American Homes 4 Rent (AMH) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 24, 2016	Jun. 30, 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 Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 3.3
Class A common shares
Document Information
Entity Common Stock, Shares Outstanding		205,915,616
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Single-family properties:
Land	$ 1,229,017	$ 1,104,409
Buildings and improvements	5,469,533	4,808,706
Single-family properties held for sale	7,432	3,818
Single-family properties, gross	6,705,982	5,916,933
Less: accumulated depreciation	(416,044)	(206,262)
Single-family properties, net	6,289,938	5,710,671
Cash and cash equivalents	57,686	108,787
Restricted cash	111,282	77,198
Rent and other receivables, net	13,936	11,009
Escrow deposits, prepaid expenses and other assets	121,627	118,783
Deferred costs and other intangibles, net	66,996	54,582
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,655	120,655
Total assets	6,807,786	6,227,351
Liabilities
Credit facility	0	207,000
Asset-backed securitizations	2,530,210	1,519,390
Secured note payable	50,752	51,644
Accounts payable and accrued expenses	154,751	149,706
Amounts payable to affiliates	4,093	0
Contingently convertible Series E units liability	69,957	72,057
Preferred shares derivative liability	62,790	57,960
Total liabilities	$ 2,872,553	$ 2,057,757
Commitments and contingencies
Shareholders' equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 17,060,000 shares issued and outstanding at December 31, 2015 and 2014	$ 171	$ 171
Additional paid-in capital	3,554,063	3,618,207
Accumulated deficit	(296,865)	(170,162)
Accumulated other comprehensive loss	(102)	(229)
Total shareholders' equity	3,259,345	3,450,101
Noncontrolling interest	675,888	719,493
Total equity	3,935,233	4,169,594
Total liabilities and equity	6,807,786	6,227,351
Class A common shares
Shareholders' equity:
Common shares	2,072	2,108
Class B common shares
Shareholders' equity:
Common shares	$ 6	$ 6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized	100,000,000	100,000,000
Preferred shares, shares issued	17,060,000	17,060,000
Preferred shares, shares outstanding	17,060,000	17,060,000
Class A common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	450,000,000	450,000,000
Common shares, shares issued	207,235,510	210,838,831
Common shares, shares outstanding	207,235,510	210,838,831
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	50,000,000	50,000,000
Common shares, shares issued	635,075	635,075
Common shares, shares outstanding	635,075	635,075

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rents from single-family properties	$ 559,719	$ 376,385	$ 132,722
Fees from single-family properties	7,646	5,968	3,639
Tenant charge-backs	56,546	14,931	1,588
Other	6,665	1,590	1,083
Total revenues	630,576	398,874	139,032
Expenses:
Leased single-family properties	280,907	165,474	51,411
Vacant single-family properties and other	15,018	22,899	22,341
General and administrative expense	24,906	21,947	8,845
Advisory fees	0	0	6,352
Interest expense	89,413	19,881	370
Noncash share-based compensation expense	3,125	2,586	1,079
Acquisition fees and costs expensed	19,577	22,386	4,799
Depreciation and amortization	242,848	165,516	70,987
Total expenses	675,794	420,689	166,184
Gain on remeasurement of equity method investment	0	0	10,945
Remeasurement of Series E units	2,100	(5,119)	(2,057)
Remeasurement of preferred shares	(4,830)	(6,158)	(1,810)
Net loss	(47,948)	(33,092)	(20,074)
Discontinued operations
Gain on disposition of single-family properties	0	0	904
Income from discontinued operations	0	0	104
Income from discontinued operations	0	0	1,008
Net loss	(47,948)	(33,092)	(19,066)
Noncontrolling interest	14,353	14,965	13,245
Dividends on preferred shares	22,276	18,928	1,160
Conversion of preferred units	0	0	10,456
Net loss attributable to common shareholders	$ (84,577)	$ (66,985)	$ (43,927)
Weighted-average shares outstanding-basic and diluted (in shares)	210,600,111	196,348,757	123,592,086
Net loss per share—basic and diluted:
Loss from continuing operations (in dollars per share)	$ (0.40)	$ (0.34)	$ (0.37)
Income from discontinued operations (in dollars per share)	0	0	0.01
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	$ (0.40)	$ (0.34)	$ (0.36)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net loss	$ (47,948)	$ (33,092)	$ (19,066)
Unrealized gain (loss) on interest rate cap agreement:
Unrealized interest rate cap agreement loss arising during the period	(14)	(229)	0
Reclassification adjustment for amortization of interest expense included in net loss	141	0	0
Unrealized gain (loss) on interest rate cap agreement	127	(229)	0
Other comprehensive income (loss)	127	(229)	0
Comprehensive loss	(47,821)	(33,321)	(19,066)
Comprehensive income attributable to noncontrolling interests	14,345	14,979	13,245
Dividends on preferred shares	22,276	18,928	1,160
Conversion of preferred shares	0	0	10,456
Comprehensive loss attributable to common shareholders	$ (84,442)	$ (67,228)	$ (43,927)

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Class A common shares	Class B common shares	Common StockClass A common shares	Common StockClass B common shares	Preferred shares	Preferred sharesClass B common shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Shareholders’ equity	Noncontrolling interest	Subscription AgreementClass A common shares	Subscription AgreementCommon StockClass A common shares	Subscription AgreementAdditional paid-in capital	Alaska Joint Venture Acquisition	Alaska Joint Venture AcquisitionCommon StockClass A common shares	Alaska Joint Venture AcquisitionAdditional paid-in capital	Alaska Joint Venture AcquisitionShareholders’ equity	Alaska Joint Venture AcquisitionNoncontrolling interest	RJ Joint Ventures AcquisitionNoncontrolling interest
Beginning balance of common shares (in shares) at Dec. 31, 2012				38,663,998	667
Beginning balances at Dec. 31, 2012	$ 905,164			$ 387	$ 0	$ 0		$ 914,565	$ (10,278)		$ 904,674	$ 490
Beginning balance of preferred shares (in shares) at Dec. 31, 2012							0
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common shares, net of offering costs (in shares)				102,141,544
Issuance of Class A common shares, net of offering costs	1,548,280			$ 1,021				1,547,259			1,548,280
2,770 Property Contribution (in shares)					634,408
2,770 Property Contribution	35,817				$ 6			(356,442)			(356,436)	392,253
Issuance of common shares (in shares)													434,783	434,783			43,609,394
Aggregate purchase price of shares	0													$ 4	$ (4)	$ 904,487	$ 436	$ 703,856	$ 704,292	$ 200,195	$ 61,060
Management Internalization	65,188											65,188
Share-based compensation (in shares)				19,500
Share-based compensation	1,079							1,079			1,079
Formation of consolidated joint venture	500											500
Conversion of preferred units	(10,456)								(10,456)		(10,456)
Issuance of preferred shares, net of offering costs						9,060,000
Issuance of preferred shares, net of offering costs	186,256					$ 91		186,165			186,256
Distributions to equity holders:
Preferred shares	(1,160)								(1,160)		(1,160)
Noncontrolling interests	(17,216)											(17,216)
Common shares	(9,274)								(9,274)		(9,274)
Net (loss) income	(19,066)								(32,311)		(32,311)	13,245
Total other comprehensive income	0
Ending balance of common shares (in shares) at Dec. 31, 2013				184,869,219	635,075
Ending balances at Dec. 31, 2013	3,650,659			$ 1,848	$ 6	$ 91		2,996,478	(63,479)	$ 0	2,934,944	715,715
Beginning balance of preferred shares (in shares) at Dec. 31, 2013							9,060,000
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common shares, net of offering costs (in shares)				25,969,612
Issuance of Class A common shares, net of offering costs	453,671			$ 260				453,411			453,671
2,770 Property Contribution	1,546							31			31	1,515
Share-based compensation	2,586							2,586			2,586
Conversion of preferred units	0
Issuance of preferred shares, net of offering costs						8,000,000
Issuance of preferred shares, net of offering costs	165,781					$ 80		165,701			165,781
Issuance of Class A units	11,179											11,179
Distributions to equity holders:
Preferred shares	(18,928)								(18,928)		(18,928)
Noncontrolling interests	(23,881)											(23,881)
Common shares	(39,698)								(39,698)		(39,698)
Net (loss) income	(33,092)								(48,057)		(48,057)	14,965
Total other comprehensive income	(229)									(229)	(229)
Ending balance of common shares (in shares) at Dec. 31, 2014		210,838,831	635,075	210,838,831	635,075
Ending balances at Dec. 31, 2014	$ 4,169,594			$ 2,108	$ 6	171		3,618,207	(170,162)	(229)	3,450,101	719,493
Beginning balance of preferred shares (in shares) at Dec. 31, 2014	17,060,000						17,060,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation (in shares)		30,281
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	$ 111							111			111
Share-based compensation	3,125							3,125			3,125
Conversion of preferred units	0
Repurchase of Class A common shares (in shares)				(3,633,602)
Repurchase of Class A common shares	(57,383)			$ (36)				(57,347)			(57,383)
Noncontrolling Interest, Decrease from Deconsolidation	(44,408)							(10,033)			(10,033)	(34,375)
Distributions to equity holders:
Preferred shares	(22,276)								(22,276)		(22,276)
Noncontrolling interests	(23,583)											(23,583)
Common shares	(42,126)								(42,126)		(42,126)
Net (loss) income	(47,948)								(62,301)		(62,301)	14,353
Total other comprehensive income	127									127	127
Ending balance of common shares (in shares) at Dec. 31, 2015		207,235,510	635,075	207,235,510	635,075
Ending balances at Dec. 31, 2015	$ 3,935,233			$ 2,072	$ 6	$ 171		$ 3,554,063	$ (296,865)	$ (102)	$ 3,259,345	$ 675,888
Beginning balance of preferred shares (in shares) at Dec. 31, 2015	17,060,000						17,060,000

Consolidated Statement of Equi7

Consolidated Statement of Equity Consolidated Statement of Equity Parenthetical - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Common Stock | Class A common shares
Offering costs	$ 4,887	$ 85,894
Preferred shares
Offering costs	$ 10,567	$ 13,904

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net loss	$ (47,948)	$ (33,092)	$ (19,066)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	242,848	165,516	70,987
Noncash amortization of deferred financing costs	8,305	1,767	186
Noncash share-based compensation	3,125	2,586	1,079
Gain on remeasurement of equity method investment	0	0	(10,945)
Gain on disposition of discontinued operations	0	0	(904)
Provision for bad debt	5,977	5,691	2,273
Remeasurement of Series E units	(2,100)	5,119	2,057
Remeasurement of preferred shares	4,830	6,158	1,810
Equity in net income of unconsolidated ventures	591	138	0
Other changes in operating assets and liabilities:
Rent and other receivables	(10,542)	(10,115)	3,339
Restricted cash for resident security deposits	(10,942)	(14,967)	(26,430)
Prepaid expenses and other assets	(8,212)	4,185	(16,238)
Deferred leasing costs	(9,577)	(6,247)	(9,710)
Accounts payable and accrued expenses	5,627	18,528	13,543
Resident security deposit liability	10,942	14,967	26,430
Amounts payable to affiliates	8,441	303	(22,239)
Net cash provided by operating activities	201,365	160,537	16,172
Investing activities
Cash paid for single-family properties	(608,952)	(1,349,912)	(2,011,977)
Escrow deposits for purchase of single-family properties	(1,115)	(52,671)	(13,740)
Increase in restricted cash related to lender requirements	(23,142)	(35,801)	0
Cash acquired in non-cash business combinations	0	2,202	33,099
Beazer Rental Homes acquisition	0	(108,246)	0
Ellington portfolio acquisition	0	(74,356)	0
Settlement of net monetary assets related to Management Internalization	0	0	(6,958)
Net proceeds received from sale of discontinued operations	0	0	8,844
Investment in unconsolidated joint ventures	(20,000)	(24,862)	0
Purchase of outside interest in RJ joint venture	(44,408)	0	0
Distributions from unconsolidated joint venture	0	0	3,431
Investments in mortgage financing receivables	(12,373)	(57,346)	0
Initial renovations to single-family properties	(147,583)	(185,449)	(382,070)
Other capital expenditures for single-family properties	(27,369)	(14,311)	0
Net cash used for investing activities	(884,942)	(1,900,752)	(2,369,371)
Financing activities
Implied contribution by AH LLC for historical operations	0	0	517
Net proceeds from issuance of Class A common shares	0	308,435	1,548,280
Net proceeds from issuance of preferred shares	0	189,433	212,596
Proceeds from exercise of stock options	251	431	0
Repurchase of Class A common shares	(57,383)	0	0
Proceeds from asset-backed securitizations	1,030,559	1,497,039	0
Payments on asset-backed securitizations	(19,739)	(3,315)	0
Proceeds from credit facility	827,000	1,828,000	1,425,000
Payments on credit facility	(1,034,000)	(1,996,000)	(1,050,000)
Payments on secured note payable	(892)	0	0
Proceeds from bridge loan	0	0	115,000
Payments on bridge loan	0	0	(115,000)
Extinguishment of RJ1 note payable	0	0	(7,600)
Contributions to noncontrolling interests	0	0	500
Distributions to noncontrolling interests	(23,583)	(23,881)	(11,829)
Distributions to common shareholders	(42,126)	(39,698)	0
Distributions to preferred shareholders	(22,276)	(18,928)	(1,160)
Deferred financing costs paid	(25,335)	(41,503)	(11,314)
Net cash provided by financing activities	632,476	1,700,013	2,104,990
Net decrease in cash and cash equivalents	(51,101)	(40,202)	(248,209)
Cash and cash equivalents, beginning of period	108,787	148,989	397,198
Cash and cash equivalents, end of period	57,686	108,787	148,989
Supplemental cash flow information
Cash payments for interest	(84,990)	(24,616)	(5,473)
Supplemental schedule of noncash investing and financing activities
Receivables related to property acquisitions	0	0	1,166
Accounts payable and accrued expenses related to property acquisitions	821	7,173	24,589
Accounts payable and accrued expenses related to deferred financing costs	0	0	833
Amounts payable to affiliates related to property acquisitions	0	5,720	(244)
Conversion of nonperforming loans to properties	20,317	5,561	0
Accrued distribution to Series C convertible units	4,698	4,698	5,387
Accrued distribution to common shareholders	0	0	9,274
Contribution of properties
Single-family properties, including related assets and liabilities	0	0	32,229
Additional paid-in capital	0	0	(384,255)
Due from affiliates	0	0	(2,508)
Issuance of Series C convertible units to noncontrolling interest			(500)
Issuance of Class A units		11,179
Acquisitions for equity
Single-family properties	0	144,834	966,571
Cash and cash equivalents	0	2,202	33,099
Other net assets and liabilities	0	(4,886)	(36,760)
Deferred costs and other intangibles	0	2,655	133,195
Additional paid-in capital	0	(144,723)	(703,856)
Issuance of Series C convertible units to noncontrolling interest			(500)
Noncontrolling interest in consolidated subsidiaries	0	0	(39,321)
Class A Units
Contribution of properties
Issuance of Series C convertible units to noncontrolling interest	0	0	(221,934)
Issuance of Class A units	0	11,179	0
Acquisitions for equity
Issuance of Series C convertible units to noncontrolling interest	0	0	(221,934)
Class A common shares
Adjustments to reconcile net loss to net cash provided by operating activities:
Noncash share-based compensation			300
Investing activities
Purchase of outside interest in RJ joint venture	0	(82)	(436)
Class B common shares
Contribution of properties
Issuance of Class B common shares	0	0	7,993
Series C Convertible Units
Contribution of properties
Issuance of Series C convertible units to noncontrolling interest	0	0	(391,701)
Acquisitions for equity
Issuance of Series C convertible units to noncontrolling interest	0	0	(391,701)
Series D Convertible Units
Contribution of properties
Issuance of Series C convertible units to noncontrolling interest	0	0	(65,188)
Acquisitions for equity
Issuance of Series C convertible units to noncontrolling interest	0	0	(65,188)
Series E Units
Acquisitions for equity
Contingently convertible Series E units liability	$ 0	$ 0	$ (64,881)

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent is a Maryland REIT formed on October 19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of December 31, 2015 , the Company held 38,780 single-family properties in 22 states, including 45 properties held for sale, compared to 34,599 single-family properties in 22 states, including 26 properties held for sale, as of December 31, 2014 . In 2012 , the Company raised approximately $530.4 million before offering costs of $40.9 million , including $5.3 million related to the value of the option issued to AH LLC, in an offering exempt from registration under the Securities Act of 1933 (the "2012 Offering"). In 2013 , the Company raised $747.5 million before offering costs of $44.0 million in an offering exempt from registration under the Securities Act of 1933 (the "2013 Offering"). Also in 2013, the Company raised $811.8 million before offering costs of $42.0 million in our IPO. Concurrently with the IPO, the Company raised an additional $75.0 million in private placements, which were made concurrently with the IPO offering price and without payment of any underwriting discount, to AH LLC and the Alaska Permanent Fund Corporation ("APFC") (collectively, the "2013 Concurrent Private Placements"). In 2013 and 2014, the Company raised $126.5 million before offering costs of $7.3 million through the issuance of 5,060,000 5.0% Series A Participating Preferred Shares ("Series A Preferred Shares"), raised $110.0 million before offering costs of $6.6 million through the issuance of 4,400,000 5.0% Series B Participating Preferred Shares ("Series B Preferred Shares") and raised $190.0 million before offering costs of $9.7 million through the issuance of 7,600,000 5.5% Series C Participating Preferred Shares ("Series C Preferred Shares") (collectively, the "Preferred Shares"). From our formation through June 10, 2013, we were externally managed and advised by the Advisor and the leasing, managing and advertising of our properties was overseen and directed by the Property Manager, both of which were subsidiaries of 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 convertible units and 4,375,000 Series E convertible units in our operating partnership. 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 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 (see Note 10). Accordingly, the 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	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of the Company, our 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 ASC 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 consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the consolidated financial statements. The 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"). In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes We have elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the "Code"), which commenced with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income. However, qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we may be ineligible to qualify as a REIT for four subsequent tax years. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed taxable income, if any. Our TRSs will be subject to federal, state and local taxes on their income at regular corporate rates. The tax years from 2012 through 2015 remain open to examination by the taxing jurisdictions to which the Company is subject. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the "more likely than not" threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2015 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. Investments in Real Estate Transactions in which single-family properties that are not subject to an existing lease are purchased are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Single-family properties that are acquired either subject to an existing lease or as part of a portfolio level transaction are treated as a business combination under ASC 805, Business Combinations , and, as such, are recorded at fair value, allocated to land, building and the existing lease, if applicable, based upon their fair values at the date of acquisition, with acquisition fees and other costs expensed as incurred. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The Company typically engages a third party valuation specialist to assist management in the determination of fair value for purposes of allocating the purchase price of properties acquired as part of portfolio level transactions. The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature ( less than one year ). The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare our acquired properties for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred. Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale within the consolidated balance sheets. As of December 31, 2015 and 2014 , the Company had 45 and 26 single-family properties, respectively, classified as held for sale. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with Accounting Standards Update ("ASU") No. 2014-08 ("ASU 2014-08"), "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, " which the Company adopted January 1, 2015, on a prospective basis. Prior to the adoption of ASU 2014-08, gains on dispositions of single-family properties that had been in operation were included in "Income from discontinued operations," whereas gains on dispositions of single-family properties with no historical or immaterial operating results were included in other revenues within the consolidated statements of operations. Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. No material impairments were recorded during the years ended December 31, 2015 , 2014 and 2013 . Leasing Costs Direct and incremental costs incurred to lease properties are capitalized and amortized over the term of the leases, which generally have a term of one year. Prior to the Management Internalization, we paid the Property Manager a leasing fee equal to one-half of one month's rent for each lease. Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings and improvements. Buildings are depreciated over 30 years and improvements are depreciated over their estimated economic useful lives, generally 5 to 15 years. We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets. Intangible Assets Intangible assets are amortized on a straight-line basis over the asset's estimated economic life and are tested for impairment based on undiscounted cash flows and, if impaired, are written down to fair value based on discounted cash flows. The identified intangible assets acquired as part of the Management Internalization are amortized over amortizable lives of 4.7 years for trademark and 7.0 years for database. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset. No impairments were recorded during the years ended December 31, 2015 , 2014 and 2013 . Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired as part of the Management Internalization (see Note 11). Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Impairment charges, if any, are recognized in operating results. No goodwill impairments have been recorded during the years ended December 31, 2015 , 2014 and 2013 . Deferred Financing Costs Financing costs related to the origination of the Company's credit facility and asset-backed securitizations are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing, and have been included in deferred costs and other intangibles, net within the consolidated balance sheets. Cash and Cash Equivalents We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the FDIC insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted Cash Restricted cash primarily consists of funds held related to resident security deposits and cash reserves in accordance with certain loan agreements. Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risk and rewards of ownership of the property are transferred and the purchase is finalized. Nonperforming Loans The Company has purchased nonperforming loans for the primary purpose of converting the underlying real estate into single-family rental properties through foreclosure or other form of resolution. Prior to foreclosure or resolution, nonperforming loans are carried at cost and placed on nonaccrual status as it is probable that the principal or interest is not fully collectible. Upon converting a nonperforming loan into a home through foreclosure or other form of resolution, it continues to be carried at cost and is moved into single-family properties in the consolidated balance sheets. As of December 31, 2015 , the Company had a total investment of $34.6 million in 265 nonperforming loans, compared to $50.4 million in 352 nonperforming loans as of December 31, 2014 . These investments were included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. The Company's allowance for doubtful accounts was $3.0 million and $0.5 million as of December 31, 2015 and 2014 , respectively, and included in rent and other receivables, net within the consolidated balance sheets. Rescinded Properties In certain jurisdictions, our purchases of single-family properties at foreclosure and judicial auctions are subject to the right of rescission. When we are notified of a rescission, the amount of the purchase price is reclassified as a receivable. As of December 31, 2015 and 2014 , rescission receivables totaled zero and $1.1 million , respectively, and have been included in rent and other receivables, net within the consolidated balance sheets. Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. We accrue for property taxes and HOA assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, resident security deposits, construction liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure. Share-based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of our board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period. Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent 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 within our consolidated financial statements (see Note 15). Derivatives We currently use, and in the future may use, interest rate cap agreements for interest rate risk management purposes and in conjunction with certain LIBOR-based variable rate debt to satisfy lender requirements. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense. The ineffective portion of the change in fair value of our interest rate cap agreements is required to be recognized directly in earnings. Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level. The Company did not have any geographic market concentrations representing over 10% of total net book value of single-family properties as of December 31, 2015 . Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842) , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. 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. The Company is currently assessing the impact of the guidance on our financial statements. In April 2015, the FASB issued 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 the Company's financial statements.

Single-Family Properties

Single-Family Properties	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consists of the following as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 Number of Net book Leased single-family properties 36,403 $ 5,895,482 Single-family properties being renovated 476 75,055 Single-family properties being prepared for re-lease 178 28,525 Vacant single-family properties available for lease 1,678 283,444 Single-family properties held for sale 45 7,432 Total 38,780 $ 6,289,938 December 31, 2014 Number of Net book 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 December 31, 2015 and 2014 , included $8.5 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 $223.9 million , $150.5 million and $60.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Included in single-family properties, net at December 31, 2015 and 2014 , are certain single-family properties contributed by AH LLC (see Note 10).

