American Homes 4 Rent (AMH) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	9-May-14	9-May-14
		Class A common shares	Class B common shares
Document Information	'	'	'
Entity Registrant Name	'American Homes 4 Rent	'	'
Entity Central Index Key	'0001562401	'	'
Document Type	'10-Q	'	'
Document Period End Date	31-Mar-14	'	'
Amendment Flag	'false	'	'
Trading Symbol	'AMH	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	184,869,219	635,075
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Single-family properties:	'	'
Land	$797,079	$728,362
Buildings and improvements	3,507,526	3,188,693
Single-family properties held for sale	6,226	6,569
Single-family properties, gross	4,310,831	3,923,624
Less: accumulated depreciation	-92,177	-62,202
Single-family properties, net	4,218,654	3,861,422
Cash and cash equivalents	103,249	148,989
Restricted cash for resident security deposits	32,586	26,430
Rent and other receivables, net	6,180	6,863
Escrow deposits, prepaid expenses and other assets	24,081	39,212
Deferred costs and other intangibles, net	18,628	20,573
Goodwill	120,655	120,655
Total assets	4,524,033	4,224,144
Liabilities	'	'
Credit facility	671,000	375,000
Accounts payable and accrued expenses	112,583	103,397
Amounts payable to affiliates	6,799	'
Contingently convertible Series E units liability	69,694	66,938
Preferred shares derivative liability	29,849	28,150
Total liabilities	889,925	573,485
Commitments and contingencies	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 9,460,000 and 9,060,000 issued and outstanding at March 31, 2014 and December 31, 2013, respectively	95	91
Additional paid-in capital	3,004,928	2,996,478
Accumulated deficit	-86,430	-63,479
Total shareholders' equity	2,920,447	2,934,944
Noncontrolling interest	713,661	715,715
Total equity	3,634,108	3,650,659
Total liabilities and equity	4,524,033	4,224,144
Class A common shares	'	'
Shareholders' equity:	'	'
Common shares, value	1,848	1,848
Class B common shares	'	'
Shareholders' equity:	'	'
Common shares, value	$6	$6

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Preferred shares, par value (in dollars per share)	$0.01	$0.01
Preferred shares, shares authorized	100,000,000	100,000,000
Preferred shares, shares issued	9,460,000	9,060,000
Preferred shares, shares outstanding	9,460,000	9,060,000
Class A common shares	'	'
Common shares, par value (in dollars per share)	$0.01	$0.01
Common shares, shares authorized	450,000,000	450,000,000
Common shares, shares issued	184,869,219	184,869,219
Common shares, shares outstanding	184,869,219	184,869,219
Class B common shares	'	'
Common shares, par value (in dollars per share)	$0.01	$0.01
Common shares, shares authorized	50,000,000	50,000,000
Common shares, shares issued	635,075	635,075
Common shares, shares outstanding	635,075	635,075

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Rents from single-family properties	$73,761	$6,495
Fees from single-family properties	1,358	64
Tenant charge-backs	1,890	'
Other	269	'
Total revenues	77,278	6,559
Expenses:	'	'
Leased single-family properties	29,266	2,503
Vacant single-family properties and other	9,043	1,729
General and administrative expense	5,074	1,625
Advisory fees	'	2,742
Interest expense	1,502	370
Noncash share-based compensation expense	532	174
Acquisition fees and costs expensed	452	1,390
Depreciation and amortization	35,131	2,905
Total expenses	81,000	13,438
Remeasurement of Series E units	-2,756	'
Remeasurement of Preferred shares	-457	'
Loss from continuing operations	-6,935	-6,879
Discontinued operations	'	'
Income from discontinued operations	'	22
Total income from discontinued operations	'	22
Net loss	-6,935	-6,857
Noncontrolling interest	3,620	895
Dividends on preferred shares	3,121	'
Net loss attributable to common shareholders	($13,676)	($7,752)
Weighted average shares outstanding - basic and diluted (in shares)	185,504,294	48,233,982
Net loss per share - basic and diluted:	'	'
Loss from continuing operations (in dollars per share)	($0.07)	($0.16)
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	($0.07)	($0.16)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Equity (USD $)	Total	Shareholders' equity	Common Stock	Common Stock	Preferred shares	Additional paid-in capital	Accumulated deficit	Noncontrolling interest
In Thousands, except Share data, unless otherwise specified			Class A common shares	Class B common shares
Beginning Balances at Dec. 31, 2013	$3,650,659	$2,934,944	$1,848	$6	$91	$2,996,478	($63,479)	$715,715
Beginning Balances, shares at Dec. 31, 2013	'	'	184,869,219	635,075	9,060,000	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
2,770 Property Contribution	112	2	'	'	'	2	'	110
Share-based compensation	532	532	'	'	'	532	'	'
Issuance of Preferred shares, net of offering costs of $838	7,920	7,920	'	'	4	7,916	'	'
Issuance of Preferred shares, net of offering costs of $838 (in shares)	'	'	'	'	400,000	'	'	'
Distributions to equity holders:	'	'	'	'	'	'	'	'
Preferred shares	-3,121	-3,121	'	'	'	'	-3,121	'
Noncontrolling interests	-5,784	'	'	'	'	'	'	-5,784
Common shares	-9,275	-9,275	'	'	'	'	-9,275	'
Net income (loss)	-6,935	-10,555	'	'	'	'	-10,555	3,620
Ending Balances at Mar. 31, 2014	$3,634,108	$2,920,447	$1,848	$6	$95	$3,004,928	($86,430)	$713,661
Ending Balances, shares at Mar. 31, 2014	'	'	184,869,219	635,075	9,460,000	'	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Equity (Parenthetical) (Preferred shares, USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Preferred shares	'	'
Offering costs	$838	$838

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net loss	($6,935,000)	($6,857,000)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	35,131,000	2,905,000
Noncash amortization of deferred financing costs	163,000	186,000
Noncash share-based compensation expense	532,000	174,000
Provision for bad debt	1,423,000	'
Remeasurement of Series E units	2,756,000	'
Remeasurement of Preferred shares	457,000	'
Other changes in operating assets and liabilities:	'	'
Rent and other receivables	-445,000	-1,327,000
Restricted cash for resident security deposits	-6,156,000	'
Prepaid expenses and other assets	3,237,000	-278,000
Deferred leasing costs	-972,000	'
Accounts payable and accrued expenses	3,972,000	4,762,000
Resident security deposit liability	6,156,000	3,042,000
Amounts payable to affiliates	7,872,000	2,772,000
Net cash provided by operating activities	47,191,000	5,379,000
Investing activities	'	'
Cash paid for single-family properties	-341,064,000	-525,427,000
Escrow deposits for purchase of single-family properties	7,378,000	-15,231,000
Distributions from unconsolidated joint venture	'	3,431,000
Improvements to single-family properties	-45,388,000	-49,118,000
Net cash used in investing activities	-379,074,000	-586,345,000
Financing activities	'	'
Implied contribution by Sponsor for historical operations	'	517,000
Net proceeds from issuance of Class A common shares	'	703,497,000
Net proceeds from issuance of Preferred shares	9,162,000	'
Proceeds from credit facility	321,000,000	'
Payments on credit facility	-25,000,000	'
Proceeds from bridge loan	'	115,000,000
Payments on bridge loan	'	-115,000,000
Distributions to noncontrolling interests	-5,975,000	'
Distributions to common shareholders	-9,274,000	'
Distributions to preferred shareholders	-3,121,000	'
Deferred financing costs	-649,000	-836,000
Net cash provided by financing activities	286,143,000	703,178,000
Net (decrease) increase in cash and cash equivalents	-45,740,000	122,212,000
Cash and cash equivalents, beginning of period	148,989,000	397,198,000
Cash and cash equivalents, end of period	103,249,000	519,410,000
Supplemental cash flow information	'	'
Cash payments for interest	3,202,000	184,000
Supplemental schedule of noncash investing and financing activities	'	'
Receivables related to property acquisitions	'	522,000
Accounts payable and accrued expenses related to property acquisitions	-943,000	7,428,000
Accounts payable and accrued expenses related to deferred financing costs	'	4,583,000
Amounts payable to affiliates related to property acquisitions	2,565,000	10,552,000
Accrued distribution to noncontrolling interests	5,196,000	'
Accrued distribution to common shareholders	9,275,000	'
Contribution of properties (see Note 10)	'	'
Single-family properties, including related assets and liabilities	'	23,460,000
Additional paid-in capital	'	-383,992,000
Due from affiliates	'	-2,508,000
Series C Convertible Units	'	'
Contribution of properties (see Note 10)	'	'
Issuance of units to noncontrolling interest	'	383,107,000
Class B common shares	'	'
Contribution of properties (see Note 10)	'	'
Issuance of common shares	'	$7,818,000

Organization_and_operations

Organization and operations	3 Months Ended
	Mar. 31, 2014
Organization and operations	'
Organization and operations	'
	Note 1. Organization and operations
	American Homes 4 Rent (the "Company," "we," "our" and "us") is a Maryland real estate investment trust ("REIT") formed on October 19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of March 31, 2014, the Company held 25,505 single-family properties in 22 states, including properties held for sale.
	From our formation through June 10, 2013, we were externally managed and advised by American Homes 4 Rent Advisor, LLC (the "Advisor") and the leasing, managing and advertising of our properties was overseen and directed by American Homes 4 Rent Management Holdings, LLC (the "Property Manager"), both of which were subsidiaries of American Homes 4 Rent, LLC (the "Sponsor"). On June 10, 2013, we acquired the Advisor and the Property Manager from the Sponsor in exchange for 4,375,000 Series D units and 4,375,000 Series E units in American Homes 4 Rent, L.P. (the "Operating Partnership") (the "Management Internalization"). Under the terms of the contribution agreement, all administrative, financial, property management, marketing and leasing personnel, including executive management, became fully dedicated to us (see Note 11).
	Prior to the Management Internalization, the Sponsor exercised control over the Company through the contractual rights provided to the Advisor through an advisory management agreement. Accordingly, the contribution of certain properties by the Sponsor to the Company prior to the Management Internalization have been deemed to be transactions between entities under common control, and as such, the accounts relating to the properties contributed have been recorded by us as if they had been acquired by us on the dates such properties were acquired by the Sponsor (see Note 10). Accordingly, the accompanying condensed consolidated financial statements include the Sponsor's historical results of operations and carrying values of the properties that had been acquired by the Sponsor. The Sponsor commenced acquiring these properties on June 23, 2011, and accordingly, the statements of operations reflect activity prior to the Company's date of formation. Therefore, the accompanying condensed consolidated financial statements are not indicative of the Company's past or future results and do not reflect its financial position, results of operations, changes in equity, and cash flows had they been presented as if the Company had been operated independently during the periods presented.

