American Homes 4 Rent (AMH) 10-K 24 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 22, 2017	Jun. 30, 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 Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 4.7
Class A common shares
Document Information
Entity Common Stock, Shares Outstanding		242,999,945
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Single-family properties:
Land	$ 1,512,183	$ 1,229,017
Buildings and improvements	6,614,953	5,469,533
Single-family properties held for sale, net	87,430	7,432
Single-family properties, gross	8,214,566	6,705,982
Less: accumulated depreciation	(666,710)	(416,044)
Single-family properties, net	7,547,856	6,289,938
Cash and cash equivalents	118,799	57,686
Restricted cash	131,442	111,282
Rent and other receivables, net	17,618	13,936
Escrow deposits, prepaid expenses and other assets	133,594	121,627
Deferred costs and other intangibles, net	11,956	10,429
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,655
Total assets	8,107,210	6,751,219
Liabilities
Revolving credit facilities	0	0
Exchangeable senior notes, net	108,148	0
Secured note payable	49,828	50,752
Accounts payable and accrued expenses	177,206	154,751
Amounts payable to affiliates	0	4,093
Contingently convertible Series E units liability	0	69,957
Preferred shares derivative liability	69,810	62,790
Total liabilities	3,169,590	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 December 31, 2016 and 2015, respectively	370	171
Additional paid-in capital	4,568,616	3,554,063
Accumulated deficit	(378,578)	(296,865)
Accumulated other comprehensive income (loss)	95	(102)
Total shareholders' equity	4,192,936	3,259,345
Noncontrolling interest	744,684	675,888
Total equity	4,937,620	3,935,233
Total liabilities and equity	8,107,210	6,751,219
Class A common shares
Shareholders' equity:
Common shares	2,427	2,072
Class B common shares
Shareholders' equity:
Common shares	6	6
Term Loan Facility, Net
Liabilities
Secured Debt	321,735	0
Asset-backed securitizations, net
Liabilities
Secured Debt	$ 2,442,863	$ 2,473,643

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred shares, par value (in dollars 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 dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	450,000,000	450,000,000
Common shares, shares issued (in shares)	242,740,482	207,235,510
Common shares, shares outstanding (in shares)	242,740,482	207,235,510
Class B common shares
Common shares, par value (in dollars 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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rents from single-family properties	$ 757,603	$ 559,719	$ 376,385
Fees from single-family properties	10,234	7,646	5,968
Tenant charge-backs	95,254	56,546	14,931
Other	15,798	6,665	1,590
Total revenues	878,889	630,576	398,874
Expenses:
Property operating expenses	386,474	292,155	184,814
General and administrative expense	30,992	24,906	21,947
Interest expense	130,847	89,413	19,881
Noncash share-based compensation expense	3,636	3,125	2,586
Acquisition fees and costs expensed	11,443	19,577	22,386
Depreciation and amortization	298,677	242,848	165,516
Other	11,978	3,770	3,559
Total expenses	874,047	675,794	420,689
Gain on sale of single-family properties, net	14,569	0	0
Loss on early extinguishment of debt	(13,408)	0	0
Gain on conversion of Series E units	11,463	0	0
Remeasurement of Series E units	0	2,100	(5,119)
Remeasurement of preferred shares	(7,020)	(4,830)	(6,158)
Net income (loss)	10,446	(47,948)	(33,092)
Noncontrolling interest	3,751	14,353	14,965
Dividends on preferred shares	40,237	22,276	18,928
Net loss attributable to common shareholders	$ (33,542)	$ (84,577)	$ (66,985)
Weighted-average shares outstanding–basic and diluted (in shares)	234,010,168	210,600,111	196,348,757
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	$ (0.14)	$ (0.40)	$ (0.34)
Dividends declared on common shares (in dollars per share)	$ 0.2	$ 0.2	$ 0.2

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 10,446	$ (47,948)	$ (33,092)
Unrealized gain (loss) on interest rate cap agreement:
Unrealized loss on interest rate cap agreement arising during the period	0	(14)	(229)
Reclassification adjustment for amortization of interest expense included in net income (loss)	130	141	0
Unrealized gain on investment in equity securities	67	0	0
Other comprehensive income (loss)	197	127	(229)
Comprehensive income (loss)	10,643	(47,821)	(33,321)
Comprehensive income attributable to noncontrolling interests	3,714	14,345	14,979
Dividends on preferred shares	40,237	22,276	18,928
Comprehensive loss attributable to common shareholders	$ (33,308)	$ (84,442)	$ (67,228)

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Class A common shares	Class B common shares	Common StockClass A common shares	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Shareholders’ equity	Noncontrolling interest
Beginning balance of common shares (in shares) at Dec. 31, 2013				184,869,219	635,075
Beginning balances at Dec. 31, 2013	$ 3,650,659			$ 1,848	$ 6	$ 91	$ 2,996,478	$ (63,479)	$ 0	$ 2,934,944	$ 715,715
Beginning balance of preferred shares (in shares) at Dec. 31, 2013						9,060,000
Increase (Decrease) in Stockholders' Equity
2,770 Property Contribution	1,546						31			31	1,515
Share-based compensation	2,586						2,586			2,586
Issuance of Class A common shares, net of offering costs (in shares)				25,969,612
Issuance of Class A common shares, net of offering costs	453,671			$ 260			453,411			453,671
Issuance of preferred shares, net of offering costs (in shares)						8,000,000
Issuance of preferred shares, net of offering costs	165,781					$ 80	165,701			165,781
Issuance of Class A units	11,179										11,179
Distributions to equity holders:
Preferred shares	(18,928)							(18,928)		(18,928)
Noncontrolling interests	(23,881)										(23,881)
Common shares	(39,698)							(39,698)		(39,698)
Net income (loss)	(33,092)							(48,057)		(48,057)	14,965
Total other comprehensive income	(229)								(229)	(229)
Ending balance of common shares (in shares) at Dec. 31, 2014				210,838,831	635,075
Ending balances at Dec. 31, 2014	4,169,594			$ 2,108	$ 6	$ 171	3,618,207	(170,162)	(229)	3,450,101	719,493
Ending balance of preferred shares (in shares) at Dec. 31, 2014						17,060,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,125						3,125			3,125
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				30,281
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	111						111			111
Repurchase of Class A common shares (in shares)				(3,633,602)
Repurchase of Class A common shares	(57,383)			$ (36)			(57,347)			(57,383)
Purchase of outside interests in RJ joint ventures	(44,408)						(10,033)			(10,033)	(34,375)
Distributions to equity holders:
Preferred shares	(22,276)							(22,276)		(22,276)
Noncontrolling interests	(23,583)										(23,583)
Common shares	(42,126)							(42,126)		(42,126)
Net income (loss)	(47,948)							(62,301)		(62,301)	14,353
Total other comprehensive income	127								127	127
Ending balance of common shares (in shares) at Dec. 31, 2015		207,235,510	635,075	207,235,510	635,075
Ending balances at Dec. 31, 2015	$ 3,935,233			$ 2,072	$ 6	$ 171	3,554,063	(296,865)	(102)	3,259,345	675,888
Ending balance of preferred shares (in shares) at Dec. 31, 2015	17,060,000					17,060,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	$ 3,636						3,636			3,636
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				213,878
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	3,034			$ 2			3,032			3,034
Issuance of Class A common shares (in shares)				41,466,118
Issuance of Class A common shares and units	633,063			$ 414			613,835			614,249	18,814
Issuance of preferred shares, net of offering costs (in shares)						19,950,000
Issuance of preferred shares, net of offering costs	482,812					$ 199	482,613			482,812
Redemptions of Class A units (in shares)				40,632
Redemptions of Class A units	(399)			$ 1			503			504	(903)
Repurchase of Class A common shares (in shares)				(6,215,656)
Repurchase of Class A common shares	(96,098)			$ (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	(40,237)							(40,237)		(40,237)
Noncontrolling interests	(11,360)										(11,360)
Common shares	(48,171)							(48,171)		(48,171)
Net income (loss)	10,446							6,695		6,695	3,751
Total other comprehensive income	197								197	197
Ending balance of common shares (in shares) at Dec. 31, 2016		242,740,482	635,075	242,740,482	635,075
Ending balances at Dec. 31, 2016	$ 4,937,620			$ 2,427	$ 6	$ 370	$ 4,568,616	$ (378,578)	$ 95	$ 4,192,936	$ 744,684
Ending balance of preferred shares (in shares) at Dec. 31, 2016	37,010,000					37,010,000

Consolidated Statement of Equi7

Consolidated Statement of Equity Consolidated Statement of Equity Parenthetical - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Class A common shares
Offering costs	$ 227	$ 0
Common Stock | Class A common shares
Offering costs		4,887
Preferred shares
Offering costs	$ 15,996	$ 10,567

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income (loss)	$ 10,446	$ (47,948)	$ (33,092)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	298,677	242,848	165,516
Noncash amortization of deferred financing costs	10,475	8,305	1,767
Noncash amortization of discount on exchangeable senior notes	2,820	0	0
Noncash amortization of discount on ARP 2014-SFR1 securitization	1,744	0	0
Noncash share-based compensation	3,636	3,125	2,586
Provision for bad debt	6,969	5,977	5,691
Loss on early extinguishment of debt	13,408	0	0
Gain on conversion of Series E units to Series D units	(11,463)	0	0
Remeasurement of Series E units	0	(2,100)	5,119
Remeasurement of preferred shares	7,020	4,830	6,158
Equity in net (earnings) loss of unconsolidated ventures	(860)	591	138
Net gain on sale of single-family properties	(14,569)	0	0
Loss on impairment of single-family properties	4,970	0	0
Net gain on resolutions of mortgage loans	(8,126)	0	0
Other changes in operating assets and liabilities:
Rent and other receivables	(9,704)	(10,542)	(10,115)
Prepaid expenses and other assets	(5,996)	(8,212)	4,185
Deferred leasing costs	(8,005)	(9,577)	(6,247)
Accounts payable and accrued expenses	(13,291)	16,569	33,495
Amounts payable to affiliates	(9,284)	8,441	303
Net cash provided by operating activities	278,867	212,307	175,504
Investing activities
Cash paid for single-family properties	(252,841)	(608,952)	(1,349,912)
Change in escrow deposits for purchase of single-family properties	(312)	(1,115)	(52,671)
Beazer Rental Homes portfolio acquisition	0	0	(108,246)
Ellington portfolio acquisition	0	0	(74,356)
Cash acquired in noncash business combinations	25,020	0	2,202
Payoff of credit facility in connection with ARPI merger	(350,000)	0	0
Net proceeds received from sales of single-family properties	88,590	0	0
Net proceeds received from sales of non-performing loans	47,186	0	0
Purchase of commercial office buildings	(27,105)	0	0
Investment in unconsolidated joint ventures	0	(20,000)	(24,862)
Purchase of outside interests in RJ joint ventures	0	(44,408)	0
Investments in mortgage financing receivables	0	(12,373)	(57,346)
Collections from mortgage financing receivables	19,425	0	0
Distributions from unconsolidated joint ventures	8,347	0	0
Renovations to single-family properties	(39,912)	(147,583)	(185,449)
Other capital expenditures for single-family properties	(27,807)	(27,369)	(14,311)
Other purchases of productive assets	(12,989)	0	0
Net cash used for investing activities	(522,398)	(861,800)	(1,864,951)
Financing activities
Proceeds from issuance of Class A common shares	102,830	0	308,435
Proceeds from exercise of stock options	3,171	251	431
Repurchase of Class A common shares	(96,098)	(57,383)	0
Redemptions of Class A units	(399)	0	0
Proceeds from asset-backed securitizations	0	1,030,559	1,497,039
Payments on asset-backed securitizations	(381,117)	(19,739)	(3,315)
Proceeds from revolving credit facilities	951,000	827,000	1,828,000
Payments on revolving credit facilities	(951,000)	(1,034,000)	(1,996,000)
Proceeds from term loan facility	325,000	0	0
Payments on term loan facility	0	0	0
Payments on secured note payable	(924)	(892)	0
Distributions to noncontrolling interests	(11,360)	(23,583)	(23,881)
Distributions to common shareholders	(48,171)	(42,126)	(39,698)
Distributions to preferred shareholders	(40,237)	(22,276)	(18,928)
Deferred financing costs paid	(10,476)	(25,335)	(41,503)
Net cash provided by financing activities	324,804	632,476	1,700,013
Net increase (decrease) in cash, cash equivalents and restricted cash	81,273	(17,017)	10,566
Cash, cash equivalents and restricted cash, beginning of period	168,968	185,985	175,419
Cash, cash equivalents and restricted cash, end of period (see Note 2)	250,241	168,968	185,985
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(115,814)	(77,445)	(14,303)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	(2,876)	821	7,173
Amounts payable to affiliates related to property acquisitions	0	0	5,720
Conversion of nonperforming loans to properties	3,554	20,317	5,561
Accrued distribution to Series C convertible units	0	4,698	4,698
Contribution of properties (see Note 10)
Issuance of Class A units			11,179
Acquisitions for equity (see Note 11)
Single-family properties	0	0	144,834
Other net assets and liabilities	0	0	(4,886)
Deferred costs and other intangibles, net	0	0	2,655
Beazer Rental Homes portfolio
Investing activities
Cash acquired in noncash business combinations	0	0	2,202
American Residential Properties Inc.
Acquisitions for equity (see Note 11)
Single-family properties	1,277,253	0	0
Restricted cash	9,521	0	0
Rent and other receivables, net	843	0	0
Escrow deposits, prepaid expenses and other assets	35,134	0	0
Deferred costs and other intangibles, net	22,696	0	0
Accounts payable and accrued expenses	(38,485)	0	0
Class A common shares
Financing activities
Payments of share offering/issuance costs	(227)	0	0
Acquisitions for equity (see Note 11)
Class A common shares issued	0	0	(144,805)
Class A common shares | American Residential Properties Inc.
Acquisitions for equity (see Note 11)
Class A common shares issued	(530,460)	0	0
Participating preferred
Financing activities
Proceeds from issuance of participating/perpetual preferred shares	0	0	189,433
Perpetual preferred
Financing activities
Payments of share offering/issuance costs	(15,938)	0	0
Proceeds from issuance of participating/perpetual preferred shares	498,750	0	0
Class A Units
Contribution of properties (see Note 10)
Issuance of Class A units	0	0	11,179
Asset-backed securitization | American Residential Properties Inc.
Acquisitions for equity (see Note 11)
Debt assumed or extinguished	(329,703)	0	0
Exchangeable senior notes | American Residential Properties Inc.
Acquisitions for equity (see Note 11)
Debt assumed or extinguished	$ (112,298)	$ 0	$ 0

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent is a Maryland REIT formed on October 19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of December 31, 2016 , the Company held 48,422 single-family properties in 22 states, including 1,119 properties held for sale, compared to 38,780 single-family properties in 22 states, including 45 properties held for sale, as of December 31, 2015 . 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 were overseen and directed by American Homes 4 Rent Management Holdings, LLC (the "Property Manager"), both of which were subsidiaries of AH LLC. On June 10, 2013, we acquired the Advisor and the Property Manager from AH LLC in exchange for 4,375,000 Series D convertible units and 4,375,000 Series E convertible units in our operating partnership, 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 consolidated financial statements. 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	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The consolidated financial statements 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 ASC 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the consolidated financial statements. The consolidated financial statements have been prepared in accordance with GAAP and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). 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 consolidated financial statements have been made. 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 consolidated balance sheets. Prior to January 1, 2016, these costs were included in deferred costs and other intangibles, net within the 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 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 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 consolidated statements of operations, and other expenses reclassified to other expenses within the consolidated statements of operations. This resulted in the reclassification of the $15.0 million and $22.9 million of vacant single-family properties and other expenses for the years ended December 31, 2015 and 2014, respectively, with $11.2 million and $19.3 million , respectively, of vacant single-family property operating expenses reclassified to property operating expenses and $3.8 million and $3.6 million , respectively, of other expenses reclassified to other expenses in the 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 consolidated statements of operations. Prior period net gains from the sales of single-family properties, which totaled $0.2 million and $0.7 million for the three months ended March 31, 2016, and June 30, 2016, respectively, were previously included in other revenues and have been reclassified to gain on sale of single-family properties, net to conform to the current presentation. Prior year net gains and losses from the sales of single-family properties have not been reclassified as the amounts were immaterial. Effective December 31, 2016, in accordance with our adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , the Company includes restricted cash together with cash and cash equivalents when reconciling the beginning and ending balances shown in the statements of cash flows, which has the effect of excluding the presentation of transfers between restricted and unrestricted cash amounts in the statements of cash flows. Prior to the adoption, the beginning and ending balances presented in the statements of cash flows included only cash and cash equivalents, and transfers between restricted and unrestricted cash amounts were presented within operating and investing activities based on the nature of the amounts. All prior period amounts have been reclassified to conform to the current presentation. This resulted in $111.3 million , $77.2 million and $26.4 million of restricted cash as of December 31, 2015, 2014 and 2013, respectively, being added to cash, cash equivalents and restricted cash in the consolidated statements of cash flows. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes We have elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the "Code"), which commenced with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income. However, qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, our income would be subject to U.S. federal income tax and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed taxable income, if any. Our TRSs will be subject to federal, state and local taxes on their income at regular corporate rates. The tax years from 2012 through 2016 remain open to examination by the taxing jurisdictions to which the Company is subject. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the "more likely than not" threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2016 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. Investments in Real Estate Transactions in which single-family properties purchased are not subject to an existing lease are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Single-family properties that are acquired either subject to an existing lease or as part of a portfolio level transaction are treated as a business combination under ASC 805, Business Combinations , and, as such, are recorded at fair value, allocated to land, building and the existing lease, if applicable, based upon their fair values at the date of acquisition, with acquisition fees and other costs expensed as incurred. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The Company generally engages a third-party valuation specialist to assist management in the determination of fair value for purposes of allocating the purchase price of properties acquired as part of portfolio level transactions. The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature (less than one year). The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare our acquired properties for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred. Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2016 and 2015 , the Company had 1,119 and 45 single-family properties, respectively, classified as held for sale, and recorded $5.0 million of impairment on single-family properties held for sale for the year ended December 31, 2016 , which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASU No. 2014-08 ("ASU 2014-08"), "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, " which the Company adopted January 1, 2015, on a prospective basis. Prior to the adoption of ASU 2014-08, gains on dispositions of single-family properties that had been in operation were included in income from discontinued operations, whereas gains on dispositions of single-family properties with no historical or immaterial operating results were included in other revenues within the consolidated statements of operations. Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. No material impairments were recorded during the years ended December 31, 2016 , 2015 and 2014 . Leasing Costs Direct and incremental costs incurred to lease properties are capitalized and amortized over the term of the leases, which generally have a term of one year. Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over 30 years and improvements and other assets are depreciated over their estimated economic useful lives, generally 3 to 30 years. We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets. Intangible Assets Intangible assets are amortized on a straight-line basis over the asset's estimated economic life and are tested for impairment based on undiscounted cash flows and, if impaired, are written down to fair value based on discounted cash flows. The identified intangible assets are amortized over amortizable lives of 4.7 years for trademark and 7.0 years for database. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset. No impairment was recorded during the years ended December 31, 2016 , 2015 and 2014 . Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company's management function, including all administrative, financial, property management, marketing and leasing personnel, including executive management, in 2013. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, industry and market conditions, macroeconomic conditions, and other relevant entity specific events. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Impairment charges, if any, are recognized in operating results. No goodwill impairment was recorded during the years ended December 31, 2016 , 2015 and 2014 . Additionally, the Company allocated a portion of goodwill to the carrying values of our leased properties sold, calculated as the sales price of the leased property over the fair value of the Company's total portfolio of single-family properties, which resulted in a reduction to the gain on sale of the property. The amount of goodwill allocated to leased properties sold during the year ended December 31, 2016 , was $0.4 million , which reduced goodwill to $120.3 million as of December 31, 2016 , compared to $120.7 million as of December 31, 2015 . Deferred Financing Costs Financing costs related to the origination of the Company's revolving credit facility are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and have been included in deferred costs and other intangibles, net within the consolidated balance sheets. Financing costs related to the origination of the Company's term loan credit facility and asset-backed securitizations are also deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the FDIC insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted cash primarily consists of funds held related to resident security deposits and cash reserves in accordance with certain loan agreements. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets as of December 31, 2016 , 2015 and 2014 : December 31, 2016 2015 2014 Balance Sheet: Cash and cash equivalents 118,799 57,686 108,787 Restricted cash 131,442 111,282 77,198 Statement of Cash Flows: Cash, cash equivalents and restricted cash 250,241 168,968 185,985 Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risk and rewards of ownership of the property are transferred and the purchase is finalized. Nonperforming Loans Nonperforming loans are carried at cost and placed on nonaccrual status as it is probable that the principal or interest is not fully collectible. For nonperforming loans that are converted into a home through foreclosure or other form of resolution, the Company adjusts the property value to market value and it is moved into single-family properties in the consolidated balance sheets. As of December 31, 2016 , the Company had a total investment of $0.2 million in three nonperforming loans, compared to $34.6 million in 265 nonperforming loans as of December 31, 2015 . These investments were included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. The Company's allowance for doubtful accounts was $5.7 million and $3.0 million as of December 31, 2016 and 2015 , respectively, and included in rent and other receivables, net within the consolidated balance sheets. Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. We accrue for property taxes and HOA assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, resident security deposits, construction liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure. Share-based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of our board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period. Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. Beginning in 2016, 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 within our consolidated financial statements (see Note 15). Derivatives We currently use, and in the future may use, interest rate cap agreements for interest rate risk management purposes and in conjunction with certain LIBOR-based variable rate debt to satisfy lender requirements. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense. The ineffective portion of the change in fair value of our interest rate cap agreements is required to be recognized directly in earnings. Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level. The Company did not have any geographic market concentrations representing 10% or more of total net book value of single-family properties as of December 31, 2016 . Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. 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 any goodwill impairment tests performed after January 1, 2017. The Company is currently assessing the impact of the guidance on our financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changed the definition of a business and will now require management to determine whether substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. When this is the case, the transferred assets and activities is not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transactions costs are expensed in a business combination and capitalized in an asset acquisition. The guidance will be effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods, with early adoption permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted this guidance as of January 1, 2017, on a prospective basis, which results in our leased properties no longer meeting the definition of a business. Therefore, dispositions of properties with in-place leases will no longer result in a reduction to goodwill. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which will require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning and ending balances shown in the statement of cash flows. 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 with early adoption permitted. The Company adopted this guidance effective December 31, 2016. The impact on our financial statements of this adoption was described above. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce the existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. If early adopted, an entity must adopt all of the amendments in the same period. The Company is currently assessing the impact of the adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on our financial statements. In June 2016, the 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 , 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

Single-Family Properties

Single-Family Properties	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consists of the following as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 Number of Net book Leased single-family properties 44,798 $ 7,040,000 Single-family properties being renovated 312 57,200 Single-family properties being prepared for re-lease 91 14,453 Vacant single-family properties available for lease 2,102 348,773 Single-family properties held for sale 1,119 87,430 Total 48,422 $ 7,547,856 December 31, 2015 Number of Net book Leased single-family properties 36,403 $ 5,895,482 Single-family properties being renovated 476 75,055 Single-family properties being prepared for re-lease 178 28,525 Vacant single-family properties available for lease 1,678 283,444 Single-family properties held for sale 45 7,432 Total 38,780 $ 6,289,938 Single-family properties, net increased $1.2 billion to $7.5 billion as of December 31, 2016 , compared to $6.3 billion as of December 31, 2015 , primarily related to the acquisition of 8,936 properties in connection with the ARPI Merger (see Note 11). Single-family properties, net as of December 31, 2016 , and December 31, 2015 , included $14.3 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 $262.1 million , $223.9 million and $150.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. During the year ended December 31, 2016 , the Company sold 712 homes which generated total net proceeds of $88.6 million and resulted in a net gain on sale of $13.9 million . In accordance with ASC 350, Intangibles—Goodwill and Other , the Company allocated a portion of goodwill to the carrying values of its leased properties sold, which resulted in a reduction to the gain on sale. The amount of goodwill allocated to leased properties sold during the year ended December 31, 2016 , was $0.4 million , which reduced goodwill to $120.3 million as of December 31, 2016 , compared to $120.7 million as of December 31, 2015 .