Rent and Other Receivables

Rent and Other Receivables	12 Months Ended
	Dec. 31, 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 $3.0 million and $0.5 million , as of December 31, 2015 and 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, totaling zero and $1.1 million as of December 31, 2015 and 2014 , respectively, and other non-tenant receivables, which totaled $1.0 million and $2.4 million as of December 31, 2015 and 2014 , respectively. We generally rent our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties as of December 31, 2015 were as follows (in thousands): Year 2016 $ 305,546 2017 2,914 2018 15 Total $ 308,475

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Deferred leasing costs $ 8,692 $ 18,307 Deferred financing costs 78,348 53,013 Intangible assets: Value of in-place leases 152 10,468 Trademark 3,100 3,100 Database 2,100 2,100 92,392 86,988 Less: accumulated amortization (25,396 ) (32,406 ) Total $ 66,996 $ 54,582 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $13.1 million , $15.1 million and $10.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, which has been included in depreciation and amortization expense within the consolidated statements of operations. Amortization of deferred financing costs was $9.4 million , $4.6 million and $3.7 million for the years ended December 31, 2015 , 2014 and 2013 , 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 December 31, 2015 , for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of Trademark Database 2016 $ 3,622 $ 10,691 $ 38 $ 660 $ 300 2017 — 9,034 — 660 300 2018 — 8,536 — 92 300 2019 — 6,383 — — 300 2020 — 5,064 — — 132 Thereafter — 20,884 — — — Total $ 3,622 $ 60,592 $ 38 $ 1,412 $ 1,332

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company's debt as of December 31, 2015 and 2014 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2015 December 31, 2014 2014-SFR1 securitization (2) 1.97 % June 9, 2019 $ 473,755 $ 478,565 2014-SFR2 securitization 4.42 % October 9, 2024 507,305 512,435 2014-SFR3 securitization 4.40 % December 9, 2024 523,109 528,390 2015-SFR1 securitization (3) 4.14 % April 9, 2045 549,121 — 2015-SFR2 securitization (4) 4.36 % October 9, 2045 476,920 — Total asset-backed securitizations 2,530,210 1,519,390 Secured note payable 4.06 % July 1, 2019 50,752 51,644 Credit facility (5) 3.18 % September 30, 2018 — 207,000 Total debt (6) $ 2,580,962 $ 1,778,034 (1) Interest rates are as of December 31, 2015 . Unless otherwise stated, interest rates are fixed percentages. (2) The 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of LIBOR plus 1.54% , 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, secured note payable and credit facility as of December 31, 2015 . Asset-backed Securitizations May 2014 Securitization In May 2014, we completed a private securitization transaction (the "2014-SFR1 securitization") in which a newly-formed special purpose entity (the "Borrower") entered into a loan with a third-party lender ("the Lender") for $481.0 million represented by a promissory note (the "Note"). In addition, the Company entered into an interest rate cap agreement for the initial two year term of the loan, with a LIBOR based strike rate equal to 3.85% . The Borrower under the loan is wholly owned by another special purpose entity (the "Equity Owner") and the Equity Owner is wholly owned by our operating partnership. The loan is a two -year, floating rate loan, comprised of six floating rate components computed monthly based on one month LIBOR for each interest period plus a fixed component spread for each of the six components resulting in a duration-weighted blended interest rate of LIBOR plus 1.54% , subject to a LIBOR floor of 0.25% . The Note requires monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount. The loan may be extended for three , 12 -month extensions at the Borrower's option, resulting in a fully extended maturity date of June 9, 2019, provided that there is no event of default under the loan agreement, the Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the Lender and the Borrower complies with the other terms set forth in the loan agreement. The Note was immediately transferred by the Lender to a subsidiary of the Company and then to a REMIC trust in exchange for seven classes of single-family rental pass-through certificates representing all of 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 $481.0 million , before issuance costs of $14.9 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility. 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 3,852 homes 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 establishing and maintaining a cash management account controlled by the Lender to collect all rents and cash generated by the Borrower's properties. In the absence of an event of default, the Borrower will receive any excess cash after payment of monthly interest, principal and property related expenses. Upon the occurrence of an event of default under the loan or if the Borrower does not maintain a debt yield (net cash flow divided by the outstanding principal balance of the loan) on the portfolio of at least 6.68% , the Lender may transfer the excess cash to an account and apply any funds in such account as the Lender elects, including to prepay principal and pay any amounts due under the loan. The Lender may also foreclose on its security interests, in limited circumstances may enforce the Company's guaranty and may appoint a new property manager. As of December 31, 2015 , the Company was in compliance with all covenants under the loan agreement. The Company has accounted for the transfer of the Note from its subsidiary to the trust as a sale under ASC 860, Transfers and Servicing , with no resulting gain or loss as the Note was both originated by the third party lender and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trust. Accordingly, the Company continues to consolidate, at historical cost basis, the 3,852 homes placed as collateral for the Note. The principal balance outstanding on the Note was $473.8 million as of December 31, 2015 , and was included in asset-backed securitizations within the consolidated balance sheets. The 3,852 collateral homes had a net book value of $606.9 million as of December 31, 2015 . The interest rate cap agreement entered into as part of the securitization transaction has been formally designated as a cash flow hedge at inception and will be regularly assessed for effectiveness on an ongoing basis. During the year ended December 31, 2015 , the Company's interest rate cap agreement was 100% effective as a cash flow hedge and, as a result, changes in fair value have been classified in accumulated other comprehensive loss. These amounts will subsequently be reclassified into earnings in the period in which the hedged transaction affects earnings. Over the next 12 months , the Company estimates that $0.1 million will be reclassified as an increase to interest expense. The fair value of the interest rate cap agreement is estimated to be zero as of December 31, 2015 , (see Note 15) and has been included in escrow deposits, prepaid expenses and other assets in the consolidated balance sheets. September 2014 Securitization In September 2014, we completed our second securitization transaction (the "2014-SFR2 securitization"), which was structured substantially similar to the 2014-SFR1 securitization. The principal differences from the 2014-SFR1 securitization are: (1) the loan is a fixed rate loan for $513.3 million with a 10 year term, maturity date of October 9, 2024, and a duration-adjusted weighted-average interest rate of 4.42% , (2) no interest rate cap agreement was part of the transaction, (3) the loan is secured by first priority mortgages on a portfolio of 4,487 single-family residential properties owned by the borrower, a subsidiary of the Company and (4) in lieu of a debt yield requirement, the loan agreement provides that if the borrower does not maintain a debt service coverage ratio of at least 1.20 to 1.00, the lender may transfer cash to an account from which the lender may apply funds as it elects, including prepayment of the loan and principal. 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 (as defined in the loan agreement) divided by the aggregate debt service for the 12 month period following the date of determination. Also, in addition to the single-family rental pass-through certificates sold to third parties, the Company acquired all of the Class F certificates, which bear no interest, for $25.7 million . Gross proceeds to the Company from the 2014-SFR2 securitization, after purchase of the Class F certificates, were $487.7 million , before issuance costs of $12.9 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. The Company has accounted for the transfer of the 2014-SFR2 securitization promissory note 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 the purchased Class F certificates as a variable interest in the trust and has concluded that the Class F certificates will not absorb a majority of the trust's expected losses or receive a majority of the trust's expected residual returns. Additionally, the Company has concluded that the Class F certificates do not provide the Company with any ability to direct activities that could impact the trust's economic performance. The Company does not consolidate the trust and continues to consolidate, at historical cost basis, the 4,487 homes placed as collateral for the note. The principal balance outstanding on the note was $507.3 million as of December 31, 2015 , and was included in asset-backed securitizations within the consolidated balance sheets. Separately, the $25.7 million of purchased Class F certificates have been reflected as asset-backed securitization certificates in the consolidated balance sheets. The 4,487 collateral homes had a net book value of $672.3 million as of December 31, 2015 . November 2014 Securitization In November 2014, we completed our third securitization transaction (the "2014-SFR3 securitization"), which was structured substantially similar to the 2014-SFR2 securitization. The principal differences from the 2014-SFR2 securitization are: (1) the loan is a fixed rate loan for $528.4 million with a 10 year term, maturity date of December 9, 2024, and a duration-adjusted weighted-average interest rate of 4.40% , (2) the loan is secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the borrower, a subsidiary of the Company and (3) the Company did not acquire any of the certificates associated with this transaction. Gross proceeds to the Company from the 2014-SFR3 securitization were $528.4 million , before issuance costs of $12.9 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. The Company consolidates, at historical cost basis, the 4,503 homes placed as collateral for the note. The principal balance outstanding on the note was $523.1 million as of December 31, 2015 , and was included in asset-backed securitizations within the consolidated balance sheets. The 4,503 collateral homes had a net book value of $729.8 million as of December 31, 2015 . March 2015 Securitization In March 2015, we completed our fourth securitization transaction (the “2015-SFR1 securitization”), which was structured substantially similar to the 2014-SFR3 securitization. The principal differences from the 2014-SFR3 securitization are: (1) the loan is a fixed-rate loan for $552.8 million with a 30 year term, maturity date of April 9, 2045, and a duration-adjusted weighted-average interest rate of 4.14% , (2) the loan is secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower, a subsidiary of the Company and (3) the loan has an anticipated repayment date of April 9, 2025. 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 of 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 Company consolidates, at historical cost basis, the 4,661 homes placed as collateral for the note. The principal balance outstanding on the note was $549.1 million as of December 31, 2015 , and was included in asset-backed securitizations within the consolidated balance sheets. The 4,661 collateral homes had a net book value of $735.0 million as of December 31, 2015 . September 2015 Securitization In September 2015, we completed our fifth 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. 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 seven 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 $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 Company consolidates, at historical cost basis, the 4,125 homes placed as collateral for the note. The principal balance outstanding on the note was $476.9 million as of December 31, 2015 , and was included in asset-backed securitizations within the consolidated balance sheets. The 4,125 collateral homes had a net book value of $681.4 million as of December 31, 2015 . Secured Note Payable In December 2014, as part of the Ellington Portfolio Acquisition, the Company assumed a $51.6 million secured note payable. The debt consists of a 5 -year note payable, which is secured by a first priority mortgage on 583 of the homes acquired as part of the Ellington Portfolio Acquisition, bears interest at 4.06% , matures on July 1, 2019, and contains certain required covenants, including a minimum debt service coverage ratio of 1.47 to 1.00. 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. The amount that may be borrowed under the credit facility will generally be based on 50% of the lower of cost or the fair value of our qualifying leased and un-leased properties and certain other measures based in part on the net income generated by our qualifying leased and un-leased properties, which is referred to as the "Borrowing Base." Borrowings under the credit facility are available through March 7, 2016, at which point, any outstanding borrowings will convert to a term loan through September 30, 2018. During February 2016, we entered into a three -month extension of the revolving period on our credit facility, which we are in process of replacing. 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 Company had no borrowings outstanding under the credit facility as of December 31, 2015 , compared to $207.0 million in total outstanding borrowings under the credit facility at December 31, 2014 . 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 financial covenants relating to the following matters: (i) minimum liquidity of cash, cash equivalents and borrowing capacity under any credit facilities in an aggregate amount of at least $15.0 million , of which at least $7.5 million must be in cash and cash equivalents; (ii) a maximum leverage ratio of 1.0 to 1.0; and (iii) tangible net worth of not less than the sum of 85% of our tangible net worth as of September 30, 2013, plus 85% of the net proceeds of any additional equity capital raises completed on or after December 31, 2015 . As of December 31, 2015 , the Company was in compliance with all loan covenants. Interest Expense The following table displays our total gross interest, including unused commitments and other fees and amortization of deferred financing costs, and capitalized interest for the years ended December 31, 2015 , 2014 and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Gross interest cost $ 98,103 $ 33,077 $ 10,016 Capitalized interest (8,690 ) (13,196 ) (9,646 ) Interest expense $ 89,413 $ 19,881 $ 370

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Accounts payable $ 1,173 $ 4,925 Accrued property taxes 46,024 49,018 Other accrued liabilities 26,031 22,359 Accrued construction and maintenance liabilities 11,429 23,914 Resident security deposits 53,819 42,877 Prepaid rent 16,275 6,613 Total $ 154,751 $ 149,706

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Class A Common Shares In connection with the Management Internalization in 2013 (see Note 11), we entered into a registration rights agreement with AH LLC providing for registration rights exercisable after December 10, 2015. Beginning in June 10, 2015, if we are eligible to file a shelf registration statement, AH LLC has the right to request that we file and maintain a shelf registration statement to register for resale the Class A common shares and securities convertible into Class A common shares that are held by AH LLC. AH LLC also has the right to "piggy-back" registration rights to include the Class A common shares and securities convertible into Class A common shares that AH LLC owns in other registration statements that we may initiate. In connection with the Alaska Joint Venture Acquisition in 2013 (see Note 11), we entered into a registration rights agreement with APFC. Pursuant to the terms of such agreement, we filed and will maintain a shelf registration statement with the SEC that registers for resale the Class A common shares acquired by APFC in connection with the Alaska Joint Venture Acquisition. APFC also has a right to "piggy-back" registration in the event we conduct future offerings of Class A common shares for our own behalf. In March 2013, the Company sold 46,718,750 Class A common shares in connection with the 2013 Offering. In August 2013, the Company sold an additional 55,422,794 Class A common shares in connection with the IPO and the 2013 Concurrent Private Placements. In July 2014, the Company issued 8,158,001 Class A common shares, $0.01 par value per share, in connection with the acquisition of Beazer Rental Homes (see Note 11). In August 2014, the Company issued 17,782,861 Class A common shares, $0.01 par value per share, in an underwritten public offering and concurrent private placement, which raised gross proceeds of $313.3 million before offering costs of $4.9 million . Our board of trustees declared distributions that totaled $0.20 per share, $0.20 per share and $0.05 per share on our Class A common shares during the years ended December 31, 2015 , 2014 and 2013 , respectively. Class B Common Shares AH LLC received a total of 635,075 shares of Class B common shares in the Company in connection with its investment in the 2012 Offering and the 2,770 Property Contribution (see Note 10). Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote. The issuance of Class B common shares to AH LLC allows AH LLC a voting right associated with its investment in the Company no greater than if it had solely received Class A common shares. Additionally, when the voting interest from Class A common shares and Class B common shares are added together, a shareholder is limited to a 30% total voting interest. Each Class B common share has the same economic interest as a Class A common share. Our board of trustees declared distributions that totaled $0.20 per share, $0.20 per share and $0.05 per share on our Class B common shares during the years ended December 31, 2015 , 2014 and 2013 , respectively. Participating Preferred Shares Participating preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend equal to 5.0% for Series A participating preferred shares, 5.0% for Series B participating preferred shares and 5.5% for Series C participating preferred shares of an initial liquidation preference of $25 per share. Any time between September 30, 2017, and September 30, 2020, for the Series A and Series B participating preferred shares and between March 31, 2018, and March 31, 2021, for the Series C participating preferred shares (the "initial redemption period"), the Company has the option to redeem the preferred shares for cash or Class A common shares, at a redemption price equal to the initial liquidation preference, 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 (the "HPA adjustment"). During the initial redemption period, the amount payable upon redemption will be subject to a cap, such that the total internal rate of return, when considering the initial liquidation preference, the HPA adjustment and dividends up to, but excluding, the date of redemption, will not exceed 9.0% . If not redeemed by the end of the initial redemption period, the initial liquidation preference of $25 per share will be adjusted by the HPA adjustment as of September 30, 2020, for the Series A and Series B participating preferred shares and as of March 31, 2021, for the Series C participating preferred shares (the "adjusted liquidation preference") and the cumulative annual cash dividend rate will be prospectively increased to 10% of the adjusted liquidation preference. Any time after September 30, 2020, for the Series A and Series B participating preferred shares and March 31, 2021, for the Series C participating preferred shares, the Company has the option to redeem the preferred shares for cash or Class A common shares, at a redemption price equal to the adjusted liquidation preference. Because the HPA adjustment meets the definition of a derivative under ASC 815, Derivatives and Hedging , and is not clearly and closely related to the economic characteristics and risks of the underlying preferred shares, the fair value of the HPA adjustment has been reflected as a liability in the consolidated balance sheets and is adjusted to fair value each period and included in remeasurement of preferred shares in the consolidated statements of operations (see Note 15). In October 2013, the Company issued 5,060,000 5.0% Series A participating preferred shares in an underwritten public offering, which raised gross proceeds of $126.5 million before offering costs of $7.3 million . In December 2013 and January 2014, the Company issued 4,400,000 5.0% Series B preferred shares in an underwritten public offering which raised gross proceeds of $110.0 million before offering costs of $6.6 million . In May 2014, the Company issued 7,600,000 5.5% Series C participating preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $190.0 million before offering costs of $9.7 million . As of December 31, 2015 , the initial liquidation preference, 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 $457.6 million . Our board of trustees declared distributions that totaled $1.25 per share, $1.25 per share and $1.38 per share on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares, respectively, during the year ended December 31, 2015 . Our board of trustees declared distributions that totaled $1.25 per share, $1.29 per share and $0.91 per share on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares, respectively, during the year ended December 31, 2014 . Distributions declared on our 5.0% Series A participating preferred shares totaled $0.23 per share for the year ended December 31, 2013 . Class A Units Class A units represent voting equity interests in our operating partnership. Holders of Class A units in our operating partnership have the right to redeem the units for cash or, at the election of the Company, exchange the units for the Company's Class A common shares on a one -for-one basis. The Company owned 93.5% and 93.6% of the total 222,311,255 and 225,914,576 Class A units outstanding as of December 31, 2015 and 2014 , respectively. Series C Convertible Units Series C convertible units represent voting equity interests in our operating partnership. Holders of the Series C convertible units are entitled to distributions equal to the actual net cash flow from a portfolio of 2,770 single-family properties contributed to the Company by AH LLC on February 28, 2013 (see Note 10), up to a maximum of 3.9% per unit per annum based on a price per unit of $15.50 , but will not be entitled to any distributions of income generated by any other properties or operations of the Company or any liquidating distributions. Since the date of issuance of the Series C convertible units, net cash flow from the properties contributed to the Company exceeded 3.9% per annum, providing the payment of the maximum amount of the preferred distribution. Holders of the Series C convertible units have a one-time right to convert all such units into Class A units on a unit for unit basis. If on the date of conversion, the contributed properties have not been initially leased for at least 98% of the scheduled rents (determined on an aggregate basis), then the Series C convertible units with respect to the single-family properties leased for at least 98% of the scheduled rents (determined on an aggregate basis) will convert into Class A units, and the Series C convertible units associated with the remaining single-family properties will convert into a number of Class A units determined by dividing the original aggregate cost of the properties (including the acquisition fees) by $15.50 , with a proportionate reduction in Class B common shares. If the Series C convertible units have not been converted by the earlier of the third anniversary of the original issue date, which is February 28, 2016, or the date of commencement of a dissolution or liquidation, then the Series C convertible units will automatically convert into Class A units at the specified conversion ratio defined above. As of December 31, 2015 , AH LLC owned all of the 31,085,974 outstanding Series C convertible units. Our board of trustees declared distributions that totaled $0.60 per share, $0.60 per share and $0.15 per share on our Series C convertible units during the years ended December 31, 2015 , 2014 and 2013 , respectively. Based on the historic initial leasing performance of the 2,770 contributed properties, we currently expect the Series C convertible units to convert into Class A units on February 28, 2016. Series D Convertible Units Series D convertible units represent non-voting equity interests in our operating partnership. Holders of the Series D convertible units do not participate in any distributions for 30 months from the date of issuance and do not participate in any liquidating distributions at any point in time. The Series D convertible units are automatically convertible into Class A units on a one -for-one basis only after the later of (1) 30 months after the date of issuance and (2) the earlier of (i) the date on which adjusted funds from operations per Class A common share aggregates $0.80 or more over four consecutive quarters following the closing of the Management Internalization and (ii) the date on which the daily closing price of our Class A common shares on the NYSE averages $18.00 or more for two consecutive quarters following the closing of the Management Internalization. After 30 months, the Series D convertible units will participate in distributions (other than liquidating distributions) at a rate of 70% of the per unit distributions on the Class A units. As of December 31, 2015 and 2014 , AH LLC owned all of the 4,375,000 outstanding Series D convertible units (see Note 11). Series E Convertible Units Series E convertible units represent non-voting equity interests in our operating partnership. Series E convertible units do not participate in any distributions and automatically convert into Series D convertible units, or if the Series D convertible units have previously converted into Class A units, into Class A units, on February 29, 2016, subject to an earn-out provision based on the level of pro forma annualized EBITDA contribution, as defined, of the Advisor and the Property Manager. Based on the terms of the earn-out provision, if pro forma annualized EBITDA contribution, as defined, equals or exceeds $28 million during the six-month period ending December 31, 2015 (the "measurement period"), the Series E convertible units will convert into Series D convertible units (or if the Series D convertible units have previously converted into Class A units, into Class A units) on a one -for-one basis at February 29, 2016. If, during the measurement period, the pro forma annualized EBITDA contribution, as defined, is less than $28 million , the Series E convertible units will convert into a number of Series D convertible units (or if the Series D convertible units have previously converted into Class A units, into Class A units) determined by (1) dividing (A) Pro Forma Annualized EBITDA Contribution during the measurement period less $14 million by (B) $14 million and (2) multiplying that result by 4,375,000 . Series E convertible units which are not converted at the end of the measurement period, if any, will be cancelled. Because the Series E convertible units may potentially be settled by issuing a variable number of Series D convertible units or Class A units, the Series E convertible units have been recorded at fair value and reflected as a liability in accordance with ASC 480, Distinguishing Liabilities and Equity , in the consolidated balance sheets and are adjusted to fair value each period (see Note 15). As of December 31, 2015 and 2014 , AH LLC owned all of the 4,375,000 outstanding Series E convertible units (see Note 11). We currently expect the above-described earn-out provision to be met in full and the Series E convertible units to convert into Series D convertible units on a one-for-one basis on February 29, 2016. 3.5% Convertible Perpetual Preferred Units In connection with the Company's acquisition of a Class B ownership interest in RJ American Homes 4 Rent Investments, LLC ("RJ LLC") on December 31, 2012 (see Note 11), the Company issued 653,492 3.5% convertible perpetual preferred units ("Preferred Units") to AH LLC. The Preferred Units represented non-voting equity interest in our operating partnership and entitled the holder to a preferred annual distribution equal to $0.53 per unit, when authorized and declared by the general partner of our operating partnership (i.e., the Company). Distributions accrued on a cumulative basis from the date of issuance and were payable quarterly. In connection with AH LLC's contribution of its remaining ownership interest in RJ LLC to the Company on June 14, 2013, all of the outstanding 653,492 Preferred Units held by AH LLC were converted into Class A units (see Note 11). Noncontrolling Interest Noncontrolling interest as reflected in the Company's 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 222,311,255 and 225,914,576 Class A units in our operating partnership as of December 31, 2015 and 2014 , respectively. Additionally, AH LLC owned all 31,085,974 Series C convertible units and all 4,375,000 Series D convertible units in our operating partnership as of December 31, 2015 and 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 consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 , of $14.4 million , $15.0 million and $13.2 million , respectively, primarily consisted of $18.8 million , $18.6 million and $14.9 million , respectively, of preferred income allocated to Series C convertible units, zero , zero and $0.2 million , respectively, of preferred income allocated to Preferred Units (prior to the date of conversion), $4.3 million , $3.4 million and $1.8 million , respectively, of net loss allocated to Class A units, and $0.1 million , $0.3 million and $0.1 million , respectively, of net loss allocated to noncontrolling interests in certain of the Company's consolidated subsidiaries. Subscription Agreement In 2012, we entered into a subscription agreement with AH LLC under which AH LLC had the option to purchase 3,333,334 Class A common shares through November 21, 2015, for an aggregate purchase price of $50.0 million ( $15.00 per share), the price per share of our Class A common shares in the 2012 Offering. In 2013, the Company entered into an agreement with AH LLC to fully settle the subscription agreement based on a price of $17.25 per share, a price determined based on the most recent trade in the Company's shares at the time of settlement. Such settlement resulted in the issuance of 434,783 Class A common shares to AH LLC. 2012 Equity Incentive Plan In 2012, we adopted the 2012 Equity Incentive Plan (the "Plan") to provide persons with an incentive to contribute to the success of the Company and to operate and manage our business in a manner that will provide for the Company's long-term growth and profitability. The Plan provides for the issuance of up to 1,500,000 Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted stock, unrestricted shares, dividend equivalent rights and performance-based awards. The Plan terminates in November 2022, unless it is earlier terminated by our board of trustees. In April 2013, our shareholders approved an amendment to the Plan allowing for an increase in the maximum number of Class A common shares available for issuance from 1,500,000 to 6,000,000 . In 2015 , the Company granted stock options for 588,500 Class A common shares and 44,000 restricted stock units to certain employees of the Company. In 2014 , the Company granted stock options for 1,270,000 Class A common shares and 92,000 restricted stock units to certain employees of the Company. In 2013 , the Company granted stock options for 550,000 Class A common shares to certain employees of the Company. As a result of the Management Internalization on June 10, 2013, certain former employees of AH LLC became employees of the Company and, accordingly, stock options for 485,000 Class A common shares were reclassified as grants to employees and re-measured as of the date of the Management Internalization. All of the options and restricted stock units granted during the years ended December 31, 2015 , 2014 and 2013 , vest over four years and expire 10 years from the date of grant. Noncash share-based compensation expense related to these options is based on the estimated fair value on the date of grant and is recognized in expense over the service period. Such expense is adjusted to consider estimated forfeitures. Estimated forfeitures are adjusted to reflect actual forfeitures at the end of the vesting period. The following table summarizes stock option activity under the Plan for the years ended December 31, 2015 , 2014 and 2013 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2012 700,000 $ 15.00 9.9 $ — (2) Granted 550,000 16.03 Exercised — — — Forfeited (60,000 ) 15.00 Options outstanding at December 31, 2013 1,190,000 $ 15.48 9.3 $ 862 Granted 1,270,000 16.74 Exercised (28,750 ) 15.00 74 Forfeited (266,250 ) 15.88 Options outstanding at December 31, 2014 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (16,600 ) 15.16 19 Forfeited (252,500 ) 16.57 Options outstanding at December 31, 2015 2,484,400 $ 16.22 8.0 $ 1,225 Options exercisable at December 31, 2015 860,900 $ 15.81 7.4 $ 766 (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. (2) Prior to August 1, 2013, there was no public trading market for our Class A common shares. 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 years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Weighted-average fair value $ 4.57 $ 5.06 $ 4.75 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 35.9 % 38.5 % 38.0 % Risk-free interest rate 1.9 % 2.2 % 2.0 % The following table summarizes the activity that relates to the Company's restricted stock units under the Plan for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Restricted stock units at beginning of period 85,000 — — Units awarded 44,000 92,000 — Units vested (22,000 ) — — Units forfeited (15,350 ) (7,000 ) — Restricted stock units at end of the period 91,650 85,000 — Total non-cash share-based compensation expense related to stock options and restricted stock units was $3.1 million , $2.6 million and $0.8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Also included in noncash share-based compensation expense for the year ended December 31, 2013, was $0.3 million associated with 19,500 Class A common shares issued to our trustees during 2013. As of December 31, 2015 , there was a total unrecognized compensation cost of $6.0 million for unvested stock options and $1.1 million for unvested restricted stock and restricted stock units, which does not include estimated forfeitures. The unrecognized compensation cost for unvested stock options and restricted stock and restricted stock units is expected to be recognized over a weighted-average period of 2.0 and 2.4 years, 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 year ended December 31, 2015 , we repurchased and retired 3.6 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 $57.3 million . As of December 31, 2015 , we had a remaining repurchase authorization of $242.7 million under the program.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2015 and 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 December 31, 2015 and 2014 , 14,440,670 Class A common units as of December 31, 2015 and 2014 , 31,085,974 Series C convertible units as of December 31, 2015 and 2014 , 4,375,000 Series D convertible units as of December 31, 2015 and 2014 , 4,375,000 Series E convertible units as of December 31, 2015 and 2014 ) an approximate 22.1% and 21.8% interest at December 31, 2015 and 2014 , respectively. As of December 31, 2015 , the Company had a net payable of $4.1 million payable to affiliates related to declared and unpaid distributions on the Series C convertible units, partially offset by expense reimbursements due from affiliates, 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 consolidated balance sheets. Advisory Management Agreement In November 2012, the Company entered into an advisory management agreement with the Advisor under which the Advisor was responsible for designing and implementing our business strategy and administering our business activities and day-to-day operations, subject to the oversight by our board of trustees. For performing these services, we paid the Advisor an advisory management fee equal to 1.75% per year of adjusted shareholders' equity, as defined, calculated and paid quarterly in arrears. Additionally, concurrently with the contribution of a portfolio of 2,770 single-family properties on February 28, 2013, the Advisor agreed to a permanent reduction in the advisory management fee equal to $9.8 million per year (see Note 10). Upon completion of the Management Internalization on June 10, 2013 (see Note 11), the Advisor became a wholly owned subsidiary of our operating partnership and accordingly, there will be no future advisory management fees in our consolidated statements of operations. For the year ended December 31, 2013, advisory management fees incurred to the Advisor prior to the Management Internalization were $6.4 million . Property Management Agreement In November 2012, the Company entered into a property management agreement with the Property Manager under which the Property Manager generally oversaw and directed the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. We paid the Property Manager a property management fee equal to 6% of collected rents and a leasing fee equal to one-half month of each lease's annual rent. Upon completion of the Management Internalization on June 10, 2013 (see Note 11), the Property Manager became a wholly owned subsidiary of our operating partnership and accordingly, there will be no future property management fees incurred to the Property Manager in our consolidated statements of operations. For the year ended December 31, 2013, property management fees incurred to the Property Manager prior to the Management Internalization were $1.3 million , which have been included in property operating expenses in the consolidated statements of operations. For the year ended December 31, 2013, leasing fees incurred to the Property Manager prior to the Management Internalization were $2.9 million , which have been included in deferred costs and other intangibles, net in the 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 (see Note 11), 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 years ended December 31, 2014 and 2013 , we incurred $86.0 million and $113.7 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 $67.5 million and $108.9 million was capitalized related to asset acquisitions and included in the cost of the single-family properties, and $22.1 million and $4.8 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 (see Note 11), 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 years ended December 31, 2014 and 2013, were $41.9 million and $17.0 million , respectively.

