American Homes 4 Rent (AMH) 10-Q11 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	6-May-15
Document Information
Entity Registrant Name	American Homes 4 Rent
Entity Central Index Key	1562401
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Class A common shares
Document Information
Entity Common Stock, Shares Outstanding		210,852,089
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Single-family properties:
Land	$1,166,186	$1,104,409
Buildings and improvements	5,117,269	4,808,706
Single-family properties held for sale	5,428	3,818
Single-family properties, gross	6,288,883	5,916,933
Less: accumulated depreciation	-251,528	-206,262
Single-family properties, net	6,037,355	5,710,671
Cash and cash equivalents	115,693	108,787
Restricted cash	86,446	77,198
Rent and other receivables, net	11,289	11,009
Escrow deposits, prepaid expenses and other assets	114,179	118,783
Deferred costs and other intangibles, net	65,267	54,582
Asset -backed securitization certificates	25,666	25,666
Goodwill	120,655	120,655
Total assets	6,576,550	6,227,351
Liabilities
Credit facility	45,000	207,000
Asset-backed securitizations	2,068,389	1,519,390
Secured note payable	51,417	51,644
Accounts payable and accrued expenses	141,382	149,706
Amounts payable to affiliates	2,609
Contingently convertible Series E units liability	70,219	72,057
Preferred shares derivative liability	57,840	57,960
Total liabilities	2,436,856	2,057,757
Shareholders' equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 17,060,000 issued and outstanding at March 31, 2015, and December 31, 2014	171	171
Additional paid-in capital	3,618,769	3,618,207
Accumulated deficit	-198,526	-170,162
Accumulated other comprehensive loss	-229	-229
Total shareholders' equity	3,422,299	3,450,101
Noncontrolling interest	717,395	719,493
Total equity	4,139,694	4,169,594
Total liabilities and equity	6,576,550	6,227,351
Class A common shares
Shareholders' equity:
Common shares, value	2,108	2,108
Class B common shares
Shareholders' equity:
Common shares, value	$6	$6

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	17,060,000	17,060,000
Preferred shares, shares outstanding	17,060,000	17,060,000
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	210,852,089	210,838,831
Common shares, shares outstanding	210,852,089	210,838,831
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, 2015	Mar. 31, 2014
Revenues:
Rents from single-family properties	$120,680	$73,761
Fees from single-family properties	1,331	1,358
Tenant charge-backs	8,372	1,890
Other	1,365	269
Total revenues	131,748	77,278
Expenses:
Leased single-family properties	53,930	29,266
Vacant single-family properties and other	5,972	9,043
General and administrative expense	6,131	5,074
Interest expense	15,670	1,502
Non-cash share-based compensation expense	696	532
Acquisition fees and costs expensed	5,908	452
Depreciation and amortization	53,664	35,131
Total expenses	141,971	81,000
Remeasurement of Series E units	1,838	-2,756
Remeasurement of Preferred shares	120	-457
Loss from continuing operations	-8,265	-6,935
Net loss	-8,265	-6,935
Noncontrolling interest	3,956	3,620
Dividends on preferred shares	5,569	3,121
Net loss attributable to common shareholders	($17,790)	($13,676)
Weighted-average shares outstanding-basic and diluted	211,481,727	185,504,294
Net loss per share - basic and diluted:
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	($0.08)	($0.07)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Comprehensive Income
Net loss	($8,265)	($6,935)
Other comprehensive loss:
Comprehensive loss	-8,265	-6,935
Comprehensive income attributable to noncontrolling interests	3,956	3,620
Dividends on preferred shares	5,569	3,121
Comprehensive loss attributable to common shareholders	($17,790)	($13,676)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Equity (USD $)	Shareholders' equity	Common Stock	Common Stock	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest	Total
In Thousands, except Share data, unless otherwise specified	Shareholders' equity	Class A common shares	Class B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest	Total
Beginning Balances at Dec. 31, 2014	$3,450,101	$2,108	$6	$171	$3,618,207	($170,162)	($229)	$719,493	$4,169,594
Beginning Balances, shares at Dec. 31, 2014		210,838,831	635,075	17,060,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	696				696				696
Share-based compensation (in shares)		13,258
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	-134				-134				-134
Distributions to equity holders:
Preferred shares	-5,569					-5,569			-5,569
Noncontrolling interests								-6,054	-6,054
Common shares	-10,574					-10,574			-10,574
Net (loss) income	-12,221					-12,221		3,956	-8,265
Total other comprehensive loss									-8,265
Ending Balances at Mar. 31, 2015	$3,422,299	$2,108	$6	$171	$3,618,769	($198,526)	($229)	$717,395	$4,139,694
Ending Balances, shares at Mar. 31, 2015		210,852,089	635,075	17,060,000

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	($8,265)	($6,935)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	53,664	35,131
Noncash amortization of deferred financing costs	1,377	163
Noncash share-based compensation	696	532
Provision for bad debt	1,271	1,423
Remeasurement of Series E units	-1,838	2,756
Remeasurement of Preferred shares	-120	457
Equity in net loss of unconsolidated ventures	96
Other changes in operating assets and liabilities:
Rent and other receivables	-2,578	-445
Restricted cash for resident security deposits	-4,209	-6,156
Prepaid expenses and other assets	-2,819	3,237
Deferred leasing costs	-2,410	-972
Accounts payable and accrued expenses	-17,117	3,972
Resident security deposit liability	4,209	6,156
Amounts payable to affiliates	6,957	7,872
Net cash provided by operating activities	28,914	47,191
Investing activities
Cash paid for single-family properties	-292,735	-341,064
Escrow deposits for purchase of single-family properties	-2,259	7,378
Increase in restricted cash related to lender requirements	-5,039
Investment in unconsolidated joint ventures	-2
Investments in mortgage financing receivables	-6,633
Initial renovation to single-family properties	-60,047	-45,388
Other capital expenditures for single-family properties	-6,457
Net cash used for investing activities	-373,172	-379,074
Financing activities
Net proceeds from issuance of Preferred shares		9,162
Proceeds from asset-backed securitizations	552,830
Payments on asset-backed securitizations	-3,831
Proceeds from credit facility	346,000	321,000
Payments on credit facility	-508,000	-25,000
Payments on secured note	-227
Distributions to noncontrolling interests	-6,054	-5,975
Distributions to common shareholders	-10,574	-9,274
Distributions to preferred shareholders	-5,569	-3,121
Deferred financing costs paid	-13,411	-649
Net cash provided by financing activities	351,164	286,143
Net increase (decrease) in cash and cash equivalents	6,906	-45,740
Cash and cash equivalents, beginning of period	108,787	148,989
Cash and cash equivalents, end of period	115,693	103,249
Supplemental cash flow information
Cash payments for interest	-13,895	-3,202
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions	4,450	-943
Amounts payable to affiliates related to property acquisitions		2,565
Accrued distribution to noncontrolling interests	4,698	5,196
Accrued distribution to common shareholders		$9,275

Organization_and_operations

Organization and operations	3 Months Ended
Organization and operations	Mar. 31, 2015
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, 2015, the Company held 36,588 single-family properties in 22 states, including 35 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 (“AH LLC”). On June 10, 2013, we acquired the Advisor and the Property Manager from AH LLC 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. 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 condensed consolidated financial statements.

