American Homes 4 Rent (AMH) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 02, 2016
Document Information
Entity Registrant Name	American Homes 4 Rent
Entity Central Index Key	1,562,401
Current Fiscal Year End Date	--12-31
Entity Current Reporting Statues	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common shares
Document Information
Entity Common Stock, Shares Outstanding		237,796,784
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Single-family properties:
Land	$ 1,497,681	$ 1,229,017
Buildings and improvements	6,542,708	5,469,533
Single-family properties held for sale, net	105,308	7,432
Single-family properties excluding accumulated depreciation	8,145,697	6,705,982
Less: accumulated depreciation	(600,299)	(416,044)
Single-family properties, net	7,545,398	6,289,938
Cash and cash equivalents	106,308	57,686
Restricted cash	131,367	111,282
Rent and other receivables, net	21,818	13,936
Escrow deposits, prepaid expenses and other assets	120,609	121,627
Deferred costs and other intangibles, net	15,016	10,429
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,317	120,655
Total assets	8,086,499	6,751,219
Liabilities
Revolving credit facilities	75,000	0
Exchangeable senior notes, net	107,283	0
Secured note payable	50,065	50,752
Accounts payable and accrued expenses	241,067	154,751
Amounts payable to affiliates	0	4,093
Contingently convertible Series E units liability	0	69,957
Preferred shares derivative liability	65,730	62,790
Total liabilities	3,233,618	2,815,986
Commitments and contingencies
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 37,010,000 and 17,060,000 shares issued and outstanding at September 30, 2016, and December 31, 2015, respectively	370	171
Additional paid-in capital	4,464,792	3,554,063
Accumulated deficit	(368,795)	(296,865)
Accumulated other comprehensive income (loss)	28	(102)
Total shareholders’ equity	4,098,779	3,259,345
Noncontrolling interest	754,102	675,888
Total equity	4,852,881	3,935,233
Total liabilities and equity	8,086,499	6,751,219
Class A common shares
Shareholders’ equity:
Common stock, value, issued	2,378	2,072
Class B common shares
Shareholders’ equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Secured debt, net	246,575	0
Asset-backed securitizations, net
Liabilities
Secured debt, net	$ 2,447,898	$ 2,473,643

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	37,010,000	17,060,000
Preferred shares, shares outstanding (in shares)	37,010,000	17,060,000
Class A common shares
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	450,000,000	450,000,000
Common shares, shares issued (in shares)	237,796,784	207,235,510
Common shares, shares outstanding (in shares)	237,796,784	207,235,510
Class B common shares
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common shares, shares issued (in shares)	635,075	635,075
Common shares, shares outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rents from single-family properties	$ 197,137	$ 148,815	$ 558,623	$ 407,313
Fees from single-family properties	2,898	2,146	7,819	5,681
Tenant charge-backs	30,808	19,881	72,077	40,215
Other	5,214	1,771	12,811	4,780
Total revenues	236,057	172,613	651,330	457,989
Expenses:
Property operating expenses	110,412	85,052	290,998	215,699
General and administrative expense	7,563	6,090	22,966	18,497
Interest expense	32,851	23,866	99,309	61,539
Noncash share-based compensation expense	891	913	2,744	2,343
Acquisition fees and costs expensed	1,757	4,153	10,899	14,297
Depreciation and amortization	75,392	67,800	224,513	180,685
Other	3,142	1,152	6,482	2,686
Total expenses	232,008	189,026	657,911	495,746
Gain on sale of single-family properties, net	11,682	0	12,574	0
Loss on early extinguishment of debt	(13,408)	0	(13,408)	0
Gain on conversion of Series E units	0	0	11,463	0
Remeasurement of Series E units	0	(525)	0	3,456
Remeasurement of preferred shares	(2,490)	(3,000)	(2,940)	(2,300)
Net (loss) income	(167)	(19,938)	1,108	(36,601)
Noncontrolling interest	7,316	3,109	10,391	10,795
Dividends on preferred shares	13,669	5,569	26,650	16,707
Net income (loss) attributable to common shareholders	$ (21,152)	$ (28,616)	$ (35,933)	$ (64,103)
Weighted-average shares outstanding—basic and diluted (in shares)	238,401,343	211,414,368	232,036,802	211,460,840
Net loss attributable to common shareholders basic and diluted (in USD per share)	$ (0.09)	$ (0.14)	$ (0.15)	$ (0.30)
Dividends declared per common share (in USD per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (167)	$ (19,938)	$ 1,108	$ (36,601)
Unrealized gain on interest rate cap agreement:
Unrealized interest rate cap agreement gain arising during the period	0	51	0	81
Reclassification adjustment for amortization of interest expense included in net (loss) income	28	0	130	0
Other comprehensive income	28	51	130	81
Comprehensive (loss) income	(139)	(19,887)	1,238	(36,520)
Comprehensive income attributable to noncontrolling interests	7,308	3,106	10,366	10,790
Dividends on preferred shares	13,669	5,569	26,650	16,707
Comprehensive loss attributable to common shareholders	$ (21,116)	$ (28,562)	$ (35,778)	$ (64,017)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Class A common shares	Common StockClass A common shares	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Shareholders’ equity	Noncontrolling interest
Beginning balances (in shares) at Dec. 31, 2015			207,235,510	635,075	17,060,000
Beginning balances at Dec. 31, 2015	$ 3,935,233		$ 2,072	$ 6	$ 171	$ 3,554,063	$ (296,865)	$ (102)	$ 3,259,345	$ 675,888
Increase (Decrease) in Stockholders' Equity
Share-based compensation	2,744					2,744			2,744
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			190,128
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	2,640		$ 2			2,638			2,640
Issuance of Class A common shares and units in connection with the Merger (in shares)			36,546,170
Issuance of Class A common shares and units in connection with the Merger	530,460		$ 365			511,281			511,646	18,814
Issuance of perpetual preferred shares, net of offering costs of $15,996 (in shares)					19,950,000
Issuance of perpetual preferred shares, net of offering costs of $15,996	482,828				$ 199	482,629			482,828
Redemptions of Class A units (in shares)			40,632
Redemptions of Class A units	(399)		$ 1			503			504	(903)
Repurchases of Class A common shares (in shares)			(6,215,656)
Repurchases of Class A common shares	(96,098)	$ (96,000)	$ (62)			(96,036)			(96,098)
Assumption of exchangeable senior notes	6,970					6,970			6,970
Conversion of Series E units to Series D units	58,494									58,494
Distributions to equity holders:
Preferred shares	(26,650)						(26,650)		(26,650)
Noncontrolling interests	(8,582)									(8,582)
Common shares	(35,997)						(35,997)		(35,997)
Net income (loss)	1,108						(9,283)		(9,283)	10,391
Total other comprehensive income	130							130	130
Ending balances (in shares) at Sep. 30, 2016			237,796,784	635,075	37,010,000
Ending balances at Sep. 30, 2016	$ 4,852,881		$ 2,378	$ 6	$ 370	$ 4,464,792	$ (368,795)	$ 28	$ 4,098,779	$ 754,102

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Preferred shares
Issuance of perpetual preferred shares, offering costs	$ 15,996

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net (loss) income	$ 1,108	$ (36,601)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	224,513	180,685
Noncash amortization of deferred financing costs	7,912	5,769
Noncash amortization of discount on exchangeable senior notes	1,955	0
Noncash amortization of discount on ARP 2014-SFR1 securitization	1,744	0
Noncash share-based compensation	2,744	2,343
Provision for bad debt	5,092	5,005
Loss on early extinguishment of debt	13,408	0
Gain on conversion of Series E units to Series D units	(11,463)	0
Remeasurement of Series E units	0	(3,456)
Remeasurement of preferred shares	2,940	2,300
Equity in net (loss) income of unconsolidated ventures	(418)	385
Net gain on sale of single-family properties	(12,574)	0
Loss on impairment of single-family properties	1,467	0
Net gain on resolutions of mortgage loans	(7,205)	0
Other changes in operating assets and liabilities:
Rent and other receivables	(12,110)	(13,071)
Restricted cash for resident security deposits	(12,059)	(10,239)
Prepaid expenses and other assets	(429)	(5,140)
Deferred leasing costs	(6,199)	(7,733)
Accounts payable and accrued expenses	47,920	37,423
Amounts payable to affiliates	(5,425)	(1,721)
Net cash provided by operating activities	242,921	155,949
Investing activities
Cash paid for single-family properties	(187,886)	(552,944)
Change in escrow deposits for purchase of single-family properties	(821)	(2,050)
Change in other restricted cash	1,495	(19,536)
Cash acquired in ARPI merger	15,499	0
Payoff of credit facility in connection with ARPI merger	(350,000)	0
Net proceeds received from sales of single-family properties	71,894	0
Net proceeds received from sales of non-performing loans	44,538	0
Purchase of commercial office buildings	(27,105)	0
Investment in unconsolidated joint ventures	0	(10,003)
Investments in mortgage financing receivables	0	(11,227)
Collections from mortgage financing receivables	17,687	0
Distributions from unconsolidated joint ventures	6,400	0
Renovations to single-family properties	(21,710)	(125,158)
Other capital expenditures for single-family properties	(22,026)	(23,008)
Net cash used for investing activities	(452,035)	(743,926)
Financing activities
Proceeds from issuance of perpetual preferred shares	498,750	0
Payments of perpetual preferred share issuance costs	(15,922)	0
Proceeds from exercise of stock options	2,777	225
Repurchase of Class A common shares	(96,098)	0
Redemptions of Class A units	(399)	0
Proceeds from asset-backed securitizations	0	1,030,559
Payments on asset-backed securitizations	(374,031)	(13,757)
Proceeds from revolving credit facilities	951,000	799,000
Payments on revolving credit facilities	(876,000)	(1,006,000)
Proceeds from term loan facility	250,000	0
Payments on secured note payable	(687)	(664)
Distributions to noncontrolling interests	(8,582)	(18,163)
Distributions to common shareholders	(35,997)	(31,723)
Distributions to preferred shareholders	(26,650)	(16,707)
Deferred financing costs paid	(10,425)	(25,163)
Net cash provided by financing activities	257,736	717,607
Net increase in cash and cash equivalents	48,622	129,630
Cash and cash equivalents, beginning of period	57,686	108,787
Cash and cash equivalents, end of period	106,308	238,417
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(87,707)	(49,368)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	(226)	531
Accrued distribution to Series C convertible units	0	4,698
Repurchase of Class A common shares	0	53,778
American Residential Properties Inc.
Merger with ARPI (see Note 10)
Single-family properties	1,277,253	0
Restricted cash	9,521	0
Rent and other receivables	843	0
Escrow deposits, prepaid expenses and other assets	35,134	0
Deferred costs and other intangibles, net	22,696	0
Accounts payable and accrued expenses	(38,485)	0
American Residential Properties Inc. | Credit facility
Merger with ARPI (see Note 10)
Debt assumed	(350,000)	0
American Residential Properties Inc. | Asset-backed securitization
Merger with ARPI (see Note 10)
Debt assumed	(329,703)	0
American Residential Properties Inc. | Exchangeable senior notes
Merger with ARPI (see Note 10)
Debt assumed	(112,298)	0
Class A common shares | American Residential Properties Inc.
Merger with ARPI (see Note 10)
Class A common shares and units issued	$ (530,460)	$ 0