Significant_accounting_policie

Significant accounting policies	3 Months Ended
	Mar. 31, 2014
Significant accounting policies	'
Significant accounting policies	'
	Note 2. Significant accounting policies
	Basis of presentation
	The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes and therefore notes to the condensed consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements have been omitted.
	Recently issued and adopted accounting standards
	In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity." The revised standard is intended to change the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Examples include disposals of a major geographic area, major line of business, or major equity method investment. In addition the new guidance will require expanded disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. The guidance will be effective for all disposals of components (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and is not expected to have a material impact on the Company's financial statements.

Singlefamily_properties

Single-family properties	3 Months Ended
	Mar. 31, 2014
Single-family properties	'
Single-family properties	'
	Note 3. Single-family properties
	Single-family properties, net, consists of the following as of March 31, 2014 and December 31, 2013 (dollars in thousands):
		March 31, 2014
		Number of		Net book value
		properties
	Leased single-family properties		20,666	$	3,454,381
	Single-family properties being renovated		2,779		413,409
	Vacant single-family properties available for lease		2,019		344,573
	Single-family properties held for sale		41		6,291
	Total		25,505	$	4,218,654
		December 31, 2013
		Number of		Net book value
		properties
	Leased single-family properties		17,328	$	2,914,947
	Single-family properties being renovated		2,744		393,975
	Vacant single-family properties available for lease		3,152		545,931
	Single-family properties held for sale		44		6,569
	Total		23,268	$	3,861,422
	Single-family properties, net at March 31, 2014 and December 31, 2013 include $112.2 million and $120.6 million, respectively, related to properties for which the recorded grant deed has not been received. For these properties, the trustee or seller has warranted that all legal rights of ownership have been transferred to us on the date of the sale, but there is a delay for the deeds to be recorded.
	Depreciation expense related to single-family properties was $31.0 million and $2.9 million for the three months ended March 31, 2014 and 2013, respectively. Included in single-family properties, net at March 31, 2014 and December 31, 2013 are certain single-family properties contributed by the Sponsor (see Note 10).

Rent_and_Other_Receivables

Rent and Other Receivables	3 Months Ended
	Mar. 31, 2014
Rent and Other Receivables	'
Rent and Other Receivables	'
	Note 4. Rent and Other Receivables
	Included in rent and other receivables, net is an allowance for doubtful accounts of $0.8 million and $1.2 million, as of March 31, 2014 and December 31, 2013, respectively. Also included in rent and other receivables, net are receivables related to rescinded properties of approximately $2.4 million and $1.3 million, as of March 31, 2014 and December 31, 2013, respectively.

Deferred_costs_and_other_intan

Deferred costs and other intangibles	3 Months Ended
	Mar. 31, 2014
Deferred costs and other intangibles	'
Deferred costs and other intangibles	'
	Note 5. Deferred costs and other intangibles
	Deferred costs and other intangibles, net, consists of the following as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31,			December 31,
		2014			2013
	Deferred leasing costs	$	13,497		$	12,526
	Deferred financing costs		12,796			12,147
	Intangible assets:
	Value of in-place leases		5,547			6,085
	Trademark		3,100			3,100
	Database		2,100			2,100
			37,040			35,958
	Less: accumulated amortization		(18,412	)		(15,385	)
	Total	$	18,628		$	20,573
	Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $4.1 million for the three months ended March 31, 2014, which has been included in depreciation and amortization. Amortization of deferred financing costs was $0.6 million for the three months ended March 31, 2014, which has been included in gross interest, prior to interest capitalization (see Note 6).
	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2014 for future periods (in thousands):
	Year	Deferred			Deferred			Value of		Trademark		Database
		Leasing Costs			Financing Costs			In-place Leases
	Remaining 2014	$	5,269		$	1,844		$	193	$	495	$	225
	2015		192			2,483			—		660		300
	2016		—			2,490			—		660		300
	2017		—			1,148			—		660		300
	2018		—			586			—		91		300
	Thereafter		—			—			—		—		432
	Total	$	5,461		$	8,551		$	193	$	2,566	$	1,857

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt	'
Debt	'
	Note 6. Debt
	Credit facility
	On March 7, 2013, we entered into a $500 million senior secured revolving credit facility with a financial institution. On September 30, 2013, we amended our credit facility to, among other things, expand our borrowing capacity to $800 million and extend the repayment period to September 30, 2018. The amount that may be borrowed under the credit facility will generally be based on 50% of the lower of cost or the fair value of our qualifying leased and un-leased properties and certain other measures based in part on the net income generated by our qualifying leased and un-leased properties, which is referred to as the "Borrowing Base." Borrowings under the credit facility are available through March 7, 2015, which may be extended for an additional year, subject to the satisfaction of certain financial covenant tests. Upon expiration of the credit facility period, any outstanding borrowings will convert to a term loan through September 30, 2018. All borrowings under the credit facility bear interest at 30 day LIBOR plus 2.75% until March 2017, and thereafter at 30 day LIBOR plus 3.125%.
	The credit facility is secured by our Operating Partnership's membership interests in entities that own our single-family properties and requires that we maintain financial covenants relating to the following matters: (i) minimum liquidity of cash, cash equivalents and borrowing capacity under any credit facilities in an aggregate amount of at least $15,000,000, of which at least $7,500,000 must be in cash and cash equivalents; (ii) a maximum leverage ratio of 1.0 to 1.0; and (iii) tangible net worth (as defined) of not less than the sum of 85% of our tangible net worth as of September 30, 2013 plus 85% of the net proceeds of any additional equity capital raises completed on or after September 30, 2013. As of March 31, 2014, the Company was in compliance with all loan covenants under the credit facility.
	As of March 31, 2014, total outstanding borrowings under the credit facility were $671 million. The following table outlines our gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three months ended March 31, 2014 and 2013 (in thousands):
		For the Three
		Months Ended
		March 31,
		2014			2013
	Gross interest cost	$	4,430		$	370
	Capitalized interest		(2,928	)		—
	Interest expense	$	1,502		$	370

Accounts_payable_and_accrued_e

Accounts payable and accrued expenses	3 Months Ended
	Mar. 31, 2014
Accounts payable and accrued expenses	'
Accounts payable and accrued expenses	'
	Note 7. Accounts payable and accrued expenses
	The following table summarizes accounts payable and accrued expenses as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31,		December 31,
		2014		2013
	Accounts payable	$	1,893	$	901
	Accrued property taxes		30,325		28,240
	Other accrued liabilities		23,068		21,538
	Accrued distribution payable		8,900		9,274
	Accrued construction liabilities		15,811		16,917
	Resident security deposits		32,586		26,527
	Total	$	112,583	$	103,397