	Prior to the Management Internalization, AH LLC 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 AH LLC 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 AH LLC. Accordingly, the condensed consolidated financial statements include AH LLC’s historical carrying values of the properties that had been acquired by AH LLC.

Significant_accounting_policie

Significant accounting policies	3 Months Ended
Significant accounting policies	Mar. 31, 2015
Significant accounting policies
Significant accounting policies
	Note 2. Significant accounting policies

	Basis of Presentation

	The 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 (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the condensed consolidated financial statements.

	The 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 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, 2014. 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, compared to those policies disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Therefore, notes to the condensed consolidated financial statements that would substantially duplicate the disclosures contained in our most recent audited consolidated financial statements have been omitted.

	Recent Accounting Pronouncements

	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements, Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations such as a major line of business, major geographic area or a major equity method investment, should be presented as discontinued operations. In addition the new guidance requires expanded disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. The guidance is effective for all disposals of components (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014. The Company’s adoption of this guidance did not have a material impact on our financial statements.

	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the method of adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on the Company’s financial statements.

Singlefamily_properties

Single-family properties	3 Months Ended
Single-family properties	Mar. 31, 2015
Single-family properties
Single-family properties
	Note 3. Single-family properties

	Single-family properties, net, consists of the following as of March 31, 2015, and December 31, 2014 (dollars in thousands):

		March 31, 2015
		Number of properties	Net book value
	Leased single-family properties	31,183	$	5,112,511
	Single-family properties being renovated	1,863	293,221
	Single-family properties being prepared for re-lease	838	136,905
	Vacant single-family properties available for lease	2,669	489,290
	Single-family properties held for sale	35	5,428
	Total	36,588	$	6,037,355

		December 31, 2014
		Number of properties	Net book value
	Leased single-family properties	28,250	$	4,631,797
	Single-family properties being renovated	2,886	476,120
	Single-family properties being prepared for re-lease	630	104,974
	Vacant single-family properties available for lease	2,807	493,962
	Single-family properties held for sale	26	3,818
	Total	34,599	$	5,710,671

	Single-family properties, net at March 31, 2015, and December 31, 2014, included $40.1 million and $114.6 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 $48.7 million and $31.0 million for the three months ended March 31, 2015 and 2014, respectively.

Rent_and_Other_Receivables

Rent and Other Receivables	3 Months Ended
Rent and Other Receivables	Mar. 31, 2015
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 $1.7 million and $0.5 million as of March 31, 2015, and December 31, 2014, respectively. Also included in rent and other receivables, net, are receivables related to payments made on single-family properties for which sales have been rescinded or unwound due to legal issues beyond our control, which totaled $0.5 million and $1.1 million as of March 31, 2015, and December 31, 2014, respectively, and other non-tenant receivables, which totaled $3.8 million and $2.4 million as of March 31, 2015, and December 31, 2014, respectively.

Deferred_costs_and_other_intan

Deferred costs and other intangibles	3 Months Ended
Deferred costs and other intangibles	Mar. 31, 2015
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, 2015, and December 31, 2014 (in thousands):

		March 31, 2015			December 31, 2014
	Deferred leasing costs	$	12,108		$	18,307
	Deferred financing costs	66,424			53,013
	Intangible assets:
	Value of in-place leases	3,724			10,468
	Trademark	3,100			3,100
	Database	2,100			2,100
		87,456			86,988
	Less: accumulated amortization	(22,189		)	(32,406		)
	Total	$	65,267		$	54,582

	Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $3.2 million and $4.1 million for the three months ended March 31, 2015 and 2014, respectively, which has been included in depreciation and amortization in the condensed consolidated statements of operations. Amortization of deferred financing costs was $2.0 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively, 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, 2015, for future periods (in thousands):
	Year	Deferred Leasing			Deferred Financing			Value of In-place		Trademark		Database
	Year	Costs			Costs			Leases		Trademark		Database
	Remaining 2015	$	3,492		$	6,921		$	1,814	$	495	$	225
	2016	284			9,258			7		660		300
	2017	66			7,864			—		660		300
	2018	—			7,387			—		91		300
	2019	—			5,234			—		—		300
	Thereafter	—			19,477			—		—		132
	Total	$	3,842		$	56,141		$	1,821	$	1,906	$	1,557

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2015
Debt
Debt
	Note 6. Debt

	The following table presents the Company’s debt as of March 31, 2015, and December 31, 2014 (in thousands):

							Outstanding Principal Balance
			Interest Rate (1)		Maturity Date		March 31, 2015		December 31, 2014
	2014-SFR1 securitization (2)		1.79%		June 9, 2019		$	477,363	$	478,565
	2014-SFR2 securitization		4.42%		October 9, 2024		511,151		512,435
	2014-SFR3 securitization		4.40%		December 9, 2024		527,097		528,390
	2015-SFR1 securitization (3)		4.14%		April 9, 2045		552,778		—
	Total asset-backed securitizations						2,068,389		1,519,390
	Secured note payable		4.06%		July 1, 2019		51,417		51,644
	Credit facility (4)		2.93%		September 30, 2018		45,000		207,000
	Total debt						$	2,164,806	$	1,778,034

		-1		Interest rates are as of March 31, 2015. Unless otherwise stated, interest rates are fixed percentages.
		-2		The 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of LIBOR plus 1.54%. The maturity date of June 9, 2019, reflects the fully extended maturity date based on an initial two-year loan term and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms.
		-3		The 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.
		-4		The credit facility provides for a borrowing capacity of up to $800 million through March 2016 and bears interest at LIBOR plus 2.75% (3.125% beginning in March 2017). Any outstanding borrowings upon expiration of the credit facility period in March 2016 will become due in September 2018.

	Asset-Backed Securitization

	In March 2015, we completed a private securitization transaction (the “2015-SFR1 securitization”), in which a newly-formed special purpose entity (the “Borrower”) entered into a loan with a third-party lender for $552.8 million represented by a promissory note. The Borrower under the loan is wholly owned by another special purpose entity (the “Equity Owner”) and the Equity Owner is wholly owned by the Operating Partnership. The loan is a fixed rate loan with a 30 year term, maturity date of April 9, 2045, and a duration-adjusted weighted-average interest rate of 4.14%. The loan requires monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount. The loan has an anticipated repayment date of April 9, 2025. In the event the loan is not repaid on April 9, 2025, the interest rate on each component is increased to a rate per annum equal to the sum of 3% plus the greater of: (a) the initial interest rate and (b) a rate equal to the sum of (i) the bid side yield to maturity for the “on the run” United States Treasury note with a 10 year maturity plus the mid-market 10 year swap spread, plus (ii) the component rate spread for each component.

