The Portfolio Acquisition was financed using proceeds obtained under the Company's revolving credit facility, which was amended and restated on February 18, 2015 to increase the borrowing capacity to $400,000 from $200,000 . The properties acquired in the Portfolio Acquisition are primarily located in Atlanta, GA, Charlotte, NC, Tampa, FL and Orlando, FL.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2016 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2016 may not be indicative of the results for a full year. The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification ("ASC") 810, Consolidation , if the primary beneficiary of the VIE as determined by its power to direct the VIEs activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates. Reclassifications Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders' equity. Escrow Deposits Escrow deposits include cash held in reserve at financial institutions, as required by the Company's debt agreements described in Note 4, refundable earnest money deposits associated with the acquisition described in Note 3, and money held at financial institutions for cash flow hedge collateral. Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. The Company has TRSs where certain investments may be made and activities conducted that may have otherwise been subject to the prohibited transactions tax or may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income and losses within the TRSs are subject to federal, state, and local income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The Company recognized income tax expense of $424 and $1,102 in the three and nine months ended September 30, 2016 , respectively, compared to $48 and $147 in the three and nine months ended September 30, 2015 , respectively, primarily related to income taxes on net gain on disposition of real estate in the TRS entities. Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the "JOBS Act"), the Company meets the definition of an “emerging growth company.” The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. The Company will cease to be an "emerging growth company" under the JOBS Act on December 31, 2017. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The Company adopted ASU 2015-02 during the quarter ended March 31, 2016. Based on the Company's review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of 94.1% of the Operating Partnership, the Company will continue to consolidate the Operating Partnership under this new guidance. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount, rather than as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU and will continue to be reported as interest expense. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted this ASU as of January 1, 2016 and as a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $6,441 and $8,139 at September 30, 2016 and December 31, 2015 , respectively, are netted against the carrying values of the securitization loan. Previously, these costs were recorded as part of deferred financing costs, net on the condensed consolidated balance sheets. Additionally, in accordance with ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company will continue to present debt issuance costs related to its revolving credit facility as an asset within other assets on the condensed consolidated balance sheets and amortize them ratably over the term of the related facility. In February 2016, the FASB issued ASU 2016-02, Leases , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company does not anticipate the adoption of this ASU will have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments , which changes how companies will measure credit losses for certain financial assets. This guidance requires an entity to estimate its expected credit losses and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. The guidance will be effective for annual periods beginning after December 15, 2019 and interim periods within that reporting period with early adoption permitted beginning after December 15, 2018 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments , which clarifies how certain cash receipts and cash payments should be presented and classified on the statement of cash flow. The guidance will be effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Investments in Real Estate	Investments in Real Estate Acquisition of Properties On October 1, 2016, the Company completed the acquisition of a portfolio of 322 homes located in its core markets. The aggregate purchase price for the acquisition was $41,455 which was primarily financed using proceeds obtained under the Company’s revolving credit facility. In order to complete the transaction on October 1, 2016, the Company placed $39,675 in earnest money deposit with a third party escrow agent as of September 30, 2016 . The homes are located in Atlanta, GA, Tampa, FL and Orlando, FL. During both the three and nine months ended September 30, 2016 , the Company incurred $123 in transaction expenses associated with the acquisition of properties. During the three and nine months ended September 30, 2015 , the Company incurred $66 and $2,046 , respectively, in transaction expenses associated with the Portfolio Acquisition. These costs are included in portfolio acquisition expense in the condensed consolidated statements of operations and comprehensive loss. Sale of Real Estate Assets During the three and nine months ended September 30, 2016 , the Company sold certain properties, primarily in Southeast Florida and Southern California, for an aggregate sales price of $11,261 and $28,711 , respectively, resulting in an aggregate net gain of $2,417 and $6,158 , respectively, which has been classified as net gain on disposition of real estate in the condensed consolidated statements of operations and comprehensive loss. In connection with these asset sales, certain debt repayments were made. During the three and nine months ended September 30, 2015 , the Company sold certain properties, primarily in Houston, TX, for an aggregate sales price of $18,356 and $21,063 , respectively, resulting in an aggregate net gain of $2,089 and $2,320 , respectively. In accordance with ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the disposals were not considered a discontinued operation. Any holding costs associated with homes being sold are reflected within held for sale expenses and are classified as other expense in the condensed consolidated statements of operations and comprehensive loss. In connection with assets held for sale, the Company recognized $255 and $504 in impairment charges for the three and nine months ended September 30, 2016 , respectively, and $14 and $46 in impairment charges for the three and nine months ended September 30, 2015 , respectively, classified within other expense on the condensed consolidated statements of operations and comprehensive loss.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company's debt as of September 30, 2016 and December 31, 2015 : Carrying Amount Interest Rate as of September 30, 2016 Maturity Date September 30, 2016 December 31, 2015 Securitization loan 2.50 % (1) September 9, 2019 (2) $ 304,056 $ 304,966 Unamortized original issue discount (3) (861 ) (1,086 ) Unamortized deferred financing costs (6,441 ) (8,139 ) Securitization loan, net 296,754 295,741 Revolving credit facility 3.89 % (4) February 18, 2018 (5) 364,130 326,472 Total $ 660,884 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan had an initial term of two years, with three , 12 -month extension options, which management intends to exercise, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the borrower complies with other terms set forth in the loan agreement. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% , subject to a LIBOR floor of 0.0% and includes an unused fee as further described below. (5) The revolving credit facility provides for a borrowing capacity of up to $400,000 and has a maturity date of February 18, 2018. In the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries (as defined below) must be used to pay down the principal amount outstanding under the revolving credit facility. Securitization Loan On August 12, 2014, the Company completed a securitization transaction (the "Securitization Transaction") in which a newly-formed special purpose entity (the "Borrower") entered into a loan with a third-party lender for $312,667 represented by a promissory note (the "Securitization Loan"). The Borrower is wholly-owned by another special purpose entity (the "Equity Owner"), and the Equity Owner is wholly-owned by the Operating Partnership. The Borrower and Equity Owner are separate legal entities, but continue to be reported in the Company’s condensed consolidated financial statements. The Securitization Loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). The Securitization Loan has a blended effective rate of one-month LIBOR plus 1.94% , including the amortization of the original issue discount, plus monthly servicing fees of 0.1355% . The Securitization Loan was issued at a discount of $1,503 , which will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. In the three and nine months ended September 30, 2016 , the Company incurred gross interest expense of $1,917 and $5,611 , respectively, excluding amortization of the discount, deferred financing costs and other fees. In the three and nine months ended September 30, 2015 , the Company incurred gross interest expense of $1,706 and $5,081 , respectively, excluding amortization of the discount, deferred financing costs and other fees. As of September 30, 2016 and December 31, 2015, the loan had a weighted-average interest rate of 2.50% and 2.30% , respectively, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount, deferred financing costs and interest rate cap accretion. During the nine months ended September 30, 2016 and 2015 , the Company paid down $910 and $6,866 , respectively, on the Securitization Loan to effect the release of certain properties from the first priority mortgages securing the Securitization Loan, including certain properties sold from the Southeast Florida and Houston, TX markets as described in Note 3. The Securitization Loan had an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The Borrower may execute the extension options provided there is no event of default under the Securitization Loan, the Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender and the Borrower complies with the other terms set forth in the loan agreement. During the nine months ended September 30, 2016 , the Company executed the first 12 -month extension option. As part of the Securitization Transaction, the Securitization Loan (including the related promissory note) was transferred by the third-party lender to one of the Company's subsidiaries and subsequently deposited into a REMIC trust in exchange for pass-through certificates. The pass-through certificates represent the entire beneficial interest in the trust and were sold to investors in a private offering through the placement agents retained for the transaction for gross proceeds of $311,164 , net of the original issue discount of $1,503 . All amounts outstanding under the Securitization Loan are secured by first priority mortgages on the securitization properties (the "Securitization Properties"), a pool of approximately 3,000 properties, in addition to the equity interests in, and certain assets of, the Borrower. The amounts outstanding under the Securitization Loan and certain obligations contained therein are guaranteed by the Operating Partnership only in the case of certain bad acts (including bankruptcy) as outlined in the transaction documents. As long as the Securitization Loan is outstanding, the assets of the Borrower and Equity Owner are not available to satisfy the debts and obligations of the Company or its other consolidated subsidiaries and the liabilities of the Borrower and Equity Owner are not liabilities of the Company (excluding, for this purpose, the Borrower and Equity Owner) or its other consolidated subsidiaries. The Company is permitted to receive distributions from the Borrower out of unrestricted cash as long as the Borrower is current with all payments and in compliance with all other obligations under the Securitization Loan. The Securitization Loan provides for the restriction of cash whereby the Company must set aside funds for payment of real estate taxes, capital expenditures and other reserves associated with the Securitization Properties. There is also a cash management account controlled by the lender for the collection of all rents and cash generated by the Borrower's properties. In the event of default, the lender may apply funds, as the lender elects, from the cash management account, foreclose on its security interests, appoint a new property manager, and in limited