American Homes 4 Rent (AMH) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document Information
Entity Registrant Name	American Homes 4 Rent
Entity Central Index Key	1,562,401
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Single-family properties:
Land	$ 1,192,335	$ 1,104,409
Buildings and improvements	5,263,599	4,808,706
Single-family properties held for sale	6,387	3,818
Single-family properties, gross	6,462,321	5,916,933
Less: accumulated depreciation	(300,173)	(206,262)
Single-family properties, net	6,162,148	5,710,671
Cash and cash equivalents	90,657	108,787
Restricted cash	94,837	77,198
Rent and other receivables, net	12,184	11,009
Escrow deposits, prepaid expenses and other assets	118,516	118,783
Deferred costs and other intangibles, net	62,299	54,582
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,655	120,655
Total assets	6,686,962	6,227,351
Liabilities
Credit facility	177,000	207,000
Asset-backed securitizations	2,063,663	1,519,390
Secured note payable	51,200	51,644
Accounts payable and accrued expenses	158,037	149,706
Amounts payable to affiliates	1,863
Contingently convertible Series E units liability	68,076	72,057
Preferred shares derivative liability	57,260	57,960
Total liabilities	$ 2,577,099	$ 2,057,757
Commitments and contingencies
Shareholders' equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 17,060,000 issued and outstanding at June 30, 2015, and December 31, 2014	$ 171	$ 171
Additional paid-in capital	3,619,503	3,618,207
Accumulated deficit	(226,797)	(170,162)
Accumulated other comprehensive loss	(199)	(229)
Total shareholders' equity	3,394,792	3,450,101
Noncontrolling interest	715,071	719,493
Total equity	4,109,863	4,169,594
Total liabilities and equity	6,686,962	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 Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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 Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rents from single-family properties	$ 137,818	$ 88,871	$ 258,498	$ 162,632
Fees from single-family properties	2,204	1,889	3,535	3,247
Tenant charge-backs	11,962	3,138	20,334	5,028
Other	1,644	406	3,009	675
Total revenues	153,628	94,304	285,376	171,582
Expenses:
Leased single-family properties	67,823	37,299	121,753	66,565
Vacant single-family properties and other	4,456	5,842	10,428	14,885
General and administrative expense	6,276	5,703	12,407	10,777
Interest expense	22,003	3,888	37,673	5,390
Noncash share-based compensation expense	734	612	1,430	1,144
Acquisition fees and costs expensed	4,236	919	10,144	1,371
Depreciation and amortization	59,221	38,325	112,885	73,456
Total expenses	164,749	92,588	306,720	173,588
Remeasurement of Series E units	2,143	(4,944)	3,981	(7,700)
Remeasurement of preferred shares	580	(141)	700	(598)
Net loss	(8,398)	(3,369)	(16,663)	(10,304)
Noncontrolling interest	3,730	4,212	7,686	7,832
Dividends on preferred shares	5,569	4,669	11,138	7,790
Net loss attributable to common shareholders	$ (17,697)	$ (12,250)	$ (35,487)	$ (25,926)
Weighted-average shares outstanding-basic and diluted	211,487,164	185,515,651	211,484,461	185,510,004
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)	$ (0.17)	$ (0.14)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Comprehensive Income
Net loss	$ (8,398)	$ (3,369)	$ (16,663)	$ (10,304)
Unrealized gain (loss) on interest rate cap agreement:
Unrealized interest rate cap agreement gain (loss) arising during the period	30	(212)	30	(212)
Unrealized gain (loss) on interest rate cap agreement	30	(212)	30	(212)
Other comprehensive income (loss):
Other comprehensive income (loss)	30	(212)	30	(212)
Comprehensive loss	(8,368)	(3,581)	(16,633)	(10,516)
Comprehensive income attributable to noncontrolling interests	3,728	4,227	7,684	7,847
Dividends on preferred shares	5,569	4,669	11,138	7,790
Comprehensive loss attributable to common shareholders	$ (17,665)	$ (12,477)	$ (35,455)	$ (26,153)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Shareholders' Equity	Common StockClass A common shares	Common StockClass 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	1,430				1,430				1,430
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(134)				(134)				(134)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		13,258
Distributions to equity holders:
Preferred shares	(11,138)					(11,138)			(11,138)
Noncontrolling interests								(12,108)	(12,108)
Common shares	(21,148)					(21,148)			(21,148)
Net (loss) income	(24,349)					(24,349)		7,686	(16,663)
Total other comprehensive income	30						30		30
Ending Balances at Jun. 30, 2015	$ 3,394,792	$ 2,108	$ 6	$ 171	$ 3,619,503	$ (226,797)	$ (199)	$ 715,071	$ 4,109,863
Ending Balances, shares at Jun. 30, 2015		210,852,089	635,075	17,060,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net loss	$ (16,663)	$ (10,304)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	112,885	73,456
Noncash amortization of deferred financing costs	3,500	446
Noncash share-based compensation	1,430	1,144
Provision for bad debt	2,785	2,385
Remeasurement of Series E units	(3,981)	7,700
Remeasurement of preferred shares	(700)	598
Equity in net loss (income) of unconsolidated ventures	273	(17)
Other changes in operating assets and liabilities:
Rent and other receivables	(5,305)	(2,029)
Restricted cash for resident security deposits	(9,223)	(10,281)
Prepaid expenses and other assets	2,546	6,028
Deferred leasing costs	(5,421)	(3,503)
Accounts payable and accrued expenses	6,267	7,884
Resident security deposit liability	9,223	10,281
Amounts payable to affiliates	6,211	4,882
Net cash provided by operating activities	103,827	88,670
Investing activities
Cash paid for single-family properties	(438,689)	(597,717)
Escrow deposits for purchase of single-family properties	(3,113)	6,044
Increase in restricted cash related to lender requirements	(8,416)	(10,201)
Investment in unconsolidated joint ventures	(10,003)	(12,191)
Investments in mortgage financing receivables	(7,731)	(17,465)
Initial renovation to single-family properties	(93,655)	(91,427)
Other capital expenditures for single-family properties	(15,925)
Net cash used for investing activities	(577,532)	(722,957)
Financing activities
Net proceeds from issuance of preferred shares		189,433
Proceeds from exercise of stock options		431
Proceeds from asset-backed securitizations	552,830	480,970
Payments on asset-backed securitizations	(8,557)
Proceeds from credit facility	628,000	837,909
Payments on credit facility	(658,000)	(731,909)
Payments on secured note	(444)
Distributions to noncontrolling interests	(12,108)	(11,805)
Distributions to common shareholders	(21,148)	(18,551)
Distributions to preferred shareholders	(11,138)	(7,790)
Deferred financing costs paid	(13,860)	(14,315)
Net cash provided by financing activities	455,575	724,373
Net (decrease) increase in cash and cash equivalents	(18,130)	90,086
Cash and cash equivalents, beginning of period	108,787	148,989
Cash and cash equivalents, end of period	90,657	239,075
Supplemental cash flow information
Cash payments for interest	(33,431)	(8,473)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions	(344)	(4,076)
Amounts payable to affiliates related to property acquisitions		647
Accrued distribution to Series C convertible units	$ 4,698	$ 4,698