	The note was immediately transferred by the third-party lender to a subsidiary of the Company and then to a REMIC trust in exchange for eight classes of single-family rental pass-through certificates representing all the beneficial ownership interests in the loan and the trust. Upon receipt of the certificates, a subsidiary of the Company sold the certificates to investors for gross proceeds of $552.8 million, before issuance costs of $13.3 million. Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. The principal amount of each class of certificates corresponds to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest.

	The loan is secured by first priority mortgages on a pool of 4,661 single-family residential properties transferred to the Borrower from the Company’s portfolio of properties. The Borrower’s homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties. During the duration of the loan, the Borrower’s properties may not generally be transferred, sold or otherwise securitized, the Company can substitute properties only if a property owned by the Borrower becomes a disqualified property under the terms of the loan, and the Borrower is limited in its ability to incur any additional indebtedness.

	The loan is also secured by a security interest in all of the Borrower’s personal property and a pledge of all of the assets of the Equity Owner, including a security interest in its membership interest in the Borrower. The Company provides a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loan and all other obligations under the loan agreement in the event of insolvency or bankruptcy proceedings.

	The loan agreement provides that the Borrower maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00. The loan agreement defines the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the twelve month period following the date of determination. As of March 31, 2015, the Company was in compliance with all covenants under the loan agreement.

	The Company has accounted for the transfer of the note from its subsidiary to the trust as a sale under ASC 860, Transfers and Servicing, with no resulting gain or loss as the note was both originated by the third party lender and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trust. Accordingly, the Company continues to consolidate, at historical cost basis, the 4,661 homes placed as collateral for the note. The principal balance outstanding on the note was $552.8 million as of March 31, 2015, and included in asset-backed securitizations within the condensed consolidated balance sheets. The 4,661 collateral homes had a net book value of $751.2 million as of March 31, 2015.

	Credit Facility

	In March 2013, the Company entered into a $500 million senior secured revolving credit facility with a financial institution, which was subsequently amended in September 2013 to, among other things, expand our borrowing capacity to $800 million and extend the repayment period to September 30, 2018. Borrowings under the credit facility are available through March 7, 2016, at which point, 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 certain of our single-family properties and requires that we maintain certain financial covenants. As of March 31, 2015, the Company was in compliance with all loan covenants. The Company had $45.0 million and $207.0 million in total outstanding borrowings under the credit facility at March 31, 2015, and December 31, 2014, respectively.

	Interest Expense

	The following table outlines our total gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three months ended March 31, 2015 and 2014 (in thousands):

			For the Three Months Ended,
			March 31, 2015			March 31, 2014
	Gross interest cost		$	20,239		$	4,430
	Capitalized interest		(4,569		)	(2,928		)
	Interest expense		$	15,670		$	1,502

Accounts_payable_and_accrued_e

Accounts payable and accrued expenses	3 Months Ended
	Mar. 31, 2015
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, 2015, and December 31, 2014 (in thousands):
		March 31, 2015		December 31, 2014
	Accounts payable	$	149	$	4,925
	Accrued property taxes	45,953		49,018
	Other accrued liabilities	24,946		28,972
	Accrued construction and maintenance liabilities	23,231		23,914
	Resident security deposits	47,103		42,877
	Total	$	141,382	$	149,706

Shareholders_equity

Shareholders' equity	3 Months Ended
Shareholders' equity	Mar. 31, 2015
Shareholders' equity.
Shareholders' equity
	Note 8. Shareholders’ equity

	Participating Preferred Shares

	As of March 31, 2015, the initial liquidation preference on the Company’s participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets, for all of the Company’s outstanding 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares was $442.4 million.

	Distributions

	Our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares during the quarters ended March 31, 2015 and 2014. Distributions declared on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares during the quarter ended March 31, 2015, totaled $0.3125 per share, $0.3125 per share and $0.34375 per share, respectively. Distributions declared on our 5.0% Series A participating preferred shares and 5.0% Series B participating preferred shares during the quarter ended March 31, 2014, totaled $0.3125 per share and $0.3500 per share, respectively. Our board of trustees declared distributions that totaled $0.15113 per share on our Series C convertible units during the quarters ended March 31, 2015 and 2014.

	Noncontrolling Interest

	Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interest held by AH LLC in units in the Company’s Operating Partnership. AH LLC owned 14,440,670, or approximately 6.4% of the total 225,927,834 and 225,914,576 Class A units in the Operating Partnership as of March 31, 2015, and December 31, 2014, respectively. Additionally, AH LLC 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, 2015, and December 31, 2014. 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, 2015, primarily consisted of $4.7 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 income allocated to noncontrolling interests in certain of the Company’s consolidated subsidiaries. Noncontrolling interest 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.

	2012 Equity Incentive Plan

	During the three months ended March 31, 2015 and 2014, the Company granted stock options for 553,500 and 970,000 Class A common shares, respectively, and 42,000 and 92,000 restricted stock units, respectively, 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, 2015 and 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, 2015 and 2014:

			Shares		Weighted-			Weighted-	Aggregate
					Average			Average	Intrinsic Value (1)
					Exercise Price			Remaining	(in thousands)
								Contractual Life
								(in years)
	Options outstanding at January 1, 2014		1,190,000		$	15.48		9.3	$	862
	Granted		970,000		16.63
	Exercised		—		—
	Forfeited		(41,250	)	16.18
	Options outstanding at March 31, 2014		2,118,750		$	15.99		9.4	$	1,532
	Options exercisable at March 31, 2014		160,000		$	15		8.5	$	274

	Options outstanding at January 1, 2015		2,165,000		$	16.17		8.8	$	1,890
	Granted		553,500		16.48
	Exercised		—		—
	Forfeited		(110,500	)	16.57
	Options outstanding at March 31, 2015		2,608,000		$	16.22		8.7	$	1,064
	Options exercisable at March 31, 2015		597,500		$	15.8		7.8	$	466

		-1		Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

	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, 2015 and 2014:

			2015			2014
	Weighted-average fair value		$	4.57		$	5.01
	Expected term (years)		7.0			7.0
	Dividend yield		3.0		%	3.0		%
	Volatility		36.0		%	38.5		%
	Risk-free interest rate		1.9		%	2.2		%

	The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the three months ended March 31, 2015 and 2014:

			2015		2014
	Restricted stock units at beginning of period		85,000		—
	Units awarded		42,000		92,000
	Units vested		(21,250	)	—
	Units forfeited		(6,000	)	(2,000	)
	Restricted stock units at end of the period		99,750		90,000

	Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.7 million and $0.5 million for the three months ended March 31, 2015 and 2014, respectively.

Related_party_transactions

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 2015
Related party transactions
Related party transactions
	Note 9. Related party transactions

	As of March 31, 2015, and December 31, 2014, AH LLC owned approximately 3.3% of our outstanding Class A common shares. On a fully-diluted basis, AH LLC held (including consideration of 635,075 Class B common shares as of March 31, 2015, and December 31, 2014, 14,440,670 Class A common units as of March 31, 2015, and December 31, 2014, 31,085,974 Series C convertible units as of March 31, 2015, and December 31, 2014, 4,375,000 Series D units as of March 31, 2015, and December 31, 2014 and 4,375,000 Series E units as of March 31, 2015, and December 31, 2014) an approximate 21.8% interest at March 31, 2015, and December 31, 2014.

