American Homes 4 Rent (AMH) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document Information
Entity Registrant Name	American Homes 4 Rent
Entity Central Index Key	1,562,401
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common shares
Document Information
Entity Common Stock, Shares Outstanding		207,462,066
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Single-family properties:
Land	$ 1,218,547	$ 1,104,409
Buildings and improvements	5,401,857	4,808,706
Single-family properties held for sale	6,472	3,818
Single-family properties excluding accumulated depreciation	6,626,876	5,916,933
Less: accumulated depreciation	(359,412)	(206,262)
Single-family properties, net	6,267,464	5,710,671
Cash and cash equivalents	238,417	108,787
Restricted cash	106,973	77,198
Rent and other receivables, net	17,527	11,009
Escrow deposits, prepaid expenses and other assets	118,444	118,783
Deferred costs and other intangibles, net	70,670	54,582
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,655	120,655
Total assets	6,965,816	6,227,351
Liabilities
Credit facility	0	207,000
Asset-backed securitizations	2,536,192	1,519,390
Secured note payable	50,980	51,644
Accounts payable and accrued expenses	234,651	149,706
Contingently convertible Series E units liability	68,601	72,057
Preferred shares derivative liability	60,260	57,960
Total liabilities	$ 2,950,684	$ 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 September 30, 2015, and December 31, 2014	$ 171	$ 171
Additional paid-in capital	3,566,892	3,618,207
Accumulated deficit	(265,988)	(170,162)
Accumulated other comprehensive loss	(148)	(229)
Total shareholders’ equity	3,303,007	3,450,101
Noncontrolling interest	712,125	719,493
Total equity	4,015,132	4,169,594
Total liabilities and equity	6,965,816	6,227,351
Class A common shares
Shareholders’ equity:
Common stock, value, issued	2,074	2,108
Class B common shares
Shareholders’ equity:
Common stock, value, issued	$ 6	$ 6

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred shares, par value (in USD 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 USD per share)	$ 0.01	$ 0.01
Common shares, shares authorized	450,000,000	450,000,000
Common shares, shares issued	207,460,466	210,838,831
Common shares, shares outstanding	207,460,466	210,838,831
Class B common shares
Common shares, par value (in USD 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rents from single-family properties	$ 148,815	$ 104,210	$ 407,313	$ 266,842
Fees from single-family properties	2,146	1,529	5,681	4,776
Tenant charge-backs	19,881	4,282	40,215	9,310
Other	1,771	372	4,780	1,047
Total revenues	172,613	110,393	457,989	281,975
Property operating expenses
Leased single-family properties	83,682	50,583	205,435	117,148
Vacant single-family properties and other	2,522	3,885	12,950	18,770
General and administrative expense	6,090	5,291	18,497	16,068
Interest expense	23,866	5,112	61,539	10,502
Noncash share-based compensation expense	913	751	2,343	1,895
Acquisition fees and costs expensed	4,153	14,550	14,297	15,921
Depreciation and amortization	67,800	44,855	180,685	118,311
Total expenses	189,026	125,027	495,746	298,615
Remeasurement of Series E units	(525)	3,588	3,456	(4,112)
Remeasurement of preferred shares	(3,000)	(1,750)	(2,300)	(2,348)
Net loss	(19,938)	(12,796)	(36,601)	(23,100)
Noncontrolling interest	3,109	3,382	10,795	11,214
Dividends on preferred shares	5,569	5,569	16,707	13,359
Net loss attributable to common shareholders	$ (28,616)	$ (21,747)	$ (64,103)	$ (47,673)
Weighted-average shares outstanding—basic and diluted (in shares)	211,414,368	202,547,677	211,460,840	191,251,638
Net loss per share - basic and diluted:
Net loss attributable to common shareholders basic and diluted (in USD per share)	$ (0.14)	$ (0.11)	$ (0.30)	$ (0.25)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (19,938)	$ (12,796)	$ (36,601)	$ (23,100)
Unrealized gain (loss) on interest rate cap agreement:
Unrealized interest rate cap agreement gain (loss) arising during the period	51	16	81	(196)
Unrealized gain (loss) on interest rate cap agreement	51	16	81	(196)
Other comprehensive income (loss):
Other comprehensive income (loss)	51	16	81	(196)
Comprehensive loss	(19,887)	(12,780)	(36,520)	(23,296)
Comprehensive income attributable to noncontrolling interests	3,106	3,379	10,790	11,226
Dividends on preferred shares	5,569	5,569	16,707	13,359
Comprehensive loss attributable to common shareholders	$ (28,562)	$ (21,728)	$ (64,017)	$ (47,881)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Class A common shares	Common StockClass A common shares	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Additional paid-in capitalClass A common shares	Accumulated deficit	Accumulated other comprehensive loss	Shareholders’ equity	Shareholders’ equityClass A common shares	Noncontrolling interest
Beginning balances at Dec. 31, 2014	$ 4,169,594		$ 2,108	$ 6	$ 171	$ 3,618,207		$ (170,162)	$ (229)	$ 3,450,101		$ 719,493
Beginning balances (in shares) at Dec. 31, 2014			210,838,831	635,075	17,060,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	2,343					2,343				2,343
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			28,681
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	86					86				86
Repurchases of Class A common shares (in shares)			(3,407,046)
Repurchases of Class A common shares, value	(53,778)	$ (53,778)	$ (34)				$ (53,744)				$ (53,778)
Distributions to equity holders:
Preferred shares	(16,707)							(16,707)		(16,707)
Noncontrolling interests	(18,163)											(18,163)
Common shares	(31,723)							(31,723)		(31,723)
Net (loss) income	(36,601)							(47,396)		(47,396)		10,795
Total other comprehensive income	81								81	81
Ending balances at Sep. 30, 2015	$ 4,015,132		$ 2,074	$ 6	$ 171	$ 3,566,892		$ (265,988)	$ (148)	$ 3,303,007		$ 712,125
Ending balances (in shares) at Sep. 30, 2015			207,460,466	635,075	17,060,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (36,601)	$ (23,100)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	180,685	118,311
Noncash amortization of deferred financing costs	5,769	919
Noncash share-based compensation	2,343	1,895
Provision for bad debt	5,005	4,429
Remeasurement of Series E units	(3,456)	4,112
Remeasurement of preferred shares	2,300	2,348
Equity in net income of unconsolidated ventures	385	62
Other changes in operating assets and liabilities:
Rent and other receivables	(13,071)	(3,927)
Restricted cash for resident security deposits	(10,239)	(13,232)
Prepaid expenses and other assets	(5,140)	6,331
Deferred leasing costs	(7,733)	(5,096)
Accounts payable and accrued expenses	27,184	18,150
Resident security deposit liability	10,239	13,232
Amounts payable to affiliates	(1,721)	7,218
Net cash provided by operating activities	155,949	131,652
Investing activities
Cash paid for single-family properties	(552,944)	(914,059)
Escrow deposits for purchase of single-family properties	(2,050)	(37,834)
Increase in restricted cash related to lender requirements	(19,536)	(19,550)
Cash and cash equivalents	0	2,202
Beazer Rental Homes acquisition	0	(108,246)
Investment in unconsolidated joint ventures	(10,003)	(13,932)
Investments in mortgage financing receivables	(11,227)	(23,744)
Initial renovations to single-family properties	(125,158)	(136,150)
Other capital expenditures for single-family properties	(23,008)	(10,051)
Net cash used for investing activities	(743,926)	(1,261,364)
Financing activities
Net proceeds from issuance of preferred shares	0	189,433
Proceeds from exercise of stock options	225	431
Proceeds from asset-backed securitizations	1,030,559	968,594
Payments on asset-backed securitizations	(13,757)	(1,202)
Proceeds from credit facility	799,000	1,174,000
Payments on credit facility	(1,006,000)	(1,467,000)
Payments on secured note	(664)	0
Distributions to noncontrolling interests	(18,163)	(17,827)
Distributions to common shareholders	(31,723)	(29,125)
Distributions to preferred shareholders	(16,707)	(13,359)
Deferred financing costs paid	(25,163)	(27,900)
Net cash provided by financing activities	717,607	1,084,662
Net (decrease) increase in cash and cash equivalents	129,630	(45,050)
Cash and cash equivalents, beginning of period	108,787	148,989
Cash and cash equivalents, end of period	238,417	103,939
Supplemental cash flow information
Cash payments for interest	(56,005)	(15,654)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions	531	(4,631)
Amounts payable to affiliates related to property acquisitions	0	(1,883)
Accrued distribution to Series C convertible units	4,698	4,698
Repurchase of Class A common shares	53,778	0
Acquisitions for equity
Single-family properties	0	144,834
Cash and cash equivalents	0	2,202
Other net assets and liabilities	0	(4,886)
Deferred costs and other intangibles	0	2,655
Class A common shares	0	(82)
Additional paid-in capital	0	(144,723)
Class A Units
Financing activities
Net proceeds from issuance of Class A common shares	$ 0	$ 308,617