Shareholders_equity

Shareholders' equity	3 Months Ended
	Mar. 31, 2014
Shareholders' equity	'
Shareholders' equity	'
	Note 8. Shareholders' equity
	Distributions
	In March 2014, our board of trustees declared a quarterly distribution of $0.05 per common share payable on April 10, 2014 to shareholders of record on March 25, 2014. Accordingly, distributions payable to common shareholders of $8.9 million and $0.4 million have been recorded within accounts payable and accrued expenses and amounts payable to affiliates, respectively, in the accompanying condensed consolidated balance sheet as of March 31, 2014, and included in distributions to common shareholders in the accompanying condensed consolidated statement of equity.
	In March 2014, our board of trustees declared a quarterly distribution of $0.15113 per Series C Convertible Unit payable on April 10, 2014 to shareholders of record on March 31, 2014. Accordingly, a distribution payable to Series C Convertible Unit holders of $4.5 million has been recorded within amounts payable to affiliates in the accompanying condensed consolidated balance sheet as of March 31, 2014 (see Note 9), and included in distributions to noncontrolling interests in the accompanying condensed consolidated statement of equity.
	In February 2014, our board of trustees declared quarterly distributions of $0.3125 and $0.35 per share on our 5.0% Series A Participating Preferred Shares and 5.0% Series B Participating Preferred Shares, respectively. Total quarterly distributions of approximately $1.6 million and $1.5 million on our 5.0% Series A Participating Preferred Shares and 5.0% Series B Participating Preferred Shares, respectively, which were both paid on March 31, 2014 to shareholders of record on March 15, 2014, have been included in distributions to preferred shareholders in the accompanying condensed consolidated statement of equity.
	Noncontrolling interest
	Noncontrolling interest as reflected in the Company's condensed consolidated balance sheet primarily consists of the interest held by the Sponsor in units in the Company's Operating Partnership. As of March 31, 2014 and December 31, 2013, the Sponsor owned 13,787,292, or approximately 6.9%, of the total 199,291,586 Class A units in the Operating Partnership. Additionally, the Sponsor owned all 31,085,974 Series C convertible units and all 4,375,000 Series D convertible units in the Operating Partnership as of March 31, 2014, and December 31, 2013. Also included in noncontrolling interest are outside ownership interests in certain consolidated subsidiaries of the Company.
	Noncontrolling interest as reflected in the Company's condensed consolidated statements of operations for the three months ended March 31, 2014 primarily consisted of $4.5 million of preferred income allocated to Series C convertible units, $0.8 million of net loss allocated to Class A units, and $0.1 million of net loss allocated to noncontrolling interests in certain of the Company's consolidated subsidiaries.
	Noncontrolling interest as reflected in the Company's condensed consolidated statements of operations for the three months ended March 31, 2013 primarily consisted of $0.8 million of preferred income allocated to Series C convertible units and $0.1 million of net income allocated to 3.5% convertible perpetual preferred units (prior to conversion of such units into Class A units on June 14, 2013).
	2012 Equity Incentive Plan
	During the three months ended March 31, 2014, the Company granted stock options for 970,000 Class A common shares and 92,000 restricted stock units to certain employees of the Company under the 2012 Equity Incentive Plan. The options and restricted stock units granted during the three months ended March 31, 2014 vest over four years and expire 10 years from the date of grant.
	The following table summarizes stock option activity under the Plan for the three months ended March 31, 2014 and 2013:
		For the Three Months Ended March 31,
		2014					2013
		Stock Options			Weighted Average		Stock Options		Weighted Average
					Exercise Price				Exercise Price
	Outstanding at beginning of the period		1,190,000		$	15.48		—	$	—
	Granted		970,000			16.63		700,000		15
	Exercised		—			—		—		—
	Forfeited		(41,250	)		16.18		—		—
	Outstanding at end of the period		2,118,750		$	15.99		700,000	$	15
	Exercisable at end of the period		160,000		$	15		—	$	—
	The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares issued during the three months ended March 31, 2014:
	Weighted average fair value	$	5.01
	Weighted average remaining life (years)		9.9
	Expected term (years)		7
	Dividend Yield		3	%
	Volatility		38.5	%
	Risk-free interest rate		2.2	%
	Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.5 million and $0.2 million for the three months ended March 31, 2014 and 2013, respectively. During the three months ended March 31, 2014, stock options for 41,250 Class A common shares and 2,000 restricted stock units were forfeited and stock options for 2,118,750 Class A common shares and 90,000 restricted stock units remained outstanding as of March 31, 2014.

Related_party_transactions

Related party transactions	3 Months Ended
	Mar. 31, 2014
Related party transactions	'
Related party transactions	'
	Note 9. Related party transactions
	As of March 31, 2014 and December 31, 2013, the Sponsor owned approximately 3.7% of our outstanding Class A common shares. On a fully-diluted basis, the Sponsor held (including consideration of 635,075 Class B common shares as of March 31, 2014 and December 31, 2013, 13,787,292 Class A common units as of March 31, 2014 and December 31, 2013, 31,085,974 Series C convertible units as of March 31, 2014 and December 31, 2013, 4,375,000 Series D units as of March 31, 2014 and December 31, 2013 and 4,375,000 Series E units as of March 31, 2014 and December 31, 2013) an approximate 24.6% interest at March 31, 2014 and December 31, 2013.
	As of March 31, 2014, the Company had a net payable of approximately $6.8 million due to the Sponsor, which has been reflected as amounts payable to affiliates in the accompanying condensed consolidated balance sheets. This amount primarily consists of payables to the Sponsor related to accrued and unpaid acquisition fees, declared and unpaid preferred distributions on the Series C convertible units held by the Sponsor, offset by receivables due from the Sponsor related to the estimated net monetary asset reconciliations associated with the Management Internalization and Alaska Joint Venture Acquisition (see Note 11).
	As of December 31, 2013, the Company had a net receivable of $4.5 million due from the Sponsor, which has been included in escrow deposits, prepaid expenses and other assets in the accompanying condensed consolidated balance sheets. This amount consists of receivables due from the Sponsor related to the estimated net monetary asset reconciliations associated with the Management Internalization and Alaska Joint Venture Acquisition (see Note 11) and other expense reimbursements, offset by amounts payable to the Sponsor related to accrued and unpaid acquisition fees and declared and unpaid preferred distributions on the Series C convertible units held by the Sponsor (see Note 8).
	Advisory management agreement
	In November 2012, the Company entered into an advisory management agreement with the Advisor under which the Advisor was responsible for designing and implementing our business strategy and administering our business activities and day-to-day operations, subject to the oversight by our board of trustees. For the three months ended March 31, 2013, related management fee expenses incurred to the Advisor prior to the Management Internalization were $2.7 million.
	Property Management Agreement
	In November 2012, the Company entered into a property management agreement with the Property Manager under which the Property Manager generally oversaw and directed the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. We paid the Property Manager a property management fee equal to 6% of collected rents and a leasing fee equal to one-half month of each lease's annual rent. For the three months ended March 31, 2013, property management fees incurred to the Property Manager prior to the Management Internalization were $0.2 million, which have been included in property operating expenses in the accompanying condensed consolidated statement of operations.
	Agreement on Investment Opportunities
	In November 2012, the Company entered into an "Agreement on Investment Opportunities" with the Sponsor under which we pay an acquisition and renovation fee equal to 5% of all costs and expenses we incur in connection with the initial acquisition, repair and renovation of single-family properties (net of any broker fees received by the Property Manager) for its services in identifying, evaluating, acquiring and overseeing the renovation of the properties we purchase. In connection with the Management Internalization on June 10, 2013 (see Note 11), we entered into an Amended and Restated Agreement on Investment Opportunities. Under the amended and restated agreement, on December 10, 2014, the Sponsor will cease providing acquisition and renovation services for us and we will cease paying the acquisition and renovation fee. No termination or other fee will be due on December 10, 2014 in connection with the termination of the Sponsor providing such services. On September 10, 2014, we will have the right to offer employment, that would commence on December 10, 2014, to all of the Sponsor's acquisition and renovation personnel necessary for our operations. Additionally, the Sponsor is required to pay the Company a monthly fee of $0.1 million through December 10, 2014 for maintenance and use of certain intellectual property transferred to us in the Management Internalization, which is included in other revenue in the accompanying condensed consolidated statements of operations (see Note 11).
	During the three months ended March 31, 2014 and 2013, we incurred $17.6 million and $27.9 million in aggregate acquisition and renovation fees to the Sponsor under the terms of this agreement, $17.3 million and $26.9 million of which has been capitalized related to asset acquisitions and included in the cost of the single-family properties, and $0.3 million and $1.0 million has been expensed related to property acquisitions with in-place leases, respectively. As of March 31, 2014, accrued and unpaid acquisition and renovation fees were $5.1 million, which have been included in amounts payable to affiliates in the accompanying condensed consolidated balance sheets. As of December 31, 2013, accrued and unpaid acquisition and renovation fees were $2.6 million, which have been included net of certain amounts due from the Sponsor, and included in escrow deposits, prepaid expenses and other assets in the accompanying condensed consolidated balance sheets.
	Employee Administration Agreement
	In connection with the Management Internalization on June 10, 2013 (see Note 11), we entered into an employee administration agreement with Malibu Management, Inc. ("MMI"), an affiliate of the Sponsor, to obtain the exclusive services of personnel of the Advisor and the Property Manager, who were previously employees of MMI under the direction of the Sponsor. Under terms of the agreement, we obtained the exclusive service of the employees dedicated to us for all management and other personnel dedicated to our business and are able to direct MMI to implement employment decisions with respect to the employees dedicated to us. We are required to reimburse MMI for all compensation and benefits and costs associated with the employees dedicated to us. We do not pay any fee or any other form of compensation to MMI. Total compensation and benefit costs paid by MMI and passed through to us under the agreement during the three months ended March 31, 2014 were $9.0 million. As of March 31, 2014, accrued and unpaid reimbursable compensation and benefit costs due to MMI were $0.1 million, which has been included in the amounts payable to affiliates in the accompanying condensed consolidated balance sheet.
	Allocated general and administrative expenses
	The Company received an allocation of general and administrative expenses from the Sponsor that were either clearly applicable to or were reasonably allocated to the operations of the properties prior to contribution by the Sponsor. Allocated general and administrative expenses prior to the date of contribution were $1.0 million for the three months ended March 31, 2013 and have been included in general and administrative expense in the accompanying condensed consolidated statements of operations.

Contributions_by_our_Sponsor

Contributions by our Sponsor	3 Months Ended
	Mar. 31, 2014
Contributions by our Sponsor	'
Contributions by our Sponsor	'
	Note 10. Contributions by our Sponsor
	2,770 Property Contribution
	On February 28, 2013, we entered into an agreement with the Sponsor providing for the contribution of 2,770 single-family properties for total consideration of $491.7 million (the "2,770 Property Contribution"). The consideration to our Sponsor was 31,085,974 Series C convertible units in our Operating Partnership and 634,408 Class B common shares valued at $15.50 per unit/share, which approximated fair value as of the date of the transaction. Because the 2,770 Property Contribution has been deemed to be a transaction between entities under common control, the shares issued and the property received have been recorded by us at the Sponsor's historical book value and reflected as if they had been acquired by us on the dates such properties were acquired by our Sponsor. Upon consummation of the transaction on February 28, 2013, the total $386.5 million net asset value of the property contribution was reclassified from additional paid-in capital to (i) noncontrolling interest in connection with the issuance of $378.8 Series C units in our Operating Partnership and (ii) Class B common shares in connection with the issuance of $7.7 million Class B common shares.