	As of March 31, 2015, the Company had a net payable of $2.6 million due to AH LLC, which has been included in amounts payable to affiliates within the condensed consolidated balance sheets. This amount primarily consisted of Series C distributions payable to AH LLC, partially offset by receivables from affiliates related to fees and reimbursable expenditures. As of December 31, 2014, the Company had a net receivable of $4.0 million due from AH LLC, which has been included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. This amount primarily consisted of receivables due from AH LLC related to working capital settlement items.

	Agreement on Investment Opportunities

	In November 2012, the Company entered into an Agreement on Investment Opportunities with AH LLC under which we paid 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, we entered into an Amended and Restated Agreement on Investment Opportunities. Under the terms of the Amended and Restated Agreement on Investment Opportunities, on December 10, 2014, AH LLC ceased providing acquisition and renovation services for us, we stopped paying AH LLC an acquisition and renovation fee, we hired all of AH LLC’s acquisition and renovation personnel necessary for our operations and AH LLC ceased paying the Company a monthly fee of $0.1 million for the maintenance and use of certain intellectual property transferred to us in the Management Internalization.

	During the three months ended March 31, 2014, we incurred $17.6 million in aggregate acquisition and renovation fees to AH LLC prior to the termination of the Amended and Restated Agreement on Investment Opportunities, of which $17.3 million was capitalized related to asset acquisitions and included in the cost of the single-family properties and $0.3 million was expensed related to property acquisitions with in-place leases.

	Employee Administration Agreement

	In connection with the Management Internalization on June 10, 2013, we entered into an employee administration agreement with Malibu Management, Inc. (“MMI”), an affiliate of AH LLC, to obtain the exclusive services of personnel of the Advisor and the Property Manager, who were previously employees of MMI under the direction of AH LLC. Under the 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 were able to direct MMI to implement employment decisions with respect to the employees dedicated to us. We were required to reimburse MMI for all compensation and benefits and costs associated with the employees dedicated to us. We did not pay any fee or any other form of compensation to MMI. The agreement with MMI terminated on December 31, 2014. Effective January 1, 2015, all employees previously employed by MMI and performing services on our behalf became our employees. 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.

Earnings_per_share

Earnings per share	3 Months Ended
	Mar. 31, 2015
Earnings per share
Earnings per share
	Note 10. 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, 2015 and 2014 (in thousands, except share data):
		For the Three Months
		Ended March 31,
		2015			2014
	Income / (loss) (numerator):
	Loss from continuing operations	$	(8,265	)	$	(6,935	)
	Noncontrolling interest	3,956			3,620
	Dividends on preferred shares	5,569			3,121
	Net loss attributable to common shareholders	$	(17,790	)	$	(13,676	)

	Weighted-average shares (denominator)	211,481,727			185,504,294

	Net loss per share—basic and diluted	$	(0.08	)	$	(0.07	)

	Total weighted-average shares for the three months ended March 31, 2015 and 2014, excludes an aggregate of 74,044,394 and 65,292,016, respectively, of shares or units in our Operating Partnership, Series A, B and C preferred shares, common shares issuable upon exercise of stock options, and restricted stock units because they were antidilutive.

Commitments_and_contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2015
Commitments and contingencies
Commitments and contingencies
	Note 11. 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, 2015, and December 31, 2014, the Company had aggregate outstanding commitments of $4.1 million in connection with these contracts.

	As of March 31, 2015, and December 31, 2014, we had commitments to acquire 119 and 703 single-family properties, respectively, with an aggregate purchase price of $17.3 million and $110.9 million, respectively.

	We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position.

Fair_Value

Fair Value	3 Months Ended
	Mar. 31, 2015
Fair Value.
Fair Value
	Note 12. Fair value

	The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. The Company’s interest rate cap agreement, 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 condensed consolidated financial statements.

	As our securitization transactions were recently entered into, management believes that the carrying values of the securitization transactions reasonably approximate their fair values as of March 31, 2015, which have been estimated by discounting future cash flows at market rates (Level 2). These market rates have been estimated based on recent market activity, including our own securitization transactions. As our credit facility bears interest at a floating rate based on an index plus a spread, which is 30 day LIBOR plus 2.75%, and the credit spread is consistent with those demanded in the market for credit facilities with similar risks and maturities, management believes that the carrying value of the credit facility as of March 31, 2015, reasonably approximates fair value, which has been estimated by discounting future cash flows at market rates (Level 2).

	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 statistical areas, or MSAs, as outlined in the agreement.

	The fair value of our interest rate cap agreement is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the interest rate cap. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, Fair Value Measurements and Disclosures, the Company incorporates credit valuation adjustments to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements.

	The following tables set forth the fair value of our interest rate cap agreement, the contingently convertible Series E units liability and preferred shares derivative liability as of March 31, 2015, and December 31, 2014 (in thousands):
		March 31, 2015
	Description	Quoted Prices in		Significant		Significant			Total
		Active Markets		Other		Unobservable
		for Identical		Observable		Inputs
		Assets		Inputs		(Level 3)
		(Level 1)		(Level 2)
	Assets:
	Interest rate cap agreement	$	—	$	3	$	—		$	3

	Liabilities:
	Contingently convertible Series E units liability	$	—	$	—	$	70,219		$	70,219
	Preferred shares derivative liability	$	—	$	—	$	57,840		$	57,840

		December 31, 2014
	Description	Quoted Prices in		Significant		Significant			Total
		Active Markets		Other		Unobservable
		for Identical		Observable		Inputs
		Assets		Inputs		(Level 3)
		(Level 1)		(Level 2)
	Assets:
	Interest rate cap agreement	$	—	$	14	$	—		$	14

	Liabilities:
	Contingently convertible Series E units liability	$	—	$	—	$	72,057		$	72,057
	Preferred shares derivative liability	$	—	$	—	$	57,960		$	57,960

	The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our 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 condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 (in thousands):

	Description	January 1, 2015		Issuances		Remeasurement			March 31, 2015
						included in
						earnings
	Liabilities:
	Contingently convertible Series E units liability	$	72,057	$	—	$	(1,838	)	$	70,219
	Preferred shares derivative liability	$	57,960	$	—	$	(120	)	$	57,840

	Description	January 1, 2014		Issuances		Remeasurement			March 31, 2014
						included in
						earnings
	Liabilities:
	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.

Subsequent_events

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2015
Subsequent events.
Subsequent events
	Note 13. Subsequent events

	Subsequent Acquisitions

	From April 1, 2015, through April 30, 2015, we acquired 213 properties with an aggregate purchase price of approximately $28.4 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, 2015, through April 30, 2015, the Company borrowed an additional $89.0 million under the credit facility and made payments on the credit facility totaling $40.0 million, resulting in an outstanding balance of $94.0 million as of April 30, 2015.