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations 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 September 30, 2015 , the Company held 38,377 single-family properties in 22 states, including 46 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	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	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. In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , to clarify that debt issuance costs related to line-of-credit arrangements may be deferred and presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The 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	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consists of the following as of September 30, 2015 , and December 31, 2014 (dollars in thousands): September 30, 2015 Number of properties Net book value Leased single-family properties 35,617 $ 5,815,458 Single-family properties being renovated 810 127,734 Single-family properties being prepared for re-lease 283 45,756 Vacant single-family properties available for lease 1,621 272,044 Single-family properties held for sale 46 6,472 Total 38,377 $ 6,267,464 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 September 30, 2015 , and December 31, 2014 , included $34.0 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 $63.9 million and $40.8 million for the three months ended September 30, 2015 and 2014 , respectively, and $165.8 million and $106.6 million for the nine months ended September 30, 2015 and 2014 , respectively.

Rent and Other Receivables

Rent and Other Receivables	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Rent and Other Receivables	Rent and Other Receivables Included in rent and other receivables, net is an allowance for doubtful accounts of $2.8 million and $0.5 million as of September 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 zero and $1.1 million as of September 30, 2015 , and December 31, 2014 , respectively, and other non-tenant receivables, which totaled $2.7 million and $2.4 million as of September 30, 2015 , and December 31, 2014 , respectively.

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles	Deferred Costs and Other Intangibles Deferred costs and other intangibles, net, consists of the following as of September 30, 2015 , and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Deferred leasing costs $ 14,893 $ 18,307 Deferred financing costs 78,176 53,013 Intangible assets: In-place lease values 2,231 10,468 Trademark 3,100 3,100 Database 2,100 2,100 100,500 86,988 Less: accumulated amortization (29,830 ) (32,406 ) Total $ 70,670 $ 54,582 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.8 million and $4.0 million for the three months ended September 30, 2015 and 2014 , respectively, and $10.0 million and $11.7 million for the nine months ended September 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 $1.4 million for the three months ended September 30, 2015 and 2014 , respectively, and $6.8 million and $2.9 million for the nine months ended September 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 September 30, 2015 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2015 $ 2,016 $ 2,678 $ 38 $ 165 $ 75 2016 2,497 10,591 42 660 300 2017 — 9,025 — 752 300 2018 — 8,527 — — 300 2019 — 6,374 — — 300 Thereafter — 25,898 — — 132 Total $ 4,513 $ 63,093 $ 80 $ 1,577 $ 1,407