Rent and Other Receivables, Net

Rent and Other Receivables, Net	12 Months Ended
	Dec. 31, 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 $5.7 million and $3.0 million , as of December 31, 2016 and 2015 , respectively. Also included in rent and other receivables, net, are non-tenant receivables, which totaled $0.6 million and $1.0 million as of December 31, 2016 and 2015 , respectively. We generally rent our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties as of December 31, 2016 were as follows (in thousands): Year 2017 $ 386,756 2018 4,148 2019 125 2020 4 Total $ 391,033

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net Deferred Costs and Other Intangibles, Net (Notes)	12 Months Ended
	Dec. 31, 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, consists of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Deferred leasing costs $ 7,470 $ 8,692 Deferred financing costs 6,552 12,454 Intangible assets: Value of in-place leases 4,739 152 Trademark 3,100 3,100 Database 2,100 2,100 23,961 26,498 Less: accumulated amortization (12,005 ) (16,069 ) Total $ 11,956 $ 10,429 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $31.2 million , $13.1 million and $15.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which has been included in depreciation and amortization expense within the consolidated statements of operations. Deferred financing costs relate to our revolving credit facilities. Amortization of deferred financing costs was $2.3 million , $2.4 million and $2.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which has been included in gross interest, prior to interest capitalization (see Note 6). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2016 , for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of Trademark Database 2017 $ 3,314 $ 1,641 $ 895 $ 660 $ 300 2018 — 1,641 21 92 300 2019 — 1,641 2 — 300 2020 — 1,017 — — 132 Total $ 3,314 $ 5,940 $ 918 $ 752 $ 1,032

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company's debt as of December 31, 2016 and 2015 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2016 December 31, 2015 AH4R 2014-SFR1 securitization (2) 2.31 % June 9, 2019 $ 456,074 $ 473,755 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 501,810 507,305 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 517,827 523,109 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 543,480 549,121 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 472,043 476,920 Total asset-backed securitizations 2,491,234 2,530,210 Exchangeable senior notes 3.25 % November 15, 2018 115,000 — Secured note payable 4.06 % July 1, 2019 49,828 50,752 Revolving credit facilities (5) 2.62 % August 16, 2020 — — Term loan facility (6) 2.57 % August 16, 2021 325,000 — Total debt (7) 2,981,062 2,580,962 Unamortized discount on exchangeable senior notes (1,883 ) — Equity component of exchangeable senior notes (4,969 ) — Deferred financing costs, net (8) (51,636 ) (56,567 ) Total debt per balance sheet $ 2,922,574 $ 2,524,395 (1) Interest rates are as of December 31, 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 December 31, 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 December 31, 2016 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, secured note payable, revolving credit facilities and term loan facility as of December 31, 2016 and 2015 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $8.5 million and $7.0 million for the years ended December 31, 2016 and 2015 , respectively. Asset-backed Securitizations May 2014 Securitization In May 2014, we completed a private securitization transaction (the "2014-SFR1 securitization") in which a newly-formed special purpose entity (the "2014-SFR1 Borrower") entered into a loan with a third-party lender (the "2014-SFR1 Lender") for $481.0 million represented by a promissory note. In addition, the Company entered into an interest rate cap agreement for the initial two year term of the loan, with a LIBOR based strike rate equal to 3.85% . The 2014-SFR1 Borrower under the loan is wholly owned by another special purpose entity (the "2014-SFR1 Equity Owner") and the 2014-SFR1 Equity Owner is wholly owned by our operating partnership. The loan is a two -year, floating rate loan, comprised of six floating rate components computed monthly based on 1-month LIBOR for each interest period plus a fixed component spread for each of the six components resulting in a duration-weighted blended interest rate of LIBOR plus 1.54% , subject to a LIBOR floor of 0.25% . The note requires monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount. The loan may be extended for three , 12 -month extensions at the 2014-SFR1 Borrower's option, resulting in a fully extended maturity date of June 9, 2019, provided that there is no event of default under the loan agreement, the Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the 2014-SFR1 Lender and the 2014-SFR1 Borrower complies with the other terms set forth in the loan agreement. The note was immediately transferred by the 2014-SFR1 Lender to a subsidiary of the Company and then to a REMIC trust in exchange for seven classes of single-family rental pass-through certificates representing all of the beneficial ownership interests in the loan and the trust. Upon receipt of the certificates, a subsidiary of the Company sold the certificates to investors for gross proceeds of $481.0 million , before issuance costs of $14.9 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility. The principal amount of each class of certificates corresponds to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest. The loan was originally secured by first priority mortgages on a pool of 3,852 single-family residential properties transferred to the 2014-SFR1 Borrower from the Company's portfolio of properties. During the year ended December 31, 2016 , the Company sold 47 single-family homes from the pool of single-family homes and had two that were disqualified for a total release price of $14.5 million , which was used to pay down the principal balance on the note and also reduced the pool of 3,852 single-family homes set as collateral to 3,803 single-family homes. The 2014-SFR1 Borrower's homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company's other properties. During the duration of the loan, the 2014-SFR1 Borrower's properties may not generally be transferred, sold or otherwise securitized, the Company can substitute properties only if a property owned by the 2014-SFR1 Borrower becomes a disqualified property under the terms of the loan, and the 2014-SFR1 Borrower is limited in its ability to incur any additional indebtedness. The loan is also secured by a security interest in all of the 2014-SFR1 Borrower's personal property and a pledge of all of the assets of the 2014-SFR1 Equity Owner, including a security interest in its membership interest in the 2014-SFR1 Borrower. The Company provides a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loan and all other obligations under the loan agreement in the event of insolvency or bankruptcy proceedings. The loan agreement provides that the 2014-SFR1 Borrower maintain covenants typical for securitization transactions including establishing and maintaining a cash management account controlled by the 2014-SFR1 Lender to collect all rents and cash generated by the 2014-SFR1 Borrower's properties. In the absence of an event of default, the 2014-SFR1 Borrower will receive any excess cash after payment of monthly interest, principal and property related expenses. Upon the occurrence of an event of default under the loan or if the 2014-SFR1 Borrower does not maintain a debt yield (net cash flow divided by the outstanding principal balance of the loan) on the portfolio of at least 6.68% , the 2014-SFR1 Lender may transfer the excess cash to an account and apply any funds in such account as the 2014-SFR1 Lender elects, including to prepay principal and pay any amounts due under the loan. The 2014-SFR1 Lender may also foreclose on its security interests, in limited circumstances may enforce the Company's guaranty and may appoint a new property manager. As of December 31, 2016 , the Company was in compliance with all covenants under the loan agreement. The Company has accounted for the transfer of the note from its subsidiary to the trust as a sale under ASC 860, Transfers and Servicing , with no resulting gain or loss as the note was both originated by the third-party lender and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trust. Accordingly, the Company continues to consolidate, at historical cost basis, the 3,803 homes placed as collateral for the note. The principal balance outstanding on the note was $456.1 million and $473.8 million as of December 31, 2016 and 2015 , respectively, and was included in asset-backed securitizations, net within the consolidated balance sheets. The 3,803 homes and 3,852 homes set as collateral had a net book value of $575.4 million and $606.9 million as of December 31, 2016 and 2015 , respectively. The interest rate cap agreement entered into as part of the securitization transaction has been formally designated as a cash flow hedge at inception and will be regularly assessed for effectiveness on an ongoing basis. During the year ended December 31, 2016 , the Company's interest rate cap agreement was 100% effective as a cash flow hedge and, as a result, changes in fair value have been classified in accumulated other comprehensive income or loss. These amounts will subsequently be reclassified into earnings in the period in which the hedged transaction affects earnings. The fair value of the interest rate cap agreement is estimated to be zero as of December 31, 2016 , (see Note 15) and has been included in escrow deposits, prepaid expenses and other assets in the consolidated balance sheets. September 2014 Securitization In September 2014, we completed our second securitization transaction (the "2014-SFR2 securitization"), which was structured substantially similar to the 2014-SFR1 securitization. The principal differences from the 2014-SFR1 securitization are: (1) the loan is a fixed rate loan for $513.3 million with a 10 year term, maturity date of October 9, 2024, and a duration-adjusted weighted-average interest rate of 4.42% , (2) no interest rate cap agreement was part of the transaction, (3) the loan was originally secured by first priority mortgages on a portfolio of 4,487 single-family residential properties owned by the borrower, a subsidiary of the Company and (4) in lieu of a debt yield requirement, the loan agreement provides that if the borrower does not maintain a debt service coverage ratio of at least 1.20 to 1.00, the lender may transfer cash to an account from which the lender may apply funds as it elects, including prepayment of the loan and principal. During the year ended December 31, 2016 , the Company had three single-family homes that were disqualified for a total release price of $0.4 million , which was used to pay down the principal balance on the note and also reduced the pool of 4,487 single-family homes set as collateral to 4,484 single-family homes. The loan agreement defines the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow (as defined in the loan agreement) divided by the aggregate debt service for the 12 month period following the date of determination. Also, in addition to the single-family rental pass-through certificates sold to third parties, the Company acquired all of the Class F certificates, which bear no interest, for $25.7 million . Gross proceeds to the Company from the 2014-SFR2 securitization, after purchase of the Class F certificates, were $487.7 million , before issuance costs of $12.9 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. The Company has accounted for the transfer of the 2014-SFR2 securitization promissory note to the trust as a sale under ASC 860, Transfers and Servicing, with no resulting gain or loss as the note was both originated by the third-party lender and immediately transferred at the same fair market value. The Company has also evaluated the purchased Class F certificates as a variable interest in the trust and has concluded that the Class F certificates will not absorb a majority of the trust's expected losses or receive a majority of the trust's expected residual returns. Additionally, the Company has concluded that the Class F certificates do not provide the Company with any ability to direct activities that could impact the trust's economic performance. The Company does not consolidate the trust and continues to consolidate, at historical cost basis, the 4,484 homes placed as collateral for the note. The principal balance outstanding on the note was $501.8 million and $507.3 million as of December 31, 2016 and 2015 , respectively, and was included in asset-backed securitizations, net within the consolidated balance sheets. Separately, the $25.7 million of purchased Class F certificates have been reflected as asset-backed securitization certificates in the consolidated balance sheets. The 4,484 homes and 4,487 homes set as collateral had a net book value of $650.2 million and $672.3 million as of December 31, 2016 and 2015 , respectively. November 2014 Securitization In November 2014, we completed our third securitization transaction (the "2014-SFR3 securitization"), which was structured substantially similar to the 2014-SFR2 securitization. The principal differences from the 2014-SFR2 securitization are: (1) the loan is a fixed rate loan for $528.4 million with a 10 year term, maturity date of December 9, 2024, and a duration-adjusted weighted-average interest rate of 4.40% , (2) the loan is secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the borrower, a subsidiary of the Company and (3) the Company did not acquire any of the certificates associated with this transaction. Gross proceeds to the Company from the 2014-SFR3 securitization were $528.4 million , before issuance costs of $12.9 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. The Company consolidates, at historical cost basis, the 4,503 homes placed as collateral for the note. The principal balance outstanding on the note was $517.8 million and $523.1 million as of December 31, 2016 and 2015 , respectively, and was included in asset-backed securitizations, net within the consolidated balance sheets. The 4,503 homes set as collateral had a net book value of $706.3 million and $729.8 million as of December 31, 2016 and 2015 , respectively. March 2015 Securitization In March 2015, we completed our fourth securitization transaction (the “2015-SFR1 securitization”), which was structured substantially similar to the 2014-SFR3 securitization. The principal differences from the 2014-SFR3 securitization are: (1) the loan is a fixed-rate loan for $552.8 million with a 30 year term, maturity date of April 9, 2045, and a duration-adjusted weighted-average interest rate of 4.14% , (2) the loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower, a subsidiary of the Company and (3) the loan has an anticipated repayment date of April 9, 2025. During the year ended December 31, 2016 , the Company had one single-family home that was disqualified for a total release price of $0.1 million , which was used to pay down the principal balance on the note and also reduced the pool of 4,661 single-family homes set as collateral to 4,660 single-family homes. The note was immediately transferred by the third-party lender to a subsidiary of the Company and then to a REMIC trust in exchange for eight classes of single-family rental pass-through certificates representing all of the beneficial ownership interests in the loan and the trust. Upon receipt of the certificates, a subsidiary of the Company sold the certificates to investors for gross proceeds of $552.8 million , before issuance costs of $13.3 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. The Company consolidates, at historical cost basis, the 4,660 homes placed as collateral for the note. The principal balance outstanding on the note was $543.5 million and $549.1 million as of December 31, 2016 and 2015 , respectively, and was included in asset-backed securitizations, net within the consolidated balance sheets. The 4,660 homes and 4,661 homes set as collateral had a net book value of $710.8 million and $735.0 million as of December 31, 2016 and 2015 , respectively. September 2015 Securitization In September 2015, we completed our fifth securitization transaction (the “2015-SFR2 securitization”), which was structured substantially similar to the 2015-SFR1 securitization. The principal differences from the 2015-SFR1 securitization are: (1) the loan is a fixed-rate loan for $477.7 million with a 30 year term, maturity date of October 9, 2045, and a duration-adjusted weighted-average interest rate of 4.36% , (2) the loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the borrower, a subsidiary of the Company and (3) the loan has an anticipated repayment date of October 9, 2025. During the year ended December 31, 2016 , the Company had one single-family home that was disqualified for a total release price of $0.1 million , which was used to pay down the principal balance on the note and also reduced the pool of 4,125 single-family homes set as collateral to 4,124 single-family homes. The note was immediately transferred by the third-party lender to a subsidiary of the Company and then to a REMIC trust in exchange for seven classes of single-family rental pass-through certificates representing all the beneficial ownership interests in the loan and the trust. Upon receipt of the certificates, a subsidiary of the Company sold the certificates to investors for gross proceeds of $477.7 million , before issuance costs of $11.3 million . Proceeds from this transaction were used to pay down the outstanding balance on the credit facility and for general corporate purposes. The Company consolidates, at historical cost basis, the 4,124 homes placed as collateral for the note. The principal balance outstanding on the note was $472.0 million and $476.9 million as of December 31, 2016 and 2015 , respectively, and was included in asset-backed securitizations, net within the consolidated balance sheets. The 4,124 homes and 4,125 homes set as collateral had a net book value of $658.8 million and $681.4 million as of December 31, 2016 and 2015 , respectively. ARP 2014-SFR1 Securitization In connection with the ARPI Merger on February 29, 2016 (see Note 11), 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-SFR1 Borrower, LLC (the “ARP 2014-SFR1 Borrower”). The ARP 2014-SFR1 Borrower under the loan was wholly owned by another special purpose entity (the “ARP 2014-SFR1 Equity Owner”) and the ARP 2014-SFR1 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 ARP 2014-SFR1 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 ARP 2014-SFR1 Borrower became a disqualified property under the terms of the loan, and the ARP 2014-SFR1 Borrower was limited in its ability to incur any additional indebtedness. The loan was also secured by a security interest in all of the ARP 2014-SFR1 Borrower’s personal property and a pledge of all of the assets of the ARP 2014-SFR1 Equity Owner, including a security interest in its membership interest in the ARP 2014-SFR1 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 ARPI Merger on February 29, 2016 (see Note 11), 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 the ARPI Merger. The current exchange rate as of December 31, 2016 , was 54.7701 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 5 consecutive business-day period following any 5 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 December 31, 2016 , the exchangeable senior notes, net had a balance of $108.1 million in the consolidated balance sheets, which was net of an unamortized discount of $1.9 million and $5.0 million of unamortized fair value of the exchange settlement feature, which was included in additional paid-in capital within the consolidated balance sheets. Secured Note Payable In December 2014, as part of the Ellington Portfolio Acquisition, the Company assumed a $51.6 million secured note payable. The debt consists of a 5 -year note payable, which is secured by a first priority mortgage on 583 of the homes acquired as part of the Ellington Portfolio Acquisition, bears interest at 4.06% , matures on July 1, 2019, and contains certain required covenants, including a minimum debt service coverage ratio of 1.47 to 1.00. As of December 31, 2016 and 2015 , the secured note payable had a balance of $49.8 million and $50.8 million , respectively, in the 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, 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 third quarter of 2016, related to deferred financing cost write-offs, that were included in loss on early extinguishment of debt within the 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 December 31, 2016 , the revolving credit facility bears interest at 1-month LIBOR plus 1.85% , and the term loan facility bears interest at 1-month 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 December 31, 2016 , the Company had no outstanding borrowings against the revolving credit facility, $325.0 million of outstanding borrowings against the term loan facility 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 years ended December 31, 2016 , 2015 and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Gross interest cost $ 133,137 $ 98,103 $ 33,077 Capitalized interest (2,290 ) (8,690 ) (13,196 ) Interest expense $ 130,847 $ 89,413 $ 19,881

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 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 December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Accounts payable $ 9 $ 1,173 Accrued property taxes 46,091 46,024 Other accrued liabilities 31,262 26,031 Accrued construction and maintenance liabilities 9,899 11,429 Resident security deposits 70,430 53,819 Prepaid rent 19,515 16,275 Total $ 177,206 $ 154,751