circumstances, enforce the Company's guaranty. As of September 30, 2016 and December 31, 2015, the Company had $6,060 and $5,139 , respectively, included in escrow deposits associated with the required reserves on the condensed consolidated balance sheets. The Securitization Loan does not contractually restrict the Company's ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. The Securitization Loan documents require the Company to maintain certain covenants, including a minimum debt yield on the Securitization Properties, and contain customary events of default for a loan of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments and cross-default with certain other indebtedness. As of September 30, 2016 and December 31, 2015 , the Company believes it was in compliance with all financial covenants under the Securitization Loan. Revolving Credit Facility Certain of the Company's subsidiaries have a revolving credit facility (the "revolving credit facility") with a syndicate of banks. On February 18, 2015, the Company amended and restated the revolving credit facility to increase the borrowing capacity to $400,000 from $200,000 and subsequently amended the revolving credit facility to address certain interest calculation mechanics. As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% , subject to a LIBOR floor of 0.00% . Prior to the amendment, the revolving credit facility bore interest at varying rates of three-month LIBOR plus 3.50% subject to a LIBOR floor of 0.50% , payable monthly. The Company is also required to pay a monthly fee on the unused portion of the revolving credit facility at a rate of 0.50% per annum when the balance outstanding is less than $200,000 , or 0.30% per annum when the balance outstanding is equal to or greater than $200,000 . As part of the amendment, the term of the revolving credit facility was extended to February 18, 2018 and the advance rate for borrowings was increased to 65% from 55% . The advance rate is based on the aggregate value of the eligible properties, which value is calculated as the lesser of (a) the third-party broker price opinion value or (b) the original purchase price plus certain renovation and other capitalized costs of the properties. The Company used proceeds from the revolving credit facility to fund the Portfolio Acquisition and other acquisitions of properties as referenced in Note 3. The remaining proceeds were used for working capital and other corporate purposes, including the acquisition, financing and renovation of properties. As of September 30, 2016 and December 31, 2015 , $364,130 and $326,472 , respectively, was outstanding under the revolving credit facility. As of September 30, 2016 and December 31, 2015 , the interest rate on the revolving credit facility was 3.89% and 3.68% , respectively, inclusive of the unused fee. In the three and nine months ended September 30, 2016 , the Company incurred $3,225 and $9,374 , respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs and interest rate cap accretion. In the three and nine months ended September 30, 2015 , the Company incurred $2,989 and $6,898 , respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs and before the effect of capitalizing interest related to property renovations. All amounts outstanding under the revolving credit facility are collateralized by the equity interests and assets of certain of the Company’s subsidiaries (the "Pledged Subsidiaries"), which exclude the owners of the Securitization Properties. The amounts outstanding under the revolving credit facility and certain obligations contained therein are guaranteed by the Company and the Operating Partnership only in the case of certain bad acts (including bankruptcy) and up to $20,000 for completion of certain property renovations, as outlined in the credit documents. As of September 30, 2016 there were approximately 5,680 properties pledged as collateral under the revolving credit facility. The Pledged Subsidiaries are separate legal entities, but continue to be reported in the Company’s consolidated financial statements. As long as the revolving credit facility is outstanding, the assets of the Pledged Subsidiaries are not available to satisfy the other debts and obligations of the Pledged Subsidiaries or the Company. However, the Company is permitted to receive distributions from the Pledged Subsidiaries as long as the Company and the Pledged Subsidiaries are current with all payments and in compliance with all other obligations under the revolving credit facility. The revolving credit facility provides for the restriction of cash whereby the Company must set aside funds for payment of insurance, real estate taxes and certain property operating and maintenance expenses associated with properties in the Pledged Subsidiaries' portfolios. As of September 30, 2016 and December 31, 2015 , the Company had $17,848 and $10,101 , respectively, included in escrow deposits associated with the required reserves. The revolving credit facility does not contractually restrict the Company’s ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. For example, in the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries must be used to pay down the principal amount outstanding under the revolving credit facility. The revolving credit facility agreement requires the Company to meet certain quarterly financial tests pertaining to net worth, total liquidity, debt yield and debt service coverage ratios. The Company must maintain total liquidity of $25,000 and a net worth of at least $125,000 , as determined in accordance with the revolving credit facility agreement. The revolving credit facility also contains customary events of default for a facility of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments, change of control and cross-default with certain other indebtedness. The Company believes it was in compliance with all financial covenants under the revolving credit facility as of September 30, 2016 and December 31, 2015 . Deferred Financing Costs Costs incurred in the placement of the Company’s debt are being amortized using the straight-line method, which approximates the effective interest method, over the terms of the related debt. Amortization of deferred financing costs is recorded as interest expense in the accompanying condensed consolidated statements of operations and comprehensive loss. In connection with its Securitization Loan, the Company incurred deferred financing costs of $17 and $460 , for the nine months ended September 30, 2016 and 2015 , respectively. The costs are being amortized through September 9, 2019, the fully extended maturity date of the Securitization Loan. In conjunction with the paydown of the Securitization Loan related to the sale of the Houston, TX portfolio, the Company wrote off $174 in deferred financing costs for both the three and nine months ended September 30, 2015 , which has been included in net gain on disposition of real estate in the condensed consolidated statements of operations and comprehensive loss. In connection with its revolving credit facility, the Company incurred deferred financing costs of $105 and $5,323 , for the nine months ended September 30, 2016 and 2015 , respectively. Interest Expense The following table presents the Company's total interest expense for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross interest expense (1) $ 5,142 $ 4,695 $ 14,985 $ 11,979 Amortization of discount on Securitization Loan 75 75 225 225 Amortization and write-off of deferred financing costs 1,155 1,167 3,456 3,341 Other interest (2) 217 22 427 73 Capitalized interest (3) — — — (311 ) Total interest expense $ 6,589 $ 5,959 $ 19,093 $ 15,307 (1) Includes the Securitization Loan's monthly servicing fees. (2) Includes monitoring service fees and interest related to the Company's designated derivative financial instruments (see Note 8). (3) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013. Derivative Financial Instruments The variable rate of interest on the Company's debt exposes the Company to interest rate risk. Currently, the Company uses interest rate cap agreements and interest rate swap transactions (collectively “Hedging Derivatives”) to manage this interest rate risk. These instruments are carried at fair value in the Company’s financial statements (see Note 8). Changes in the fair value of the designated portion of the Company's Hedging Derivatives that qualify for hedge accounting are recognized through other comprehensive income (loss) (see Note 8). Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or for which the Company did not elect to designate as accounting hedges. The Company does not enter into derivative transactions for speculative or trading purposes, but may enter into derivatives to manage the economic risk of changes in interest rates. The following table summarizes the consolidated derivative positions at September 30, 2016 : Non-designated Hedged Interest Rate Caps (1) Cash Flow Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Swaps Notional balance (1) $ 304,367 $ 370,100 $ 296,000 Weighted average interest rate (2) 2.50 % 3.89 % N/A Weighted average capped/swapped interest rate (3)(4) 5.08 % 6.00 % 2.63 % Earliest maturity date September 15, 2017 February 17, 2018 August 15, 2017 Latest maturity date September 15, 2019 February 18, 2018 September 15, 2019 (1) The full notional balance is hedged through September 15, 2017 after which $200,000 is hedged through September 15, 2019. (2) For interest rate caps, represents the weighted average interest rate on the hedged debt as of September 30, 2016 . (3) For interest rate caps, represents the capped interest rate, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount, deferred financing costs and interest rate cap accretion. (4) The swap transactions are structured with a fixed rate that steps up over the three -year term locking in the forward LIBOR curve at the time of execution. This structure resulted in an average effective rate of 2.77% over the three -year term. In July 2016, the Company entered into one interest rate cap agreement at LIBOR of 3.1085% with a notional amount of $104,367 and a termination date of September 15, 2017 to hedge interest rate risk associated with its Securitization Loan. The Company determined that the interest rate cap agreement qualified for hedge accounting and, therefore, designated the derivative as a cash flow hedge. The interest rate cap agreement was subsequently de-designated as noted below. In August 2016, the Company, through its Operating Partnership, entered into interest rate swap transactions with two counterparties (the “Swaps”). The Company entered into the Swaps to effectively fix the interest rate on $296,000 of the Company’s floating rate indebtedness under the Securitization Loan for three years . The Swaps have an effective date and maturity date as reflected in the table below. From each respective effective date through the corresponding maturity date, the Company will be required to make monthly fixed rate payments at the fixed swap rate and on the notional amounts reflected in the table below, while the counterparty will be obligated to make monthly floating rate payments to the Company based on one-month LIBOR and referencing the same notional amount. The Company determined that the Swaps qualified for hedge accounting and designated the derivatives as cash flow hedges. Concurrently, the Company de-designated three interest rate cap agreements also associated with the Securitization Loan and will reclassify the balance of deferred losses of $1,390 in accumulated other comprehensive loss to earnings over the remaining life of the associated interest rate cap agreements. Notional Amount Fixed Swap Rate Effective Date Maturity Date $ 177,600 0.6495 % August 15, 2016 August 15, 2017 $ 177,600 0.8045 % August 15, 2017 August 15, 2018 $ 177,600 0.9200 % August 15, 2018 September 15, 2019 $ 118,400 0.6600 % August 15, 2016 August 15, 2017 $ 118,400 0.8030 % August 15, 2017 August 15, 2018 $ 118,400 0.9300 % August 15, 2018 September 15, 2019 In connection with the financing of the October 1, 2016 acquisition (see Note 3), effective September 29, 2016, the Company modified an existing interest rate cap agreement originally entered into on March 31, 2015 to increase the notional amount from $266,100 to $287,100 to hedge interest rate risk associated with its revolving credit facility. The Company determined that the interest rate cap agreement qualified for hedge accounting and, therefore, continued its designation of the derivative as a cash flow hedge. During the nine months ended September 30, 2016 and 2015 , the Company paid $30 and $2,250 , respectively, in connection with the purchase of interest rate cap agreements which are included in other assets on the condensed consolidated balance sheets and recorded at fair value (see Note 8).