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (the “Company,” “we,” “our” and “us”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of September 30, 2016 , the Company held 48,153 single-family properties in 22 states, including 1,238 properties held for sale. From our formation through June 10, 2013, we were externally managed and advised by American Homes 4 Rent Advisor, LLC (the “Advisor”) and the leasing, managing and advertising of our properties was overseen and directed by American Homes 4 Rent Management Holdings, LLC (the “Property Manager”), both of which were subsidiaries of American Homes 4 Rent, LLC (“AH LLC”). On June 10, 2013, we acquired the Advisor and the Property Manager from AH LLC in exchange for 4,375,000 Series D units and 4,375,000 Series E units in American Homes 4 Rent, L.P. (the “operating partnership”), therefore internalizing our management including all administrative, financial, property management, marketing and leasing personnel, including executive management. The Company consolidates the Advisor and the Property Manager and the results of these operations are reflected in the condensed consolidated financial statements. Previously, 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 have been deemed to be transactions between entities under common control, and as such, the accounts relating to the properties contributed have been recorded by us as if they had been acquired by us on the dates such properties were acquired by AH LLC. Accordingly, the condensed consolidated financial statements include AH LLC’s historical carrying values of the properties that had been acquired by AH LLC. Effective August 31, 2016, AH LLC was liquidated and its ownership interests in the operating partnership were distributed to its members.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements are unaudited and include the accounts of the Company, the operating partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective January 1, 2016, in accordance with Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, deferred financing costs, net of amortization, related to our asset-backed securitizations have been classified in asset-backed securitizations, net within the condensed consolidated balance sheets. Prior to January 1, 2016, these costs were included in deferred costs and other intangibles, net within the condensed consolidated balance sheets. All prior period amounts have been reclassified to conform to the current presentation. This resulted in the reclassification of $56.6 million of deferred financing costs, net of amortization, from deferred costs and other intangibles, net to asset-backed securitizations, net as of December 31, 2015, in the condensed consolidated balance sheets. Effective January 1, 2016, due to the stabilization of our portfolio and the majority of our properties having been initially leased, vacant single-family properties and other expenses have been reclassified in the condensed consolidated statements of operations, with vacant single-family property operating expenses combined with leased single-family property operating expenses, which are both included in property operating expenses within the condensed consolidated statements of operations, and other expenses reclassified to other expenses within the condensed consolidated statements of operations. This resulted in the reclassification of the $2.5 million and $13.0 million , respectively, of vacant single-family properties and other expenses for the three and nine months ended September 30, 2015 , with $1.4 million and $10.3 million , respectively, of vacant single-family property operating expenses reclassified to property operating expenses and $1.1 million and $2.7 million , respectively, of other expenses reclassified to other expenses in the condensed consolidated statements of operations. Effective July 1, 2016, due to recently increased volume in the Company's sales of single-family properties, gains and losses from the sales of single-family properties have been included in gain on sale of single-family properties, net within the condensed consolidated statements of operations. Prior period gains and losses from the sales of single-family properties, which were previously included in other revenues have been reclassified to gain on sale of single-family properties, net to conform to the current presentation. There have been no other changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . Therefore, notes to the condensed consolidated financial statements that would substantially duplicate the disclosures contained in our most recent audited consolidated financial statements have been omitted. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) , to amend the accounting for credit losses for certain financial instruments by requiring companies to recognize an estimate of expected credit losses as an allowance in order to recognize such losses more timely than under previous guidance that had allowed companies to wait until it was probable such losses had been incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (Topic 718), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2016, 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 February 2016, the 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 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 our financial statements.

Single-Family Properties

Single-Family Properties	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (dollars in thousands): September 30, 2016 Number of Net book Leased single-family properties 44,746 $ 7,072,461 Single-family properties being renovated 406 77,451 Single-family properties being prepared for re-lease 90 15,333 Vacant single-family properties available for lease 1,673 274,845 Single-family properties held for sale, net 1,238 105,308 Total 48,153 $ 7,545,398 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, net 45 7,432 Total 38,780 $ 6,289,938 Single-family properties, net increased $1.2 billion to $7.5 billion as of September 30, 2016 , compared to $6.3 billion as of December 31, 2015 , primarily related to the acquisition of 8,936 properties in connection with the Merger with American Residential Properties, Inc. ("ARPI") (see Note 10). Single-family properties, net at September 30, 2016 , and December 31, 2015 , included $15.4 million and $8.5 million , respectively, related to properties for which the recorded grant deed had 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 was a delay for the deeds to be recorded. Depreciation expense related to single-family properties was $67.2 million and $63.9 million for the three months ended September 30, 2016 and 2015 , respectively, and $194.2 million and $165.8 million for the nine months ended September 30, 2016 and 2015 , respectively. During the three and nine months ended September 30, 2016 , the Company sold 453 and 587 homes, respectively, which generated total net proceeds of $56.2 million and $71.9 million , respectively, and resulted in a net gain on sale of $11.7 million and $12.6 million , respectively. In accordance with ASC 350, Intangibles—Goodwill and Other , the Company allocates a portion of goodwill to the carrying values of its leased properties sold, which results in a reduction to the gain on sale. The amount of goodwill allocated to leased properties sold during the three and nine months ended September 30, 2016 , was $0.4 million , which reduced goodwill to $120.3 million as of September 30, 2016 , compared to $120.7 million as of December 31, 2015 .

Rent and Other Receivables, Net

Rent and Other Receivables, Net	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Rent and Other Receivables, Net	Rent and Other Receivables, Net Included in rent and other receivables, net is an allowance for doubtful accounts of $4.5 million and $3.0 million as of September 30, 2016 , and December 31, 2015 , respectively. Also included in rent and other receivables, net, are non-tenant receivables, which totaled $0.7 million and $1.0 million as of September 30, 2016 , and December 31, 2015 , respectively.

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles, Net	Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Deferred leasing costs $ 14,985 $ 8,692 Deferred financing costs 6,520 12,454 Intangible assets: Value of in-place leases 22,352 152 Trademark 3,100 3,100 Database 2,100 2,100 49,057 26,498 Less: accumulated amortization (34,041 ) (16,069 ) Total $ 15,016 $ 10,429 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $6.9 million and $2.8 million for the three months ended September 30, 2016 and 2015 , respectively, and $26.7 million and $10.0 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been included in depreciation and amortization within the condensed consolidated statements of operations. Deferred financing costs relate to our revolving credit facilities. Amortization of deferred financing costs was $0.5 million and $0.6 million for the three months ended September 30, 2016 and 2015 , respectively, and $1.9 million and $1.8 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization (see Note 6 ). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2016 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2016 $ 1,463 $ 412 $ 2,222 $ 165 $ 75 2017 2,054 1,633 908 660 300 2018 — 1,633 21 92 300 2019 — 1,633 2 — 300 2020 — 1,011 — — 132 Total $ 3,517 $ 6,322 $ 3,153 $ 917 $ 1,107

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company’s debt as of September 30, 2016 , and December 31, 2015 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2016 December 31, 2015 AH4R 2014-SFR1 securitization (2) 2.07 % June 9, 2019 $ 457,979 $ 473,755 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 503,093 507,305 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 519,148 523,109 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 544,861 549,121 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 473,237 476,920 Total asset-backed securitizations 2,498,318 2,530,210 Exchangeable senior notes 3.25 % November 15, 2018 115,000 — Secured note payable 4.06 % July 1, 2019 50,065 50,752 Revolving credit facilities (5) 2.38 % August 16, 2020 75,000 — Term loan facility (6) 2.33 % August 16, 2021 250,000 — Total debt (7) 2,988,383 2,580,962 Unamortized discount on exchangeable senior notes (2,134 ) — Equity component of exchangeable senior notes (5,583 ) — Deferred financing costs, net (8) (53,845 ) (56,567 ) Total debt per balance sheet $ 2,926,821 $ 2,524,395 (1) Interest rates are as of September 30, 2016 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of 1-month 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 AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (4) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (5) The revolving credit facility that was entered into in August 2016 provides for a borrowing capacity of up to $650.0 million , with a fully extended maturity date of August 2020, and bears interest at a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $350.0 million , with a fully extended maturity date of August 2021, and bears interest at a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, exchangeable senior notes, secured note payable, credit facilities and term loan facility as of September 30, 2016 , and December 31, 2015 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $2.2 million and $1.8 million for the three months ended September 30, 2016 and 2015 , respectively, and $6.3 million and $5.0 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization. Asset-Backed Securitization In connection with the Merger with ARPI on February 29, 2016 (see Note 10), the Company assumed a securitization loan (the "ARP 2014-SFR1 securitization”), which involved the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 2,875 homes held by a special purpose entity, ARP 2014-1 Borrower, LLC (the “Borrower”). The Borrower under the loan was wholly owned by another special purpose entity (the “Equity Owner”) and the Equity Owner was wholly owned by the operating partnership. The loan, at the time of its origination by ARPI in August 2014, had an original principal amount of $342.2 million and an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. It was comprised of six floating rate components computed monthly based on 1-month LIBOR for each interest period plus a fixed component spread for each of the six components resulting in an effective weighted-average interest rate of 1-month LIBOR plus 2.11% . Interest on the loan was paid monthly. The 2,875 homes securing the loan 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 were not generally able to be transferred, sold or otherwise securitized, the Company could have substituted properties only if a property owned by the Borrower became a disqualified property under the terms of the loan, and the Borrower was limited in its ability to incur any additional indebtedness. The loan was 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 provided 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 required that we maintained certain covenants, including but not limited to, a minimum debt yield on the collateral pool of properties. In September 2016, the Company paid off the ARP 2014-SFR1 asset-backed securitization using available cash and borrowings from our credit facilities, which resulted in a $10.7 million loss on early extinguishment of debt related to the write-off of the discount on the securitization. The payoff of the ARP 2014-SFR1 asset-backed securitization resulted in the release of the 2,875 collateralized homes and $10.1 million of restricted cash for lender requirements. Exchangeable Senior Notes, Net In connection with the Merger with ARPI on February 29, 2016 (see Note 10), the Company assumed 3.25% exchangeable senior notes due 2018 that have a $115.0 million aggregate principal amount and a fair value at assumption of $112.3 million . The exchangeable senior notes are senior unsecured obligations of the operating partnership and rank equally in right of payment with all other existing and future senior unsecured indebtedness of the operating partnership. Interest is payable in arrears on May 15 and November 15 of each year, beginning May 15, 2016, until the maturity date of November 15, 2018. The operating partnership’s obligations under the exchangeable senior notes are fully and unconditionally guaranteed by the Company. The exchangeable senior notes bear interest at a rate of 3.25% per annum and contain an exchange settlement feature, which provides that the exchangeable senior notes may, under certain circumstances, be exchangeable for cash, shares of our common stock or a combination of cash and shares of our common stock, at the option of the operating partnership, based on an initial exchange rate of 46.9423 shares of ARPI's common stock per $1,000 principal amount of the notes. The adjusted initial exchange rate would be 53.2795 shares of our common stock per $1,000 principal amount of the notes, based on the 1.135 exchange ratio of ARPI shares to our shares resulting from our merger with ARPI. The current exchange rate as of September 30, 2016 , was 54.6381 shares of our common stock per $1,000 principal amount of the notes. The exchange rate changes over time based on our common share price and distributions to common shareholders. Prior to the close of business on the business day immediately preceding August 15, 2018, the notes will be exchangeable at the option of the holders only under the following circumstances: (1) during any calendar quarter beginning after December 31, 2013 (and only during such quarter) if the closing sale price per share of our common stock is more than 130% of the then-current exchange price for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter; (2) during the five consecutive business-day period following any five consecutive trading-day period in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the closing sale price per share of our common stock multiplied by the then-current exchange rate; or (3) upon the occurrence of specified corporate transactions described in the indenture. On or after August 15, 2018, the notes will be exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date. Subject to its election to satisfy its exchange obligations entirely in shares of our common stock, upon exchange, the operating partnership will pay or deliver, as the case may be, to exchanging holders in respect of each $1,000 principal amount of notes being exchanged a settlement amount either solely in cash, solely in common shares or in a combination of cash and shares of our common stock. The fair value of the exchangeable senior notes, which was calculated using a binomial lattice model at the time of assumption, was $112.3 million , which represents the $115.0 million face value less a discount of $2.7 million , which will be amortized using the effective interest method over the term of the notes. The amount recorded to exchangeable senior notes, net at the time of assumption was $105.3 million , which represents the fair value of $112.3 million , less the fair value of the exchange settlement feature of the notes of $7.0 million , which was calculated using a straight-debt rate of 6.7% at the time of assumption. The fair value of the exchange settlement feature was recorded in additional paid-in capital and will be amortized using the effective interest method over the term of the notes. As of September 30, 2016 , the exchangeable senior notes, net had a balance of $107.3 million in the condensed consolidated balance sheets, which was net of an unamortized discount of $2.1 million and $5.6 million of unamortized fair value of the exchange settlement feature, which was included in additional paid-in capital within the condensed consolidated balance sheets. Credit Facilities 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. All borrowings under the credit facility accrued interest at 1-month LIBOR plus 2.75% until March 2017, and thereafter at 1-month LIBOR plus 3.125% . The credit facility was secured by our operating partnership’s membership interests in entities that own certain of our single-family properties and required that we maintain certain financial covenants. In July 2016, the Company paid off the $142.0 million of borrowings that had been outstanding on the credit facility as of June 30, 2016, using proceeds from our 6.35% Series E perpetual preferred share offering, and terminated the credit facility in August 2016. The termination of the credit facility resulted in $2.7 million of charges during the quarter ended September 30, 2016 , related to deferred financing cost write-offs, that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. In August 2016, the Company entered into a $1.0 billion credit agreement providing for a revolving credit facility in an aggregate principal amount of $650.0 million and a delayed draw term loan facility in an aggregate principal amount of $350.0 million . The interest rate on the revolving credit facility is, at the Company’s election, a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% . Loans under the term loan facility accrue interest, at the Company’s election, at either a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate plus a margin ranging from 0.70% to 1.30% . In each case, the actual margin is determined according to a ratio of the Company’s total indebtedness to total asset value in effect from time to time. Based on current credit metrics for LIBOR based borrowings as of September 30, 2016 , the revolving credit facility bears interest at 1-month LIBOR plus 1.85% , and the term loan facility bears interest at 1-LIBOR plus 1.80% . The credit agreement includes an accordion feature allowing the revolving credit facility or the term loan facility to be increased to an aggregate amount not to exceed $1.75 billion , subject to certain conditions. The facilities mature on August 16, 2019. No amortization payments are required on the term loan facility prior to the maturity date. The Company has the option to extend the maturity date of the revolving credit facility for up to one year, and has two options to extend the maturity date of the term loan facility for up to one year each, in both cases upon payment of an extension fee. The credit agreement requires that we maintain certain financial covenants. As of September 30, 2016 , the Company had $75.0 million of outstanding borrowings against the revolving credit facility, $250.0 million of outstanding borrowings against the term loan facility, net and was in compliance with all loan covenants. Interest Expense The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and nine months ended September 30, 2016 and 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Gross interest $ 33,433 $ 25,029 $ 100,886 $ 69,181 Capitalized interest (582 ) (1,163 ) (1,577 ) (7,642 ) Interest expense $ 32,851 $ 23,866 $ 99,309 $ 61,539