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 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 June 30, 2015, the Company held 37,491 single-family properties in 22 states, including 44 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 Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 within 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 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as an asset. The recognition and measurement guidance for debt issuance costs is not affected and amortization of such costs will continue to be reported as interest expense. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2015, and for interim periods within those annual periods, with early adoption permitted and retrospective application required. The Company expects to adopt the guidance effective January 1, 2016, and the impact will be a reduction of deferred costs and other intangibles, net, as well as a corresponding reduction of the associated debt liability. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Among other changes, it modifies the criteria used in the variable interest model and eliminates the presumption that a general partner should consolidate a limited partnership in the voting model. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2015, and for interim periods within those annual periods, with early adoption permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on its 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 its financial statements.

Single-Family Properties

Single-Family Properties	6 Months Ended
	Jun. 30, 2015
Single-Family Properties
Single-Family Properties	Note 3. Single-Family Properties Single-family properties, net, consists of the following as of June 30, 2015, and December 31, 2014 (dollars in thousands): June 30, 2015 Number of properties Net book value Leased single-family properties $ Single-family properties being renovated Single-family properties being prepared for re-lease Vacant single-family properties available for lease Single-family properties held for sale Total $ December 31, 2014 Number of properties Net book value Leased single-family properties $ Single-family properties being renovated Single-family properties being prepared for re-lease Vacant single-family properties available for lease Single-family properties held for sale Total $ Single-family properties, net at June 30, 2015, and December 31, 2014, included $21.7 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 $53.2 million and $34.8 million for the three months ended June 30, 2015 and 2014, respectively, and $101.9 million and $65.8 million for the six months ended June 30, 2015 and 2014, respectively.

Rent and Other Receivables

Rent and Other Receivables	6 Months Ended
	Jun. 30, 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 June 30, 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 $0.2 million and $ 1.1 million as of June 30, 2015, and December 31, 2014, respectively, and other non-tenant receivables, which totaled $2.5 million and $2.4 million as of June 30, 2015, and December 31, 2014, respectively.