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan Restated 2012 Equity Incentive Plan On December 4, 2012, the Company adopted an equity incentive plan (the "2012 Plan") which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company. The 2012 Plan provides for grants of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, originally subject to a ceiling of 921,053 shares available for issuance under the 2012 Plan. The 2012 Plan allows for the Company’s board of directors to expand the types of awards available under the 2012 Plan to include long term incentive plan units in the future. If an award granted under the 2012 Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of future awards. No award may be granted under the 2012 Plan to any person who, assuming payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. On February 9, 2016 the Company's board of directors approved the amendment and restatement of the 2012 Plan (the "Restated 2012 Plan"), which was approved by stockholders on May 17, 2016. The amendment and restatement of the 2012 Plan increased the number of shares available for issuance by 1,500,000 shares and made certain other changes. Unless previously terminated by the Company's board of directors, no new award may be granted under the Restated 2012 Plan after February 9, 2026. Restricted Stock Awards On May 17, 2016, the Company awarded each of its four independent directors an equity retainer in the form of an award of 3,432 shares of restricted stock, with each award having a fair market value of $50 . On August 2, 2016, the Company appointed a new independent director to the Company's Board of Directors. The independent director was awarded an equity retainer in the form of an award of 2,179 shares of restricted stock with a fair market value of $39 based upon a prorated calculation of the annual equity retainer. In addition, the Company accepted the resignation from one independent director on the Company's Board of Directors effective August 31, 2016. In connection with this resignation, the Board of Directors accelerated the vesting of 997 shares of restricted stock held by such director. Annual equity retainers for such independent directors will vest as to all of such shares on the earlier of (i) the one year anniversary of the date of grant and (ii) the date immediately preceding the date of the Company's next annual meeting of stockholders, subject, in each case, to the independent director's continued service to the Company through the vesting date. Performance Stock Units On June 21, 2016, the Company granted performance stock units ("PSUs") under the Restated 2012 Plan to its newly-named permanent Chief Executive Officer. The award was based on a target number of 60,000 PSUs. Each PSU represents the potential to receive Silver Bay common stock based on the extent to which specified performance targets are met during the 36 -month performance period, which begins on the grant date. The number of shares of Silver Bay common stock to be earned as of the vesting date for each PSU increases and decreases based on Silver Bay's total stockholder return (stock price appreciation plus dividends) ("TSR"). Fifty percent of the award will vest based on the Company's annualized TSR during the performance period on an absolute (i.e., non-relative) basis (the "Absolute TSR PSUs"). Subject to continued employment until the end of the performance period, the number of shares of common stock eligible to be received will be determined by multiplying fifty percent of the target number of PSUs by the TSR Multiplier determined in accordance with the following table: Annualized TSR TSR Multiplier (1) Up to 6.5% —% 8% 50% 10% 100% 12% 150% 16% 200% (1) To the extent the Company's annualized TSR falls between two discrete points, linear interpolation will be used to determine the TSR Multiplier. The remaining fifty percent of the award will vest based on the Company's TSR during the performance period relative to a peer group index (the "Relative TSR PSUs") comprised initially of those companies in the Apartment and Single Family Home subsectors of the FTSE NAREIT All REIT Index (the "Index") with equal weighting provided to each subsector in constructing the peer group index. Subject to continued employment until the end of the performance period, the number of shares of common stock eligible to be received will be determined by multiplying fifty percent of the target number of PSUs by the TSR Multiplier determined in accordance with the following table: TSR Relative to Peer Group TSR Multiplier (1) Underperform index by 6 percentage points —% Underperform index by 3 percentage points 50% Outperform index by 3 percentage points 100% Outperform index by 6 percentage points 200% (1) To the extent the Company's TSR performance compared to the Index TSR falls between two discrete points, linear interpolation will be used to determine the TSR Multiplier. Notwithstanding the foregoing, the payout of any Relative TSR PSU will be capped at 110% if the Absolute PSU TSR during the performance period is negative. Additionally, each PSU contains one dividend equivalent right, which is equal to the cash dividend that would have been paid on the PSU had the PSU been an issued and outstanding common share on the record date for the dividend and is payable in additional shares if the market and service conditions are met. The Company utilized a Monte-Carlo simulation to calculate the weighted-average grant date fair value of $12.84 per unit for the Absolute TSR PSUs and a weighted-average grant date fair value of $18.68 per unit for the Relative TSR PSUs, for a total estimated compensation expense of $946 over the 36 -month performance period, using the following assumptions: Expected volatility (1) 18.48 % Dividend assumption (2) — % Expected term in years 3.00 Risk-free rate 0.89 % Stock price (per share) (3) $ 16.40 Beginning average stock price (per share) (4) $ 14.47 (1) Expected volatility is based on the Company’s historical stock price volatility over the last three years using daily data points. (2) An assumed dividend yield of 0% is the mathematical equivalent to the reinvestment of dividends, which is consistent with the TSR definition described above. (3) Based on the closing price of the Company's common stock on June 21, 2016. (4) Based on the average closing price over the period from January 19, 2016 to June 21, 2016.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On July 1, 2013, the Company’s board of directors authorized the Company to repurchase up to 2,500,000 shares of its common stock through a share repurchase program. On November 25, 2014, the Company's board of directors authorized an increase of 2,500,000 shares to the previously authorized share repurchase program for a total of 5,000,000 shares. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable SEC rules. During the nine months ended September 30, 2016 , the Company repurchased and retired 776,202 shares under the program for a total cost of $11,281 , at an average purchase price of $14.53 per share, inclusive of commissions. During the nine months ended September 30, 2015 , the Company repurchased and retired 770,417 shares under the program for a total cost of $12,260 , at an average purchase price of $15.91 per share, inclusive of commissions. Common Stock Dividends The following table presents cash dividends declared by the Company on its common stock during the three months ended September 30, 2016 , and the six immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share September 22, 2016 October 3, 2016 October 14, 2016 $ 0.13 June 21, 2016 July 1, 2016 July 15, 2016 0.13 March 23, 2016 April 4, 2016 April 15, 2016 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 September 25, 2015 October 6, 2015 October 16, 2015 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09 Preferred Stock Dividends The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock during the three months ended September 30, 2016 , and the six immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share September 22, 2016 October 14, 2016 $ 24.72 June 22, 2016 June 30, 2016 25.00 March 30, 2016 April 15, 2016 26.94 January 8, 2016 January 8, 2016 22.78 September 29, 2015 October 16, 2015 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net loss attributable to controlling interests $ (1,567 ) $ (1,343 ) $ (5,155 ) $ (8,623 ) Preferred stock distributions (25 ) (25 ) (75 ) (75 ) Net loss attributable to common stockholders $ (1,592 ) $ (1,368 ) $ (5,230 ) $ (8,698 ) Basic and diluted weighted average common shares outstanding 35,385,138 36,071,146 35,617,262 36,257,449 Net loss per common share - basic and diluted $ (0.05 ) $ (0.04 ) $ (0.15 ) $ (0.24 ) A total of 2,231,511 common units not owned by the Company were outstanding for the three and nine months ended September 30, 2016 and 2015 , but have been excluded from the calculation of diluted EPS as their inclusion would not be dilutive. In addition, 253,801 and 88,487 performance stock units have been excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2016 , respectively, as their market conditions had been met, however, their inclusion would not be dilutive. During the three and nine months ended September 30, 2015 , no performance stock units have been excluded from the calculation of diluted EPS as their market conditions had not been met.