Contributions by AH LLC

Contributions by AH LLC	12 Months Ended
	Dec. 31, 2015
Noncash Investing and Financing Items [Abstract]
Contributions by AH LLC	Contributions by AH LLC 2,770 Property Contribution On February 28, 2013, we entered into an agreement with AH LLC providing for the contribution of 2,770 single-family properties for total consideration of $491.7 million (the "2,770 Property Contribution"). The consideration to AH LLC was 31,085,974 Series C convertible units in our operating partnership and 634,408 Class B common shares valued at $15.50 per unit/share, which approximated fair value as of the date of the transaction. Because the 2,770 Property Contribution has been deemed to be a transaction between entities under common control, the shares issued and the property received have been recorded by us at AH LLC's historical book value and reflected as if they had been acquired by us on the dates such properties were acquired by AH LLC. Upon consummation of the transaction on February 28, 2013, the total $386.5 million predecessor net book value of the property contribution was reclassified from additional paid-in capital to (i) noncontrolling interest in connection with the issuance of $378.8 million Series C convertible units in our operating partnership and (ii) Class B common shares in connection with the issuance of $7.7 million Class B common shares. The following table summarizes the net assets and historical net loss of the 2,770 single-family properties based on the dates such properties were acquired by AH LLC through the date of the 2,770 Property Contribution (in thousands, except number of properties): Period from June 23, 2011, to December 31, 2012 Period from January 1, 2013, to February 28, 2013 Total as of February 28, 2013 (transaction date) Number of properties 2,661 109 2,770 Single-family properties $ 365,937 $ 20,563 $ 386,500 Other assets 7,203 (2,086 ) 5,117 Other liabilities (8,183 ) 558 (7,625 ) Net assets contributed $ 364,957 $ 19,035 $ 383,992 Rents from single-family properties 4,413 3,720 8,133 Property operating expenses (3,326 ) (1,920 ) (5,246 ) Depreciation (2,021 ) (1,324 ) (3,345 ) Allocated general and administrative expenses (6,996 ) (993 ) (7,989 ) Net loss $ (7,930 ) $ (517 ) $ (8,447 ) Contributed net assets and net loss $ 372,887 $ 19,552 $ 392,439 The net assets of the properties and the related historical net loss has been reflected as a credit to additional paid-in capital during the period such properties were acquired by AH LLC. Upon consummation of the transaction on February 28, 2013, the total $386.5 million net asset value of the property contribution was reclassified from additional paid-in capital to (i) noncontrolling interest in connection with the issuance of $378.8 million Series C convertible units in our operating partnership and (ii) Class B common shares in connection with the issuance of $7.7 million Class B common shares. Additionally, the other net liabilities associated with the properties of $2.5 million as of February 28, 2013, have been reclassified from additional paid-in capital to due from affiliates, as these amounts were subsequently settled in cash by AH LLC. Pursuant to the agreement, AH LLC was responsible for all costs of transfer of the properties and for paying costs associated with the completion of initial renovation of the properties after we acquired them. The costs of such improvements for the period from March 1, 2013, to December 31, 2013, were $13.8 million . This amount has been reflected as an addition to the net asset value of the contributed properties, with a corresponding increase of $13.5 million and $0.3 million to the Series C convertible units in our operating partnership and Class B common shares, respectively, issued in connection with the 2,770 Property Contribution. The total reduction to additional paid-in capital of $356.4 million reflected in the consolidated statement of equity for the year ended December 31, 2013 , consists of the $386.5 million reclassification of the net asset value of the 2,770 properties, offset by (i) the $19.6 million credit associated with the 109 properties acquired by AH LLC from January 1, 2013, to February 28, 2013, (ii) $8.0 million in excess of $6,000 par value associated with issuance of the 634,408 Class B common shares and (iii) the $2.5 million reclassification of the other net liabilities associated with the properties to due from affiliates. Concurrently with this transaction, commencing February 28, 2013, the Advisor agreed to a permanent reduction in the advisory fee of $9.8 million per year. 45 Property Acquisition On December 12, 2014, we and our operating partnership entered into a contribution agreement with AH LLC, pursuant to which AH LLC contributed to our operating partnership all of AH LLC's interest in 45 properties owned by AH LLC. The value of the properties was determined by broker price opinions prepared by independent third parties. In exchange for the properties, our operating partnership issued to AH LLC 653,378 Class A units valued at $17.11 per unit, the closing price on the NYSE for the Company's Class A common shares on December 11, 2014.

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions 2015 Acquisitions RJ American Homes 4 Rent One, LLC and RJ American Homes 4 Rent Two, LLC Acquisition In October 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 . As our investments in these joint ventures were already previously accounted for as consolidated joint ventures, this acquisition was recorded in equity and the 377 properties continue to be accounted for using the same historical cost basis. 2014 Acquisitions Ellington Portfolio Acquisition On December 31, 2014, the Company acquired a 100% ownership interest in a portfolio of 914 homes located in markets in Arizona, Colorado, Georgia, North Carolina, Tennessee and Texas for a total purchase price of approximately $126.0 million , which included $74.4 million in cash and the assumption of $51.6 million of debt (the "Ellington Portfolio Acquisition"). The debt consists of a 5 -year note payable, which is secured by a first priority mortgage on 583 of the homes, and has a fixed interest rate of 4.06% and a maturity date of July 1, 2019. The Company completed the Ellington Portfolio Acquisition for the purpose of acquiring a portfolio of 914 single-family properties, which was 96.3% leased as of the acquisition date. The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Ellington Portfolio Acquisition as of the acquisition date (in thousands): Land $ 25,615 Buildings and improvements 98,117 In-place leases 2,268 Secured note payable (51,644 ) Estimated fair value of assets and liabilities acquired $ 74,356 The 914 single-family properties acquired as part of the transaction on December 31, 2014, were consolidated into the Company's portfolio and reflected in its consolidated financial statements. Beazer Rental Homes Acquisition On July 1, 2014, the Company completed the acquisition of Beazer Rental Homes for the purpose of acquiring a 100% ownership interest in a portfolio of 1,372 homes located in markets in Arizona, California, Florida and Nevada (the "Beazer Rental Homes Acquisition"). The Beazer Rental Homes Acquisition was completed pursuant to an Agreement and Plan of Merger by and among American Homes 4 Rent, AMH Portfolio One, LLC, a wholly owned subsidiary of the Company ("Merger Sub"), and representatives of the Beazer shareholders, dated as of July 1, 2014 (the "Merger Agreement"). As provided in the Merger Agreement, the acquisition was completed as a tax-free merger of Beazer Rental Homes with Merger Sub. The merger consideration to the security holders of Beazer Rental Homes consisted of 8,158,001 Class A common shares in the Company, $5.0 million of cash to be held in an indemnification escrow for a period of six months and extinguishment of $108.2 million outstanding under the Beazer Rental Homes credit facility. The fair value of the Class A common shares issued has been estimated to be $144.8 million , which has been determined using the closing price in the Company's Class A common shares on the date of the Beazer Rental Homes Acquisition. As of December 31, 2014, the Company estimated that approximately $0.6 million would be withheld from the $5.0 million indemnification escrow to satisfy certain representation and warranty provisions in accordance with the Merger Agreement. Accordingly, the remaining $4.4 million indemnification escrow was recognized within total merger consideration as of December 31, 2014, with a corresponding liability included in accounts payable and accrued expenses in the consolidated balance sheets. The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Beazer Rental Homes Acquisition as of the acquisition date (in thousands): Land $ 60,866 Buildings and improvements 193,506 Cash and cash equivalents 2,197 In-place leases 2,655 Other current assets and liabilities, net (1,785 ) Estimated fair value of assets and liabilities acquired $ 257,439 Since the date of the Beazer Rental Homes Acquisition, the Company has consolidated the 1,372 single-family properties acquired as part of the transaction and the related results of these operations are reflected in the Company's consolidated financial statements. The following table presents the total revenues and net income attributable to the Company's 2014 year acquisitions that were included in our consolidated statement of operations for the year ended December 31, 2014 (in thousands): Beazer Ellington Period from Period from Total revenues $ 10,422 $ — Net income $ 1,713 $ — 2013 Acquisitions Management Internalization On June 10, 2013, the Company completed the Management Internalization for the purpose of internalizing its corporate and property operations management and acquired 100% of the membership interests in the Advisor and the Property Manager from AH LLC in exchange for 4,375,000 Series D convertible units and 4,375,000 Series E convertible units in our operating partnership, which were valued at $65.2 million and $64.9 million , respectively, as of the date of issuance using a Monte Carlo Simulation model. Under the terms of the respective contribution agreement, among other things, all administrative, financial, property management, marketing and leasing personnel, including executive management, became fully dedicated to the Company. In connection with the Management Internalization, the Company also: • Modified the preexisting Agreement on Investment Opportunities between the Company and AH LLC to: (i) preclude AH LLC from providing advisory or property management services to third parties investing in any type of business relating to investment in, ownership of or rental of single-family homes; (ii) increase from 20% to 100% the Company's right to receive promoted interests in any future outside investment vehicles (as defined therein); (iii) cease AH LLC's rendering of acquisition and renovation services to the Company and eliminate the related 5% fee paid to the AH LLC on December 10, 2014; (iv) provide the Company with the right to offer employment on September 10, 2014, that would commence on December 10, 2014, to all of AH LLC's acquisition and renovation personnel necessary for our operations; and (v) require AH LLC to pay us a monthly fee of $0.1 million through December 10, 2014, for maintenance and use of certain intellectual property transferred to us in the Management Internalization. • Entered into a registration rights agreement with AH LLC providing for registration rights exercisable after December 10, 2015. • Cancelled insurance policies previously provided by a captive insurance company affiliated with AH LLC. The fair value of the Series D convertible units and Series E convertible units has been estimated to be $65.2 million and $64.9 million , respectively, as of the date of issuance using a Monte Carlo simulation model. A Monte Carlo simulation was incorporated given that the values of the securities were path dependent, meaning that their value depends on the average of a sequence of the prices of the underlying asset over some predetermined period of time. Inputs to the model 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 was the most recent trading price in the Company's Class A common shares, into which the Series D convertible units and Series E convertible units are ultimately convertible. The timing of such conversion was based on the provisions of the contribution agreement and the Company's best estimate of the events that trigger such conversions. The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the acquisition date (in thousands): Buildings and improvements $ 4,214 Identified intangible assets: Trademark 3,100 Database 2,100 Goodwill 120,655 Fair value of acquired assets $ 130,069 The above intangible assets acquired in connection with the Management Internalization have been valued in accordance with ASC 805, Business Combinations , which requires that an intangible asset is recognized apart from goodwill if it arises from contractual or other legal rights or if it is separable. An asset is considered separable if it (a) is capable of being separated from the acquired entity and sold, transferred, licensed, rented or exchanged, or (b) can be conveyed in combination with a related asset or liability. Pursuant to ASC 820 , Fair Value Measurements and Disclosures, the inputs used in the valuation of these intangible assets consisted primarily of Level 2 and Level 3 inputs. The goodwill of $120.7 million arising from the acquisition consists largely of the synergies, economies of scale and cost savings we expect from the Management Internalization. Under the terms of the Management Internalization contribution agreement, net monetary assets, as defined therein, of the Advisor and Property Manager as of June 10, 2013, were to be settled in cash between the Company and AH LLC subsequent to the date of the transaction. Accordingly, estimated net monetary assets of $7.0 million , including estimated cash and cash equivalents of $9.0 million , were recorded as of the date of the Management Internalization and subsequently the amounts were reconciled and settled in cash. 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 consolidated financial statements. Alaska Joint Venture Acquisition On June 11, 2013, the Company acquired 100% of the membership interests in American Homes 4 Rent I, LLC (the "Alaska Joint Venture") from APFC and AH LLC for a purchase price of $904.5 million (the "Alaska Joint Venture Acquisition"). The purchase price consisted of the issuance of 43,609,394 Class A common shares in the Company to APFC and 12,395,965 Class A units in our operating partnership to AH LLC. As part of the Alaska Joint Venture Acquisition, the Company acquired a portfolio of 4,778 single-family properties, as well as the right to receive all net cash flows produced by the Alaska Joint Venture subsequent to April 30, 2013. Net cash flows produced by the Alaska Joint Venture subsequent to April 30, 2013, and prior to the Company's ownership on June 11, 2013, were approximately $1.9 million , which have been included in the purchase price of the assets acquired as part of the Alaska Joint Venture Acquisition. The Company completed the Alaska Joint Venture Acquisition for the purpose of acquiring a portfolio of 4,778 single-family properties, which was 75% leased as of the date of acquisition. The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition as of the acquisition date (in thousands): Land $ 156,648 Buildings and improvements 740,396 Receivable for net cash flows prior to acquisition date 1,896 Value of in-place leases 5,547 Fair value of acquired assets $ 904,487 Pursuant to the Alaska Joint Venture Acquisition contribution agreement, net monetary assets, as defined therein, of the Alaska Joint Venture as of April 30, 2013, were used to fund all remaining initial repair and renovation costs of the 4,778 single-family properties, with shortfalls paid for by AH LLC. Accordingly, estimated net monetary assets of the Alaska Joint Venture of $13.0 million , including estimated cash and cash equivalents of $23.0 million , were recorded as of the date of the Alaska Joint Venture Acquisition in the consolidated balance sheets. Since the date of the Alaska Joint Venture Acquisition, the Company has consolidated the Alaska Joint Venture and the results of its operations are reflected in the consolidated financial statements. RJ Joint Ventures Acquisition On August 10, 2012, AH LLC formed RJ LLC, as the sole owner and managing member, for the purpose of sponsoring and managing investment vehicle joint ventures with accredited investors identified by Raymond James. On September 20, 2012, RJ LLC formed its first investment vehicle, RJ American Homes 4 Rent One, LLC ("RJ1"), with an initial capital contribution of 177 single-family properties from AH LLC, prior to selling a 67% Class A ownership interest in RJ1 to third party accredited investors (the "RJ1 Investors"). After the sale to the RJ1 Investors, RJ LLC's remaining interest in RJ1 consisted of a 33% managing member Class B equity interest and 100% of a promoted interest that is earned after the RJ1 Investors achieve certain preferred returns. On December 31, 2012, the Company acquired a newly created Class B ownership interest in RJ LLC from AH LLC in exchange for 653,492 Preferred Units, which entitled the Company to all operating cash distributions and 20% of promoted interest distributions made from RJ1 to RJ LLC (the "RJ1 2012 Transaction"). As the RJ1 2012 Transaction was completed prior to the Management Internalization, it was deemed to be a transaction between "entities under common control" under the provisions of ASC 805, Business Combinations , and accordingly, the Company's Class B interest in RJ LLC was recorded at AH LLC's carryover basis of zero . As a result, the Preferred Units issued to AH LLC were also recorded with no initial basis. On March 15, 2013, RJ LLC formed its second investment vehicle, RJ American Homes 4 Rent Two, LLC ("RJ2"), with an initial capital contribution of 214 single-family properties from AH LLC, prior to selling a 67% Class A ownership interest in RJ2 to third party accredited investors (the "RJ2 Investors"). After the sale to the RJ2 Investors, RJ LLC's remaining interest in RJ2 consisted of a 33% managing member Class B equity interest and 100% of a promoted interest that is earned after the RJ2 Investors achieve certain preferred returns. On June 14, 2013, AH LLC contributed its remaining ownership interest in RJ LLC to the Company, 653,492 Preferred Units held by AH LLC were converted into 653,492 Class A units (the "Preferred Unit Conversion") and the Company issued 705,167 additional Class A units to AH LLC (collectively, the "2013 RJ Transaction"). The fair value of the 705,167 Class A units issued was estimated to be $11.3 million , which was determined using the most recent trading price of the Company's Class A common shares into which the Class A units were convertible on a one -for-one basis. Additionally, our operating partnership made a $7.6 million loan to RJ1, the proceeds of which were used to extinguish the balance of an outstanding loan as of the date of the 2013 RJ Transaction. The Company completed the 2013 RJ Transaction for the purpose of gaining 100% ownership of RJ LLC and therefore control over RJ1 and RJ2. As of the date of the 2013 RJ Transaction, the RJ1 and RJ2 portfolios collectively consisted of 377 single-family properties. The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 over which the Company gained control on June 14, 2013 and the associated 67% noncontrolling interest held by the RJ1 Investors and RJ2 Investors in RJ1 and RJ2, respectively (in thousands): Land $ 10,340 Buildings and improvements 54,123 Value of in-place leases 539 Cash and cash equivalents 1,128 Other current assets and liabilities, net (311 ) Note payable (7,600 ) Noncontrolling interest (39,321 ) Fair value of acquired net assets $ 18,898 As the Company gained control over RJ LLC after the date of the Management Internalization on June 10, 2013, the carrying value of the Company's Class B interest in RJ LLC has been remeasured to fair value in accordance with ASC 805, Business Combinations . The following table summarizes the carrying value and estimated fair value of the Company's Class B interest in RJ LLC as of June 14, 2013 and the resulting gain on remeasurement of approximately $10.9 million , which has been recognized in the consolidated statements of operations (in thousands): Fair value of existing Class B interest $ 7,615 Carrying value of Class B interest (3,330 ) Gain on remeasurement of equity method investment $ 10,945 The fair value of the Company's existing Class B interest has been determined using an income approach valuation technique based on the assets of RJ1 underlying the Company's Class B interest in RJ LLC. Because the Preferred Unit Conversion was not subject to an inducement offer and represented an in-substance redemption of the 653,492 Preferred Units, the $10.5 million fair value of the 653,492 Class A units in excess of the zero carrying value of the 653,492 Preferred Units has been reflected as a reduction to net income attributable to common shareholders in the consolidated statements of operations in accordance with ASC 260-10-S99-2, The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock . The fair value of the Class A units issued in connection with the 2013 RJ Transaction has been estimated using the most recent trading price of the Company's Class A common shares into which the Class A units are convertible on a one -for-one basis. Since the date of the 2013 RJ Transaction, the Company has consolidated RJ LLC, RJ1 and RJ2 and the related results of operations are reflected in the consolidated financial statements. The following table presents the total revenues and net income attributable to the 2013 year acquisitions that were included in our consolidated statements of operations from the respective transaction dates through December 31, 2013 (in thousands): Management Alaska Joint 2013 RJ Period from Period from Period from Total revenues $ 1,502 $ 38,054 $ 2,723 Net (loss) / income $ (26,179 ) $ 2,256 $ 52 (1) Total revenues and net loss attributable to the Management Internalization does not reflect the benefit of eliminating approximately $24.0 million in advisory management and property management fees that would have otherwise been paid to AH LLC after the date of the Management Internalization. Pro Forma Supplemental Information The following table presents the Company's supplemental consolidated unaudited pro forma total revenues and net income as if the Ellington Portfolio Acquisition, Beazer Rental Homes Acquisition, Management Internalization, Alaska Joint Venture Acquisition and 2013 RJ Transaction had occurred on January 1, 2013 (in thousands): For the Years Ended December 31, 2014 2013 Pro forma total revenues (1) $ 421,033 $ 176,340 Pro forma net loss (1)(2) $ (32,858 ) $ (32,161 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Ellington Portfolio Acquisition, Beazer Rental Homes Acquisition, Management Internalization, Alaska Joint Venture Acquisition and 2013 RJ Transaction occurred on January 1, 2013. (2) Pro forma net loss represents the combined pro forma net loss of the Advisor and Property Manager, among others, but does not reflect the elimination of historical advisory and property management fees that would not have been paid had the Management Internalization occurred on January 1, 2013. Additionally, due to the inherent complexity of the consolidated financial statements as a result of the transactions completed between entities under common control, management believes that presentation of pro forma net loss attributable to common shareholders and on a per share basis is not meaningful and has therefore only presented pro forma total revenues and net loss as if the Ellington Portfolio Acquisition, Beazer Rental Homes Acquisition, Management Internalization, Alaska Joint Venture Acquisition and 2013 RJ Transaction had occurred on January 1, 2013. Dispositions Sale of Southern California Properties On June 27, 2013, the Company sold 38 single-family properties located in Southern California for a gross sales price of $8.9 million , before commissions and closing costs, resulting in a gain on sale of $0.9 million . As these properties had previously been in operations and also represented the disposition of a geographic market, the results of operations from the 38 Southern California properties prior to the date of sale, along with the related gain on disposition, have been reflected as discontinued operations in the consolidated statements of operations.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 (in thousands, except share and per share data): For the Years Ended December 31, 2015 2014 2013 Income / (loss) (numerator): Net loss $ (47,948 ) $ (33,092 ) $ (20,074 ) Income from discontinued operations — — 1,008 Noncontrolling interest 14,353 14,965 13,245 Dividends on preferred shares 22,276 18,928 1,160 Conversion of preferred units — — 10,456 Net loss attributable to common shareholders $ (84,577 ) $ (66,985 ) $ (43,927 ) Weighted-average shares (denominator) 210,600,111 196,348,757 123,592,086 Net loss per share—basic and diluted: Loss from continuing operations $ (0.40 ) $ (0.34 ) $ (0.37 ) Income from discontinued operations — — 0.01 Net loss per share—basic and diluted $ (0.40 ) $ (0.34 ) $ (0.36 ) Total weighted-average shares for the years ended December 31, 2015 , 2014 and 2013, exclude an aggregate of 73,912,694 , 73,586,644 and 63,873,266 , respectively, of shares or units in our operating partnership, Series A, B and C preferred shares, common shares issuable upon exercise of stock options and restricted stock units because their effect would have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements, which expire on various dates through 2019. Rent expense related to our operating leases for the years ended December 31, 2015 , 2014 and 2013 , was as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Rent expense $ 2,099 $ 1,867 $ 809 Less: income from subleases (9 ) (11 ) — Net rent expense $ 2,090 $ 1,856 $ 809 Future lease obligations under our operating leases as of December 31, 2015 , were as follows (in thousands): Year 2016 $ 1,327 2017 1,049 2018 201 2019 4 Total lease commitments 2,581 Less: income from subleases (302 ) Net lease commitments $ 2,279 In connection with the renovation of single-family properties after they are purchased, the Company enters into contracts for the necessary improvements. As of December 31, 2015 and 2014 , the Company had aggregate outstanding commitments of zero and $4.1 million , respectively, in connection with these contracts. As of December 31, 2015 and 2014 , we had commitments to acquire 12 and 703 single-family properties, respectively, with an aggregate purchase price of $1.7 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. We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $0.5 million , $0.3 million and $0.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively.