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles	6 Months Ended
	Jun. 30, 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 June 30, 2015, and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Deferred leasing costs $ $ Deferred financing costs Intangible assets: In-place lease values Trademark Database Less: accumulated amortization ) ) Total $ $ Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $4.0 million and $3.5 million for the three months ended June 30, 2015 and 2014, respectively, and $7.2 million and $7.7 million for the six months ended June 30, 2015 and 2014, respectively, which has been included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs was $2.4 million and $0.9 million for the three months ended June 30, 2015 and 2014, respectively, and $4.4 million and $1.5 million for the six months ended June 30, 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 June 30, 2015, for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of In-place Leases Trademark Database Remaining 2015 $ $ $ $ $ 2016 2017 — — 2018 — — — 2019 — — — Thereafter — — — Total $ $ $ $ $

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt
Debt	Note 6. Debt The following table presents the Company’s debt as of June 30, 2015, and December 31, 2014 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2015 December 31, 2014 2014-SFR1 securitization (2) % June 9, 2019 $ $ 2014-SFR2 securitization % October 9, 2024 2014-SFR3 securitization % December 9, 2024 2015-SFR1 securitization (3) % April 9, 2045 — Total asset-backed securitizations Secured note payable % July 1, 2019 Credit facility (4) % September 30, 2018 Total debt $ $ (1) Interest rates are as of June 30, 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%, subject to a LIBOR floor of 0.25%. 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 $800.0 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 June 30, 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 $551.9 million as of June 30, 2015, and was included in asset-backed securitizations within the condensed consolidated balance sheets. The 4,661 collateral homes had a net book value of $746.9 million as of June 30, 2015. Credit Facility In March 2013, the Company entered into a $500.0 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 $800.0 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 June 30, 2015, the Company was in compliance with all loan covenants. The Company had $177.0 million and $207.0 million in total outstanding borrowings under the credit facility at June 30, 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 and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Gross interest $ $ $ $ Capitalized interest ) ) ) ) Interest expense $ $ $ $

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 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 June 30, 2015, and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Accounts payable $ $ Accrued property taxes Other accrued liabilities Accrued construction and maintenance liabilities Resident security deposits Total $ $

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity.
Shareholders' Equity	Note 8. Shareholders’ Equity Participating Preferred Shares As of June 30, 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 $444.5 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 June 30, 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 June 30, 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, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares during the quarter ended June 30, 2014, totaled $0.3125 per share, $0.3125 per share and $0.225347 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 June 30, 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 June 30, 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 June 30, 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 and six months ended June 30, 2015, of $3.7 million and $7.7 million, respectively, primarily consisted of $4.7 million and $9.4 million, respectively, of preferred income allocated to Series C convertible units, $0.8 million and $1.6 million, respectively, of net loss allocated to Class A units and $0.2 million and $0.1 million, respectively, of net loss allocated to noncontrolling interests in certain of the Company’s consolidated subsidiaries. Noncontrolling interest for the three and six months ended June 30, 2014, of $4.2 million and $7.8 million, respectively, primarily consisted of $4.7 million and $9.2 million, respectively, of preferred income allocated to Series C convertible units, $0.6 million and $1.3 million, respectively, of net loss allocated to Class A units and $0.1 million of net income and $0.1 million of net loss, respectively, allocated to noncontrolling interests in certain of the Company’s consolidated subsidiaries. 2012 Equity Incentive Plan During the six months ended June 30, 2015 and 2014, the Company granted stock options for 588,500 and 1,220,000 Class A common shares, respectively, and 44,000 and 92,000 restricted stock units, respectively, to certain employees of the Company under the 2012 Equity Incentive Plan (the “Plan”). The options and restricted stock units granted during the six months ended June 30, 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 six months ended June 30, 2015 and 2014: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at January 1, 2014 $ $ Granted Exercised ) Forfeited ) Options outstanding at June 30, 2014 $ $ Options exercisable at June 30, 2014 $ $ Options outstanding at January 1, 2015 $ $ Granted Exercised — — — Forfeited ) Options outstanding at June 30, 2015 $ $ Options exercisable at June 30, 2015 $ $ (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 six months ended June 30, 2015 and 2014: 2015 2014 Weighted-average fair value $ $ Expected term (years) Dividend yield % % Volatility % % Risk-free interest rate % % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the six months ended June 30, 2015 and 2014: 2015 2014 Restricted stock units at beginning of period — Units awarded Units vested ) — Units forfeited ) ) Restricted stock units at end of the period Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.7 million and $0.6 million for the three months ended June 30, 2015 and 2014, respectively, and $1.4 million and $1.1 million for the six months ended June 30, 2015 and 2014, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions
Related Party Transactions	Note 9. Related Party Transactions As of June 30, 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 June 30, 2015, and December 31, 2014, 14,440,670 Class A common units as of June 30, 2015, and December 31, 2014, 31,085,974 Series C convertible units as of June 30, 2015, and December 31, 2014, 4,375,000 Series D units as of June 30, 2015, and December 31, 2014, and 4,375,000 Series E units as of June 30, 2015, and December 31, 2014) an approximate 21.8% interest at June 30, 2015, and December 31, 2014. As of June 30, 2015, the Company had a net payable of $1.9 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 and six months ended June 30, 2014, we incurred $9.2 million and $26.8 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 $8.3 million and $25.6 million was capitalized related to asset acquisitions and included in the cost of the single-family properties and $0.9 million and $1.2 million was expensed related to property acquisitions with in-place leases, respectively. 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 and six months ended June 30, 2014, were $10.1 million and $19.1 million, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 (in thousands, except share data): For the Three Months Ended For the Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income / (loss) (numerator): Net loss $ ) $ ) $ ) $ ) Noncontrolling interest Dividends on preferred shares Net loss attributable to common shareholders $ ) $ ) $ ) $ ) Weighted-average shares (denominator) Net loss per share—basic and diluted $ ) $ ) $ ) $ ) Total weighted-average shares for the three and six months ended June 30, 2015, excludes an aggregate of 74,064,994, and for the three and six months ended June 30, 2014, excludes an aggregate of 72,938,266, 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	6 Months Ended
	Jun. 30, 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 June 30, 2015, and December 31, 2014, the Company had aggregate outstanding commitments of $2.2 million and $4.1 million, respectively, in connection with these contracts. As of June 30, 2015, and December 31, 2014, we had commitments to acquire 171 and 703 single-family properties, respectively, with an aggregate purchase price of $26.4 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2015, and December 31, 2014 (in thousands): June 30, 2015 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Interest rate cap agreement $ — $ $ — $ Liabilities: Contingently convertible Series E units liability $ — $ — $ $ Preferred shares derivative liability $ — $ — $ $ December 31, 2014 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Interest rate cap agreement $ — $ $ — $ Liabilities: Contingently convertible Series E units liability $ — $ — $ $ Preferred shares derivative liability $ — $ — $ $ 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 six months ended June 30, 2015 and 2014 (in thousands): Description January 1, 2015 Issuances Remeasurement included in earnings June 30, 2015 Liabilities: Contingently convertible Series E units liability $ $ — $ ) $ Preferred shares derivative liability $ $ — $ ) $ Description January 1, 2014 Issuances Remeasurement included in earnings June 30, 2014 Liabilities: Contingently convertible Series E units liability $ $ — $ $ Preferred shares derivative liability $ $ $ $ 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	6 Months Ended
	Jun. 30, 2015
Subsequent events.
Subsequent Events	Note 13. Subsequent Events Subsequent Acquisitions From July 1, 2015, through July 31, 2015, we acquired 305 properties with an aggregate purchase price of approximately $43.6 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 July 1, 2015, through July 31, 2015, the Company borrowed an additional $53.0 million under the credit facility and made payments on the credit facility totaling $35.0 million, resulting in an outstanding balance of $195.0 million as of July 31, 2015. Declaration of Dividends On August 6, 2015, our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on September 30, 2015, to shareholders of record on September 15, 2015, and $0.05 per Class B common share payable on September 30, 2015, to shareholders of record on September 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 September 30, 2015, to shareholders of record on September 15, 2015, $0.3125 per share on the Company’s 5.0% Series B participating preferred shares payable on September 30, 2015, to shareholders of record on September 15, 2015, and $0.34375 per share on the Company’s 5.5% Series C participating preferred shares payable on September 30, 2015, to shareholders of record on September 15, 2015.