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Accounts payable $ — $ 1,173 Accrued property taxes 108,102 46,024 Other accrued liabilities 31,096 26,031 Accrued construction and maintenance liabilities 12,661 11,429 Resident security deposits 69,743 53,819 Prepaid rent 19,465 16,275 Total $ 241,067 $ 154,751 Accounts payable and accrued expenses rose $86.3 million to $241.1 million as of September 30, 2016 , compared to $154.8 million as of December 31, 2015 , primarily due to increases in accrued property taxes and resident security deposits, which are primarily related to the acquisition of 8,936 properties in connection with the Merger with ARPI (see Note 10).

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Issuance of Class A Common Shares and Class A Units In February 2016, the Company issued 36,546,170 Class A common shares, $0.01 par value per share, and 1,343,843 Class A units in connection with the Merger with ARPI (see Note 10). 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. Perpetual Preferred Shares Perpetual preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend equal to 6.5% for Series D cumulative redeemable perpetual preferred shares ("Series D perpetual preferred shares") and 6.35% for Series E cumulative redeemable perpetual preferred shares ("Series E perpetual preferred shares"), which is applied to the liquidation preference at issuance of $25 per share. The Company may, at its option, redeem the perpetual preferred shares for cash, in whole or in part, from time to time, at any time on or after May 24, 2021, for the Series D perpetual preferred shares and June 29, 2021, for the Series E perpetual preferred shares or within 120 days after the occurrence of a change in control at a redemption price equal to the $25 per share liquidation preference, plus any accumulated and unpaid dividends. During May 2016, the Company issued 10,750,000 6.5% Series D perpetual preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $268.8 million before offering costs of $8.5 million . During June 2016, the Company issued 9,200,000 6.35% Series E perpetual preferred shares in an underwritten public offering, raising gross proceeds of $230.0 million before offering costs of $7.5 million . Participating Preferred Shares As of September 30, 2016 , the initial liquidation preference on the Company’s participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets, for all of the Company’s outstanding 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares was $470.9 million . Conversion of Series C Convertible Units into Class A Units The Series C convertible units represented voting equity interests in our operating partnership owned by former AH LLC members. On February 28, 2016, the third anniversary of their original issue date, the 31,085,974 Series C convertible units converted into Class A units on a one -for-one basis in accordance with their terms. Conversion of Series E Convertible Units into Series D Convertible Units The Series E convertible units represented non-voting equity interests in our operating partnership. Series E convertible units did not participate in any distributions and were convertible into Series D convertible 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. The terms of the earn-out provision were met in full and, therefore, the 4,375,000 Series E convertible units were converted into Series D convertible units on a one -for-one basis on February 29, 2016. The fair value of the Series D convertible units was estimated using a Monte Carlo simulation model, which was primarily driven by the most recent trading price of the Company’s Class A common shares into which the Series D convertible units are ultimately convertible. Based on this valuation, the conversion of Series E convertible units into Series D convertible units resulted in a gain of $11.5 million which was recorded in gain on conversion of Series E units within the condensed consolidated statements of operations. Additionally, the Series E convertible units had a $2.8 million contingent beneficial conversion feature that represents a return to the Series E convertible unit holders in the form of additional noncontrolling interest, calculated as the difference between the estimated fair value of the Series D units and the Class A units at the time of the conversion of the Series E units into Series D units in February 2016. The contingent beneficial conversion feature was recognized when the contingency was met, which occurred when the Series D units converted into Class A units on September 30, 2016. Conversion of Series D Convertible Units into Class A Units The Series D convertible units represented non-voting equity interests in our operating partnership owned by former AH LLC members and began participating in distributions, representing 70% of distributions declared on Class A units, 30 months after their issuance. The Series D convertible units were 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 aggregated to $0.80 or more over four consecutive quarters following the original issuance date of the units and (ii) the date on which the daily closing price of our Class A common shares on the New York Stock Exchange ("NYSE") averaged $18.00 or more for two consecutive quarters following the original issuance date of the units. On September 30, 2016, the above-referenced conversion contingency was met and the 8,750,000 Series D convertible units were converted into Class A units on a one -for-one basis, which resulted in a $4.8 million noncash charge that was included in noncontrolling interest within the condensed consolidated statements of operations. The noncash charge relates to a contingent beneficial conversion feature that represents a return to the Series D convertible unit holders in the form of additional noncontrolling interest, calculated as the difference between the estimated fair value of the Series D units and the Class A units at the time of their respective issuances, which was recognized when the contingency was met. Distributions Our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares during the quarters ended September 30, 2016 and 2015 . Distributions declared on our 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares during the quarters ended September 30, 2016 and 2015 , totaled $0.3125 per share, $0.3125 per share and $0.34375 per share, respectively. Distributions declared on our 6.5% Series D perpetual preferred shares and 6.35% Series E perpetual preferred shares totaled $0.40625 per share and $0.40569 per share, respectively, during the quarter ended September 30, 2016 . Distributions declared on our Series C convertible units totaled zero and $0.15113 per unit during the quarters ended September 30, 2016 and 2015 , respectively. Distributions declared on our Series D convertible units totaled $0.035 per unit for the quarter ended September 30, 2016 , which represents 70% of distributions declared on Class A units. Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interest held by former AH LLC members in units in the Company’s operating partnership. Former AH LLC members owned 54,276,644 and 14,440,670 , or approximately 18.5% and 6.5% , of the total 293,987,819 and 222,311,255 Class A units in the operating partnership as of September 30, 2016 , and December 31, 2015 , respectively. Additionally, former AH LLC members owned zero and all 31,085,974 of the Series C convertible units and owned zero and all 4,375,000 of the Series D convertible units in the operating partnership as of September 30, 2016 , and December 31, 2015 , respectively. Noncontrolling interest also includes interests held by former ARPI employees in Class A units of the Company's operating partnership, which were issued in connection with the Merger with ARPI in February 2016. Former ARPI Class A unit holders owned 1,279,316 , or approximately 0.4% of the total 293,987,819 Class A units in the operating partnership as of September 30, 2016 . Also included in noncontrolling interest is the outside ownership interest in a consolidated subsidiary of the Company. The following table summarizes the activity that relates to the Company’s noncontrolling interest as reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 : For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Preferred income allocated to Series C convertible units $ — $ 4,698 $ 3,027 $ 14,094 Net (loss) income allocated to Class A units (27 ) (1,575 ) 108 (3,241 ) Net income allocated to Series D convertible units — — 133 — Beneficial conversion feature 7,569 — 7,569 — Net loss allocated to noncontrolling interests in certain consolidated subsidiaries (226 ) (14 ) (446 ) (58 ) $ 7,316 $ 3,109 $ 10,391 $ 10,795 2012 Equity Incentive Plan During the nine months ended September 30, 2016 and 2015 , the Company granted stock options for 708,000 and 588,500 Class A common shares, respectively, and 74,100 and 44,000 restricted stock units, respectively, to certain employees of the Company under the 2012 Equity Incentive Plan (the “Plan”). The options and restricted stock units granted during the nine months ended September 30, 2016 and 2015 , vest over four years and expire 10 years from the date of grant. The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2016 and 2015 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2015 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (15,000 ) 15.00 19 Forfeited (178,500 ) 16.57 Options outstanding at September 30, 2015 2,560,000 $ 16.23 8.3 $ 557 Options exercisable at September 30, 2015 636,250 $ 15.94 7.7 $ 273 Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.84 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.08 $ 5,885 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise. The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares issued during the nine months ended September 30, 2016 and 2015 : 2016 2015 Weighted-average fair value $ 2.82 $ 4.57 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 27.3 % 35.9 % Risk-free interest rate 1.5 % 1.9 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2016 and 2015 : 2016 2015 Restricted stock units at beginning of period 91,650 85,000 Units awarded 74,100 44,000 Units vested (27,250 ) (22,000 ) Units forfeited (6,550 ) (9,700 ) Restricted stock units at end of the period 131,950 97,300 Total non-cash share-based compensation expense related to stock options and restricted stock units was $0.9 million for the three months ended September 30, 2016 and 2015 and $2.7 million and $2.3 million for the nine months ended September 30, 2016 and 2015 , respectively. Share Repurchase Program On September 21, 2015 , the Company announced that our Board of Trustees approved a share repurchase program authorizing us to repurchase up to $300.0 million of our outstanding Class A common shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. In addition, the excess of the purchase price over the par value of shares repurchased is recorded as a reduction to additional paid-in capital. During the nine months ended September 30, 2016 , we repurchased and retired approximately 6.2 million of our Class A common shares, on a settlement basis, in accordance with the program at a weighted-average price of $15.44 per share and a total price of $96.0 million . During the nine months ended September 30, 2015 , we repurchased and retired approximately 3.4 million of our Class A common shares, in accordance with the program at a weighted-average price of $15.76 per share and a total price of $53.7 million . As of September 30, 2016 , we had a remaining repurchase authorization of $146.7 million under the program. Secondary Offering In September 2016, the Alaska Permanent Fund Corporation (the "Selling Shareholder") sold 43.5 million of the Company's Class A common shares at an offering price of $21.75 per share, in a registered offering (the "Secondary Offering"). The Company did not sell any shares in, or receive any proceeds from, the Secondary Offering. The Company incurred approximately $0.2 million of expenses in the third quarter of 2016 related to the Secondary Offering, which were included in acquisition fees and costs expensed within the condensed consolidated statements of operations.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 30, 2016 , and December 31, 2015 , former AH LLC members owned approximately 2.8% and 3.3% , respectively, of our outstanding Class A common shares. On a fully-diluted basis, former AH LLC members held (including consideration of 635,075 Class B common shares as of September 30, 2016 , and December 31, 2015 , 54,276,644 and 14,440,670 Class A units as of September 30, 2016 , and December 31, 2015 , respectively, zero and all 31,085,974 Series C convertible units as of September 30, 2016 , and December 31, 2015 , respectively, zero and all 4,375,000 Series D convertible units as of September 30, 2016 , and December 31, 2015 , respectively, and zero and all 4,375,000 Series E convertible units as of September 30, 2016 , and December 31, 2015 , respectively) an approximate 18.6% and 22.1% interest at September 30, 2016 , and December 31, 2015 , respectively. As of September 30, 2016 , the Company had a net receivable of $1.3 million due from affiliates primarily related to expense reimbursements due from a joint venture, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. 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 units, partially offset by expense reimbursements from affiliates, which was included in amounts payable to affiliates within the condensed consolidated balance sheets. In June 2014, the Company and the Alaska Permanent Fund Corporation ("APFC") formed a joint venture (the "Alaska Joint Venture II"). As of September 30, 2016 , and December 31, 2015 , we had contributed $40.0 million to the Alaska Joint Venture II and APFC had contributed $160.0 million . During the third quarter of 2016, the Alaska Joint Venture II paid distributions totaling $0.4 million and $1.6 million to us and APFC, respectively. In evaluating the Company's interest in the Alaska Joint Venture II, we concluded that the entity is not a variable interest entity after applying the variable interest model and, therefore, we account for our interest in the Alaska Joint Venture II as an investment in an unconsolidated subsidiary using the equity method of accounting after applying the voting interest model. As of September 30, 2016 , the balance of the Company's investment in the Alaska Joint Venture II was $33.3 million , which is included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. The Company has a promoted interest in the Alaska Joint Venture II in addition to owning 20% of its equity.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions Merger with American Residential Properties, Inc. On February 29, 2016, the Company completed a merger with ARPI, in which ARPI merged with and into a wholly owned subsidiary of us in a stock-for-stock transaction, with our subsidiary continuing as the surviving entity (the "Merger"). The purpose of this acquisition was to solidify our position as the largest public owner and operator of single-family rental properties, increase scale and achieve operating synergies. ARPI’s portfolio is substantially similar to our own, meets our high quality portfolio standards and the acquisition of their portfolio has allowed us to add density in key markets. As a result of the Merger, each holder of ARPI common stock received 1.135 of our Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI’s operating partnership received 1.135 Class A units of our operating partnership. We issued 36,546,170 Class A common shares and 1,343,843 Class A units in connection with the Merger, representing 12.7% of the total Class A common shares, Class B common shares and units of our operating partnership, collectively, as of the acquisition date. The equity transaction consideration of $530.5 million was calculated based on the 36,546,170 Class A common shares and 1,343,843 Class A units issued in connection with the Merger valued at the Company’s closing share price on the acquisition date of $14.00 per share. Transaction costs incurred by the Company related to the Merger totaled $7.7 million , of which $0.5 million was incurred during the third quarter of 2016 . The following table summarizes the preliminary allocation of the estimated fair values of the assets and liabilities acquired as part of the Merger as of the acquisition date (in thousands): Net assets acquired Land $ 262,396 Buildings and improvements 1,014,857 Cash and cash equivalents 15,499 Restricted cash 9,521 Rent and other receivables 843 Escrow deposits, prepaid expenses and other assets 35,134 In-place leases 22,696 Accounts payable and accrued expenses (38,485 ) Net assets acquired 1,322,461 Debt assumed or extinguished Credit facility 350,000 Exchangeable senior notes 112,298 Asset-backed securitization 329,703 Total debt assumed or extinguished 792,001 Equity transaction consideration 530,460 Total transaction consideration $ 1,322,461 Since the completion of the Merger, the Company has consolidated the 8,936 single-family properties acquired as part of the transaction and the related results of these operations are reflected in the Company’s condensed consolidated financial statements. The following table presents the total revenues and net income (loss) attributable to the Merger that are included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2016 (in thousands): For the Three Months Ended For the Period from February 29, 2016 to September 30, 2016 Total revenues $ 37,505 $ 83,387 Net income (loss) $ 2,148 $ (3,479 ) Pro Forma Supplemental Information The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the Merger had occurred on January 1, 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Pro forma total revenues (1) $ 236,057 $ 204,580 $ 674,291 $ 549,508 Pro forma net loss (1) $ (167 ) $ (22,958 ) $ (18,093 ) $ (42,265 ) Pro forma net loss per share (1) $ (0.09 ) $ (0.13 ) $ (0.23 ) $ (0.28 ) (1) This pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Merger occurred on January 1, 2015.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table reflects the computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2016 and 2015 (in thousands, except share data): For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 Numerator: Net (loss) income $ (167 ) $ (19,938 ) $ 1,108 $ (36,601 ) Noncontrolling interest 7,316 3,109 10,391 10,795 Dividends on preferred shares 13,669 5,569 26,650 16,707 Net loss attributable to common shareholders $ (21,152 ) $ (28,616 ) $ (35,933 ) $ (64,103 ) Denominator: Denominator: Weighted-average shares 238,401,343 211,414,368 232,036,802 211,460,840 Net loss per share—basic and diluted $ (0.09 ) $ (0.14 ) $ (0.15 ) $ (0.30 ) Total weighted-average shares for the three and nine months ended September 30, 2016 , excludes an aggregate of 81,898,292 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, restricted stock units and common shares issuable upon the conversion of our exchangeable senior notes from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods. Total weighted-average shares for the three and nine months ended September 30, 2015 , excludes an aggregate of 73,993,944 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, and restricted stock units from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2016 , and December 31, 2015 , we had commitments to acquire 103 and 12 single-family properties, respectively, with an aggregate purchase price of $22.4 million and $1.7 million , respectively. As of September 30, 2016 , the Company had sales in escrow for approximately 445 of our single-family properties for an aggregate selling price of $26.7 million . 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 or results of operations upon resolution.