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Class A Common Shares In February 2016, the Company issued 36,546,170 Class A common shares, $0.01 par value per share, in connection with the ARPI Merger (see Note 11). In August 2014, the Company issued 17,782,861 Class A common shares, $0.01 par value per share, in an underwritten public offering and concurrent private placement, which raised gross proceeds of $313.3 million before offering costs of $4.9 million . In July 2014, the Company issued 8,158,001 Class A common shares, $0.01 par value per share, in connection with the acquisition of Beazer Rental Homes (see Note 11). "At the Market" Common Share Offering Program In November 2016, the Company established an “at the market” common share offering program under which we may issue Class A common shares from time to time through various sales agents up to an aggregate of $400.0 million . The program was established in order to use the net proceeds from share issuances to repay borrowings against the Company’s revolving credit and term loan facilities, to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy, and for working capital and general corporate purposes. The program does not have an expiration date, but may be suspended or terminated by the Company at any time. During the year ended December 31, 2016 , the Company issued and sold 4.9 million Class A common shares for gross proceeds of $104.0 million , or $21.13 per share, and net proceeds of $102.8 million , after commissions and other expenses of approximately $1.2 million . Net proceeds from the issuances were used to acquire and renovate single-family properties and for working capital and general corporate purposes. As of December 31, 2016 , $296.0 million remained available for future share issuances under the program. Share Repurchase Program On September 21, 2015, the Company announced that our board of trustees approved a share repurchase program authorizing us to repurchase up to $300.0 million of our outstanding Class A common shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. In addition, the excess of the purchase price over the par value of shares repurchased is recorded as a reduction to additional paid-in capital. During the year ended December 31, 2016 , we repurchased and retired 6.2 million of our Class A common shares 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 year ended December 31, 2015 , we repurchased and retired 3.6 million of our Class A common shares in accordance with the program at a weighted-average price of $15.76 per share and a total price of $57.3 million . As of December 31, 2016 , we had a remaining repurchase authorization of $146.7 million under the program. Class B Common Shares Former AH LLC members received a total of 635,075 shares of Class B common shares in the Company in connection with its investment in the 2012 Offering and the 2,770 Property Contribution. Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote. The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with its investment in the Company no greater than if it had solely received Class A common shares. Additionally, when the voting interest from Class A common shares and Class B common shares are added together, a shareholder is limited to a 30% total voting interest. Each Class B common share has the same economic interest as a Class A common share. Participating Preferred Shares Participating preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend equal to 5.0% for Series A participating preferred shares, 5.0% for Series B participating preferred shares and 5.5% for Series C participating preferred shares of an initial liquidation preference of $25 per share. Any time between September 30, 2017, and September 30, 2020, for the Series A and Series B participating preferred shares and between March 31, 2018, and March 31, 2021, for the Series C participating preferred shares (the "initial redemption period"), the Company has the option to redeem the preferred shares for cash or Class A common shares, at a redemption price equal to the initial liquidation preference, adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets (the "HPA adjustment"). During the initial redemption period, the amount payable upon redemption will be subject to a cap, such that the total internal rate of return, when considering the initial liquidation preference, the HPA adjustment and dividends up to, but excluding, the date of redemption, will not exceed 9.0% . If not redeemed by the end of the initial redemption period, the initial liquidation preference of $25 per share will be adjusted by the HPA adjustment as of September 30, 2020, for the Series A and Series B participating preferred shares and as of March 31, 2021, for the Series C participating preferred shares (the "adjusted liquidation preference") and the cumulative annual cash dividend rate will be prospectively increased to 10% of the adjusted liquidation preference. Any time after September 30, 2020, for the Series A and Series B participating preferred shares and March 31, 2021, for the Series C participating preferred shares, the Company has the option to redeem the preferred shares for cash or Class A common shares, at a redemption price equal to the adjusted liquidation preference. Because the HPA adjustment meets the definition of a derivative under ASC 815, Derivatives and Hedging , and is not clearly and closely related to the economic characteristics and risks of the underlying preferred shares, the fair value of the HPA adjustment has been reflected as a liability in the consolidated balance sheets and is adjusted to fair value each period and included in remeasurement of preferred shares in the consolidated statements of operations (see Note 15). In May 2014, the Company issued 7,600,000 5.5% Series C participating preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $190.0 million before offering costs of $9.7 million . In December 2013 and January 2014, the Company issued 4,400,000 5.0% Series B participating preferred shares in an underwritten public offering which raised gross proceeds of $110.0 million before offering costs of $6.6 million . In October 2013, the Company issued 5,060,000 5.0% Series A participating preferred shares in an underwritten public offering, which raised gross proceeds of $126.5 million before offering costs of $7.3 million . As of December 31, 2016 , the initial liquidation preference, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets, for all of the Company's outstanding 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares was $476.2 million . 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 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 . 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 . Class A Units Class A units represent voting equity interests in our operating partnership. Holders of Class A units in our operating partnership have the right to redeem the units for cash or, at the election of the Company, exchange the units for the Company's Class A common shares on a one -for-one basis. The Company owned 81.4% and 93.5% of the total 298,931,517 and 222,311,255 Class A units outstanding as of December 31, 2016 and 2015 , respectively. In February 2016, the Company issued 1,343,843 Class A units in connection with the ARPI Merger (see Note 11). 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 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 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 (including the 4,375,000 Series E units that converted into Series D units on February 29, 2016) were converted into Class A units on a one -for-one basis, which resulted in a $7.6 million noncash charge (including $2.8 million from the Series E units that converted to Series D units on February 29, 2016) that was included in noncontrolling interest within the 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 To qualify as a REIT, we are required to distribute annually to our shareholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our shareholders, which in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. During the year ended December 31, 2016 , our board of trustees declared distributions that totaled $0.20 per share on our Class A and Class B common shares, $1.25 per share on our 5.0% Series A participating preferred shares, $1.25 per share on our 5.0% Series B participating preferred shares, $1.38 per share on our 5.5% Series C participating preferred shares, $0.98 per share on our 6.5% Series D perpetual preferred shares, $0.80 per share on our 6.35% Series E perpetual preferred shares, $0.07 per unit on our Series C convertible units (prior to their conversion to Class A units on February 28, 2016) and $0.11 per unit on our Series D convertible units (prior to their conversion to Class A units on September 30, 2016). During the year ended December 31, 2015 , our board of trustees declared distributions that totaled $0.20 per share on our Class A and Class B common shares, $1.25 per share on our 5.0% Series A participating preferred shares, $1.25 per share on our 5.0% Series B participating preferred shares, $1.38 per share on our 5.5% Series C participating preferred shares and $0.60 per unit on our Series C convertible units. During the year ended December 31, 2014 , our board of trustees declared distributions that totaled $0.20 per share on our Class A and Class B common shares, $1.25 per share on our 5.0% Series A participating preferred shares, $1.29 per share on our 5.0% Series B participating preferred shares, $0.91 per share on our 5.5% Series C participating preferred shares and $0.60 per unit on our Series C convertible units. Noncontrolling Interest Noncontrolling interest as reflected in the Company's 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 18.2% and 6.5% , of the total 298,931,517 and 222,311,255 Class A units in our operating partnership as of December 31, 2016 and 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 our operating partnership as of December 31, 2016 and 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 ARPI Merger in February 2016. Former ARPI Class A unit holders owned 1,279,316 , or approximately 0.4% of the total 298,931,517 Class A units in the operating partnership as of December 31, 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 consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Preferred income allocated to Series C convertible units $ 3,027 $ 18,792 $ 18,600 Net loss allocated to Class A units (6,417 ) (4,282 ) (3,372 ) Net income allocated to Series D convertible units 134 — — Beneficial conversion feature related to conversion of Series D and E units 7,569 — — Net loss allocated to noncontrolling interests in certain consolidated subsidiaries (562 ) (157 ) (263 ) Total noncontrolling interest $ 3,751 $ 14,353 $ 14,965 2012 Equity Incentive Plan In 2012, we adopted the 2012 Equity Incentive Plan (the "Plan") to provide persons with an incentive to contribute to the success of the Company and to operate and manage our business in a manner that will provide for the Company's long-term growth and profitability. The Plan provides for the issuance of up to 6,000,000 Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted stock, unrestricted shares, dividend equivalent rights and performance-based awards. The Plan terminates in November 2022, unless it is earlier terminated by our board of trustees. During the year ended December 31, 2016 , the Company granted stock options for 708,000 Class A common shares and 74,100 restricted stock units to certain employees of the Company. During the year ended December 31, 2015 , the Company granted stock options for 588,500 Class A common shares and 44,000 restricted stock units to certain employees of the Company. During the year ended December 31, 2014 , the Company granted stock options for 1,270,000 Class A common shares and 92,000 restricted stock units to certain employees of the Company. All of the options and restricted stock units granted during the years ended December 31, 2016 , 2015 and 2014 , vest over four years and expire 10 years from the date of grant. Noncash share-based compensation expense related to these options is based on the estimated fair value on the date of grant and is recognized in expense over the service period. Such expense is adjusted to consider estimated forfeitures. Estimated forfeitures are adjusted to reflect actual forfeitures at the end of the vesting period. The following table summarizes stock option activity under the Plan for the years ended December 31, 2016 , 2015 and 2014 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2013 1,190,000 $ 15.48 9.3 $ 862 Granted 1,270,000 16.74 Exercised (28,750 ) 15.00 74 Forfeited (266,250 ) 15.88 Options outstanding at December 31, 2014 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (16,600 ) 15.16 19 Forfeited (252,500 ) 16.57 Options outstanding at December 31, 2015 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (196,000 ) 16.18 790 Forfeited (169,900 ) 16.38 Options outstanding at December 31, 2016 2,826,500 $ 15.69 7.6 $ 14,956 Options exercisable at December 31, 2016 1,245,375 $ 15.94 6.7 $ 6,276 (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 years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Weighted-average fair value $ 2.82 $ 4.57 $ 5.06 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 27.3 % 35.9 % 38.5 % Risk-free interest rate 1.5 % 1.9 % 2.2 % The following table summarizes the activity that relates to the Company's restricted stock units under the Plan for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Restricted stock units at beginning of period 91,650 85,000 — Units awarded 74,100 44,000 92,000 Units vested (27,250 ) (22,000 ) — Units forfeited (8,350 ) (15,350 ) (7,000 ) Restricted stock units at end of the period 130,150 91,650 85,000 Total non-cash share-based compensation expense related to stock options and restricted stock units was $3.6 million , $3.1 million and $2.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , there was a total unrecognized compensation cost of $4.1 million for unvested stock options and $1.3 million for unvested restricted stock and restricted stock units, which includes estimated forfeitures. The unrecognized compensation cost for unvested stock options and restricted stock and restricted stock units is expected to be recognized over a weighted-average period of 1.43 and 2.13 years, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2016 and 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 December 31, 2016 and 2015 , 54,276,644 and 14,440,670 Class A units as of December 31, 2016 and 2015 , respectively, zero and all 31,085,974 Series C convertible units as of December 31, 2016 and 2015 , respectively, zero and all 4,375,000 Series D convertible units as of December 31, 2016 and 2015 , respectively, and zero and all 4,375,000 Series E convertible units as of December 31, 2016 and 2015 , respectively) an approximate 18.4% and 22.1% interest at December 31, 2016 and 2015 , respectively. As of December 31, 2016 , the Company had a net receivable of $5.2 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 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 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 December 31, 2016 and 2015 , we had contributed $40.0 million to the Alaska Joint Venture II and APFC had contributed $160.0 million . During the year ended December 31, 2016 , the Alaska Joint Venture II paid distributions totaling $28.8 million and $7.2 million to APFC and us, respectively. The Alaska Joint Venture II did not pay any distributions during the years ended December 31, 2015 and 2014 . 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 after applying the voting interest model using the equity method of accounting and in connection with our adoption of the new consolidation guidance. As of December 31, 2016 and 2015 , the balance of the Company's investment in the Alaska Joint Venture II was $32.5 million and $39.7 million , respectively, which is included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. The Company has a promoted interest in the Alaska Joint Venture II in addition to owning 20% of its equity. Agreement on Investment Opportunities In November 2012, the Company entered into an Agreement on Investment Opportunities with AH LLC under which we paid an acquisition and renovation fee equal to 5% of all costs and expenses we incurred in connection with the initial acquisition, repair and renovation of single-family properties (net of any broker fees received by the Property Manager) for its services in identifying, evaluating, acquiring and overseeing the renovation of the properties we purchase. On June 10, 2013, we entered into an Amended and Restated Agreement on Investment Opportunities. Under the terms of the Amended and Restated Agreement on Investment Opportunities, on December 10, 2014, AH LLC ceased providing acquisition and renovation services for us, we stopped paying AH LLC an acquisition and renovation fee, we hired all of AH LLC's acquisition and renovation personnel necessary for our operations and AH LLC ceased paying the Company a monthly fee of $0.1 million for the maintenance and use of certain intellectual property transferred to us once we completed the internalization of management in June 2013. During the year ended December 31, 2014 , we incurred $86.0 million in aggregate acquisition and renovation fees to AH LLC prior to the termination of the Amended and Restated Agreement on Investment Opportunities, of which $67.5 million was capitalized related to asset acquisitions and included in the cost of single-family properties and $22.1 million was expensed related to property acquisitions with in-place leases and to the acquisition of Beazer Pre-Owned Rental Homes, Inc. ("Beazer Rental Homes"). AH LLC was liquidated during August 2016 with its ownership interests in the operating partnership distributed to its members. Employee Administration Agreement On June 10, 2013, we entered into an employee administration agreement with Malibu Management, Inc. ("MMI"), an affiliate of AH LLC, to obtain the exclusive services of personnel of the Advisor and the Property Manager, who were previously employees of MMI under the direction of AH LLC. Under the terms of the agreement, we obtained the exclusive service of the employees dedicated to us for all management and other personnel dedicated to our business and were able to direct MMI to implement employment decisions with respect to the employees dedicated to us. We were required to reimburse MMI for all compensation and benefits and costs associated with the employees dedicated to us. We did not pay any fee or any other form of compensation to MMI. The agreement with MMI terminated on December 31, 2014. Effective January 1, 2015, all employees previously employed by MMI and performing services on our behalf became our employees. Compensation and benefit costs paid by MMI and passed through to us under the agreement during the year ended December 31, 2014 , totaled $41.9 million .

Contributions by AH LLC

Contributions by AH LLC	12 Months Ended
	Dec. 31, 2016
Noncash Investing and Financing Items [Abstract]
Contributions by AH LLC	Contributions by AH LLC 45 Property Acquisition On December 12, 2014, we and our operating partnership entered into a contribution agreement with AH LLC, pursuant to which AH LLC contributed to our operating partnership all of AH LLC's interest in 45 properties owned by AH LLC. The value of the properties was determined by broker price opinions prepared by independent third parties. In exchange for the properties, our operating partnership issued to AH LLC 653,378 Class A units valued at $17.11 per unit, the closing price on the NYSE for the Company's Class A common shares on December 11, 2014. The Class A units owned by AH LLC were distributed to its individual members when AH LLC was liquidated in August 2016.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions 2016 Acquisitions Merger with American Residential Properties, Inc. On February 29, 2016, the Company completed the ARPI Merger, 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 "ARPI 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 ARPI 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 ARPI 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 ARPI 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 ARPI Merger totaled $7.4 million , of which $5.8 million and $1.6 million was incurred during the years ended December 31, 2016 and 2015 , respectively. The following table summarizes the allocation of the estimated fair values of the assets and liabilities acquired as part of the ARPI 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 ARPI 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 consolidated financial statements. The following table presents the total revenues and net income attributable to the ARPI Merger that are included in our consolidated statements of operations for the year ended December 31, 2016 (in thousands): For the Period from February 29, 2016 to December 31, 2016 Total revenues $ 119,245 Net income $ 1,237 Pro Forma Supplemental Information The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the ARPI Merger had occurred on January 1, 2015 (in thousands, except per share amounts): For the Years Ended December 31, 2016 2015 Pro forma total revenues (1) $ 900,958 $ 754,710 Pro forma net loss (1) $ (8,989 ) $ (54,995 ) Pro forma net loss per share (1) $ (0.22 ) $ (0.37 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the ARPI Merger occurred on January 1, 2015. 2015 Acquisitions RJ American Homes 4 Rent One, LLC and RJ American Homes 4 Rent Two, LLC Acquisition In October 2015, the Company acquired the remaining 67% outside ownership interest in two of its consolidated joint ventures, RJ American Homes 4 Rent One, LLC and RJ American Homes 4 Rent Two, LLC, which own a total of 377 single-family properties, for a purchase price of $44.4 million . As our investments in these joint ventures were already previously accounted for as consolidated joint ventures, this acquisition was recorded in equity and the 377 properties continue to be accounted for using the same historical cost basis. 2014 Acquisitions Ellington Portfolio Acquisition On December 31, 2014, the Company acquired a 100% ownership interest in a portfolio of 914 homes located in markets in Arizona, Colorado, Georgia, North Carolina, Tennessee and Texas for a total purchase price of approximately $126.0 million , which included $74.4 million in cash and the assumption of $51.6 million of debt (the "Ellington Portfolio Acquisition"). The debt consists of a 5 -year note payable, which is secured by a first priority mortgage on 583 of the homes, and has a fixed interest rate of 4.06% and a maturity date of July 1, 2019. The Company completed the Ellington Portfolio Acquisition for the purpose of acquiring a portfolio of 914 single-family properties, which was 96.3% leased as of the acquisition date. The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Ellington Portfolio Acquisition as of the acquisition date (in thousands): Land $ 25,615 Buildings and improvements 98,117 In-place leases 2,268 Secured note payable (51,644 ) Estimated fair value of assets and liabilities acquired $ 74,356 The 914 single-family properties acquired as part of the transaction on December 31, 2014, were consolidated into the Company's portfolio and reflected in its consolidated financial statements. Beazer Rental Homes Acquisition On July 1, 2014, the Company completed the acquisition of Beazer Rental Homes for the purpose of acquiring a 100% ownership interest in a portfolio of 1,372 homes located in markets in Arizona, California, Florida and Nevada (the "Beazer Rental Homes Acquisition"). The Beazer Rental Homes Acquisition was completed pursuant to an Agreement and Plan of Merger by and among American Homes 4 Rent, AMH Portfolio One, LLC, a wholly owned subsidiary of the Company ("Merger Sub"), and representatives of the Beazer shareholders, dated as of July 1, 2014 (the "Merger Agreement"). As provided in the Merger Agreement, the acquisition was completed as a tax-free merger of Beazer Rental Homes with Merger Sub. The merger consideration to the security holders of Beazer Rental Homes consisted of 8,158,001 Class A common shares in the Company, $5.0 million of cash to be held in an indemnification escrow for a period of six months and extinguishment of $108.2 million outstanding under the Beazer Rental Homes credit facility. The fair value of the Class A common shares issued has been estimated to be $144.8 million , which has been determined using the closing price in the Company's Class A common shares on the date of the Beazer Rental Homes Acquisition. As of December 31, 2014, the Company estimated that approximately $0.6 million would be withheld from the $5.0 million indemnification escrow to satisfy certain representation and warranty provisions in accordance with the Merger Agreement. Accordingly, the remaining $4.4 million indemnification escrow was recognized within total merger consideration as of December 31, 2014, with a corresponding liability included in accounts payable and accrued expenses in the consolidated balance sheets. The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Beazer Rental Homes Acquisition as of the acquisition date (in thousands): Land $ 60,866 Buildings and improvements 193,506 Cash and cash equivalents 2,197 In-place leases 2,655 Other current assets and liabilities, net (1,785 ) Estimated fair value of assets and liabilities acquired $ 257,439 Since the date of the Beazer Rental Homes Acquisition, the Company has consolidated the 1,372 single-family properties acquired as part of the transaction and the related results of these operations are reflected in the Company's consolidated financial statements. The following table presents the total revenues and net income attributable to the Company's 2014 year acquisitions that were included in our consolidated statement of operations for the year ended December 31, 2014 (in thousands): Beazer Ellington Period from Period from Total revenues $ 10,422 $ — Net income $ 1,713 $ — Pro Forma Supplemental Information The following table presents the Company's supplemental consolidated unaudited pro forma total revenues and net income as if the Ellington Portfolio Acquisition and the Beazer Rental Homes Acquisition had occurred on January 1, 2013 (in thousands): For the Years Ended December 31, 2014 2013 Pro forma total revenues (1) $ 421,033 $ 176,340 Pro forma net loss (1) $ (32,858 ) $ (32,161 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Ellington Portfolio Acquisition and the Beazer Rental Homes Acquisition occurred on January 1, 2013.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table reflects the computation of net loss per share on a basic and diluted basis for the years ended December 31, 2016 , 2015 and 2014 (in thousands, except share and per share data): For the Years Ended December 31, 2016 2015 2014 Numerator: Net income (loss) $ 10,446 $ (47,948 ) $ (33,092 ) Noncontrolling interest 3,751 14,353 14,965 Dividends on preferred shares 40,237 22,276 18,928 Net loss attributable to common shareholders $ (33,542 ) $ (84,577 ) $ (66,985 ) Denominator: Weighted-average shares (1) 234,010,168 210,600,111 196,348,757 Net loss per share—basic and diluted $ (0.14 ) $ (0.40 ) $ (0.34 ) (1) Total weighted-average shares for the years ended December 31, 2016 , 2015 and 2014 , excludes an aggregate of 88,269,789 , 73,912,694 and 73,586,644 , respectively, 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 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements, which expire on various dates through 2021. Rent expense related to our operating leases for the years ended December 31, 2016 , 2015 and 2014 , was as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Rent expense $ 2,124 $ 2,099 $ 1,867 Less: income from subleases (187 ) (9 ) (11 ) Net rent expense $ 1,937 $ 2,090 $ 1,856 Future lease obligations under our operating leases as of December 31, 2016 , were as follows (in thousands): Year 2017 $ 1,159 2018 925 2019 522 2020 278 2021 138 Total lease commitments 3,022 Less: income from subleases (768 ) Net lease commitments $ 2,254 As of December 31, 2016 and 2015 , we had commitments to acquire 203 and 12 single-family properties, respectively, with an aggregate purchase price of $41.7 million and $1.7 million , respectively. As of December 31, 2016 , the Company had sales in escrow for approximately 57 of our single-family properties for an aggregate selling price of $6.6 million . We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $0.7 million , $0.5 million and $0.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

Noncash Transactions

Noncash Transactions	12 Months Ended
	Dec. 31, 2016
Nonmonetary Transactions [Abstract]
Noncash Transactions	Noncash Transactions On February 29, 2016 we completed the ARPI Merger 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 ARPI 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 11). On December 12, 2014, we issued 653,378 Class A units valued at $17.11 per unit to AH LLC for a total consideration value of $11.2 million in exchange for 45 single-family properties (see Note 10). On July 1, 2014, we acquired Beazer Rental Homes for a total purchase price of $257.4 million including the issuance of 8,158,001 Class A common shares in the Company (see Note 11).