Significant Accounting Polici21

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 within 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 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than as an asset. The recognition and measurement guidance for debt issuance costs is not affected and amortization of such costs will continue to be reported as interest expense. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2015, and for interim periods within those annual periods, with early adoption permitted and retrospective application required. The Company expects to adopt the guidance effective January 1, 2016, and the impact will be a reduction of deferred costs and other intangibles, net, as well as a corresponding reduction of the associated debt liability. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Among other changes, it modifies the criteria used in the variable interest model and eliminates the presumption that a general partner should consolidate a limited partnership in the voting model. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2015, and for interim periods within those annual periods, with early adoption permitted. The Company does not anticipate that the adoption of this guidance will have a material impact on its 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 its financial statements.

Single-Family Properties (Table

Single-Family Properties (Tables)	6 Months Ended
	Jun. 30, 2015
Single-Family Properties
Schedule of Single-Family Properties	Single-family properties, net, consists of the following as of June 30, 2015, and December 31, 2014 (dollars in thousands): June 30, 2015 Number of properties Net book value Leased single-family properties $ Single-family properties being renovated Single-family properties being prepared for re-lease Vacant single-family properties available for lease Single-family properties held for sale Total $ December 31, 2014 Number of properties Net book value Leased single-family properties $ Single-family properties being renovated Single-family properties being prepared for re-lease Vacant single-family properties available for lease Single-family properties held for sale Total $