Noncash Transactions

Noncash Transactions	12 Months Ended
	Dec. 31, 2015
Nonmonetary Transactions [Abstract]
Noncash Transactions	Noncash Transactions On February 28, 2013, AH LLC contributed 2,770 single-family properties to the Company in exchange for 31,085,974 Series C convertible units in our operating partnership and 634,408 Class B common shares (see Note 10). On June 10, 2013, we acquired the Advisor and the Property Manager from AH LLC in exchange for 4,375,000 Series D convertible units and 4,375,000 Series E convertible units in our operating partnership (see Note 11). On June 11, 2013, we acquired the Alaska Joint Venture from APFC and AH LLC in exchange for 43,609,394 Class A common shares in the Company and 12,395,965 Class A units in our operating partnership (see Note 11). On June 14, 2013, AH LLC contributed its remaining ownership interest in RJ LLC to the Company, 653,492 Preferred Units held by AH LLC were converted into 653,492 Class A units and the Company issued 705,167 additional Class A units to AH LLC (see Note 11). On July 1, 2014, we acquired Beazer Rental Homes for a total purchase price of $257.4 million including the issuance of 8,158,001 Class A common shares in the Company (see Note 11). On December 12, 2014, we issued 653,378 Class A units valued at $17.11 per unit to AH LLC for a total consideration value of $11.2 million in exchange for 45 single-family properties (see Note 10).

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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 consolidated financial statements. Our credit facility, asset-backed securitizations and secured note payable are also financial instruments, which are classified as Level 3 in the fair value hierarchy as they were estimated by using unobservable inputs. We estimated their fair values by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. The following table displays the carrying values and fair values of our debt instruments as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (1) 2014-SFR1 securitization $ 473,755 $ 472,258 $ 478,565 $ 478,565 2014-SFR2 securitization 507,305 476,952 512,435 512,435 2014-SFR3 securitization 523,109 489,448 528,390 528,390 2015-SFR1 securitization 549,121 496,673 — — 2015-SFR2 securitization 476,920 433,633 — — Total asset-backed securitizations 2,530,210 2,368,964 1,519,390 1,519,390 Secured note payable 50,752 48,631 51,644 51,644 Credit facility — — 207,000 207,000 Total debt $ 2,580,962 $ 2,417,595 $ 1,778,034 $ 1,778,034 (1) As of December 31, 2014, our debt instruments had been recently entered into and, therefore, management believes that their carrying values reasonably approximated their fair values, which were estimated by discounting future cash flows at market rates. 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 convertible 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 December 31, 2015 and 2014 (in thousands): December 31, 2015 Description Quoted Prices in Significant Significant Total Assets: Interest rate cap agreement $ — $ — $ — $ — Liabilities: Contingently convertible Series E units liability $ — $ — $ 69,957 $ 69,957 Preferred shares derivative liability $ — $ — $ 62,790 $ 62,790 December 31, 2014 Description Quoted Prices in 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 convertible units and remeasurement of preferred shares, respectively, in the consolidated statements of operations, for the years ended December 31, 2015 and 2014 (in thousands): Description January 1, 2015 Issuances Remeasurement December 31, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ (2,100 ) $ 69,957 Preferred shares derivative liability $ 57,960 $ — $ 4,830 $ 62,790 Description January 1, 2014 Issuances Remeasurement December 31, 2014 Liabilities: Contingently convertible Series E units liability $ 66,938 $ — $ 5,119 $ 72,057 Preferred shares derivative liability $ 28,150 $ 23,652 $ 6,158 $ 57,960 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.

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly financial information	Quarterly Financial Information (unaudited) The following table presents summarized quarterly financial data for the years ended December 31, 2015 and 2014 (in thousands, except per share data): Quarter First Second Third Fourth 2015 Rents from single-family properties $ 120,680 $ 137,818 $ 148,815 $ 152,406 Net loss $ (8,265 ) $ (8,398 ) $ (19,938 ) $ (11,347 ) Net loss attributable to common shareholders $ (17,790 ) $ (17,697 ) $ (28,616 ) $ (20,474 ) Net loss attributable to common shareholders per share—basic and diluted $ (0.08 ) $ (0.08 ) $ (0.14 ) $ (0.10 ) Quarter First Second Third Fourth 2014 Rents from single-family properties $ 73,761 $ 88,871 $ 104,210 $ 109,543 Net loss $ (6,935 ) $ (3,369 ) $ (12,796 ) $ (9,992 ) Net loss attributable to common shareholders $ (13,676 ) $ (12,250 ) $ (21,747 ) $ (19,312 ) Net loss attributable to common shareholders per share—basic and diluted $ (0.07 ) $ (0.07 ) $ (0.11 ) $ (0.09 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From January 1, 2016 through February 24, 2016 , we acquired 199 properties with an aggregate purchase price of approximately $26.6 million . We expect that our level of acquisition activity will fluctuate based on the number of suitable investments and on the level of funds available for investment. Borrowings on Credit Facility From January 1, 2016 , through February 24, 2016 , the Company borrowed an additional $70.0 million under the credit facility and made payments on the credit facility totaling $58.0 million , resulting in an outstanding loan balance of $12.0 million as of February 24, 2016 . Share Repurchases From January 1, 2016 , through February 24, 2016 , the Company repurchased and retired 1.3 million of our Class A common shares at a weighted-average price of $15.43 per share and a total price of $20.5 million in accordance with our share repurchase program. Declaration of Dividends On February 25, 2016 , our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on March 31, 2016 , to shareholders of record on March 15, 2016 , and $0.05 per Class B common share payable on March 31, 2016 , to shareholders of record on March 15, 2016 . 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 March 31, 2016 , to shareholders of record on March 15, 2016 , $0.3125 per share on the Company's 5.0% Series B Participating Preferred Shares payable on March 31, 2016 , to shareholders of record on March 15, 2016 , and $0.34375 per share on the Company's 5.5% Series C Participating Preferred shares payable on March 31, 2016 , to shareholders of record on March 15, 2016 . ARPI Shareholder Meeting Results On February 26, 2016, ARPI’s shareholders voted in favor of the Merger, which is subject to customary closing conditions. We anticipate the transaction to close on February 29, 2016.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Initial Cost to Company Cost Capitalized Total Cost Market Number of Single-Family Homes Land Buildings and Improvements Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation Net Cost Basis Date of Acquisition Albuquerque 212 $ 6,445 $ 24,231 $ 3,422 $ 6,445 $ 27,653 $ 34,098 $ (2,309 ) $ 31,789 2013-2015 Atlanta 2,802 87,722 307,888 61,038 87,722 368,926 456,648 (26,503 ) 430,145 2012-2015 Augusta 227 6,514 26,318 3,525 6,514 29,843 36,357 (1,804 ) 34,553 2013-2015 Austin 675 15,704 72,405 13,180 15,704 85,585 101,289 (6,518 ) 94,771 2012-2015 Bay Area 120 8,221 23,656 1,953 8,221 25,609 33,830 (2,065 ) 31,765 2012-2014 Boise 289 8,016 29,531 3,578 8,016 33,109 41,125 (2,617 ) 38,508 2013-2015 Central Valley 174 6,750 22,309 2,443 6,750 24,752 31,502 (2,543 ) 28,959 2012-2013 Charleston 650 23,262 82,412 10,872 23,262 93,284 116,546 (6,330 ) 110,216 2012-2015 Charlotte 2,313 74,645 293,876 33,630 74,645 327,506 402,151 (21,231 ) 380,920 2012-2015 Cincinnati 1,872 59,345 228,982 34,247 59,345 263,229 322,574 (20,958 ) 301,616 2012-2015 Colorado Springs 23 951 3,147 688 951 3,835 4,786 (380 ) 4,406 2013 Columbia 297 6,850 34,549 4,089 6,850 38,638 45,488 (2,890 ) 42,598 2013-2015 Columbus 1,453 37,851 157,825 28,932 37,851 186,757 224,608 (13,324 ) 211,284 2012-2015 Dallas-Fort Worth 3,210 88,581 361,558 63,663 88,581 425,221 513,802 (34,222 ) 479,580 2012-2015 Denver 685 34,123 135,739 16,263 34,123 152,002 186,125 (9,083 ) 177,042 2012-2015 Fort Myers 32 749 4,691 553 749 5,244 5,993 (537 ) 5,456 2012-2014 Greater Chicago area, IL and IN 2,064 63,929 255,264 51,000 63,929 306,264 370,193 (24,395 ) 345,798 2012-2015 Greensboro 635 18,046 81,542 8,233 18,046 89,775 107,821 (6,142 ) 101,679 2013-2015 Greenville 635 15,863 82,982 9,110 15,863 92,092 107,955 (6,528 ) 101,427 2013-2015 Houston 2,048 55,890 254,283 44,219 55,890 298,502 354,392 (22,764 ) 331,628 2012-2015 Indianapolis 2,777 75,567 298,023 50,112 75,567 348,135 423,702 (29,561 ) 394,141 2012-2015 Inland Empire 135 11,908 20,330 1,908 11,908 22,238 34,146 (1,236 ) 32,910 2012-2014 Jacksonville 1,569 42,167 165,529 31,441 42,167 196,970 239,137 (15,518 ) 223,619 2012-2015 Knoxville 319 10,256 49,316 4,291 10,256 53,607 63,863 (4,132 ) 59,731 2013-2015 Las Vegas 966 28,840 122,184 18,272 28,840 140,456 169,296 (12,712 ) 156,584 2011-2015 Memphis 594 17,491 65,668 9,283 17,491 74,951 92,442 (3,771 ) 88,671 2013-2015 Miami 342 9,134 50,330 9,077 9,134 59,407 68,541 (4,985 ) 63,556 2012-2015 Milwaukee 126 7,373 22,272 2,109 7,373 24,381 31,754 (2,413 ) 29,341 2013 Nashville 1,512 57,148 231,869 25,837 57,148 257,706 314,854 (20,261 ) 294,593 2012-2015 Oklahoma City 411 11,075 57,943 6,394 11,075 64,337 75,412 (3,422 ) 71,990 2012-2015 Orlando 1,175 32,556 143,334 21,783 32,556 165,117 197,673 (12,102 ) 185,571 2011-2015 Phoenix 1,603 49,647 184,518 25,362 49,647 209,880 259,527 (17,482 ) 242,045 2011-2015 Portland 207 14,445 24,187 1,917 14,445 26,104 40,549 (2,375 ) 38,174 2013-2015 Raleigh 1,472 51,655 191,962 22,182 51,655 214,144 265,799 (15,411 ) 250,388 2012-2015 Salt Lake City 1,049 58,551 149,739 22,295 58,551 172,034 230,585 (13,998 ) 216,587 2012-2015 San Antonio 895 25,419 95,845 15,718 25,419 111,563 136,982 (7,096 ) 129,886 2012-2015 Savannah/Hilton Head 434 12,756 50,627 5,550 12,756 56,177 68,933 (3,189 ) 65,744 2013-2015 Seattle 294 14,072 41,747 4,920 14,072 46,667 60,739 (3,835 ) 56,904 2012-2015 Tampa 1,567 55,807 210,538 28,905 55,807 239,443 295,250 (19,324 ) 275,926 2012-2015 Tucson 390 7,839 37,575 7,061 7,839 44,636 52,475 (4,837 ) 47,638 2011-2014 Winston Salem 527 15,854 64,655 6,531 15,854 71,186 87,040 (5,241 ) 81,799 2013-2015 Total 38,780 $ 1,229,017 $ 4,761,379 $ 715,586 $ 1,229,017 $ 5,476,965 $ 6,705,982 $ (416,044 ) $ 6,289,938 American Homes 4 Rent Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2015 (Continued) (dollars in thousands) Change in Total Real Estate Assets For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ 5,916,933 $ 3,923,624 $ 507,845 Acquisitions and building improvements 814,235 2,004,742 3,423,903 Dispositions (11,555 ) (11,433 ) (8,124 ) Write-offs (13,631 ) — — Balance, end of period $ 6,705,982 $ 5,916,933 $ 3,923,624 Change in Accumulated Depreciation For the Years Ended December 31, 2015 2014 2013 Balance, beginning of period $ (206,262 ) $ (62,202 ) $ (2,132 ) Depreciation (223,731 ) (144,270 ) (60,254 ) Dispositions 318 210 184 Write-offs 13,631 — — Balance, end of period $ (416,044 ) $ (206,262 ) $ (62,202 )

Significant Accounting Polici27

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company, our 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 ASC 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 consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the consolidated financial statements. The 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"). In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the "Code"), which commenced with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income. However, qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we may be ineligible to qualify as a REIT for four subsequent tax years. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed taxable income, if any. Our TRSs will be subject to federal, state and local taxes on their income at regular corporate rates. The tax years from 2012 through 2015 remain open to examination by the taxing jurisdictions to which the Company is subject. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the "more likely than not" threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information.
Investments in Real Estate	Investments in Real Estate Transactions in which single-family properties that are not subject to an existing lease are purchased are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Single-family properties that are acquired either subject to an existing lease or as part of a portfolio level transaction are treated as a business combination under ASC 805, Business Combinations , and, as such, are recorded at fair value, allocated to land, building and the existing lease, if applicable, based upon their fair values at the date of acquisition, with acquisition fees and other costs expensed as incurred. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The Company typically engages a third party valuation specialist to assist management in the determination of fair value for purposes of allocating the purchase price of properties acquired as part of portfolio level transactions. The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature ( less than one year ). The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare our acquired properties for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred.
Single-family Properties Held for Sale and Discontinued Operations	Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale within the consolidated balance sheets.
Impairment of Long-lived Assets	Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date.
Leasing Costs	Leasing Costs Direct and incremental costs incurred to lease properties are capitalized and amortized over the term of the leases, which generally have a term of one year. Prior to the Management Internalization, we paid the Property Manager a leasing fee equal to one-half of one month's rent for each lease.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings and improvements. Buildings are depreciated over 30 years and improvements are depreciated over their estimated economic useful lives, generally 5 to 15 years. We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets.
Intangible Assets	Intangible Assets Intangible assets are amortized on a straight-line basis over the asset's estimated economic life and are tested for impairment based on undiscounted cash flows and, if impaired, are written down to fair value based on discounted cash flows. The identified intangible assets acquired as part of the Management Internalization are amortized over amortizable lives of 4.7 years for trademark and 7.0 years for database. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset.
Goodwill	Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired as part of the Management Internalization (see Note 11). Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Impairment charges, if any, are recognized in operating results.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the origination of the Company's credit facility and asset-backed securitizations are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing, and have been included in deferred costs and other intangibles, net within the consolidated balance sheets.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the FDIC insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant.
Restricted Cash	Restricted Cash Restricted cash primarily consists of funds held related to resident security deposits and cash reserves in accordance with certain loan agreements.
Escrow Deposits	Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risk and rewards of ownership of the property are transferred and the purchase is finalized.
Nonperforming Loans	Nonperforming Loans The Company has purchased nonperforming loans for the primary purpose of converting the underlying real estate into single-family rental properties through foreclosure or other form of resolution. Prior to foreclosure or resolution, nonperforming loans are carried at cost and placed on nonaccrual status as it is probable that the principal or interest is not fully collectible. Upon converting a nonperforming loan into a home through foreclosure or other form of resolution, it continues to be carried at cost and is moved into single-family properties in the consolidated balance sheets.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits.
Rescinded Properties	Rescinded Properties In certain jurisdictions, our purchases of single-family properties at foreclosure and judicial auctions are subject to the right of rescission. When we are notified of a rescission, the amount of the purchase price is reclassified as a receivable.
Revenue and Expense Recognition	Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. We accrue for property taxes and HOA assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, resident security deposits, construction liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.
Share-based Compensation	Share-based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of our board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent 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 within our consolidated financial statements (see Note 15).
Derivatives	Derivatives We currently use, and in the future may use, interest rate cap agreements for interest rate risk management purposes and in conjunction with certain LIBOR-based variable rate debt to satisfy lender requirements. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense. The ineffective portion of the change in fair value of our interest rate cap agreements is required to be recognized directly in earnings.
Segment Reporting	Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842) , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under previous GAAP, while aligning with the FASB's new revenue recognition guidance. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. 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. The Company is currently assessing the impact of the guidance on our financial statements. In April 2015, the FASB issued 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 the Company's financial statements.