Derivative and Other Fair Value

Derivative and Other Fair Value Instruments	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Derivative and Other Fair Value Instruments	Derivative and Other Fair Value Instruments Codification Topic Fair Value Measurement (“ASC 820”) established a three level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: Level 1 — Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Recurring Fair Value The Company uses Hedging Derivatives to manage its exposure to interest rate risk (refer to Note 4) and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Hedging Derivates are valued using models developed by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves). The following tables provide a summary of the aggregate fair value measurements for the Hedging Derivatives and the location within the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location September 30, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Unobservable Inputs Non-Designated Hedges Interest Rate Caps Other Assets $ 73 $ — $ 73 $ — Cash Flow Hedges Interest Rate Caps Other Assets 2 — 2 — Interest Rate Swaps Other Assets 402 — 402 — $ 477 $ — $ 477 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Non-Designated Hedges Interest Rate Caps Other Assets $ 9 $ — $ 9 $ — Cash Flow Hedges Interest Rate Caps Other Assets 712 — 712 — $ 721 $ — $ 721 $ — The following table provides a summary of the effect of Hedging Derivatives on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2016 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Non-Designated Hedges Interest Rate Caps $ — Adjustments for derivative instruments, net $ (120 ) N/A $ — Cash Flow Hedges Interest Rate Caps (683 ) Interest Expense (128 ) N/A — Interest Rate Swaps 402 N/A — N/A — $ (281 ) (248 ) N/A $ — The following table provides a summary of the effect of Hedging Derivatives on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2015 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Cash Flow Hedges Interest Rate Caps $ (1,503 ) Interest Expense $ (1 ) N/A $ — As of September 30, 2016 and December 31, 2015 , there was $1,646 and $1,613 , respectively, in deferred losses in accumulated other comprehensive loss related to Hedging Derivatives. The Company expects to recognize $411 in interest expense during the twelve months ending September 30, 2017, pertaining to the designated interest rate cap agreements, which will be reclassified out of accumulated other comprehensive loss in accordance with the amortization schedules established upon designation of the interest rate caps as cash flow hedges. Interest expense pertaining to the interest rate swap transactions will be recognized as incurred. Nonrecurring Fair Value For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset at the time the Company has determined to sell the asset. Assets held for sale are valued based on comparable sales data, less estimates of third-party broker commissions, which are gathered from the markets. These impairment measurements constitute nonrecurring fair value measures under ASC 820 and the inputs are characterized as Level 2. Fair Value of Other Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. Descriptions are not provided for those items that have zero balances as of September 30, 2016 . • Cash, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), accounts payable, and accrued expenses have carrying values which approximate fair value because of the short-term nature of these instruments. The Company categorizes the fair value measurement of these assets and liabilities as Level 1. • The Company’s revolving credit facility has a floating interest rate based on an index plus a spread and the credit spread is consistent with those demanded in the market for facilities with similar risk and maturities. Accordingly, the interest rate on this borrowing is at market, and thus, the carrying value of the debt approximates fair value as of September 30, 2016 . The Company categorizes the fair value measurement of this liability as Level 2. • The fair value of the Company's Securitization Loan was $ 301,440 as of September 30, 2016 , based on an average of market quotations. The Company categorizes the fair value measurement of this liability as Level 2. • The Company’s 10% cumulative redeemable preferred stock had a fair value which approximates its liquidation value at September 30, 2016 . The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Concentrations As of September 30, 2016 , approximately 59% of the Company’s properties were located in Atlanta, GA, Phoenix, AZ, and Tampa, FL, which exposes the Company to greater economic risks than if the Company owned a more geographically dispersed portfolio. Resident Security Deposits As of September 30, 2016 , the Company had $12,784 in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease. Earnest deposits As of September 30, 2016 and December 31, 2015 , the Company had refundable earnest deposits for property purchases of $39,685 and $0 , respectively. However, not all of these properties are certain to be acquired because properties may fall out of escrow through the closing process for various reasons. Legal and Regulatory From time to time, the Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company's 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 or regulatory claims that would have a material adverse effect on the Company's condensed consolidated financial statements, and therefore no accrual has been recorded as of September 30, 2016 .