	Declaration of Dividends

	On May 7, 2015, our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on June 30, 2015, to shareholders of record on June 15, 2015, and $0.05 per Class B common share payable on June 30, 2015, to shareholders of record on June 15, 2015. Additionally, our board of trustees also declared quarterly dividends of $0.3125 per share on the Company’s 5.0% Series A Participating Preferred Shares payable on June 30, 2015, to shareholders of record on June 15, 2015, $0.3125 per share on the Company’s 5.0% Series B Participating Preferred Shares payable on June 30, 2015, to shareholders of record on June 15, 2015, and $0.34375 per share on the Company’s 5.5% Series C Participating Preferred shares payable on June 30, 2015, to shareholders of record on June 15, 2015.

Significant_accounting_policie1

Significant accounting policies (Policies)	3 Months Ended
Significant accounting policies (Policies)	Mar. 31, 2015
Significant accounting policies
Basis of Presentation
	Basis of Presentation

	The 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 (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the condensed consolidated financial statements.

	The 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 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, 2014. 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, compared to those policies disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Therefore, notes to the condensed consolidated financial statements that would substantially duplicate the disclosures contained in our most recent audited consolidated financial statements have been omitted.

Recent Accounting Pronouncements
	Recent Accounting Pronouncements

	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements, Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations such as a major line of business, major geographic area or a major equity method investment, should be presented as discontinued operations. In addition the new guidance requires expanded disclosures about discontinued operations that will provide more information about the assets, liabilities, income and expenses of discontinued operations. The guidance is effective for all disposals of components (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014. The Company’s adoption of this guidance did not have a material impact on our financial statements.

	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the method of adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on the Company’s financial statements.

Singlefamily_properties_Tables

Single-family properties (Tables)	3 Months Ended
Single-family properties (Tables)	Mar. 31, 2015
Single-family properties
Schedule of Single-Family Properties
	Single-family properties, net, consists of the following as of March 31, 2015, and December 31, 2014 (dollars in thousands):

		March 31, 2015
		Number of properties	Net book value
	Leased single-family properties	31,183	$	5,112,511
	Single-family properties being renovated	1,863	293,221
	Single-family properties being prepared for re-lease	838	136,905
	Vacant single-family properties available for lease	2,669	489,290
	Single-family properties held for sale	35	5,428
	Total	36,588	$	6,037,355

		December 31, 2014
		Number of properties	Net book value
	Leased single-family properties	28,250	$	4,631,797
	Single-family properties being renovated	2,886	476,120
	Single-family properties being prepared for re-lease	630	104,974
	Vacant single-family properties available for lease	2,807	493,962
	Single-family properties held for sale	26	3,818
	Total	34,599	$	5,710,671

Deferred_costs_and_other_intan1

Deferred costs and other intangibles (Tables)	3 Months Ended
Deferred costs and other intangibles (Tables)	Mar. 31, 2015
Deferred costs and other intangibles
Deferred costs and other intangibles
	Deferred costs and other intangibles, net, consists of the following as of March 31, 2015, and December 31, 2014 (in thousands):

		March 31, 2015			December 31, 2014
	Deferred leasing costs	$	12,108		$	18,307
	Deferred financing costs	66,424			53,013
	Intangible assets:
	Value of in-place leases	3,724			10,468
	Trademark	3,100			3,100
	Database	2,100			2,100
		87,456			86,988
	Less: accumulated amortization	(22,189		)	(32,406		)
	Total	$	65,267		$	54,582


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, 2015, for future periods (in thousands):

	Year	Deferred Leasing			Deferred Financing			Value of In-place		Trademark		Database
	Year	Costs			Costs			Leases		Trademark		Database
	Remaining 2015	$	3,492		$	6,921		$	1,814	$	495	$	225
	2016	284			9,258			7		660		300
	2017	66			7,864			—		660		300
	2018	—			7,387			—		91		300
	2019	—			5,234			—		—		300
	Thereafter	—			19,477			—		—		132
	Total	$	3,842		$	56,141		$	1,821	$	1,906	$	1,557

Debt_Tables

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2015
Debt
Schedule of debt
	The following table presents the Company’s debt as of March 31, 2015, and December 31, 2014 (in thousands):

							Outstanding Principal Balance
			Interest Rate (1)		Maturity Date		March 31, 2015		December 31, 2014
	2014-SFR1 securitization (2)		1.79%		June 9, 2019		$	477,363	$	478,565
	2014-SFR2 securitization		4.42%		October 9, 2024		511,151		512,435
	2014-SFR3 securitization		4.40%		December 9, 2024		527,097		528,390
	2015-SFR1 securitization (3)		4.14%		April 9, 2045		552,778		—
	Total asset-backed securitizations						2,068,389		1,519,390
	Secured note payable		4.06%		July 1, 2019		51,417		51,644
	Credit facility (4)		2.93%		September 30, 2018		45,000		207,000
	Total debt						$	2,164,806	$	1,778,034

		-1		Interest rates are as of March 31, 2015. Unless otherwise stated, interest rates are fixed percentages.
		-2		The 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of LIBOR plus 1.54%. The maturity date of June 9, 2019, reflects the fully extended maturity date based on an initial two-year loan term and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms.
		-3		The 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.
		-4		The credit facility provides for a borrowing capacity of up to $800 million through March 2016 and bears interest at LIBOR plus 2.75% (3.125% beginning in March 2017). Any outstanding borrowings upon expiration of the credit facility period in March 2016 will become due in September 2018.

Summary of activity that relates to capitalized interest
	The following table outlines our total gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the three months ended March 31, 2015 and 2014 (in thousands):

			For the Three Months Ended,
			March 31, 2015			March 31, 2014
	Gross interest cost		$	20,239		$	4,430
	Capitalized interest		(4,569		)	(2,928		)
	Interest expense		$	15,670		$	1,502

Accounts_payable_and_accrued_e1

Accounts payable and accrued expenses (Tables)	3 Months Ended
	Mar. 31, 2015
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, 2015, and December 31, 2014 (in thousands):

		March 31, 2015		December 31, 2014
	Accounts payable	$	149	$	4,925
	Accrued property taxes	45,953		49,018
	Other accrued liabilities	24,946		28,972
	Accrued construction and maintenance liabilities	23,231		23,914
	Resident security deposits	47,103		42,877
	Total	$	141,382	$	149,706

Shareholders_equity_Tables

Shareholders' equity (Tables)	3 Months Ended
Shareholders' equity (Tables)	Mar. 31, 2015
Shareholders' equity.
Summary of Stock Option Activity under Plan
			Shares		Weighted-			Weighted-	Aggregate
					Average			Average	Intrinsic Value (1)
					Exercise Price			Remaining	(in thousands)
								Contractual Life
								(in years)
	Options outstanding at January 1, 2014		1,190,000		$	15.48		9.3	$	862
	Granted		970,000		16.63
	Exercised		—		—
	Forfeited		(41,250	)	16.18
	Options outstanding at March 31, 2014		2,118,750		$	15.99		9.4	$	1,532
	Options exercisable at March 31, 2014		160,000		$	15		8.5	$	274