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company’s debt as of September 30, 2015 , and December 31, 2014 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2015 December 31, 2014 2014-SFR1 securitization (2) 1.79 % June 9, 2019 $ 474,958 $ 478,565 2014-SFR2 securitization 4.42 % October 9, 2024 508,587 512,435 2014-SFR3 securitization 4.40 % December 9, 2024 524,429 528,390 2015-SFR1 securitization (3) 4.14 % April 9, 2045 550,502 — 2015-SFR2 securitization (4) 4.36 % October 9, 2045 477,716 — Total asset-backed securitizations 2,536,192 1,519,390 Secured note payable 4.06 % July 1, 2019 50,980 51,644 Credit facility (5) 2.96 % September 30, 2018 — 207,000 Total debt (6) $ 2,587,172 $ 1,778,034 (1) Interest rates are as of September 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 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (5) 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. (6) The Company was in compliance with all debt covenants associated with its asset-backed securitizations and credit facility as of September 30, 2015. Asset-Backed Securitizations March 2015 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 12 month period following the date of determination. As of September 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 $550.5 million as of September 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 $741.5 million as of September 30, 2015 . September 2015 Securitization In September 2015, we completed a private securitization transaction (the “2015-SFR2 securitization”), which was structured substantially similar to the 2015-SFR1 securitization. The principal differences from the 2015-SFR1 securitization are: (1) the loan is a fixed-rate loan for $477.7 million with a 30 year term, maturity date of October 9, 2045, and a duration-adjusted weighted-average interest rate of 4.36% , (2) the loan is secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the borrower, a subsidiary of the Company, and (3) the loan has an anticipated repayment date of October 9, 2025. In the event the loan is not repaid on October 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. Gross proceeds to the Company from the 2015-SFR2 securitization were $477.7 million , before issuance costs of $11.3 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. 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 12 month period following the date of determination. As of September 30, 2015 , the Company was in compliance with all covenants under the loan agreement. The Company consolidates, at historical cost basis, the 4,125 homes placed as collateral for the note. The principal balance outstanding on the note was $477.7 million as of September 30, 2015 , and was included in asset-backed securitizations within the condensed consolidated balance sheets. The 4,125 collateral homes had a net book value of $686.8 million as of September 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 September 30, 2015 , the Company was in compliance with all loan covenants. The Company did not have any borrowings outstanding under the credit facility as of September 30, 2015 , compared to $207.0 million in total outstanding borrowings under the credit facility at December 31, 2014 . 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 nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Gross interest $ 25,029 $ 8,500 $ 69,181 $ 19,228 Capitalized interest (1,163 ) (3,388 ) (7,642 ) (8,726 ) Interest expense $ 23,866 $ 5,112 $ 61,539 $ 10,502

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of September 30, 2015 , and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Accounts payable $ 396 $ 4,925 Accrued property taxes 74,975 49,018 Other accrued liabilities 89,175 28,972 Accrued construction and maintenance liabilities 16,989 23,914 Resident security deposits 53,116 42,877 Total $ 234,651 $ 149,706