Acquisitions_and_Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2014
Acquisitions and Dispositions	'
Acquisitions and Dispositions	'
	Note 11. Acquisitions and Dispositions
	Management Internalization
	On June 10, 2013, the Company completed the Management Internalization for the purpose of internalizing its corporate and property operations management and acquired 100% of the membership interests in the Advisor and the Property Manager from the Sponsor in exchange for 4,375,000 Series D units and 4,375,000 Series E units in our Operating Partnership, which were valued at $65.2 million and $64.9 million, respectively, as of the date of issuance using a Monte Carlo Simulation model. Under the terms of the respective contribution agreement, among other things, all administrative, financial, property management, marketing and leasing personnel, including executive management, became fully dedicated to the Company.
	The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the date of acquisition (in thousands):
	Buildings and improvements	$	4,214
	Identified intangible assets:
	Trademark		3,100
	Database		2,100
	Goodwill		120,655
	Fair value of acquired assets	$	130,069
	Under the terms of the Management Internalization contribution agreement, net monetary assets, as defined, of the Advisor and Property Manager as of June 10, 2013 were to be settled in cash between the Company and the Sponsor subsequent to the date of the transaction. Accordingly, estimated net monetary assets of $7.0 million, including estimated cash and cash equivalents of $9.0 million, were recorded as of the date of the Management Internalization. The Company and the Sponsor are currently in the process of completing the reconciliation of net monetary assets pursuant to the terms of the Management Internalization contribution agreement, which is anticipated to result in a net receivable to the Company.
	Since the date of the Management Internalization, the Company has consolidated the Advisor and the Property Manager and the results of these operations are reflected in the accompanying condensed consolidated financial statements.
	Alaska Joint Venture Acquisition
	On June 11, 2013, the Company acquired 100% of the membership interests in American Homes 4 Rent I, LLC (the "Alaska Joint Venture") from Alaska Permanent Fund Corporation ("APFC") and the Sponsor for a purchase price of $904.5 million (the "Alaska Joint Venture Acquisition"). The purchase price consisted of the issuance of 43,609,394 Class A common shares in the Company to APFC and 12,395,965 Class A units in the Operating Partnership to the Sponsor (see Note 8). As part of the Alaska Joint Venture Acquisition, the Company acquired a portfolio of 4,778 single-family properties, as well as the right to receive all net cash flows produced by the Alaska Joint Venture subsequent to April 30, 2013. Net cash flows produced by the Alaska Joint Venture subsequent to April 30, 2013 and prior to the Company's ownership on June 11, 2013 were approximately $1.9 million, which have been included in the assets acquired as part of the Alaska Joint Venture Acquisition. The Company completed the Alaska Joint Venture Acquisition for the purpose of acquiring a portfolio of 4,778 single-family properties, which was 75% leased as of the date of acquisition.
	The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition as of the date of acquisition (in thousands):
	Land	$	156,648
	Building and improvements		740,396
	Receivable for net cash flows prior to acquisition date		1,896
	Value of in-place leases		5,547
	Fair value of acquired assets	$	904,487
	Pursuant to the Alaska Joint Venture Acquisition contribution agreement, net monetary assets, as defined, of the Alaska Joint Venture as of April 30, 2013 are to be used to fund all remaining initial repair and renovation costs of the 4,778 single-family properties, with any potential shortfalls to be paid for by the Sponsor. Accordingly, estimated net monetary assets of the Alaska Joint Venture of $13.0 million, including estimated cash and cash equivalents of $23.0 million, were recorded as of the date of the Alaska Joint Venture Acquisition in the accompanying condensed consolidated balance sheet. The Company and the Sponsor are currently in the process of completing the reconciliation of net monetary assets and remaining initial repair and renovation costs pursuant to the terms of the Alaska Joint Venture contribution agreement, which is anticipated to result in a net receivable to the Company.
	Since the date of the Alaska Joint Venture Acquisition, the Company has consolidated the Alaska Joint Venture and the results of its operations are reflected in the accompanying condensed consolidated financial statements.
	RJ Joint Ventures Acquisition
	On June 14, 2013, the Sponsor contributed its remaining ownership interest in RJ American Homes 4 Rent Investments, LLC ("RJ LLC") to the Company, 653,492 3.5% convertible perpetual preferred units held by the Sponsor were converted into 653,492 Class A units and the Company issued 705,167 additional Class A units to the Sponsor (collectively, the "2013 RJ Transaction"). The fair value of the 705,167 Class A units issued has been estimated to be $11,283,000, which has been determined using the most recent trading price in the Company's Class A common shares, into which the Class A units are convertible into on a one-for-one basis. Additionally, our Operating Partnership made a $7.6 million loan to RJ American Homes 4 Rent One, LLC ("RJ1"), the proceeds of which were used to extinguish the balance of an outstanding loan as of the date of the 2013 RJ Transaction. The Company completed the 2013 RJ Transaction for the purpose of gaining 100% ownership of RJ LLC and therefore control over RJ1 and RJ American Homes 4 Rent Two, LLC ("RJ2"). As of the date of the 2013 RJ Transaction, the RJ1 and RJ2 portfolios collectively consisted of 377 single-family properties.
	The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 that the Company gained control over on June 14, 2013 and the associated 67% noncontrolling interest held by third party accredited investors in RJ1 and RJ2, respectively (in thousands):
	Land	$	10,340
	Building and improvements		54,123
	Value of in-place leases		539
	Cash and cash equivalents		1,128
	Other current assets and liabilities, net		(311	)
	Note payable		(7,600	)
	Noncontrolling interest		(39,321	)
	Fair value of acquired net assets	$	18,898
	Since the date of the 2013 RJ Transaction, the Company has consolidated RJ LLC, RJ1 and RJ2 and the related results of operations are reflected in the accompanying consolidated financial statements.
	The following table presents the Company's supplemental consolidated pro forma total revenues and net income as if the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2013 (in thousands):
		For the Three Months
		Ended March 31,
		2014			2013
	Pro forma total revenues (1)	$	77,278		$	14,279
	Pro forma net loss (1)	$	(6,935	)	$	(5,416	)
	-1
	This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction occurred on January 1, 2013.
	Additionally, due to the inherent complexity of the accompanying consolidated financial statements as a result of the transactions completed between entities under common control, management believes that presentation of pro forma net loss attributable to common shareholders and on a per share basis is not meaningful and has therefore only presented pro forma total revenues and net loss as if the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2013 above.

Earnings_per_share

Earnings per share	3 Months Ended
	Mar. 31, 2014
Earnings per share	'
Earnings per share	'
	Note 12. Earnings per share
	The following table reflects the computation of net loss per share on a basic and diluted basis for the three months ended March 31, 2014 and 2013 (in thousands, except share information):
		For the Three Months
		Ended March 31,
		2014			2013
	Income (loss) (numerator):
	Loss from continuing operations	$	(6,935	)	$	(6,879	)
	Income from discontinued operations		—			22
	Noncontrolling interest		3,620			895
	Dividends on preferred shares		3,121			—
	Net loss attributable to common shareholders	$	(13,676	)	$	(7,752	)
	Weighted-average shares (denominator)		185,504,294			48,233,982
	Net loss per share- basic and diluted:
	Loss from continuing operations	$	(0.07	)	$	(0.16	)
	Income from discontinued operations		—			—
	Net loss per share- basic and diluted	$	(0.07	)	$	(0.16	)
	Total weighted average shares for the three months ended March 31, 2014 and 2013 shown above excludes an aggregate of 65,292,016 and 35,805,467 of shares or units in our Operating Partnership, respectively, common shares issuable upon exercise of the option pursuant to a subscription agreement with the Sponsor, Series A and B preferred shares, stock options, and restricted stock units because they were antidilutive.
	Due to the inherent complexity of the accompanying condensed consolidated financial statements as a result of the transactions completed between entities under common control (see Note 10), management does not consider the historical net loss per share computations to be meaningful.

Commitments_and_contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and contingencies	'
Commitments and contingencies	'
	Note 13. Commitments and contingencies
	In connection with the renovation of single-family properties after they are purchased, the Company enters into contracts for the necessary improvements. As of March 31, 2014 and December 31, 2013, the Company had aggregate outstanding commitments of $3.4 million and $1.5 million, respectively, in connection with these contracts.
	As of March 31, 2014 and December 31, 2013, we had commitments to acquire 532 and 536 single-family properties, respectively, with an aggregate purchase price of $73.5 million and $75.5 million, respectively.
	We are involved in various legal proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position.

Noncash_transactions

Noncash transactions	3 Months Ended
	Mar. 31, 2014
Noncash transactions	'
Noncash transactions	'
	Note 14. Noncash transactions
	On February 28, 2013, our Sponsor contributed 2,770 single-family properties to the Company in exchange for 31,085,974 Series C convertible units in our Operating partnership and 634,408 Class B common shares (see Note 10).