Noncash Transactions

Noncash Transactions	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Noncash Transactions	Noncash Transactions On February 29, 2016 we completed our Merger with ARPI in a stock-for-stock transaction. Each holder of ARPI common stock received 1.135 of our Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI's operating partnership received 1.135 Class A units of our operating partnership. We issued 36,546,170 Class A common shares and 1,343,843 Class A units in connection with the Merger, representing 12.7% of the total Class A common shares, Class B common shares and units of our operating partnership, collectively, as of the acquisition date (see Note 10).

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2016
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 and preferred shares derivative liability are the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements. Our credit facilities, term loan facility, asset-backed securitizations, exchangeable senior notes 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 September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ 457,979 $ 460,767 $ 473,755 $ 472,258 AH4R 2014-SFR2 securitization 503,093 513,484 507,305 476,952 AH4R 2014-SFR3 securitization 519,148 532,755 523,109 489,448 AH4R 2015-SFR1 securitization 544,861 555,558 549,121 496,673 AH4R 2015-SFR2 securitization 473,237 484,615 476,920 433,633 Total asset-backed securitizations (1) 2,498,318 2,547,179 2,530,210 2,368,964 Exchangeable senior notes, net (2) 107,283 107,283 — — Secured note payable 50,065 50,377 50,752 48,631 Revolving credit facilities (3) 75,000 75,000 — — Term loan facility (4) 250,000 250,000 — — Total debt $ 2,980,666 $ 3,029,839 $ 2,580,962 $ 2,417,595 (1) The carrying values of the asset-backed securitizations exclude $50.4 million and $56.6 million of deferred financing costs as of September 30, 2016 , and December 31, 2015 , respectively. (2) The exchangeable senior notes, net are presented net of unamortized discounts. As they were recently acquired in connection with the Merger with ARPI in February 2016, we believe the fair value approximates the carrying value. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the revolving credit facility as of September 30, 2016 , reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $3.4 million of deferred financing costs as of September 30, 2016 . As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the term loan facility as of September 30, 2016 , reasonably approximates fair value. 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 following table sets forth the fair value of our contingently convertible Series E units liability and preferred shares derivative liability as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 Description Quoted Prices Significant Significant Total Liabilities: Preferred shares derivative liability $ — $ — $ 65,730 $ 65,730 December 31, 2015 Description Quoted Prices Significant Significant Total Liabilities: Contingently convertible Series E units liability $ — $ — $ 69,957 $ 69,957 Preferred shares derivative liability $ — $ — $ 62,790 $ 62,790 The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our contingently convertible series E units liability and preferred shares derivative liability, which are measured on a recurring basis with changes in fair value recognized in remeasurement of Series E units and remeasurement of preferred shares, respectively, in the condensed consolidated statements of operations for the nine months ended September 30, 2016 and 2015 (in thousands): Description January 1, 2016 Issuances Conversions Remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (69,957 ) $ — $ — Preferred shares derivative liability $ 62,790 $ — $ — $ 2,940 $ 65,730 Description January 1, 2015 Issuances Conversions Remeasurement September 30, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ — $ (3,456 ) $ 68,601 Preferred shares derivative liability $ 57,960 $ — $ — $ 2,300 $ 60,260 Changes in inputs or assumptions used to value the preferred shares derivative liability may have a material impact on the resulting valuation.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Facilities As of October 31, 2016 , the outstanding borrowings against the revolving credit facility and term loan facility were $75.0 million and $250.0 million , respectively. Subsequent Dispositions From October 1, 2016 , through October 31, 2016 , we disposed of 36 properties for aggregate net proceeds of approximately $5.7 million . Subsequent Acquisitions From October 1, 2016 , through October 31, 2016 , we acquired 129 properties for an aggregate purchase price of approximately $24.5 million . Declaration of Dividends On November 1, 2016 , our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on December 30, 2016 , to shareholders of record on December 15, 2016 , and $0.05 per Class B common share payable on December 30, 2016 , to shareholders of record on December 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 December 30, 2016 , to shareholders of record on December 15, 2016 , $0.3125 per share on the Company’s 5.0% Series B participating preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 , $0.34375 per share on the Company’s 5.5% Series C participating preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 , $0.40625 per share on the Company’s 6.5% Series D perpetual preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 and $0.39688 per share on the Company’s 6.35% Series E perpetual preferred shares payable on December 30, 2016 , to shareholders of record on December 15, 2016 . Hurricane Matthew Certain of our properties in the Florida and Carolina markets were impacted by Hurricane Matthew. The Company is assessing potential damages, which are estimated to be approximately $0.6 million to $1.0 million .

Significant Accounting Polici24

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are unaudited and include the accounts of the Company, the operating partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) , to amend the accounting for credit losses for certain financial instruments by requiring companies to recognize an estimate of expected credit losses as an allowance in order to recognize such losses more timely than under previous guidance that had allowed companies to wait until it was probable such losses had been incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (Topic 718), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2016, 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 February 2016, the 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 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 our financial statements.

