American Homes 4 Rent (AMH) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 02, 2017
Document Information
Entity Registrant Name	American Homes 4 Rent
Entity Central Index Key	1,562,401
Current Fiscal Year End Date	--12-31
Entity Current Reporting Statues	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common shares
Document Information
Entity Common Stock, Shares Outstanding		259,691,986
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Single-family properties:
Land	$ 1,553,214	$ 1,512,183
Buildings and improvements	6,815,409	6,614,953
Single-family properties held for sale, net	65,237	87,430
Single-family properties, gross	8,433,860	8,214,566
Less: accumulated depreciation	(800,076)	(666,710)
Single-family properties, net	7,633,784	7,547,856
Cash and cash equivalents	67,325	118,799
Restricted cash	128,524	131,442
Rent and other receivables, net	19,262	17,618
Escrow deposits, prepaid expenses and other assets	137,496	133,594
Deferred costs and other intangibles, net	13,971	11,956
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	8,146,307	8,107,210
Liabilities
Asset-backed securitizations, net	1,985,847	2,442,863
Exchangeable senior notes, net	109,862	108,148
Secured note payable	49,346	49,828
Accounts payable and accrued expenses	222,990	177,206
Participating preferred shares derivative liability	76,860	69,810
Total liabilities	2,734,553	3,169,590
Commitments and contingencies
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 43,210,000 and 37,010,000 shares issued and outstanding at June 30, 2017, and December 31, 2016, respectively	432	370
Additional paid-in capital	5,075,460	4,568,616
Accumulated deficit	(405,426)	(378,578)
Accumulated other comprehensive income	0	95
Total shareholders’ equity	4,673,057	4,192,936
Noncontrolling interest	738,697	744,684
Total equity	5,411,754	4,937,620
Total liabilities and equity	8,146,307	8,107,210
Class A common shares
Shareholders’ equity:
Common stock, value, issued	2,585	2,427
Class B common shares
Shareholders’ equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Credit facility	197,648	321,735
Revolving Credit Facility
Liabilities
Credit facility	$ 92,000	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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)	43,210,000	37,010,000
Preferred shares, shares outstanding (in shares)	43,210,000	37,010,000
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)	258,490,493	242,740,482
Common shares, shares outstanding (in shares)	258,490,493	242,740,482
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rents from single-family properties	$ 204,648	$ 193,491	$ 405,755	$ 361,486
Fees from single-family properties	2,690	2,724	5,294	4,921
Tenant charge-backs	27,382	20,253	55,755	41,269
Other	2,288	3,846	3,958	7,597
Total revenues	237,008	220,314	470,762	415,273
Expenses:
Property operating expenses	85,954	77,887	169,259	146,499
Property management expenses	17,442	18,096	34,920	34,842
General and administrative expense	8,926	7,931	18,221	16,501
Interest expense	28,392	35,481	60,281	66,458
Acquisition fees and costs expensed	1,412	3,489	2,508	9,142
Depreciation and amortization	72,716	79,604	146,669	149,121
Other	1,359	2,087	2,917	3,340
Total expenses	216,201	224,575	434,775	425,903
Gain on sale of single-family properties and other, net	2,454	658	4,480	892
Loss on early extinguishment of debt	(6,555)	0	(6,555)	0
Gain on conversion of Series E units	0	0	0	11,463
Remeasurement of participating preferred shares	(1,640)	(150)	(7,050)	(450)
Net income (loss)	15,066	(3,753)	26,862	1,275
Noncontrolling interest	(30)	(761)	(331)	3,075
Dividends on preferred shares	15,282	7,412	28,869	12,981
Net loss attributable to common shareholders	$ (186)	$ (10,404)	$ (1,676)	$ (14,781)
Weighted-average shares outstanding—basic and diluted (in shares)	258,900,456	238,481,265	251,685,993	228,819,566
Net loss attributable to common shareholders per share—basic and diluted (in dollars per share)	$ 0	$ (0.04)	$ (0.01)	$ (0.06)
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.1	$ 0.1

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 15,066	$ (3,753)	$ 26,862	$ 1,275
Unrealized gain on interest rate cap agreement:
Reclassification adjustment for amortization of interest expense included in net income (loss)	0	62	(28)	102
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income (loss)	0	0	(67)	0
Other comprehensive income (loss)	0	62	(95)	102
Comprehensive income (loss)	15,066	(3,691)	26,767	1,377
Comprehensive (loss) income attributable to noncontrolling interests	(31)	(778)	(314)	3,058
Dividends on preferred shares	15,282	7,412	28,869	12,981
Comprehensive loss attributable to common shareholders	$ (185)	$ (10,325)	$ (1,788)	$ (14,662)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common StockClass A common shares	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income	Shareholders’ equity	Noncontrolling interest
Beginning balance shares outstanding (in shares) at Dec. 31, 2016		242,740,482	635,075	37,010,000
Beginning balances at Dec. 31, 2016	$ 4,937,620	$ 2,427	$ 6	$ 370	$ 4,568,616	$ (378,578)	$ 95	$ 4,192,936	$ 744,684
Increase (Decrease) in Stockholders' Equity
Share-based compensation	2,059				2,059			2,059
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		55,424
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	93	$ 1			92			93
Issuance of Class A common shares, net of offering costs of $704 (in shares)		15,694,587
Issuance of Class A common shares, net of offering costs of $704	355,189	$ 157			355,032			355,189
Issuance of perpetual preferred shares, net of offering costs of $5,209 (in shares)				6,200,000
Issuance of perpetual preferred shares, net of offering costs of $5,209	149,791			$ 62	149,729			149,791
Redemptions of Class A units	(169)				(68)			(68)	(101)
Distributions to equity holders:
Preferred shares	(28,869)					(28,869)		(28,869)
Noncontrolling interests	(5,555)								(5,555)
Common shares	(25,172)					(25,172)		(25,172)
Net income (loss)	26,862					27,193		27,193	(331)
Total other comprehensive loss	(95)						(95)	(95)
Ending balance shares outstanding (in shares) at Jun. 30, 2017		258,490,493	635,075	43,210,000
Ending balances at Jun. 30, 2017	$ 5,411,754	$ 2,585	$ 6	$ 432	$ 5,075,460	$ (405,426)	$ 0	$ 4,673,057	$ 738,697

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Common Stock | Class A common shares
Net offering costs	$ 704
Preferred shares
Net offering costs	$ 5,209