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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 consolidated financial statements. Our credit facilities, term loan facility, asset-backed securitizations and secured note payable are also financial instruments, which are classified as Level 3 in the fair value hierarchy as they were estimated by using unobservable inputs. We estimated their fair values by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. Our exchangeable senior notes are also financial instruments, which are classified as Level 2 in the fair value hierarchy as their fair value is estimated using observable inputs, based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value 2014-SFR1 securitization $ 456,074 $ 465,343 $ 473,755 $ 472,258 2014-SFR2 securitization 501,810 510,941 507,305 476,952 2014-SFR3 securitization 517,827 530,549 523,109 489,448 2015-SFR1 securitization 543,480 553,689 549,121 496,673 2015-SFR2 securitization 472,043 483,901 476,920 433,633 Total asset-backed securitizations (1) 2,491,234 2,544,423 2,530,210 2,368,964 Exchangeable senior notes, net (2) 108,148 142,808 — — Secured note payable 49,828 50,053 50,752 48,631 Term loan facility (3) 325,000 325,000 — — Total debt $ 2,974,210 $ 3,062,284 $ 2,580,962 $ 2,417,595 (1) The carrying values of the asset-backed securitizations exclude $48.4 million and $56.6 million of deferred financing costs as of December 31, 2016 , and December 31, 2015 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) The carrying value of the term loan facility excludes $3.3 million of deferred financing costs as of December 31, 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% , management believes that the carrying value of the term loan facility as of December 31, 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 MSAs as outlined in the agreement. The following tables set forth the fair value of the contingently convertible Series E units liability and preferred shares derivative liability as of December 31, 2016 and 2015 (in thousands): December 31, 2016 Description Quoted Prices in Significant Significant Total Liabilities: Preferred shares derivative liability $ — $ — $ 69,810 $ 69,810 December 31, 2015 Description Quoted Prices in 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 convertible units and remeasurement of preferred shares, respectively, in the consolidated statements of operations, for the years ended December 31, 2016 and 2015 (in thousands): Description January 1, 2016 Conversions Gain and remeasurement December 31, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Preferred shares derivative liability $ 62,790 $ — $ 7,020 $ 69,810 Description January 1, 2015 Conversions Remeasurement December 31, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ (2,100 ) $ 69,957 Preferred shares derivative liability $ 57,960 $ — $ 4,830 $ 62,790 Changes in inputs or assumptions used to value the preferred shares derivative liability may have a material impact on the resulting valuation.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (unaudited) The following table presents summarized quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except per share data): Quarter First Second Third Fourth (1) 2016 Rents from single-family properties $ 167,995 $ 193,491 $ 197,137 $ 198,980 Net income (loss) $ 5,028 $ (3,753 ) $ (167 ) $ 9,338 Net (loss) income attributable to common shareholders $ (4,377 ) $ (10,404 ) $ (21,152 ) $ 2,391 Net (loss) income attributable to common shareholders per share—basic $ (0.02 ) $ (0.04 ) $ (0.09 ) $ 0.01 Net loss attributable to common shareholders per share—diluted $ (0.02 ) $ (0.04 ) $ (0.09 ) $ (0.01 ) Quarter First Second Third Fourth 2015 Rents from single-family properties $ 120,680 $ 137,818 $ 148,815 $ 152,406 Net loss $ (8,265 ) $ (8,398 ) $ (19,938 ) $ (11,347 ) Net loss attributable to common shareholders $ (17,790 ) $ (17,697 ) $ (28,616 ) $ (20,474 ) Net loss attributable to common shareholders per share—basic and diluted $ (0.08 ) $ (0.08 ) $ (0.14 ) $ (0.10 ) (1) In the fourth quarter of 2016, the Company corrected its allocation of income and loss between operating partnership unit holders, which resulted in an adjustment to net income (loss) attributable to noncontrolling interest. In accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108, the Company assessed the materiality of this adjustment on its financial statements for the years ended December 31, 2016, 2015 and 2014, as well as the quarters within those annual periods. As a result, the Company recorded a $5.7 million reduction to noncontrolling interest in the consolidated balance sheet as of December 31, 2016, as well as a corresponding reduction to net income attributable to noncontrolling interest in the consolidated statement of operations for the three months ended December 31, 2016. Prior quarter and prior year amounts have not been revised as the effect was immaterial.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Facilities As of February 22, 2017 , the Company had no outstanding borrowings under our revolving credit facility. From January 1, 2017 , through February 22, 2017 , the Company borrowed an additional $25.0 million under our term loan facility, resulting in an outstanding balance of $350.0 million as of February 22, 2017 . Subsequent Dispositions From January 1, 2017 through February 22, 2017 , we disposed of 60 properties for aggregate net proceeds of approximately $6.3 million . Subsequent Acquisitions From January 1, 2017 through February 22, 2017 , we acquired 200 properties with an aggregate purchase price of approximately $32.7 million . Share Issuances From January 1, 2017 , through February 22, 2017 , the Company issued 0.2 million Class A common shares under its "at the market" program for gross proceeds of $5.3 million , or $21.27 per share, and net proceeds of $5.2 million , after commissions and other expenses of approximately $0.1 million . As of February 22, 2017 , $290.7 million remained available for future share issuances under the "at the market" program. Declaration of Dividends On February 23, 2017 , our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on March 31, 2017 , to shareholders of record on March 15, 2017 , and $0.05 per Class B common share payable on March 31, 2017 , to shareholders of record on March 15, 2017 . Additionally, our board of trustees also declared quarterly dividends of $0.3125 per share on the Company's 5.0% Series A participating preferred shares payable on March 31, 2017 , to shareholders of record on March 15, 2017 , $0.3125 per share on the Company's 5.0% Series B participating preferred shares payable on March 31, 2017 , to shareholders of record on March 15, 2017 , $0.34375 per share on the Company's 5.5% Series C participating preferred shares payable on March 31, 2017 , to shareholders of record on March 15, 2017 , $0.40625 per share on the Company’s 6.5% Series D perpetual preferred shares payable on March 31, 2017 , to shareholders of record on March 15, 2017 , and $0.39688 per share on the Company’s 6.35% Series E perpetual preferred shares payable on March 31, 2017 , to shareholders of record on March 15, 2017 .

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2016 (Amounts in thousands) Initial Cost to Company Cost Capitalized Total Cost Market Number of Single-Family Homes Gross Book Value of Encumbered Assets Land Buildings and Improvements Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation (1) Net Cost Basis Date of Acquisition Albuquerque 214 $ — $ 6,550 $ 24,368 $ 3,522 $ 6,550 $ 27,890 $ 34,440 $ (3,430 ) $ 31,010 2013-2016 Atlanta 4,079 276,539 120,969 463,252 81,474 120,969 544,726 665,695 (46,519 ) 619,176 2012-2016 Augusta 235 14,234 6,768 27,065 3,906 6,768 30,971 37,739 (3,029 ) 34,710 2013-2016 Austin 696 54,769 16,256 75,155 14,005 16,256 89,160 105,416 (10,268 ) 95,148 2012-2016 Bay Area 120 9,123 8,259 23,485 2,038 8,259 25,523 33,782 (3,014 ) 30,768 2012-2014 Boise 289 7,618 8,063 29,324 3,647 8,063 32,971 41,034 (3,940 ) 37,094 2013-2015 Central Valley 224 3,591 8,732 26,322 2,971 8,732 29,293 38,025 (3,497 ) 34,528 2012-2016 Charleston 766 79,831 27,041 97,859 13,424 27,041 111,283 138,324 (10,261 ) 128,063 2012-2016 Charlotte 2,867 288,373 100,835 358,273 41,926 100,835 400,199 501,034 (35,682 ) 465,352 2012-2016 Cincinnati 1,953 229,700 60,257 239,373 36,182 60,257 275,555 335,812 (32,050 ) 303,762 2012-2016 Colorado Springs 22 — 903 2,951 620 903 3,571 4,474 (482 ) 3,992 2013 Columbia 297 32,676 6,902 34,318 4,251 6,902 38,569 45,471 (4,427 ) 41,044 2013-2015 Columbus 1,559 132,518 41,018 171,244 31,141 41,018 202,385 243,403 (21,372 ) 222,031 2012-2016 Corpus Christi 223 — 1,843 33,756 2,509 1,843 36,265 38,108 (1,059 ) 37,049 2016 Dallas-Fort Worth 4,348 382,668 110,905 511,800 79,594 110,905 591,394 702,299 (57,388 ) 644,911 2012-2016 Denver 666 — 32,909 133,383 16,292 32,909 149,675 182,584 (14,900 ) 167,684 2012-2015 Fort Myers 6 792 172 822 135 172 957 1,129 (128 ) 1,001 2012-2013 Greater Chicago area, IL and IN 2,501 211,475 67,726 281,714 54,590 67,726 336,304 404,030 (37,436 ) 366,594 2012-2016 Greensboro 659 47,623 18,326 83,380 9,104 18,326 92,484 110,810 (9,737 ) 101,073 2013-2016 Greenville 646 74,371 16,087 84,539 10,069 16,087 94,608 110,695 (10,244 ) 100,451 2013-2016 Houston 3,157 257,023 65,518 391,141 56,416 65,518 447,557 513,075 (39,173 ) 473,902 2012-2016 Indianapolis 3,288 300,988 78,074 317,682 53,333 78,074 371,015 449,089 (44,639 ) 404,450 2012-2016 Inland Empire 366 — 33,947 46,441 5,376 33,947 51,817 85,764 (2,912 ) 82,852 2012-2016 Jacksonville 1,668 96,944 45,097 177,385 34,438 45,097 211,823 256,920 (24,092 ) 232,828 2012-2016 Knoxville 320 17,274 10,338 49,098 4,491 10,338 53,589 63,927 (6,142 ) 57,785 2013-2016 Las Vegas 1,032 89,617 30,924 128,759 19,494 30,924 148,253 179,177 (18,650 ) 160,527 2011-2016 Memphis 584 32,162 17,490 64,508 10,366 17,490 74,874 92,364 (6,752 ) 85,612 2013-2015 Miami 260 20,033 5,300 34,223 6,566 5,300 40,789 46,089 (4,641 ) 41,448 2012-2016 Milwaukee 125 — 7,374 21,964 2,150 7,374 24,114 31,488 (3,308 ) 28,180 2013 Nashville 2,433 172,473 91,494 352,654 37,615 91,494 390,269 481,763 (33,803 ) 447,960 2012-2016 Oklahoma City 412 23,356 11,173 57,641 6,606 11,173 64,247 75,420 (5,924 ) 69,496 2012-2016 Orlando 1,562 61,131 55,304 182,173 27,409 55,304 209,582 264,886 (20,066 ) 244,820 2011-2016 Phoenix 2,783 122,104 118,022 292,454 38,378 118,022 330,832 448,854 (29,502 ) 419,352 2011-2016 Portland 207 24,121 14,491 23,980 1,992 14,491 25,972 40,463 (3,338 ) 37,125 2013-2015 Raleigh 1,842 205,160 60,896 234,760 27,267 60,896 262,027 322,923 (25,381 ) 297,542 2012-2016 Salt Lake City 1,048 150,712 58,513 149,603 22,673 58,513 172,276 230,789 (20,966 ) 209,823 2012-2015 San Antonio 1,019 84,009 29,716 109,884 18,252 29,716 128,136 157,852 (12,182 ) 145,670 2012-2016 Savannah/Hilton Head 559 39,624 17,016 66,878 7,979 17,016 74,857 91,873 (5,574 ) 86,299 2013-2016 Seattle 478 27,936 28,955 78,582 5,647 28,955 84,229 113,184 (6,090 ) 107,094 2012-2016 Tampa 1,760 111,989 63,272 232,244 32,808 63,272 265,052 328,324 (29,292 ) 299,032 2012-2016 Tucson 387 43,407 7,812 37,208 7,215 7,812 44,423 52,235 (6,673 ) 45,562 2011-2014 Winston Salem 762 33,793 17,071 87,919 8,813 17,071 96,732 113,803 (8,747 ) 105,056 2013-2016 Total 48,422 $ 3,759,757 $ 1,528,318 $ 5,839,564 $ 846,684 $ 1,528,318 $ 6,686,248 $ 8,214,566 $ (666,710 ) $ 7,547,856 (1) The aggregate cost of consolidated real estate in the table above for federal income tax purposes was $8.1 billion as of December 31, 2016 . American Homes 4 Rent Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2016 (Continued) (Amounts in thousands) Change in Total Real Estate Assets For the Years Ended December 31, 2016 2015 2014 Balance, beginning of period $ 6,705,982 $ 5,916,933 $ 3,923,624 Acquisitions and building improvements 1,597,392 814,235 2,004,742 Dispositions (77,916 ) (11,555 ) (11,433 ) Write-offs (5,922 ) (13,631 ) — Impairment (4,970 ) — — Balance, end of period $ 8,214,566 $ 6,705,982 $ 5,916,933 Change in Accumulated Depreciation For the Years Ended December 31, 2016 2015 2014 Balance, beginning of period $ (416,044 ) $ (206,262 ) $ (62,202 ) Depreciation (1) (260,154 ) (223,731 ) (144,270 ) Dispositions 3,566 318 210 Write-offs 5,922 13,631 — Balance, end of period $ (666,710 ) $ (416,044 ) $ (206,262 ) (1) Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from 3 to 30 years.

Significant Accounting Polici27

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements 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 ASC 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest in the consolidated financial statements. The consolidated financial statements have been prepared in accordance with GAAP and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). 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 consolidated financial statements have been made. 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 consolidated balance sheets. Prior to January 1, 2016, these costs were included in deferred costs and other intangibles, net within the 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 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 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 consolidated statements of operations, and other expenses reclassified to other expenses within the consolidated statements of operations. This resulted in the reclassification of the $15.0 million and $22.9 million of vacant single-family properties and other expenses for the years ended December 31, 2015 and 2014, respectively, with $11.2 million and $19.3 million , respectively, of vacant single-family property operating expenses reclassified to property operating expenses and $3.8 million and $3.6 million , respectively, of other expenses reclassified to other expenses in the 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 consolidated statements of operations. Prior period net gains from the sales of single-family properties, which totaled $0.2 million and $0.7 million for the three months ended March 31, 2016, and June 30, 2016, respectively, were previously included in other revenues and have been reclassified to gain on sale of single-family properties, net to conform to the current presentation. Prior year net gains and losses from the sales of single-family properties have not been reclassified as the amounts were immaterial. Effective December 31, 2016, in accordance with our adoption of ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , the Company includes restricted cash together with cash and cash equivalents when reconciling the beginning and ending balances shown in the statements of cash flows, which has the effect of excluding the presentation of transfers between restricted and unrestricted cash amounts in the statements of cash flows. Prior to the adoption, the beginning and ending balances presented in the statements of cash flows included only cash and cash equivalents, and transfers between restricted and unrestricted cash amounts were presented within operating and investing activities based on the nature of the amounts. All prior period amounts have been reclassified to conform to the current presentation. This resulted in $111.3 million , $77.2 million and $26.4 million of restricted cash as of December 31, 2015, 2014 and 2013, respectively, being added to cash, cash equivalents and restricted cash in the consolidated statements of cash flows.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the "Code"), which commenced with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income. However, qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, our income would be subject to U.S. federal income tax and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed taxable income, if any. Our TRSs will be subject to federal, state and local taxes on their income at regular corporate rates. The tax years from 2012 through 2016 remain open to examination by the taxing jurisdictions to which the Company is subject. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the "more likely than not" threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2016 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.
Investments in Real Estate	ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the "more likely than not" threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2016 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. Investments in Real Estate Transactions in which single-family properties purchased are not subject to an existing lease are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Single-family properties that are acquired either subject to an existing lease or as part of a portfolio level transaction are treated as a business combination under ASC 805, Business Combinations , and, as such, are recorded at fair value, allocated to land, building and the existing lease, if applicable, based upon their fair values at the date of acquisition, with acquisition fees and other costs expensed as incurred. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The Company generally engages a third-party valuation specialist to assist management in the determination of fair value for purposes of allocating the purchase price of pro
Single-family Properties Held for Sale and Discontinued Operations	Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2016 and 2015 , the Company had 1,119 and 45 single-family properties, respectively, classified as held for sale, and recorded $5.0 million of impairment on single-family properties held for sale for the year ended December 31, 2016 , which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASU No. 2014-08 ("ASU 2014-08"), "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, " which the Company adopted January 1, 2015, on a prospective basis. Prior to the adoption of ASU 2014-08, gains on dispositions of single-family properties that had been in operation were included in income from discontinued operations, whereas gains on dispositions of single-family properties with no historical or immaterial operating results were included in other revenues within the consolidated statements of operations
Impairment of Long-lived Assets	Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. No material impairments were recorded during the years ended December 31, 2016 , 2015 and 2014 .
Leasing Costs	Leasing Costs Direct and incremental costs incurred to lease properties are capitalized and amortized over the term of the leases, which generally have a term of one year.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over 30 years and improvements and other assets are depreciated over their estimated economic useful lives, generally 3 to 30 years. We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets.
Intangible Assets	Intangible Assets Intangible assets are amortized on a straight-line basis over the asset's estimated economic life and are tested for impairment based on undiscounted cash flows and, if impaired, are written down to fair value based on discounted cash flows. The identified intangible assets are amortized over amortizable lives of 4.7 years for trademark and 7.0 years for database. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset. No impairment was recorded during the years ended December 31, 2016 , 2015 and 2014 .
Goodwill	Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company's management function, including all administrative, financial, property management, marketing and leasing personnel, including executive management, in 2013. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, industry and market conditions, macroeconomic conditions, and other relevant entity specific events. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Impairment charges, if any, are recognized in operating results. No goodwill impairment was recorded during the years ended December 31, 2016 , 2015 and 2014 . Additionally, the Company allocated a portion of goodwill to the carrying values of our leased properties sold, calculated as the sales price of the leased property over the fair value of the Company's total portfolio of single-family properties, which resulted in a reduction to the gain on sale of the property. The amount of goodwill allocated to leased properties sold during the year ended December 31, 2016 , was $0.4 million , which reduced goodwill to $120.3 million as of December 31, 2016 , compared to $120.7 million as of December 31, 2015 .
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the origination of the Company's revolving credit facility are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and have been included in deferred costs and other intangibles, net within the consolidated balance sheets. Financing costs related to the origination of the Company's term loan credit facility and asset-backed securitizations are also deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the FDIC insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted cash primarily consists of funds held related to resident security deposits and cash reserves in accordance with certain loan agreements. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.
Escrow Deposits	Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risk and rewards of ownership of the property are transferred and the purchase is finalized.
Nonperforming Loans	Nonperforming Loans Nonperforming loans are carried at cost and placed on nonaccrual status as it is probable that the principal or interest is not fully collectible. For nonperforming loans that are converted into a home through foreclosure or other form of resolution, the Company adjusts the property value to market value and it is moved into single-family properties in the consolidated balance sheets. As of December 31, 2016 , the Company had a total investment of $0.2 million in three nonperforming loans, compared to $34.6 million in 265 nonperforming loans as of December 31, 2015 . These investments were included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. The Company's allowance for doubtful accounts was $5.7 million and $3.0 million as of December 31, 2016 and 2015 , respectively, and included in rent and other receivables, net within the consolidated balance sheets.
Revenue and Expense Recognition	Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. We accrue for property taxes and HOA assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, resident security deposits, construction liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.
Share-based Compensation	Share-based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of our board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. Beginning in 2016, 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 within our consolidated financial statements (see Note 15).
Derivatives	Derivatives We currently use, and in the future may use, interest rate cap agreements for interest rate risk management purposes and in conjunction with certain LIBOR-based variable rate debt to satisfy lender requirements. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense. The ineffective portion of the change in fair value of our interest rate cap agreements is required to be recognized directly in earnings.
Segment Reporting	Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level. The Company did not have any geographic market concentrations representing 10% or more of total net book value of single-family properties as of December 31, 2016 .
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. 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 any goodwill impairment tests performed after January 1, 2017. The Company is currently assessing the impact of the guidance on our financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changed the definition of a business and will now require management to determine whether substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. When this is the case, the transferred assets and activities is not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transactions costs are expensed in a business combination and capitalized in an asset acquisition. The guidance will be effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods, with early adoption permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted this guidance as of January 1, 2017, on a prospective basis, which results in our leased properties no longer meeting the definition of a business. Therefore, dispositions of properties with in-place leases will no longer result in a reduction to goodwill. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which will require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning and ending balances shown in the statement of cash flows. 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 with early adoption permitted. The Company adopted this guidance effective December 31, 2016. The impact on our financial statements of this adoption was described above. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce the existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. If early adopted, an entity must adopt all of the amendments in the same period. The Company is currently assessing the impact of the adoption of this guidance and does not anticipate that the adoption of this guidance will have a material impact on our financial statements. In June 2016, the 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 , 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 does not anticipate that the adoption of this guidance will have a material impact 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 February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Among other changes, it modifies the criteria used in the variable interest model and eliminates the presumption that a general partner should consolidate a limited partnership in the voting model. The guidance became effective for the Company for annual reporting periods beginning after December 15, 2015, and for interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance January 1, 2016, with no material impact on our financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40) , which requires management to evaluate the entity’s ability to continue as a going concern and to provide related footnote disclosures, if necessary. Each annual and interim period, management will be required to evaluate relevant conditions, events and certain management plans to assess whether there is substantial doubt about the entity’s ability to continue as a going concern. To determine if the disclosures are necessary, management will need to assess whether its plans will alleviate substantial doubt of the entity’s going concern. The guidance is effective for annual reporting periods ending after December 15, 2016, and for annual periods and interim periods thereafter, with early adoption permitted. The Company adopted this guidance as of December 31, 2016, with no material impact on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, and for interim periods within that annual period. 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 as our lease terms are generally less than one year.