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Participating Preferred Shares As of September 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 $453.6 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 September 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 quarters ended September 30, 2015 and 2014 , totaled $0.3125 per share, $0.3125 per share and $0.34375 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 September 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 6.5% and 6.4% , of the total 222,536,211 and 225,914,576 Class A units in the Operating Partnership as of September 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 September 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 nine months ended September 30, 2015 , of $3.1 million and $10.8 million , respectively, primarily consisted of $4.7 million and $14.1 million , respectively, of preferred income allocated to Series C convertible units, $1.6 million and $3.2 million , respectively, of net loss allocated to Class A units and $0.01 million and $0.06 million , respectively, of net loss allocated to noncontrolling interests in certain of the Company’s consolidated subsidiaries. Noncontrolling interest for the three and nine months ended September 30, 2014 , of $3.4 million and $11.2 million , respectively, primarily consisted of $4.7 million and $13.9 million , respectively, of preferred income allocated to Series C convertible units, $1.1 million and $2.5 million , respectively, of net loss allocated to Class A units, and $0.2 million of net loss, allocated to noncontrolling interests in certain of the Company’s consolidated subsidiaries. 2012 Equity Incentive Plan During the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2015 and 2014 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2014 1,190,000 $ 15.48 9.3 $ 862 Granted 1,220,000 16.74 Exercised (28,750 ) 15.00 74 Forfeited (216,250 ) 15.70 Options outstanding at September 30, 2014 2,165,000 $ 16.17 9.3 $ 3,438 Options exercisable at September 30, 2014 131,250 $ 15.00 8.4 $ 362 Options outstanding at January 1, 2015 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (15,000 ) 15.00 19 Forfeited (178,500 ) 16.57 Options outstanding at September 30, 2015 2,560,000 $ 16.23 8.3 $ 557 Options exercisable at September 30, 2015 636,250 $ 15.94 7.7 $ 273 (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 nine months ended September 30, 2015 and 2014 : 2015 2014 Weighted-average fair value $ 4.57 $ 4.89 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 35.9 % 37.3 % 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 nine months ended September 30, 2015 and 2014 : 2015 2014 Restricted stock units at beginning of period 85,000 — Units awarded 44,000 92,000 Units vested (22,000 ) — Units forfeited (9,700 ) (2,000 ) Restricted stock units at end of the period 97,300 90,000 Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.9 million and $0.8 million for the three months ended September 30, 2015 and 2014 , respectively, and $2.3 million and $1.9 million for the nine months ended September 30, 2015 and 2014 , respectively. Share Repurchase Program On September 21, 2015 , the Company announced that our Board of Trustees approved a share repurchase program authorizing us to repurchase up to $300.0 million of our outstanding Class A common shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. In addition, the excess of the purchase price over the par value of shares repurchased is recorded as a reduction to additional paid-in capital. During the nine months ended September 30, 2015 , we repurchased 3.4 million of our Class A common shares in accordance with the program at a weighted-average price of $15.76 per share and a total price of $53.7 million , which was included in accounts payable and accrued expenses in the condensed consolidated balance sheets. As of September 30, 2015 , we had a remaining repurchase authorization of $246.3 million under the program.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 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 September 30, 2015 , and December 31, 2014 , 14,440,670 Class A common units as of September 30, 2015 , and December 31, 2014 , 31,085,974 Series C convertible units as of September 30, 2015 , and December 31, 2014 , 4,375,000 Series D units as of September 30, 2015 , and December 31, 2014 , and 4,375,000 Series E units as of September 30, 2015 , and December 31, 2014 ) an approximate 22.1% and 21.8% interest at September 30, 2015 , and December 31, 2014 , respectively. As of September 30, 2015 , the Company had a net receivable of $6.1 million due from affiliates related to expense reimbursements, partially offset by declared and unpaid distributions on the Series C convertible units, compared to a net receivable of $4.0 million due from affiliates as of December 31, 2014 , which consisted of receivables due from AH LLC related to working capital settlement items, partially offset by declared and unpaid distributions on the Series C convertible units. These amounts were included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. 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 nine months ended September 30, 2014 , we incurred $31.8 million and $58.6 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 $19.0 million and $44.6 million was capitalized related to asset acquisitions and included in the cost of the single-family properties and $12.8 million and $14.0 million was expensed related to property acquisitions with in-place leases and to the acquisition of Beazer Pre-Owned Rental Homes, Inc. ("Beazer Rental Homes"), 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 nine months ended September 30, 2014 , were $11.2 million and $30.3 million , respectively.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table reflects the computation of net loss per share on a basic and diluted basis for the three and nine months ended September 30, 2015 and 2014 (in thousands, except share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Income / (loss) (numerator): Net loss $ (19,938 ) $ (12,796 ) $ (36,601 ) $ (23,100 ) Noncontrolling interest 3,109 3,382 10,795 11,214 Dividends on preferred shares 5,569 5,569 16,707 13,359 Net loss attributable to common shareholders $ (28,616 ) $ (21,747 ) $ (64,103 ) $ (47,673 ) Weighted-average shares (denominator) 211,414,368 202,547,677 211,460,840 191,251,638 Net loss per share—basic and diluted $ (0.14 ) $ (0.11 ) $ (0.30 ) $ (0.25 ) Total weighted-average shares for the three and nine months ended September 30, 2015 , excludes an aggregate of 73,993,944 , and for the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. The Company had no outstanding commitments in connection with these contracts that were not accrued for as of September 30, 2015 , compared to aggregate outstanding commitments of $4.1 million as of December 31, 2014 , in connection with these contracts. As of September 30, 2015 , and December 31, 2014 , we had commitments to acquire 112 and 703 single-family properties, respectively, with an aggregate purchase price of $16.2 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	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	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 September 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. 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 September 30, 2015 , and December 31, 2014 (in thousands): September 30, 2015 Description Quoted Prices Significant Significant Total Assets: Interest rate cap agreement $ — $ — $ — $ — Liabilities: Contingently convertible Series E units liability $ — $ — $ 68,601 $ 68,601 Preferred shares derivative liability $ — $ — $ 60,260 $ 60,260 December 31, 2014 Description Quoted Prices Significant Significant Total 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 nine months ended September 30, 2015 and 2014 (in thousands): Description January 1, 2015 Issuances Remeasurement September 30, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ (3,456 ) $ 68,601 Preferred shares derivative liability $ 57,960 $ — $ 2,300 $ 60,260 Description January 1, 2014 Issuances Remeasurement September 30, 2014 Liabilities: Contingently convertible Series E units liability $ 66,938 $ — $ 4,112 $ 71,050 Preferred shares derivative liability $ 28,150 $ 26,922 $ 2,348 $ 57,420 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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From October 1, 2015, through October 31, 2015, we acquired 188 properties with an aggregate purchase price of approximately $26.3 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. On October 31, 2015, the Company acquired the remaining 67% outside ownership interest in two of its consolidated joint ventures, RJ American Homes 4 Rent One, LLC and RJ American Homes 4 Rent Two, LLC, which own a total of 377 single-family properties, for a purchase price of $44.4 million . Declaration of Dividends On November 5, 2015, our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on December 31, 2015, to shareholders of record on December 15, 2015, and $0.05 per Class B common share payable on December 31, 2015, to shareholders of record on December 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 December 31, 2015, to shareholders of record on December 15, 2015, $0.3125 per share on the Company’s 5.0% Series B participating preferred shares payable on December 31, 2015, to shareholders of record on December 15, 2015, and $0.34375 per share on the Company’s 5.5% Series C participating preferred shares payable on December 31, 2015, to shareholders of record on December 15, 2015.

Significant Accounting Polici21

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
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. In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , to clarify that debt issuance costs related to line-of-credit arrangements may be deferred and presented as an asset and subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The 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)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Single-Family Properties, Net	Single-family properties, net, consists of the following as of September 30, 2015 , and December 31, 2014 (dollars in thousands): September 30, 2015 Number of properties Net book value Leased single-family properties 35,617 $ 5,815,458 Single-family properties being renovated 810 127,734 Single-family properties being prepared for re-lease 283 45,756 Vacant single-family properties available for lease 1,621 272,044 Single-family properties held for sale 46 6,472 Total 38,377 $ 6,267,464 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 Inta23