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income (loss)	$ 26,862	$ 1,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	146,669	149,121
Noncash amortization of deferred financing costs	4,410	5,279
Noncash amortization of discount on exchangeable senior notes	1,714	1,106
Noncash amortization of discount on ARP 2014-SFR1 securitization	0	1,119
Noncash share-based compensation	2,059	1,853
Provision for bad debt	2,843	2,483
Loss on early extinguishment of debt	6,555	0
Gain on conversion of Series E units to Series D units	0	(11,463)
Remeasurement of participating preferred shares	7,050	450
Equity in net (earnings) loss of unconsolidated ventures	(1,623)	261
Net gain on sale of single-family properties and other	(4,480)	(892)
Loss on impairment of single-family properties	2,487	900
Net gain on resolutions of mortgage loans	(16)	(1,656)
Other changes in operating assets and liabilities:
Rent and other receivables	(4,497)	(6,977)
Prepaid expenses and other assets	(7,440)	3,807
Deferred leasing costs	(3,401)	(4,080)
Accounts payable and accrued expenses	40,967	24,441
Amounts payable to affiliates	5,047	(5,250)
Net cash provided by operating activities	225,206	161,777
Investing activities
Cash paid for single-family properties	(226,937)	(61,966)
Change in escrow deposits for purchase of single-family properties	(1,708)	(330)
Cash acquired in noncash business combinations	0	25,020
Payoff of credit facility in connection with ARPI merger	0	(350,000)
Net proceeds received from sales of single-family properties and other	54,232	15,493
Net proceeds received from sales of non-performing loans	0	16,405
Purchase of commercial office buildings	0	(20,056)
Collections from mortgage financing receivables	78	0
Distributions from unconsolidated joint ventures	2,144	5,770
Renovations to single-family properties	(18,351)	(17,529)
Other capital expenditures for single-family properties	(15,038)	(12,675)
Other purchases of productive assets	(16,936)	0
Net cash used for investing activities	(222,516)	(399,868)
Financing activities
Proceeds from issuance of Class A common shares	355,589	2
Stock issuance costs	(350)	0
Proceeds from issuance of perpetual preferred shares	155,000	498,750
Proceeds from exercise of stock options	1,858	1,682
Repurchase of Class A common shares	0	(96,098)
Redemptions of Class A units	(169)	(291)
Payments on asset-backed securitizations	(466,793)	(12,762)
Payments on secured note payable	(482)	(457)
Distributions to noncontrolling interests	(5,555)	(5,905)
Distributions to common shareholders	(25,172)	(24,038)
Distributions to preferred shareholders	(28,869)	(12,981)
Deferred financing costs paid	(3,930)	(390)
Net cash (used for) provided by financing activities	(57,082)	473,488
Net (decrease) increase in cash, cash equivalents and restricted cash	(54,392)	235,397
Cash, cash equivalents and restricted cash, beginning of period	250,241	168,968
Cash, cash equivalents and restricted cash, end of period (see Note 3)	195,849	404,365
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(54,157)	(58,956)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	3,922	(1,345)
Transfer of term loan borrowings to revolving credit facility	50,000	0
Transfer of deferred financing costs from term loan to revolving credit facility	1,354	0
Note receivable related to a bulk sale of properties, net of discount	5,559	0
American Residential Properties Inc.
Merger with ARPI
Single-family properties	0	1,277,253
Restricted cash	0	9,521
Rent and other receivables, net	0	843
Escrow deposits, prepaid expenses and other assets	0	35,134
Deferred costs and other intangibles, net	0	22,696
Accounts payable and accrued expenses	0	(38,485)
American Residential Properties Inc. | Asset-backed securitization
Merger with ARPI
Debt assumed or extinguished	0	(329,703)
American Residential Properties Inc. | Exchangeable Senior Notes
Merger with ARPI
Debt assumed or extinguished	0	(112,298)
Term loan facility, net
Financing activities
Proceeds from credit facility	25,000	0
Payments on credit facility	(100,000)	0
Revolving Credit Facility
Financing activities
Proceeds from credit facility	62,000	626,000
Payments on credit facility	(20,000)	(484,000)
Perpetual preferred
Financing activities
Stock issuance costs	(5,209)	(16,024)
Class A common shares | American Residential Properties Inc.
Merger with ARPI
Class A common shares and units issued	$ 0	$ (530,460)