Single-Family Properties (Table

Single-Family Properties (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Single-Family Properties, Net	Single-family properties, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (dollars in thousands): September 30, 2016 Number of Net book Leased single-family properties 44,746 $ 7,072,461 Single-family properties being renovated 406 77,451 Single-family properties being prepared for re-lease 90 15,333 Vacant single-family properties available for lease 1,673 274,845 Single-family properties held for sale, net 1,238 105,308 Total 48,153 $ 7,545,398 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, net 45 7,432 Total 38,780 $ 6,289,938

Deferred Costs and Other Inta26

Deferred Costs and Other Intangibles, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consisted of the following as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Deferred leasing costs $ 14,985 $ 8,692 Deferred financing costs 6,520 12,454 Intangible assets: Value of in-place leases 22,352 152 Trademark 3,100 3,100 Database 2,100 2,100 49,057 26,498 Less: accumulated amortization (34,041 ) (16,069 ) Total $ 15,016 $ 10,429
Amortization Expense Related to Deferred Costs and Other Intangibles	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2016 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2016 $ 1,463 $ 412 $ 2,222 $ 165 $ 75 2017 2,054 1,633 908 660 300 2018 — 1,633 21 92 300 2019 — 1,633 2 — 300 2020 — 1,011 — — 132 Total $ 3,517 $ 6,322 $ 3,153 $ 917 $ 1,107

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of September 30, 2016 , and December 31, 2015 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2016 December 31, 2015 AH4R 2014-SFR1 securitization (2) 2.07 % June 9, 2019 $ 457,979 $ 473,755 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 503,093 507,305 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 519,148 523,109 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 544,861 549,121 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 473,237 476,920 Total asset-backed securitizations 2,498,318 2,530,210 Exchangeable senior notes 3.25 % November 15, 2018 115,000 — Secured note payable 4.06 % July 1, 2019 50,065 50,752 Revolving credit facilities (5) 2.38 % August 16, 2020 75,000 — Term loan facility (6) 2.33 % August 16, 2021 250,000 — Total debt (7) 2,988,383 2,580,962 Unamortized discount on exchangeable senior notes (2,134 ) — Equity component of exchangeable senior notes (5,583 ) — Deferred financing costs, net (8) (53,845 ) (56,567 ) Total debt per balance sheet $ 2,926,821 $ 2,524,395 (1) Interest rates are as of September 30, 2016 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of 1-month 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 AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (4) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (5) The revolving credit facility that was entered into in August 2016 provides for a borrowing capacity of up to $650.0 million , with a fully extended maturity date of August 2020, and bears interest at a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $350.0 million , with a fully extended maturity date of August 2021, and bears interest at a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2016 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, exchangeable senior notes, secured note payable, credit facilities and term loan facility as of September 30, 2016 , and December 31, 2015 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $2.2 million and $1.8 million for the three months ended September 30, 2016 and 2015 , respectively, and $6.3 million and $5.0 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization.
Summary of Activity that Relates to Capitalized Interest	The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and nine months ended September 30, 2016 and 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Gross interest $ 33,433 $ 25,029 $ 100,886 $ 69,181 Capitalized interest (582 ) (1,163 ) (1,577 ) (7,642 ) Interest expense $ 32,851 $ 23,866 $ 99,309 $ 61,539

Accounts Payable and Accrued 28

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Accounts payable $ — $ 1,173 Accrued property taxes 108,102 46,024 Other accrued liabilities 31,096 26,031 Accrued construction and maintenance liabilities 12,661 11,429 Resident security deposits 69,743 53,819 Prepaid rent 19,465 16,275 Total $ 241,067 $ 154,751

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations	The following table summarizes the activity that relates to the Company’s noncontrolling interest as reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 : For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Preferred income allocated to Series C convertible units $ — $ 4,698 $ 3,027 $ 14,094 Net (loss) income allocated to Class A units (27 ) (1,575 ) 108 (3,241 ) Net income allocated to Series D convertible units — — 133 — Beneficial conversion feature 7,569 — 7,569 — Net loss allocated to noncontrolling interests in certain consolidated subsidiaries (226 ) (14 ) (446 ) (58 ) $ 7,316 $ 3,109 $ 10,391 $ 10,795
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2016 and 2015 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2015 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (15,000 ) 15.00 19 Forfeited (178,500 ) 16.57 Options outstanding at September 30, 2015 2,560,000 $ 16.23 8.3 $ 557 Options exercisable at September 30, 2015 636,250 $ 15.94 7.7 $ 273 Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.84 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.08 $ 5,885 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding	The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares issued during the nine months ended September 30, 2016 and 2015 : 2016 2015 Weighted-average fair value $ 2.82 $ 4.57 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 27.3 % 35.9 % Risk-free interest rate 1.5 % 1.9 %
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the nine months ended September 30, 2016 and 2015 : 2016 2015 Restricted stock units at beginning of period 91,650 85,000 Units awarded 74,100 44,000 Units vested (27,250 ) (22,000 ) Units forfeited (6,550 ) (9,700 ) Restricted stock units at end of the period 131,950 97,300

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the estimated fair values of the assets and liabilities acquired as part of the Merger as of the acquisition date (in thousands): Net assets acquired Land $ 262,396 Buildings and improvements 1,014,857 Cash and cash equivalents 15,499 Restricted cash 9,521 Rent and other receivables 843 Escrow deposits, prepaid expenses and other assets 35,134 In-place leases 22,696 Accounts payable and accrued expenses (38,485 ) Net assets acquired 1,322,461 Debt assumed or extinguished Credit facility 350,000 Exchangeable senior notes 112,298 Asset-backed securitization 329,703 Total debt assumed or extinguished 792,001 Equity transaction consideration 530,460 Total transaction consideration $ 1,322,461
Schedule of Related Party Transactions	The following table presents the total revenues and net income (loss) attributable to the Merger that are included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2016 (in thousands): For the Three Months Ended For the Period from February 29, 2016 to September 30, 2016 Total revenues $ 37,505 $ 83,387 Net income (loss) $ 2,148 $ (3,479 )
Business Acquisition, Pro Forma Information	The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the Merger had occurred on January 1, 2015 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Pro forma total revenues (1) $ 236,057 $ 204,580 $ 674,291 $ 549,508 Pro forma net loss (1) $ (167 ) $ (22,958 ) $ (18,093 ) $ (42,265 ) Pro forma net loss per share (1) $ (0.09 ) $ (0.13 ) $ (0.23 ) $ (0.28 ) (1) This pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Merger occurred on January 1, 2015.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Computation of Net Income (Loss) per Share on Basic and Diluted Basis	The following table reflects the computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2016 and 2015 (in thousands, except share data): For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 Numerator: Net (loss) income $ (167 ) $ (19,938 ) $ 1,108 $ (36,601 ) Noncontrolling interest 7,316 3,109 10,391 10,795 Dividends on preferred shares 13,669 5,569 26,650 16,707 Net loss attributable to common shareholders $ (21,152 ) $ (28,616 ) $ (35,933 ) $ (64,103 ) Denominator: Denominator: Weighted-average shares 238,401,343 211,414,368 232,036,802 211,460,840 Net loss per share—basic and diluted $ (0.09 ) $ (0.14 ) $ (0.15 ) $ (0.30 ) Total weighted-average shares for the three and nine months ended September 30, 2016 , excludes an aggregate of 81,898,292 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, restricted stock units and common shares issuable upon the conversion of our exchangeable senior notes from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods. Total weighted-average shares for the three and nine months ended September 30, 2015 , excludes an aggregate of 73,993,944 shares or units in our operating partnership, participating preferred shares, common shares issuable upon exercise of stock options, and restricted stock units from dilutive securities because they were antidilutive due to the net loss attributable to common shareholders in those periods.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2016
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 September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ 457,979 $ 460,767 $ 473,755 $ 472,258 AH4R 2014-SFR2 securitization 503,093 513,484 507,305 476,952 AH4R 2014-SFR3 securitization 519,148 532,755 523,109 489,448 AH4R 2015-SFR1 securitization 544,861 555,558 549,121 496,673 AH4R 2015-SFR2 securitization 473,237 484,615 476,920 433,633 Total asset-backed securitizations (1) 2,498,318 2,547,179 2,530,210 2,368,964 Exchangeable senior notes, net (2) 107,283 107,283 — — Secured note payable 50,065 50,377 50,752 48,631 Revolving credit facilities (3) 75,000 75,000 — — Term loan facility (4) 250,000 250,000 — — Total debt $ 2,980,666 $ 3,029,839 $ 2,580,962 $ 2,417,595 (1) The carrying values of the asset-backed securitizations exclude $50.4 million and $56.6 million of deferred financing costs as of September 30, 2016 , and December 31, 2015 , respectively. (2) The exchangeable senior notes, net are presented net of unamortized discounts. As they were recently acquired in connection with the Merger with ARPI in February 2016, we believe the fair value approximates the carrying value. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the revolving credit facility as of September 30, 2016 , reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $3.4 million of deferred financing costs as of September 30, 2016 . As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30% , and since this facility was recently entered into in August 2016, management believes that the carrying value of the term loan facility as of September 30, 2016 , reasonably approximates fair value.
Fair Value of Financial Instruments	The following table sets forth the fair value of our contingently convertible Series E units liability and preferred shares derivative liability as of September 30, 2016 , and December 31, 2015 (in thousands): September 30, 2016 Description Quoted Prices Significant Significant Total Liabilities: Preferred shares derivative liability $ — $ — $ 65,730 $ 65,730 December 31, 2015 Description Quoted Prices Significant Significant Total Liabilities: Contingently convertible Series E units liability $ — $ — $ 69,957 $ 69,957 Preferred shares derivative liability $ — $ — $ 62,790 $ 62,790
Changes in Fair Value of Level 3 Financial Instruments	The following table presents changes in the fair values of our Level 3 financial instruments, consisting of our contingently convertible series E units liability and preferred shares derivative liability, which are measured on a recurring basis with changes in fair value recognized in remeasurement of Series E units and remeasurement of preferred shares, respectively, in the condensed consolidated statements of operations for the nine months ended September 30, 2016 and 2015 (in thousands): Description January 1, 2016 Issuances Conversions Remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (69,957 ) $ — $ — Preferred shares derivative liability $ 62,790 $ — $ — $ 2,940 $ 65,730 Description January 1, 2015 Issuances Conversions Remeasurement September 30, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ — $ (3,456 ) $ 68,601 Preferred shares derivative liability $ 57,960 $ — $ — $ 2,300 $ 60,260

Organization and Operations (De

Organization and Operations (Details)	Jun. 10, 2013shares	Sep. 30, 2016statesingle_family_property	Dec. 31, 2015single_family_property
Real Estate Properties [Line Items]
Number of properties | single_family_property		48,153	38,780
Number of states | state		22
Operating Partnership | Series D Convertible Units
Real Estate Properties [Line Items]
Units issued to AH LLC (in shares) | shares	4,375,000
Operating Partnership | Series E Convertible Units
Real Estate Properties [Line Items]
Units issued to AH LLC (in shares) | shares	4,375,000
Properties Held for Sale | Single Family Homes
Real Estate Properties [Line Items]
Number of properties | single_family_property		1,238	45

Significant Accounting Polici34

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Deferred financing costs, net	$ 53,845		$ 53,845		$ 56,567
Property operating expenses	$ (110,412)	$ (85,052)	$ (290,998)	$ (215,699)
Accounting Standards Update 2015-03 | Asset-backed securitization
Debt Instrument [Line Items]
Deferred financing costs, net					56,600
Accounting Standards Update 2015-03 | Deferred Costs and Other Intangibles
Debt Instrument [Line Items]
Deferred financing costs, net					$ (56,600)
Reclassification of Vacant Single-Family Properties and Other Expenses to Property Operating Expenses | Property Operating Expenses
Debt Instrument [Line Items]
Property operating expenses		(1,400)		(13,000)
Reclassification of Vacant Single-Family Properties and Other Expenses to Property Operating Expenses | Restatement Adjustment | Vacant Single-Family Properties and Other
Debt Instrument [Line Items]
Property operating expenses		2,500		13,000
Reclassification Adjustment of Vacant Single-Family Property Operating Expense [Member] | Property Operating Expenses
Debt Instrument [Line Items]
Property operating expenses		(2,500)		(10,300)
Reclassification Adjustment of Vacant Single-Family Property Operating Expense [Member] | Restatement Adjustment | Vacant Single-Family Properties and Other
Debt Instrument [Line Items]
Property operating expenses		1,400		10,300
Reclassification of Leased Single-Family Properties and Vacant Single-Family Properties Other to Other Expenses | Other Expense
Debt Instrument [Line Items]
Other operating expenses		(1,100)		(2,700)
Reclassification of Leased Single-Family Properties and Vacant Single-Family Properties Other to Other Expenses | Restatement Adjustment | Leased Single-Family Properties, Vacant Single-Family Properties, and Other
Debt Instrument [Line Items]
Other operating expenses		$ 1,100		$ 2,700

Single-Family Properties - Comp

Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands	Sep. 30, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)single_family_property
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	48,153	38,780
Net book value | $	$ 7,545,398	$ 6,289,938
Single Family Homes | Properties being renovated
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	406	476
Net book value | $	$ 77,451	$ 75,055
Single Family Homes | Properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	90	178
Net book value | $	$ 15,333	$ 28,525
Single Family Homes | Properties held for sale
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	1,238	45
Net book value | $	$ 105,308	$ 7,432
Leased | Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	44,746	36,403
Net book value | $	$ 7,072,461	$ 5,895,482
Vacant | Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	1,673	1,678
Net book value | $	$ 274,845	$ 283,444