Single-Family Properties (Table

Single-Family Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Single-Family Properties	Single-family properties, net, consists of the following as of December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 Number of Net book Leased single-family properties 36,403 $ 5,895,482 Single-family properties being renovated 476 75,055 Single-family properties being prepared for re-lease 178 28,525 Vacant single-family properties available for lease 1,678 283,444 Single-family properties held for sale 45 7,432 Total 38,780 $ 6,289,938 December 31, 2014 Number of Net book 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

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Summary of Future Minimum Rental Revenues	We generally rent our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties as of December 31, 2015 were as follows (in thousands): Year 2016 $ 305,546 2017 2,914 2018 15 Total $ 308,475

Deferred Costs and Other Inta30

Deferred Costs and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Deferred leasing costs $ 8,692 $ 18,307 Deferred financing costs 78,348 53,013 Intangible assets: Value of in-place leases 152 10,468 Trademark 3,100 3,100 Database 2,100 2,100 92,392 86,988 Less: accumulated amortization (25,396 ) (32,406 ) Total $ 66,996 $ 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 December 31, 2015 , for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of Trademark Database 2016 $ 3,622 $ 10,691 $ 38 $ 660 $ 300 2017 — 9,034 — 660 300 2018 — 8,536 — 92 300 2019 — 6,383 — — 300 2020 — 5,064 — — 132 Thereafter — 20,884 — — — Total $ 3,622 $ 60,592 $ 38 $ 1,412 $ 1,332

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company's debt as of December 31, 2015 and 2014 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2015 December 31, 2014 2014-SFR1 securitization (2) 1.97 % June 9, 2019 $ 473,755 $ 478,565 2014-SFR2 securitization 4.42 % October 9, 2024 507,305 512,435 2014-SFR3 securitization 4.40 % December 9, 2024 523,109 528,390 2015-SFR1 securitization (3) 4.14 % April 9, 2045 549,121 — 2015-SFR2 securitization (4) 4.36 % October 9, 2045 476,920 — Total asset-backed securitizations 2,530,210 1,519,390 Secured note payable 4.06 % July 1, 2019 50,752 51,644 Credit facility (5) 3.18 % September 30, 2018 — 207,000 Total debt (6) $ 2,580,962 $ 1,778,034
Summary of Activity that Relates to Capitalized Interest	The following table displays our total gross interest, including unused commitments and other fees and amortization of deferred financing costs, and capitalized interest for the years ended December 31, 2015 , 2014 and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Gross interest cost $ 98,103 $ 33,077 $ 10,016 Capitalized interest (8,690 ) (13,196 ) (9,646 ) Interest expense $ 89,413 $ 19,881 $ 370

Accounts Payable and Accrued 32

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Accounts payable $ 1,173 $ 4,925 Accrued property taxes 46,024 49,018 Other accrued liabilities 26,031 22,359 Accrued construction and maintenance liabilities 11,429 23,914 Resident security deposits 53,819 42,877 Prepaid rent 16,275 6,613 Total $ 154,751 $ 149,706

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Stock Option Activity Under Plan	The following table summarizes stock option activity under the Plan for the years ended December 31, 2015 , 2014 and 2013 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2012 700,000 $ 15.00 9.9 $ — (2) Granted 550,000 16.03 Exercised — — — Forfeited (60,000 ) 15.00 Options outstanding at December 31, 2013 1,190,000 $ 15.48 9.3 $ 862 Granted 1,270,000 16.74 Exercised (28,750 ) 15.00 74 Forfeited (266,250 ) 15.88 Options outstanding at December 31, 2014 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (16,600 ) 15.16 19 Forfeited (252,500 ) 16.57 Options outstanding at December 31, 2015 2,484,400 $ 16.22 8.0 $ 1,225 Options exercisable at December 31, 2015 860,900 $ 15.81 7.4 $ 766 (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. (2) Prior to August 1, 2013, there was no public trading market for our Class A common shares.
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 years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Weighted-average fair value $ 4.57 $ 5.06 $ 4.75 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 35.9 % 38.5 % 38.0 % Risk-free interest rate 1.9 % 2.2 % 2.0 %
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 years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Restricted stock units at beginning of period 85,000 — — Units awarded 44,000 92,000 — Units vested (22,000 ) — — Units forfeited (15,350 ) (7,000 ) — Restricted stock units at end of the period 91,650 85,000 —

Contributions by AH LLC (Tables

Contributions by AH LLC (Tables)	12 Months Ended
	Dec. 31, 2015
Noncash Investing and Financing Items [Abstract]
Summary of Net Assets and Historical Net Loss of Single-Family Properties Acquired by Sponsor	The following table summarizes the net assets and historical net loss of the 2,770 single-family properties based on the dates such properties were acquired by AH LLC through the date of the 2,770 Property Contribution (in thousands, except number of properties): Period from June 23, 2011, to December 31, 2012 Period from January 1, 2013, to February 28, 2013 Total as of February 28, 2013 (transaction date) Number of properties 2,661 109 2,770 Single-family properties $ 365,937 $ 20,563 $ 386,500 Other assets 7,203 (2,086 ) 5,117 Other liabilities (8,183 ) 558 (7,625 ) Net assets contributed $ 364,957 $ 19,035 $ 383,992 Rents from single-family properties 4,413 3,720 8,133 Property operating expenses (3,326 ) (1,920 ) (5,246 ) Depreciation (2,021 ) (1,324 ) (3,345 ) Allocated general and administrative expenses (6,996 ) (993 ) (7,989 ) Net loss $ (7,930 ) $ (517 ) $ (8,447 ) Contributed net assets and net loss $ 372,887 $ 19,552 $ 392,439

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2015
Business Acquisition [Line Items]
Schedule of Estimated Fair Values of Assets and Liabilities Acquired	The following table presents the total revenues and net income attributable to the Company's 2014 year acquisitions that were included in our consolidated statement of operations for the year ended December 31, 2014 (in thousands): Beazer Ellington Period from Period from Total revenues $ 10,422 $ — Net income $ 1,713 $ —
Schedule of Carrying Value and Estimated Fair Value of Company's Class B Interest in RJ LLC	The following table summarizes the carrying value and estimated fair value of the Company's Class B interest in RJ LLC as of June 14, 2013 and the resulting gain on remeasurement of approximately $10.9 million , which has been recognized in the consolidated statements of operations (in thousands): Fair value of existing Class B interest $ 7,615 Carrying value of Class B interest (3,330 ) Gain on remeasurement of equity method investment $ 10,945
Schedule of Company's Supplemental Consolidated Unaudited Pro Forma Total Revenues and Net Income	The following table presents the Company's supplemental consolidated unaudited pro forma total revenues and net income as if the Ellington Portfolio Acquisition, Beazer Rental Homes Acquisition, Management Internalization, Alaska Joint Venture Acquisition and 2013 RJ Transaction had occurred on January 1, 2013 (in thousands): For the Years Ended December 31, 2014 2013 Pro forma total revenues (1) $ 421,033 $ 176,340 Pro forma net loss (1)(2) $ (32,858 ) $ (32,161 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Ellington Portfolio Acquisition, Beazer Rental Homes Acquisition, Management Internalization, Alaska Joint Venture Acquisition and 2013 RJ Transaction occurred on January 1, 2013. (2) Pro forma net loss represents the combined pro forma net loss of the Advisor and Property Manager, among others, but does not reflect the elimination of historical advisory and property management fees that would not have been paid had the Management Internalization occurred on January 1, 2013.
RJ Joint Ventures Acquisition
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 over which the Company gained control on June 14, 2013 and the associated 67% noncontrolling interest held by the RJ1 Investors and RJ2 Investors in RJ1 and RJ2, respectively (in thousands): Land $ 10,340 Buildings and improvements 54,123 Value of in-place leases 539 Cash and cash equivalents 1,128 Other current assets and liabilities, net (311 ) Note payable (7,600 ) Noncontrolling interest (39,321 ) Fair value of acquired net assets $ 18,898
Alaska Joint Venture Acquisition
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition as of the acquisition date (in thousands): Land $ 156,648 Buildings and improvements 740,396 Receivable for net cash flows prior to acquisition date 1,896 Value of in-place leases 5,547 Fair value of acquired assets $ 904,487
Management Internalization
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the acquisition date (in thousands): Buildings and improvements $ 4,214 Identified intangible assets: Trademark 3,100 Database 2,100 Goodwill 120,655 Fair value of acquired assets $ 130,069
Schedule of Estimated Fair Values of Assets and Liabilities Acquired	The following table presents the total revenues and net income attributable to the 2013 year acquisitions that were included in our consolidated statements of operations from the respective transaction dates through December 31, 2013 (in thousands): Management Alaska Joint 2013 RJ Period from Period from Period from Total revenues $ 1,502 $ 38,054 $ 2,723 Net (loss) / income $ (26,179 ) $ 2,256 $ 52 (1) Total revenues and net loss attributable to the Management Internalization does not reflect the benefit of eliminating approximately $24.0 million in advisory management and property management fees that would have otherwise been paid to AH LLC after the date of the Management Internalization.
Ellington portfolio acquisition
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Ellington Portfolio Acquisition as of the acquisition date (in thousands): Land $ 25,615 Buildings and improvements 98,117 In-place leases 2,268 Secured note payable (51,644 ) Estimated fair value of assets and liabilities acquired $ 74,356
Beazer Rental Homes
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Beazer Rental Homes Acquisition as of the acquisition date (in thousands): Land $ 60,866 Buildings and improvements 193,506 Cash and cash equivalents 2,197 In-place leases 2,655 Other current assets and liabilities, net (1,785 ) Estimated fair value of assets and liabilities acquired $ 257,439

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 (in thousands, except share and per share data): For the Years Ended December 31, 2015 2014 2013 Income / (loss) (numerator): Net loss $ (47,948 ) $ (33,092 ) $ (20,074 ) Income from discontinued operations — — 1,008 Noncontrolling interest 14,353 14,965 13,245 Dividends on preferred shares 22,276 18,928 1,160 Conversion of preferred units — — 10,456 Net loss attributable to common shareholders $ (84,577 ) $ (66,985 ) $ (43,927 ) Weighted-average shares (denominator) 210,600,111 196,348,757 123,592,086 Net loss per share—basic and diluted: Loss from continuing operations $ (0.40 ) $ (0.34 ) $ (0.37 ) Income from discontinued operations — — 0.01 Net loss per share—basic and diluted $ (0.40 ) $ (0.34 ) $ (0.36 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Summary of Rental Expense Under Operating Leases	Rent expense related to our operating leases for the years ended December 31, 2015 , 2014 and 2013 , was as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Rent expense $ 2,099 $ 1,867 $ 809 Less: income from subleases (9 ) (11 ) — Net rent expense $ 2,090 $ 1,856 $ 809
Schedule of Future Lease Obligations Under Operating Leases	Future lease obligations under our operating leases as of December 31, 2015 , were as follows (in thousands): Year 2016 $ 1,327 2017 1,049 2018 201 2019 4 Total lease commitments 2,581 Less: income from subleases (302 ) Net lease commitments $ 2,279

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (1) 2014-SFR1 securitization $ 473,755 $ 472,258 $ 478,565 $ 478,565 2014-SFR2 securitization 507,305 476,952 512,435 512,435 2014-SFR3 securitization 523,109 489,448 528,390 528,390 2015-SFR1 securitization 549,121 496,673 — — 2015-SFR2 securitization 476,920 433,633 — — Total asset-backed securitizations 2,530,210 2,368,964 1,519,390 1,519,390 Secured note payable 50,752 48,631 51,644 51,644 Credit facility — — 207,000 207,000 Total debt $ 2,580,962 $ 2,417,595 $ 1,778,034 $ 1,778,034 (1) As of December 31, 2014, our debt instruments had been recently entered into and, therefore, management believes that their carrying values reasonably approximated their fair values, which were estimated by discounting future cash flows at market rates.
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 December 31, 2015 and 2014 (in thousands): December 31, 2015 Description Quoted Prices in Significant Significant Total Assets: Interest rate cap agreement $ — $ — $ — $ — Liabilities: Contingently convertible Series E units liability $ — $ — $ 69,957 $ 69,957 Preferred shares derivative liability $ — $ — $ 62,790 $ 62,790 December 31, 2014 Description Quoted Prices in 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 convertible units and remeasurement of preferred shares, respectively, in the consolidated statements of operations, for the years ended December 31, 2015 and 2014 (in thousands): Description January 1, 2015 Issuances Remeasurement December 31, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ (2,100 ) $ 69,957 Preferred shares derivative liability $ 57,960 $ — $ 4,830 $ 62,790 Description January 1, 2014 Issuances Remeasurement December 31, 2014 Liabilities: Contingently convertible Series E units liability $ 66,938 $ — $ 5,119 $ 72,057 Preferred shares derivative liability $ 28,150 $ 23,652 $ 6,158 $ 57,960

Quarterly Financial Informati39

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Data	The following table presents summarized quarterly financial data for the years ended December 31, 2015 and 2014 (in thousands, except per share data): Quarter First Second Third Fourth 2015 Rents from single-family properties $ 120,680 $ 137,818 $ 148,815 $ 152,406 Net loss $ (8,265 ) $ (8,398 ) $ (19,938 ) $ (11,347 ) Net loss attributable to common shareholders $ (17,790 ) $ (17,697 ) $ (28,616 ) $ (20,474 ) Net loss attributable to common shareholders per share—basic and diluted $ (0.08 ) $ (0.08 ) $ (0.14 ) $ (0.10 ) Quarter First Second Third Fourth 2014 Rents from single-family properties $ 73,761 $ 88,871 $ 104,210 $ 109,543 Net loss $ (6,935 ) $ (3,369 ) $ (12,796 ) $ (9,992 ) Net loss attributable to common shareholders $ (13,676 ) $ (12,250 ) $ (21,747 ) $ (19,312 ) Net loss attributable to common shareholders per share—basic and diluted $ (0.07 ) $ (0.07 ) $ (0.11 ) $ (0.09 )

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	Jun. 10, 2013shares	May. 31, 2014USD ($)shares	Jan. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Oct. 31, 2013	Dec. 31, 2015USD ($)statesingle_family_property	Dec. 31, 2014USD ($)statesingle_family_propertyshares	Dec. 31, 2013USD ($)shares	Dec. 31, 2012USD ($)
Organization and operations
Number of properties | single_family_property						38,780	34,599
Number of states | state						22	22
Net proceeds from issuance of preferred shares						$ 0	$ 189,433	$ 212,596
Series A Preferred Stock
Organization and operations
Proceeds from offering before fees							126,500
Net proceeds from issuance of preferred shares								126,500
Offering costs				$ 7,300			$ 7,300	$ 7,300
Preferred units issued (in shares) | shares				5,060,000				5,060,000
Sale of stock, number of shares issued (in shares) | shares							5,060,000
Preferred Shares dividend rate					5.00%	5.00%	5.00%	5.00%
Series B Preferred Stock
Organization and operations
Proceeds from offering before fees							$ 110,000
Net proceeds from issuance of preferred shares			$ 110,000	$ 110,000
Offering costs			$ 6,600	$ 6,600			$ 6,600	$ 6,600
Preferred units issued (in shares) | shares			4,400,000	4,400,000				4,400,000
Sale of stock, number of shares issued (in shares) | shares							4,400,000
Preferred Shares dividend rate			5.00%	5.00%		5.00%	5.00%	5.00%
Series C Preferred Stock
Organization and operations
Proceeds from offering before fees							$ 190,000
Net proceeds from issuance of preferred shares		$ 190,000						$ 190,000
Offering costs		$ 9,700		$ 9,700			$ 9,700	$ 9,700
Preferred units issued (in shares) | shares		7,600,000		7,600,000				7,600,000
Sale of stock, number of shares issued (in shares) | shares							7,600,000
Preferred Shares dividend rate		5.50%				5.50%	5.50%	5.50%
2012 Offering
Organization and operations
Proceeds from offering before fees									$ 530,400
Fees associated with the sale of stock									40,900
2012 Offering | AH LLC
Organization and operations
Proceeds from offering before fees									$ 5,300
2013 Offering
Organization and operations
Proceeds from offering before fees								$ 747,500
Fees associated with the sale of stock								44,000
IPO
Organization and operations
Proceeds from offering before fees								811,800
Fees associated with the sale of stock								42,000
2013 Concurrent Private Placements
Organization and operations
Proceeds from offering before fees								$ 75,000
Operating Partnership | Series D Convertible Units
Organization and operations
Issuance of units (in shares) | shares	4,375,000
Operating Partnership | Series E Convertible Units
Organization and operations
Issuance of units (in shares) | shares	4,375,000
Single family homes
Organization and operations
Number of properties | single_family_property						38,780	34,599
Properties held for sale | Single family homes
Organization and operations
Number of properties | single_family_property						45
Single-Family Properties Held for Sale | Properties held for sale | Single family homes
Organization and operations
Number of properties | single_family_property							26

Significant Accounting Polici41

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015USD ($)single_family_property	Dec. 31, 2014single_family_property
Income Taxes
Deferred tax assets | $	$ 0
Deferred tax liabilities | $	0
Unrecognized tax benefits | $	$ 0
Investments in Real Estate
Acquired leases term	less than one year
Number of properties	38,780	34,599
Leasing Costs
Lease amortization period	1 year
Leasing fee paid to property manager	one-half of one month's rent for each lease.
Buildings
Depreciation and Amortization
Estimated useful life of asset	30 years
Improvements | Minimum
Depreciation and Amortization
Estimated useful life of asset	5 years
Improvements | Maximum
Depreciation and Amortization
Estimated useful life of asset	15 years
Single family homes
Investments in Real Estate
Number of properties	38,780	34,599
Single family homes | Properties held for sale
Investments in Real Estate
Number of properties	45
Single family homes | Properties held for sale | Single-Family Properties Held for Sale
Investments in Real Estate
Number of properties		26

Significant Accounting Polici42

Significant Accounting Policies (Details 2)	Dec. 31, 2014USD ($)nonperforming_loan	Dec. 31, 2015USD ($)nonperforming_loanreportable_segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Intangible Assets
Impairment of intangible assets		$ 0	$ 0	$ 0
Goodwill
Goodwill impairments		0	0	$ 0
Nonperforming Loans
Total investment	$ 50,400,000	$ 34,600,000	50,400,000
Nonperforming loans | nonperforming_loan	352	265
Allowance for Doubtful Accounts
Allowance for doubtful accounts	$ 500,000	$ 3,000,000	500,000
Rescinded Properties
Rescission receivables	$ 1,100,000	$ 0	$ 1,100,000
Revenue and Expense Recognition
Revenue recognition period of operating lease		1 year
Segment Reporting
Number of reportable segments | reportable_segment		1
Value of in-place leases
Intangible Assets
Finite-Lived Intangible Asset, Useful Life		1 year
Trademark
Intangible Assets
Finite-Lived Intangible Asset, Useful Life		4 years 8 months 12 days
Database
Intangible Assets
Finite-Lived Intangible Asset, Useful Life		7 years

Single-Family Properties (Detai

Single-Family Properties (Details) $ in Thousands	Dec. 31, 2015USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property
Property Subject to or Available for Operating Lease
Number of properties	38,780	34,599
Single-family properties | $	$ 6,289,938	$ 5,710,671
Single family homes
Property Subject to or Available for Operating Lease
Number of properties	38,780	34,599
Single-family properties | $	$ 6,289,938	$ 5,710,671
Single family homes | Properties being renovated
Property Subject to or Available for Operating Lease
Number of properties	476	2,886
Single-family properties | $	$ 75,055	$ 476,120
Single family homes | Properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties	178	630
Single-family properties | $	$ 28,525	$ 104,974
Single family homes | Properties held for sale
Property Subject to or Available for Operating Lease
Number of properties	45
Single-family properties | $	$ 7,432	$ 3,818
Leased | Single family homes
Property Subject to or Available for Operating Lease
Number of properties	36,403	28,250
Single-family properties | $	$ 5,895,482	$ 4,631,797
Vacant | Single family homes
Property Subject to or Available for Operating Lease
Number of properties	1,678	2,807
Single-family properties | $	$ 283,444	$ 493,962
Property Subject to or Available for Operating Lease | Single family homes | Properties held for sale
Property Subject to or Available for Operating Lease
Number of properties		26

Single-Family Properties (Det44

Single-Family Properties (Details 2) - Single family homes - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property Subject to or Available for Operating Lease
Net book value	$ 8.5	$ 114.6
Depreciation expense	$ 223.9	$ 150.5	$ 60.3

Rent and Other Receivables (Det

Rent and Other Receivables (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for doubtful accounts	$ 3,000,000	$ 500,000
Rescission receivables	0	1,100,000
Non-tenant receivables	1,000,000	$ 2,400,000
Future minimum rental revenues
2,016	305,546,000
2,017	2,914,000
2,018	15,000
Total	$ 308,475,000

Deferred Costs and Other Inta46

Deferred Costs and Other Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 8,692	$ 18,307
Deferred financing costs	78,348	53,013
Intangible assets:
Intangible assets	92,392	86,988
Less: accumulated amortization	(25,396)	(32,406)
Total	66,996	54,582
Value of in-place leases
Intangible assets:
Intangible assets	152	10,468
Trademark
Intangible assets:
Intangible assets	3,100	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta47

Deferred Costs and Other Intangibles (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense	$ 13.1	$ 15.1	$ 10.7
Amortization of deferred financing costs	$ 9.4	$ 4.6	$ 3.7

Deferred Costs and Other Inta48

Deferred Costs and Other Intangibles (Details 3) $ in Thousands	Dec. 31, 2015USD ($)
Value of in-place leases
Intangible Assets
2,016	$ 38
2,017	0
2,018	0
2,019	0
2,020	0
Thereafter	0
Total	38
Trademark
Intangible Assets
2,016	660
2,017	660
2,018	92
2,019	0
2,020	0
Thereafter	0
Total	1,412
Database
Intangible Assets
2,016	300
2,017	300
2,018	300
2,019	300
2,020	132
Thereafter	0
Total	1,332
Deferred Leasing Costs
Intangible Assets
2,016	3,622
2,017	0
2,018	0
2,019	0
2,020	0
Thereafter	0
Total	3,622
Deferred Financing Costs
Intangible Assets
2,016	10,691
2,017	9,034
2,018	8,536
2,019	6,383
2,020	5,064
Thereafter	20,884
Total	$ 60,592

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details)	Mar. 07, 2013USD ($)	Sep. 30, 2015	Mar. 31, 2015	Nov. 30, 2014	Sep. 30, 2014	May. 31, 2014extension_option	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2013USD ($)
Debt Instrument [Line Items]
Asset-backed securitizations							$ 2,530,210,000	$ 1,519,390,000
Secured note payable							50,752,000	51,644,000
Credit facility							0	207,000,000
Total debt							$ 2,580,962,000	$ 1,778,034,000
2014-SFR 1
Debt Instrument [Line Items]
Interest rate							1.97%	1.79%
Asset-backed securitizations								$ 478,565,000
Debt instrument term						2 years
Number of debt instrument extension options | extension_option						3
Period of extension options						12 months
2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						0.25%
2014-SFR 2
Debt Instrument [Line Items]
Interest rate							4.42%	4.42%
Asset-backed securitizations								$ 512,435,000
2014-SFR 3
Debt Instrument [Line Items]
Interest rate							4.40%	4.40%
Asset-backed securitizations								$ 528,390,000
2015-SFR 1
Debt Instrument [Line Items]
Interest rate							4.14%	4.14%
Asset-backed securitizations								$ 0
2015-SFR 2
Debt Instrument [Line Items]
Interest rate							4.36%	4.36%
Asset-backed securitizations								$ 0
Single family homes | 2014-SFR 1
Debt Instrument [Line Items]
Asset-backed securitizations							$ 473,755,000
Number of debt instrument extension options | extension_option						3
Period of extension options							12 months
Single family homes | 2014-SFR 2
Debt Instrument [Line Items]
Asset-backed securitizations							$ 507,305,000
Debt instrument term					10 years
Single family homes | 2014-SFR 3
Debt Instrument [Line Items]
Asset-backed securitizations							$ 523,109,000
Debt instrument term				10 years
Senior Notes | Notes Payable
Debt Instrument [Line Items]
Interest rate							4.06%	4.06%
Secured note payable							$ 50,752,000	$ 51,644,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate							3.18%	3.00%
Credit facility							$ 0	$ 207,000,000
Credit facility maximum borrowing capacity	$ 500,000,000						$ 800,000,000		$ 800,000,000
Weighted Average | 2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						1.54%
Until March 2017 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%						2.75%
March 2017 and Thereafter | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	3.125%						3.125%
Special Purpose Entity | 2015-SFR 1
Debt Instrument [Line Items]
Asset-backed securitizations							$ 549,121,000
Debt instrument term			30 years
Special Purpose Entity | 2015-SFR 2
Debt Instrument [Line Items]
Asset-backed securitizations							$ 476,920,000
Debt instrument term		30 years

Debt - Narrative (Details 1)