Basis of Presentation and Sig16

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2016 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2016 may not be indicative of the results for a full year. The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification ("ASC") 810, Consolidation , if the primary beneficiary of the VIE as determined by its power to direct the VIEs activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders' equity.
Escrow Deposits	Escrow Deposits Escrow deposits include cash held in reserve at financial institutions, as required by the Company's debt agreements described in Note 4, refundable earnest money deposits associated with the acquisition described in Note 3, and money held at financial institutions for cash flow hedge collateral.
Income Taxes	Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. The Company has TRSs where certain investments may be made and activities conducted that may have otherwise been subject to the prohibited transactions tax or may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income and losses within the TRSs are subject to federal, state, and local income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the "JOBS Act"), the Company meets the definition of an “emerging growth company.” The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. The Company will cease to be an "emerging growth company" under the JOBS Act on December 31, 2017. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The Company adopted ASU 2015-02 during the quarter ended March 31, 2016. Based on the Company's review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of 94.1% of the Operating Partnership, the Company will continue to consolidate the Operating Partnership under this new guidance. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount, rather than as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU and will continue to be reported as interest expense. This guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company adopted this ASU as of January 1, 2016 and as a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $6,441 and $8,139 at September 30, 2016 and December 31, 2015 , respectively, are netted against the carrying values of the securitization loan. Previously, these costs were recorded as part of deferred financing costs, net on the condensed consolidated balance sheets. Additionally, in accordance with ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company will continue to present debt issuance costs related to its revolving credit facility as an asset within other assets on the condensed consolidated balance sheets and amortize them ratably over the term of the related facility. In February 2016, the FASB issued ASU 2016-02, Leases , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company does not anticipate the adoption of this ASU will have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments , which changes how companies will measure credit losses for certain financial assets. This guidance requires an entity to estimate its expected credit losses and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. The guidance will be effective for annual periods beginning after December 15, 2019 and interim periods within that reporting period with early adoption permitted beginning after December 15, 2018 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments , which clarifies how certain cash receipts and cash payments should be presented and classified on the statement of cash flow. The guidance will be effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company's debt as of September 30, 2016 and December 31, 2015 : Carrying Amount Interest Rate as of September 30, 2016 Maturity Date September 30, 2016 December 31, 2015 Securitization loan 2.50 % (1) September 9, 2019 (2) $ 304,056 $ 304,966 Unamortized original issue discount (3) (861 ) (1,086 ) Unamortized deferred financing costs (6,441 ) (8,139 ) Securitization loan, net 296,754 295,741 Revolving credit facility 3.89 % (4) February 18, 2018 (5) 364,130 326,472 Total $ 660,884 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan had an initial term of two years, with three , 12 -month extension options, which management intends to exercise, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the borrower complies with other terms set forth in the loan agreement. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% , subject to a LIBOR floor of 0.0% and includes an unused fee as further described below. (5) The revolving credit facility provides for a borrowing capacity of up to $400,000 and has a maturity date of February 18, 2018. In the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries (as defined below) must be used to pay down the principal amount outstanding under the revolving credit facility.
Total Interest Expense	The following table presents the Company's total interest expense for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross interest expense (1) $ 5,142 $ 4,695 $ 14,985 $ 11,979 Amortization of discount on Securitization Loan 75 75 225 225 Amortization and write-off of deferred financing costs 1,155 1,167 3,456 3,341 Other interest (2) 217 22 427 73 Capitalized interest (3) — — — (311 ) Total interest expense $ 6,589 $ 5,959 $ 19,093 $ 15,307 (1) Includes the Securitization Loan's monthly servicing fees. (2) Includes monitoring service fees and interest related to the Company's designated derivative financial instruments (see Note 8). (3) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013.
Schedule of Consolidated Derivative Positions	The following table summarizes the consolidated derivative positions at September 30, 2016 : Non-designated Hedged Interest Rate Caps (1) Cash Flow Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Swaps Notional balance (1) $ 304,367 $ 370,100 $ 296,000 Weighted average interest rate (2) 2.50 % 3.89 % N/A Weighted average capped/swapped interest rate (3)(4) 5.08 % 6.00 % 2.63 % Earliest maturity date September 15, 2017 February 17, 2018 August 15, 2017 Latest maturity date September 15, 2019 February 18, 2018 September 15, 2019 (1) The full notional balance is hedged through September 15, 2017 after which $200,000 is hedged through September 15, 2019. (2) For interest rate caps, represents the weighted average interest rate on the hedged debt as of September 30, 2016 . (3) For interest rate caps, represents the capped interest rate, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount, deferred financing costs and interest rate cap accretion. (4) The swap transactions are structured with a fixed rate that steps up over the three -year term locking in the forward LIBOR curve at the time of execution. This structure resulted in an average effective rate of 2.77% over the three -year term.
Schedule of Interest Rate Derivatives	Notional Amount Fixed Swap Rate Effective Date Maturity Date $ 177,600 0.6495 % August 15, 2016 August 15, 2017 $ 177,600 0.8045 % August 15, 2017 August 15, 2018 $ 177,600 0.9200 % August 15, 2018 September 15, 2019 $ 118,400 0.6600 % August 15, 2016 August 15, 2017 $ 118,400 0.8030 % August 15, 2017 August 15, 2018 $ 118,400 0.9300 % August 15, 2018 September 15, 2019

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Valuation Techniques	The Company utilized a Monte-Carlo simulation to calculate the weighted-average grant date fair value of $12.84 per unit for the Absolute TSR PSUs and a weighted-average grant date fair value of $18.68 per unit for the Relative TSR PSUs, for a total estimated compensation expense of $946 over the 36 -month performance period, using the following assumptions: Expected volatility (1) 18.48 % Dividend assumption (2) — % Expected term in years 3.00 Risk-free rate 0.89 % Stock price (per share) (3) $ 16.40 Beginning average stock price (per share) (4) $ 14.47 (1) Expected volatility is based on the Company’s historical stock price volatility over the last three years using daily data points. (2) An assumed dividend yield of 0% is the mathematical equivalent to the reinvestment of dividends, which is consistent with the TSR definition described above. (3) Based on the closing price of the Company's common stock on June 21, 2016. (4) Based on the average closing price over the period from January 19, 2016 to June 21, 2016.
Absolute TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Stock Award Targets	Subject to continued employment until the end of the performance period, the number of shares of common stock eligible to be received will be determined by multiplying fifty percent of the target number of PSUs by the TSR Multiplier determined in accordance with the following table: Annualized TSR TSR Multiplier (1) Up to 6.5% —% 8% 50% 10% 100% 12% 150% 16% 200% (1) To the extent the Company's annualized TSR falls between two discrete points, linear interpolation will be used to determine the TSR Multiplier.
Relative TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Stock Award Targets	Subject to continued employment until the end of the performance period, the number of shares of common stock eligible to be received will be determined by multiplying fifty percent of the target number of PSUs by the TSR Multiplier determined in accordance with the following table: TSR Relative to Peer Group TSR Multiplier (1) Underperform index by 6 percentage points —% Underperform index by 3 percentage points 50% Outperform index by 3 percentage points 100% Outperform index by 6 percentage points 200% (1) To the extent the Company's TSR performance compared to the Index TSR falls between two discrete points, linear interpolation will be used to determine the TSR Multiplier.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Common Stock Dividends
Stockholders' equity
Schedule of cash dividends declared by the Company since its formation	The following table presents cash dividends declared by the Company on its common stock during the three months ended September 30, 2016 , and the six immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share September 22, 2016 October 3, 2016 October 14, 2016 $ 0.13 June 21, 2016 July 1, 2016 July 15, 2016 0.13 March 23, 2016 April 4, 2016 April 15, 2016 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 September 25, 2015 October 6, 2015 October 16, 2015 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09
Preferred Stock Dividends
Stockholders' equity
Schedule of cash dividends declared by the Company since its formation	The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock during the three months ended September 30, 2016 , and the six immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share September 22, 2016 October 14, 2016 $ 24.72 June 22, 2016 June 30, 2016 25.00 March 30, 2016 April 15, 2016 26.94 January 8, 2016 January 8, 2016 22.78 September 29, 2015 October 16, 2015 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Summary of elements used in calculating basic and diluted EPS computations	The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net loss attributable to controlling interests $ (1,567 ) $ (1,343 ) $ (5,155 ) $ (8,623 ) Preferred stock distributions (25 ) (25 ) (75 ) (75 ) Net loss attributable to common stockholders $ (1,592 ) $ (1,368 ) $ (5,230 ) $ (8,698 ) Basic and diluted weighted average common shares outstanding 35,385,138 36,071,146 35,617,262 36,257,449 Net loss per common share - basic and diluted $ (0.05 ) $ (0.04 ) $ (0.15 ) $ (0.24 )