Significant Accounting Polici28

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets as of December 31, 2016 , 2015 and 2014 : December 31, 2016 2015 2014 Balance Sheet: Cash and cash equivalents 118,799 57,686 108,787 Restricted cash 131,442 111,282 77,198 Statement of Cash Flows: Cash, cash equivalents and restricted cash 250,241 168,968 185,985

Single-Family Properties (Table

Single-Family Properties (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Schedule of Single-Family Properties	Single-family properties, net, consists of the following as of December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 Number of Net book Leased single-family properties 44,798 $ 7,040,000 Single-family properties being renovated 312 57,200 Single-family properties being prepared for re-lease 91 14,453 Vacant single-family properties available for lease 2,102 348,773 Single-family properties held for sale 1,119 87,430 Total 48,422 $ 7,547,856 December 31, 2015 Number of Net book Leased single-family properties 36,403 $ 5,895,482 Single-family properties being renovated 476 75,055 Single-family properties being prepared for re-lease 178 28,525 Vacant single-family properties available for lease 1,678 283,444 Single-family properties held for sale 45 7,432 Total 38,780 $ 6,289,938

Rent and Other Receivables, N30

Rent and Other Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Summary of Future Minimum Rental Revenues	We generally rent our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties as of December 31, 2016 were as follows (in thousands): Year 2017 $ 386,756 2018 4,148 2019 125 2020 4 Total $ 391,033

Deferred Costs and Other Inta31

Deferred Costs and Other Intangibles, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles, Net	Deferred costs and other intangibles, net, consists of the following as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Deferred leasing costs $ 7,470 $ 8,692 Deferred financing costs 6,552 12,454 Intangible assets: Value of in-place leases 4,739 152 Trademark 3,100 3,100 Database 2,100 2,100 23,961 26,498 Less: accumulated amortization (12,005 ) (16,069 ) Total $ 11,956 $ 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 December 31, 2016 , for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of Trademark Database 2017 $ 3,314 $ 1,641 $ 895 $ 660 $ 300 2018 — 1,641 21 92 300 2019 — 1,641 2 — 300 2020 — 1,017 — — 132 Total $ 3,314 $ 5,940 $ 918 $ 752 $ 1,032

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company's debt as of December 31, 2016 and 2015 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2016 December 31, 2015 AH4R 2014-SFR1 securitization (2) 2.31 % June 9, 2019 $ 456,074 $ 473,755 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 501,810 507,305 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 517,827 523,109 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 543,480 549,121 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 472,043 476,920 Total asset-backed securitizations 2,491,234 2,530,210 Exchangeable senior notes 3.25 % November 15, 2018 115,000 — Secured note payable 4.06 % July 1, 2019 49,828 50,752 Revolving credit facilities (5) 2.62 % August 16, 2020 — — Term loan facility (6) 2.57 % August 16, 2021 325,000 — Total debt (7) 2,981,062 2,580,962 Unamortized discount on exchangeable senior notes (1,883 ) — Equity component of exchangeable senior notes (4,969 ) — Deferred financing costs, net (8) (51,636 ) (56,567 ) Total debt per balance sheet $ 2,922,574 $ 2,524,395 (1) Interest rates are as of December 31, 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 December 31, 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 December 31, 2016 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, secured note payable, revolving credit facilities and term loan facility as of December 31, 2016 and 2015 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $8.5 million and $7.0 million for the years ended December 31, 2016 and 2015 , respectively.
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 years ended December 31, 2016 , 2015 and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Gross interest cost $ 133,137 $ 98,103 $ 33,077 Capitalized interest (2,290 ) (8,690 ) (13,196 ) Interest expense $ 130,847 $ 89,413 $ 19,881

Accounts Payable and Accrued 33

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Accounts payable $ 9 $ 1,173 Accrued property taxes 46,091 46,024 Other accrued liabilities 31,262 26,031 Accrued construction and maintenance liabilities 9,899 11,429 Resident security deposits 70,430 53,819 Prepaid rent 19,515 16,275 Total $ 177,206 $ 154,751

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Noncontrolling Interest	The following table summarizes the activity that relates to the Company’s noncontrolling interest as reflected in the consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Preferred income allocated to Series C convertible units $ 3,027 $ 18,792 $ 18,600 Net loss allocated to Class A units (6,417 ) (4,282 ) (3,372 ) Net income allocated to Series D convertible units 134 — — Beneficial conversion feature related to conversion of Series D and E units 7,569 — — Net loss allocated to noncontrolling interests in certain consolidated subsidiaries (562 ) (157 ) (263 ) Total noncontrolling interest $ 3,751 $ 14,353 $ 14,965
Summary of Stock Option Activity Under Plan	The following table summarizes stock option activity under the Plan for the years ended December 31, 2016 , 2015 and 2014 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2013 1,190,000 $ 15.48 9.3 $ 862 Granted 1,270,000 16.74 Exercised (28,750 ) 15.00 74 Forfeited (266,250 ) 15.88 Options outstanding at December 31, 2014 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (16,600 ) 15.16 19 Forfeited (252,500 ) 16.57 Options outstanding at December 31, 2015 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (196,000 ) 16.18 790 Forfeited (169,900 ) 16.38 Options outstanding at December 31, 2016 2,826,500 $ 15.69 7.6 $ 14,956 Options exercisable at December 31, 2016 1,245,375 $ 15.94 6.7 $ 6,276 (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 years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Weighted-average fair value $ 2.82 $ 4.57 $ 5.06 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 27.3 % 35.9 % 38.5 % Risk-free interest rate 1.5 % 1.9 % 2.2 %
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes the activity that relates to the Company's restricted stock units under the Plan for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Restricted stock units at beginning of period 91,650 85,000 — Units awarded 74,100 44,000 92,000 Units vested (27,250 ) (22,000 ) — Units forfeited (8,350 ) (15,350 ) (7,000 ) Restricted stock units at end of the period 130,150 91,650 85,000

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2016
Business Acquisition [Line Items]
Schedule of Estimated Fair Values of Assets and Liabilities Acquired	The following table presents the total revenues and net income attributable to the Company's 2014 year acquisitions that were included in our consolidated statement of operations for the year ended December 31, 2014 (in thousands): Beazer Ellington Period from Period from Total revenues $ 10,422 $ — Net income $ 1,713 $ —
American Residential Properties Inc.
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the allocation of the estimated fair values of the assets and liabilities acquired as part of the ARPI 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 Estimated Fair Values of Assets and Liabilities Acquired	The following table presents the total revenues and net income attributable to the ARPI Merger that are included in our consolidated statements of operations for the year ended December 31, 2016 (in thousands): For the Period from February 29, 2016 to December 31, 2016 Total revenues $ 119,245 Net income $ 1,237
Schedule of Company's Supplemental Consolidated Unaudited Pro Forma Total Revenues and Net Income	The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the ARPI Merger had occurred on January 1, 2015 (in thousands, except per share amounts): For the Years Ended December 31, 2016 2015 Pro forma total revenues (1) $ 900,958 $ 754,710 Pro forma net loss (1) $ (8,989 ) $ (54,995 ) Pro forma net loss per share (1) $ (0.22 ) $ (0.37 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the ARPI Merger occurred on January 1, 2015.
Ellington portfolio acquisition
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Ellington Portfolio Acquisition as of the acquisition date (in thousands): Land $ 25,615 Buildings and improvements 98,117 In-place leases 2,268 Secured note payable (51,644 ) Estimated fair value of assets and liabilities acquired $ 74,356
Beazer Rental Homes
Business Acquisition [Line Items]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Beazer Rental Homes Acquisition as of the acquisition date (in thousands): Land $ 60,866 Buildings and improvements 193,506 Cash and cash equivalents 2,197 In-place leases 2,655 Other current assets and liabilities, net (1,785 ) Estimated fair value of assets and liabilities acquired $ 257,439
Ellintion Portfolio and Beazer Rental Homes
Business Acquisition [Line Items]
Schedule of Company's Supplemental Consolidated Unaudited Pro Forma Total Revenues and Net Income	The following table presents the Company's supplemental consolidated unaudited pro forma total revenues and net income as if the Ellington Portfolio Acquisition and the Beazer Rental Homes Acquisition had occurred on January 1, 2013 (in thousands): For the Years Ended December 31, 2014 2013 Pro forma total revenues (1) $ 421,033 $ 176,340 Pro forma net loss (1) $ (32,858 ) $ (32,161 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Ellington Portfolio Acquisition and the Beazer Rental Homes Acquisition occurred on January 1, 2013.

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Computation of Net Loss per Share on Basic and Diluted Basis	The following table reflects the computation of net loss per share on a basic and diluted basis for the years ended December 31, 2016 , 2015 and 2014 (in thousands, except share and per share data): For the Years Ended December 31, 2016 2015 2014 Numerator: Net income (loss) $ 10,446 $ (47,948 ) $ (33,092 ) Noncontrolling interest 3,751 14,353 14,965 Dividends on preferred shares 40,237 22,276 18,928 Net loss attributable to common shareholders $ (33,542 ) $ (84,577 ) $ (66,985 ) Denominator: Weighted-average shares (1) 234,010,168 210,600,111 196,348,757 Net loss per share—basic and diluted $ (0.14 ) $ (0.40 ) $ (0.34 ) (1) Total weighted-average shares for the years ended December 31, 2016 , 2015 and 2014 , excludes an aggregate of 88,269,789 , 73,912,694 and 73,586,644 , respectively, 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 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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Summary of Rental Expense Under Operating Leases	Rent expense related to our operating leases for the years ended December 31, 2016 , 2015 and 2014 , was as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Rent expense $ 2,124 $ 2,099 $ 1,867 Less: income from subleases (187 ) (9 ) (11 ) Net rent expense $ 1,937 $ 2,090 $ 1,856
Schedule of Future Lease Obligations Under Operating Leases	Future lease obligations under our operating leases as of December 31, 2016 , were as follows (in thousands): Year 2017 $ 1,159 2018 925 2019 522 2020 278 2021 138 Total lease commitments 3,022 Less: income from subleases (768 ) Net lease commitments $ 2,254

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value 2014-SFR1 securitization $ 456,074 $ 465,343 $ 473,755 $ 472,258 2014-SFR2 securitization 501,810 510,941 507,305 476,952 2014-SFR3 securitization 517,827 530,549 523,109 489,448 2015-SFR1 securitization 543,480 553,689 549,121 496,673 2015-SFR2 securitization 472,043 483,901 476,920 433,633 Total asset-backed securitizations (1) 2,491,234 2,544,423 2,530,210 2,368,964 Exchangeable senior notes, net (2) 108,148 142,808 — — Secured note payable 49,828 50,053 50,752 48,631 Term loan facility (3) 325,000 325,000 — — Total debt $ 2,974,210 $ 3,062,284 $ 2,580,962 $ 2,417,595 (1) The carrying values of the asset-backed securitizations exclude $48.4 million and $56.6 million of deferred financing costs as of December 31, 2016 , and December 31, 2015 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) The carrying value of the term loan facility excludes $3.3 million of deferred financing costs as of December 31, 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% , management believes that the carrying value of the term loan facility as of December 31, 2016 , reasonably approximates fair value.
Fair Value of Financial Instruments	The following tables set forth the fair value of the contingently convertible Series E units liability and preferred shares derivative liability as of December 31, 2016 and 2015 (in thousands): December 31, 2016 Description Quoted Prices in Significant Significant Total Liabilities: Preferred shares derivative liability $ — $ — $ 69,810 $ 69,810 December 31, 2015 Description Quoted Prices in 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 convertible units and remeasurement of preferred shares, respectively, in the consolidated statements of operations, for the years ended December 31, 2016 and 2015 (in thousands): Description January 1, 2016 Conversions Gain and remeasurement December 31, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Preferred shares derivative liability $ 62,790 $ — $ 7,020 $ 69,810 Description January 1, 2015 Conversions Remeasurement December 31, 2015 Liabilities: Contingently convertible Series E units liability $ 72,057 $ — $ (2,100 ) $ 69,957 Preferred shares derivative liability $ 57,960 $ — $ 4,830 $ 62,790

Quarterly Financial Informati39

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Data	The following table presents summarized quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except per share data): Quarter First Second Third Fourth (1) 2016 Rents from single-family properties $ 167,995 $ 193,491 $ 197,137 $ 198,980 Net income (loss) $ 5,028 $ (3,753 ) $ (167 ) $ 9,338 Net (loss) income attributable to common shareholders $ (4,377 ) $ (10,404 ) $ (21,152 ) $ 2,391 Net (loss) income attributable to common shareholders per share—basic $ (0.02 ) $ (0.04 ) $ (0.09 ) $ 0.01 Net loss attributable to common shareholders per share—diluted $ (0.02 ) $ (0.04 ) $ (0.09 ) $ (0.01 ) Quarter First Second Third Fourth 2015 Rents from single-family properties $ 120,680 $ 137,818 $ 148,815 $ 152,406 Net loss $ (8,265 ) $ (8,398 ) $ (19,938 ) $ (11,347 ) Net loss attributable to common shareholders $ (17,790 ) $ (17,697 ) $ (28,616 ) $ (20,474 ) Net loss attributable to common shareholders per share—basic and diluted $ (0.08 ) $ (0.08 ) $ (0.14 ) $ (0.10 ) (1) In the fourth quarter of 2016, the Company corrected its allocation of income and loss between operating partnership unit holders, which resulted in an adjustment to net income (loss) attributable to noncontrolling interest. In accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108, the Company assessed the materiality of this adjustment on its financial statements for the years ended December 31, 2016, 2015 and 2014, as well as the quarters within those annual periods. As a result, the Company recorded a $5.7 million reduction to noncontrolling interest in the consolidated balance sheet as of December 31, 2016, as well as a corresponding reduction to net income attributable to noncontrolling interest in the consolidated statement of operations for the three months ended December 31, 2016. Prior quarter and prior year amounts have not been revised as the effect was immaterial.

Organization and Operations (De

Organization and Operations (Details)	Jun. 10, 2013shares	Dec. 31, 2016statesingle_family_property	Dec. 31, 2015statesingle_family_property
Organization and operations
Number of states | state		22	22
Operating Partnership | Series D Convertible Units
Organization and operations
Issuance of units (in shares) | shares	4,375,000
Operating Partnership | Series E Convertible Units
Organization and operations
Issuance of units (in shares) | shares	4,375,000
Single family homes
Organization and operations
Number of properties | single_family_property		48,422	38,780
Single-family properties held for sale | Single family homes
Organization and operations
Number of properties | single_family_property		1,119	45

Significant Accounting Polici41

Significant Accounting Policies (Details)	3 Months Ended				12 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)single_family_property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Basis of Presentation [Abstract]
Deferred financing costs, net					$ 51,636,000
Cost of real estate revenue					386,474,000	$ 292,155,000	$ 184,814,000
Cost of operating expense					11,978,000	3,770,000	3,559,000
Gain on sale of single-family properties, net					14,569,000	0	0
Restricted cash					131,442,000	111,282,000	77,198,000	$ 26,400,000
Single-family Properties Held for Sale and Discontinued Operations [Abstract]
Loss on impairment of single-family properties					4,970,000	$ 0	0
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of long-lived assets held-for-use			$ 0	$ 0	$ 0
Leasing Costs
Lease amortization period					1 year
Building and Building Improvements | Minimum
Depreciation and Amortization
Estimated useful life of asset					3 years
Building and Building Improvements | Maximum
Depreciation and Amortization
Estimated useful life of asset					30 years
Single family homes
Single-family Properties Held for Sale and Discontinued Operations [Abstract]
Number of properties | single_family_property					48,422	38,780
Single family homes | Single-family properties held for sale
Single-family Properties Held for Sale and Discontinued Operations [Abstract]
Number of properties | single_family_property					1,119	45
Loss on impairment of single-family properties					$ 5,000,000
Value of in-place leases
Investments in Real Estate
Finite-lived intangible asset, useful life					1 year
Accounting Standards Update 2015-03 | Asset-Backed Securitizations
Basis of Presentation [Abstract]
Deferred financing costs, net					$ 56,600,000
Accounting Standards Update 2015-03 | Deferred Costs and Other Intangibles
Basis of Presentation [Abstract]
Deferred financing costs, net					$ (56,600,000)
Reclassification of Net Gains from Sales of Single-Family Properties from Other Revenues to Gain on Sale of Single Family Properties, Net | Restatement Adjustment
Basis of Presentation [Abstract]
Other revenues	$ (700,000)	$ (200,000)
Reclassification of Vacant Single-Family Properties and Other Expenses | Vacant Single-Family Properties and Other | Restatement Adjustment
Basis of Presentation [Abstract]
Cost of real estate revenue						$ (15,000,000)	(22,900,000)
Reclassification Adjustment of Vacant Single-Family Property to Operating Expense | Vacant Single-Family Properties and Other | Restatement Adjustment
Basis of Presentation [Abstract]
Cost of real estate revenue						(11,200,000)	(19,300,000)
Reclassification of Leased Single-Family Properties and Vacant Single-Family Properties Other to Other Expenses | Leased Single-Family Properties, Vacant Single-Family Properties, and Other | Restatement Adjustment
Basis of Presentation [Abstract]
Cost of operating expense						$ (3,800,000)	$ (3,600,000)
Reclassification of Net Gains from Sale of Single-Family Properties, Net | Restatement Adjustment
Basis of Presentation [Abstract]
Gain on sale of single-family properties, net	$ 700,000	$ 200,000

Significant Accounting Polici42

Significant Accounting Policies (Details 2)	3 Months Ended			12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2016USD ($)nonperforming_loanreportable_segment	Dec. 31, 2015USD ($)nonperforming_loan	Dec. 31, 2014USD ($)
Intangible Assets
Impairment of intangible assets	$ 0				$ 0	$ 0
Goodwill
Goodwill impairments		$ 0	$ 0	$ 0
Goodwill written off, sale of single-family properties				400,000
Goodwill				120,279,000	120,655,000
Nonperforming Loans
Total investment				$ 200,000	$ 34,600,000
Nonperforming loans | nonperforming_loan				3	265
Allowance for Doubtful Accounts
Allowance for doubtful accounts				$ 5,700,000	$ 3,000,000
Revenue and Expense Recognition
Revenue recognition period of operating lease				1 year
Segment Reporting
Number of reportable segments | reportable_segment				1
Value of in-place leases
Intangible Assets
Finite-lived intangible asset, useful life				1 year
Trademark
Intangible Assets
Finite-lived intangible asset, useful life				4 years 8 months 12 days
Database
Intangible Assets
Finite-lived intangible asset, useful life				7 years

Significant Accounting Polici43

Significant Accounting Policies (Schedule, Cash, Cash Equivalent, Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Cash and cash equivalents	$ 118,799	$ 57,686	$ 108,787
Restricted cash	131,442	111,282	77,198	$ 26,400
Cash, cash equivalents and restricted cash	$ 250,241	$ 168,968	$ 185,985	$ 175,419

Single-Family Properties - Sche

Single-Family Properties - Schedule of Real Estate Properties (Details) $ in Thousands	Dec. 31, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)single_family_property
Property Subject to or Available for Operating Lease
Net book value	$ 7,547,856	$ 6,289,938
Single family homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	48,422	38,780
Net book value	$ 7,547,856	$ 6,289,938
Single family homes | Single-family properties being renovated
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	312	476
Net book value	$ 57,200	$ 75,055
Single family homes | Single-family properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	91	178
Net book value	$ 14,453	$ 28,525
Single family homes | Single-family properties held for sale
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	1,119	45
Net book value	$ 87,430	$ 7,432
Leased single-family properties | Single family homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	44,798	36,403
Net book value	$ 7,040,000	$ 5,895,482
Vacant single-family properties available for lease | Single family homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	2,102	1,678
Net book value	$ 348,773	$ 283,444

Single-Family Properties - Narr

Single-Family Properties - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Feb. 29, 2016single_family_property
Property Subject to or Available for Operating Lease
Real estate, net increase (decrease)	$ 1,200,000
Net book value	$ 7,547,856	$ 6,289,938
Number of properties sold | property	712
Net proceeds received from sales of single-family properties	$ 88,590	0	$ 0
Gain on sale of single-family properties, net	13,900
Goodwill written off, sale of single-family properties	400
Goodwill	120,279	120,655
Single family homes
Property Subject to or Available for Operating Lease
Net book value	7,547,856	6,289,938
Real Estate Investment Properties Unrecorded Deed	14,300	8,500
Depreciation expense	$ 262,100	$ 223,900	$ 150,500
American Residential Properties Inc.
Property Subject to or Available for Operating Lease
Business combination, number of properties acquired | single_family_property				8,936

Rent and Other Receivables, N46

Rent and Other Receivables, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Allowance for doubtful accounts	$ 5,700	$ 3,000
Non-tenant receivables	600	$ 1,000
Future minimum rental revenues
2,017	386,756
2,018	4,148
2,019	125
2,020	4
Total	$ 391,033

Deferred Costs and Other Inta47

Deferred Costs and Other Intangibles, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 7,470	$ 8,692
Deferred financing costs	6,552	12,454
Intangible assets:
Intangible assets	23,961	26,498
Less: accumulated amortization	(12,005)	(16,069)
Total	11,956	10,429
Value of in-place leases
Intangible assets:
Intangible assets	4,739	152
Trademark
Intangible assets:
Intangible assets	3,100	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta48

Deferred Costs and Other Intangibles, Net (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense	$ 31.2	$ 13.1	$ 15.1
Amortization of deferred financing costs	$ 2.3	$ 2.4	$ 2.3

Deferred Costs and Other Inta49

Deferred Costs and Other Intangibles, Net (Details 3) $ in Thousands	Dec. 31, 2016USD ($)
Deferred Leasing Costs
Intangible Assets
2,017	$ 3,314
2,018	0
2,019	0
2,020	0
Total	3,314
Deferred Financing Costs
Intangible Assets
2,017	1,641
2,018	1,641
2,019	1,641
2,020	1,017
Total	5,940
Value of in-place leases
Intangible Assets
2,017	895
2,018	21
2,019	2
2,020	0
Total	918
Trademark
Intangible Assets
2,017	660
2,018	92
2,019	0
2,020	0
Total	752
Database
Intangible Assets
2,017	300
2,018	300
2,019	300
2,020	132
Total	$ 1,032

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details)	1 Months Ended		9 Months Ended	12 Months Ended
	Aug. 31, 2016USD ($)extension_option	May 31, 2014extension_option	Sep. 30, 2016	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Feb. 29, 2016USD ($)
Debt Instrument [Line Items]
Asset-backed securitizations, net				$ 2,491,234,000	$ 2,530,210,000
Secured note payable				49,828,000	50,752,000
Revolving credit facilities				0	0
Total debt				2,981,062,000	2,580,962,000
Deferred financing costs, net				(51,636,000)
Total debt per balance sheet				2,922,574,000	2,524,395,000
Amortization of debt issuance costs				10,475,000	8,305,000	$ 1,767,000
Term Loan Facility
Debt Instrument [Line Items]
Term loan facility				$ 321,735,000	0
2014-SFR 1
Debt Instrument [Line Items]
Interest rate				2.31%
Asset-backed securitizations, net				$ 456,074,000	473,755,000
Debt instrument term		2 years
Number of debt instrument extension options | extension_option		3
Period of extension options		12 months
2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
2014-SFR 2
Debt Instrument [Line Items]
Interest rate				4.42%
Asset-backed securitizations, net				$ 501,810,000	507,305,000
2014-SFR 3
Debt Instrument [Line Items]
Interest rate				4.40%
Asset-backed securitizations, net				$ 517,827,000	523,109,000
2015-SFR 1
Debt Instrument [Line Items]
Interest rate				4.14%
Asset-backed securitizations, net				$ 543,480,000	549,121,000
2015-SFR 2
Debt Instrument [Line Items]
Interest rate				4.36%
Asset-backed securitizations, net				$ 472,043,000	476,920,000
Secured note payable | Notes Payable
Debt Instrument [Line Items]
Interest rate				4.06%
Secured note payable				$ 49,828,000	50,752,000
Weighted Average | 2014-SFR 1 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.54%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate				2.62%
Revolving credit facilities				$ 0	0
Credit facility maximum borrowing capacity	$ 650,000,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.85%
Line of Credit | Minimum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit | Minimum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Line of Credit | Maximum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%
Line of Credit | Maximum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Secured Debt
Debt Instrument [Line Items]
Amortization of debt issuance costs				$ 8,500,000	7,000,000
Secured Debt | Term Loan Facility
Debt Instrument [Line Items]
Interest rate				2.57%
Term loan facility				$ 325,000,000	0
Deferred financing costs, net				$ (3,300,000)
Number of debt instrument extension options | extension_option	2
Credit facility maximum borrowing capacity	$ 350,000,000
Secured Debt | Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.80%
Secured Debt | Minimum | Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Secured Debt | Minimum | Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.70%
Secured Debt | Maximum | Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%
Secured Debt | Maximum | Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate				3.25%			3.25%
Exchangeable senior notes				$ 115,000,000	0		$ 115,000,000
Unamortized discount on exchangeable senior notes				(1,883,000)	0		(2,700,000)
Equity component of exchangeable senior notes				$ (4,969,000)	$ 0		$ (7,000,000)