Fair_Value

Fair Value	3 Months Ended
	Mar. 31, 2014
Fair Value	'
Fair Value	'
	Note 15. Fair Value
	The carrying amount of rents and other receivables, restricted cash for resident security deposits, escrow deposits, prepaid expenses and other assets, accounts payable and accrued expenses and amounts payable to affiliates approximate fair value because of the short maturity of these amounts. As the Company's credit facility bears variable interest at 30 day LIBOR plus 2.75% and was recently amended on September 30, 2013, management believes the carrying value of the credit facility as of March 31, 2014 reasonably approximates fair value, which has been estimated by discounting future cash flows at market rates (Level 2).
	The Company's contingently convertible Series E units liability and preferred shares derivative liability are the only financial instruments recorded at fair value on a recurring basis in the accompanying condensed consolidated financial statements and are both valued using a Monte Carlo simulation model.
	Inputs to the model used to value the contingently convertible Series E units liability include a risk-free rate corresponding to the assumed timing of the conversion date and a volatility input based on the historical volatilities of selected peer group companies. The starting point for the simulation is the most recent trading price in the Company's Class A common shares, into which the Series E units are ultimately convertible. The timing of such conversion is based on the provisions of the contribution agreement and the Company's best estimate of the events that trigger such conversions.
	Valuation of the preferred shares derivative liability considers scenarios in which the preferred shares would be redeemed or converted into Class A common shares by the Company and the subsequent payoffs under those scenarios. The valuation also considers certain variables such as the risk-free rate matching the assumed timing of either redemption or conversion, volatility of the underlying home price appreciation index, dividend payments, conversion rates, the assumed timing of either redemption or conversion and an assumed drift factor in home price appreciation across certain metropolitan service areas as outlined in the agreement.
	The following table sets forth the fair value of the contingently convertible Series E units liability and preferred shares derivative liability as of March 31, 2014 (in thousands):
				March 31, 2014
	Description	Total		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable		Unobservable
				for Identical		Inputs		Inputs
				Assets		(Level 2)		(Level 3)
				(Level 1)
	Contingently convertible Series E units liability	$	69,694	$	—	$	—	$	69,694
	Preferred shares derivative liability	$	29,849	$	—	$	—	$	29,849
	The following table presents changes in the fair value of the contingently convertible series E units liability and preferred shares derivative liability, which are measured on a recurring basis, with changes in fair value recognized in remeasurement of Series E units and remeasurement of preferred shares, respectively, in the accompanying condensed consolidated statements of operations, for the three months ended March 31, 2014 (in thousands):
	Description	January 1, 2014		Issuances		Remeasurement		March 31, 2014
						included in
						earnings
	Contingently convertible Series E units liability	$	66,938	$	—	$	2,756	$	69,694
	Preferred shares derivative liability	$	28,150	$	1,242	$	457	$	29,849
	Changes in inputs or assumptions used to value the contingently convertible Series E units liability and preferred shares derivative liability may have a material impact on the resulting valuation.
	The following table sets forth the fair value of the contingently convertible series E units liability and preferred shares derivative liability as of December 31, 2013 (in thousands):
				December 31, 2013
	Description	Total		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable		Unobservable
				for Identical		Inputs		Inputs
				Assets		(Level 2)		(Level 3)
				(Level 1)
	Contingently convertible Series E units liability	$	66,938	$	—	$	—	$	66,938
	Preferred shares derivative liability	$	28,150	$	—	$	—	$	28,150

Subsequent_events

Subsequent events	3 Months Ended
	Mar. 31, 2014
Subsequent events	'
Subsequent events	'
	Note 16. Subsequent events
	Subsequent Acquisitions
	From April 1, 2014 through April 30, 2014, we acquired 513 properties with an aggregate purchase price of approximately $72.1 million. We expect that our level of acquisition activity will fluctuate based on the number of suitable investments and on the level of funds available for investment.
	Borrowings on Credit Facility
	From April 1, 2014 through April 30, 2014, the Company borrowed an additional $121.0 million under the credit facility, resulting in an outstanding balance of $792.0 million on April 30, 2014. Additionally, on May 2, 2014, the Company made a $179.0 million paydown using proceeds from the 5.50% Series C participating preferred shares issuance, as described below. Following this paydown on May 2, 2014, the loan had an outstanding balance of $613.0 million.
	Appointment of Chief Financial Officer
	In April 2014, the Company announced the appointment of Diana M. Laing as Chief Financial Officer, effective May 18, 2014.
	Issuance of 5.50% Series C Participating Preferred Shares
	On May 2, 2014, the Company issued 7,600,000 5.50% Series C participating preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $190.0 million. In addition, the Company granted the underwriters an option to purchase up to an additional 1,110,000 5.50% Series C participating preferred shares on or before May 29, 2014 solely to cover overallotments.
	Securitization Transaction
	On May 13, 2014, the Company announced pricing of a securitization transaction. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by approximately 3,852 homes of the Company's portfolio of single-family properties sold to one of its affiliates. The Company anticipates gross proceeds from the sale of its certificates of approximately $481 million from the offering, with a duration-weighted blended interest rate of LIBOR plus 154 basis points. The transaction is expected to close on or about May 21, 2014.
	The certificates will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The certificates will be offered and sold in the United States in accordance with Rule 144A under the Securities Act. This Quarterly Report on Form 10-Q shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of the certificates in any jurisdiction in which such offer, solicitation or sale would be unlawful under the laws of such jurisdiction.
	Declaration of Dividends
	On May 8, 2014, our board of trustees declared a quarterly dividend of $0.05 per Class A common share payable on June 30, 2014 to shareholders of record on June 15, 2014. Additionally, our board of trustees also declared the quarterly dividends of $0.3125 per share on the Company's 5.0% Series A Participating Preferred Shares payable on June 30, 2014 to shareholders of record on June 15, 2014 and of $0.3125 per share on the Company's 5.0% Series B Participating Preferred Shares payable on June 30, 2014 to shareholders of record on June 15, 2014. The board of trustees also declared the initial pro-rated quarterly dividend of $0.225347 per share on the Company's 5.50% Series C Participating Preferred Shares payable on June 30, 2014 to shareholders of record on June 15, 2014.

Significant_accounting_policie1

Significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2014
Significant accounting policies	'
Basis of presentation	'
	Basis of presentation
	The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the accompanying condensed consolidated financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes and therefore notes to the condensed consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements have been omitted.
Recently issued and adopted accounting standards	'
	Recently issued and adopted accounting standards
	In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity." The revised standard is intended to change the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Examples include disposals of a major geographic area, major line of business, or major equity method investment. In addition the new guidance will require expanded disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. The guidance will be effective for all disposals of components (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and is not expected to have a material impact on the Company's financial statements.

Singlefamily_properties_Tables

Single-family properties (Tables)	3 Months Ended
	Mar. 31, 2014
Single-family properties	'
Schedule of Single-Family Properties	'
	Single-family properties, net, consists of the following as of March 31, 2014 and December 31, 2013 (dollars in thousands):
		March 31, 2014
		Number of		Net book value
		properties
	Leased single-family properties		20,666	$	3,454,381
	Single-family properties being renovated		2,779		413,409
	Vacant single-family properties available for lease		2,019		344,573
	Single-family properties held for sale		41		6,291
	Total		25,505	$	4,218,654
		December 31, 2013
		Number of		Net book value
		properties
	Leased single-family properties		17,328	$	2,914,947
	Single-family properties being renovated		2,744		393,975
	Vacant single-family properties available for lease		3,152		545,931
	Single-family properties held for sale		44		6,569
	Total		23,268	$	3,861,422

Deferred_costs_and_other_intan1

Deferred costs and other intangibles (Tables)	3 Months Ended
	Mar. 31, 2014
Deferred costs and other intangibles	'
Deferred Costs and Other Intangibles	'
	Deferred costs and other intangibles, net, consists of the following as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31,			December 31,
		2014			2013
	Deferred leasing costs	$	13,497		$	12,526
	Deferred financing costs		12,796			12,147
	Intangible assets:
	Value of in-place leases		5,547			6,085
	Trademark		3,100			3,100
	Database		2,100			2,100
			37,040			35,958
	Less: accumulated amortization		(18,412	)		(15,385	)
	Total	$	18,628		$	20,573
Amortization Expense Related to Deferred Costs and Other Intangibles	'
	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2014 for future periods (in thousands):
	Year	Deferred			Deferred			Value of		Trademark		Database
		Leasing Costs			Financing Costs			In-place Leases
	Remaining 2014	$	5,269		$	1,844		$	193	$	495	$	225
	2015		192			2,483			—		660		300
	2016		—			2,490			—		660		300
	2017		—			1,148			—		660		300
	2018		—			586			—		91		300
	Thereafter		—			—			—		—		432
	Total	$	5,461		$	8,551		$	193	$	2,566	$	1,857

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt	'
Amortization of Deferred Financing Costs and Capitalized Interest	'
	The following table outlines our gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three months ended March 31, 2014 and 2013 (in thousands):
		For the Three
		Months Ended
		March 31,
		2014			2013
	Gross interest cost	$	4,430		$	370
	Capitalized interest		(2,928	)		—
	Interest expense	$	1,502		$	370

Accounts_payable_and_accrued_e1

Accounts payable and accrued expenses (Tables)	3 Months Ended
	Mar. 31, 2014
Accounts payable and accrued expenses	'
Schedule of Accounts Payable and Accrued Expenses	'
	The following table summarizes accounts payable and accrued expenses as of March 31, 2014 and December 31, 2013 (in thousands):
		March 31,		December 31,
		2014		2013
	Accounts payable	$	1,893	$	901
	Accrued property taxes		30,325		28,240
	Other accrued liabilities		23,068		21,538
	Accrued distribution payable		8,900		9,274
	Accrued construction liabilities		15,811		16,917
	Resident security deposits		32,586		26,527
	Total	$	112,583	$	103,397