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (the “Company,” “we,” “our” and “us”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of June 30, 2017 , the Company held 48,982 single-family properties in 22 states, including 582 properties held for sale. From our formation through June 10, 2013, we were externally managed and advised by American Homes 4 Rent Advisor, LLC (the “Advisor”) and the leasing, managing and advertising of our properties were overseen and directed by American Homes 4 Rent Management Holdings, LLC (the “Property Manager”), both of which were subsidiaries of American Homes 4 Rent, LLC (“AH LLC”). On June 10, 2013, we acquired the Advisor and the Property Manager from AH LLC in exchange for 4,375,000 Series D convertible units and 4,375,000 Series E convertible units in American Homes 4 Rent, L.P. (the “operating partnership”), therefore internalizing our management including all administrative, financial, property management, marketing and leasing personnel, including executive management. The Company consolidates the Advisor and the Property Manager and the results of these operations are reflected in the condensed consolidated financial statements. 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	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements are unaudited and include the accounts of the Company, the operating partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . 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. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective July 1, 2016, due to 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 and other, net within the condensed consolidated statements of operations. Prior period net gain from the sales of single-family properties and other, which totaled $0.7 million and $0.9 million for the three and six months ended June 30, 2016 , respectively, was previously included in other revenues and has been reclassified to gain on sale of single-family properties and other, net to conform to the current presentation. Effective December 31, 2016, in accordance with our adoption of Accounting Standards Update ("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 $134.0 million and $111.3 million of restricted cash as of June 30, 2016 and December 31, 2015, respectively, being added to cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows. Effective January 1, 2017, in order to include share-based compensation costs for employees in the same financial statement line item as the cash compensation paid to the employees, noncash share-based compensation expense has been reclassified with the amounts related to corporate administrative employees and centralized and field property management employees reflected in general and administrative expense and property management expenses, respectively, within the condensed consolidated statements of operations. Additionally, all costs associated with operating our proprietary property management platform such as salary expenses for both centralized and field property management personnel, lease expenses and operating costs for property management offices and technology expenses for maintaining the property management platform, which were previously included in property operating expenses, have been reclassified into property management expenses. This resulted in the reclassification of $1.0 million and $1.9 million of noncash share-based compensation expense for the three and six months ended June 30, 2016 , respectively, with $0.4 million and $0.8 million of noncash share-based compensation expense reclassified to property management expenses, respectively, and $0.6 million and $1.1 million of noncash share-based compensation expense reclassified to general and administrative expense, respectively, in the condensed consolidated statements of operations. This also resulted in $17.7 million and $34.1 million of property management expenses for the three and six months ended June 30, 2016 , respectively, which were previously included in property operating expenses, being reclassified to property management expenses in the condensed consolidated statements of operations. There have been no other changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . Therefore, notes to the condensed consolidated financial statements that would substantially duplicate the disclosures contained in our most recent audited consolidated financial statements have been omitted. Recent Accounting Pronouncements In 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. This 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 are not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transaction costs are expensed in a business combination and capitalized in an asset acquisition. This 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 leased properties will no longer result in a reduction to goodwill. The adoption of this guidance did not have a material impact on our financial statements. 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 became effective for the Company for annual reporting periods beginning after December 15, 2016, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2017, which resulted in our election to recognize forfeitures of share-based compensation as they occur. The adoption of this guidance did not have a material impact 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 for non-lease components. The new guidance will also require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Any other costs incurred, including allocated indirect costs, will no longer be capitalized and instead will be expensed as incurred. The guidance will be effective for the Company in annual reporting periods beginning after December 15, 2018, and in interim periods within those annual periods, with early adoption permitted, and requires the use of the modified retrospective transition method. The Company is currently assessing the impact of the adoption of this guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments include identifying “distinct” performance obligations in multi-element contracts, estimating the amount of variable consideration to include in the transaction price at contract inception, allocating the transaction price to each separate performance obligation, and determining at contract inception whether the performance obligation is satisfied over time or at a point in time. Since lease contracts under ASC 840 are specifically excluded from ASU No. 2014-09’s scope, most of the Company’s rental contract revenue will continue to follow current leasing guidance. We have reviewed our other sources of revenue and identified that the non-lease components (tenant chargebacks and recovery revenue) in our single-family home and office leases will continue being accounted for under ASC 840 until the adoption of ASU 2016-02 beginning January 1, 2019. As part of ASU No. 2014-09, the FASB issued consequential amendments to other sections, eliminating ASC 360-20, Real Estate Sales and adding ASU No. 2017-05 Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets , Subtopic 610-20. Real estate sales to noncustomers will follow new guidance from ASC 610-20, while sales to customers will follow the general revenue guidance in ASC 606. While the Company’s property sales are not part of our ordinary customer activity and will fall under ASC 610-20, there is little economic difference in the accounting for real estate sales to customer versus noncustomer, with exception to presentation of comprehensive income (revenue and expense when sale to customer or gain and loss when sale to noncustomer). In our initial assessment, the Company’s current accounting policies for tenant chargebacks, recovery revenue, and real estate property sales are aligned with the new revenue recognition principles prescribed by the new guidance. Although we do not expect the new standards to ultimately change the amount or timing of our revenue recognition, the Company will continue to assess the potential effects of ASU No. 2014-09 and ASU No. 2017-05, noting that the underlying principles and processes used to record that revenue are changing under ASC 606 and ASC 610-20. The guidance will be effective for the Company in fiscal years (interim and annual reporting periods) that begin after December 15, 2017, with the option to early adopt. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. The Company does not anticipate that adoption of this guidance will have a material impact on our financial statements.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
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. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of June 30, 2017 and 2016 : June 30, 2017 June 30, 2016 Balance Sheet: Cash and cash equivalents $ 67,325 $ 270,369 Restricted cash 128,524 133,996 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 195,849 $ 404,365

Single-Family Properties

Single-Family Properties	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consisted of the following as of June 30, 2017 , and December 31, 2016 (dollars in thousands): June 30, 2017 Number of Net book Leased single-family properties 46,089 $ 7,173,352 Single-family properties being renovated 508 97,976 Single-family properties being prepared for re-lease 161 26,510 Vacant single-family properties available for lease 1,642 270,709 Single-family properties held for sale 582 65,237 Total 48,982 $ 7,633,784 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 Single-family properties, net as of June 30, 2017 , and December 31, 2016 , included $30.0 million and $14.3 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 $69.0 million and $66.2 million for the three months ended June 30, 2017 and 2016 , respectively, and $137.8 million and $127.0 million for the six months ended June 30, 2017 and 2016 , respectively. During the three and six months ended June 30, 2017 , the Company sold 127 and 631 homes, respectively, which generated total net proceeds of $15.7 million and $39.8 million , respectively, and resulted in a net gain on sale of $2.2 million and $1.2 million , respectively. Total net proceeds for the six months ended June 30, 2017 included a $7.0 million note receivable, before a $1.5 million discount, that was recorded during the first quarter of 2017. During the three and six months ended June 30, 2016 , the Company sold 68 and 134 homes, respectively, which generated total net proceeds of $7.9 million and $15.5 million , respectively, and resulted in a net gain on sale of $0.7 million and $0.9 million , respectively.

Rent and Other Receivables, Net

Rent and Other Receivables, Net	6 Months Ended
	Jun. 30, 2017
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 $7.7 million and $5.7 million as of June 30, 2017 , and December 31, 2016 , respectively. Also included in rent and other receivables, net, are non-tenant receivables, which totaled $0.8 million and $0.6 million as of June 30, 2017 , and December 31, 2016 , respectively.

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles, Net	Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Deferred leasing costs $ 10,871 $ 7,470 Deferred financing costs 11,044 6,552 Intangible assets: Value of in-place leases 4,638 4,739 Trademark 3,100 3,100 Database 2,100 2,100 31,753 23,961 Less: accumulated amortization (17,782 ) (12,005 ) Total $ 13,971 $ 11,956 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.2 million and $12.3 million for the three months ended June 30, 2017 and 2016 , respectively, and $5.1 million and $19.8 million for the six months ended June 30, 2017 and 2016 , respectively, which has been included in depreciation and amortization within the condensed consolidated statements of operations. Deferred financing costs that relate to our revolving credit facility are included in deferred costs and other intangibles, net within the condensed consolidated balance sheets. Amortization of deferred financing costs that relate to our revolving credit facility was $0.4 million and $0.7 million for the three months ended June 30, 2017 and 2016 , respectively, and $0.8 million and $1.3 million for the six months ended June 30, 2017 and 2016 , respectively, which has been included in gross interest, prior to interest capitalization (see Note 7 ). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 2,162 $ 969 $ 83 $ 330 $ 150 2018 784 1,923 21 92 300 2019 — 1,923 2 — 300 2020 — 1,929 — — 132 2021 — 1,923 — — — Thereafter — 948 — — — Total $ 2,946 $ 9,615 $ 106 $ 422 $ 882