Deferred Costs and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consists of the following as of September 30, 2015 , and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Deferred leasing costs $ 14,893 $ 18,307 Deferred financing costs 78,176 53,013 Intangible assets: In-place lease values 2,231 10,468 Trademark 3,100 3,100 Database 2,100 2,100 100,500 86,988 Less: accumulated amortization (29,830 ) (32,406 ) Total $ 70,670 $ 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 September 30, 2015 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2015 $ 2,016 $ 2,678 $ 38 $ 165 $ 75 2016 2,497 10,591 42 660 300 2017 — 9,025 — 752 300 2018 — 8,527 — — 300 2019 — 6,374 — — 300 Thereafter — 25,898 — — 132 Total $ 4,513 $ 63,093 $ 80 $ 1,577 $ 1,407

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of September 30, 2015 , and December 31, 2014 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2015 December 31, 2014 2014-SFR1 securitization (2) 1.79 % June 9, 2019 $ 474,958 $ 478,565 2014-SFR2 securitization 4.42 % October 9, 2024 508,587 512,435 2014-SFR3 securitization 4.40 % December 9, 2024 524,429 528,390 2015-SFR1 securitization (3) 4.14 % April 9, 2045 550,502 — 2015-SFR2 securitization (4) 4.36 % October 9, 2045 477,716 — Total asset-backed securitizations 2,536,192 1,519,390 Secured note payable 4.06 % July 1, 2019 50,980 51,644 Credit facility (5) 2.96 % September 30, 2018 — 207,000 Total debt (6) $ 2,587,172 $ 1,778,034 (1) Interest rates are as of September 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 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (5) 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. (6) The Company was in compliance with all debt covenants associated with its asset-backed securitizations and credit facility as of September 30, 2015.
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 nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Gross interest $ 25,029 $ 8,500 $ 69,181 $ 19,228 Capitalized interest (1,163 ) (3,388 ) (7,642 ) (8,726 ) Interest expense $ 23,866 $ 5,112 $ 61,539 $ 10,502

Accounts Payable and Accrued 25

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of September 30, 2015 , and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Accounts payable $ 396 $ 4,925 Accrued property taxes 74,975 49,018 Other accrued liabilities 89,175 28,972 Accrued construction and maintenance liabilities 16,989 23,914 Resident security deposits 53,116 42,877 Total $ 234,651 $ 149,706

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2015 and 2014 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2014 1,190,000 $ 15.48 9.3 $ 862 Granted 1,220,000 16.74 Exercised (28,750 ) 15.00 74 Forfeited (216,250 ) 15.70 Options outstanding at September 30, 2014 2,165,000 $ 16.17 9.3 $ 3,438 Options exercisable at September 30, 2014 131,250 $ 15.00 8.4 $ 362 Options outstanding at January 1, 2015 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (15,000 ) 15.00 19 Forfeited (178,500 ) 16.57 Options outstanding at September 30, 2015 2,560,000 $ 16.23 8.3 $ 557 Options exercisable at September 30, 2015 636,250 $ 15.94 7.7 $ 273 (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	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 nine months ended September 30, 2015 and 2014 : 2015 2014 Weighted-average fair value $ 4.57 $ 4.89 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 35.9 % 37.3 % Risk-free interest rate 1.9 % 2.2 %
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2015 and 2014 : 2015 2014 Restricted stock units at beginning of period 85,000 — Units awarded 44,000 92,000 Units vested (22,000 ) — Units forfeited (9,700 ) (2,000 ) Restricted stock units at end of the period 97,300 90,000

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
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 nine months ended September 30, 2015 and 2014 (in thousands, except share data): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Income / (loss) (numerator): Net loss $ (19,938 ) $ (12,796 ) $ (36,601 ) $ (23,100 ) Noncontrolling interest 3,109 3,382 10,795 11,214 Dividends on preferred shares 5,569 5,569 16,707 13,359 Net loss attributable to common shareholders $ (28,616 ) $ (21,747 ) $ (64,103 ) $ (47,673 ) Weighted-average shares (denominator) 211,414,368 202,547,677 211,460,840 191,251,638 Net loss per share—basic and diluted $ (0.14 ) $ (0.11 ) $ (0.30 ) $ (0.25 )

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
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 September 30, 2015 , and December 31, 2014 (in thousands): September 30, 2015 Description Quoted Prices Significant Significant Total Assets: Interest rate cap agreement $ — $ — $ — $ — Liabilities: Contingently convertible Series E units liability $ — $ — $ 68,601 $ 68,601 Preferred shares derivative liability $ — $ — $ 60,260 $ 60,260 December 31, 2014 Description Quoted Prices Significant Significant Total 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 nine months ended September 30, 2015 and 2014 (in thousands): Description January 1, 2015 Issuances Remeasurement September 30, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ (3,456 ) $ 68,601 Preferred shares derivative liability $ 57,960 $ — $ 2,300 $ 60,260 Description January 1, 2014 Issuances Remeasurement September 30, 2014 Liabilities: Contingently convertible Series E units liability $ 66,938 $ — $ 4,112 $ 71,050 Preferred shares derivative liability $ 28,150 $ 26,922 $ 2,348 $ 57,420

Organization and Operations (De

Organization and Operations (Details)	Jun. 10, 2013shares	Sep. 30, 2015single_family_propertystate	Dec. 31, 2014single_family_property
Real Estate Properties [Line Items]
Number of properties | single_family_property		38,377	34,599
Number of states | state		22
Operating Partnership | Series D Convertible Units
Real Estate Properties [Line Items]
Units issued to AH LLC (in shares)	4,375,000
Operating Partnership | Series E Convertible Units
Real Estate Properties [Line Items]
Units issued to AH LLC (in shares)	4,375,000
Properties Held for Sale | Single Family Homes
Real Estate Properties [Line Items]
Number of properties | single_family_property		46	26