Deferred Costs and Other Inta23

Deferred Costs and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs and Other Intangibles
Deferred costs and other intangibles	Deferred costs and other intangibles, net, consists of the following as of June 30, 2015, and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Deferred leasing costs $ $ Deferred financing costs Intangible assets: In-place lease values Trademark Database Less: accumulated amortization ) ) Total $ $
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 June 30, 2015, for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of In-place Leases Trademark Database Remaining 2015 $ $ $ $ $ 2016 2017 — — 2018 — — — 2019 — — — Thereafter — — — Total $ $ $ $ $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt
Schedule of debt	The following table presents the Company’s debt as of June 30, 2015, and December 31, 2014 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2015 December 31, 2014 2014-SFR1 securitization (2) % June 9, 2019 $ $ 2014-SFR2 securitization % October 9, 2024 2014-SFR3 securitization % December 9, 2024 2015-SFR1 securitization (3) % April 9, 2045 — Total asset-backed securitizations Secured note payable % July 1, 2019 Credit facility (4) % September 30, 2018 Total debt $ $ (1) Interest rates are as of June 30, 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%, subject to a LIBOR floor of 0.25%. 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 $800.0 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 and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Gross interest $ $ $ $ Capitalized interest ) ) ) ) Interest expense $ $ $ $

Accounts Payable and Accrued 25

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Accounts Payable and Accrued Expenses.
Schedule of accounts payable and accrued expenses	The following table summarizes accounts payable and accrued expenses as of June 30, 2015, and December 31, 2014 (in thousands): June 30, 2015 December 31, 2014 Accounts payable $ $ Accrued property taxes Other accrued liabilities Accrued construction and maintenance liabilities Resident security deposits Total $ $

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity.
Summary of Stock Option Activity under Plan	Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at January 1, 2014 $ $ Granted Exercised ) Forfeited ) Options outstanding at June 30, 2014 $ $ Options exercisable at June 30, 2014 $ $ Options outstanding at January 1, 2015 $ $ Granted Exercised — — — Forfeited ) Options outstanding at June 30, 2015 $ $ Options exercisable at June 30, 2015 $ $ (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 $ $ Expected term (years) Dividend yield % % Volatility % % Risk-free interest rate % %
Summary of restricted stock units activity under Plan	2015 2014 Restricted stock units at beginning of period — Units awarded Units vested ) — Units forfeited ) ) Restricted stock units at end of the period

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 (in thousands, except share data): For the Three Months Ended For the Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income / (loss) (numerator): Net loss $ ) $ ) $ ) $ ) Noncontrolling interest Dividends on preferred shares Net loss attributable to common shareholders $ ) $ ) $ ) $ ) Weighted-average shares (denominator) Net loss per share—basic and diluted $ ) $ ) $ ) $ )

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015, and December 31, 2014 (in thousands): June 30, 2015 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Interest rate cap agreement $ — $ $ — $ Liabilities: Contingently convertible Series E units liability $ — $ — $ $ Preferred shares derivative liability $ — $ — $ $ December 31, 2014 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Interest rate cap agreement $ — $ $ — $ Liabilities: Contingently convertible Series E units liability $ — $ — $ $ Preferred shares derivative liability $ — $ — $ $
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 six months ended June 30, 2015 and 2014 (in thousands): Description January 1, 2015 Issuances Remeasurement included in earnings June 30, 2015 Liabilities: Contingently convertible Series E units liability $ $ — $ ) $ Preferred shares derivative liability $ $ — $ ) $ Description January 1, 2014 Issuances Remeasurement included in earnings June 30, 2014 Liabilities: Contingently convertible Series E units liability $ $ — $ $ Preferred shares derivative liability $ $ $ $

Organization and Operations (De

Organization and Operations (Details)	Jun. 10, 2013shares	Jun. 30, 2015stateproperty	Dec. 31, 2014property
Organization and operations
Number of properties | property		37,491	34,599
Number of states | state		22
Number of Properties Held for Sale | property		44
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

Single-Family Properties (Detai

Single-Family Properties (Details) $ in Thousands	Jun. 30, 2015USD ($)property	Dec. 31, 2014USD ($)property
Property Subject to or Available for Operating Lease
Number of properties | property	37,491	34,599
Net book value	$ 6,162,148	$ 5,710,671
Single family homes | Properties being renovated
Property Subject to or Available for Operating Lease
Number of properties | property	686	2,886
Net book value	$ 98,435	$ 476,120
Single family homes | Properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties | property	355	630
Net book value	$ 56,788	$ 104,974
Single family homes | Properties held for sale
Property Subject to or Available for Operating Lease
Number of properties | property	44	26
Net book value	$ 6,387	$ 3,818
Leased | Single family homes
Property Subject to or Available for Operating Lease
Number of properties | property	34,903	28,250
Net book value	$ 5,746,687	$ 4,631,797
Vacant | Single family homes
Property Subject to or Available for Operating Lease
Number of properties | property	1,503	2,807
Net book value	$ 253,851	$ 493,962

Single-Family Properties (Det31

Single-Family Properties (Details 2) - Single family homes - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property Subject to or Available for Operating Lease
Net book value	$ 21.7		$ 21.7		$ 114.6
Depreciation expense	$ 53.2	$ 34.8	$ 101.9	$ 65.8