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company’s debt as of June 30, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) N/A N/A $ — $ 456,074 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 499,245 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 514,824 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 540,717 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 469,655 472,043 Total asset-backed securitizations 2,024,441 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,346 49,828 Revolving credit facility (5) 2.42% June 30, 2022 92,000 — Term loan facility (6) 2.57% June 30, 2022 200,000 325,000 Total debt (7) 2,480,787 2,981,062 Unamortized discount on exchangeable senior notes (1,414 ) (1,883 ) Equity component of exchangeable senior notes (3,724 ) (4,969 ) Deferred financing costs, net (8) (40,946 ) (51,636 ) Total debt per balance sheet $ 2,434,703 $ 2,922,574 (1) Interest rates are as of June 30, 2017 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 2017. (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 provides for a borrowing capacity of up to $800.0 million , with a fully extended maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2017 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $200.0 million , with a maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2017 , 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 facility and term loan facility as of June 30, 2017 , and December 31, 2016 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $1.4 million and $2.1 million for the three months ended June 30, 2017 and 2016 , respectively, and $3.6 million and $4.1 million for the six months ended June 30, 2017 and 2016 , respectively, which has been included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the second quarter of 2017, the Company paid off the outstanding principal on the AH4R 2014-SFR1 asset-backed securitization of approximately $455.4 million using proceeds from the Class A common share offering in the first quarter of 2017 and available cash, which resulted in $6.6 million of charges primarily related to the write-off of unamortized deferred financing costs that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AH4R 2014-SFR1 asset-backed securitization also resulted in the release of the 3,799 homes pledged as collateral and $9.4 million of restricted cash for lender requirements. Exchangeable Senior Notes, Net The exchangeable senior notes, which were assumed in connection with the Company's merger (the "ARPI Merger") with American Residential Properties, Inc. ("ARPI") during 2016, 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. 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 June 30, 2017 , was 55.0193 shares of our common stock per $1,000 principal amount of the notes. The exchange rate is adjusted based on our common share price and distributions to common shareholders. As of June 30, 2017 , the exchangeable senior notes, net had a balance of $109.9 million in the condensed consolidated balance sheets, which was net of an unamortized discount of $1.4 million and $3.7 million of unamortized fair value of the exchange settlement feature, which was included in additional paid-in capital within the condensed consolidated balance sheets. Credit Facilities During 2016, the Company entered into a $1.0 billion credit agreement, which was subsequently amended in June 2017. The amendment expanded our borrowing capacity on the revolving credit facility to $800.0 million and reduced the term loan facility to $200.0 million . The amendment also lowered our cost of borrowing and provides a more flexible borrowing structure. The interest rate on the revolving credit facility is, at the Company’s election, a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . Borrowings under the term loan facility accrue interest, at the Company’s election, at either a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate plus a margin ranging from 0.00% to 0.75% . In each case, the actual margin is determined based on the Company's credit ratings in effect from time to time. Based on current corporate ratings for LIBOR-based borrowings as of June 30, 2017 , the revolving credit facility bears interest at 1-month LIBOR plus 1.20% , and the term loan facility bears interest at 1-month LIBOR plus 1.35% . 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 revolving credit facility matures on June 30, 2021, with two six -month extension options at the Company's election upon payment of an extension fee, and the term loan facility matures on June 30, 2022. No amortization payments are required on the term loan facility prior to the maturity date. The credit agreement requires that we maintain certain financial covenants. As of June 30, 2017 and December 31, 2016 , the Company had $92.0 million and zero , respectively, of outstanding borrowings against the revolving credit facility, $200.0 million and $325.0 million , respectively, 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 three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Gross interest $ 29,427 $ 35,840 $ 61,919 $ 67,453 Capitalized interest (1,035 ) (359 ) (1,638 ) (995 ) Interest expense $ 28,392 $ 35,481 $ 60,281 $ 66,458

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Accounts payable $ 897 $ 9 Accrued property taxes 86,164 46,091 Other accrued liabilities 26,436 31,262 Accrued construction and maintenance liabilities 13,778 9,899 Resident security deposits 74,392 70,430 Prepaid rent 21,323 19,515 Total $ 222,990 $ 177,206