	Options outstanding at January 1, 2015		2,165,000		$	16.17		8.8	$	1,890
	Granted		553,500		16.48
	Exercised		—		—
	Forfeited		(110,500	)	16.57
	Options outstanding at March 31, 2015		2,608,000		$	16.22		8.7	$	1,064
	Options exercisable at March 31, 2015		597,500		$	15.8		7.8	$	466

		-1		Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding
			2015			2014
	Weighted-average fair value		$	4.57		$	5.01
	Expected term (years)		7.0			7.0
	Dividend yield		3.0		%	3.0		%
	Volatility		36.0		%	38.5		%
	Risk-free interest rate		1.9		%	2.2		%


Summary of restricted stock units activity under Plan

			2015		2014
	Restricted stock units at beginning of period		85,000		—
	Units awarded		42,000		92,000
	Units vested		(21,250	)	—
	Units forfeited		(6,000	)	(2,000	)
	Restricted stock units at end of the period		99,750		90,000

Earnings_per_share_Tables

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2015
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, 2015 and 2014 (in thousands, except share data):

		For the Three Months
		Ended March 31,
		2015			2014
	Income / (loss) (numerator):
	Loss from continuing operations	$	(8,265	)	$	(6,935	)
	Noncontrolling interest	3,956			3,620
	Dividends on preferred shares	5,569			3,121
	Net loss attributable to common shareholders	$	(17,790	)	$	(13,676	)

	Weighted-average shares (denominator)	211,481,727			185,504,294

	Net loss per share—basic and diluted	$	(0.08	)	$	(0.07	)

Fair_Value_Tables

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value.
Fair Value of Financial Instruments
	The following tables set forth the fair value of our interest rate cap agreement, the contingently convertible Series E units liability and preferred shares derivative liability as of March 31, 2015, and December 31, 2014 (in thousands):

		March 31, 2015
	Description	Quoted Prices in		Significant		Significant			Total
		Active Markets		Other		Unobservable
		for Identical		Observable		Inputs
		Assets		Inputs		(Level 3)
		(Level 1)		(Level 2)
	Assets:
	Interest rate cap agreement	$	—	$	3	$	—		$	3

	Liabilities:
	Contingently convertible Series E units liability	$	—	$	—	$	70,219		$	70,219
	Preferred shares derivative liability	$	—	$	—	$	57,840		$	57,840
		December 31, 2014
	Description	Quoted Prices in		Significant		Significant			Total
		Active Markets		Other		Unobservable
		for Identical		Observable		Inputs
		Assets		Inputs		(Level 3)
		(Level 1)		(Level 2)
	Assets:
	Interest rate cap agreement	$	—	$	14	$	—		$	14

	Liabilities:
	Contingently convertible Series E units liability	$	—	$	—	$	72,057		$	72,057
	Preferred shares derivative liability	$	—	$	—	$	57,960		$	57,960


Changes in Fair Value of Level 3 Financial Instruments
	The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our 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 condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 (in thousands):

	Description	January 1, 2015		Issuances		Remeasurement			March 31, 2015
						included in
						earnings
	Liabilities:
	Contingently convertible Series E units liability	$	72,057	$	—	$	(1,838	)	$	70,219
	Preferred shares derivative liability	$	57,960	$	—	$	(120	)	$	57,840
	Description	January 1, 2014		Issuances		Remeasurement			March 31, 2014
						included in
						earnings
	Liabilities:
	Contingently convertible Series E units liability	$	66,938	$	—	$	2,756		$	69,694
	Preferred shares derivative liability	$	28,150	$	1,242	$	457		$	29,849

Organization_and_operations_De

Organization and operations (Details)	0 Months Ended
	Jun. 10, 2013	Mar. 31, 2015	Dec. 31, 2014
		property	property
		state
Organization and operations
Number of properties		36,588	34,599
Number of states		22
Number of Properties Held for Sale		35
Operating Partnership \| Series D Convertible Units
Organization and operations
Units issued to AH LLC (in shares)	4,375,000
Operating Partnership \| Series E Convertible Units
Organization and operations
Units issued to AH LLC (in shares)	4,375,000

Singlefamily_properties_Detail

Single-family properties (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	property	property
Property Subject to or Available for Operating Lease
Number of properties	36,588	34,599
Net book value	$6,037,355	$5,710,671
Single family homes \| Properties being renovated
Property Subject to or Available for Operating Lease
Number of properties	1,863	2,886
Net book value	293,221	476,120
Single family homes \| Properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties	838	630
Net book value	136,905	104,974
Single family homes \| Properties held for sale
Property Subject to or Available for Operating Lease
Number of properties	35	26
Net book value	5,428	3,818
Leased \| Single family homes
Property Subject to or Available for Operating Lease
Number of properties	31,183	28,250
Net book value	5,112,511	4,631,797
Vacant \| Single family homes
Property Subject to or Available for Operating Lease
Number of properties	2,669	2,807
Net book value	$489,290	$493,962

Singlefamily_properties_Detail1

Single-family properties (Details 2) (Single family homes, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Single family homes
Property Subject to or Available for Operating Lease
Net book value	$40.10		$114.60
Depreciation expense	$48.70	$31

Rent_and_Other_Receivables_Det

Rent and Other Receivables (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Rent and Other Receivables
Allowance for doubtful accounts	$1.70	$0.50
Rescinded properties	0.5	1.1
Non-tenant receivables	$3.80	$2.40

Deferred_costs_and_other_intan2

Deferred costs and other intangibles (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$12,108	$18,307
Deferred financing costs	66,424	53,013
Intangible assets:
Intangible assets	87,456	86,988
Less: accumulated amortization	-22,189	-32,406
Total	65,267	54,582
Value of In-place Leases
Intangible assets:
Intangible assets	3,724	10,468
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, 2015	Mar. 31, 2014
Deferred costs and other intangibles
Amortization expense	$3.20	$4.10
Amortization of deferred financing costs	$2	$0.60

Deferred_costs_and_other_intan4

Deferred costs and other intangibles (Details 3) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Intangible Assets
Remaining 2015	$3,492
2016	284
2017	66
Total	3,842
Remaining 2015	6,921
2016	9,258
2017	7,864
2018	7,387
2019	5,234
Thereafter	19,477
Total	56,141
Value of In-place Leases
Intangible Assets
Remaining 2015	1,814
2016	7
Total	1,821
Trademark
Intangible Assets
Remaining 2015	495
2016	660
2017	660
2018	91
Total	1,906
Database
Intangible Assets
Remaining 2015	225
2016	300
2017	300
2018	300
2019	300
Thereafter	132
Total	$1,557