Derivative and Other Fair Val21

Derivative and Other Fair Value Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair value measurements for interest rate cap agreements and location within condensed consolidated balance sheets	The following tables provide a summary of the aggregate fair value measurements for the Hedging Derivatives and the location within the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location September 30, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Unobservable Inputs Non-Designated Hedges Interest Rate Caps Other Assets $ 73 $ — $ 73 $ — Cash Flow Hedges Interest Rate Caps Other Assets 2 — 2 — Interest Rate Swaps Other Assets 402 — 402 — $ 477 $ — $ 477 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Non-Designated Hedges Interest Rate Caps Other Assets $ 9 $ — $ 9 $ — Cash Flow Hedges Interest Rate Caps Other Assets 712 — 712 — $ 721 $ — $ 721 $ —
Summary of effect of cash flow hedges	The following table provides a summary of the effect of Hedging Derivatives on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2016 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Non-Designated Hedges Interest Rate Caps $ — Adjustments for derivative instruments, net $ (120 ) N/A $ — Cash Flow Hedges Interest Rate Caps (683 ) Interest Expense (128 ) N/A — Interest Rate Swaps 402 N/A — N/A — $ (281 ) (248 ) N/A $ — The following table provides a summary of the effect of Hedging Derivatives on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2015 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Cash Flow Hedges Interest Rate Caps $ (1,503 ) Interest Expense $ (1 ) N/A $ —

Organization and Operations (De

Organization and Operations (Details)	Apr. 01, 2015USD ($)property	Sep. 30, 2016property	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)
Organization and operations
Number of single-family properties owned | property		8,837
Silver Bay Operating Partnership L.P.
Organization and operations
Direct and indirect partnership interests in operating partnership		94.10%
Portfolio Acquisition
Organization and operations
Number of single-family properties owned | property	2,461
Aggregate purchase price | $	$ 263,000,000
Revolving credit facility
Organization and operations
Maximum borrowing capacity | $			$ 400,000,000	$ 200,000,000

Basis of Presentation and Sig23

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense, net	$ 424	$ 48	$ 1,102	$ 147
Silver Bay Operating Partnership L.P.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Direct and indirect partnership interests in operating partnership	94.10%		94.10%
Deferred Financing Costs, Net | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net	$ (6,441)		$ (6,441)		$ (8,139)
Other Assets | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred finance costs, net	$ 6,441		$ 6,441		$ 8,139

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Thousands	Oct. 01, 2016USD ($)property	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Apr. 01, 2015property
Business Acquisition [Line Items]
Number of single-family properties owned | property		8,837		8,837
Portfolio acquisition expense		$ 123	$ 66	$ 123	$ 2,046
Proceeds from disposition of real estate				28,711	21,063
Net gain on disposition of real estate		2,417	2,089	6,158	2,320
Impairment charges		255	14	504	46
Acquisition of Properties
Business Acquisition [Line Items]
Number of single-family properties owned | property						2,461
Earnest money deposits		39,675		39,675
Portfolio acquisition expense		123	66	123	2,046
Acquisition of Properties | Subsequent Event
Business Acquisition [Line Items]
Number of single-family properties owned | property	322
Aggregate purchase price of acquisition	$ 41,455
Houston, Texas
Business Acquisition [Line Items]
Proceeds from disposition of real estate			18,356		21,063
Net gain on disposition of real estate			$ 2,089		$ 2,320
Disposal Group, Disposed of by Sale
Business Acquisition [Line Items]
Proceeds from disposition of real estate		11,261		28,711
Net gain on disposition of real estate		$ 2,417		$ 6,158

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Aug. 12, 2014extension	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Securitization loan, net				$ 296,754,000	$ 295,741,000
Revolving credit facility				364,130,000	326,472,000
Total				660,884,000	622,213,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000	$ 200,000,000
Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Securitization loan				304,056,000	304,966,000
Unamortized original issue discount				(861,000)	(1,086,000)
Unamortized deferred financing costs				(6,441,000)	(8,139,000)
Securitization loan, net				$ 296,754,000	$ 295,741,000
Weighted-average interest rate (as a percent)				2.50%	2.30%
Debt servicing fee				0.1355%
Term of debt instrument			2 years
Number of extension options | extension			3
Length of loan extensions			12 months
Secured Debt | Securitization Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)				1.84%
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility				$ 364,130,000	$ 326,472,000
Interest Rate (as a percent)				3.89%	3.68%
Maximum borrowing capacity	$ 400,000,000	$ 200,000,000
Line of Credit | Revolving credit facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margin (as a percent)	3.00%	3.50%
Line of Credit | Revolving credit facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.00%	0.50%