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Class A Common Share Offering During the first quarter of 2017, the Company issued 14,842,982 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering and concurrent private placement, raising gross proceeds to the Company of $336.5 million after underwriter's discount and before offering costs of approximately $0.4 million . "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 six months ended June 30, 2017 , the Company issued and sold 0.9 million Class A common shares for gross proceeds of $19.4 million , or $22.75 per share, and net proceeds of $19.1 million , after commissions and other expenses of approximately $0.3 million . As of June 30, 2017 , $276.6 million remained available for future share issuances under the program. Share Repurchase Program In September 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 six months ended June 30, 2017 , we did no t repurchase and retire any of our Class A common shares. During the six months ended June 30, 2016 , we repurchased and retired 6.2 million of our Class A common shares, on a settlement date basis, in accordance with the program at a weighted-average price of $15.44 per share and a total price of $96.0 million . As of June 30, 2017 , we had a remaining repurchase authorization of $146.7 million under the program. Participating Preferred Shares As of June 30, 2017 , the initial liquidation preference on the Company’s participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets, for all of the Company’s outstanding 5.0% Series A participating preferred shares, 5.0% Series B participating preferred shares and 5.5% Series C participating preferred shares was $480.0 million . Perpetual Preferred Shares During the quarter ended June 30, 2017 , the Company issued 6,200,000 5.875% Series F cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $155.0 million before offering costs of approximately $5.2 million , with a liquidation preference of $25.00 per share. In July 2017, the Company issued 4,600,000 5.875% Series G cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.1 million , with a liquidation preference of $25.00 per share. Distributions During the quarter ended June 30, 2017 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.3125 on our 5.0% Series A participating preferred shares, $0.3125 on our 5.0% Series B participating preferred shares, $0.34375 on our 5.5% Series C participating preferred shares, $0.40625 on our 6.5% Series D perpetual preferred shares and $0.39688 on our 6.35% Series E perpetual preferred shares. Distributions declared on our 5.875% Series F perpetual preferred shares were for a pro-rated amount of $0.27335 during the quarter ended June 30, 2017 . During the quarter ended June 30, 2016 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.3125 on our 5.0% Series A participating preferred shares, $0.3125 on our 5.0% Series B participating preferred shares and $0.34375 on our 5.5% Series C participating preferred shares. Distributions declared on our 6.5% Series D perpetual preferred shares were for a pro-rated amount of $0.17153 per share during the quarter ended June 30, 2016 . Distributions declared on our Series D convertible units totaled $0.035 per unit for the quarter ended June 30, 2016 , which represented 70% of distributions declared on Class A units. Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former AH LLC members in units in the Company’s operating partnership. Former AH LLC members owned 54,276,644 , or approximately 17.3% and 18.2% , of the total 314,674,346 and 298,931,517 Class A units in our operating partnership as of June 30, 2017 , and December 31, 2016 , 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 1,272,134 and 1,279,316 , or approximately 0.4% of the total 314,674,346 and 298,931,517 Class A units in the operating partnership as of June 30, 2017 , and December 31, 2016 , respectively. Also included in noncontrolling interest is the outside ownership interest in a consolidated subsidiary of the Company. The following table summarizes the income or loss allocated to the Company’s noncontrolling interests as reflected in the condensed consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Preferred income allocated to Series C convertible units $ — $ — $ — $ 3,027 Net (loss) income allocated to Class A units (31 ) (616 ) (370 ) 134 Net income allocated to Series D convertible units — — — 134 Net income (loss) allocated to noncontrolling interests in certain consolidated subsidiaries 1 (145 ) 39 (220 ) $ (30 ) $ (761 ) $ (331 ) $ 3,075 2012 Equity Incentive Plan During the six months ended June 30, 2017 and 2016 , the Company granted stock options for 385,200 and 698,000 Class A common shares, respectively, and 174,000 and 74,100 restricted stock units, respectively, to certain employees of the Company under the 2012 Equity Incentive Plan (the “Plan”). The options and restricted stock units granted during the six months ended June 30, 2017 and 2016 , vest over four years and expire 10 years from the date of grant. The following table summarizes stock option activity under the Plan for the six months ended June 30, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 698,000 14.04 Exercised (105,750 ) 15.92 298 Forfeited (95,650 ) 16.35 Options outstanding at June 30, 2016 2,981,000 $ 15.71 7.9 $ 14,211 Options exercisable at June 30, 2016 1,117,625 $ 16.07 7.2 $ 4,934 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (28,250 ) 15.96 196 Forfeited (50,000 ) 16.38 Options outstanding at June 30, 2017 3,133,450 $ 16.62 7.3 $ 18,940 Options exercisable at June 30, 2017 1,716,000 $ 15.89 6.5 $ 11,468 (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 granted during the six months ended June 30, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.81 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.4 % Risk-free interest rate 2.2 % 1.5 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the six months ended June 30, 2017 and 2016 : 2017 2016 Restricted stock units at beginning of period 130,150 91,650 Units awarded 174,000 74,100 Units vested (42,475 ) (27,250 ) Units forfeited (10,250 ) (3,550 ) Restricted stock units at end of the period 251,425 134,950 For the three months ended June 30, 2017 and 2016 , total non-cash share-based compensation expense related to stock options and restricted stock units was $1.1 million and $1.0 million , respectively, of which $0.7 million and $0.6 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $0.4 million related to centralized and field property management employees and was included in property management expenses in the condensed consolidated statements of operations. For the six months ended June 30, 2017 and 2016 , total non-cash share-based compensation expense related to stock options and restricted stock units was $2.1 million and $1.9 million , respectively, of which $1.2 million and $1.1 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $0.9 million and $0.8 million , respectively, related to centralized and field property management employees and was included in property management expenses in the condensed consolidated statements of operations.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Concurrently with the Company's public offering of Class A common shares in the first quarter of 2017, the Chairman of our Board of Trustees, B. Wayne Hughes, purchased $50.0 million of our Class A common shares in a private placement at the public offering price.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table reflects the computation of net loss per share on a basic and diluted basis for the three and six months ended June 30, 2017 and 2016 (in thousands, except share data): For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Income (numerator): Net income (loss) $ 15,066 $ (3,753 ) $ 26,862 $ 1,275 Noncontrolling interest (30 ) (761 ) (331 ) 3,075 Dividends on preferred shares 15,282 7,412 28,869 12,981 Net loss attributable to common shareholders $ (186 ) $ (10,404 ) $ (1,676 ) $ (14,781 ) Weighted-average shares (denominator) 258,900,456 238,481,265 251,685,993 228,819,566 Net loss per share—basic and diluted $ — $ (0.04 ) $ (0.01 ) $ (0.06 ) The computation of diluted earnings per share for the three months ended June 30, 2017 and 2016 , excludes an aggregate of 28,351,580 and 20,200,950 , respectively, and for the six months ended June 30, 2017 and 2016 , excludes 28,342,309 and 20,200,950 potentially dilutive securities, respectively, which include Series A, B and C participating preferred shares, exchangeable senior notes, common shares issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive due to the net loss for those periods.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2017 , the Company had commitments to acquire 354 single-family properties for an aggregate purchase price of $73.1 million and $8.9 million in land purchase commitments. As of December 31, 2016 , the Company had commitments to acquire 203 single-family properties for an aggregate purchase price of $41.7 million and $3.9 million in land purchase commitments. As of June 30, 2017 , and December 31, 2016 , the Company had sales in escrow for approximately 188 and 57 of our single-family properties, respectively, for an aggregate selling price of $20.1 million and $6.6 million , respectively. We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2017
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 participating preferred shares derivative liability is the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements. Our revolving credit facility, 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 June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ — $ — $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 499,245 505,623 501,810 510,941 AH4R 2014-SFR3 securitization 514,824 523,975 517,827 530,549 AH4R 2015-SFR1 securitization 540,717 547,263 543,480 553,689 AH4R 2015-SFR2 securitization 469,655 478,478 472,043 483,901 Total asset-backed securitizations (1) 2,024,441 2,055,339 2,491,234 2,544,423 Exchangeable senior notes, net (2) 109,862 151,552 108,148 142,808 Secured note payable 49,346 49,633 49,828 50,053 Revolving credit facility (3) 92,000 92,000 — — Term loan facility (4) 200,000 200,000 325,000 325,000 Total debt $ 2,475,649 $ 2,548,524 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $38.6 million and $48.4 million of deferred financing costs as of June 30, 2017 , and December 31, 2016 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% , management believes that the carrying value of the revolving credit facility reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $2.0 million and $3.3 million of deferred financing costs as of June 30, 2017 , and December 31, 2016 , respectively. 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 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% , management believes that the carrying value of the term loan facility reasonably approximates fair value. Valuation of the participating preferred shares derivative liability considers scenarios in which the participating preferred shares would be redeemed or converted into Class A common shares by the Company and the subsequent payoffs under those scenarios. The valuation also considers certain variables such as the risk-free rate matching the assumed timing of either redemption or conversion, volatility of the underlying home price appreciation index, dividend payments, conversion rates, the assumed timing of either redemption or conversion and an assumed drift factor in home price appreciation across certain metropolitan statistical areas, or MSAs, as outlined in the agreement. The following tables set forth the fair value of the participating preferred shares derivative liability as of June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 76,860 $ 76,860 December 31, 2016 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 69,810 $ 69,810 The following tables present changes in the fair values of our Level 3 financial instruments that are measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares in the condensed consolidated statements of operations for the six months ended June 30, 2017 and 2016 (in thousands): Description January 1, 2017 Issuances Conversions Remeasurement included in earnings June 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ — $ 7,050 $ 76,860 Description January 1, 2016 Issuances Conversions Gain and remeasurement June 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ — $ 450 $ 63,240 Changes in inputs or assumptions used to value the participating preferred shares derivative liability may have a material impact on the resulting valuation.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Facilities From July 1, 2017 , through July 31, 2017 , the Company paid down $92.0 million on our revolving credit facility, resulting in no outstanding borrowings under our revolving credit facility as of July 31, 2017 . Subsequent Dispositions From July 1, 2017 , through July 31, 2017 , the Company disposed of 27 properties for aggregate net proceeds of approximately $4.6 million . Subsequent Acquisitions From July 1, 2017 , through July 31, 2017 , the Company acquired 314 properties for an aggregate purchase price of approximately $61.5 million , which included our initial delivery of eight homes developed through our internal construction program. Share Issuances From July 1, 2017 , through July 31, 2017 , the Company issued 1.2 million Class A common shares under its "at the market" program for gross proceeds of $26.9 million , or $22.73 per share, and net proceeds of $26.5 million , after commissions and other expenses of approximately $0.4 million . As of July 31, 2017 , $249.8 million remained available for future share issuances under the "at the market" program. Perpetual Preferred Share Offering In July 2017, the Company issued 4,600,000 5.875% Series G cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.1 million , with a liquidation preference of $25.00 per share. Declaration of Dividends On August 3, 2017 , our board of trustees declared quarterly dividends of $0.05 per Class A common share payable on September 29, 2017 , to shareholders of record on September 15, 2017 , and $0.05 per Class B common share payable on September 29, 2017 , to shareholders of record on September 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 September 29, 2017 , to shareholders of record on September 15, 2017 , $0.3125 per share on the Company’s 5.0% Series B participating preferred shares payable on September 29, 2017 , to shareholders of record on September 15, 2017 , $0.34375 per share on the Company’s 5.5% Series C participating preferred shares payable on September 29, 2017 , to shareholders of record on September 15, 2017 , $0.40625 per share on the Company’s 6.5% Series D perpetual preferred shares payable on September 29, 2017 , to shareholders of record on September 15, 2017 , $0.39688 per share on the Company’s 6.35% Series E perpetual preferred shares payable on September 29, 2017 , to shareholders of record on September 15, 2017 , $0.36719 per share on the Company’s 5.875% Series F perpetual preferred shares payable on September 29, 2017 , to shareholders of record on September 15, 2017 , and $0.30191 per share on the 5.875% Series G perpetual preferred shares payable on September 29, 2017 , to shareholders of record on September 15, 2017 .