Debt_Details

Debt (Details) (USD $)	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2013	Mar. 31, 2013
	property	Mar. 31, 2015	property	Sep. 30, 2013	Mar. 31, 2013
Proforma Debt Instrument
Asset-backed securitizations	$2,068,389,000	$2,068,389,000	$1,519,390,000
Secured note payable	51,417,000	51,417,000	51,644,000
Credit facility	45,000,000	45,000,000	207,000,000
Total debt	2,164,806,000	2,164,806,000	1,778,034,000
Gross proceeds from the sale of certificates	552,830,000
Number of properties	36,588	36,588	34,599
Interest rate cap agreement	3,000	3,000	14,000
Payments on asset-backed securitizations	3,831,000
Single-family properties, net	6,037,355,000	6,037,355,000	5,710,671,000
Single family homes
Proforma Debt Instrument
Minimum coverage ratio	1.2
Period of debt service considered for debt coverage ratio	12 months
2014-SFR 1
Proforma Debt Instrument
Asset-backed securitizations	477,363,000	477,363,000	478,565,000
Debt instrument initial term	2 years
Percentage of rate increased in the event of loan not paid	3.00%
Number of extension options	3
Period of extension options	12 months
Interest rate (as percent)	1.79%	1.79%
Debt instrument, description of variable rate	LIBOR
Debt instrument, basis spread on variable rate (as a percent)	1.54%
2014-SFR 2
Proforma Debt Instrument
Asset-backed securitizations	511,151,000	511,151,000	512,435,000
Interest rate (as percent)	4.42%	4.42%
2014-SFR 3
Proforma Debt Instrument
Asset-backed securitizations	527,097,000	527,097,000	528,390,000
Interest rate (as percent)	4.40%	4.40%
2015-SFR 1
Proforma Debt Instrument
Asset-backed securitizations	552,778,000	552,778,000
Debt instrument initial term		30 years
Interest rate (as percent)	4.14%	4.14%
2015-SFR 1 \| Single family homes
Proforma Debt Instrument
Gross proceeds from the sale of certificates		552,800,000
Issuance costs for the sale of certificates		13,300,000
Debt instrument initial term	10 years
Borrower
Proforma Debt Instrument
Ratio of monthly principal payment of loan	0.083
Borrower \| 2015-SFR 1
Proforma Debt Instrument
Loan amount	552,800,000	552,800,000
Borrower \| 2015-SFR 1 \| Note
Proforma Debt Instrument
Number of properties	4,661	4,661
Single-family properties, net	751,200,000	751,200,000
Until March 2017 \| 2014-SFR 1
Proforma Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)	2.75%
March 2017 and Thereafter \| 2014-SFR 1
Proforma Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)	3.13%
Senior Secured Revolving Credit Facility
Proforma Debt Instrument
Interest rate (as percent)	2.93%	2.93%
Credit facility amount, maximum	800,000,000	800,000,000		800,000,000	500,000,000
Senior Secured Revolving Credit Facility \| 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%
Senior Secured Revolving Credit Facility \| Until March 2017 \| LIBOR
Proforma Debt Instrument
Debt instrument, description of variable rate	30B day LIBOR
Debt instrument, basis spread on variable rate (as a percent)	2.75%
Senior Secured Revolving Credit Facility \| March 2017 and Thereafter \| LIBOR
Proforma Debt Instrument
Debt instrument, description of variable rate	30B day LIBOR
Debt instrument, basis spread on variable rate (as a percent)	3.13%
Senior Notes
Proforma Debt Instrument
Secured note payable	$51,417,000	$51,417,000	$51,644,000
Interest rate (as percent)	4.06%	4.06%

Debt_Details_2

Debt (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Debt
Gross interest cost	$20,239	$4,430
Capitalized interest	-4,569	-2,928
Interest expense	$15,670	$1,502

Accounts_payable_and_accrued_e2

Accounts payable and accrued expenses (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts payable and accrued expenses.
Accounts payable	$149	$4,925
Accrued property taxes	45,953	49,018
Other accrued liabilities	24,946	28,972
Accrued construction and maintenance liabilities	23,231	23,914
Resident security deposits	47,103	42,877
Total	$141,382	$149,706

Shareholders_equity_Details

Shareholders' equity (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Class of Stock
Preferred stock, cumulative change in value of index based on purchase prices of single-family properties (as a percent)	50.00%
Quarterly distributions to preferred shareholders	$5,569	$3,121
Class A common shares
Class of Stock
Dividend payable per share	$0.05	$0.05
Series A Preferred Stock
Class of Stock
Dividend payable per share	$0.31	$0.31
Series B Preferred Stock
Class of Stock
Dividend payable per share	$0.31	$0.35
Series C Preferred Stock
Class of Stock
Dividend payable per share	$0.34	$0.15
Class B common shares
Class of Stock
Dividend payable per share	$0.05	$0.05

Shareholders_equity_Details_2

Shareholders' equity (Details 2) (USD $)	3 Months Ended			12 Months Ended	15 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
Aggregate intrinsic value
Weighted average remaining life (years)		8 years 9 months 18 days		9 years 3 months 18 days
Weighted average exercisable (years)	7 years 9 months 18 days		8 years 6 months
Stock options
Class of Stock
Vesting period	4 years		4 years
Expiration period	10 years		10 years
Restricted stock units
Class of Stock
Vesting period					4 years
Expiration period					10 years
Stock Options
Outstanding at beginning of the period (in shares)	85,000
Granted (in shares)	42,000		92,000
Exercised (in shares)	-21,250
Forfeited (in shares)	-6,000		-2,000
Outstanding at end of the period (in shares)	99,750		90,000		99,750
2012 Equity Incentive Plan \| Stock options
Stock Options
Outstanding at beginning of the period (in shares)	2,165,000		1,190,000		1,190,000
Granted (in shares)	553,500		970,000
Forfeited (in shares)	-110,500		-41,250
Outstanding at end of the period (in shares)	2,608,000		2,118,750		2,608,000
Exercisable at end of the period (in shares)	597,500		160,000		597,500
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)	16.17		15.48		15.48
Granted (in dollars per share)	16.48		16.63
Forfeited (in dollars per share)	16.57		16.18
Outstanding at end of the period (in dollars per share)	16.22		15.99		16.22
Exercisable at end of the period (in dollars per share)	15.8		15		15.8
Aggregate intrinsic value
Weighted average remaining life (years)	8 years 8 months 12 days		9 years 4 months 24 days
Aggregate intrinsic value	1,064	1,890	1,532	862	1,064
Aggregate intrinsic value exercisable	466		274		466
2012 Equity Incentive Plan \| Restricted stock units
Class of Stock
Stock options granted	42,000
2012 Equity Incentive Plan \| Class A common shares
Class of Stock
Stock options granted	553,500		970,000