Rent and Other Receivables (Det

Rent and Other Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Rent and Other Receivables
Allowance for doubtful accounts	$ 1.7	$ 0.5
Rescinded properties	0.2	1.1
Non-tenant receivables	$ 2.5	$ 2.4

Deferred Costs and Other Inta33

Deferred Costs and Other Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 12,581	$ 18,307
Deferred financing costs	66,873	53,013
Intangible assets:
Intangible assets	88,366	86,988
Less: accumulated amortization	(26,067)	(32,406)
Total	62,299	54,582
Value of In-place Leases
Intangible assets:
Intangible assets	3,712	10,468
Trademark
Intangible assets:
Intangible assets	3,100	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta34

Deferred Costs and Other Intangibles (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Deferred Costs and Other Intangibles
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 4	$ 3.5	$ 7.2	$ 7.7
Amortization of deferred financing costs	$ 2.4	$ 0.9	$ 4.4	$ 1.5

Deferred Costs and Other Inta35

Deferred Costs and Other Intangibles (Details 3) $ in Thousands	Jun. 30, 2015USD ($)
Deferred leasing costs
Intangible Assets
Remaining 2,015	$ 3,374
2,016	1,229
Total	4,603
Deferred financing costs
Intangible Assets
Remaining 2,015	4,753
2,016	9,416
2,017	7,926
2,018	7,428
2,019	5,257
Thereafter	19,420
Total	54,200
Value of In-place Leases
Intangible Assets
Remaining 2,015	217
2,016	55
Total	272
Trademark
Intangible Assets
Remaining 2,015	330
2,016	660
2,017	752
Total	1,742
Database
Intangible Assets
Remaining 2,015	150
2,016	300
2,017	300
2,018	300
2,019	300
Thereafter	132
Total	$ 1,482

Debt (Details)

Debt (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)itemproperty	Dec. 31, 2014USD ($)property	Sep. 30, 2013USD ($)	Mar. 31, 2013USD ($)
Debt Instrument
Asset-backed securitizations	$ 2,063,663	$ 1,519,390
Secured note payable	51,200	51,644
Credit facility	177,000	207,000
Total debt	$ 2,291,863	$ 1,778,034
Number of properties | property	37,491	34,599
Single-family properties, net	$ 6,162,148	$ 5,710,671
2014-SFR 1
Debt Instrument
Asset-backed securitizations	$ 476,160	478,565
Debt instrument initial term	2 years
Number of extension options | item	3
Period of extension options	12 months
Interest rate (as percent)	1.79%
2014-SFR 2
Debt Instrument
Asset-backed securitizations	$ 509,868	512,435
Interest rate (as percent)	4.42%
2014-SFR 3
Debt Instrument
Asset-backed securitizations	$ 525,776	528,390
Interest rate (as percent)	4.40%
2015-SFR 1
Debt Instrument
Asset-backed securitizations	$ 551,859
Debt instrument initial term	30 years
Interest rate (as percent)	4.14%
Percentage of rate increased in the event of loan not paid	3.00%
2015-SFR 1 | Single family homes
Debt Instrument
United States Treasury Term	10 years
Gross proceeds from the sale of certificates	$ 552,800
Issuance costs for the sale of certificates	$ 13,300
Minimum coverage ratio	1.20
Period of debt service considered for debt coverage ratio	12 months
LIBOR | 2014-SFR 1
Debt Instrument
Debt instrument, description of variable rate	LIBOR
Debt instrument, basis spread on variable rate (as a percent)	0.25%
LIBOR | 2014-SFR 1 | Weighted blended interest rate
Debt Instrument
Debt instrument, description of variable rate	LIBOR
Debt instrument, basis spread on variable rate (as a percent)	1.54%
Borrower | 2015-SFR 1
Debt Instrument
Loan amount	$ 552,800
Borrower | 2015-SFR 1 | Note
Debt Instrument
Ratio of monthly principal payment of loan	0.083
Number of properties | property	4,661
Single-family properties, net	$ 746,900
Senior Secured Revolving Credit Facility
Debt Instrument
Credit facility amount, maximum	$ 800,000		$ 800,000	$ 500,000
Interest rate (as percent)	2.94%
Senior Secured Revolving Credit Facility | LIBOR
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
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)	2.75%
Senior Secured Revolving Credit Facility | Until March 2017 | LIBOR
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 | March 2017 and Thereafter
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)	3.125%
Senior Secured Revolving Credit Facility | March 2017 and Thereafter | LIBOR
Debt Instrument
Debt instrument, description of variable rate	30 day LIBOR
Debt instrument, basis spread on variable rate (as a percent)	3.125%
Secured Notes Payable | Note
Debt Instrument
Secured note payable	$ 51,200	$ 51,644
Interest rate (as percent)	4.06%