Significant Accounting Polici23

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements are unaudited and include the accounts of the Company, the operating partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . 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. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	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. This 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 are not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transaction costs are expensed in a business combination and capitalized in an asset acquisition. This 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 leased properties will no longer result in a reduction to goodwill. The adoption of this guidance did not have a material impact on our financial statements. 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 became effective for the Company for annual reporting periods beginning after December 15, 2016, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2017, which resulted in our election to recognize forfeitures of share-based compensation as they occur. The adoption of this guidance did not have a material impact 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 for non-lease components. The new guidance will also require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Any other costs incurred, including allocated indirect costs, will no longer be capitalized and instead will be expensed as incurred. The guidance will be effective for the Company in annual reporting periods beginning after December 15, 2018, and in interim periods within those annual periods, with early adoption permitted, and requires the use of the modified retrospective transition method. The Company is currently assessing the impact of the adoption of this guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments include identifying “distinct” performance obligations in multi-element contracts, estimating the amount of variable consideration to include in the transaction price at contract inception, allocating the transaction price to each separate performance obligation, and determining at contract inception whether the performance obligation is satisfied over time or at a point in time. Since lease contracts under ASC 840 are specifically excluded from ASU No. 2014-09’s scope, most of the Company’s rental contract revenue will continue to follow current leasing guidance. We have reviewed our other sources of revenue and identified that the non-lease components (tenant chargebacks and recovery revenue) in our single-family home and office leases will continue being accounted for under ASC 840 until the adoption of ASU 2016-02 beginning January 1, 2019. As part of ASU No. 2014-09, the FASB issued consequential amendments to other sections, eliminating ASC 360-20, Real Estate Sales and adding ASU No. 2017-05 Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets , Subtopic 610-20. Real estate sales to noncustomers will follow new guidance from ASC 610-20, while sales to customers will follow the general revenue guidance in ASC 606. While the Company’s property sales are not part of our ordinary customer activity and will fall under ASC 610-20, there is little economic difference in the accounting for real estate sales to customer versus noncustomer, with exception to presentation of comprehensive income (revenue and expense when sale to customer or gain and loss when sale to noncustomer). In our initial assessment, the Company’s current accounting policies for tenant chargebacks, recovery revenue, and real estate property sales are aligned with the new revenue recognition principles prescribed by the new guidance. Although we do not expect the new standards to ultimately change the amount or timing of our revenue recognition, the Company will continue to assess the potential effects of ASU No. 2014-09 and ASU No. 2017-05, noting that the underlying principles and processes used to record that revenue are changing under ASC 606 and ASC 610-20. The guidance will be effective for the Company in fiscal years (interim and annual reporting periods) that begin after December 15, 2017, with the option to early adopt. At that time, the Company may adopt the full retrospective approach or the modified retrospective approach. The Company does not anticipate that adoption of this guidance will have a material impact on our financial statements.