Single-Family Properties (Detai

Single-Family Properties (Details) $ in Thousands	Sep. 30, 2015USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	38,377	34,599
Net book value	$ 6,267,464	$ 5,710,671
Single Family Homes | Properties being renovated
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	810	2,886
Net book value	$ 127,734	$ 476,120
Single Family Homes | Properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	283	630
Net book value	$ 45,756	$ 104,974
Single Family Homes | Properties Held for Sale
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	46	26
Net book value	$ 6,472	$ 3,818
Leased | Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	35,617	28,250
Net book value	$ 5,815,458	$ 4,631,797
Vacant | Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	1,621	2,807
Net book value	$ 272,044	$ 493,962

Single-Family Properties (Det31

Single-Family Properties (Details 2) - Single Family Homes - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property Subject to or Available for Operating Lease
Net book value	$ 34		$ 34		$ 114.6
Depreciation expense	$ 63.9	$ 40.8	$ 165.8	$ 106.6

Rent and Other Receivables (Det

Rent and Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for doubtful accounts	$ 2.8	$ 0.5
Rescinded properties	0	1.1
Non-tenant receivables	$ 2.7	$ 2.4

Deferred Costs and Other Inta33

Deferred Costs and Other Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 14,893	$ 18,307
Deferred financing costs	78,176	53,013
Intangible assets:
Intangible assets	100,500	86,988
Less: accumulated amortization	(29,830)	(32,406)
Total	70,670	54,582
In-place lease values
Intangible assets:
Intangible assets	2,231	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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 2.8	$ 4	$ 10	$ 11.7
Amortization of deferred financing costs	$ 2.4	$ 1.4	$ 6.8	$ 2.9

Deferred Costs and Other Inta35

Deferred Costs and Other Intangibles (Details 3) $ in Thousands	Sep. 30, 2015USD ($)
Deferred Leasing Costs
Intangible Assets
Remaining 2,015	$ 2,016
2,016	2,497
Total	4,513
Deferred Financing Costs
Intangible Assets
Remaining 2,015	2,678
2,016	10,591
2,017	9,025
2,018	8,527
2,019	6,374
Thereafter	25,898
Total	63,093
In-place lease values
Intangible Assets
Remaining 2,015	38
2,016	42
Total	80
Trademark
Intangible Assets
Remaining 2,015	165
2,016	660
2,017	752
Total	1,577
Database
Intangible Assets
Remaining 2,015	75
2,016	300
2,017	300
2,018	300
2,019	300
Thereafter	132
Total	$ 1,407

Debt (Details)

Debt (Details)	1 Months Ended			9 Months Ended
	Sep. 30, 2015USD ($)single_family_property	Mar. 31, 2015USD ($)	Sep. 30, 2013USD ($)	Sep. 30, 2015USD ($)single_family_propertyextension_optionpass_through_certificate	Dec. 31, 2014USD ($)single_family_property	Mar. 31, 2013USD ($)
Debt Instrument [Line Items]
Asset-backed securitizations	$ 2,536,192,000			$ 2,536,192,000	$ 1,519,390,000
Secured note payable	50,980,000			50,980,000	51,644,000
Credit facility	0			0	207,000,000
Total debt	$ 2,587,172,000			$ 2,587,172,000	$ 1,778,034,000
Investments, Debt, and Equity Securities, Number of Pass-through Certificates | pass_through_certificate				8
Number of properties | single_family_property	38,377			38,377	34,599
Single-family properties, net	$ 6,267,464,000			$ 6,267,464,000	$ 5,710,671,000
2014-SFR 1
Debt Instrument [Line Items]
Interest rate	1.79%			1.79%
Asset-backed securitizations	$ 474,958,000			$ 474,958,000	478,565,000
Debt instrument initial term				2 years
Number of extension options | extension_option				3
Period of extension options				12 months
2014-SFR 2
Debt Instrument [Line Items]
Interest rate	4.42%			4.42%
Asset-backed securitizations	$ 508,587,000			$ 508,587,000	512,435,000
2014-SFR 3
Debt Instrument [Line Items]
Interest rate	4.40%			4.40%
Asset-backed securitizations	$ 524,429,000			$ 524,429,000	528,390,000
2015-SFR 1
Debt Instrument [Line Items]
Interest rate	4.14%	4.14%		4.14%
Asset-backed securitizations	$ 550,502,000			$ 550,502,000	0
Debt instrument initial term		30 years
Percentage of rate increased in the event of loan not paid		3.00%
2015-SFR 1 | Single Family Homes
Debt Instrument [Line Items]
United States Treasury term		10 years
Gross proceeds from the sale of certificates		$ 552,800,000
Issuance costs for the sale of certificates		$ 13,300,000
Minimum coverage ratio		1.20
Period of debt service considered for debt coverage ratio		12 months
2015-SFR 2
Debt Instrument [Line Items]
Interest rate	4.36%			4.36%
Asset-backed securitizations	$ 477,716,000			$ 477,716,000	0
LIBOR | 2014-SFR 1
Debt Instrument [Line Items]
Debt instrument, description of variable rate				LIBOR
Debt instrument, basis spread on variable rate				0.25%
LIBOR | 2014-SFR 1 | Weighted blended interest rate
Debt Instrument [Line Items]
Debt instrument, description of variable rate				LIBOR
Debt instrument, basis spread on variable rate				1.54%
Borrower | 2015-SFR 1
Debt Instrument [Line Items]
Loan amount		$ 552,800,000
Borrower | 2015-SFR 1 | Note
Debt Instrument [Line Items]
Ratio of monthly principal payment of loan		0.00083
Number of properties | single_family_property	4,661			4,661
Single-family properties, net	$ 741,500,000			$ 741,500,000
Borrower | 2015-SFR 2
Debt Instrument [Line Items]
Asset-backed securitizations	$ 477,716,000			$ 477,716,000
Debt instrument, basis spread on variable rate	3.00%
Debt instrument initial term	30 years
Debt, duration-adjusted weighted-average rate	4.36%			4.36%
United States Treasury term	10 years
Loan amount	$ 477,700,000			$ 477,700,000
Issuance costs for the sale of certificates	$ 11,300,000
Minimum coverage ratio	1.20
Single-family properties, net	$ 686,800,000			$ 686,800,000
Borrower | 2015-SFR 2 | Single Family Homes
Debt Instrument [Line Items]
Number of properties | single_family_property	4,125			4,125
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	2.96%			2.96%
Credit facility amount, maximum			$ 800,000,000			$ 500,000,000
Senior Secured Revolving Credit Facility | Until March 2017
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Senior Secured Revolving Credit Facility | Until March 2017 | LIBOR
Debt Instrument [Line Items]
Debt instrument, description of variable rate			30 day LIBOR
Debt instrument, basis spread on variable rate			2.75%
Senior Secured Revolving Credit Facility | March 2017 and Thereafter
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.125%
Senior Secured Revolving Credit Facility | March 2017 and Thereafter | LIBOR
Debt Instrument [Line Items]
Debt instrument, description of variable rate			30 day LIBOR
Debt instrument, basis spread on variable rate			3.125%
Secured Notes Payable | Note
Debt Instrument [Line Items]
Interest rate	4.06%			4.06%
Secured note payable	$ 50,980,000			$ 50,980,000	$ 51,644,000