Single-Family Properties - Narr

Single-Family Properties - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Feb. 29, 2016single_family_property	Dec. 31, 2015USD ($)
Property Subject to or Available for Operating Lease
Real estate, net increase			$ 1,200,000
Net book value	$ 7,545,398		7,545,398			$ 6,289,938
Goodwill allocated to leased properties	$ 400		$ 400
Number of real estate properties sold | property	453		587
Proceeds from the sale of real estate properties	$ 56,200		$ 71,894	$ 0
Gain on sale of single-family properties, net	11,682	$ 0	12,574	0
Goodwill	120,317		120,317			120,655
Single Family Homes
Property Subject to or Available for Operating Lease
Net book value	15,400		15,400			$ 8,500
Depreciation expense	$ 67,200	$ 63,900	$ 194,200	$ 165,800
American Residential Properties Inc.
Property Subject to or Available for Operating Lease
Number of properties acquired | single_family_property					8,936

Rent and Other Receivables, N37

Rent and Other Receivables, Net (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Receivables [Abstract]
Allowance for doubtful accounts	$ 4.5	$ 3
Non-tenant receivables	$ 0.7	$ 1

Deferred Costs and Other Inta38

Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 14,985	$ 8,692
Deferred financing costs	6,520	12,454
Intangible assets:
Intangible assets	49,057	26,498
Less: accumulated amortization	(34,041)	(16,069)
Total	15,016	10,429
Value of in-place leases
Intangible assets:
Intangible assets	22,352	152
Trademark
Intangible assets:
Intangible assets	3,100	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta39

Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 6,900	$ 2,800	$ 26,700	$ 10,000
Noncash amortization of deferred financing costs			7,912	5,769
Line of Credit
Finite-Lived Intangible Assets [Line Items]
Noncash amortization of deferred financing costs	$ 500	$ 600	$ 1,900	$ 1,800

Deferred Costs and Other Inta40

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Total	$ 53,845	$ 56,567
Deferred Leasing Costs
Finite-Lived Intangible Assets [Line Items]
Remaining 2,016	1,463
2,017	2,054
Total	3,517
Deferred Financing Costs
Finite-Lived Intangible Assets [Line Items]
Remaining 2,016	412
2,017	1,633
2,018	1,633
2,019	1,633
2,020	1,011
Total	6,322
Value of in-place leases
Finite-Lived Intangible Assets [Line Items]
Remaining 2,016	2,222
2,017	908
2,018	21
2,019	2
Total	3,153
Trademark
Finite-Lived Intangible Assets [Line Items]
Remaining 2,016	165
2,017	660
2,018	92
Total	917
Database
Finite-Lived Intangible Assets [Line Items]
Remaining 2,016	75
2,017	300
2,018	300
2,019	300
2,020	132
Total	$ 1,107

Debt - Components of Debt (Deta

Debt - Components of Debt (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2016USD ($)extension_option	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)extension_option	Sep. 30, 2015USD ($)	Feb. 29, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2013USD ($)	Mar. 31, 2013USD ($)
Debt Instrument [Line Items]
Asset-backed securitizations, gross		$ 2,498,318,000		$ 2,498,318,000			$ 2,530,210,000
Secured note payable		50,065,000		50,065,000			50,752,000
Revolving credit facilities		75,000,000		75,000,000			0
Debt, gross		2,988,383,000		2,988,383,000			2,580,962,000
Deferred financing costs, net		(53,845,000)		(53,845,000)			(56,567,000)
Debt outstanding, net		2,926,821,000		2,926,821,000			2,524,395,000
Amortization of financing costs				7,912,000	$ 5,769,000
Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Secured debt outstanding		$ 246,575,000		$ 246,575,000			0
2014-SFR 1
Debt Instrument [Line Items]
Interest rate		2.07%		2.07%
Asset-backed securitizations, gross		$ 457,979,000		$ 457,979,000			473,755,000
Debt instrument initial term				2 years
Number of extension options | extension_option				3
Period of extension options				12 months
2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.25%
2014-SFR 2
Debt Instrument [Line Items]
Interest rate		4.42%		4.42%
Asset-backed securitizations, gross		$ 503,093,000		$ 503,093,000			507,305,000
2014-SFR 3
Debt Instrument [Line Items]
Interest rate		4.40%		4.40%
Asset-backed securitizations, gross		$ 519,148,000		$ 519,148,000			523,109,000
2015-SFR 1
Debt Instrument [Line Items]
Interest rate		4.14%		4.14%
Asset-backed securitizations, gross		$ 544,861,000		$ 544,861,000			549,121,000
2015-SFR 2
Debt Instrument [Line Items]
Interest rate		4.36%		4.36%
Asset-backed securitizations, gross		$ 473,237,000		$ 473,237,000			476,920,000
Secured Notes Payable | Note Payable
Debt Instrument [Line Items]
Interest rate		4.06%		4.06%
Secured note payable		$ 50,065,000		$ 50,065,000			50,752,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate		2.38%		2.38%
Revolving credit facilities		$ 75,000,000		$ 75,000,000			0
Credit facility amount, maximum (up to)		650,000,000		$ 650,000,000				$ 800,000,000	$ 500,000,000
Weighted blended interest rate | 2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.54%
Line of Credit
Debt Instrument [Line Items]
Amortization of financing costs		500,000	$ 600,000	$ 1,900,000	1,800,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facilities		75,000,000		$ 75,000,000
Credit facility amount, maximum (up to)	$ 650,000,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.85%
Line of Credit | Minimum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Line of Credit | Minimum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Line of Credit | Maximum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.30%
Line of Credit | Maximum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Secured Debt
Debt Instrument [Line Items]
Amortization of financing costs		$ 2,200,000	$ 1,800,000	$ 6,300,000	$ 5,000,000
Secured Debt | Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Interest rate		2.33%		2.33%
Secured debt outstanding		$ 250,000,000		$ 250,000,000
Debt, gross							0
Deferred financing costs, net		$ (3,400,000)		$ (3,400,000)
Number of extension options | extension_option	2
Credit facility amount, maximum (up to)	$ 350,000,000
Secured Debt | Delayed Draw Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.80%
Secured Debt | Minimum | Delayed Draw Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.70%
Secured Debt | Minimum | Delayed Draw Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.70%
Secured Debt | Maximum | Delayed Draw Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.30%
Secured Debt | Maximum | Delayed Draw Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate		3.25%		3.25%		3.25%
Exchangeable senior notes		$ 115,000,000		$ 115,000,000		$ 115,000,000	0
Unamortized discount		(2,134,000)		(2,134,000)		(2,700,000)	0
Convertible instrument carrying amount		$ (5,583,000)		$ (5,583,000)		$ (7,000,000)	$ 0

Debt - Asset-Backed Securitizat

Debt - Asset-Backed Securitization Narrative (Details)	Feb. 29, 2016USD ($)extension_optionfloating_rate_componentproperty	Sep. 30, 2016USD ($)single_family_property	Sep. 30, 2016USD ($)single_family_property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)single_family_property	Sep. 30, 2015USD ($)	Dec. 31, 2015single_family_property
Debt Instrument [Line Items]
Number of properties | single_family_property		48,153	48,153		48,153		38,780
Loss on early extinguishment of debt			$ 13,408,000	$ 0	$ 13,408,000	$ 0
Asset-backed securities | Borrower | ARP 2014-SFR1
Debt Instrument [Line Items]
Number of properties | property	2,875
Loss on early extinguishment of debt			$ 10,700,000
Principal amount	$ 342,200,000
Debt instrument initial term	2 years
Number of extension options | extension_option	3
Period of extension options	12 months
Number of floating rate components | floating_rate_component	6
Restricted cash released		$ 10,100,000
Asset-backed securities | Weighted blended interest rate | Borrower | ARP 2014-SFR1 | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.11%

Debt - Exchangeable Senior Note

Debt - Exchangeable Senior Notes Narrative (Details)	Feb. 29, 2016USD ($)day	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Exchangeable senior notes, net		$ 107,283,000	$ 0
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate	3.25%	3.25%
Principal amount	$ 115,000,000	$ 115,000,000	0
Fair value of convertible debt	$ 112,300,000
Debt exchange ratio		0.0546381
Current exchange price percentage	98.00%
Minimum trading days | day	20
Consecutive trading days	5 days
Unamortized discount	$ (2,700,000)	$ (2,134,000)	0
Exchangeable senior notes, net	$ 105,300,000	107,300,000
Straight-debt rate	6.70%
Convertible instrument carrying amount	$ 7,000,000	$ 5,583,000	$ 0
Convertible Debt | 3.25% Exchangeable Senior Notes | Minimum
Debt Instrument [Line Items]
Current exchange price percentage	130.00%
Consecutive trading days	30 days
American Residential Properties Inc. | Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt exchange ratio	0.0469423
Adjusted debt exchange ratio	0.0532795
Ownership units exchange ratio	1.135

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)	1 Months Ended				3 Months Ended		9 Months Ended
	Aug. 31, 2016USD ($)extension_option	Jul. 31, 2016USD ($)	Jun. 30, 2016	Sep. 30, 2013USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2013USD ($)
Line of Credit Facility [Line Items]
Revolving credit facilities					$ 75,000,000		$ 75,000,000		$ 0
Loss on early extinguishment of debt					13,408,000	$ 0	13,408,000	$ 0
Debt outstanding					2,926,821,000		2,926,821,000		2,524,395,000
Senior Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility amount, maximum				$ 800,000,000	650,000,000		650,000,000			$ 500,000,000
Revolving credit facilities					75,000,000		75,000,000		0
Loss on early extinguishment of debt					2,700,000
Until March 2017 | LIBOR | Senior Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2.75%
March 2017 and Thereafter | LIBOR | Senior Secured Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				3.125%
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility amount, maximum	$ 650,000,000
Revolving credit facilities					$ 75,000,000		$ 75,000,000
Repayments of borrowings on existing credit facility		$ 142,000,000
Debt instrument extension period (up to)	1 year
Line of Credit | LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate							1.85%
Series E Perpetual Preferred Shares
Line of Credit Facility [Line Items]
Preferred stock, dividend rate, percentage		6.35%	6.35%		6.35%		6.35%
Credit Agreement
Line of Credit Facility [Line Items]
Total credit agreement amount	$ 1,000,000,000
Credit agreement accordion feature (not to exceed)	1,750,000,000
Delayed Draw Term Loan Facility
Line of Credit Facility [Line Items]
Secured debt outstanding					$ 246,575,000		$ 246,575,000		$ 0
Delayed Draw Term Loan Facility | Secured Debt
Line of Credit Facility [Line Items]
Credit facility amount, maximum	$ 350,000,000
Debt instrument extension period (up to)	1 year
Number of extension options | extension_option	2
Secured debt outstanding					$ 250,000,000		$ 250,000,000
Delayed Draw Term Loan Facility | Secured Debt | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate							1.80%
Minimum | Line of Credit | LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Minimum | Line of Credit | Base Rate | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Minimum | Delayed Draw Term Loan Facility | Secured Debt | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.70%
Minimum | Delayed Draw Term Loan Facility | Secured Debt | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.70%
Maximum | Line of Credit | LIBOR | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.30%
Maximum | Line of Credit | Base Rate | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Maximum | Delayed Draw Term Loan Facility | Secured Debt | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.30%
Maximum | Delayed Draw Term Loan Facility | Secured Debt | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.30%

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Disclosure [Abstract]
Gross interest	$ 33,433	$ 25,029	$ 100,886	$ 69,181
Capitalized interest	(582)	(1,163)	(1,577)	(7,642)
Interest expense	$ 32,851	$ 23,866	$ 99,309	$ 61,539

Accounts Payable and Accrued 46

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts payable	$ 0	$ 1,173
Accrued property taxes	108,102	46,024
Other accrued liabilities	31,096	26,031
Accrued construction and maintenance liabilities	12,661	11,429
Resident security deposits	69,743	53,819
Prepaid rent	19,465	16,275
Total	$ 241,067	$ 154,751

Accounts Payable and Accrued 47

Accounts Payable and Accrued Expenses - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)	Feb. 29, 2016single_family_property	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Increase (decrease) in accounts payable and accrued expenses	$ 86,300
Accounts payable and accrued expenses	$ 241,067		$ 154,751
American Residential Properties Inc.
Business Acquisition [Line Items]
Number of properties acquired | single_family_property		8,936