Shareholders_equity_Details_3

Shareholders' equity (Details 3) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
AH LLC
Class of Stock
Percentage of units outstanding	21.80%		21.80%
Operating Partnership \| Class A Units
Class of Stock
Units outstanding (in shares)	225,927,834		225,914,576
Income (loss) allocated to noncontrolling interest	$0.80	$0.80
Operating Partnership \| Class A Units \| AH LLC
Class of Stock
Percentage of units outstanding	6.40%		6.40%
Units owned (in shares)	14,440,670		14,440,670
Operating Partnership \| Series C Convertible Units
Class of Stock
Units owned (in shares)	31,085,974		31,085,974
Income (loss) allocated to noncontrolling interest	4.7	4.5
Operating Partnership \| Series C Convertible Units \| AH LLC
Class of Stock
Units owned (in shares)	31,085,974		31,085,974
Operating Partnership \| Series D Convertible Units \| AH LLC
Class of Stock
Units owned (in shares)	4,375,000		4,375,000
Certain consolidated subsidiaries with noncontrolling interest
Class of Stock
Income (loss) allocated to noncontrolling interest		0.1
Certain consolidated subsidiaries with noncontrolling interest \| Operating Partnership
Class of Stock
Income (loss) allocated to noncontrolling interest	$0.10

Shareholders_equity_Details_4

Shareholders' equity (Details 4) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended
Shareholders' equity (Details 4) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average remaining life (years)	8 years 9 months 18 days	9 years 3 months 18 days
Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average fair value			$4.60	$5.01
Expected term (years)			7 years	7 years
Dividend Yield			3.00%	3.00%
Volatility			36.00%	38.50%
Risk-free interest rate			1.90%	2.20%

Shareholders_equity_Details_5

Shareholders' equity (Details 5) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Class of Stock
Non-cash share-based compensation expense	696	532
Stock options \| 2012 Equity Incentive Plan
Class of Stock
Shares forfeited	110,500	41,250
Awards outstanding (in shares)	2,608,000	2,118,750	2,165,000	1,190,000
Restricted stock units
Class of Stock
Shares forfeited	6,000	2,000
Awards outstanding (in shares)	99,750	90,000	85,000
Restricted stock units \| 2012 Equity Incentive Plan
Class of Stock
Shares awarded		92,000
Stock options and Restricted stock units
Class of Stock
Non-cash share-based compensation expense	700	500

Related_party_transactions_Det

Related party transactions (Details) (USD $)	3 Months Ended
Related party transactions (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Nov. 30, 2012
Related Party Transaction
Payable to (receivable from) affiliate	$2,609,000
AH LLC
Related Party Transaction
Equity interest rate (as a percent)	21.80%		21.80%
Payable to (receivable from) affiliate	2,600,000		-4,000,000
AH LLC \| Class A common shares
Related Party Transaction
Equity interest rate (as a percent)	3.30%		3.30%
AH LLC \| Class B common shares
Related Party Transaction
Shares owned	635,075		635,075
AH LLC \| Agreement on Investment Opportunities
Related Party Transaction
Acquisition and renovation fee in percent				5.00%
Monthly maintenance fee	100,000
Acquisition and renovation fees		17,600,000
Asset acquisition cost		17,300,000
Property acquisition cost		300,000
MMI
Related Party Transaction
Administrative expenses paid to related party		$9,000,000
Operating Partnership \| Series C Convertible Units
Related Party Transaction
Units owned (in shares)	31,085,974		31,085,974
Operating Partnership \| Class A common shares
Related Party Transaction
Units owned (in shares)	14,440,670		14,440,670
Operating Partnership \| AH LLC \| Class A Units
Related Party Transaction
Equity interest rate (as a percent)	6.40%		6.40%
Units owned (in shares)	14,440,670		14,440,670
Operating Partnership \| AH LLC \| Series C Convertible Units
Related Party Transaction
Units owned (in shares)	31,085,974		31,085,974
Operating Partnership \| AH LLC \| Series D Convertible Units
Related Party Transaction
Units owned (in shares)	4,375,000		4,375,000
Operating Partnership \| AH LLC \| Series E Convertible Units
Related Party Transaction
Units owned (in shares)	4,375,000		4,375,000

Earnings_per_share_Details_2

Earnings per share (Details 2)	3 Months Ended
Earnings per share (Details 2)	Mar. 31, 2015	Mar. 31, 2014
Earnings per share
Total weighted average shares	74,044,394	65,292,016

Commitments_and_contingencies_

Commitments and contingencies (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Commitment to renovate homes
Commitments and contingencies
Aggregate outstanding commitment	$4.10	$4.10
Commitment to acquire properties
Commitments and contingencies
Aggregate purchase price	$17.30	$110.90
Number of properties	119	703

Fair_Value_Details

Fair Value (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets:
Interest rate cap agreement	3	$14
Liabilities:
Contingently convertible Series E units liability	70,219	72,057	69,694	66,938
Preferred shares derivative liability	57,840	57,960	29,849	28,150
Senior Secured Revolving Credit Facility \| LIBOR
Proforma Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	30 day LIBOR
Debt Instrument, Basis Spread on Variable Rate	2.75%
Significant Other Observable Inputs (Level 2) \| Recurring
Assets:
Interest rate cap agreement	3	14
Significant Unobservable Inputs (Level 3) \| Recurring
Liabilities:
Contingently convertible Series E units liability	70,219	72,057
Preferred shares derivative liability	57,840	$57,960

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Fair Value.
Contingently convertible Series E units liability, Beginning Balance	$72,057	$66,938
Contingently convertible Series E units liability, Remeasurement included in earnings	1,838	-2,756
Contingently convertible Series E units liability, Ending Balance	70,219	69,694
Preferred shares derivative liability, Beginning Balance	57,960	28,150
Preferred shares derivative liability, Issuance		1,242
Preferred shares derivative liability, Remeasurement included in earnings	120	-457
Preferred shares derivative liability, Ending Balance	$57,840	$29,849

Subsequent_events_Details

Subsequent events (Details) (USD $)	3 Months Ended		1 Months Ended	0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 30, 2015	7-May-15	Apr. 30, 2015	Dec. 31, 2014
	Mar. 31, 2015	Mar. 31, 2014	property	7-May-15	Apr. 30, 2015	Dec. 31, 2014
Subsequent Event
Aggregate purchase price of properties acquired	$292,735	$341,064
Credit facility, additional borrowings, amount	346,000	321,000
Credit facility, repayment, amount	508,000	25,000
Total debt	45,000					207,000
Subsequent Events \| Subsequent acquisitions
Subsequent Event
Number of properties acquired			213		213
Aggregate purchase price of properties acquired			28,400
Subsequent Events \| 5.50% Series C participating preferred shares
Subsequent Event
Quarterly dividend (in dollars per share)				$0.34
Rate of Preferred units				5.50%
Subsequent Events \| Class A common shares
Subsequent Event
Quarterly dividend (in dollars per share)					$0.05
Subsequent Events \| Class B common shares
Subsequent Event
Quarterly dividend (in dollars per share)				$0.05
Subsequent Events \| Series A Preferred Stock
Subsequent Event
Quarterly dividend (in dollars per share)				$0.31
Subsequent Events \| Series B Preferred Stock
Subsequent Event
Quarterly dividend (in dollars per share)				$0.31
Rate of Preferred units				5.00%
Subsequent Events \| Senior Secured Revolving Credit Facility
Subsequent Event
Credit facility, additional borrowings, amount			89,000
Credit facility, repayment, amount			40,000
Total debt			$94,000		$94,000