Debt - Securitization Loan (Det

Debt - Securitization Loan (Details)	Aug. 12, 2014USD ($)extension	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Gross interest expense		$ 5,142,000	$ 4,695,000	$ 14,985,000	$ 11,979,000
Payments on securitization loan				910,000	6,866,000
Escrow deposits		$ 65,590,000		$ 65,590,000		$ 15,472,000
Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Face amount of debt instrument	$ 312,667,000
Weighted-average interest rate (as a percent)		2.50%		2.50%		2.30%
Debt servicing fee		0.1355%		0.1355%
Original issue discount	$ 1,503,000
Gross interest expense		$ 1,917,000	$ 1,706,000	$ 5,611,000	5,081,000
Term of debt instrument	2 years
Number of extension options | extension	3
Length of loan extensions	12 months
Proceeds from securitization loan	$ 311,164,000
Number of single-family properties pledged as security | property		3,000		3,000
Escrow deposits		$ 6,060,000		$ 6,060,000		$ 5,139,000
Secured Debt | Securitization Loan | Southwest Florida and Houston, Texas
Debt Instrument [Line Items]
Payments on securitization loan				$ 910,000	$ 6,866,000
Secured Debt | Securitization Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)		1.84%		1.84%
Spread on effective rate (as a percent)		1.94%		1.94%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details)	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility			$ 364,130,000		$ 364,130,000		$ 326,472,000
Gross interest expense			5,142,000	$ 4,695,000	14,985,000	$ 11,979,000
Escrow deposits			65,590,000		65,590,000		15,472,000
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000,000	$ 200,000,000
Line of Credit | Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	400,000,000	$ 200,000,000
Baseline for unused commitment fee	$ 200,000,000
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties	65.00%	55.00%
Revolving credit facility			$ 364,130,000		$ 364,130,000		$ 326,472,000
Interest rate (as a percent)			3.89%		3.89%		3.68%
Gross interest expense			$ 3,225,000	$ 2,989,000	$ 9,374,000	$ 6,898,000
Number of single-family properties pledged as security | property			5,680		5,680
Escrow deposits			$ 17,848,000		$ 17,848,000		$ 10,101,000
Line of Credit | Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Monthly fee on the unused portion of the credit facility (as a percent)	0.50%
Line of Credit | Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Monthly fee on the unused portion of the credit facility (as a percent)	0.30%
Total liquidity to be maintained as defined by the agreement					25,000,000
Net worth to be maintained as defined by the agreement					125,000,000
Line of Credit | Revolving credit facility | Company and Operating Partnership
Line of Credit Facility [Line Items]
Maximum amount guaranteed for completion of certain property renovations					$ 20,000,000
Line of Credit | Revolving credit facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	3.00%	3.50%
Line of Credit | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	0.00%	0.50%

Debt - Deferred Financing Costs

Debt - Deferred Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Deferred financing costs			$ 122	$ 5,783
Amortization and write-off of deferred financing costs	$ 1,155	$ 1,167	3,456	3,341
Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Deferred financing costs			17	460
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Deferred financing costs			$ 105	5,323
Houston, Texas | Secured Debt | Securitization Loan
Debt Instrument [Line Items]
Amortization and write-off of deferred financing costs		$ 174		$ 174

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Disclosure [Abstract]
Gross interest expense	$ 5,142	$ 4,695	$ 14,985	$ 11,979
Amortization of discount on Securitization Loan	75	75	225	225
Amortization and write-off of deferred financing costs	1,155	1,167	3,456	3,341
Other interest	217	22	427	73
Capitalized interest	0	0	0	(311)
Total interest expense	$ 6,589	$ 5,959	$ 19,093	$ 15,307

Debt - Derivative Positions (De

Debt - Derivative Positions (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2016	Sep. 30, 2016	Sep. 16, 2017	Sep. 29, 2016	Sep. 28, 2016	Jul. 31, 2016
Interest Rate Cap | Secured Debt
Derivative [Line Items]
Aggregate notional amount						$ 104,367
Not Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Aggregate notional amount		$ 304,367
Average effective rate (as a percent)		5.08%
Not Designated as Hedging Instrument | Securitization Loan | Interest Rate Cap | Secured Debt
Derivative [Line Items]
Weighted-average interest rate (as a percent)		2.50%
Cash Flow Hedging | Revolving credit facility | Interest Rate Cap | Line of Credit
Derivative [Line Items]
Aggregate notional amount				$ 287,100	$ 266,100
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Aggregate notional amount		$ 370,100
Average effective rate (as a percent)		6.00%
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Aggregate notional amount	$ 296,000	$ 296,000
Average effective rate (as a percent)		2.63%
Term of contract	3 years
Cash Flow Hedging | Designated as Hedging Instrument | Revolving credit facility | Interest Rate Cap | Line of Credit
Derivative [Line Items]
Weighted-average interest rate (as a percent)		3.89%
London Interbank Offered Rate (LIBOR) | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Average effective rate (as a percent)		2.77%
Term of contract		3 years
Scenario, Forecast
Derivative [Line Items]
Aggregate notional amount			$ 200,000

Debt - Derivative Financial Ins

Debt - Derivative Financial Instruments (Details) $ in Thousands	Aug. 31, 2016USD ($)agreementcounterparty	Aug. 31, 2016USD ($)agreementcounterparty	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 29, 2016USD ($)	Sep. 28, 2016USD ($)	Jul. 31, 2016USD ($)agreement
Debt Instrument [Line Items]
Aggregate purchase price			$ 30	$ 2,250
Interest Rate Cap | Secured Debt
Debt Instrument [Line Items]
Number of instruments held | agreement							1
Aggregate notional amount							$ 104,367
Interest Rate Cap | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap							3.1085%
Cash Flow Hedging | Interest Rate Cap | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Aggregate notional amount					$ 287,100	$ 266,100
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Cap
Debt Instrument [Line Items]
Aggregate notional amount			370,100
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Debt Instrument [Line Items]
Aggregate notional amount	$ 296,000	$ 296,000	$ 296,000
Number of counterparties to instrument | counterparty	2	2
Term of contract		3 years
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Term of contract			3 years
Not Designated as Hedging Instrument | Interest Rate Cap
Debt Instrument [Line Items]
Aggregate notional amount			$ 304,367
Not Designated as Hedging Instrument | Interest Rate Cap | Secured Debt
Debt Instrument [Line Items]
Number of instruments held | agreement	3	3
Deferred loss over life of derivative	$ 1,390

Debt - Interest Rate Agreements

Debt - Interest Rate Agreements (Details) - Designated as Hedging Instrument $ in Thousands	Aug. 31, 2016USD ($)
Interest Rate Swap, Effective Date August 15, 2016, 0.6495% Rate
Derivative [Line Items]
Notional Amount	$ 177,600
Fixed Swap Rate (as a percent)	0.6495%
Interest Rate Swap, Effective Date August 15, 2017, 0.8045% Rate
Derivative [Line Items]
Notional Amount	$ 177,600
Fixed Swap Rate (as a percent)	0.8045%
Interest Rate Swap, Effective Date August 15, 2018, 0.92% Rate
Derivative [Line Items]
Notional Amount	$ 177,600
Fixed Swap Rate (as a percent)	0.92%
Interest Rate Swap, Effective Date August 15, 2016, 0.66% Rate
Derivative [Line Items]
Notional Amount	$ 118,400
Fixed Swap Rate (as a percent)	0.66%
Interest Rate Swap, Effective Date August 15, 2017, 0.8030% Rate
Derivative [Line Items]
Notional Amount	$ 118,400
Fixed Swap Rate (as a percent)	0.803%
Interest Rate Swap, Effective Date August 15, 2018, 0.93% Rate
Derivative [Line Items]
Notional Amount	$ 118,400
Fixed Swap Rate (as a percent)	0.93%

Equity Incentive Plan (Details

Equity Incentive Plan (Details 1) $ / shares in Units, $ in Thousands	Aug. 31, 2016directorshares	Aug. 02, 2016USD ($)shares	Jun. 21, 2016shares	May 17, 2016USD ($)directorshares	Dec. 04, 2012shares	Sep. 30, 2016USD ($)$ / sharesshares
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors that resigned | director	1
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of independent directors | director				4
Granted date fair market value | $				$ 50
Accelerated vesting in period (in shares)	997
Performance Stock Unit | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						36 months
Total estimated compensation cost | $						$ 946
Absolute TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of each award vesting based on performance metric (percent)						50.00%
Granted (in dollars per share) | $ / shares						$ 12.84
Relative TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of each award vesting based on performance metric (percent)						50.00%
Cap on payout if Absolute PSU TSR if performance period is negative (percent)						110.00%
Number of dividend equivalent rights per award (in rights)						1
Granted (in dollars per share) | $ / shares						$ 18.68
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards that may be granted to any person who would own or be deemed to own more than 9.8% of the outstanding shares of the entity's common stock (in shares)					0
Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance under the plan					921,053
Ownership or deemed ownership of outstanding shares of common stock beyond which no awards may be granted (as a percent)					9.80%
Equity Incentive Plan | Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares per employee (in shares)		2,179		3,432
Granted date fair market value | $		$ 39
Vesting period						1 year
Restated 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance under the plan				1,500,000
Restated 2012 Plan | Performance Stock Unit | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award target number (in shares)			60,000