Shareholders_equity_Tables

Shareholders' equity (Tables)	3 Months Ended
	Mar. 31, 2014
Shareholders' equity	'
Summary of Stock Option Activity under Plan	'
		For the Three Months Ended March 31,
		2014					2013
		Stock Options			Weighted Average		Stock Options		Weighted Average
					Exercise Price				Exercise Price
	Outstanding at beginning of the period		1,190,000		$	15.48		—	$	—
	Granted		970,000			16.63		700,000		15
	Exercised		—			—		—		—
	Forfeited		(41,250	)		16.18		—		—
	Outstanding at end of the period		2,118,750		$	15.99		700,000	$	15
	Exercisable at end of the period		160,000		$	15		—	$	—
Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding	'
	Weighted average fair value	$	5.01
	Weighted average remaining life (years)		9.9
	Expected term (years)		7
	Dividend Yield		3	%
	Volatility		38.5	%
	Risk-free interest rate		2.2	%

Acquisitions_and_Dispositions_

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Company's Supplemental Consolidated Pro Forma Total Revenues and Net Income	'
	The following table presents the Company's supplemental consolidated pro forma total revenues and net income as if the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2013 (in thousands):
		For the Three Months
		Ended March 31,
		2014			2013
	Pro forma total revenues (1)	$	77,278		$	14,279
	Pro forma net loss (1)	$	(6,935	)	$	(5,416	)
	-1
	This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction occurred on January 1, 2013.
Management Internalization	'
Schedule of Estimated Fair Values of Assets Acquired	'
	The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the date of acquisition (in thousands):
	Buildings and improvements	$	4,214
	Identified intangible assets:
	Trademark		3,100
	Database		2,100
	Goodwill		120,655
	Fair value of acquired assets	$	130,069
Alaska Joint Venture Acquisition	'
Schedule of Estimated Fair Values of Assets Acquired	'
	The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition as of the date of acquisition (in thousands):
	Land	$	156,648
	Building and improvements		740,396
	Receivable for net cash flows prior to acquisition date		1,896
	Value of in-place leases		5,547
	Fair value of acquired assets	$	904,487
RJ LLC, RJ1 and RJ2	'
Schedule of Estimated Fair Values of Assets Acquired	'
	The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 that the Company gained control over on June 14, 2013 and the associated 67% noncontrolling interest held by third party accredited investors in RJ1 and RJ2, respectively (in thousands):
	Land	$	10,340
	Building and improvements		54,123
	Value of in-place leases		539
	Cash and cash equivalents		1,128
	Other current assets and liabilities, net		(311	)
	Note payable		(7,600	)
	Noncontrolling interest		(39,321	)
	Fair value of acquired net assets	$	18,898

Earnings_per_share_Tables

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings per share	'
Computation of Net Loss per Share on Basic and Diluted Basis	'
	The following table reflects the computation of net loss per share on a basic and diluted basis for the three months ended March 31, 2014 and 2013 (in thousands, except share information):
		For the Three Months
		Ended March 31,
		2014			2013
	Income (loss) (numerator):
	Loss from continuing operations	$	(6,935	)	$	(6,879	)
	Income from discontinued operations		—			22
	Noncontrolling interest		3,620			895
	Dividends on preferred shares		3,121			—
	Net loss attributable to common shareholders	$	(13,676	)	$	(7,752	)
	Weighted-average shares (denominator)		185,504,294			48,233,982
	Net loss per share- basic and diluted:
	Loss from continuing operations	$	(0.07	)	$	(0.16	)
	Income from discontinued operations		—			—
	Net loss per share- basic and diluted	$	(0.07	)	$	(0.16	)

Fair_Value_Tables

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value	'
Fair Value of Contingently Convertible Series E Units Liability and Preferred Shares Derivative Liability	'
	The following table sets forth the fair value of the contingently convertible Series E units liability and preferred shares derivative liability as of March 31, 2014 (in thousands):
				March 31, 2014
	Description	Total		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable		Unobservable
				for Identical		Inputs		Inputs
				Assets		(Level 2)		(Level 3)
				(Level 1)
	Contingently convertible Series E units liability	$	69,694	$	—	$	—	$	69,694
	Preferred shares derivative liability	$	29,849	$	—	$	—	$	29,849
Changes in Fair Value of Contingently Convertible Series E Units Liability and Preferred Shares Derivative Liability	'
	The following table presents changes in the fair value of the contingently convertible series E units liability and preferred shares derivative liability, which are measured on a recurring basis, with changes in fair value recognized in remeasurement of Series E units and remeasurement of preferred shares, respectively, in the accompanying condensed consolidated statements of operations, for the three months ended March 31, 2014 (in thousands):
	Description	January 1, 2014		Issuances		Remeasurement		March 31, 2014
						included in
						earnings
	Contingently convertible Series E units liability	$	66,938	$	—	$	2,756	$	69,694
	Preferred shares derivative liability	$	28,150	$	1,242	$	457	$	29,849
	The following table sets forth the fair value of the contingently convertible series E units liability and preferred shares derivative liability as of December 31, 2013 (in thousands):
				December 31, 2013
	Description	Total		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable		Unobservable
				for Identical		Inputs		Inputs
				Assets		(Level 2)		(Level 3)
				(Level 1)
	Contingently convertible Series E units liability	$	66,938	$	—	$	—	$	66,938
	Preferred shares derivative liability	$	28,150	$	—	$	—	$	28,150

Organization_and_operations_De

Organization and operations (Details)	Mar. 31, 2014	Dec. 31, 2013	Jun. 10, 2013	Jun. 10, 2013
	property	property	Operating Partnership	Operating Partnership
	state		Series D Convertible Units	Series E Convertible Units
Organization and operations	'	'	'	'
Number of properties	25,505	23,268	'	'
Number of states	22	'	'	'
Organization and operations	'	'	'	'
Issuance of units (in shares)	'	'	4,375,000	4,375,000

Singlefamily_properties_Detail

Single-family properties (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	property	property
Property Subject to or Available for Operating Lease	'	'
Number of properties	25,505	23,268
Net book value	$4,218,654	$3,861,422
Single family homes | Properties being renovated	'	'
Property Subject to or Available for Operating Lease	'	'
Number of properties	2,779	2,744
Net book value	413,409	393,975
Single family homes | Properties held for sale	'	'
Property Subject to or Available for Operating Lease	'	'
Number of properties	41	44
Net book value	6,291	6,569
Single family homes | Leased	'	'
Property Subject to or Available for Operating Lease	'	'
Number of properties	20,666	17,328
Net book value	3,454,381	2,914,947
Single family homes | Vacant	'	'
Property Subject to or Available for Operating Lease	'	'
Number of properties	2,019	3,152
Net book value	$344,573	$545,931

Singlefamily_properties_Detail1

Single-family properties (Details 2) (Single-Family Properties, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Single-Family Properties	'	'	'
Property Subject to or Available for Operating Lease	'	'	'
Net book value	$112.20	'	$120.60
Depreciation expense	$31	$2.90	'

Rent_and_Other_Receivables_Det

Rent and Other Receivables (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Rent and Other Receivables	'	'
Allowance for doubtful accounts	$0.80	$1.20
Rescinded properties	$2.40	$1.30

Deferred_costs_and_other_intan2

Deferred costs and other intangibles (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Acquired Indefinite-lived Intangible Assets	'	'
Deferred leasing costs	$13,497	$12,526
Deferred financing costs	12,796	12,147
Intangible assets:	'	'
Intangible assets	37,040	35,958
Less: accumulated amortization	-18,412	-15,385
Total	18,628	20,573
Value of In-place Leases	'	'
Intangible assets:	'	'
Intangible assets	5,547	6,085
Trademark	'	'
Intangible assets:	'	'
Intangible assets	3,100	3,100
Database	'	'
Intangible assets:	'	'
Intangible assets	$2,100	$2,100

Deferred_costs_and_other_intan3

Deferred costs and other intangibles (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Deferred costs and other intangibles	'
Amortization expense	$4.10
Amortization of deferred financing costs	$0.60

Deferred_costs_and_other_intan4

Deferred costs and other intangibles (Details 3) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets	'
Remaining 2014	$5,269
2015	192
Total	5,461
Remaining 2014	1,844
2015	2,483
2016	2,490
2017	1,148
2018	586
Total	8,551
Value of In-place Leases	'
Finite-Lived Intangible Assets	'
Remaining 2014	193
Total	193
Trademark	'
Finite-Lived Intangible Assets	'
Remaining 2014	495
2015	660
2016	660
2017	660
2018	91
Total	2,566
Database	'
Finite-Lived Intangible Assets	'
Remaining 2014	225
2015	300
2016	300
2017	300
2018	300
Thereafter	432
Total	$1,857

Debt_Details

Debt (Details) (Senior Secured Revolving Credit Facility, USD $)	3 Months Ended
	Mar. 31, 2014	Sep. 30, 2013	Mar. 07, 2013
Proforma Debt Instrument	'	'	'
Credit facility amount, maximum	'	$800,000,000	$500,000,000
Percentage of properties used to calculate borrowing base	50.00%	'	'
Borrowings outstanding	671,000,000	'	'
Debt covenant, minimum liquidity requirement	15,000,000	'	'
Debt covenant, minimum liquidity requirement for cash and cash equivalents	$7,500,000	'	'
Maximum leverage ratio	1	'	'
Debt covenant, minimum required tangible net worth (as a percent)	85.00%	'	'
Debt covenant, percentage of additional equity capital raised on or after September 30, 2013 that is used in calculation of tangible net worth	85.00%	'	'
LIBOR	'	'	'
Proforma Debt Instrument	'	'	'
Debt instrument, description of variable rate	'30 day LIBOR	'	'
Debt instrument, basis spread on variable rate (as a percent)	2.75%	'	'
Until March 2017 | LIBOR	'	'	'
Proforma Debt Instrument	'	'	'
Debt instrument, description of variable rate	'30 day LIBOR	'	'
Debt instrument, basis spread on variable rate (as a percent)	2.75%	'	'
March 2017 and Thereafter | LIBOR	'	'	'
Proforma Debt Instrument	'	'	'
Debt instrument, description of variable rate	'30 day LIBOR	'	'
Debt instrument, basis spread on variable rate (as a percent)	3.13%	'	'