Cash, Cash Equivalents and Re24

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of June 30, 2017 and 2016 : June 30, 2017 June 30, 2016 Balance Sheet: Cash and cash equivalents $ 67,325 $ 270,369 Restricted cash 128,524 133,996 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 195,849 $ 404,365
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of June 30, 2017 and 2016 : June 30, 2017 June 30, 2016 Balance Sheet: Cash and cash equivalents $ 67,325 $ 270,369 Restricted cash 128,524 133,996 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 195,849 $ 404,365

Single-Family Properties (Table

Single-Family Properties (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Single-Family Properties, Net	Single-family properties, net, consisted of the following as of June 30, 2017 , and December 31, 2016 (dollars in thousands): June 30, 2017 Number of Net book Leased single-family properties 46,089 $ 7,173,352 Single-family properties being renovated 508 97,976 Single-family properties being prepared for re-lease 161 26,510 Vacant single-family properties available for lease 1,642 270,709 Single-family properties held for sale 582 65,237 Total 48,982 $ 7,633,784 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

Deferred Costs and Other Inta26

Deferred Costs and Other Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consisted of the following as of June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Deferred leasing costs $ 10,871 $ 7,470 Deferred financing costs 11,044 6,552 Intangible assets: Value of in-place leases 4,638 4,739 Trademark 3,100 3,100 Database 2,100 2,100 31,753 23,961 Less: accumulated amortization (17,782 ) (12,005 ) Total $ 13,971 $ 11,956
Amortization Expense Related to Deferred Costs and Other Intangibles	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 2,162 $ 969 $ 83 $ 330 $ 150 2018 784 1,923 21 92 300 2019 — 1,923 2 — 300 2020 — 1,929 — — 132 2021 — 1,923 — — — Thereafter — 948 — — — Total $ 2,946 $ 9,615 $ 106 $ 422 $ 882

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of June 30, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) N/A N/A $ — $ 456,074 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 499,245 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 514,824 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 540,717 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 469,655 472,043 Total asset-backed securitizations 2,024,441 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,346 49,828 Revolving credit facility (5) 2.42% June 30, 2022 92,000 — Term loan facility (6) 2.57% June 30, 2022 200,000 325,000 Total debt (7) 2,480,787 2,981,062 Unamortized discount on exchangeable senior notes (1,414 ) (1,883 ) Equity component of exchangeable senior notes (3,724 ) (4,969 ) Deferred financing costs, net (8) (40,946 ) (51,636 ) Total debt per balance sheet $ 2,434,703 $ 2,922,574 (1) Interest rates are as of June 30, 2017 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 2017. (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 provides for a borrowing capacity of up to $800.0 million , with a fully extended maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2017 , plus 1-month LIBOR. (6) The term loan facility provides for a borrowing capacity of up to $200.0 million , with a maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2017 , 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 facility and term loan facility as of June 30, 2017 , and December 31, 2016 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $1.4 million and $2.1 million for the three months ended June 30, 2017 and 2016 , respectively, and $3.6 million and $4.1 million for the six months ended June 30, 2017 and 2016 , respectively, which has been included in gross interest, prior to interest capitalization.
Summary of Activity that Relates to Capitalized Interest	The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Gross interest $ 29,427 $ 35,840 $ 61,919 $ 67,453 Capitalized interest (1,035 ) (359 ) (1,638 ) (995 ) Interest expense $ 28,392 $ 35,481 $ 60,281 $ 66,458

Accounts Payable and Accrued 28

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Accounts payable $ 897 $ 9 Accrued property taxes 86,164 46,091 Other accrued liabilities 26,436 31,262 Accrued construction and maintenance liabilities 13,778 9,899 Resident security deposits 74,392 70,430 Prepaid rent 21,323 19,515 Total $ 222,990 $ 177,206

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations	The following table summarizes the income or loss allocated to the Company’s noncontrolling interests as reflected in the condensed consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 : For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Preferred income allocated to Series C convertible units $ — $ — $ — $ 3,027 Net (loss) income allocated to Class A units (31 ) (616 ) (370 ) 134 Net income allocated to Series D convertible units — — — 134 Net income (loss) allocated to noncontrolling interests in certain consolidated subsidiaries 1 (145 ) 39 (220 ) $ (30 ) $ (761 ) $ (331 ) $ 3,075
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the six months ended June 30, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 698,000 14.04 Exercised (105,750 ) 15.92 298 Forfeited (95,650 ) 16.35 Options outstanding at June 30, 2016 2,981,000 $ 15.71 7.9 $ 14,211 Options exercisable at June 30, 2016 1,117,625 $ 16.07 7.2 $ 4,934 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (28,250 ) 15.96 196 Forfeited (50,000 ) 16.38 Options outstanding at June 30, 2017 3,133,450 $ 16.62 7.3 $ 18,940 Options exercisable at June 30, 2017 1,716,000 $ 15.89 6.5 $ 11,468 (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 granted during the six months ended June 30, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.81 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.4 % Risk-free interest rate 2.2 % 1.5 %
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 six months ended June 30, 2017 and 2016 : 2017 2016 Restricted stock units at beginning of period 130,150 91,650 Units awarded 174,000 74,100 Units vested (42,475 ) (27,250 ) Units forfeited (10,250 ) (3,550 ) Restricted stock units at end of the period 251,425 134,950

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Net Income (Loss) per Share on Basic and Diluted Basis	The following table reflects the computation of net loss per share on a basic and diluted basis for the three and six months ended June 30, 2017 and 2016 (in thousands, except share data): For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 Income (numerator): Net income (loss) $ 15,066 $ (3,753 ) $ 26,862 $ 1,275 Noncontrolling interest (30 ) (761 ) (331 ) 3,075 Dividends on preferred shares 15,282 7,412 28,869 12,981 Net loss attributable to common shareholders $ (186 ) $ (10,404 ) $ (1,676 ) $ (14,781 ) Weighted-average shares (denominator) 258,900,456 238,481,265 251,685,993 228,819,566 Net loss per share—basic and diluted $ — $ (0.04 ) $ (0.01 ) $ (0.06 )