Equity Incentive Plan (Detail34

Equity Incentive Plan (Details 2)	9 Months Ended
	Sep. 30, 2016
Relative TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Multiplier, threshold one (percent)	0.00%
TSR Multiplier, threshold two (percent)	50.00%
TSR Multiplier, threshold three (percent)	100.00%
TSR Multiplier, threshold four (percent)	200.00%
TSR Relative to Peer Group, lower threshold two, (percent)	(6.00%)
TSR Relative to Peer Group, lower threshold one (percent)	(3.00%)
TSR Relative to Peer Group, upper threshold one (percent)	3.00%
TSR Relative to Peer Group, upper threshold two (percent)	6.00%
Performance Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annualized TSR, threshold one (percent)	6.50%
Annualized TSR, threshold two (percent)	8.00%
Annualized TSR, threshold three (percent)	10.00%
Annualized TSR, threshold four (percent)	12.00%
Annualized TSR, threshold five (percent)	16.00%
TSR Multiplier, threshold one (percent)	0.00%
TSR Multiplier, threshold two (percent)	50.00%
TSR Multiplier, threshold three (percent)	100.00%
TSR Multiplier, threshold four (percent)	150.00%
TSR Multiplier, threshold five (percent)	200.00%

Equity Incentive Plan (Detail35

Equity Incentive Plan (Details 3) - Performance Stock Unit - $ / shares	Jun. 21, 2016	Jun. 20, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)	18.48%
Dividend assumption (percent)	0.00%
Expected term in years	3 years
Risk-free rate (percent)	0.89%
Stock price (per share) (in dollars per share)	$ 16.4
Beginning average stock price (per share) (in dollars per share)		$ 14.47
Historical stock price volatility period	3 years

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Nov. 25, 2014	Jul. 01, 2013
Share Repurchase Plan
Number of shares authorized to be repurchased (in shares)			5,000,000
Increase in number of shares authorized to be repurchased (shares)			2,500,000
Total cost of shares repurchased	$ 11,791
Share repurchase program
Share Repurchase Plan
Number of shares authorized to be repurchased (in shares)				2,500,000
Number of shares repurchased (in shares)	776,202	770,417
Total cost of shares repurchased	$ 11,281	$ 12,260
Average purchase price (in dollars per share)	$ 14.53	$ 15.91

Stockholders' Equity - Common a

Stockholders' Equity - Common and Preferred Stock Dividends (Details) - $ / shares	Oct. 14, 2016	Sep. 22, 2016	Jul. 15, 2016	Jun. 30, 2016	Jun. 22, 2016	Jun. 21, 2016	Apr. 15, 2016	Mar. 30, 2016	Mar. 23, 2016	Jan. 08, 2016	Dec. 17, 2015	Oct. 16, 2015	Sep. 29, 2015	Sep. 25, 2015	Jul. 10, 2015	Jun. 30, 2015	Jun. 17, 2015	Apr. 17, 2015	Mar. 25, 2015	Sep. 30, 2016	Dec. 31, 2015
Common and Preferred Stock Dividends
Cash dividend per share declared, common stock (in dollars per share)		$ 0.13				$ 0.13			$ 0.13		$ 0.13			$ 0.12			$ 0.12		$ 0.09
Cash dividend per share paid, common stock (in dollars per share)			$ 0.13				$ 0.13			$ 0.13		$ 0.12			$ 0.12			$ 0.09
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)																				10.00%	10.00%
Cash dividend per share declared, preferred stock (in dollars per share)		$ 24.72			$ 25			$ 26.94		22.78			$ 26.67				$ 23.06		$ 27.22
Cash dividend per share paid, preferred stock (in dollars per share)				$ 25			$ 26.94			$ 22.78		$ 26.67				$ 23.06		$ 27.22
Subsequent Event
Common and Preferred Stock Dividends
Cash dividend per share paid, common stock (in dollars per share)	$ 0.13
Cash dividend per share paid, preferred stock (in dollars per share)	$ 24.72

Earnings (Loss) Per Share (Det

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Calculation of basic and diluted earnings (loss) per share
Net loss attributable to controlling interests	$ (1,567)	$ (1,343)	$ (5,155)	$ (8,623)
Preferred stock distributions	(25)	(25)	(75)	(75)
Net loss attributable to common stockholders	$ (1,592)	$ (1,368)	$ (5,230)	$ (8,698)
Basic and diluted weighted average common shares outstanding (in shares)	35,385,138	36,071,146	35,617,262	36,257,449
Net loss per common share - basic and diluted (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.15)	$ (0.24)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	2,231,511	2,231,511	2,231,511	2,231,511
Performance Stock Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	253,801	0	88,487	0

Derivative and Other Fair Val39

Derivative and Other Fair Value Instruments (Details) - Recurring - Other Assets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Interest Rate Cap
Recurring Fair Value
Interest Rate Caps (not designated as hedging instruments)	$ 73	$ 9
Interest Rate Caps (cash flow hedges)	2	712
Total	477	721
Interest Rate Swap
Recurring Fair Value
Interest Rate Caps (cash flow hedges)	402
Level 2 | Interest Rate Cap
Recurring Fair Value
Interest Rate Caps (not designated as hedging instruments)	73	9
Interest Rate Caps (cash flow hedges)	2	712
Total	477	$ 721
Level 2 | Interest Rate Swap
Recurring Fair Value
Interest Rate Caps (cash flow hedges)	$ 402

Derivative and Other Fair Val40

Derivative and Other Fair Value Instruments (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Effect of cash flow hedges
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	$ (120)	$ 0	$ (120)	$ 0
Fair Value of Other Financial Instruments
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)			10.00%		10.00%
Securitization Loan | Level 2 | Secured Debt
Fair Value of Other Financial Instruments
Fair value of long term-debt	301,440		$ 301,440
Interest Rate Caps
Effect of cash flow hedges
Deferred losses in AOCL related to interest rate cap agreements	$ 1,646		1,646		$ 1,613
Interest expense to be recognized within next twelve months which will be reclassified out of accumulated other comprehensive loss			411
Cash Flow Hedging
Effect of cash flow hedges
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative			(281)
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			0
Cash Flow Hedging | Interest Expense
Effect of cash flow hedges
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			(248)
Cash Flow Hedging | Interest Rate Caps
Effect of cash flow hedges
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative			(683)	(1,503)
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			0
Cash Flow Hedging | Interest Rate Caps | Interest Expense
Effect of cash flow hedges
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			(128)	(1)
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income				$ 0
Cash Flow Hedging | Interest Rate Swaps
Effect of cash flow hedges
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative			402
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			0
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			0
Not Designated as Hedging Instrument | Interest Rate Caps
Effect of cash flow hedges
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative			0
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			0
Not Designated as Hedging Instrument | Interest Rate Caps | Adjustments for derivative instruments, net
Effect of cash flow hedges
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			$ (120)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Concentrations
Resident security deposits	$ 12,784
Real Estate Properties | Geographically Dispersed Portfolio | Phoenix, AZ, Tampa, FL, and Atlanta, GA
Concentrations
Concentration (as a percent)	59.00%
Acquisition of Properties
Concentrations
Escrow deposits	$ 39,685	$ 0