Debt - Narrative (Details 1)	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_propertyproperty	Mar. 07, 2013USD ($)	Feb. 29, 2016	Sep. 30, 2015USD ($)nonperforming_loansingle_family_property	Mar. 31, 2015USD ($)nonperforming_loanproperty	Nov. 30, 2014USD ($)property	Sep. 30, 2014USD ($)single_family_property	May. 31, 2014USD ($)extension_optionfloating_rate_componentpropertypass_through_certificate	Dec. 31, 2015USD ($)single_family_propertyproperty	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2013USD ($)	Sep. 30, 2014	Sep. 30, 2014USD ($)	Sep. 30, 2014property	Sep. 30, 2013USD ($)
Debt Instrument [Line Items]
Proceeds from asset-backed securitizations													$ 1,030,559,000	$ 1,497,039,000	$ 0
Number of properties | single_family_property	34,599	34,599	34,599	34,599	34,599								38,780	34,599
Asset-backed securitizations	$ 1,519,390,000	$ 1,519,390,000	$ 1,519,390,000	$ 1,519,390,000	$ 1,519,390,000								$ 2,530,210,000	$ 1,519,390,000
Single-family properties	5,710,671,000	5,710,671,000	5,710,671,000	5,710,671,000	5,710,671,000								6,289,938,000	5,710,671,000
Interest rate cap agreement	14,000	14,000	14,000	14,000	14,000								0	14,000
Payments for purchase of certificates													19,739,000	3,315,000	$ 0
Credit facility	207,000,000	207,000,000	207,000,000	207,000,000	207,000,000								$ 0	207,000,000
2014-SFR 1
Debt Instrument [Line Items]
Debt instrument term												2 years
Interest rate cap agreement strike rate												3.85%
Number of debt instrument extension options | extension_option												3
Period of extension options												12 months
Asset-backed securitizations	$ 478,565,000	$ 478,565,000	$ 478,565,000	$ 478,565,000	$ 478,565,000									$ 478,565,000
Effective percentage of interest rate cap agreements hedged as cash flow derivative													100.00%
Estimated amount of gain (loss) to be reclassified as increase to interest expense over next 12 months													$ 100,000
Interest rate	1.79%	1.79%	1.79%	1.79%	1.79%								1.97%	1.79%
2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate												0.25%
2015-SFR 1
Debt Instrument [Line Items]
Asset-backed securitizations	$ 0	$ 0	$ 0	$ 0	$ 0									$ 0
Interest rate	4.14%	4.14%	4.14%	4.14%	4.14%								4.14%	4.14%
2014-SFR 2
Debt Instrument [Line Items]
Asset-backed securitizations	$ 512,435,000	$ 512,435,000	$ 512,435,000	$ 512,435,000	$ 512,435,000									$ 512,435,000
Interest rate	4.42%	4.42%	4.42%	4.42%	4.42%								4.42%	4.42%
2014-SFR 3
Debt Instrument [Line Items]
Asset-backed securitizations	$ 528,390,000	$ 528,390,000	$ 528,390,000	$ 528,390,000	$ 528,390,000									$ 528,390,000
Interest rate	4.40%	4.40%	4.40%	4.40%	4.40%								4.40%	4.40%
2015-SFR 2
Debt Instrument [Line Items]
Asset-backed securitizations	$ 0	$ 0	$ 0	$ 0	$ 0									$ 0
Interest rate	4.36%	4.36%	4.36%	4.36%	4.36%								4.36%	4.36%
Special Purpose Entity | Notes Payable
Debt Instrument [Line Items]
Loan amount												$ 481,000,000
Special Purpose Entity | 2014-SFR 1 | Notes Payable
Debt Instrument [Line Items]
Derivative term of contract												2 years
Number of floating rate loan components | floating_rate_component												6
Ratio of interest and principal payments as a percentage of original principal amount												0.083
Portion of principal amount for which monthly payment is required as a percent												1.00%
Number of properties | property													3,852
Debt covenant, minimum debt yield percentage												6.68%
Special Purpose Entity | 2015-SFR 1
Debt Instrument [Line Items]
Loan amount									$ 552,800,000
Debt instrument term									30 years
Number of classes of certificates | nonperforming_loan									8
Asset-backed securitizations													$ 549,121,000
Weighted-average interest rate									4.14%
Special Purpose Entity | 2015-SFR 1 | Notes Payable
Debt Instrument [Line Items]
Number of properties | property									4,661			3,852
Single-family properties													735,000,000
Special Purpose Entity | 2015-SFR 2
Debt Instrument [Line Items]
Loan amount								$ 477,700,000
Debt instrument term								30 years
Number of classes of certificates | nonperforming_loan								7
Proceeds from asset-backed securitizations								$ 477,700,000
Issuance costs for the sale of asset-backed securitizations								$ 11,300,000
Asset-backed securitizations													476,920,000
Single-family properties													$ 681,400,000
Weighted-average interest rate								4.36%
Single family homes
Debt Instrument [Line Items]
Number of properties | single_family_property	34,599	34,599	34,599	34,599	34,599								38,780	34,599
Single-family properties	$ 5,710,671,000	$ 5,710,671,000	$ 5,710,671,000	$ 5,710,671,000	$ 5,710,671,000								$ 6,289,938,000	$ 5,710,671,000
Single family homes | 2014-SFR 1
Debt Instrument [Line Items]
LIBOR floor rate												0.25%
Number of debt instrument extension options | extension_option												3
Period of extension options													12 months
Number of classes of certificates | pass_through_certificate												7
Proceeds from asset-backed securitizations												$ 481,000,000
Issuance costs for the sale of asset-backed securitizations												$ 14,900,000
Number of properties | property												3,852
Asset-backed securitizations													$ 473,755,000
Single-family properties													$ 606,900,000
Single family homes | 2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Interest margin on reference rate												1.54%
Single family homes | 2015-SFR 1
Debt Instrument [Line Items]
Proceeds from asset-backed securitizations									$ 552,800,000
Issuance costs for the sale of asset-backed securitizations									$ 13,300,000
Single family homes | 2014-SFR 2
Debt Instrument [Line Items]
Loan amount																	$ 513,300,000
Debt instrument term											10 years
Proceeds from asset-backed securitizations											$ 487,700,000
Issuance costs for the sale of asset-backed securitizations											$ 12,900,000
Number of properties											4,487		4,487					4,487
Asset-backed securitizations													$ 507,305,000
Weighted-average interest rate																4.42%
Minimum coverage ratio											1.20
Period of debt service considered for debt coverage ratio											12 months
Payments for purchase of certificates											$ 25,700,000
Single family homes | 2014-SFR 3
Debt Instrument [Line Items]
Loan amount										$ 528,400,000
Debt instrument term										10 years
Issuance costs for the sale of asset-backed securitizations										$ 12,900,000
Number of properties | property										4,503			4,503
Asset-backed securitizations													$ 523,109,000
Single-family properties													729,800,000
Weighted-average interest rate										4.40%
Single family homes | Special Purpose Entity | 2015-SFR 2
Debt Instrument [Line Items]
Number of properties | single_family_property								4,125
Estimate of Fair Value Measurement | 2014-SFR 1
Debt Instrument [Line Items]
Interest rate cap agreement													0
Estimate of Fair Value Measurement | 2014-SFR 2
Debt Instrument [Line Items]
Single-family properties													$ 672,300,000
Ellington portfolio acquisition
Debt Instrument [Line Items]
Debt instrument term	5 years
Purchase price				$ 126,000,000
Number of properties treated as collateral		583			583
Interest rate	4.06%	4.06%	4.06%	4.06%	4.06%									4.06%
Minimum debt service coverage ratio			1.47
Ellington portfolio acquisition | Notes Payable
Debt Instrument [Line Items]
Debt instrument term	5 years
Purchase price				$ 51,600,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	3.00%	3.00%	3.00%	3.00%	3.00%								3.18%	3.00%
Credit facility maximum borrowing capacity						$ 500,000,000							$ 800,000,000						$ 800,000,000
Percentage used to calculate borrowing base													50.00%
Credit facility	$ 207,000,000	$ 207,000,000	$ 207,000,000	$ 207,000,000	$ 207,000,000								$ 0	$ 207,000,000
Minimum liquidity requirement for debt covenant						15,000,000
Debt covenant, minimum liquidity requirement for cash and cash equivalents						$ 7,500,000
Maximum leverage ratio						1
Debt covenant, minimum required tangible net worth						85.00%
Debt covenant, percentage of additional equity capital raised on or after September 30, 2013 that is used in calculation of tangible net worth						85.00%
Until March 2017 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Description of variable rate basis						30 day LIBOR
Basis spread on variable rate						2.75%							2.75%
March 2017 and Thereafter | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Description of variable rate basis						30 day LIBOR
Basis spread on variable rate						3.125%							3.125%
Subsequent Events | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit extension period							3 months

Debt - Interest Expense (Detail

Debt - Interest Expense (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Gross interest cost	$ 98,103	$ 33,077	$ 10,016
Capitalized interest	(8,690)	(13,196)	(9,646)
Interest expense	$ 89,413	$ 19,881	$ 370

Accounts Payable and Accrued 52

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable	$ 1,173	$ 4,925
Accrued property taxes	46,024	49,018
Other accrued liabilities	26,031	22,359
Accrued construction and maintenance liabilities	11,429	23,914
Resident security deposits	53,819	42,877
Prepaid rent	16,275	6,613
Total	$ 154,751	$ 149,706

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands	1 Months Ended					12 Months Ended
	Aug. 31, 2014USD ($)$ / sharesshares	Jul. 31, 2014$ / sharesshares	Aug. 31, 2013shares	Mar. 31, 2013shares	Dec. 31, 2012shares	Dec. 31, 2015USD ($)Vote$ / sharesshares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013USD ($)$ / shares
Class of Stock
Gross proceeds from common stock before offering costs | $						$ 0	$ 308,435	$ 1,548,280
Class A common shares
Class of Stock
Common shares sold (in shares)	17,782,861
Common shares sold in connection with the IPO (in shares)			55,422,794
Common shares, par value (in dollars per share) | $ / shares	$ 0.01					$ 0.01	$ 0.01
Gross proceeds from common stock before offering costs | $	$ 313,300
Offering costs | $	$ 4,900
Dividend payable per share (in dollars per share) | $ / shares						0.20	$ 0.20	$ 0.05
Voting interest percent							30.00%
Class A common shares | Beazer Rental Homes
Class of Stock
Common shares sold (in shares)		8,158,001
Common shares, par value (in dollars per share) | $ / shares		$ 0.01
Class A common shares | 2013 Offering
Class of Stock
Common shares sold (in shares)				46,718,750
Class A common shares | 2012 Offering
Class of Stock
Common shares sold (in shares)					35,360,898
Class B common shares
Class of Stock
Common shares, par value (in dollars per share) | $ / shares						0.01	$ 0.01
Dividend payable per share (in dollars per share) | $ / shares						$ 0.2	$ 0.20	$ 0.05
Common shares entitled to vote | Vote						50
Voting interest percent						30.00%
Class B common shares | 2012 Offering | 2,770 Property Contribution | AH LLC
Class of Stock
Common stock issued in connection with investment (in shares)						635,075

Shareholders' Equity (Details 2

Shareholders' Equity (Details 2)	Dec. 12, 2014single_family_propertyproperty$ / shares	Jun. 14, 2013shares	Feb. 28, 2013single_family_property	Feb. 28, 2013	Feb. 28, 2013$ / shares	Feb. 28, 2013property	Dec. 31, 2012shares	May. 31, 2014USD ($)shares	Jan. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)$ / sharesshares	Oct. 31, 2013	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)nonperforming_loan$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)market$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Jun. 10, 2013shares
Class of Stock
Gross proceeds from issuance of Preferred shares before offering costs | $																$ 0		$ 189,433,000	$ 212,596,000
Noncontrolling interest | $																$ 14,353,000		$ 14,965,000	13,245,000
Period of non-participation in distributions												30 months
Aggregate purchase price of shares | $																			$ 0
2,770 Property Contribution
Class of Stock
Number of properties contributed to the Operating Partnership			2,770			2,770
Scenario Two, Two Consecutive Quarters
Class of Stock
Units distribution percentage														70.00%
Series A Preferred Stock
Class of Stock
Cumulative annual cash dividend rate											5.00%			5.00%				5.00%	5.00%
Preferred units issued (in shares)										5,060,000									5,060,000
Gross proceeds from issuance of Preferred shares before offering costs | $																			$ 126,500,000
Offering costs | $										$ 7,300,000								$ 7,300,000	$ 7,300,000
Dividend payable per share (in dollars per share) | $ / shares										$ 0.229167		$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 1.25	$ 0.229167
Series B Preferred Stock
Class of Stock
Cumulative annual cash dividend rate									5.00%	5.00%				5.00%				5.00%	5.00%
Preferred units issued (in shares)									4,400,000	4,400,000									4,400,000
Gross proceeds from issuance of Preferred shares before offering costs | $									$ 110,000,000	$ 110,000,000
Offering costs | $									$ 6,600,000	$ 6,600,000								$ 6,600,000	$ 6,600,000
Dividend payable per share (in dollars per share) | $ / shares												1.25	1.25	$ 1.25	1.25	1.25	1.25	$ 1.2875
Series C Preferred Stock
Class of Stock
Cumulative annual cash dividend rate								5.50%						5.50%				5.50%	5.50%
Preferred units issued (in shares)								7,600,000		7,600,000									7,600,000
Gross proceeds from issuance of Preferred shares before offering costs | $								$ 190,000,000											$ 190,000,000
Offering costs | $								$ 9,700,000		$ 9,700,000								$ 9,700,000	$ 9,700,000
Dividend payable per share (in dollars per share) | $ / shares												1.375	1.375	$ 1.375	1.375	1.375	1.375	$ 0.912847
3.5% Convertible Perpetual Preferred Units
Class of Stock
Preferred Units converted into Class A units (in shares)		653,492
Class A common shares
Class of Stock
Dividend payable per share (in dollars per share) | $ / shares										$ 0.05		0.20	0.20	0.20	0.20	0.20	0.20	0.20	$ 0.05
Class A common shares | Subscription Agreement
Class of Stock
Issuance of common shares (in shares)																			434,783
Purchase price per share (in dollars per share) | $ / shares										17.25									$ 17.25
Class A common shares | Option to purchase | Subscription Agreement
Class of Stock
Issuance of common shares (in shares)																			3,333,334
Aggregate purchase price of shares | $																			$ 50,000,000
Purchase price per share (in dollars per share) | $ / shares										15									$ 15
Class B common shares
Class of Stock
Preferred units issued (in shares)		653,492					653,492
Dividend payable per share (in dollars per share) | $ / shares										$ 0.05		0.2	0.2	$ 0.2	0.2	0.2	0.2	$ 0.20	$ 0.05
Preferred shares
Class of Stock
Cumulative annual cash dividend rate														5.00%
Liquidation preference per share (in dollars per share) | $ / shares												$ 25	$ 25	$ 25	$ 25	$ 25	$ 25
Preferred stock, cumulative change in value of index based on purchase prices of single-family properties (as a percent)														50.00%
Number of single-family properties located in top markets													20				20
Preferred stock, maximum internal rate of return considering initial liquidation liquidation preference (as a percent)														9.00%
Increase in cumulative annual cash dividend rate														10.00%
Liquidation preference (as a percent)														50.00%
Initial liquidation preference | $												$ 457,600,000	$ 457,600,000	$ 457,600,000	$ 457,600,000	$ 457,600,000	$ 457,600,000
AH LLC
Class of Stock
Percentage of units outstanding												22.10%	22.10%	22.10%	22.10%	22.10%	22.10%	21.80%
Number of properties contributed to the Operating Partnership | property	45
AH LLC | 3.5% Convertible Perpetual Preferred Units
Class of Stock
Cumulative annual cash dividend rate							3.50%
Preferred units issued (in shares)										653,492									653,492
Preferred Units converted into Class A units (in shares)		653,492
AH LLC | Class A common shares
Class of Stock
Percentage of units outstanding												3.30%	3.30%	3.30%	3.30%	3.30%	3.30%	3.30%
Class A Units | AH LLC
Class of Stock
Number of properties contributed to the Operating Partnership | single_family_property	45
Units owned (in shares)												14,440,670	14,440,670	14,440,670	14,440,670	14,440,670	14,440,670	14,440,670
Closing price per share (in dollars per share) | $ / shares	$ 17.11
Series C Convertible Units
Class of Stock
Dividend payable per share (in dollars per share) | $ / shares										$ 0.15		$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.15
Series C Convertible Units | AH LLC
Class of Stock
Units owned (in shares)												31,085,974	31,085,974	31,085,974	31,085,974	31,085,974	31,085,974	31,085,974
Series D Convertible Units | AH LLC
Class of Stock
Units owned (in shares)												4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000
Series E Convertible Units | AH LLC
Class of Stock
Units owned (in shares)												4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000
Operating Partnership | AH LLC | 3.5% Convertible Perpetual Preferred Units
Class of Stock
Annual distribution (in dollars per share) | $ / shares																			$ 0.53
Operating Partnership | Class A Units
Class of Stock
Stock exchange ratio														1
Percentage of units outstanding												93.50%	93.50%	93.50%	93.50%	93.50%	93.50%	93.60%
Units outstanding (in shares)												222,311,255	222,311,255	222,311,255	222,311,255	222,311,255	222,311,255	225,914,576
Operating Partnership | Class A Units | AH LLC
Class of Stock
Percentage of units outstanding												6.50%	6.50%	6.50%	6.50%	6.50%	6.50%	6.40%
Units owned (in shares)												14,440,670	14,440,670	14,440,670	14,440,670	14,440,670	14,440,670
Operating Partnership | Series C Convertible Units
Class of Stock
Maximum percentage of property contribution per unit				3.90%
Percentage of scheduled rents				98.00%
Common stock per unit (in dollars per share) | $ / shares					$ 15.50
Net income (loss) attributable to noncontrolling interest | $																$ 18,800,000		$ 18,600,000	$ 14,900,000
Operating Partnership | Series C Convertible Units | AH LLC
Class of Stock
Units owned (in shares)												31,085,974	31,085,974	31,085,974	31,085,974	31,085,974	31,085,974	31,085,974
Operating Partnership | Series D Convertible Units
Class of Stock
Stock exchange ratio														1
Closing price per share (in dollars per share) | $ / shares															$ 18
Operating Partnership | Series D Convertible Units | Scenario One, Over Four Consecutive Quarters
Class of Stock
Adjusted funds from operations per common share (in dollars per share) | $ / shares															$ 0.80
Operating Partnership | Series D Convertible Units | AH LLC
Class of Stock
Units owned (in shares)												4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000
Operating Partnership | Series E Convertible Units
Class of Stock
Units owned (in shares)																		4,375,000
Stock split conversion ratio														1
Annualized EBITDA Contribution | $																$ 14,000,000
Operating Partnership | Series E Convertible Units | Scenario Three, Measurement Period
Class of Stock
EBITDA contribution | $																28,000,000
Operating Partnership | Series E Convertible Units | AH LLC
Class of Stock
Units owned (in shares)																		4,375,000		4,375,000
Certain consolidated subsidiaries with noncontrolling interest
Class of Stock
Net income (loss) attributable to noncontrolling interest | $																(100,000)		$ (300,000)	(100,000)
Certain consolidated subsidiaries with noncontrolling interest | Preferred Units
Class of Stock
Net income (loss) attributable to noncontrolling interest | $																0		0	200,000
Certain consolidated subsidiaries with noncontrolling interest | Class A Units
Class of Stock
Net income (loss) attributable to noncontrolling interest | $																$ (4,300,000)		$ (3,400,000)	$ (1,800,000)

Shareholders' Equity (Details 3

Shareholders' Equity (Details 3) - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	Jun. 10, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Apr. 30, 2013
Board of Trustees
Class of Stock
Vesting period		4 years
Expiration period						10 years
Stock options
Stock Options
Outstanding at beginning of the period (in shares)		2,165,000	1,190,000	700,000
Granted (in shares)		588,500	1,270,000	550,000
Exercised (in shares)		(16,600)	(28,750)	0
Forfeited (in shares)		(252,500)	(266,250)	(60,000)
Outstanding at end of the period (in shares)		2,484,400	2,165,000	1,190,000	700,000	2,165,000
Exercisable at end of the period (in shares)		860,900
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)		$ 16.17	$ 15.48	$ 15
Granted (in dollars per share)		16.49	16.74	16.03
Exercised (in dollars per share)		15.16	15	0
Forfeited (in dollars per share)		16.57	15.88	15
Outstanding at end of the period (in dollars per share)		16.22	$ 16.17	$ 15.48	$ 15	$ 16.17
Exercisable at end of the period (in dollars per share)		$ 15.81
Aggregate intrinsic value
Weighted average remaining life		8 years 7 days	8 years 9 months 18 days	9 years 3 months 18 days	9 years 10 months 24 days
Weighted average exercisable		7 years 4 months 24 days
Aggregate intrinsic value		$ 1,225	$ 1,890	$ 862	$ 0	$ 1,890
Aggregate intrinsic value exercised		19	$ 74	$ 0
Aggregate intrinsic value exercisable		$ 766
Restricted stock units
Class of Stock
Stock options granted (in shares)		44,000	92,000
Class A common shares
Class of Stock
Shares available for issuance					1,500,000		6,000,000
Class A common shares | Stock options
Class of Stock
Stock options granted (in shares)		588,500	1,270,000	550,000
Class A common shares | Stock options | AH LLC
Class of Stock
Options reclassified as grants to employees (in shares)	485,000

Shareholders' Equity (Details 4

Shareholders' Equity (Details 4) - Class A common shares - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock
Weighted average fair value (in dollars per share)	$ 4.57	$ 5.06	$ 4.75
Expected term	7 years	7 years	7 years
Dividend Yield	3.00%	3.00%	3.00%
Volatility	35.90%	38.50%	38.00%
Risk-free interest rate	1.90%	2.20%	2.00%

Shareholders' Equity (Details 5

Shareholders' Equity (Details 5) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 21, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Noncash share-based compensation expense		$ 3,125,000	$ 2,586,000	$ 1,079,000
Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Noncash share-based compensation expense				$ 300,000
Share-based compensation (in shares)		30,281
Repurchase of Class A common stock, authorized amount					$ 300,000,000
Weighted-average price of shares (in dollars per share)		$ 15.76
Total cost of Class A common shares		$ 57,300,000
Remaining repurchase authorization amount		$ 242,700,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Total unrecognized compensation cost			$ 6,000,000
Weighted-average period of unvested cost		1 year 11 months 27 days
Stock options | Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based compensation (in shares)				19,500
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units at beginning of period (in shares)	85,000	85,000	0	0
Units awarded (in shares)		44,000	92,000	0
Units released (in shares)		(22,000)	0	0
Units forfeited (in shares)		(15,350)	(7,000)	0
Restricted stock units at end of the period (in shares)		91,650	85,000	0
Total unrecognized compensation cost			$ 1,100,000
Weighted-average period of unvested cost		2 years 4 months 24 days
Stock options and Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Noncash share-based compensation expense		$ 3,100,000	$ 2,600,000	$ 800,000
Common Stock | Class A common shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Share-based compensation (in shares)				19,500
Repurchase of Class A common shares (in shares)	3,633,602	3,633,602

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	Dec. 12, 2014single_family_propertyproperty	Feb. 28, 2013single_family_property	Feb. 28, 2013USD ($)	Feb. 28, 2013property	Nov. 30, 2012USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)	Jun. 10, 2013
Related Party Transaction
Amounts payable to affiliates						$ 4,093	$ 0
Permanent reduction in advisory fee			$ 9,800
Administrative expenses paid to related party						$ 0	$ 0	$ 6,352
2,770 Property Contribution
Related Party Transaction
Number of properties contributed to the Operating Partnership		2,770		2,770
AH LLC
Related Party Transaction
Equity interest rate						22.10%	21.80%
Amounts payable to affiliates						$ 4,100
Receivable from affiliates							$ 4,000
Number of properties contributed to the Operating Partnership | property	45
AH LLC | Class A Units
Related Party Transaction
Units owned (in shares) | shares						14,440,670	14,440,670
Number of properties contributed to the Operating Partnership | single_family_property	45
AH LLC | Series C Convertible Units
Related Party Transaction
Units owned (in shares) | shares						31,085,974	31,085,974
AH LLC | Series D Convertible Units
Related Party Transaction
Units owned (in shares) | shares						4,375,000	4,375,000
AH LLC | Series E Convertible Units
Related Party Transaction
Units owned (in shares) | shares						4,375,000	4,375,000
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 | shares						635,075	635,075
AH LLC | Agreement on Investment Opportunities
Related Party Transaction
Acquisition and renovation fee in percent					5.00%				5.00%
Monthly maintenance fee					$ 100
Acquisition and renovation fees							$ 86,000	113,700
Asset acquisition cost							67,500	108,900
Property acquisition cost							22,100	4,800
Advisor
Related Party Transaction
Advisory management fee in percent					1.75%
Permanent reduction in advisory fee			$ 9,800
Administrative expenses paid to related party								6,400
Property Manager
Related Party Transaction
Property management fee, percentage of collected rent					6.00%
Property management fee, percentage of lease annual rent					50.00%
Fees incurred to the Property Manager								1,300
Leasing fees incurred to the Property Manager								2,900
MMI
Related Party Transaction
Administrative expenses paid to related party							$ 41,900	$ 17,000