Debt_Details_2

Debt (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Debt	'	'
Gross interest cost	$4,430	$370
Capitalized interest	-2,928	'
Interest expense	$1,502	$370

Accounts_payable_and_accrued_e2

Accounts payable and accrued expenses (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts payable and accrued expenses	'	'
Accounts payable	$1,893	$901
Accrued property taxes	30,325	28,240
Other accrued liabilities	23,068	21,538
Accrued distribution payable	8,900	9,274
Accrued construction liabilities	15,811	16,917
Resident security deposits	32,586	26,527
Total	$112,583	$103,397

Shareholders_equity_Details

Shareholders' equity (Details) (USD $)	3 Months Ended				1 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Feb. 28, 2014	Mar. 31, 2014	Feb. 28, 2014
		Accounts payable and accrued expenses	Amounts payable to affiliates	Series C Convertible Units	Class A Common Shares	Series A Participating Preferred Shares	Series A Participating Preferred Shares	Series B Participating Preferred Shares	Series B Participating Preferred Shares
Class of Stock	'	'	'	'	'	'	'	'	'
Dividend payable per share	'	'	'	$0.15	$0.05	'	$0.31	'	$0.35
Dividend payable date	'	'	'	'	10-Apr-14	'	'	'	'
Dividend record date	'	'	'	'	25-Mar-14	'	'	'	'
Dividend payable, amount	'	$8,900,000	$400,000	$4,500,000	'	'	'	'	'
Preferred Shares dividend rate	'	'	'	'	'	'	5.00%	'	5.00%
Quarterly distributions to preferred shareholders	$3,121,000	'	'	'	'	$1,600,000	'	$1,500,000	'

Shareholders_equity_Details_2

Shareholders' equity (Details 2) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

In Millions, except Share data, unless otherwise specified

Mar. 31, 2014

Jun. 14, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

3.5% Convertible Perpetual Preferred Units

3.5% Convertible Perpetual Preferred Units

Sponsor

Sponsor

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Certain consolidated subsidiaries with noncontrolling interest

Class A Units

Class A Units

Class A Units

Class A Units

Series C Convertible Units

Series C Convertible Units

Series C Convertible Units

Series D Convertible Units

Series D Convertible Units

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Class of Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of units outstanding

'

'

24.60%

24.60%

'

'

6.90%

6.90%

'

'

'

'

'

'

Units owned (in shares)

'

'

'

'

'

'

13,787,292

13,787,292

'

31,085,974

31,085,974

4,375,000

4,375,000

'

Units outstanding (in shares)

'

'

'

'

199,291,586

199,291,586

'

'

'

'

'

'

'

'

Income (loss) allocated to noncontrolling interest

$0.10

'

'

'

$0.80

'

'

'

$4.50

'

'

'

'

$0.10

Rate of Preferred units

3.50%

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

Shareholders_equity_Details_3

Shareholders' equity (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Stock options	'	'
Class of Stock	'	'
Vesting period	'4 years	'
Expiration period	'10 years	'
Restricted stock units	'	'
Class of Stock	'	'
Vesting period	'4 years	'
Expiration period	'10 years	'
2012 Equity Incentive Plan | Stock options	'	'
Stock Options	'	'
Outstanding at beginning of the period (in shares)	1,190,000	'
Granted (in shares)	970,000	700,000
Forfeited (in shares)	-41,250	'
Outstanding at end of the period (in shares)	2,118,750	700,000
Exercisable at end of the period (in shares)	160,000	'
Weighted Average Exercise Price	'	'
Outstanding at beginning of the period (in dollars per share)	$15.48	'
Granted (in dollars per share)	$16.63	$15
Forfeited (in dollars per share)	$16.18	'
Outstanding at end of the period (in dollars per share)	$15.99	$15
Exercisable at end of the period (in dollars per share)	$15	'
2012 Equity Incentive Plan | Restricted stock units	'	'
Class of Stock	'	'
Granted (in shares)	92,000	'

Shareholders_equity_Details_4

Shareholders' equity (Details 4) (Class A Common Shares, USD $)	3 Months Ended
	Mar. 31, 2014
Class A Common Shares	'
Share-based Compensation Arrangement by Share-based Payment Award	'
Weighted average fair value	$5.01
Weighted average remaining life (years)	'9 years 10 months 24 days
Expected term (years)	'7 years
Dividend Yield	3.00%
Volatility	38.50%
Risk-free interest rate	2.20%

Shareholders_equity_Details_5

Shareholders' equity (Details 5) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Stock options	'	'
Class of Stock	'	'
Total non-cash share-based compensation expense	0.5	'
Stock options | Class A common shares	'	'
Class of Stock	'	'
Shares forfeited	-41,250	'
Awards outstanding (in shares)	2,118,750	'
Restricted stock units	'	'
Class of Stock	'	'
Total non-cash share-based compensation expense	'	$0.20
Shares forfeited	2,000	'
Awards outstanding (in shares)	90,000	'

Related_party_transactions_Det

Related party transactions (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Nov. 30, 2012

Mar. 31, 2013

Nov. 30, 2012

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Advisor

Property Manager

Property Manager

MMI

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Class A common shares

Class A common shares

Class B common shares

Class B common shares

Agreement on Investment Opportunities

Agreement on Investment Opportunities

Agreement on Investment Opportunities

Agreement on Investment Opportunities

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Sponsor

Class A Units

Class A Units

Series C Convertible Units

Series C Convertible Units

Series D Convertible Units

Series D Convertible Units

Series E Convertible Units

Series E Convertible Units

Related Party Transaction

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity interest rate (as a percent)

'

'

'

24.60%

24.60%

3.70%

3.70%

'

'

'

'

'

'

'

'

'

'

6.90%

6.90%

'

'

'

'

'

'

Shares owned

'

'

'

'

'

'

'

635,075

635,075

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units owned (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,787,292

13,787,292

31,085,974

31,085,974

4,375,000

4,375,000

4,375,000

4,375,000

Payable to sponsor

'

$6,799,000

'

$6,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Receivable from sponsor

'

'

'

'

4,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Administrative expenses paid to related party

2,742,000

'

1,000,000

'

'

'

'

'

'

'

'

'

'

2,700,000

'

'

9,000,000

'

'

'

'

'

'

'

'

Property management fee, percentage of collected rent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

Property management fee, percentage of lease annual rent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

Fees incurred to the Property Manager

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

'

'

'

'

'

'

'

'

'

Acquisition and renovation fee in percent

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

Termination or other fees payable in connection with the termination of agreement to provide services

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Monthly maintenance fee

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition and renovation fees

'

'

'

'

'

'

'

'

'

17,600,000

27,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset acquisition cost

'

'

'

'

'

'

'

'

'

17,300,000

26,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Property acquisition cost

'

'

'

'

'

'

'

'

'

300,000

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued acquisition and renovation fees

'

'

'

'

'

'

'

'

'

5,100,000

'

2,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrued and unpaid reimbursable compensation and benefit costs

$100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contributions_by_our_Sponsor_D

Contributions by our Sponsor (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Feb. 28, 2013	Jun. 14, 2013	Feb. 28, 2013	Feb. 28, 2013	Feb. 28, 2013
			Sponsor	Sponsor	Sponsor	Sponsor	Operating Partnership
				Class A Common Shares	Class B Common Shares	Operating Partnership	Sponsor
						property	Series C Convertible Units
Significant Acquisitions and Disposals	'	'	'	'	'	'	'
Number of properties	'	'	'	'	'	2,770	'
Total consideration amount	'	'	$491,700,000	'	'	'	'
Units issue to Sponsor (in shares)	'	'	'	'	'	'	31,085,974
Common shares issue to Sponsor	'	'	'	705,167	634,408	'	'
Common shares issue to Sponsor per share	'	'	'	'	$15.50	'	'
Common units issue to Sponsor per unit	'	'	'	'	'	'	$15.50
Net asset value reclassified from additional paid-in capital	'	23,460,000	'	'	'	386,500,000	'
Units issue to Sponsor, value	'	'	'	11,283,000	'	'	378,800,000
Units issue to Sponsor, value	$112,000	'	'	'	$7,700,000	'	'