Shareholders' Equity - Issuance

Shareholders' Equity - Issuance of Class A Common Shares and Class A Units (Details)	1 Months Ended
	Feb. 29, 2016$ / sharesshares	Sep. 30, 2016$ / shares	Dec. 31, 2015$ / shares
Operating Partnership | Class A Units
Class of Stock [Line Items]
Operating partnership units (in shares)	1,343,843
Ownership units exchange ratio	1
Class A common shares
Class of Stock [Line Items]
Common shares issued	36,546,170
Common shares, par value (in USD per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01

Shareholders' Equity - Perpetua

Shareholders' Equity - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	9 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Liquidation preference (in USD per share)				$ 25	$ 25
Preferred stock change in control redemption period					120 days
Gross proceeds from issuance of preferred stock					$ 498,750	$ 0
Preferred shares, shares issued (in shares)				37,010,000	37,010,000		17,060,000
Series D Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			6.50%	6.50%	6.50%
Gross proceeds from issuance of preferred stock			$ 268,800
Preferred shares, shares issued (in shares)			10,750,000
Issuance of perpetual preferred shares, offering costs			$ 8,500
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.35%	6.35%		6.35%	6.35%
Gross proceeds from issuance of preferred stock		$ 230,000
Preferred shares, shares issued (in shares)		9,200,000
Issuance of perpetual preferred shares, offering costs		$ 7,500

Shareholders' Equity - Particip

Shareholders' Equity - Participating Preferred Shares (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)market	Sep. 30, 2015
Class of Stock [Line Items]
Cumulative change in value of index based on purchase prices		50.00%
Number of top markets used for purchase price index | market		20
Liquidation preference value | $	$ 470.9	$ 470.9
5.0% Series A Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.00%	5.00%	5.00%
5.0% Series B Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.00%	5.00%	5.00%
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.50%	5.50%	5.50%

Shareholders' Equity - Conversi

Shareholders' Equity - Conversion of Series C Convertible Units into Class A Units (Details) - AH LLC - Series C Convertible Units	Sep. 30, 2016shares	Feb. 28, 2016shares	Dec. 31, 2015shares
Class of Stock [Line Items]
Ownership units owned (in shares)	0		31,085,974
Operating Partnership
Class of Stock [Line Items]
Ownership units owned (in shares)	0	31,085,974	31,085,974
Ownership units exchange ratio		1

Shareholders' Equity - Conver52

Shareholders' Equity - Conversion of Series E Convertible Units in Series D Convertible Units (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Feb. 29, 2016shares	Dec. 31, 2015shares
Class of Stock [Line Items]
Conversion of convertible units | $	$ 0	$ 0	$ 11,463	$ 0
Series E Convertible Units
Class of Stock [Line Items]
Noncash charge related to contingent beneficial conversion on convertible units | $			2,800
Series D Convertible Units
Class of Stock [Line Items]
Noncash charge related to contingent beneficial conversion on convertible units | $			$ 4,800
Series D Convertible Units | Operating Partnership
Class of Stock [Line Items]
Ownership units owned (in shares)	8,750,000		8,750,000
AH LLC | Series E Convertible Units
Class of Stock [Line Items]
Ownership units owned (in shares)	0		0			4,375,000
AH LLC | Series E Convertible Units | Operating Partnership
Class of Stock [Line Items]
Ownership units owned (in shares)					4,375,000
Ownership units exchange ratio					1
AH LLC | Series D Convertible Units
Class of Stock [Line Items]
Ownership units owned (in shares)	0		0			4,375,000
AH LLC | Series D Convertible Units | Operating Partnership
Class of Stock [Line Items]
Ownership units owned (in shares)	0		0			4,375,000

Shareholders' Equity - Conver53

Shareholders' Equity - Conversion of Series D Convertible Units into Class A Units (Details) - Series D Convertible Units $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares	Dec. 31, 2015shares
Class of Stock [Line Items]
Percentage of distributions claimed on operating partnership units	70.00%
Period after issuance for eligibility to participate in operating partnership distributions	30 months
Conversion requirements, adjusted funds from operations per share (in USD per share) | $ / shares	$ 0.80
Conversion requirements, average price per common share (in USD per share) | $ / shares	$ 18
Noncash charge related to contingent beneficial conversion on convertible units | $	$ 4.8
AH LLC
Class of Stock [Line Items]
Ownership units owned (in shares)	0	4,375,000
Operating Partnership
Class of Stock [Line Items]
Ownership units owned (in shares)	8,750,000
Operating Partnership | AH LLC
Class of Stock [Line Items]
Conversion ratio of convertible units	1
Ownership units owned (in shares)	0	4,375,000

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - $ / shares	1 Months Ended			3 Months Ended		9 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)				$ 0.05	$ 0.05	$ 0.15	$ 0.15
Class A common shares
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)				0.05	0.05
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in USD per share)				$ 0.05	0.05
5.0% Series A Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage				5.00%		5.00%	5.00%
Preferred stock dividends declared (in USD per share)				$ 0.3125	0.3125
5.0% Series B Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage				5.00%		5.00%	5.00%
Preferred stock dividends declared (in USD per share)				$ 0.3125	0.3125
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage				5.50%		5.50%	5.50%
Preferred stock dividends declared (in USD per share)				$ 0.34375	0.34375
Series D Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			6.50%	6.50%		6.50%
Preferred stock dividends declared (in USD per share)				$ 0.40625
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.35%	6.35%		6.35%		6.35%
Preferred stock dividends declared (in USD per share)				$ 0.40569
Series D Convertible Units
Class of Stock [Line Items]
Declared distributions (in USD per share)				0.035		$ 0.035
Series C Convertible Units
Class of Stock [Line Items]
Declared distributions (in USD per share)				$ 0	$ 0.15113	$ 0	$ 0.15113
Series D Convertible Units
Class of Stock [Line Items]
Percentage of participation eligibility on distributions						70.00%

Shareholders' Equity - Noncontr

Shareholders' Equity - Noncontrolling Interest (Details) - shares	Sep. 30, 2016	Feb. 29, 2016	Feb. 28, 2016	Dec. 31, 2015
Operating Partnership | Class A Units
Class of Stock [Line Items]
Operating partnership units (in shares)		1,343,843
Operating Partnership | Series D Convertible Units
Class of Stock [Line Items]
Ownership units owned (in shares)	8,750,000
AH LLC
Class of Stock [Line Items]
Percentage of units outstanding	18.60%			22.10%
AH LLC | Class A Units
Class of Stock [Line Items]
Ownership units owned (in shares)	54,276,644			14,440,670
AH LLC | Series C Convertible Units
Class of Stock [Line Items]
Ownership units owned (in shares)	0			31,085,974
AH LLC | Series D Convertible Units
Class of Stock [Line Items]
Ownership units owned (in shares)	0			4,375,000
AH LLC | Operating Partnership | Class A Units
Class of Stock [Line Items]
Ownership units owned (in shares)	54,276,644			14,440,670
Percentage of units outstanding	18.50%			6.50%
Operating partnership units (in shares)	293,987,819			222,311,255
AH LLC | Operating Partnership | Series C Convertible Units
Class of Stock [Line Items]
Ownership units owned (in shares)	0		31,085,974	31,085,974
AH LLC | Operating Partnership | Series D Convertible Units
Class of Stock [Line Items]
Ownership units owned (in shares)	0			4,375,000
American Residential Properties Inc. | Operating Partnership | Class A Units
Class of Stock [Line Items]
Percentage of units outstanding	0.40%
Operating partnership units (in shares)	1,279,316

Shareholders' Equity - Noncon56

Shareholders' Equity - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 7,316	$ 3,109	$ 10,391	$ 10,795
Class A Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	(27)	(1,575)	108	(3,241)
Series C Convertible Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	0	4,698	3,027	14,094
Series D Convertible Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	0	0	133	0
Beneficial conversion feature	7,569	0	7,569	0
Consolidated Subsidiaries With Noncontrolling Interest [Member]
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ (226)	$ (14)	$ (446)	$ (58)

Shareholders' Equity - 2012 Equ

Shareholders' Equity - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Noncash share-based compensation	$ 891	$ 913	$ 2,744	$ 2,343
Stock options and Restricted stock units | 2012 Equity Incentive Plan
Class of Stock [Line Items]
Vesting period for stock options and restricted stock units			4 years	4 years
Expiration period for stock options and restricted stock units			10 years	10 years
Stock options | 2012 Equity Incentive Plan
Class of Stock [Line Items]
Granted (in shares)			708,000	588,500
Restricted stock units | 2012 Equity Incentive Plan
Class of Stock [Line Items]
Restricted stock unit grants in period (in shares)			74,100	44,000

Shareholders' Equity - Stock Op

Shareholders' Equity - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Stock Options
Outstanding at beginning of the period (in shares)	2,484,400	2,165,000	2,165,000
Granted (in shares)	708,000	588,500
Exercised (in shares)	(172,250)	(15,000)
Forfeited (in shares)	(153,150)	(178,500)
Outstanding at end of the period (in shares)	2,867,000	2,560,000	2,484,400	2,165,000
Exercisable at end of the period (in shares)	1,051,125	636,250
Weighted Average Exercise Price
Outstanding at beginning of the period (in USD per share)	$ 16.22	$ 16.17	$ 16.17
Granted (in USD per share)	14.15	16.49
Exercised (in USD per share)	16.12	15
Forfeited (in USD per share)	16.36	16.57
Outstanding at end of the period (in USD per share)	15.70	16.23	$ 16.22	$ 16.17
Exercisable at end of the period (in USD per share)	$ 16.04	$ 15.94
Aggregate intrinsic value
Weighted average remaining life (years)	7 years 10 months 2 days	8 years 3 months 18 days	8 years	8 years 9 months 18 days
Weighted average exercisable (years)	7 years 29 days	7 years 8 months 12 days
Aggregate intrinsic value	$ 17,021	$ 557	$ 1,225	$ 1,890
Aggregate intrinsic value exercised	680	19
Aggregate intrinsic value exercisable	$ 5,885	$ 273

Shareholders' Equity - Valuatio

Shareholders' Equity - Valuation Inputs (Details) - Class A common shares - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value (in USD per share)	$ 2.82	$ 4.57
Expected term (years)	7 years	7 years
Dividend yield	3.00%	3.00%
Volatility	27.30%	35.90%
Risk-free interest rate	1.50%	1.90%

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock Units (Details) - Restricted stock units - 2012 Equity Incentive Plan - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Number of Restricted Stock Units
Restricted stock units at beginning of period (in shares)	91,650	85,000
Units awarded (in shares)	74,100	44,000
Units vested (in shares)	(27,250)	(22,000)
Units forfeited (in shares)	(6,550)	(9,700)
Restricted stock units at end of the period (in shares)	131,950	97,300

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchase (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 21, 2015
Class of Stock [Line Items]
Total price from repurchase of common shares	$ 96,098,000
Class A common shares
Class of Stock [Line Items]
Repurchase of Class A common stock, authorized amount (up to)			$ 300,000,000
Average price per share of Class A common shares (in USD per share)	$ 15.44	$ 15.76
Total price from repurchase of common shares	$ 96,000,000	$ 53,700,000
Remaining repurchase authorization	$ 146,700,000
Common Stock | Class A common shares
Class of Stock [Line Items]
Repurchases of Class A common shares (in shares)	6,215,656	3,400,000
Total price from repurchase of common shares	$ 62,000

Shareholders' Equity - Secondar

Shareholders' Equity - Secondary Offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Stock issuance expenses		$ 15,922	$ 0
Secondary Offering
Class of Stock [Line Items]
Common shares issued by shareholder	43.5
Pricer per share of shares issued by shareholders (in USD per share)	$ 21.75	$ 21.75
Stock issuance expenses	$ 200