Contributions by AH LLC (Detail

Contributions by AH LLC (Details)	Dec. 12, 2014single_family_propertyproperty$ / sharesshares	Jun. 14, 2013USD ($)shares	Jun. 11, 2013shares	Feb. 28, 2013USD ($)$ / sharesshares	Feb. 28, 2013USD ($)single_family_property$ / shares	Feb. 28, 2013USD ($)$ / shares	Feb. 28, 2013USD ($)property$ / shares	Feb. 28, 2013USD ($)property$ / shares	Dec. 31, 2013USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Significant Acquisitions and Disposals
Formation of consolidated joint venture											$ 500,000
Units issue to Sponsor, value										$ 1,546,000	35,817,000
Other liabilities				$ 2,500,000	$ 2,500,000	$ 2,500,000	$ 2,500,000	$ 2,500,000
Cost of improvement									$ 13,800,000		13,800,000
Reduction to additional paid in capital											$ 356,400,000
Adjustments to additional paid in capital, credit associated to properties acquired								19,600,000
Adjustments to additional paid in capital related to issuance costs						8,000,000
Change in par value of common stock value						6,000
Decrease in advisory fee						9,800,000
2,770 Property Contribution
Significant Acquisitions and Disposals
Number of properties					2,770		2,770
Other liabilities				$ 7,625,000	$ 7,625,000	7,625,000	$ 7,625,000	$ 7,625,000
Series C Convertible Units
Significant Acquisitions and Disposals
Increase in common units issued									13,500,000
Class B common shares
Significant Acquisitions and Disposals
Increase in common units issued									$ 300,000
AH LLC
Significant Acquisitions and Disposals
Number of properties | property	45
AH LLC | 2,770 Property Contribution
Significant Acquisitions and Disposals
Total consideration amount						$ 491,700,000
Common shares issue to Sponsor per share (in dollars per share) | $ / shares				$ 15.50	$ 15.50	$ 15.50	$ 15.50	$ 15.50
AH LLC | Class A Units
Significant Acquisitions and Disposals
Number of properties | single_family_property	45
Units issue to Sponsor (in shares) | shares	653,378
Common units issue to Sponsor per unit (in dollars per share) | $ / shares	$ 17.11
AH LLC | Class A common shares
Significant Acquisitions and Disposals
Common shares issued to Sponsor in 2012 offering (in shares) | shares		705,167
Formation of consolidated joint venture		$ 11,300,000
AH LLC | Class B common shares
Significant Acquisitions and Disposals
Common shares issued to Sponsor in 2012 offering (in shares) | shares				634,408
Units issue to Sponsor, value						$ 7,700,000
AH LLC | Class B common shares | 2,770 Property Contribution
Significant Acquisitions and Disposals
Common shares issued to Sponsor in 2012 offering (in shares) | shares				634,408
Operating Partnership | AH LLC | Class A Units
Significant Acquisitions and Disposals
Units issue to Sponsor (in shares) | shares			12,395,965
Operating Partnership | AH LLC | Series C Convertible Units
Significant Acquisitions and Disposals
Formation of consolidated joint venture						378,800,000
Operating Partnership | AH LLC | Series C Convertible Units | 2,770 Property Contribution
Significant Acquisitions and Disposals
Units issue to Sponsor (in shares) | shares				31,085,974
Formation of consolidated joint venture						378,800,000
Sponsor | Class A Units
Significant Acquisitions and Disposals
Common units issue to Sponsor per unit (in dollars per share) | $ / shares	$ 17.11
Sponsor | Class B common shares | 2,770 Property Contribution
Significant Acquisitions and Disposals
Units issue to Sponsor, value						7,700,000
Sponsor | Operating Partnership
Significant Acquisitions and Disposals
Net book value						386,500,000
Sponsor | Operating Partnership | 2,770 Property Contribution
Significant Acquisitions and Disposals
Number of properties | property							2,770
Net book value						386,500,000
Period from January 1, 2013, to February 28, 2013 | 2,770 Property Contribution
Significant Acquisitions and Disposals
Number of properties | property								109
Other liabilities				$ (558,000)	$ (558,000)	$ (558,000)	$ (558,000)	$ (558,000)

Contributions by AH LLC (Deta60

Contributions by AH LLC (Details 2) $ in Thousands	Dec. 12, 2014single_family_propertyproperty	Feb. 28, 2013USD ($)single_family_property	Feb. 28, 2013USD ($)	Feb. 28, 2013USD ($)property	Feb. 28, 2013USD ($)property	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)property
Significant Acquisitions and Disposals
Single-family properties						$ 6,289,938				$ 5,710,671				$ 6,289,938	$ 5,710,671
Other liabilities		$ (2,500)	$ (2,500)	$ (2,500)	$ (2,500)
Rents from single-family properties						$ 152,406	$ 148,815	$ 137,818	$ 120,680	$ 109,543	$ 104,210	$ 88,871	$ 73,761	559,719	376,385	$ 132,722
Allocated general and administrative expenses														$ (24,906)	$ (21,947)	$ (8,845)
AH LLC
Significant Acquisitions and Disposals
Number of properties | property	45
AH LLC | Class A Units
Significant Acquisitions and Disposals
Number of properties | single_family_property	45
2,770 Property Contribution
Significant Acquisitions and Disposals
Number of properties		2,770		2,770
Single-family properties		$ 386,500	386,500	$ 386,500	386,500
Other assets		5,117	5,117	5,117	5,117
Other liabilities		(7,625)	(7,625)	(7,625)	(7,625)
Net assets contributed		383,992	383,992	383,992	$ 383,992
Rents from single-family properties			8,133
Property operating expenses			(5,246)
Depreciation			(3,345)
Allocated general and administrative expenses			(7,989)
Net loss			(8,447)
Contributed net assets and net loss			392,439
2,770 Property Contribution | Period from June 23, 2011, to December 31, 2012
Significant Acquisitions and Disposals
Number of properties | property																	2,661
Single-family properties																	$ 365,937
Other assets																	7,203
Other liabilities																	(8,183)
Net assets contributed																	364,957
Rents from single-family properties																	4,413
Property operating expenses																	(3,326)
Depreciation																	(2,021)
Allocated general and administrative expenses																	(6,996)
Net loss																	(7,930)
Contributed net assets and net loss																	$ 372,887
2,770 Property Contribution | Period from January 1, 2013, to February 28, 2013
Significant Acquisitions and Disposals
Number of properties | property					109
Single-family properties		20,563	20,563	20,563	$ 20,563
Other assets		(2,086)	(2,086)	(2,086)	(2,086)
Other liabilities		558	558	558	558
Net assets contributed		$ 19,035	$ 19,035	$ 19,035	19,035
Rents from single-family properties					3,720
Property operating expenses					(1,920)
Depreciation					(1,324)
Allocated general and administrative expenses					(993)
Net loss					(517)
Contributed net assets and net loss					$ 19,552
2,770 Property Contribution | Sponsor | Operating Partnership
Significant Acquisitions and Disposals
Number of properties | property				2,770

Acquisitions and Dispositions A

Acquisitions and Dispositions Acquisitions and Dispositions - 2015 & 2014 Acquisitions (Details) $ in Thousands	Dec. 31, 2014single_family_property	Dec. 31, 2014single_family_property	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014single_family_propertyproperty	Jul. 01, 2014USD ($)single_family_property	Oct. 31, 2015USD ($)single_family_property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2013USD ($)	Dec. 31, 2014	Dec. 31, 2014USD ($)	Dec. 31, 2014property	Jul. 01, 2014	Jul. 01, 2014USD ($)	Jul. 01, 2014property
Business Acquisition [Line Items]
Cash consideration							$ 0	$ 74,356	$ 0
Estimated fair values of the net assets
Secured note payable							$ (50,752)				$ (51,644)
RJ Joint Ventures
Business Acquisition [Line Items]
Acquired of membership interests						67.00%
Number of properties acquired | single_family_property						377
Purchase price						$ 44,400
Ellington portfolio acquisition
Business Acquisition [Line Items]
Acquired of membership interests										100.00%
Number of properties acquired	914	914	914	914				914				914
Purchase price			$ 126,000
Cash consideration			74,400
Debt instrument term	5 years
Interest rate										4.06%
Number of properties treated as collateral		583		583
Percentage of properties leased as of acquisition date										96.30%
Estimated fair values of the net assets
Land											25,615
Buildings and improvements											98,117
In-place leases											2,268
Secured note payable											(51,644)
Estimated fair value of assets and liabilities acquired											$ 74,356
Beazer Rental Homes
Business Acquisition [Line Items]
Acquired of membership interests													100.00%
Number of properties acquired					1,372										1,372
Purchase price					$ 257,400
Cash consideration			$ 4,400		$ 5,000
Estimated fair values of the net assets
Land														$ 60,866
Buildings and improvements														193,506
In-place leases														2,655
Estimated fair value of assets and liabilities acquired														$ 257,439

Acquisitions and Dispositions -

Acquisitions and Dispositions - Beazer Rental Homes Acquisition (Details 1) $ in Thousands

Dec. 31, 2014USD ($)single_family_property

Jul. 01, 2014USD ($)single_family_propertyshares

Jun. 14, 2013USD ($)shares

Jun. 11, 2013USD ($)single_family_propertyshares

Jun. 10, 2013USD ($)

Dec. 31, 2014USD ($)single_family_property

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)single_family_property

Dec. 31, 2013USD ($)

Dec. 31, 2014

Dec. 31, 2014USD ($)

Dec. 31, 2014property

Jul. 01, 2014

Jul. 01, 2014USD ($)

Jul. 01, 2014property

Business Acquisition [Line Items]

Cash consideration

$ 0

$ 74,356

$ 0

Formation of consolidated joint venture

$ 500

Ellington portfolio acquisition

Business Acquisition [Line Items]

Acquired of membership interests

100.00%

Number of properties acquired

914

914

914

914

Cash consideration

$ 74,400

Estimated fair values of the net assets

Land

$ 25,615

Buildings and improvements

98,117

In-place leases

2,268

Estimated fair value of assets and liabilities acquired

$ 74,356

Management Internalization

Business Acquisition [Line Items]

Acquired of membership interests

100.00%

Estimated fair values of the net assets

Buildings and improvements

$ 4,214

Estimated fair value of assets and liabilities acquired

130,069

Monthly maintenance fee

$ 100

Alaska Joint Venture Acquisition

Business Acquisition [Line Items]

Acquired of membership interests

100.00%

Number of properties acquired | single_family_property

4,778

Estimated fair values of the net assets

Land

$ 156,648

Buildings and improvements

740,396

Cash and cash equivalents

1,896

In-place leases

5,547

Estimated fair value of assets and liabilities acquired

$ 904,487

Beazer Rental Homes

Business Acquisition [Line Items]

Acquired of membership interests

100.00%

Number of properties acquired

1,372

1,372

Issuance of common shares (in shares) | shares

8,158,001

Cash consideration

4,400

$ 5,000

Period of escrow

6 months

Liabilities outstanding

$ 108,200

Amount withheld from indemnification escrow

$ 600

Estimated fair values of the net assets

Land

$ 60,866

Buildings and improvements

193,506

Cash and cash equivalents

2,197

In-place leases

2,655

Other current assets and liabilities, net

(1,785)

Estimated fair value of assets and liabilities acquired

$ 257,439

Total revenues and net income attributable to acquisitions

Total revenues

$ 10,422

$ 0

Net income

$ 1,713

$ 0

Class A common shares | AH LLC

Business Acquisition [Line Items]

Issuance of common shares (in shares) | shares

705,167

Formation of consolidated joint venture

$ 11,300

Class A common shares | Alaska Joint Venture Acquisition

Business Acquisition [Line Items]

Issuance of common shares (in shares) | shares

43,609,394

Class A common shares | Beazer Rental Homes

Business Acquisition [Line Items]

Issuance of common shares (in shares) | shares

8,158,001

Estimated fair value of common shares

$ 144,800

Acquisitions and Dispositions63

Acquisitions and Dispositions Acquisitions and Dispositions - Management Internalization (Details 2) - USD ($) $ in Thousands	Jun. 10, 2013	Dec. 31, 2014	Dec. 31, 2015	Nov. 30, 2012
Business Acquisition [Line Items]
Issuance of Class A units		$ 11,179
Estimated fair values of the net assets
Goodwill		$ 120,655	$ 120,655
Management Internalization
Business Acquisition [Line Items]
Acquired of membership interests	100.00%
Monthly maintenance fee	$ 100
Estimated fair values of the net assets
Buildings and improvements	4,214
Goodwill	120,655
Estimated fair value of assets and liabilities acquired	130,069
Net monetary assets of subsidiary	7,000
Cash and cash equivalents	9,000
Trademark | Management Internalization
Estimated fair values of the net assets
Identified intangible assets	3,100
Database | Management Internalization
Estimated fair values of the net assets
Identified intangible assets	$ 2,100
Series D Convertible Units | Operating Partnership
Business Acquisition [Line Items]
Issuance of units (in shares)	4,375,000
Series E Convertible Units | Operating Partnership
Business Acquisition [Line Items]
Units owned (in shares)		4,375,000
AH LLC | Series D Convertible Units
Business Acquisition [Line Items]
Units owned (in shares)		4,375,000	4,375,000
AH LLC | Series D Convertible Units | Operating Partnership
Business Acquisition [Line Items]
Units owned (in shares)		4,375,000	4,375,000
AH LLC | Series D Convertible Units | Operating Partnership | Management Internalization
Business Acquisition [Line Items]
Issuance of Class A units	$ 65,200
AH LLC | Series E Convertible Units
Business Acquisition [Line Items]
Units owned (in shares)		4,375,000	4,375,000
AH LLC | Series E Convertible Units | Operating Partnership
Business Acquisition [Line Items]
Units owned (in shares)	4,375,000	4,375,000
AH LLC | Series E Convertible Units | Operating Partnership | Management Internalization
Business Acquisition [Line Items]
Issuance of Class A units	$ 64,900
Minimum | Management Internalization
Business Acquisition [Line Items]
Right to receive percentage of promoted interests in future outside investment vehicles	20.00%
Maximum | Management Internalization
Business Acquisition [Line Items]
Right to receive percentage of promoted interests in future outside investment vehicles	100.00%
Agreement on Investment Opportunities | AH LLC
Business Acquisition [Line Items]
Acquisition and renovation fee in percent	5.00%			5.00%

Acquisitions and Dispositions64

Acquisitions and Dispositions Acquisitions and Dispositions - Alaska JV Acquisition (Details) $ in Thousands	Dec. 12, 2014shares	Jun. 14, 2013shares	Jun. 11, 2013USD ($)single_family_propertyshares
Alaska Joint Venture Acquisition
Business Acquisition [Line Items]
Acquired of membership interests			100.00%
Number of properties acquired | single_family_property			4,778
Percentage of properties leased as of acquisition date			75.00%
Estimated fair values of the net assets
Land			$ 156,648
Buildings and improvements			740,396
Receivable for net cash flows prior to acquisition date			1,896
Value of in-place leases			5,547
Fair value of acquired assets			904,487
Estimated net monetary assets			13,000
Cash and cash equivalents			$ 23,000
Alaska Joint Venture Acquisition | Class A common shares
Business Acquisition [Line Items]
Issuance of common shares (in shares) | shares			43,609,394
AH LLC | Class A common shares
Business Acquisition [Line Items]
Issuance of common shares (in shares) | shares		705,167
Class A Units | AH LLC
Business Acquisition [Line Items]
Issuance of units (in shares) | shares	653,378
Class A Units | Operating Partnership | Alaska Joint Venture Acquisition
Business Acquisition [Line Items]
Issuance of units (in shares) | shares			12,395,965
Class A Units | Operating Partnership | AH LLC
Business Acquisition [Line Items]
Issuance of units (in shares) | shares			12,395,965

Acquisitions and Dispositions65

Acquisitions and Dispositions - RJ JV Acquisition 1 (Details 3)	Dec. 12, 2014single_family_propertypropertyshares	Jun. 14, 2013USD ($)single_family_propertyshares	Jun. 11, 2013USD ($)shares	Feb. 28, 2013shares	Dec. 31, 2012USD ($)shares	Dec. 31, 2013USD ($)	Dec. 31, 2015single_family_property	Dec. 31, 2014USD ($)single_family_property	Mar. 15, 2013single_family_property	Sep. 20, 2012single_family_property
Business Acquisition [Line Items]
Number of properties | single_family_property							38,780	34,599
Initial basis, value					$ 0
Formation of consolidated joint venture						$ 500,000
Class B common shares
Business Acquisition [Line Items]
Preferred units issued (in shares) | shares		653,492			653,492
Percentage of promotional interest of all distributable cash available for distribution					20.00%
Carryover basis					$ 0
AH LLC
Business Acquisition [Line Items]
Number of single-family properties | property	45
Percentage of units outstanding							22.10%	21.80%
AH LLC | Class A common shares
Business Acquisition [Line Items]
Preferred units, units converted to common shares | shares		653,492
Carrying value of preferred units		$ 0
Common shares issued to Sponsor in 2012 offering (in shares) | shares		705,167
Formation of consolidated joint venture		$ 11,300,000
Conversion ratio		1
Percentage of units outstanding							3.30%	3.30%
AH LLC | Class B common shares
Business Acquisition [Line Items]
Common shares issued to Sponsor in 2012 offering (in shares) | shares				634,408
Ellington portfolio acquisition
Business Acquisition [Line Items]
Ownership interest								100.00%
Estimated fair values of the net assets
Land								$ 25,615,000
Buildings and improvements								98,117,000
Value of in-place leases								$ 2,268,000
Alaska Joint Venture Acquisition
Business Acquisition [Line Items]
Ownership interest			100.00%
Estimated fair values of the net assets
Land			$ 156,648,000
Buildings and improvements			740,396,000
Value of in-place leases			5,547,000
Cash and cash equivalents			$ 23,000,000
Alaska Joint Venture Acquisition | Class A common shares
Business Acquisition [Line Items]
Common shares issued to Sponsor in 2012 offering (in shares) | shares			43,609,394
RJ American Homes 4 Rent One, LLC
Business Acquisition [Line Items]
Number of properties | single_family_property										177
Ownership interest										100.00%
RJ American Homes 4 Rent One, LLC | Class A common shares
Business Acquisition [Line Items]
Ownership interest										67.00%
RJ American Homes 4 Rent One, LLC | Class B common shares
Business Acquisition [Line Items]
Ownership interest										33.00%
R J American Homes Four Rent Investments L L C R J American Homes Four Rent One L L C R J American Homes Four Rent Two L L C [Member]
Business Acquisition [Line Items]
Number of single-family properties | single_family_property		377
Estimated fair values of the net assets
Land		$ 10,340,000
Buildings and improvements		54,123,000
Value of in-place leases		539,000
Cash and cash equivalents		1,128,000
Other current assets and liabilities, net		(311,000)
Note payable		(7,600,000)
Noncontrolling interest		(39,321,000)
Fair value of acquired net assets		$ 18,898,000
RJ LLC
Business Acquisition [Line Items]
Ownership interest		100.00%
Raymond James Two
Business Acquisition [Line Items]
Number of properties | single_family_property									214
Ownership interest									100.00%
Raymond James Two | Class A common shares
Business Acquisition [Line Items]
Ownership interest									67.00%
Raymond James Two | Class B common shares
Business Acquisition [Line Items]
Ownership interest									33.00%
R J American Homes Four Rent Investments L L C R J American Homes Four Rent One L L C R J American Homes Four Rent Two L L C [Member]
Business Acquisition [Line Items]
Percentage of units outstanding		67.00%
Class A Units | AH LLC
Business Acquisition [Line Items]
Number of single-family properties | single_family_property	45
Estimated fair values of the net assets
Issuance of units (in shares) | shares	653,378
Class A Units | Operating Partnership
Business Acquisition [Line Items]
Percentage of units outstanding							93.50%	93.60%
Class A Units | Operating Partnership | AH LLC
Business Acquisition [Line Items]
Percentage of units outstanding							6.50%	6.40%
Estimated fair values of the net assets
Issuance of units (in shares) | shares			12,395,965
Class A Units | Operating Partnership | Alaska Joint Venture Acquisition
Estimated fair values of the net assets
Issuance of units (in shares) | shares			12,395,965

Acquisitions and Dispositions66

Acquisitions and Dispositions - RJ JV Acquisition 2 (Details 4)	Jun. 14, 2013USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Business Acquisition [Line Items]
Gain on remeasurement of equity method investment		$ 0	$ 0	$ 10,945,000
Formation of consolidated joint venture				$ 500,000
RJ Joint Ventures Acquisition
Business Acquisition [Line Items]
Fair value of existing Class B interest	$ 7,615,000
Carrying value of Class B interest	(3,330,000)
Gain on remeasurement of equity method investment	$ 10,945,000
AH LLC | Class A common shares
Business Acquisition [Line Items]
Preferred units, units converted to common shares | shares	653,492
Fair value of convertible securities	$ 10,500,000
Formation of consolidated joint venture	11,300,000
Carrying value of preferred units	$ 0
Conversion ratio	1

Acquisitions and Dispositions67

Acquisitions and Dispositions - RJ JV Acquisition Net Income Table (Details 5) - USD ($) $ in Thousands	7 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
Management Internalization
Business Acquisition [Line Items]
Total revenues			$ 1,502
Net (loss) / income			(26,179)
Total revenues and net loss attributable to the management			$ 24,000
Alaska Joint Venture Acquisition
Business Acquisition [Line Items]
Total revenues		$ 38,054
Net (loss) / income		$ 2,256
2013 RJ Transaction
Business Acquisition [Line Items]
Total revenues	$ 2,723
Net (loss) / income	$ 52

Acquisitions and Dispositions68

Acquisitions and Dispositions - RJ JV Acquisition 4 (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Real Estate Revenue, Net	$ 630,576	$ 398,874	$ 139,032
Supplemental consolidated pro forma total revenues and net income
Pro forma total revenues		421,033	176,340
Pro forma net loss		$ (32,858)	$ (32,161)

Acquisitions and Dispositions69

Acquisitions and Dispositions - Sale of California Properties (Details 7) $ in Thousands	Jun. 27, 2013USD ($)single_family_property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Business Combinations [Abstract]
Number of properties sold | single_family_property	38
Gross sales price of properties sold	$ 8,900
Gain on disposition of single-family properties	$ 900	$ 0	$ 0	$ 904

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income / (loss) (numerator):
Loss from continuing operations									$ (47,948)	$ (33,092)	$ (20,074)
Income from discontinued operations									0	0	1,008
Noncontrolling interest									14,353	14,965	13,245
Dividends on preferred shares									22,276	18,928	1,160
Conversion of preferred units									0	0	10,456
Net loss attributable to common shareholders	$ (20,474)	$ (28,616)	$ (17,697)	$ (17,790)	$ (19,312)	$ (21,747)	$ (12,250)	$ (13,676)	$ (84,577)	$ (66,985)	$ (43,927)
Weighted-average shares (denominator)
Weighted-average shares outstanding-basic and diluted (in shares)									210,600,111	196,348,757	123,592,086
Net loss per share—basic and diluted:
Loss from continuing operations (in dollars per share)									$ (0.40)	$ (0.34)	$ (0.37)
Income from discontinued operations (in dollars per share)									0	0	0.01
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	$ (0.10)	$ (0.14)	$ (0.08)	$ (0.08)	$ (0.09)	$ (0.11)	$ (0.07)	$ (0.07)	$ (0.40)	$ (0.34)	$ (0.36)

Earnings per share (Details 2)

Earnings per share (Details 2) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Total weighted average shares	73,912,694	73,586,644	63,873,266