Acquisitions_and_Dispositions_1

Acquisitions and Dispositions (Details) (USD $)	Jun. 10, 2013	Jun. 11, 2013	Jun. 14, 2013	Jun. 11, 2013	Jun. 10, 2013	Jun. 10, 2013	Jun. 10, 2013	Jun. 10, 2013	Jun. 10, 2013	Jun. 11, 2013
	Management Internalization	Alaska Joint Venture Acquisition	Class A common shares	Class A common shares	Operating Partnership	Operating Partnership	Operating Partnership	Operating Partnership	Operating Partnership	Operating Partnership
		property	Sponsor	Alaska Joint Venture Acquisition	Series D Convertible Units	Series D Convertible Units	Series D Convertible Units	Series E Convertible Units	Series E Convertible Units	Class A Units
						Management Internalization	Management Internalization	Management Internalization	Management Internalization	Sponsor
						Sponsor	Sponsor	Sponsor	Sponsor
Acquisitions And Dispositions	'	'	'	'	'	'	'	'	'	'
Acquired of membership interests (as a percent)	100.00%	100.00%	'	'	'	'	'	'	'	'
Issuance of units (in shares)	'	'	'	'	4,375,000	'	4,375,000	'	4,375,000	12,395,965
Value of units issued	'	'	'	'	'	$65,200,000	'	$64,900,000	'	'
Estimated net monetary assets	7,000,000	'	'	'	'	'	'	'	'	'
Estimated cash and cash equivalents	9,000,000	23,000,000	'	'	'	'	'	'	'	'
Purchase price	'	904,500,000	'	'	'	'	'	'	'	'
Issuance of common shares	'	'	705,167	43,609,394	'	'	'	'	'	'
Number of single-family properties in acquired	'	4,778	'	'	'	'	'	'	'	'
Net cash flows produced by Joint Venture	'	1,896,000	'	'	'	'	'	'	'	'
Percentage of properties leased as of acquisition date	'	75.00%	'	'	'	'	'	'	'	'
Estimated net monetary assets	'	$13,000,000	'	'	'	'	'	'	'	'

Acquisitions_and_Dispositions_2

Acquisitions and Dispositions (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Jun. 10, 2013	Jun. 10, 2013	Jun. 10, 2013	Jun. 11, 2013
In Thousands, unless otherwise specified			Management Internalization	Management Internalization	Management Internalization	Alaska Joint Venture Acquisition
				Trademark	Database
Acquisitions And Dispositions	'	'	'	'	'	'
Land	'	'	'	'	'	$156,648
Building and improvements	'	'	4,214	'	'	740,396
Identified intangible assets	'	'	'	3,100	2,100	'
Receivable for net cash flows prior to acquisition date	'	'	'	'	'	1,896
Value of in-place leases	'	'	'	'	'	5,547
Goodwill	120,655	120,655	120,655	'	'	'
Fair value of acquired assets	'	'	$130,069	'	'	$904,487

Acquisitions_and_Dispositions_3

Acquisitions and Dispositions (Details 3) (USD $)	3 Months Ended		0 Months Ended		0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jun. 14, 2013	Mar. 31, 2014	Jun. 14, 2013	Jun. 14, 2013	Jun. 14, 2013	Jun. 14, 2013	Jun. 14, 2013	Jun. 14, 2013
			3.5% Convertible Perpetual Preferred Units	3.5% Convertible Perpetual Preferred Units	Class A Common Shares	Sponsor	RJ LLC, RJ1 and RJ2	RJ LLC	RJ1	RJ2
						Class A Common Shares	property
Acquisitions And Dispositions	'	'	'	'	'	'	'	'	'	'
Preferred Units converted into Class A units	'	'	653,492	'	'	'	'	'	'	'
Rate of Preferred units	'	'	3.50%	3.50%	'	'	'	'	'	'
Units issued upon conversion	'	'	'	'	653,492	'	'	'	'	'
Common shares issue to Sponsor	'	'	'	'	'	705,167	'	'	'	'
Units issue to Sponsor, value	'	'	'	'	'	$11,283,000	'	'	'	'
Conversion ratio	'	'	'	'	'	1	'	'	'	'
Ownership interest (as a percent)	'	'	'	'	'	'	'	100.00%	'	'
Number of single-family properties	'	'	'	'	'	'	377	'	'	'
Percentage of interest held	'	'	'	'	'	'	'	'	67.00%	67.00%
Estimated fair values of the net assets	'	'	'	'	'	'	'	'	'	'
Land	'	'	'	'	'	'	10,340,000	'	'	'
Building and improvements	'	'	'	'	'	'	54,123,000	'	'	'
Value of in-place leases	'	'	'	'	'	'	539,000	'	'	'
Cash and cash equivalents	'	'	'	'	'	'	1,128,000	'	'	'
Other current assets and liabilities, net	'	'	'	'	'	'	-311,000	'	'	'
Note payable	'	'	'	'	'	'	-7,600,000	'	'	'
Noncontrolling interest	'	'	'	'	'	'	-39,321,000	'	'	'
Fair value of acquired net assets	'	'	'	'	'	'	18,898,000	'	'	'
Supplemental consolidated pro forma total revenues and net income	'	'	'	'	'	'	'	'	'	'
Pro forma total revenues	77,278,000	14,279,000	'	'	'	'	'	'	'	'
Pro forma net loss	($6,935,000)	($5,416,000)	'	'	'	'	'	'	'	'

Earnings_per_share_Details

Earnings per share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income (loss) (numerator):	'	'
Loss from continuing operations	($6,935)	($6,879)
Income from discontinued operations	'	22
Noncontrolling interest	3,620	895
Dividends on preferred shares	3,121	'
Net loss attributable to common shareholders	($13,676)	($7,752)
Weighted-average shares (denominator)	185,504,294	48,233,982
Net loss per share- basic and diluted:	'	'
Loss from continuing operations (in dollars per share)	($0.07)	($0.16)
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	($0.07)	($0.16)

Earnings_per_share_Details_2

Earnings per share (Details 2)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings per share	'	'
Series A and B preferred shares, stock options and restricted stock units excluded from calculation of EPS because they are antidilutive	65,292,016	35,805,467

Commitments_and_contingencies_

Commitments and contingencies (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Commitment to renovate homes	'	'
Commitments and contingencies	'	'
Aggregate outstanding commitment	$3.40	$1.50
Commitment to acquire properties	'	'
Commitments and contingencies	'	'
Aggregate purchase price	$73.50	$75.50
Number of properties	532	536

Noncash_transactions_Details

Noncash transactions (Details)	0 Months Ended
	Feb. 28, 2013
Sponsor | Class B Common Shares	'
Nonmonetary Transaction	'
Common shares issue to Sponsor	634,408
Sponsor | Operating Partnership	'
Nonmonetary Transaction	'
Number of properties contributed to the Operating Partnership	2,770
Operating Partnership | Sponsor | Series C Convertible Units	'
Nonmonetary Transaction	'
Units issue to Sponsor (in shares)	31,085,974

Fair_Value_Details

Fair Value (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
In Thousands, unless otherwise specified			Recurring	Recurring	Senior Secured Revolving Credit Facility
			Significant Unobservable Inputs (Level 3)	Significant Unobservable Inputs (Level 3)	LIBOR
Fair Value Liabilities Measured On Recurring and Nonrecurring Basis	'	'	'	'	'
Debt instrument, description of variable rate	'	'	'	'	'30 day LIBOR
Debt instrument, basis spread on variable rate (as a percent)	'	'	'	'	2.75%
Contingently convertible Series E units liability	$69,694	$66,938	$69,694	$66,938	'
Preferred shares derivative liability	$29,849	$28,150	$29,849	$28,150	'

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Fair Value	'
Contingently convertible Series E units liability, Beginning Balance	$66,938
Contingently convertible Series E units liability, Remeasurement included in earnings	-2,756
Contingently convertible Series E units liability, Ending Balance	69,694
Preferred shares derivative liability, Beginning Balance	28,150
Preferred shares derivative liability, Issuance	1,242
Preferred shares derivative liability, Remeasurement included in earnings	-457
Preferred shares derivative liability, Ending Balance	$29,849

Subsequent_events_Details

Subsequent events (Details) (USD $)

3 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Apr. 30, 2014

13-May-14

13-May-14

8-May-14

2-May-14

8-May-14

8-May-14

8-May-14

2-May-14

Apr. 30, 2014

property

property

Senior Secured Revolving Credit Facility

Subsequent Events

Subsequent Events

Subsequent Events

Subsequent Events

Subsequent Events

Subsequent Events

Subsequent Events

Subsequent Events

Subsequent Events

Subsequent Events

property

Single-family properties

Single-family properties

5.50% Series C participating preferred shares

5.50% Series C participating preferred shares

Class A common shares

5.0% Series A Participating Preferred Shares

5.0% Series B Participating Preferred Shares

Senior Secured Revolving Credit Facility

Senior Secured Revolving Credit Facility

property

Anticipated

Subsequent Event

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired

'

'

'

'

513

'

'

'

'

'

'

'

'

'

Aggregate purchase price of properties acquired

$341,064,000

$525,427,000

'

'

$72,100,000

'

'

'

'

'

'

'

'

'

Credit facility, additional borrowings, amount

321,000,000

'

'

'

'

'

'

'

'

'

'

'

'

121,000,000

Credit facility, repayment, amount

25,000,000

'

'

'

'

'

'

'

'

'

'

'

179,000,000

'

Credit facility, amount outstanding

'

'

'

671,000,000

'

'

'

'

'

'

'

'

613,000,000

792,000,000

Rate of Preferred units

'

'

'

'

'

'

'

'

5.50%

'

5.00%

5.00%

'

'

Issuance of preferred units

'

'

'

'

'

'

'

'

7,600,000

'

'

'

'

'

Gross proceeds from issuance of preferred units

9,162,000

'

'

'

'

'

'

'

190,000,000

'

'

'

'

'

Number of units granted to underwriters to purchase additional units

'

'

'

'

'

'

'

'

1,110,000

'

'

'

'

'

Number of properties

25,505

'

23,268

'

'

3,852

'

'

'

'

'

'

'

'

Gross proceeds from the sale of certificates

'

'

'

'

'

'

$481,000,000

'

'

'

'

'

'

'

Reference rate

'

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

Interest margin on reference rate (as a percent)

'

'

'

'

'

1.54%

'

'

'

'

'

'

'

'

Quarterly dividend (in dollars per share)

'

'

'

'

'

'

'

$0.23

'

$0.05

$0.31

$0.31

'

'