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Gross interest	$ 25,029	$ 8,500	$ 69,181	$ 19,228
Capitalized interest	(1,163)	(3,388)	(7,642)	(8,726)
Interest expense	$ 23,866	$ 5,112	$ 61,539	$ 10,502

Accounts Payable and Accrued 38

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable	$ 396	$ 4,925
Accrued property taxes	74,975	49,018
Other accrued liabilities	89,175	28,972
Accrued construction and maintenance liabilities	16,989	23,914
Resident security deposits	53,116	42,877
Total	$ 234,651	$ 149,706

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)$ / shares	Sep. 30, 2015USD ($)market$ / shares	Sep. 30, 2014USD ($)$ / shares
Class of Stock
Preferred stock, cumulative change in value of index based on purchase prices of single-family properties (as a percent)			50.00%
Number of top markets | market			20
Initial liquidation preference on the Company's participating preferred shares | $	$ 453,600		$ 453,600
Income (loss) allocated to noncontrolling interest | $	$ 3,109	$ 3,382	$ 10,795	$ 11,214
Series C Convertible Units
Class of Stock
Dividend payable per share	$ 0.15113	$ 0.15113	$ 0.15113	$ 0.15113
Class A common shares
Class of Stock
Dividend payable per share	0.05	0.05	$ 0.05	0.05
5.0% Series A Participating Preferred Shares
Class of Stock
Preferred stock, dividend rate, percentage			5.00%
Dividend payable per share	0.3125	0.3125	$ 0.3125	0.3125
5.0% Series B Participating Preferred Shares
Class of Stock
Preferred stock, dividend rate, percentage			5.00%
Dividend payable per share	0.3125	0.3125	$ 0.3125	0.3125
5.5% Series C Participating Preferred Shares
Class of Stock
Preferred stock, dividend rate, percentage			5.50%
Dividend payable per share	0.34375	0.34375	$ 0.34375	0.34375
Class B common shares
Class of Stock
Dividend payable per share	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Shareholders' Equity (Details 2

Shareholders' Equity (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Class of Stock
Income (loss) allocated to noncontrolling interest	$ 3,109	$ 3,382	$ 10,795	$ 11,214
AH LLC
Class of Stock
Percentage of units outstanding	22.10%		22.10%		21.80%
Operating Partnership | Class A Units
Class of Stock
Units outstanding (in shares)	222,536,211		222,536,211		225,914,576
Income (loss) allocated to noncontrolling interest	$ 1,600	1,100	$ 3,200	2,500
Operating Partnership | Class A Units | AH LLC
Class of Stock
Units owned (in shares)	14,440,670		14,440,670		14,440,670
Percentage of units outstanding	6.50%		6.50%		6.40%
Operating Partnership | Series C Convertible Units
Class of Stock
Income (loss) allocated to noncontrolling interest	$ 4,700	4,700	$ 14,100	13,900
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	$ 10	$ 200	$ 60	$ 200

Shareholders' Equity (Details 3

Shareholders' Equity (Details 3) - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 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)	(15,000)	(28,750)
Forfeited (in shares)	(178,500)	(216,250)
Outstanding at end of the period (in shares)	2,560,000	2,165,000	2,165,000	1,190,000
Exercisable at end of the period (in shares)	636,250	131,250
Weighted Average Exercise Price
Outstanding at beginning of the period (in USD per share)	$ 16.17	$ 15.48	$ 15.48
Granted (in USD per share)	16.49	16.74
Exercised (in USD per share)	15	15
Forfeited (in USD per share)	16.57	15.70
Outstanding at end of the period (in USD per share)	16.23	16.17	$ 16.17	$ 15.48
Exercisable at end of the period (in USD per share)	$ 15.94	$ 15
Aggregate intrinsic value
Weighted average remaining life (years)	8 years 3 months 18 days	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	$ 557	$ 3,438	$ 1,890	$ 862
Aggregate intrinsic value exercised	19	74
Aggregate intrinsic value exercisable	$ 273	$ 362
Restricted stock units
Class of Stock
Restricted stock unit grants in period (in shares)	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

Shareholders' Equity (Details 4

Shareholders' Equity (Details 4) - Class A common shares - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Number of Restricted Stock Units
Noncash share-based compensation expense	$ 913	$ 751	$ 2,343	$ 1,895
Restricted stock units | 2012 Equity Incentive Plan
Number of Restricted Stock Units
Restricted stock units at beginning of period			85,000
Units awarded			44,000	92,000
Units vested			(22,000)
Units forfeited			(9,700)	(2,000)
Restricted stock units at end of the period	97,300	90,000	97,300	90,000