Debt - Narrative (Details 1)

Debt - Narrative (Details 1)

Feb. 29, 2016USD ($)propertyextension_optionfloating_rate_componentday

Dec. 31, 2014USD ($)single_family_property

Aug. 31, 2016USD ($)extension_option

Jul. 31, 2016USD ($)

Jun. 30, 2016

Sep. 30, 2015USD ($)nonperforming_loansingle_family_property

Mar. 31, 2015USD ($)nonperforming_loanproperty

Dec. 31, 2014USD ($)property

Nov. 30, 2014USD ($)property

Sep. 30, 2014USD ($)property

May 31, 2014USD ($)propertyextension_optionfloating_rate_componentpass_through_certificate

Mar. 31, 2013USD ($)

Sep. 30, 2016USD ($)

Sep. 30, 2016

Dec. 31, 2016USD ($)single_family_propertyproperty

Dec. 31, 2015USD ($)single_family_propertyproperty

Dec. 31, 2014USD ($)

May 01, 2014USD ($)

Sep. 30, 2013USD ($)

Debt Instrument [Line Items]

Proceeds from asset-backed securitizations after issuance costs

$ 0

$ 1,030,559,000

$ 1,497,039,000

Number of properties sold | property

712

Asset-backed securitizations, net

$ 2,491,234,000

2,530,210,000

Single-family properties

7,547,856,000

6,289,938,000

Payments for purchase of certificates

381,117,000

19,739,000

3,315,000

Secured note payable

49,828,000

50,752,000

Convertible Debt

108,148,000

0

Convertible notes payable, noncurrent

108,100,000

Gain (loss) on extinguishment of debt

(13,408,000)

0

0

Revolving credit facilities

0

0

Credit Agreement

Debt Instrument [Line Items]

Debt instrument, accordion feature, higher borrowing capacity option

$ 1,750,000,000

Term Loan Facility

Debt Instrument [Line Items]

Term loan facility

321,735,000

0

2014-SFR 1

Debt Instrument [Line Items]

Debt instrument term

2 years

Interest rate cap agreement strike rate

3.85%

Number of debt instrument extension options | extension_option

3

Period of extension options

12 months

Asset-backed securitizations, net

$ 456,074,000

473,755,000

Effective percentage of interest rate cap agreements hedged as cash flow derivative

100.00%

Interest rate

2.31%

2014-SFR 1 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

0.25%

2014-SFR 2

Debt Instrument [Line Items]

Asset-backed securitizations, net

$ 501,810,000

507,305,000

Interest rate

4.42%

2014-SFR 3

Debt Instrument [Line Items]

Asset-backed securitizations, net

$ 517,827,000

523,109,000

Interest rate

4.40%

2015-SFR 1

Debt Instrument [Line Items]

Asset-backed securitizations, net

$ 543,480,000

549,121,000

Interest rate

4.14%

2015-SFR 2

Debt Instrument [Line Items]

Asset-backed securitizations, net

$ 472,043,000

$ 476,920,000

Interest rate

4.36%

Special Purpose Entity | 2014-SFR 1 | Notes Payable

Debt Instrument [Line Items]

Exchangeable senior notes

$ 481,000,000

Derivative term of contract

2 years

Number of floating rate loan components | floating_rate_component

6

Debt instrument monthly principal payment ratio

0.00083

Debt instrument percentage portion of principal amount for which monthly payment is required

1.00%

Number of properties | property

3,852

Debt covenant, minimum debt yield percentage

6.68%

Special Purpose Entity | 2015-SFR 1

Debt Instrument [Line Items]

Exchangeable senior notes

$ 552,800,000

Debt instrument term

30 years

Number of classes of certificates | nonperforming_loan

8

Weighted-average interest rate

4.14%

Special Purpose Entity | 2015-SFR 1 | Notes Payable

Debt Instrument [Line Items]

Number of properties | property

4,661

4,660

4,661

Single-family properties

$ 710,800,000

$ 735,000,000

Special Purpose Entity | 2015-SFR 2

Debt Instrument [Line Items]

Exchangeable senior notes

$ 477,700,000

Debt instrument term

30 years

Number of classes of certificates | nonperforming_loan

7

Proceeds from asset-backed securitizations after issuance costs

$ 477,700,000

Debt issuance cost

$ 11,300,000

Single-family properties

$ 658,800,000

$ 681,400,000

Weighted-average interest rate

4.36%

Single family homes

Debt Instrument [Line Items]

Number of properties | single_family_property

48,422

38,780

Single-family properties

$ 7,547,856,000

$ 6,289,938,000

Single family homes | 2014-SFR 1

Debt Instrument [Line Items]

LIBOR floor rate

0.25%

Number of debt instrument extension options | extension_option

3

Number of classes of certificates | pass_through_certificate

7

Proceeds from asset-backed securitizations after issuance costs

$ 481,000,000

Debt issuance cost

$ 14,900,000

Number of properties | property

3,803

Number of properties sold | property

47

Single-family properties

$ 575,400,000

$ 606,900,000

Total release price

$ 14,500,000

Single family homes | 2014-SFR 1 | LIBOR

Debt Instrument [Line Items]

Interest margin on reference rate

1.54%

Single family homes | 2014-SFR 2

Debt Instrument [Line Items]

Exchangeable senior notes

$ 513,300,000

Debt instrument term

10 years

Proceeds from asset-backed securitizations after issuance costs

$ 487,700,000

Debt issuance cost

$ 12,900,000

Number of properties

4,487

4,484

4,487

Weighted-average interest rate

4.42%

Minimum coverage ratio

1.20

Period of debt service considered for debt coverage ratio

12 months

Payments for purchase of certificates

$ 25,700,000

Single family homes | 2014-SFR 3

Debt Instrument [Line Items]

Exchangeable senior notes

$ 528,400,000

Debt instrument term

10 years

Debt issuance cost

$ 12,900,000

Number of properties | property

4,503

Single-family properties

$ 706,300,000

$ 729,800,000

Weighted-average interest rate

4.40%

Single family homes | 2015-SFR 1

Debt Instrument [Line Items]

Proceeds from asset-backed securitizations after issuance costs

$ 552,800,000

Debt issuance cost

$ 13,300,000

Single family homes | Special Purpose Entity | 2015-SFR 2

Debt Instrument [Line Items]

Number of properties | single_family_property

4,125

4,124

4,125

Estimate of Fair Value Measurement | 2014-SFR 1

Debt Instrument [Line Items]

Interest rate cap agreement

$ 0

Estimate of Fair Value Measurement | 2014-SFR 2

Debt Instrument [Line Items]

Single-family properties

650,200,000

$ 672,300,000

American Residential Properties Inc.

Debt Instrument [Line Items]

Purchase price

$ 1,322,461,000

Ellington portfolio acquisition

Debt Instrument [Line Items]

Debt instrument term

5 years

Secured note payable

$ 51,644,000

$ 51,644,000

$ 51,644,000

Purchase price

$ 126,000,000

Number of properties treated as collateral

583

583

Interest rate

4.06%

4.06%

4.06%

Minimum debt service coverage ratio

1.47

Ellington portfolio acquisition | Notes Payable

Debt Instrument [Line Items]

Debt instrument term

5 years

Purchase price

$ 51,600,000

Revolving Credit Facility | Credit Agreement

Debt Instrument [Line Items]

Exchangeable senior notes

$ 1,000,000,000

Senior Secured Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility maximum borrowing capacity

$ 500,000,000

$ 800,000,000

Gain (loss) on extinguishment of debt

$ (2,700,000)

Exchangeable senior notes | Notes Payable

Debt Instrument [Line Items]

Secured note payable

$ 49,828,000

50,752,000

Interest rate

4.06%

Until March 2017 | Senior Secured Revolving Credit Facility

Debt Instrument [Line Items]

Description of variable rate basis

1-month LIBOR

Basis spread on variable rate

2.75%

March 2017 and Thereafter | Senior Secured Revolving Credit Facility

Debt Instrument [Line Items]

Description of variable rate basis

1-month LIBOR

Basis spread on variable rate

3.125%

Secured Debt | Term Loan Facility

Debt Instrument [Line Items]

Number of debt instrument extension options | extension_option

2

Interest rate

2.57%

Credit facility maximum borrowing capacity

$ 350,000,000

Line of credit extension period

1 year

Term loan facility

$ 325,000,000

0

Secured Debt | Term Loan Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

1.80%

Secured Debt | Special Purpose Entity | ARP 2014-SFR1

Debt Instrument [Line Items]

Exchangeable senior notes

$ 342,200,000

Debt instrument term

2 years

Number of floating rate loan components | floating_rate_component

6

Number of debt instrument extension options | extension_option

3

Period of extension options

12 months

Number of properties | property

2,875

Release of restricted cash collateral for borrowed securities

$ (10,100,000)

Gain (loss) on extinguishment of debt

$ (10,700,000)

Convertible Debt | 3.25% Exchangeable Senior Notes

Debt Instrument [Line Items]

Exchangeable senior notes

115,000,000

$ 115,000,000

0

Convertible debt, fair value

$ 112,300,000

Interest rate

3.25%

3.25%

Debt instrument, convertible, carrying amount of equity component

$ 7,000,000

$ 4,969,000

0

Debt Instrument, Convertible, Conversion Ratio

0.0546381

Debt Instrument, convertible, threshold percentage of stock price trigger

98.00%

Debt instrument, convertible, threshold trading days | day

20

Debt instrument, convertible, threshold consecutive trading days

5 days

Debt instrument, unamortized discount

$ 2,700,000

$ 1,883,000

0

Convertible Debt

$ 105,300,000

Fair value inputs, discount rate

6.70%

Convertible Debt | American Residential Properties Inc. | 3.25% Exchangeable Senior Notes

Debt Instrument [Line Items]

Business acquisition, equity interest issued or issuable, number of shares, multiplier

1.135

Debt Instrument, Convertible, Conversion Ratio

0.0469423

Debt Instrument, Convertible, Conversion Ratio, Adjusted

0.0532795

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Interest rate

2.62%

Repayments of long-term lines of credit

$ 142,000,000

Credit facility maximum borrowing capacity

$ 650,000,000

Line of credit extension period

1 year

Revolving credit facilities

$ 0

$ 0

Line of Credit | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

1.85%

Minimum | Secured Debt | Term Loan Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

1.70%

Minimum | Secured Debt | Term Loan Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.70%

Minimum | Convertible Debt | 3.25% Exchangeable Senior Notes

Debt Instrument [Line Items]

Debt Instrument, convertible, threshold percentage of stock price trigger

130.00%

Debt instrument, convertible, threshold consecutive trading days

30 days

Minimum | Line of Credit | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Minimum | Line of Credit | Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.75%

Maximum | Secured Debt | Term Loan Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.30%

Maximum | Secured Debt | Term Loan Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.30%

Maximum | Line of Credit | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.30%

Maximum | Line of Credit | Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Basis spread on variable rate

1.30%

Weighted Average | 2014-SFR 1 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

1.54%

Weighted Average | Secured Debt | Special Purpose Entity | ARP 2014-SFR1 | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.11%

Series E Perpetual Preferred Stock

Debt Instrument [Line Items]

Cumulative annual cash dividend rate

6.35%

6.35%

6.35%

Property disqualified from collateral pool | Single family homes | 2014-SFR 1

Debt Instrument [Line Items]

Number of properties | property

2

Property disqualified from collateral pool | Single family homes | 2014-SFR 2

Debt Instrument [Line Items]

Number of properties | property

3

Total release price

$ 400,000

Property disqualified from collateral pool | Single family homes | 2015-SFR 1

Debt Instrument [Line Items]

Number of properties | property

1

Total release price

$ 100,000

Property disqualified from collateral pool | Single family homes | 2015-SFR 2

Debt Instrument [Line Items]

Number of properties | property

1

Total release price

$ 100,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Gross interest cost	$ 133,137	$ 98,103	$ 33,077
Capitalized interest	(2,290)	(8,690)	(13,196)
Interest expense	$ 130,847	$ 89,413	$ 19,881

Accounts Payable and Accrued 53

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts payable	$ 9	$ 1,173
Accrued property taxes	46,091	46,024
Other accrued liabilities	31,262	26,031
Accrued construction and maintenance liabilities	9,899	11,429
Resident security deposits	70,430	53,819
Prepaid rent	19,515	16,275
Total	$ 177,206	$ 154,751

Shareholders' Equity - Class A

Shareholders' Equity - Class A Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Feb. 29, 2016	Aug. 31, 2014	Jul. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Proceeds from issuance of Class A common shares				$ 102,830	$ 0	$ 308,435
Class A common shares
Class of Stock [Line Items]
Issuance of class A common shares, net of offering costs (in shares)	36,546,170	17,782,861
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Proceeds from issuance of Class A common shares		$ 313,300
Stock issuance costs		$ 4,900		$ 227	$ 0	$ 0
Beazer Rental Homes | Class A common shares
Class of Stock [Line Items]
Issuance of class A common shares, net of offering costs (in shares)			8,158,001
Common shares, par value (in dollars per share)			$ 0.01

Shareholders' Equity - At the M

Shareholders' Equity - At the Market Common Share Offering Program (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of Class A common shares		$ 102,830,000	$ 0	$ 308,435,000
Class A common shares
Class of Stock [Line Items]
Common shares, shares issued (in shares)		242,740,482	207,235,510
Proceeds from issuance of Class A common shares	$ 313,300,000
Stock issuance costs	$ 4,900,000	$ 227,000	$ 0	$ 0
At the Market - Common Share Offering Program | Class A common shares
Class of Stock [Line Items]
Common shares, shares issued (in shares)		4,900,000
Proceeds from issuance of Class A common shares		$ 104,000,000
Sale of stock, price per share (in dollars per share)		$ 21.13
Proceeds from sale of stock, net of issuance costs		$ 102,800,000
Stock issuance costs		1,200,000
Shares reserved for future issuance					$ 400,000,000
Remaining available for future shares		$ 296,000,000

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchase Program (Details) - Class A common shares - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 21, 2015
Class of Stock [Line Items]
Repurchase of Class A common stock, authorized amount			$ 300,000,000
Weighted-average price of shares (in dollars per share)	$ 15.44	$ 15.76
Total cost of Class A common shares	$ 96,000,000	$ 57,300,000
Remaining repurchase authorization amount	$ 146,700,000
Common Stock
Class of Stock [Line Items]
Repurchase and retire of Class A common shares (in shares)	6,215,656	3,633,602

Shareholders' Equity - Class B

Shareholders' Equity - Class B Common Shares (Details) - Class B common shares	12 Months Ended
	Dec. 31, 2016Voteshares
Class of Stock [Line Items]
Common shares entitled to vote | Vote	50
Voting interest percent	30.00%
2012 Offering | AH LLC | 2,770 Property Contribution
Class of Stock [Line Items]
Common stock issued in connection with investment (in shares) | shares	635,075

Shareholders' Equity - Particip

Shareholders' Equity - Participating Preferred Shares (Details) $ / shares in Units, $ in Millions	1 Months Ended		2 Months Ended	12 Months Ended
	May 31, 2014USD ($)shares	Oct. 31, 2013USD ($)shares	Jan. 31, 2014USD ($)shares	Dec. 31, 2016USD ($)market$ / shares	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Liquidation preference per share (in dollars per share) | $ / shares				$ 25
Preferred shares
Class of Stock [Line Items]
Preferred stock, cumulative change in value of index based on purchase prices of single-family properties (as a percent)				50.00%
Number of single-family properties located in top markets | market				20
Preferred stock, maximum internal rate of return considering initial liquidation liquidation preference (as a percent)				9.00%
Increase in cumulative annual cash dividend rate				10.00%
Liquidation preference (as a percent)				50.00%
Initial liquidation preference				$ 476.2
Series A Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate		5.00%		5.00%	5.00%	5.00%
Liquidation preference per share (in dollars per share) | $ / shares				$ 25
Preferred units issued (in shares) | shares		5,060,000
Gross proceeds from issuance of Preferred shares before offering costs		$ 126.5
Offering costs		$ 7.3
Series B Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate			5.00%	5.00%	5.00%	5.00%
Liquidation preference per share (in dollars per share) | $ / shares				$ 25
Preferred units issued (in shares) | shares			4,400,000
Gross proceeds from issuance of Preferred shares before offering costs			$ 110
Offering costs			$ 6.6
Series C Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate	5.50%			5.50%	5.50%	5.50%
Liquidation preference per share (in dollars per share) | $ / shares				$ 25
Preferred units issued (in shares) | shares	7,600,000
Gross proceeds from issuance of Preferred shares before offering costs	$ 190
Offering costs	$ 9.7

Shareholders' Equity - Perpetua

Shareholders' Equity - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Liquidation preference per share (in dollars per share)				$ 25
Preferred stock, change in control redemption period				120 days
Preferred shares, shares issued (in shares)				37,010,000	17,060,000
Series D Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate			6.50%	6.50%
Preferred shares, shares issued (in shares)			10,750,000
Gross proceeds from issuance of Preferred shares before offering costs			$ 268.8
Adjustments to additional paid in capital, stock issued, issuance costs			$ 8.5
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate	6.35%	6.35%		6.35%
Preferred shares, shares issued (in shares)		9,200,000
Gross proceeds from issuance of Preferred shares before offering costs		$ 230
Adjustments to additional paid in capital, stock issued, issuance costs		$ 7.5

Shareholders' Equity - Class 60

Shareholders' Equity - Class A Units (Details) - Class A Units	12 Months Ended
	Dec. 31, 2016shares	Feb. 29, 2016shares	Dec. 31, 2015shares
Operating Partnership
Class of Stock [Line Items]
Stock exchange ratio	1
Percentage of units outstanding	81.40%		93.50%
Units outstanding (in shares)	298,931,517		222,311,255
American Residential Properties Inc.
Class of Stock [Line Items]
Units outstanding (in shares)		1,343,843
American Residential Properties Inc. | Operating Partnership
Class of Stock [Line Items]
Percentage of units outstanding	0.40%
Units outstanding (in shares)	1,279,316

Shareholders' Equity - Conversi

Shareholders' Equity - Conversion of Series C Convertible Units into Class A Units (Details) - AH LLC - Series C Convertible Units	Dec. 31, 2016shares	Feb. 28, 2016shares	Dec. 31, 2015shares
Class of Stock [Line Items]
Units owned (in shares)	0		31,085,974
Operating Partnership
Class of Stock [Line Items]
Units owned (in shares)		31,085,974
Business acquisition, equity interest issued or issuable, number of shares, multiplier		1

Shareholders' Equity - Conver62

Shareholders' Equity - Conversion of Series E Convertible Unit into Series D Convertible Units (Details) $ in Thousands	Feb. 29, 2016USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)
Class of Stock [Line Items]
Gain on conversion of Series E units | $		$ 11,463	$ 0	$ 0
Series E Convertible Units
Class of Stock [Line Items]
Contingent beneficial conversion, Series E | $	$ 2,800	$ 2,800
Series E Convertible Units | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares)	4,375,000
Series E Convertible Units | AH LLC
Class of Stock [Line Items]
Units owned (in shares)		0	4,375,000
Series E Convertible Units | AH LLC | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares)	4,375,000
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1

Shareholders' Equity - Conver63

Shareholders' Equity - Conversion of Series D Convertible Units into Class A Units (Details) $ / shares in Units, $ in Millions	Sep. 30, 2016USD ($)shares	Feb. 29, 2016USD ($)shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015shares
Series E Convertible Units
Class of Stock [Line Items]
Contingent beneficial conversion, Series E | $		$ 2.8	$ 2.8
Series D Convertible Units
Class of Stock [Line Items]
Percent of distributions claimed on operating partnership			70.00%
Period after issuance for eligibility to participate in operating partnership distributions			30 months
Limited liability company or limited partnership, conversion requirements, adjusted funds from operations (in dollars per share) | $ / shares			$ 0.80
Limited liability company or limited partnership, conversion requirements, average price per common share (in dollars per share) | $ / shares			$ 18
Contingent beneficial conversion, Series E | $	$ 7.6
Operating Partnership | Series E Convertible Units
Class of Stock [Line Items]
Units owned (in shares)		4,375,000
Operating Partnership | Series D Convertible Units
Class of Stock [Line Items]
Units owned (in shares)	8,750,000
AH LLC | Series E Convertible Units
Class of Stock [Line Items]
Units owned (in shares)			0	4,375,000
AH LLC | Series D Convertible Units
Class of Stock [Line Items]
Units owned (in shares)			0	4,375,000
AH LLC | Operating Partnership | Series E Convertible Units
Class of Stock [Line Items]
Units owned (in shares)		4,375,000
AH LLC | Operating Partnership | Series D Convertible Units
Class of Stock [Line Items]
Limited liability company or limited partnership, conversion ratio	1		1