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction
Distributions from unconsolidated joint ventures		$ 6,400	$ 0
AH LLC
Related Party Transaction
Noncontrolling interest equity interest ownership	18.60%	18.60%		22.10%
Due from affiliates	$ 1,300	$ 1,300
Due to affiliate				$ 4,100
AH LLC | Class A Units
Related Party Transaction
Units owned (in shares)	54,276,644	54,276,644		14,440,670
AH LLC | Series C Convertible Units
Related Party Transaction
Units owned (in shares)	0	0		31,085,974
AH LLC | Series D Convertible Units
Related Party Transaction
Units owned (in shares)	0	0		4,375,000
AH LLC | Series E Convertible Units
Related Party Transaction
Units owned (in shares)	0	0		4,375,000
AH LLC | Class A common shares
Related Party Transaction
Noncontrolling interest equity interest ownership	2.80%	2.80%		3.30%
AH LLC | Class B common shares
Related Party Transaction
Shares owned (in shares)	635,075	635,075		635,075
Corporate Joint Venture
Related Party Transaction
Distributions from unconsolidated joint ventures	$ 400
Alaska Permanent Fund Corporation | Corporate Joint Venture
Related Party Transaction
Distributions from unconsolidated joint ventures	1,600
Alaska Joint Venture Acquisition
Related Party Transaction
Contribution to joint venture		$ 40,000		$ 40,000
Equity method investment in joint venture	$ 33,300	$ 33,300
Equity ownership percentage in joint venture	20.00%	20.00%
Alaska Joint Venture Acquisition | Alaska Permanent Fund Corporation
Related Party Transaction
Contribution to joint venture		$ 160,000		$ 160,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - American Residential Properties Inc. $ / shares in Units, $ in Thousands	Feb. 29, 2016USD ($)single_family_property$ / sharesshares	Sep. 30, 2016USD ($)
Business Acquisition [Line Items]
Equity interest in acquiree (percent)	12.70%
Equity transaction consideration | $	$ 530,460
Share price at acquisition (in USD per share) | $ / shares	$ 14
Acquisition transaction costs | $	$ 7,700	$ 500
Number of properties acquired | single_family_property	8,936
Class A common shares
Business Acquisition [Line Items]
Equity interest issued, number of shares, multiplier	1.135
Equity interest issued, number of shares (in shares) | shares	36,546,170
Class A Units
Business Acquisition [Line Items]
Equity interest issued, number of shares, multiplier	1.135
Equity interest issued, number of shares (in shares) | shares	1,343,843

Acquisitions - Estimated Fair V

Acquisitions - Estimated Fair Values of Assets and Liabilities Acquired (Details) - American Residential Properties Inc. - USD ($) $ in Thousands	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Land	$ 262,396
Buildings and improvements	1,014,857
Cash and cash equivalents	15,499
Restricted cash	9,521
Rent and other receivables	843
Escrow deposits, prepaid expenses and other assets	35,134
In-place leases	22,696
Accounts payable and accrued expenses	(38,485)
Net assets acquired	1,322,461
Total debt assumed or extinguished	792,001
Equity transaction consideration	530,460
Total transaction consideration	1,322,461
Credit facility
Business Acquisition [Line Items]
Total debt assumed or extinguished	350,000	$ 350,000	$ 0
Exchangeable senior notes
Business Acquisition [Line Items]
Total debt assumed or extinguished	112,298	112,298	0
Asset-backed securitization
Business Acquisition [Line Items]
Total debt assumed or extinguished	$ 329,703	$ 329,703	$ 0

Acquisitions - Total Revenues a

Acquisitions - Total Revenues and Net Loss Attributable to Acquisition (Details) - American Residential Properties Inc. - USD ($) $ in Thousands	3 Months Ended	7 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Business Acquisition [Line Items]
Total revenues	$ 37,505	$ 83,387
Net income (loss)	$ 2,148	$ (3,479)

Acquisitions - Pro Forma Revenu

Acquisitions - Pro Forma Revenue and Net Income Attributable to Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Pro forma total revenues	$ 236,057	$ 204,580	$ 674,291	$ 549,508
Pro forma net loss	$ (167)	$ (22,958)	$ (18,093)	$ (42,265)
Pro forma net loss per share (in USD per share)	$ (0.09)	$ (0.14)	$ (0.15)	$ (0.30)
Pro Forma
Business Acquisition [Line Items]
Pro forma net loss per share (in USD per share)	$ (0.09)	$ (0.13)	$ (0.23)	$ (0.28)

Earnings per Share - Computatio

Earnings per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net (loss) income	$ (167)	$ (19,938)	$ 1,108	$ (36,601)
Noncontrolling interest	7,316	3,109	10,391	10,795
Dividends on preferred shares	13,669	5,569	26,650	16,707
Net income (loss) attributable to common shareholders	$ (21,152)	$ (28,616)	$ (35,933)	$ (64,103)
Denominator:
Weighted-average shares (denominator) (in shares)	238,401,343	211,414,368	232,036,802	211,460,840
Net loss per share—basic and diluted (in USD per share)	$ (0.09)	$ (0.14)	$ (0.15)	$ (0.30)

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of EPS (in shares)	81,898,292	73,993,944	81,898,292	73,993,944

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)single_family_property
Long-term Purchase Commitment [Line Items]
Single-family properties sales in escrow | single_family_property	445
Single-family properties sales in escrow, selling price | $	$ 26.7
Single Family Properties
Long-term Purchase Commitment [Line Items]
Commitment to acquire single-family properties | single_family_property	103	12
Purchase price of commitment to acquire single-family properties | $	$ 22.4	$ 1.7

Noncash Transactions (Details)

Noncash Transactions (Details) - American Residential Properties Inc.	Feb. 29, 2016shares
Noncash or Part Noncash Acquisitions [Line Items]
Equity interest in acquiree (percent)	12.70%
Class A common shares
Noncash or Part Noncash Acquisitions [Line Items]
Equity interest issued, number of shares, multiplier	1.135
Equity interest issued, number of shares (in shares)	36,546,170
Class A Units
Noncash or Part Noncash Acquisitions [Line Items]
Equity interest issued, number of shares, multiplier	1.135
Equity interest issued, number of shares (in shares)	1,343,843

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net		$ (53,845)	$ (56,567)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Credit facility		75,000	0
Asset-backed securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net		(50,400)	(56,600)
Secured Debt | Term loan facility, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net		$ (3,400)
LIBOR | Line of Credit | Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		1.85%
LIBOR | Secured Debt | Term loan facility, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		1.80%
LIBOR | Minimum | Line of Credit | Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	1.75%
LIBOR | Minimum | Secured Debt | Term loan facility, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	1.70%
LIBOR | Maximum | Line of Credit | Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	2.30%
LIBOR | Maximum | Secured Debt | Term loan facility, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	2.30%
Base Rate | Minimum | Line of Credit | Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Base Rate | Minimum | Secured Debt | Term loan facility, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	0.70%
Base Rate | Maximum | Line of Credit | Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Base Rate | Maximum | Secured Debt | Term loan facility, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		$ 2,498,318	2,530,210
Exchangeable senior notes		107,283	0
Secured note payable		50,065	50,752
Credit facility		75,000	0
Total debt		2,980,666	2,580,962
Carrying Value | 2014-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		457,979	473,755
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		503,093	507,305
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		519,148	523,109
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		544,861	549,121
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		473,237	476,920
Carrying Value | Term loan facility, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total debt		250,000	0
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		2,547,179	2,368,964
Exchangeable senior notes		107,283	0
Secured note payable		50,377	48,631
Total debt		3,029,839	2,417,595
Fair Value | 2014-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		460,767	472,258
Fair Value | 2014-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		513,484	476,952
Fair Value | 2014-SFR 3 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		532,755	489,448
Fair Value | 2015-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		555,558	496,673
Fair Value | 2015-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		484,615	433,633
Fair Value | Term loan facility, net | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total debt		$ 250,000	$ 0

Fair Value - Fair Value Hierarc

Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Liabilities:
Contingently convertible Series E units liability	$ 0	$ 69,957	$ 68,601	$ 72,057
Preferred shares derivative liability	65,730	62,790	$ 60,260	$ 57,960
Recurring
Liabilities:
Contingently convertible Series E units liability		69,957
Preferred shares derivative liability	65,730	62,790
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Liabilities:
Contingently convertible Series E units liability		0
Preferred shares derivative liability	0	0
Significant Other Observable Inputs (Level 2) | Recurring
Liabilities:
Contingently convertible Series E units liability		0
Preferred shares derivative liability	0	0
Significant Unobservable Inputs (Level 3) | Recurring
Liabilities:
Contingently convertible Series E units liability		69,957
Preferred shares derivative liability	$ 65,730	$ 62,790

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingently convertible Series E units liability, Beginning Balance			$ 69,957	$ 72,057
Contingently convertible Series E units liability, Issuance			0	0
Contingently convertible Series E units liability, Conversions			(69,957)	0
Contingently convertible Series E units liability, Remeasurement included in earnings	$ 0	$ 525	0	(3,456)
Contingently convertible Series E units liability, Ending Balance	0	68,601	0	68,601
Preferred shares derivative liability, Beginning Balance			62,790	57,960
Preferred shares derivative liability, Issuance			0	0
Preferred share derivative liability, Conversion			0	0
Preferred share derivative liability, Remeasurement included in earnings	2,490	3,000	2,940	2,300
Preferred shares derivative liability, Ending Balance	$ 65,730	$ 60,260	$ 65,730	$ 60,260

Subsequent Events - Credit Faci

Subsequent Events - Credit Facility (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Debt outstanding		$ 2,926,821	$ 2,524,395
Credit Agreement | Revolving Credit Facility | Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Debt outstanding	$ 75,000
Delayed Draw Term Loan Facility | Secured Debt | Subsequent Event
Subsequent Event [Line Items]
Debt outstanding	$ 250,000

Subsequent Events - Subsequent

Subsequent Events - Subsequent Dispositions (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2016USD ($)property	Sep. 30, 2016USD ($)property	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)
Subsequent Event [Line Items]
Number of real estate properties sold | property		453	587
Proceeds from the sale of real estate properties | $		$ 56,200	$ 71,894	$ 0
Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties sold | property	36
Proceeds from the sale of real estate properties | $	$ 5,700

Subsequent Events - Subsequen77

Subsequent Events - Subsequent Acquisitions (Details) - Subsequent Event $ in Millions	1 Months Ended
	Oct. 31, 2016USD ($)property
Subsequent Event [Line Items]
Number of properties acquired | property	129
Purchase price to acquire properties | $	$ 24.5

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - $ / shares	Nov. 01, 2016	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Quarterly dividend (in USD per share)					$ 0.05	$ 0.05	$ 0.15	$ 0.15
Class A common shares
Subsequent Event [Line Items]
Quarterly dividend (in USD per share)					0.05	0.05
Class B common shares
Subsequent Event [Line Items]
Quarterly dividend (in USD per share)					0.05	0.05
5.0% Series A Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)					$ 0.3125	0.3125
Preferred stock, dividend rate, percentage					5.00%		5.00%	5.00%
5.0% Series B Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)					$ 0.3125	0.3125
Preferred stock, dividend rate, percentage					5.00%		5.00%	5.00%
5.5% Series C Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)					$ 0.34375	$ 0.34375
Preferred stock, dividend rate, percentage					5.50%		5.50%	5.50%
Series D Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)					$ 0.40625
Preferred stock, dividend rate, percentage				6.50%	6.50%		6.50%
Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)					$ 0.40569
Preferred stock, dividend rate, percentage		6.35%	6.35%		6.35%		6.35%
Subsequent Event | Class A common shares
Subsequent Event [Line Items]
Quarterly dividend (in USD per share)	$ 0.05
Subsequent Event | Class B common shares
Subsequent Event [Line Items]
Quarterly dividend (in USD per share)	0.05
Subsequent Event | 5.0% Series A Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)	$ 0.3125
Subsequent Event | 5.0% Series A Participating Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	5.00%
Subsequent Event | 5.0% Series B Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)	$ 0.3125
Subsequent Event | 5.0% Series B Participating Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	5.00%
Subsequent Event | 5.5% Series C Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)	$ 0.34375
Subsequent Event | 5.5% Series C Participating Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	5.50%
Subsequent Event | Series D Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)	$ 0.40625
Preferred stock, dividend rate, percentage	6.50%
Subsequent Event | Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in USD per share)	$ 0.39688
Preferred stock, dividend rate, percentage	6.35%

Subsequent Events - Hurricane M

Subsequent Events - Hurricane Matthew (Details) - Subsequent Event $ in Millions	Oct. 31, 2016USD ($)
Minimum
Subsequent Event [Line Items]
Estimate of possible loss	$ 0.6
Maximum
Subsequent Event [Line Items]
Estimate of possible loss	$ 1