Shareholders' Equity Shareholde

Shareholders' Equity Shareholders' Equity (Details 6) - Class A common shares - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 21, 2015
Class of Stock
Repurchase of Class A common stock, authorized amount		$ 300,000,000
Average price per share of Class A common shares	$ 15.76
Total cost of Class A common shares repurchase	$ 53,679,000
Remaining repurchase authorization	$ 246,300,000
Common Stock
Class of Stock
Repurchases of Class A common shares (in shares)	3,407,046

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Dec. 10, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014	Nov. 30, 2012
AH LLC
Related Party Transaction
Equity interest rate				22.10%	21.80%
Due from affiliates, net payable to affiliates				$ 6.1	$ 4
AH LLC | Class A common shares
Related Party Transaction
Equity interest rate				3.30%	3.30%
AH LLC | Class B common shares
Related Party Transaction
Shares owned (in shares)				635,075	635,075
AH LLC | Agreement on Investment Opportunities
Related Party Transaction
Acquisition and renovation fee in percent						5.00%
Monthly maintenance fee	$ 0.1
Acquisition and renovation fees		$ 31.8	$ 58.6
Asset acquisition cost		19	44.6
Property acquisition cost		12.8	14
MMI
Related Party Transaction
Administrative expenses paid to related party		$ 11.2	$ 30.3
Operating Partnership | Class A common shares
Related Party Transaction
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income / (loss) (numerator):
Net loss	$ (19,938)	$ (12,796)	$ (36,601)	$ (23,100)
Noncontrolling interest	3,109	3,382	10,795	11,214
Dividends on preferred shares	5,569	5,569	16,707	13,359
Net loss attributable to common shareholders	$ (28,616)	$ (21,747)	$ (64,103)	$ (47,673)
Weighted-average shares (denominator)	211,414,368	202,547,677	211,460,840	191,251,638
Net loss per share-basic and diluted:
Net loss per share-basic and diluted (in USD per share)	$ (0.14)	$ (0.11)	$ (0.30)	$ (0.25)

Earnings per Share (Details 2)

Earnings per Share (Details 2) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Total weighted average shares	73,993,944	72,938,266	73,993,944	72,938,266

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2015USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property
Commitment to renovate homes
Commitments and contingencies
Aggregate outstanding construction commitments		$ 4.1
Commitment to acquire properties
Commitments and contingencies
Number of properties | single_family_property	112	703
Aggregate purchase price	$ 16.2	$ 110.9

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets:
Interest rate cap agreement	$ 0	$ 14
Liabilities:
Contingently convertible Series E units liability	68,601	72,057	$ 71,050	$ 66,938
Preferred shares derivative liability	60,260	57,960	$ 57,420	$ 28,150
Significant Other Observable Inputs (Level 2) | Recurring
Assets:
Interest rate cap agreement	0	14
Liabilities:
Contingently convertible Series E units liability	0	0
Preferred shares derivative liability	0	0
Significant Unobservable Inputs (Level 3) | Recurring
Assets:
Interest rate cap agreement	0	0
Liabilities:
Contingently convertible Series E units liability	68,601	72,057
Preferred shares derivative liability	$ 60,260	$ 57,960

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Disclosures [Abstract]
Contingently convertible Series E units liability, Beginning Balance			$ 72,057	$ 66,938
Remeasurement of Series E units	$ 525	$ (3,588)	(3,456)	4,112
Contingently convertible Series E units liability, Ending Balance	68,601	71,050	68,601	71,050
Preferred shares derivative liability, Beginning Balance			57,960	28,150
Preferred shares derivative liability, Issuance				26,922
Remeasurement of preferred shares	3,000	1,750	2,300	2,348
Preferred shares derivative liability, Ending Balance	$ 60,260	$ 57,420	$ 60,260	$ 57,420

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Nov. 05, 2015$ / shares	Oct. 31, 2015USD ($)single_family_propertybusiness_acquired	Oct. 31, 2015USD ($)single_family_property	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Subsequent Event
Aggregate purchase price of properties acquired | $				$ 552,944	$ 914,059
5.0% Series A Participating Preferred Shares
Subsequent Event
Preferred stock, dividend rate, percentage				5.00%
5.0% Series B Participating Preferred Shares
Subsequent Event
Preferred stock, dividend rate, percentage				5.00%
5.5% Series C Participating Preferred Shares
Subsequent Event
Preferred stock, dividend rate, percentage				5.50%
Subsequent Events | Subsequent Acquisitions
Subsequent Event
Number of properties acquired | single_family_property		188	188
Aggregate purchase price of properties acquired | $			$ 26,300
Subsequent Events | RJ Joint Ventures
Subsequent Event
Number of properties acquired | single_family_property		377	377
Percentage of remaining outside ownership acquired		67.00%	67.00%
Number of consolidated joint ventures acquired | business_acquired		2
Purchase price of joint ventures | $		$ 44,400
Subsequent Events | Class A common shares | Dividend Declared
Subsequent Event
Quarterly dividend (in USD per share)	$ 0.05
Subsequent Events | Class B common shares | Dividend Declared
Subsequent Event
Quarterly dividend (in USD per share)	0.05
Subsequent Events | 5.0% Series A Participating Preferred Shares | Dividend Declared
Subsequent Event
Quarterly preferred dividend (in USD per share)	$ 0.3125
Preferred stock, dividend rate, percentage	5.00%
Subsequent Events | 5.0% Series B Participating Preferred Shares | Dividend Declared
Subsequent Event
Quarterly preferred dividend (in USD per share)	$ 0.3125
Preferred stock, dividend rate, percentage	5.00%
Subsequent Events | 5.5% Series C Participating Preferred Shares | Dividend Declared
Subsequent Event
Quarterly preferred dividend (in USD per share)	$ 0.34375
Preferred stock, dividend rate, percentage	5.50%