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt
Gross interest	$ 23,913	$ 6,298	$ 44,152	$ 10,728
Capitalized interest	(1,910)	(2,410)	(6,479)	(5,338)
Interest expense	$ 22,003	$ 3,888	$ 37,673	$ 5,390

Accounts Payable and Accrued 38

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Expenses.
Accounts payable	$ 92	$ 4,925
Accrued property taxes	55,775	49,018
Other accrued liabilities	33,105	28,972
Accrued construction and maintenance liabilities	16,965	23,914
Resident security deposits	52,100	42,877
Total	$ 158,037	$ 149,706

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 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%
Initial liquidation preference on the Company's participating preferred shares	$ 444.5
Series C Convertible Units
Class of Stock
Dividend payable per share	$ 0.15113	$ 0.15113
Class A common shares
Class of Stock
Dividend payable per share	0.05	0.05
5.0% Series A Participating Preferred Shares
Class of Stock
Dividend payable per share	0.3125	0.3125
5.0% Series B Participating Preferred Shares
Class of Stock
Dividend payable per share	0.3125	0.3125
5.5% Series C Participating Preferred Shares
Class of Stock
Dividend payable per share	0.34375	0.225347
Class B common shares
Class of Stock
Dividend payable per share	$ 0.05	$ 0.05

Shareholders' Equity (Details 2

Shareholders' Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Class of Stock
Income (loss) allocated to noncontrolling interest	$ 3,730	$ 4,212	$ 7,686	$ 7,832
AH LLC
Class of Stock
Percentage of units outstanding	21.80%		21.80%		21.80%
Operating Partnership | Class A Units
Class of Stock
Units outstanding (in shares)	225,927,834		225,927,834		225,914,576
Income (loss) allocated to noncontrolling interest	$ 800	600	$ 1,600	1,300
Operating Partnership | Class A Units | AH LLC
Class of Stock
Percentage of units outstanding	6.40%		6.40%		6.40%
Units owned (in shares)	14,440,670		14,440,670		14,440,670
Operating Partnership | Series C Convertible Units
Class of Stock
Income (loss) allocated to noncontrolling interest	$ 4,700	4,700	$ 9,400	9,200
Operating Partnership | Series C Convertible Units | AH LLC
Class of Stock
Units owned (in shares)	31,085,974		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		4,375,000
Certain consolidated subsidiaries with noncontrolling interest
Class of Stock
Income (loss) allocated to noncontrolling interest	$ (200)	$ 100	$ (100)	$ (100)

Shareholders' Equity (Details 3

Shareholders' Equity (Details 3) - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Stock options
Stock Options
Outstanding at beginning of the period (in shares)	2,165,000	1,190,000	1,190,000
Granted (in shares)	588,500	1,220,000
Exercised (in shares)		(28,750)
Forfeited (in shares)	(125,500)	(216,250)
Outstanding at end of the period (in shares)	2,628,000	2,165,000	2,165,000	1,190,000
Exercisable at end of the period (in shares)	661,250	131,250
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)	16.49	16.74
Exercised (in dollars per share)		15
Forfeited (in dollars per share)	16.57	15.70
Outstanding at end of the period (in dollars per share)	16.23	16.17	$ 16.17	$ 15.48
Exercisable at end of the period (in dollars per share)	$ 15.93	$ 15
Aggregate intrinsic value
Weighted average remaining life (years)	8 years 6 months	9 years 3 months 18 days	8 years 9 months 18 days	9 years 3 months 18 days
Weighted average exercisable (years)	7 years 8 months 12 days	8 years 4 months 24 days
Aggregate intrinsic value	$ 535	$ 3,438	$ 1,890	$ 862
Aggregate intrinsic value exercised		74
Aggregate intrinsic value exercisable	$ 274	$ 362
Restricted stock units
Class of Stock
Stock options or units granted	44,000	92,000
Stock options and Restricted stock units
Class of Stock
Vesting period for stock options and restricted stock units	4 years	4 years
Expiration period for stock options and restricted stock units	10 years	10 years
Class A common shares | Stock options
Class of Stock
Stock options or units granted	588,500	1,220,000

Shareholders' Equity (Details 4

Shareholders' Equity (Details 4) - Class A common shares - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average fair value	$ 4.57	$ 4.89
Expected term (years)	7 years	7 years
Dividend Yield	3.00%	3.00%
Volatility	35.90%	37.30%
Risk-free interest rate	1.90%	2.20%

Shareholders' Equity (Details 5

Shareholders' Equity (Details 5) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Number of Restricted Stock Units
Noncash share-based compensation expense	$ 734	$ 612	$ 1,430	$ 1,144
Restricted stock units | 2012 Equity Incentive Plan
Number of Restricted Stock Units
Restricted stock units outstanding at the beginning of the period			85,000
Units awarded			44,000	92,000
Units vested			(21,250)
Units forfeited			(7,400)	(2,000)
Restricted stock units at end of the period	100,350	90,000	100,350	90,000
Stock options and Restricted stock units
Number of Restricted Stock Units
Noncash share-based compensation expense	$ 700	$ 600	$ 1,400	$ 1,100