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - $ / shares	1 Months Ended					2 Months Ended	12 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	May 31, 2014	Oct. 31, 2013	Jan. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class B common shares
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							$ 0.20	$ 0.20	$ 0.20
Class A common shares
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							0.20	0.2	0.2
Series A Participating Preferred Stock
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							$ 1.25	$ 1.25	$ 1.25
Preferred Shares dividend rate					5.00%		5.00%	5.00%	5.00%
Series B Participating Preferred Stock
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							$ 1.25	$ 1.25	$ 1.2875
Preferred Shares dividend rate						5.00%	5.00%	5.00%	5.00%
Series C Participating Preferred Stock
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							$ 1.375	$ 1.375	$ 0.912847
Preferred Shares dividend rate				5.50%			5.50%	5.50%	5.50%
Series D Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate			6.50%				6.50%
Preferred stock, dividends per share, declared (in dollars per share)							$ 0.98403
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate	6.35%	6.35%					6.35%
Preferred stock, dividends per share, declared (in dollars per share)							$ 0.80257
Series D Convertible Units
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							0.11
Series C Convertible Units
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							$ 0.06517	$ 0.60452	$ 0.60452

Shareholders' Equity - Noncontr

Shareholders' Equity - Noncontrolling Interest Narrative (Details) - shares	Dec. 31, 2016	Sep. 30, 2016	Feb. 29, 2016	Feb. 28, 2016	Dec. 31, 2015
Class A Units | Operating Partnership
Class of Stock [Line Items]
Equity interest rate	81.40%				93.50%
Units outstanding (in shares)	298,931,517				222,311,255
Series D Convertible Units | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares)		8,750,000
AH LLC
Class of Stock [Line Items]
Equity interest rate	18.40%				22.10%
AH LLC | Class A Units
Class of Stock [Line Items]
Units owned (in shares)	54,276,644				14,440,670
AH LLC | Class A Units | Operating Partnership
Class of Stock [Line Items]
Equity interest rate	18.20%				6.50%
AH LLC | Series C Convertible Units
Class of Stock [Line Items]
Units owned (in shares)	0				31,085,974
AH LLC | Series C Convertible Units | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares)				31,085,974
AH LLC | Series D Convertible Units
Class of Stock [Line Items]
Units owned (in shares)	0				4,375,000
American Residential Properties Inc. | Class A Units
Class of Stock [Line Items]
Units outstanding (in shares)			1,343,843
American Residential Properties Inc. | Class A Units | Operating Partnership
Class of Stock [Line Items]
Equity interest rate	0.40%
Units outstanding (in shares)	1,279,316

Shareholders' Equity - Noncon66

Shareholders' Equity - Noncontrolling Interest Reflected in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Net income (loss) attributable to noncontrolling interest	$ 3,751	$ 14,353	$ 14,965
Series C Convertible Units
Class of Stock [Line Items]
Net income (loss) attributable to noncontrolling interest	3,027	18,792	18,600
Class A Units
Class of Stock [Line Items]
Net income (loss) attributable to noncontrolling interest	(6,417)	(4,282)	(3,372)
Series D Convertible Units
Class of Stock [Line Items]
Net income (loss) attributable to noncontrolling interest	134	0	0
Noncontrolling interest, beneficial conversion feature	7,569	0	0
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Net income (loss) attributable to noncontrolling interest	$ (562)	$ (157)	$ (263)

Shareholders' Equity - 2012 Equ

Shareholders' Equity - 2012 Equity Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Noncash share-based compensation	$ 3,636	$ 3,125	$ 2,586
Stock options and Restricted stock units
Class of Stock [Line Items]
Noncash share-based compensation	3,600	$ 3,100	$ 2,600
Stock options
Class of Stock [Line Items]
Total unrecognized compensation cost	$ 4,100
Weighted-average period of unvested cost	1 year 5 months 5 days
Restricted stock units
Class of Stock [Line Items]
Total unrecognized compensation cost	$ 1,300
Weighted-average period of unvested cost	2 years 1 month 17 days
Restricted stock units | 2012 Equity Incentive Plan
Class of Stock [Line Items]
Stock options granted (in shares)	74,100	44,000	92,000
Board of Trustees | 2012 Equity Incentive Plan
Class of Stock [Line Items]
Vesting period	4 years	4 years	4 years
Expiration period	10 years	10 years	10 years
Class A common shares | 2012 Equity Incentive Plan
Class of Stock [Line Items]
Shares available for issuance (in shares)	6,000,000
Class A common shares | Stock options | 2012 Equity Incentive Plan
Class of Stock [Line Items]
Stock options granted (in shares)	708,000	588,500	1,270,000

Shareholders' Equity - Stock Op

Shareholders' Equity - Stock Option Activity (Details) - Stock options - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning of period (in shares)	2,484,400	2,165,000	1,190,000
Granted (in shares)	708,000	588,500	1,270,000
Exercised (in shares)	(196,000)	(16,600)	(28,750)
Forfeited (in shares)	(169,900)	(252,500)	(266,250)
Options outstanding, end of period (in shares)	2,826,500	2,484,400	2,165,000	1,190,000
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Exercise Price [Roll Forward]
Options outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 16.22	$ 16.17	$ 15.48
Granted, weighted average exercise price (in dollars per share)	14.15	16.49	16.74
Exercised, weighted average exercise price (in dollars per share)	16.18	15.16	15
Forfeited, weighted average exercise price (in dollars per share)	16.38	16.57	15.88
Options outstanding, weighted average exercise price, ending balance (in dollars per share)	$ 15.69	$ 16.22	$ 16.17	$ 15.48
Share-based Compensation Arrangement by Share-based Payment Award, Intrinsic Value [Roll Forward]
Options outstanding, intrinsic value, beginning of period	$ 1,225	$ 1,890	$ 862
Exercised, intrinsic value	790	19	74
Options outstanding, intrinsic value, end of period	$ 14,956	$ 1,225	$ 1,890	$ 862
Options outstanding, weighted average contractual life	7 years 7 months 6 days	8 years 7 days	8 years 9 months 18 days	9 years 3 months 18 days
Options exercisable at period end (in shares)	1,245,375
Options exercisable at period end, weighted average exercise price (in dollars per share)	$ 15.94
Options exercisable at period end, weighted average contractual life	6 years 8 months 12 days
Options exercisable at period end, intrinsic value	$ 6,276

Shareholders' Equity - Valuatio

Shareholders' Equity - Valuation Inputs (Details) - Class A common shares - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value (in dollars per share)	$ 2.82	$ 4.57	$ 5.06
Expected term (years)	7 years	7 years	7 years
Dividend yield	3.00%	3.00%	3.00%
Volatility	27.30%	35.90%	38.50%
Risk-free interest rate	1.50%	1.90%	2.20%

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock Units (Details) - Restricted stock units - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units at beginning of period (in shares)	91,650	85,000	0
Units awarded (in shares)	74,100	44,000	92,000
Units vested (in shares)	(27,250)	(22,000)	0
Units forfeited (in shares)	(8,350)	(15,350)	(7,000)
Restricted stock units at end of period (in shares	130,150	91,650	85,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2012	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction
Amounts payable to affiliates		$ 0	$ 4,093
Payments to acquire interest in joint venture		0	44,408	$ 0
Distributions from unconsolidated joint ventures		$ 8,347	$ 0	0
AH LLC
Related Party Transaction
Equity interest rate		18.40%	22.10%
Amounts due from affiliates		$ 5,200
Amounts payable to affiliates			$ 4,100
AH LLC | Class A Units
Related Party Transaction
Units owned (in shares)		54,276,644	14,440,670
AH LLC | Series C Convertible Units
Related Party Transaction
Units owned (in shares)		0	31,085,974
AH LLC | Series D Convertible Units
Related Party Transaction
Units owned (in shares)		0	4,375,000
AH LLC | Series E Convertible Units
Related Party Transaction
Units owned (in shares)		0	4,375,000
AH LLC | Class A common shares
Related Party Transaction
Equity interest rate		2.80%	3.30%
AH LLC | Class B common shares
Related Party Transaction
Shares owned (in shares)		635,075	635,075
AH LLC | Agreement on Investment Opportunities
Related Party Transaction
Acquisition and renovation fee in percent	5.00%
Monthly maintenance fee	$ 100
Acquisition and renovation fees				86,000
Asset acquisition cost				67,500
Property acquisition cost				22,100
Corporate Joint Venture
Related Party Transaction
Distributions from unconsolidated joint ventures		$ 28,800	$ 0	0
MMI
Related Party Transaction
Administrative expenses paid to related party				$ 41,900
Alaska Permanent Fund Corporation | Corporate Joint Venture
Related Party Transaction
Distributions from unconsolidated joint ventures		7,200
Alaska Joint Venture Acquisition
Related Party Transaction
Payments to acquire interest in joint venture		40,000	40,000
Equity method investments		$ 32,500	39,700
Equity method investment, ownership percentage		20.00%
Alaska Joint Venture Acquisition | Alaska Permanent Fund Corporation
Related Party Transaction
Payments to acquire interest in joint venture		$ 160,000	$ 160,000

Contributions by AH LLC - Narra

Contributions by AH LLC - Narrative (Details)	Dec. 12, 2014single_family_propertyproperty$ / sharesshares
AH LLC
Business Acquisition [Line Items]
Contribution of property, number of properties | property	45
Class A Units | AH LLC
Business Acquisition [Line Items]
Contribution of property, number of properties | single_family_property	45
Partners capital account units issued during period acquisitions (in shares) | shares	653,378
Closing price per share (in dollars per share)	$ 17.11
Sponsor | Class A Units
Business Acquisition [Line Items]
Closing price per share (in dollars per share)	$ 17.11

Acquisitions - Merger with Amer

Acquisitions - Merger with American Residential Homes - Narrative (Details) - American Residential Properties Inc. $ / shares in Units, $ in Thousands	Feb. 29, 2016USD ($)single_family_property$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Equity interest, percentage	12.70%
Equity transaction consideration | $	$ 530,460
Business acquisition, share price (in dollars per share) | $ / shares	$ 14
Business acquisition, transaction costs | $		$ 5,800	$ 1,600	$ 7,400
Business combination, number of properties acquired | single_family_property	8,936
Class A common shares
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1.135
Business acquisition, equity interest issued or issuable (in shares) | shares	36,546,170
Class A Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1.135
Business acquisition, equity interest issued or issuable (in shares) | shares	1,343,843

Acquisitions - Merger with Am74

Acquisitions - Merger with American Residential Properties - Tables (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 29, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pro Forma Supplemental Information [Abstract]
Pro forma total revenues									$ 421,033	$ 176,340
Pro forma net loss									$ (32,858)	$ (32,161)
Pro forma net loss per share (in dollars per share)		$ (0.10)	$ (0.14)	$ (0.08)	$ (0.08)		$ (0.14)	$ (0.40)	$ (0.34)
American Residential Properties Inc.
Assets Assumed and Liabilities Acquired [Abstract]
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	792,001
Equity transaction consideration	530,460
Total transaction consideration	1,322,461
Revenues and Income Attributable to Business Combination [Abstract]
Total revenues						$ 119,245
Net income						$ 1,237
Pro Forma Supplemental Information [Abstract]
Pro forma total revenues							$ 900,958	$ 754,710
Pro forma net loss							(8,989)	(54,995)
Credit facility | American Residential Properties Inc.
Assets Assumed and Liabilities Acquired [Abstract]
Debt assumed or extinguished	350,000
Exchangeable senior notes | American Residential Properties Inc.
Assets Assumed and Liabilities Acquired [Abstract]
Debt assumed or extinguished	112,298						112,298	0	$ 0
Asset-backed securitization | American Residential Properties Inc.
Assets Assumed and Liabilities Acquired [Abstract]
Debt assumed or extinguished	$ 329,703						$ 329,703	$ 0	$ 0
Pro Forma | American Residential Properties Inc.
Pro Forma Supplemental Information [Abstract]
Pro forma net loss per share (in dollars per share)							$ (0.22)	$ (0.37)

Acquisitions - 2015 & 2014 Acqu

Acquisitions - 2015 & 2014 Acquisitions (Details) $ in Thousands	Dec. 31, 2014USD ($)single_family_property	Oct. 31, 2015USD ($)single_family_property	Dec. 31, 2014single_family_propertyproperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014property	Dec. 31, 2014USD ($)	Dec. 31, 2014
Business Acquisition [Line Items]
Cash consideration				$ 0	$ 0	$ 74,356
Estimated fair values of the net assets
Secured note payable				$ (49,828)	$ (50,752)
RJ Joint Ventures
Business Acquisition [Line Items]
Acquired of membership interests		67.00%
Number of properties acquired | single_family_property		377
Purchase price		$ 44,400
Ellington portfolio acquisition
Business Acquisition [Line Items]
Acquired of membership interests									100.00%
Number of properties acquired	914		914			914	914
Purchase price	$ 126,000
Cash consideration	$ 74,400
Number of properties treated as collateral	583		583
Interest rate									4.06%
Debt instrument term	5 years
Percentage of properties leased as of acquisition date									96.30%
Estimated fair values of the net assets
Land								$ 25,615
Buildings and improvements								98,117
In-place leases								2,268
Secured note payable								(51,644)
Net assets acquired								$ 74,356

Acquisitions - Beazer Rental Ho

Acquisitions - Beazer Rental Homes Acquisition (Details) $ in Thousands	Dec. 31, 2014USD ($)single_family_property	Jul. 01, 2014USD ($)single_family_propertyshares	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)single_family_property	Dec. 31, 2014property	Dec. 31, 2014USD ($)	Dec. 31, 2014	Jul. 01, 2014property	Jul. 01, 2014USD ($)	Jul. 01, 2014
Business Acquisition [Line Items]
Cash consideration					$ 0	$ 0	$ 74,356
Ellington portfolio acquisition
Business Acquisition [Line Items]
Acquired of membership interests										100.00%
Number of properties acquired	914		914	914			914	914
Cash consideration	$ 74,400
Estimated fair values of the net assets
Land									$ 25,615
Buildings and improvements									98,117
In-place leases									2,268
Net assets acquired									$ 74,356
Beazer Rental Homes
Business Acquisition [Line Items]
Acquired of membership interests													100.00%
Number of properties acquired		1,372									1,372
Issuance of common shares (in shares) | shares		8,158,001
Cash consideration	4,400	$ 5,000
Period of escrow		6 months
Debt assumed or extinguished		$ 108,200
Amount withheld from indemnification escrow	$ 600
Estimated fair values of the net assets
Land												$ 60,866
Buildings and improvements												193,506
Cash and cash equivalents												2,197
In-place leases												2,655
Other current assets and liabilities, net												(1,785)
Net assets acquired												$ 257,439
Total revenues and net income attributable to acquisitions
Total revenues			$ 0	$ 10,422
Net income			$ 0	$ 1,713
Class A common shares | Beazer Rental Homes
Business Acquisition [Line Items]
Issuance of common shares (in shares) | shares		8,158,001
Equity transaction consideration					$ 144,800

Acquisitions - Beazer and Ellin

Acquisitions - Beazer and Ellington Pro Forma (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Pro forma total revenues	$ 421,033	$ 176,340
Pro forma net loss	$ (32,858)	$ (32,161)

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income (loss)	$ 9,338	$ (167)	$ (3,753)	$ 5,028	$ (11,347)	$ (19,938)	$ (8,398)	$ (8,265)	$ 10,446	$ (47,948)	$ (33,092)
Noncontrolling interest									3,751	14,353	14,965
Dividends on preferred shares									40,237	22,276	18,928
Net loss attributable to common shareholders	$ 2,391	$ (21,152)	$ (10,404)	$ (4,377)	$ (20,474)	$ (28,616)	$ (17,697)	$ (17,790)	$ (33,542)	$ (84,577)	$ (66,985)
Denominator:
Weighted-average shares outstanding–basic and diluted (in shares)									234,010,168	210,600,111	196,348,757
Net loss per share—basic and diluted:
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)					$ (0.10)	$ (0.14)	$ (0.08)	$ (0.08)	$ (0.14)	$ (0.40)	$ (0.34)

Earnings per share (Details 2)

Earnings per share (Details 2) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Total weighted average shares (in shares)	88,269,789	73,912,694	73,586,644

Commitments and Contingencies80

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating leases rental expenses
Rent expense	$ 2,124	$ 2,099	$ 1,867
Less: income from subleases	(187)	(9)	(11)
Net rent expense	1,937	$ 2,090	$ 1,856
Future lease obligations under our operating leases
2,017	1,159
2,018	925
2,019	522
2,020	278
2,021	138
Total lease commitments	3,022
Less: income from subleases	(768)
Net lease commitments	$ 2,254

Commitments and Contingencies81

Commitments and Contingencies (Details 2) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)single_family_property	Dec. 31, 2014USD ($)
Commitments and contingencies
Number of real estate properties held-for-sale in escrow | single_family_property	57
Expected proceeds from sale of property held-for-sale	$ 6.6
Company contributions	$ 0.7	$ 0.5	$ 0.3
Commitment to acquire properties
Commitments and contingencies
Number of properties | single_family_property	203	12
Aggregate purchase price	$ 41.7	$ 1.7

Noncash Transactions (Details)

Noncash Transactions (Details) $ / shares in Units, $ in Thousands	Feb. 29, 2016USD ($)shares	Dec. 12, 2014USD ($)single_family_propertyproperty$ / sharesshares	Jul. 01, 2014USD ($)shares	Dec. 31, 2014USD ($)
Nonmonetary Transaction
Value of units issued | $				$ 11,179
AH LLC
Nonmonetary Transaction
Number of properties contributed to the operating partnership | property		45
AH LLC | Class A Units
Nonmonetary Transaction
Issuance of units (in shares)		653,378
Common units issue to sponsor per unit (in dollars per share) | $ / shares		$ 17.11
Number of properties contributed to the operating partnership | single_family_property		45
American Residential Properties Inc.
Nonmonetary Transaction
Business combination, step acquisition, equity interest in acquiree, percentage	12.70%
Purchase price | $	$ 1,322,461
American Residential Properties Inc. | Class A common shares
Nonmonetary Transaction
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1.135
Business acquisition, equity interest issued or issuable (in shares)	36,546,170
American Residential Properties Inc. | Class A Units
Nonmonetary Transaction
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1.135
Business acquisition, equity interest issued or issuable (in shares)	1,343,843
Beazer Rental Homes
Nonmonetary Transaction
Purchase price | $			$ 257,400
Issuance of common shares (in shares)			8,158,001
Beazer Rental Homes | Class A common shares
Nonmonetary Transaction
Issuance of common shares (in shares)			8,158,001
Sponsor | Class A Units
Nonmonetary Transaction
Common units issue to sponsor per unit (in dollars per share) | $ / shares		$ 17.11
Value of units issued | $		$ 11,200

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, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net			$ 51,636
Asset-backed securitization
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net			48,400	$ 56,567
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			2,491,234	2,530,210
Convertible debt, fair value			108,148	0
Secured notes payable, fair value			49,828	50,752
Secured debt, fair value			325,000	0
Total debt, fair value			2,974,210	2,580,962
Reported Value Measurement | 2014-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			456,074	473,755
Reported Value Measurement | 2014-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			501,810	507,305
Reported Value Measurement | 2014-SFR 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			517,827	523,109
Reported Value Measurement | 2015-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			543,480	549,121
Reported Value Measurement | 2015-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			472,043	476,920
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			2,544,423	2,368,964
Convertible debt, fair value			142,808	0
Secured notes payable, fair value			50,053	48,631
Secured debt, fair value			325,000	0
Total debt, fair value			3,062,284	2,417,595
Estimate of Fair Value Measurement | 2014-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			465,343	472,258
Estimate of Fair Value Measurement | 2014-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			510,941	476,952
Estimate of Fair Value Measurement | 2014-SFR 3 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			530,549	489,448
Estimate of Fair Value Measurement | 2015-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			553,689	496,673
Estimate of Fair Value Measurement | 2015-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization, fair value			483,901	$ 433,633
Secured Debt | Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net			$ 3,300
LIBOR | Secured Debt | Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		1.80%
LIBOR | Minimum | Secured Debt | Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate	1.70%
LIBOR | Maximum | Secured Debt | Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate	2.30%
Base Rate | Minimum | Secured Debt | Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate	0.70%
Base Rate | Maximum | Secured Debt | Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate	1.30%

Fair Value - Interest Rate Cap,

Fair Value - Interest Rate Cap, Convertible Series E, and Preferred Shares (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Liabilities:
Contingently convertible Series E units liability	$ 0	$ 69,957	$ 72,057
Preferred shares derivative liability	69,810	62,790	$ 57,960
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	$ 69,810	$ 62,790

Fair Value - Level 3 Liabilitie

Fair Value - Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Contingently convertible Series E units liability
Contingently convertible Series E units liability beginning balance	$ 69,957	$ 72,057
Conversions	(58,494)	0
Gain and remeasurement included in earnings	(11,463)	(2,100)
Contingently convertible Series E units liability end balance	0	69,957
Preferred shares derivative liability
Preferred shares derivative liability beginning balance	62,790	57,960
Conversions	0	0
Gain and remeasurement included in earnings	7,020	4,830
Preferred shares derivative liability ending balance	$ 69,810	$ 62,790