Commitments and Contingencies72

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating leases rental expenses
Rent expense	$ 2,099	$ 1,867	$ 809
Less: income from subleases	(9)	(11)	0
Net rent expense	2,090	$ 1,856	$ 809
Future lease obligations under our operating leases
2,016	1,327
2,017	1,049
2,018	201
2,019	4
Total lease commitments	2,581
Less: income from subleases	(302)
Net lease commitments	$ 2,279

Commitments and Contingencies73

Commitments and Contingencies (Details 2)	12 Months Ended
	Dec. 31, 2015USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2013USD ($)
Commitments and contingencies
Number of properties | single_family_property	38,780	34,599
Company contributions	$ 500,000	$ 300,000	$ 200,000
Commitment to renovate homes
Commitments and contingencies
Aggregate outstanding commitment	$ 0	$ 4,100,000
Commitment to acquire properties
Commitments and contingencies
Number of properties | single_family_property	12	703
Aggregate purchase price	$ 1,700,000	$ 110,900,000

Noncash Transactions (Details)

Noncash Transactions (Details) $ / shares in Units, $ in Thousands	Dec. 12, 2014USD ($)single_family_propertyproperty$ / sharesshares	Jul. 01, 2014USD ($)shares	Jun. 14, 2013shares	Jun. 11, 2013shares	Jun. 10, 2013shares	Feb. 28, 2013single_family_propertyshares	Dec. 31, 2015$ / shares	Dec. 31, 2014USD ($)
Nonmonetary Transaction
Value of units issued | $								$ 11,179
Class A common shares
Nonmonetary Transaction
Units issued upon conversion (in shares)			653,492
3.5% Convertible Perpetual Preferred Units
Nonmonetary Transaction
Preferred Units converted into Class A units (in shares)			653,492
Operating Partnership | Series D Convertible Units
Nonmonetary Transaction
Issuance of units (in shares)					4,375,000
Operating Partnership | Series E Convertible Units
Nonmonetary Transaction
Issuance of units (in shares)					4,375,000
AH LLC
Nonmonetary Transaction
Number of properties contributed to the Operating Partnership | property	45
AH LLC | Class B common shares
Nonmonetary Transaction
Issuance of common shares (in shares)						634,408
AH LLC | Class A common shares
Nonmonetary Transaction
Issuance of common shares (in shares)			705,167
AH LLC | 3.5% Convertible Perpetual Preferred Units
Nonmonetary Transaction
Preferred Units converted into Class A units (in shares)			653,492
AH LLC | Class A Units
Nonmonetary Transaction
Number of properties contributed to the Operating Partnership | single_family_property	45
Issuance of units (in shares)	653,378
Common units issue to Sponsor per unit (in dollars per share) | $ / shares	$ 17.11
Alaska Joint Venture Acquisition | Class A common shares
Nonmonetary Transaction
Issuance of common shares (in shares)				43,609,394
Beazer Rental Homes
Nonmonetary Transaction
Issuance of common shares (in shares)		8,158,001
Purchase price | $		$ 257,400
Beazer Rental Homes | Class A common shares
Nonmonetary Transaction
Issuance of common shares (in shares)		8,158,001
Sponsor | Class A Units
Nonmonetary Transaction
Common units issue to Sponsor per unit (in dollars per share) | $ / shares	$ 17.11
Value of units issued | $	$ 11,200
Sponsor | Operating Partnership
Nonmonetary Transaction
Number of properties contributed to the Operating Partnership | single_family_property						2,770
Sponsor | Operating Partnership | Series C Convertible Units
Nonmonetary Transaction
Issuance of units (in shares)						31,085,974
Operating Partnership | Series D Convertible Units
Nonmonetary Transaction
Issuance of units (in shares)					4,375,000
Common units issue to Sponsor per unit (in dollars per share) | $ / shares							$ 18
Operating Partnership | Series E Convertible Units
Nonmonetary Transaction
Issuance of units (in shares)					4,375,000
Operating Partnership | AH LLC | Class A Units
Nonmonetary Transaction
Issuance of units (in shares)				12,395,965
Operating Partnership | Alaska Joint Venture Acquisition | Class A Units
Nonmonetary Transaction
Issuance of units (in shares)				12,395,965

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Carrying Value
Asset-backed securitization, carrying value	$ 2,530,210	$ 1,519,390
Secured note payable, carrying value	50,752	51,644
Credit facility, carrying value	0	207,000
Total debt, carrying value	2,580,962	1,778,034
Significant Unobservable Inputs (Level 3)
Fair Value
Asset-backed securitzation, fair value	2,368,964	1,519,390
Secured notes payable, fair value	48,631	51,644
Credit facility, fair value	0	207,000
Total debt, fair value	2,417,595	1,778,034
2014-SFR 1
Carrying Value
Asset-backed securitization, carrying value	473,755	478,565
2014-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value
Asset-backed securitzation, fair value	472,258	478,565
2014-SFR 2
Carrying Value
Asset-backed securitization, carrying value	507,305	512,435
2014-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value
Asset-backed securitzation, fair value	476,952	512,435
2014-SFR 3
Carrying Value
Asset-backed securitization, carrying value	523,109	528,390
2014-SFR 3 | Significant Unobservable Inputs (Level 3)
Fair Value
Asset-backed securitzation, fair value	489,448	528,390
2015-SFR 1
Carrying Value
Asset-backed securitization, carrying value	549,121	0
2015-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value
Asset-backed securitzation, fair value	496,673	0
2015-SFR 2
Carrying Value
Asset-backed securitization, carrying value	476,920	0
2015-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value
Asset-backed securitzation, fair value	$ 433,633	$ 0

Fair Value - Interest Rate Cap,

Fair Value - Interest Rate Cap, Convertible Series E, and Preferred Shares (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets:
Interest rate cap agreement	$ 0	$ 14
Liabilities:
Contingently convertible Series E units liability	69,957	72,057	$ 66,938
Preferred shares derivative liability	62,790	57,960	$ 28,150
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Assets:
Interest rate cap agreement	0	0
Liabilities:
Contingently convertible Series E units liability	0	0
Preferred shares derivative liability	0	0
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	69,957	72,057
Preferred shares derivative liability	$ 62,790	$ 57,960

Fair Value Fair Value - Level 3

Fair Value Fair Value - Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingently convertible Series E units liability beginning balance	$ 72,057	$ 66,938
Preferred shares derivative liability beginning balance	57,960	28,150
Issuances	0	0
Contingently convertible Series E units liability, remeasurement included in earnings	(2,100)	5,119
Preferred derivative liability issuance	0	23,652
Preferred shares derivative liability remeasurement	4,830	6,158
Contingently convertible Series E units liability end balance	69,957	72,057
Preferred shares derivative liability ending balance	$ 62,790	$ 57,960

Quarterly Financial Informati78

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Rents from single-family properties	$ 152,406	$ 148,815	$ 137,818	$ 120,680	$ 109,543	$ 104,210	$ 88,871	$ 73,761	$ 559,719	$ 376,385	$ 132,722
Net loss	(11,347)	(19,938)	(8,398)	(8,265)	(9,992)	(12,796)	(3,369)	(6,935)	(47,948)	(33,092)	(19,066)
Net loss attributable to common shareholders	$ (20,474)	$ (28,616)	$ (17,697)	$ (17,790)	$ (19,312)	$ (21,747)	$ (12,250)	$ (13,676)	$ (84,577)	$ (66,985)	$ (43,927)
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	$ (0.10)	$ (0.14)	$ (0.08)	$ (0.08)	$ (0.09)	$ (0.11)	$ (0.07)	$ (0.07)	$ (0.40)	$ (0.34)	$ (0.36)

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands, shares in Millions	Feb. 25, 2016$ / shares	Jan. 31, 2014	Dec. 31, 2013	Oct. 31, 2013	Feb. 24, 2016USD ($)single_family_property$ / sharesshares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Subsequent Event
Credit facility maximum borrowing capacity						$ 827,000	$ 1,828,000	$ 1,425,000
Repayments on credit facility						1,034,000	$ 1,996,000	$ 1,050,000
Stock repurchase total price						$ 57,383
Class A common shares
Subsequent Event
Weighted-average price of shares (in dollars per share) | $ / shares						$ 15.76
Series A Preferred Stock
Subsequent Event
Preferred Shares dividend rate				5.00%		5.00%	5.00%	5.00%
Series B Preferred Stock
Subsequent Event
Preferred Shares dividend rate		5.00%	5.00%			5.00%	5.00%	5.00%
Subsequent Events
Subsequent Event
Number of properties acquired | single_family_property					199
Aggregate purchase price of properties acquired					$ 26,600
Credit facility maximum borrowing capacity					$ 70,000
Shares retired | shares					1.3
Subsequent Events | Class A common shares
Subsequent Event
Shares repurchased | shares					1.3
Weighted-average price of shares (in dollars per share) | $ / shares					$ 15.43
Stock repurchase total price					$ 20,500
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.05
Subsequent Events | Class B common shares
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	0.05
Subsequent Events | Series A Preferred Stock
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.3125
Preferred Shares dividend rate	5.00%
Subsequent Events | Series B Preferred Stock
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.3125
Preferred Shares dividend rate	5.00%
Subsequent Events | 5.50% Series C participating preferred shares
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.34375
Preferred Shares dividend rate	5.50%
Senior Secured Revolving Credit Facility | Subsequent Events
Subsequent Event
Repayments on credit facility					58,000
Revolving Credit Facility [Member] | Subsequent Events
Subsequent Event
Current borrowing capacity					$ 12,000

Schedule III - Real Estate an80

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)single_family_property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	38,780
Initial Cost to Company, Land	$ 1,229,017
Initial Cost to Company, Buildings and Improvements	4,761,379
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	715,586
Total Cost, Land	1,229,017
Total Cost, Buildings and Improvements	5,476,965
Total	6,705,982	$ 5,916,933	$ 3,923,624	$ 507,845
Accumulated Depreciation	(416,044)	$ (206,262)	$ (62,202)	$ (2,132)
Net Cost Basis	$ 6,289,938
Albuquerque
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	212
Initial Cost to Company, Land	$ 6,445
Initial Cost to Company, Buildings and Improvements	24,231
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,422
Total Cost, Land	6,445
Total Cost, Buildings and Improvements	27,653
Total	34,098
Accumulated Depreciation	(2,309)
Net Cost Basis	$ 31,789
Atlanta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,802
Initial Cost to Company, Land	$ 87,722
Initial Cost to Company, Buildings and Improvements	307,888
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	61,038
Total Cost, Land	87,722
Total Cost, Buildings and Improvements	368,926
Total	456,648
Accumulated Depreciation	(26,503)
Net Cost Basis	$ 430,145
Augusta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	227
Initial Cost to Company, Land	$ 6,514
Initial Cost to Company, Buildings and Improvements	26,318
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,525
Total Cost, Land	6,514
Total Cost, Buildings and Improvements	29,843
Total	36,357
Accumulated Depreciation	(1,804)
Net Cost Basis	$ 34,553
Austin
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	675
Initial Cost to Company, Land	$ 15,704
Initial Cost to Company, Buildings and Improvements	72,405
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	13,180
Total Cost, Land	15,704
Total Cost, Buildings and Improvements	85,585
Total	101,289
Accumulated Depreciation	(6,518)
Net Cost Basis	$ 94,771
Bay Area
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	120
Initial Cost to Company, Land	$ 8,221
Initial Cost to Company, Buildings and Improvements	23,656
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,953
Total Cost, Land	8,221
Total Cost, Buildings and Improvements	25,609
Total	33,830
Accumulated Depreciation	(2,065)
Net Cost Basis	$ 31,765
Boise
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	289
Initial Cost to Company, Land	$ 8,016
Initial Cost to Company, Buildings and Improvements	29,531
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,578
Total Cost, Land	8,016
Total Cost, Buildings and Improvements	33,109
Total	41,125
Accumulated Depreciation	(2,617)
Net Cost Basis	$ 38,508
Central Valley
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	174
Initial Cost to Company, Land	$ 6,750
Initial Cost to Company, Buildings and Improvements	22,309
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,443
Total Cost, Land	6,750
Total Cost, Buildings and Improvements	24,752
Total	31,502
Accumulated Depreciation	(2,543)
Net Cost Basis	$ 28,959
Charleston
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	650
Initial Cost to Company, Land	$ 23,262
Initial Cost to Company, Buildings and Improvements	82,412
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	10,872
Total Cost, Land	23,262
Total Cost, Buildings and Improvements	93,284
Total	116,546
Accumulated Depreciation	(6,330)
Net Cost Basis	$ 110,216
Charlotte
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,313
Initial Cost to Company, Land	$ 74,645
Initial Cost to Company, Buildings and Improvements	293,876
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	33,630
Total Cost, Land	74,645
Total Cost, Buildings and Improvements	327,506
Total	402,151
Accumulated Depreciation	(21,231)
Net Cost Basis	$ 380,920
Cincinnati
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,872
Initial Cost to Company, Land	$ 59,345
Initial Cost to Company, Buildings and Improvements	228,982
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	34,247
Total Cost, Land	59,345
Total Cost, Buildings and Improvements	263,229
Total	322,574
Accumulated Depreciation	(20,958)
Net Cost Basis	$ 301,616
Colorado Springs
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	23
Initial Cost to Company, Land	$ 951
Initial Cost to Company, Buildings and Improvements	3,147
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	688
Total Cost, Land	951
Total Cost, Buildings and Improvements	3,835
Total	4,786
Accumulated Depreciation	(380)
Net Cost Basis	$ 4,406
Columbia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	297
Initial Cost to Company, Land	$ 6,850
Initial Cost to Company, Buildings and Improvements	34,549
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,089
Total Cost, Land	6,850
Total Cost, Buildings and Improvements	38,638
Total	45,488
Accumulated Depreciation	(2,890)
Net Cost Basis	$ 42,598
Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,453
Initial Cost to Company, Land	$ 37,851
Initial Cost to Company, Buildings and Improvements	157,825
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	28,932
Total Cost, Land	37,851
Total Cost, Buildings and Improvements	186,757
Total	224,608
Accumulated Depreciation	(13,324)
Net Cost Basis	$ 211,284
Dallas-Fort Worth
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,210
Initial Cost to Company, Land	$ 88,581
Initial Cost to Company, Buildings and Improvements	361,558
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	63,663
Total Cost, Land	88,581
Total Cost, Buildings and Improvements	425,221
Total	513,802
Accumulated Depreciation	(34,222)
Net Cost Basis	$ 479,580
Denver
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	685
Initial Cost to Company, Land	$ 34,123
Initial Cost to Company, Buildings and Improvements	135,739
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	16,263
Total Cost, Land	34,123
Total Cost, Buildings and Improvements	152,002
Total	186,125
Accumulated Depreciation	(9,083)
Net Cost Basis	$ 177,042
Fort Myers
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	32
Initial Cost to Company, Land	$ 749
Initial Cost to Company, Buildings and Improvements	4,691
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	553
Total Cost, Land	749
Total Cost, Buildings and Improvements	5,244
Total	5,993
Accumulated Depreciation	(537)
Net Cost Basis	$ 5,456
Greater Chicago area, IL and IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,064
Initial Cost to Company, Land	$ 63,929
Initial Cost to Company, Buildings and Improvements	255,264
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	51,000
Total Cost, Land	63,929
Total Cost, Buildings and Improvements	306,264
Total	370,193
Accumulated Depreciation	(24,395)
Net Cost Basis	$ 345,798
Greensboro
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	635
Initial Cost to Company, Land	$ 18,046
Initial Cost to Company, Buildings and Improvements	81,542
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,233
Total Cost, Land	18,046
Total Cost, Buildings and Improvements	89,775
Total	107,821
Accumulated Depreciation	(6,142)
Net Cost Basis	$ 101,679
Greenville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	635
Initial Cost to Company, Land	$ 15,863
Initial Cost to Company, Buildings and Improvements	82,982
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,110
Total Cost, Land	15,863
Total Cost, Buildings and Improvements	92,092
Total	107,955
Accumulated Depreciation	(6,528)
Net Cost Basis	$ 101,427
Houston
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,048
Initial Cost to Company, Land	$ 55,890
Initial Cost to Company, Buildings and Improvements	254,283
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	44,219
Total Cost, Land	55,890
Total Cost, Buildings and Improvements	298,502
Total	354,392
Accumulated Depreciation	(22,764)
Net Cost Basis	$ 331,628
Indianapolis
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,777
Initial Cost to Company, Land	$ 75,567
Initial Cost to Company, Buildings and Improvements	298,023
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	50,112
Total Cost, Land	75,567
Total Cost, Buildings and Improvements	348,135
Total	423,702
Accumulated Depreciation	(29,561)
Net Cost Basis	$ 394,141
Inland Empire
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	135
Initial Cost to Company, Land	$ 11,908
Initial Cost to Company, Buildings and Improvements	20,330
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,908
Total Cost, Land	11,908
Total Cost, Buildings and Improvements	22,238
Total	34,146
Accumulated Depreciation	(1,236)
Net Cost Basis	$ 32,910
Jacksonville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,569
Initial Cost to Company, Land	$ 42,167
Initial Cost to Company, Buildings and Improvements	165,529
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	31,441
Total Cost, Land	42,167
Total Cost, Buildings and Improvements	196,970
Total	239,137
Accumulated Depreciation	(15,518)
Net Cost Basis	$ 223,619
Knoxville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	319
Initial Cost to Company, Land	$ 10,256
Initial Cost to Company, Buildings and Improvements	49,316
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,291
Total Cost, Land	10,256
Total Cost, Buildings and Improvements	53,607
Total	63,863
Accumulated Depreciation	(4,132)
Net Cost Basis	$ 59,731
Las Vegas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	966
Initial Cost to Company, Land	$ 28,840
Initial Cost to Company, Buildings and Improvements	122,184
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	18,272
Total Cost, Land	28,840
Total Cost, Buildings and Improvements	140,456
Total	169,296
Accumulated Depreciation	(12,712)
Net Cost Basis	$ 156,584
Memphis
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	594
Initial Cost to Company, Land	$ 17,491
Initial Cost to Company, Buildings and Improvements	65,668
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,283
Total Cost, Land	17,491
Total Cost, Buildings and Improvements	74,951
Total	92,442
Accumulated Depreciation	(3,771)
Net Cost Basis	$ 88,671
Miami
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	342
Initial Cost to Company, Land	$ 9,134
Initial Cost to Company, Buildings and Improvements	50,330
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,077
Total Cost, Land	9,134
Total Cost, Buildings and Improvements	59,407
Total	68,541
Accumulated Depreciation	(4,985)
Net Cost Basis	$ 63,556
Milwaukee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	126
Initial Cost to Company, Land	$ 7,373
Initial Cost to Company, Buildings and Improvements	22,272
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,109
Total Cost, Land	7,373
Total Cost, Buildings and Improvements	24,381
Total	31,754
Accumulated Depreciation	(2,413)
Net Cost Basis	$ 29,341
Nashville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,512
Initial Cost to Company, Land	$ 57,148
Initial Cost to Company, Buildings and Improvements	231,869
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	25,837
Total Cost, Land	57,148
Total Cost, Buildings and Improvements	257,706
Total	314,854
Accumulated Depreciation	(20,261)
Net Cost Basis	$ 294,593
Oklahoma City
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	411
Initial Cost to Company, Land	$ 11,075
Initial Cost to Company, Buildings and Improvements	57,943
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,394
Total Cost, Land	11,075
Total Cost, Buildings and Improvements	64,337
Total	75,412
Accumulated Depreciation	(3,422)
Net Cost Basis	$ 71,990
Orlando
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,175
Initial Cost to Company, Land	$ 32,556
Initial Cost to Company, Buildings and Improvements	143,334
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	21,783
Total Cost, Land	32,556
Total Cost, Buildings and Improvements	165,117
Total	197,673
Accumulated Depreciation	(12,102)
Net Cost Basis	$ 185,571
Phoenix
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,603
Initial Cost to Company, Land	$ 49,647
Initial Cost to Company, Buildings and Improvements	184,518
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	25,362
Total Cost, Land	49,647
Total Cost, Buildings and Improvements	209,880
Total	259,527
Accumulated Depreciation	(17,482)
Net Cost Basis	$ 242,045
Portland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	207
Initial Cost to Company, Land	$ 14,445
Initial Cost to Company, Buildings and Improvements	24,187
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,917
Total Cost, Land	14,445
Total Cost, Buildings and Improvements	26,104
Total	40,549
Accumulated Depreciation	(2,375)
Net Cost Basis	$ 38,174
Raleigh
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,472
Initial Cost to Company, Land	$ 51,655
Initial Cost to Company, Buildings and Improvements	191,962
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	22,182
Total Cost, Land	51,655
Total Cost, Buildings and Improvements	214,144
Total	265,799
Accumulated Depreciation	(15,411)
Net Cost Basis	$ 250,388
Salt Lake City
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,049
Initial Cost to Company, Land	$ 58,551
Initial Cost to Company, Buildings and Improvements	149,739
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	22,295
Total Cost, Land	58,551
Total Cost, Buildings and Improvements	172,034
Total	230,585
Accumulated Depreciation	(13,998)
Net Cost Basis	$ 216,587
San Antonio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	895
Initial Cost to Company, Land	$ 25,419
Initial Cost to Company, Buildings and Improvements	95,845
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	15,718
Total Cost, Land	25,419
Total Cost, Buildings and Improvements	111,563
Total	136,982
Accumulated Depreciation	(7,096)
Net Cost Basis	$ 129,886
Savannah/Hilton Head
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	434
Initial Cost to Company, Land	$ 12,756
Initial Cost to Company, Buildings and Improvements	50,627
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,550
Total Cost, Land	12,756
Total Cost, Buildings and Improvements	56,177
Total	68,933
Accumulated Depreciation	(3,189)
Net Cost Basis	$ 65,744
Seattle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	294
Initial Cost to Company, Land	$ 14,072
Initial Cost to Company, Buildings and Improvements	41,747
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,920
Total Cost, Land	14,072
Total Cost, Buildings and Improvements	46,667
Total	60,739
Accumulated Depreciation	(3,835)
Net Cost Basis	$ 56,904
Tampa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,567
Initial Cost to Company, Land	$ 55,807
Initial Cost to Company, Buildings and Improvements	210,538
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	28,905
Total Cost, Land	55,807
Total Cost, Buildings and Improvements	239,443
Total	295,250
Accumulated Depreciation	(19,324)
Net Cost Basis	$ 275,926
Tucson
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	390
Initial Cost to Company, Land	$ 7,839
Initial Cost to Company, Buildings and Improvements	37,575
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,061
Total Cost, Land	7,839
Total Cost, Buildings and Improvements	44,636
Total	52,475
Accumulated Depreciation	(4,837)
Net Cost Basis	$ 47,638
Winston Salem
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	527
Initial Cost to Company, Land	$ 15,854
Initial Cost to Company, Buildings and Improvements	64,655
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,531
Total Cost, Land	15,854
Total Cost, Buildings and Improvements	71,186
Total	87,040
Accumulated Depreciation	(5,241)
Net Cost Basis	$ 81,799

Schedule III - Real Estate an81

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Change in total real estate assets
Balance, beginning of period	$ 5,916,933	$ 3,923,624	$ 507,845
Acquisitions and building improvements	814,235	2,004,742	3,423,903
Dispositions	(11,555)	(11,433)	(8,124)
Write-offs	(13,631)	0	0
Balance, end of period	$ 6,705,982	$ 5,916,933	$ 3,923,624

Schedule III - Real Estate an82

Schedule III - Real Estate and Accumulated Depreciation (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Change in accumulated depreciation
Balance, beginning of period	$ (206,262)	$ (62,202)	$ (2,132)
Depreciation	(223,731)	(144,270)	(60,254)
Dispositions	318	210	184
Write-offs	13,631	0	0
Balance, end of period	$ (416,044)	$ (206,262)	$ (62,202)