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2014	Nov. 30, 2012
Related Party Transaction
Payable to (receivable from) affiliate	$ 1,863
AH LLC
Related Party Transaction
Equity interest rate (as a percent)	21.80%			21.80%
Payable to (receivable from) affiliate	$ 1,900			$ (4,000)
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
Acquisition and renovation fees		$ 9,200	$ 26,800
Asset acquisition cost		8,300	25,600
Property acquisition cost		900	1,200
MMI
Related Party Transaction
Administrative expenses paid to related party		$ 10,100	$ 19,100
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)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income / (loss) (numerator):
Net loss	$ (8,398)	$ (3,369)	$ (16,663)	$ (10,304)
Noncontrolling interest	3,730	4,212	7,686	7,832
Dividends on preferred shares	5,569	4,669	11,138	7,790
Net loss attributable to common shareholders	$ (17,697)	$ (12,250)	$ (35,487)	$ (25,926)
Weighted-average shares (denominator)	211,487,164	185,515,651	211,484,461	185,510,004
Net loss per share-basic and diluted:
Net loss per share-basic and diluted	$ (0.08)	$ (0.07)	$ (0.17)	$ (0.14)

Earnings per Share (Details 2)

Earnings per Share (Details 2) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per Share
Total weighted average shares	74,064,994	72,938,266	74,064,994	72,938,266

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)property	Dec. 31, 2014USD ($)property
Commitment to renovate homes
Commitments and contingencies
Aggregate outstanding construction commitments	$ 2.2	$ 4.1
Commitment to acquire properties
Commitments and contingencies
Number of properties | property	171	703
Aggregate purchase price	$ 26.4	$ 110.9

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets:
Interest rate cap agreement	$ 1	$ 14
Liabilities:
Contingently convertible Series E units liability	68,076	72,057	$ 74,638	$ 66,938
Preferred shares derivative liability	$ 57,260	57,960	$ 55,670	$ 28,150
Senior Secured Revolving Credit Facility | LIBOR
Fair Value Liabilities Measured On Recurring and Nonrecurring Basis
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	$ 1	14
Significant Unobservable Inputs (Level 3) | Recurring
Liabilities:
Contingently convertible Series E units liability	68,076	72,057
Preferred shares derivative liability	$ 57,260	$ 57,960

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value.
Contingently convertible Series E units liability, Beginning Balance			$ 72,057	$ 66,938
Remeasurement of Series E units	$ (2,143)	$ 4,944	(3,981)	7,700
Contingently convertible Series E units liability, Ending Balance	68,076	74,638	68,076	74,638
Preferred shares derivative liability, Beginning Balance			57,960	28,150
Preferred shares derivative liability, Issuance				26,922
Remeasurement of preferred shares	(580)	141	(700)	598
Preferred shares derivative liability, Ending Balance	$ 57,260	$ 55,670	$ 57,260	$ 55,670

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Aug. 06, 2015$ / shares	Jul. 31, 2015USD ($)property	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Subsequent Event
Aggregate purchase price of properties acquired			$ 438,689	$ 597,717
Credit facility, additional borrowings, amount			628,000	837,909
Credit facility, repayment, amount			658,000	$ 731,909
Total debt			$ 177,000		$ 207,000
Subsequent Events | Subsequent Acquisitions
Subsequent Event
Number of properties acquired | property		305
Aggregate purchase price of properties acquired		$ 43,600
Subsequent Events | Class A common shares | Dividend Declared
Subsequent Event
Quarterly dividend (in dollars per share) | $ / shares	$ 0.05
Subsequent Events | Class B common shares | Dividend Declared
Subsequent Event
Quarterly dividend (in dollars per share) | $ / shares	0.05
Subsequent Events | 5.0% Series A Participating Preferred Shares | Dividend Declared
Subsequent Event
Quarterly preferred dividend (in dollars per share) | $ / shares	$ 0.3125
Rate of Preferred units	5.00%
Subsequent Events | 5.0% Series B Participating Preferred Shares | Dividend Declared
Subsequent Event
Quarterly preferred dividend (in dollars per share) | $ / shares	$ 0.3125
Rate of Preferred units	5.00%
Subsequent Events | 5.5% Series C Participating Preferred Shares | Dividend Declared
Subsequent Event
Quarterly preferred dividend (in dollars per share) | $ / shares	$ 0.34375
Rate of Preferred units	5.50%
Subsequent Events | Senior Secured Revolving Credit Facility
Subsequent Event
Credit facility, additional borrowings, amount		53,000
Credit facility, repayment, amount		35,000
Total debt		$ 195,000