Quarterly Financial Informati86

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in Accounting Estimate [Line Items]
Noncontrolling interest	$ 744,684				$ 675,888				$ 744,684	$ 675,888
Net income attributable to noncontrolling interest									3,751	14,353	$ 14,965
Rents from single-family properties	198,980	$ 197,137	$ 193,491	$ 167,995	152,406	$ 148,815	$ 137,818	$ 120,680	757,603	559,719	376,385
Net income (loss)	9,338	(167)	(3,753)	5,028	(11,347)	(19,938)	(8,398)	(8,265)	10,446	(47,948)	(33,092)
Net (loss) income attributable to common shareholders	$ 2,391	$ (21,152)	$ (10,404)	$ (4,377)	$ (20,474)	$ (28,616)	$ (17,697)	$ (17,790)	$ (33,542)	$ (84,577)	$ (66,985)
Net (loss) income attributable to common shareholders per share—basic (in dollars per share)	$ 0.01	$ (0.09)	$ (0.04)	$ (0.02)
Net loss attributable to common shareholders per share—diluted (in dollars per share)	$ (0.01)	$ (0.09)	$ (0.04)	$ (0.02)
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)					$ (0.10)	$ (0.14)	$ (0.08)	$ (0.08)	$ (0.14)	$ (0.40)	$ (0.34)
Scenario, Adjustment
Change in Accounting Estimate [Line Items]
Noncontrolling interest	$ (5,700)								$ (5,700)
Net income attributable to noncontrolling interest									$ (5,700)

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 23, 2017$ / shares	Jul. 31, 2016	Jun. 30, 2016	May 31, 2016	Aug. 31, 2014USD ($)$ / shares	Oct. 31, 2013	Feb. 22, 2017USD ($)property$ / shares	Jan. 31, 2014	Dec. 31, 2016USD ($)property$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Nov. 30, 2016USD ($)	Feb. 29, 2016$ / shares
Subsequent Event
Revolving credit facility outstanding balance									$ 0	$ 0
Proceeds from revolving credit facilities									$ 951,000,000	827,000,000	$ 1,828,000,000
Number of properties sold | property									712
Proceeds from disposition of properties, net									$ 88,590,000	0	0
Proceeds from issuance of Class A common shares									$ 102,830,000	$ 0	$ 308,435,000
Dividends declared on common shares (in dollars per share) | $ / shares									$ 0.2	$ 0.2	$ 0.2
Class A common shares
Subsequent Event
Common shares									$ 2,427,000	$ 2,072,000
Proceeds from issuance of Class A common shares					$ 313,300,000
Common shares, par value (in dollars per share) | $ / shares					$ 0.01				$ 0.01	$ 0.01			$ 0.01
Offering costs					$ 4,900,000				$ 227,000	$ 0	$ 0
Class B common shares
Subsequent Event
Common shares									$ 6,000	$ 6,000
Common shares, par value (in dollars per share) | $ / shares									$ 0.01	$ 0.01
Series A Participating Preferred Stock
Subsequent Event
Preferred Shares dividend rate						5.00%			5.00%	5.00%	5.00%
Series B Participating Preferred Stock
Subsequent Event
Preferred Shares dividend rate								5.00%	5.00%	5.00%	5.00%
Series D Perpetual Preferred Stock
Subsequent Event
Preferred Shares dividend rate				6.50%					6.50%
Series E Perpetual Preferred Stock
Subsequent Event
Preferred Shares dividend rate		6.35%	6.35%						6.35%
Subsequent Events
Subsequent Event
Number of properties sold | property							60
Proceeds from disposition of properties, net							$ 6,300,000
Number of properties acquired | property							200
Aggregate purchase price of properties acquired							$ 32,700,000
Subsequent Events | Class A common shares
Subsequent Event
Common shares							$ 200,000
Common shares, par value (in dollars per share) | $ / shares							$ 21.27
Proceeds from sale of stock, net of issuance costs							$ 5,200,000
Offering costs							100,000
Shares reserved for future issuance							290,700,000
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.05
Subsequent Events | Class B common shares
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	0.05
Subsequent Events | Series A Participating Preferred Stock
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.3125
Preferred Shares dividend rate	5.00%
Subsequent Events | Series B Participating Preferred Stock
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.3125
Preferred Shares dividend rate	5.00%
Subsequent Events | 5.50% Series C participating preferred shares
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.34375
Preferred Shares dividend rate	5.50%
Subsequent Events | Series D Perpetual Preferred Stock
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.40625
Preferred Shares dividend rate	6.50%
Subsequent Events | Series E Perpetual Preferred Stock
Subsequent Event
Dividends declared on common shares (in dollars per share) | $ / shares	$ 0.39688
Preferred Shares dividend rate	6.35%
Line of Credit | Credit facility
Subsequent Event
Revolving credit facility outstanding balance									$ 0	$ 0
Line of Credit | Credit facility | Subsequent Events
Subsequent Event
Revolving credit facility outstanding balance							0
Term Loan Facility
Subsequent Event
Term loan facility									321,735,000	0
Term Loan Facility | Secured Debt
Subsequent Event
Term loan facility									325,000,000	$ 0
Term Loan Facility | Secured Debt | Subsequent Events
Subsequent Event
Additional proceeds drawn from term loan							25,000,000
Term loan facility							350,000,000
At the Market - Common Share Offering Program | Class A common shares
Subsequent Event
Proceeds from issuance of Class A common shares									104,000,000
Proceeds from sale of stock, net of issuance costs									102,800,000
Offering costs									1,200,000
Shares reserved for future issuance												$ 400,000,000
Remaining available for future shares									$ 296,000,000
At the Market - Common Share Offering Program | Subsequent Events | Class A common shares
Subsequent Event
Proceeds from issuance of Class A common shares							$ 5,300,000

Schedule III - Real Estate an88

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	48,422
Gross Book Value of Encumbered Assets	$ 3,759,757
Initial Cost to Company, Land	1,528,318
Initial Cost to Company, Buildings and Improvements	5,839,564
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	846,684
Total Cost, Land	1,528,318
Total Cost, Buildings and Improvements	6,686,248
Total	8,214,566	$ 6,705,982	$ 5,916,933	$ 3,923,624
Accumulated Depreciation (1)	(666,710)	$ (416,044)	$ (206,262)	$ (62,202)
Net Cost Basis	7,547,856
Aggregate cost of consolidated real estate for federal income tax purposes	$ 8,100,000
Albuquerque
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	214
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	6,550
Initial Cost to Company, Buildings and Improvements	24,368
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,522
Total Cost, Land	6,550
Total Cost, Buildings and Improvements	27,890
Total	34,440
Accumulated Depreciation (1)	(3,430)
Net Cost Basis	$ 31,010
Atlanta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	4,079
Gross Book Value of Encumbered Assets	$ 276,539
Initial Cost to Company, Land	120,969
Initial Cost to Company, Buildings and Improvements	463,252
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	81,474
Total Cost, Land	120,969
Total Cost, Buildings and Improvements	544,726
Total	665,695
Accumulated Depreciation (1)	(46,519)
Net Cost Basis	$ 619,176
Augusta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	235
Gross Book Value of Encumbered Assets	$ 14,234
Initial Cost to Company, Land	6,768
Initial Cost to Company, Buildings and Improvements	27,065
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,906
Total Cost, Land	6,768
Total Cost, Buildings and Improvements	30,971
Total	37,739
Accumulated Depreciation (1)	(3,029)
Net Cost Basis	$ 34,710
Austin
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	696
Gross Book Value of Encumbered Assets	$ 54,769
Initial Cost to Company, Land	16,256
Initial Cost to Company, Buildings and Improvements	75,155
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,005
Total Cost, Land	16,256
Total Cost, Buildings and Improvements	89,160
Total	105,416
Accumulated Depreciation (1)	(10,268)
Net Cost Basis	$ 95,148
Bay Area
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	120
Gross Book Value of Encumbered Assets	$ 9,123
Initial Cost to Company, Land	8,259
Initial Cost to Company, Buildings and Improvements	23,485
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,038
Total Cost, Land	8,259
Total Cost, Buildings and Improvements	25,523
Total	33,782
Accumulated Depreciation (1)	(3,014)
Net Cost Basis	$ 30,768
Boise
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	289
Gross Book Value of Encumbered Assets	$ 7,618
Initial Cost to Company, Land	8,063
Initial Cost to Company, Buildings and Improvements	29,324
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,647
Total Cost, Land	8,063
Total Cost, Buildings and Improvements	32,971
Total	41,034
Accumulated Depreciation (1)	(3,940)
Net Cost Basis	$ 37,094
Central Valley
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	224
Gross Book Value of Encumbered Assets	$ 3,591
Initial Cost to Company, Land	8,732
Initial Cost to Company, Buildings and Improvements	26,322
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,971
Total Cost, Land	8,732
Total Cost, Buildings and Improvements	29,293
Total	38,025
Accumulated Depreciation (1)	(3,497)
Net Cost Basis	$ 34,528
Charleston
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	766
Gross Book Value of Encumbered Assets	$ 79,831
Initial Cost to Company, Land	27,041
Initial Cost to Company, Buildings and Improvements	97,859
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	13,424
Total Cost, Land	27,041
Total Cost, Buildings and Improvements	111,283
Total	138,324
Accumulated Depreciation (1)	(10,261)
Net Cost Basis	$ 128,063
Charlotte
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,867
Gross Book Value of Encumbered Assets	$ 288,373
Initial Cost to Company, Land	100,835
Initial Cost to Company, Buildings and Improvements	358,273
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	41,926
Total Cost, Land	100,835
Total Cost, Buildings and Improvements	400,199
Total	501,034
Accumulated Depreciation (1)	(35,682)
Net Cost Basis	$ 465,352
Cincinnati
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,953
Gross Book Value of Encumbered Assets	$ 229,700
Initial Cost to Company, Land	60,257
Initial Cost to Company, Buildings and Improvements	239,373
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	36,182
Total Cost, Land	60,257
Total Cost, Buildings and Improvements	275,555
Total	335,812
Accumulated Depreciation (1)	(32,050)
Net Cost Basis	$ 303,762
Colorado Springs
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	22
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	903
Initial Cost to Company, Buildings and Improvements	2,951
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	620
Total Cost, Land	903
Total Cost, Buildings and Improvements	3,571
Total	4,474
Accumulated Depreciation (1)	(482)
Net Cost Basis	$ 3,992
Columbia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	297
Gross Book Value of Encumbered Assets	$ 32,676
Initial Cost to Company, Land	6,902
Initial Cost to Company, Buildings and Improvements	34,318
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,251
Total Cost, Land	6,902
Total Cost, Buildings and Improvements	38,569
Total	45,471
Accumulated Depreciation (1)	(4,427)
Net Cost Basis	$ 41,044
Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,559
Gross Book Value of Encumbered Assets	$ 132,518
Initial Cost to Company, Land	41,018
Initial Cost to Company, Buildings and Improvements	171,244
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	31,141
Total Cost, Land	41,018
Total Cost, Buildings and Improvements	202,385
Total	243,403
Accumulated Depreciation (1)	(21,372)
Net Cost Basis	$ 222,031
Corpus Christi
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	223
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	1,843
Initial Cost to Company, Buildings and Improvements	33,756
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,509
Total Cost, Land	1,843
Total Cost, Buildings and Improvements	36,265
Total	38,108
Accumulated Depreciation (1)	(1,059)
Net Cost Basis	$ 37,049
Dallas-Fort Worth
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	4,348
Gross Book Value of Encumbered Assets	$ 382,668
Initial Cost to Company, Land	110,905
Initial Cost to Company, Buildings and Improvements	511,800
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	79,594
Total Cost, Land	110,905
Total Cost, Buildings and Improvements	591,394
Total	702,299
Accumulated Depreciation (1)	(57,388)
Net Cost Basis	$ 644,911
Denver
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	666
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	32,909
Initial Cost to Company, Buildings and Improvements	133,383
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	16,292
Total Cost, Land	32,909
Total Cost, Buildings and Improvements	149,675
Total	182,584
Accumulated Depreciation (1)	(14,900)
Net Cost Basis	$ 167,684
Fort Myers
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	6
Gross Book Value of Encumbered Assets	$ 792
Initial Cost to Company, Land	172
Initial Cost to Company, Buildings and Improvements	822
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	135
Total Cost, Land	172
Total Cost, Buildings and Improvements	957
Total	1,129
Accumulated Depreciation (1)	(128)
Net Cost Basis	$ 1,001
Greater Chicago area, IL and IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,501
Gross Book Value of Encumbered Assets	$ 211,475
Initial Cost to Company, Land	67,726
Initial Cost to Company, Buildings and Improvements	281,714
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	54,590
Total Cost, Land	67,726
Total Cost, Buildings and Improvements	336,304
Total	404,030
Accumulated Depreciation (1)	(37,436)
Net Cost Basis	$ 366,594
Greensboro
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	659
Gross Book Value of Encumbered Assets	$ 47,623
Initial Cost to Company, Land	18,326
Initial Cost to Company, Buildings and Improvements	83,380
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,104
Total Cost, Land	18,326
Total Cost, Buildings and Improvements	92,484
Total	110,810
Accumulated Depreciation (1)	(9,737)
Net Cost Basis	$ 101,073
Greenville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	646
Gross Book Value of Encumbered Assets	$ 74,371
Initial Cost to Company, Land	16,087
Initial Cost to Company, Buildings and Improvements	84,539
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	10,069
Total Cost, Land	16,087
Total Cost, Buildings and Improvements	94,608
Total	110,695
Accumulated Depreciation (1)	(10,244)
Net Cost Basis	$ 100,451
Houston
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,157
Gross Book Value of Encumbered Assets	$ 257,023
Initial Cost to Company, Land	65,518
Initial Cost to Company, Buildings and Improvements	391,141
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	56,416
Total Cost, Land	65,518
Total Cost, Buildings and Improvements	447,557
Total	513,075
Accumulated Depreciation (1)	(39,173)
Net Cost Basis	$ 473,902
Indianapolis
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,288
Gross Book Value of Encumbered Assets	$ 300,988
Initial Cost to Company, Land	78,074
Initial Cost to Company, Buildings and Improvements	317,682
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	53,333
Total Cost, Land	78,074
Total Cost, Buildings and Improvements	371,015
Total	449,089
Accumulated Depreciation (1)	(44,639)
Net Cost Basis	$ 404,450
Inland Empire
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	366
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	33,947
Initial Cost to Company, Buildings and Improvements	46,441
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,376
Total Cost, Land	33,947
Total Cost, Buildings and Improvements	51,817
Total	85,764
Accumulated Depreciation (1)	(2,912)
Net Cost Basis	$ 82,852
Jacksonville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,668
Gross Book Value of Encumbered Assets	$ 96,944
Initial Cost to Company, Land	45,097
Initial Cost to Company, Buildings and Improvements	177,385
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	34,438
Total Cost, Land	45,097
Total Cost, Buildings and Improvements	211,823
Total	256,920
Accumulated Depreciation (1)	(24,092)
Net Cost Basis	$ 232,828
Knoxville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	320
Gross Book Value of Encumbered Assets	$ 17,274
Initial Cost to Company, Land	10,338
Initial Cost to Company, Buildings and Improvements	49,098
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,491
Total Cost, Land	10,338
Total Cost, Buildings and Improvements	53,589
Total	63,927
Accumulated Depreciation (1)	(6,142)
Net Cost Basis	$ 57,785
Las Vegas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,032
Gross Book Value of Encumbered Assets	$ 89,617
Initial Cost to Company, Land	30,924
Initial Cost to Company, Buildings and Improvements	128,759
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	19,494
Total Cost, Land	30,924
Total Cost, Buildings and Improvements	148,253
Total	179,177
Accumulated Depreciation (1)	(18,650)
Net Cost Basis	$ 160,527
Memphis
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	584
Gross Book Value of Encumbered Assets	$ 32,162
Initial Cost to Company, Land	17,490
Initial Cost to Company, Buildings and Improvements	64,508
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	10,366
Total Cost, Land	17,490
Total Cost, Buildings and Improvements	74,874
Total	92,364
Accumulated Depreciation (1)	(6,752)
Net Cost Basis	$ 85,612
Miami
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	260
Gross Book Value of Encumbered Assets	$ 20,033
Initial Cost to Company, Land	5,300
Initial Cost to Company, Buildings and Improvements	34,223
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,566
Total Cost, Land	5,300
Total Cost, Buildings and Improvements	40,789
Total	46,089
Accumulated Depreciation (1)	(4,641)
Net Cost Basis	$ 41,448
Milwaukee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	125
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	7,374
Initial Cost to Company, Buildings and Improvements	21,964
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,150
Total Cost, Land	7,374
Total Cost, Buildings and Improvements	24,114
Total	31,488
Accumulated Depreciation (1)	(3,308)
Net Cost Basis	$ 28,180
Nashville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,433
Gross Book Value of Encumbered Assets	$ 172,473
Initial Cost to Company, Land	91,494
Initial Cost to Company, Buildings and Improvements	352,654
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	37,615
Total Cost, Land	91,494
Total Cost, Buildings and Improvements	390,269
Total	481,763
Accumulated Depreciation (1)	(33,803)
Net Cost Basis	$ 447,960
Oklahoma City
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	412
Gross Book Value of Encumbered Assets	$ 23,356
Initial Cost to Company, Land	11,173
Initial Cost to Company, Buildings and Improvements	57,641
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,606
Total Cost, Land	11,173
Total Cost, Buildings and Improvements	64,247
Total	75,420
Accumulated Depreciation (1)	(5,924)
Net Cost Basis	$ 69,496
Orlando
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,562
Gross Book Value of Encumbered Assets	$ 61,131
Initial Cost to Company, Land	55,304
Initial Cost to Company, Buildings and Improvements	182,173
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	27,409
Total Cost, Land	55,304
Total Cost, Buildings and Improvements	209,582
Total	264,886
Accumulated Depreciation (1)	(20,066)
Net Cost Basis	$ 244,820
Phoenix
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,783
Gross Book Value of Encumbered Assets	$ 122,104
Initial Cost to Company, Land	118,022
Initial Cost to Company, Buildings and Improvements	292,454
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	38,378
Total Cost, Land	118,022
Total Cost, Buildings and Improvements	330,832
Total	448,854
Accumulated Depreciation (1)	(29,502)
Net Cost Basis	$ 419,352
Portland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	207
Gross Book Value of Encumbered Assets	$ 24,121
Initial Cost to Company, Land	14,491
Initial Cost to Company, Buildings and Improvements	23,980
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,992
Total Cost, Land	14,491
Total Cost, Buildings and Improvements	25,972
Total	40,463
Accumulated Depreciation (1)	(3,338)
Net Cost Basis	$ 37,125
Raleigh
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,842
Gross Book Value of Encumbered Assets	$ 205,160
Initial Cost to Company, Land	60,896
Initial Cost to Company, Buildings and Improvements	234,760
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	27,267
Total Cost, Land	60,896
Total Cost, Buildings and Improvements	262,027
Total	322,923
Accumulated Depreciation (1)	(25,381)
Net Cost Basis	$ 297,542
Salt Lake City
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,048
Gross Book Value of Encumbered Assets	$ 150,712
Initial Cost to Company, Land	58,513
Initial Cost to Company, Buildings and Improvements	149,603
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	22,673
Total Cost, Land	58,513
Total Cost, Buildings and Improvements	172,276
Total	230,789
Accumulated Depreciation (1)	(20,966)
Net Cost Basis	$ 209,823
San Antonio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,019
Gross Book Value of Encumbered Assets	$ 84,009
Initial Cost to Company, Land	29,716
Initial Cost to Company, Buildings and Improvements	109,884
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	18,252
Total Cost, Land	29,716
Total Cost, Buildings and Improvements	128,136
Total	157,852
Accumulated Depreciation (1)	(12,182)
Net Cost Basis	$ 145,670
Savannah/Hilton Head
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	559
Gross Book Value of Encumbered Assets	$ 39,624
Initial Cost to Company, Land	17,016
Initial Cost to Company, Buildings and Improvements	66,878
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,979
Total Cost, Land	17,016
Total Cost, Buildings and Improvements	74,857
Total	91,873
Accumulated Depreciation (1)	(5,574)
Net Cost Basis	$ 86,299
Seattle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	478
Gross Book Value of Encumbered Assets	$ 27,936
Initial Cost to Company, Land	28,955
Initial Cost to Company, Buildings and Improvements	78,582
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,647
Total Cost, Land	28,955
Total Cost, Buildings and Improvements	84,229
Total	113,184
Accumulated Depreciation (1)	(6,090)
Net Cost Basis	$ 107,094
Tampa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,760
Gross Book Value of Encumbered Assets	$ 111,989
Initial Cost to Company, Land	63,272
Initial Cost to Company, Buildings and Improvements	232,244
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	32,808
Total Cost, Land	63,272
Total Cost, Buildings and Improvements	265,052
Total	328,324
Accumulated Depreciation (1)	(29,292)
Net Cost Basis	$ 299,032
Tucson
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	387
Gross Book Value of Encumbered Assets	$ 43,407
Initial Cost to Company, Land	7,812
Initial Cost to Company, Buildings and Improvements	37,208
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,215
Total Cost, Land	7,812
Total Cost, Buildings and Improvements	44,423
Total	52,235
Accumulated Depreciation (1)	(6,673)
Net Cost Basis	$ 45,562
Winston Salem
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	762
Gross Book Value of Encumbered Assets	$ 33,793
Initial Cost to Company, Land	17,071
Initial Cost to Company, Buildings and Improvements	87,919
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,813
Total Cost, Land	17,071
Total Cost, Buildings and Improvements	96,732
Total	113,803
Accumulated Depreciation (1)	(8,747)
Net Cost Basis	$ 105,056

Schedule III - Real Estate an89

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in total real estate assets
Balance, beginning of period	$ 6,705,982	$ 5,916,933	$ 3,923,624
Acquisitions and building improvements	1,597,392	814,235	2,004,742
Dispositions	(77,916)	(11,555)	(11,433)
Write-offs	(5,922)	(13,631)	0
Impairment	(4,970)	0	0
Balance, end of period	$ 8,214,566	$ 6,705,982	$ 5,916,933

Schedule III - Real Estate an90

Schedule III - Real Estate and Accumulated Depreciation (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in accumulated depreciation
Balance, beginning of period	$ (416,044)	$ (206,262)	$ (62,202)
Depreciation (1)	(260,154)	(223,731)	(144,270)
Dispositions	3,566	318	210
Write-offs	5,922	13,631	0
Balance, end of period	$ (666,710)	$ (416,044)	$ (206,262)
Building and Building Improvements | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life of asset	3 years
Building and Building Improvements | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life of asset	30 years