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ — $ — $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 499,245 505,623 501,810 510,941 AH4R 2014-SFR3 securitization 514,824 523,975 517,827 530,549 AH4R 2015-SFR1 securitization 540,717 547,263 543,480 553,689 AH4R 2015-SFR2 securitization 469,655 478,478 472,043 483,901 Total asset-backed securitizations (1) 2,024,441 2,055,339 2,491,234 2,544,423 Exchangeable senior notes, net (2) 109,862 151,552 108,148 142,808 Secured note payable 49,346 49,633 49,828 50,053 Revolving credit facility (3) 92,000 92,000 — — Term loan facility (4) 200,000 200,000 325,000 325,000 Total debt $ 2,475,649 $ 2,548,524 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $38.6 million and $48.4 million of deferred financing costs as of June 30, 2017 , and December 31, 2016 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% , management believes that the carrying value of the revolving credit facility reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $2.0 million and $3.3 million of deferred financing costs as of June 30, 2017 , and December 31, 2016 , respectively. 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 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% , management believes that the carrying value of the term loan facility reasonably approximates fair value.
Fair Value of Financial Instruments	The following tables set forth the fair value of the participating preferred shares derivative liability as of June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 76,860 $ 76,860 December 31, 2016 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 69,810 $ 69,810
Changes in Fair Value of Level 3 Financial Instruments	The following tables present changes in the fair values of our Level 3 financial instruments that are measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares in the condensed consolidated statements of operations for the six months ended June 30, 2017 and 2016 (in thousands): Description January 1, 2017 Issuances Conversions Remeasurement included in earnings June 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ — $ 7,050 $ 76,860 Description January 1, 2016 Issuances Conversions Gain and remeasurement June 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ — $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ — $ 450 $ 63,240

Organization and Operations (De

Organization and Operations (Details)	Jun. 10, 2013shares	Jun. 30, 2017statesingle_family_property	Dec. 31, 2016single_family_property
Real Estate Properties [Line Items]
Number of states | state		22
Operating Partnership | Series D Convertible Units
Real Estate Properties [Line Items]
Units issued to AH LLC (in shares) | shares	4,375,000
Operating Partnership | Series E Convertible Units
Real Estate Properties [Line Items]
Units issued to AH LLC (in shares) | shares	4,375,000
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | single_family_property		48,982	48,422
Single Family Homes | Properties Held for Sale
Real Estate Properties [Line Items]
Number of properties | single_family_property		582	1,119

Significant Accounting Polici33

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Line Items]
Gain on sale of single-family properties and other, net	$ 2,454	$ 658	$ 4,480	$ 892
Restricted cash	128,524	133,996	128,524	133,996	$ 131,442	$ 111,300
Property management expenses	17,442	18,096	34,920	34,842
Stock options and Restricted stock units
Accounting Policies [Line Items]
Non-cash share based compensation expense	$ 1,100	1,000	$ 2,100	1,900
Restatement Adjustment | Reclassification of Net Gains from Sale of Single-Family Properties, Net
Accounting Policies [Line Items]
Gain on sale of single-family properties and other, net		700		900
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to Property Management Expenses and General and Administrative Expense
Accounting Policies [Line Items]
Non-cash share based compensation expense		1,000		1,900
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to Property Management Expenses
Accounting Policies [Line Items]
Non-cash share based compensation expense		400		800
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to General and Administrative Expenses
Accounting Policies [Line Items]
Non-cash share based compensation expense		600		1,100
Restatement Adjustment | Reclassification of Property Management Expenses
Accounting Policies [Line Items]
Property management expenses		$ 17,700		$ 34,100

Cash, Cash Equivalents and Re34

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Lease agreement term (in years)	1 year
Balance Sheet
Cash and cash equivalents	$ 67,325	$ 118,799	$ 270,369
Restricted cash	128,524	131,442	133,996	$ 111,300
Statement of Cash Flows
Cash, cash equivalents and restricted cash	$ 195,849	$ 250,241	$ 404,365	$ 168,968

Single-Family Properties - Comp

Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands	Jun. 30, 2017USD ($)single_family_property	Dec. 31, 2016USD ($)single_family_property
Property Subject to or Available for Operating Lease
Net book value	$ 7,633,784	$ 7,547,856
Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	48,982	48,422
Net book value	$ 7,633,784	$ 7,547,856
Single Family Homes | Single-family properties being renovated
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	508	312
Net book value	$ 97,976	$ 57,200
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	161	91
Net book value	$ 26,510	$ 14,453
Single Family Homes | Single-family properties held for sale
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	582	1,119
Net book value	$ 65,237	$ 87,430
Single Family Homes | Leased single-family properties
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	46,089	44,798
Net book value	$ 7,173,352	$ 7,040,000
Single Family Homes | Vacant single-family properties available for lease
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	1,642	2,102
Net book value	$ 270,709	$ 348,773

Single-Family Properties - Narr

Single-Family Properties - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)property	Dec. 31, 2016USD ($)
Property Subject to or Available for Operating Lease
Proceeds from the sale of real estate properties and other			$ 54,232,000	$ 15,493,000
Gain (loss) on sale of single-family properties and other, net	$ 2,454,000	$ 658,000	4,480,000	892,000
Single Family Homes
Property Subject to or Available for Operating Lease
Real estate investment properties unrecorded deed	30,000,000		30,000,000		$ 14,300,000
Depreciation expense	$ 69,000,000	$ 66,200,000	$ 137,800,000	$ 127,000,000
Number of real estate properties sold | property	127	68	631	134
Proceeds from the sale of real estate properties and other	$ 15,700,000	$ 7,900,000	$ 39,800,000	$ 15,500,000
Gain (loss) on sale of single-family properties and other, net	2,200,000	$ 700,000	1,200,000	$ 900,000
Note receivable	7,000,000		7,000,000
Discount of note receivable	$ 1,500,000		$ 1,500,000

Rent and Other Receivables, N37

Rent and Other Receivables, Net (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Receivables [Abstract]
Allowance for doubtful accounts	$ 7.7	$ 5.7
Non-tenant receivables	$ 0.8	$ 0.6

Deferred Costs and Other Inta38

Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 10,871	$ 7,470
Deferred financing costs	11,044	6,552
Intangible assets:
Intangible assets	31,753	23,961
Less: accumulated amortization	(17,782)	(12,005)
Total	13,971	11,956
Value of in-place leases
Intangible assets:
Intangible assets	4,638	4,739
Trademark
Intangible assets:
Intangible assets	3,100	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta39

Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 2,200	$ 12,300	$ 5,100	$ 19,800
Noncash amortization of deferred financing costs			4,410	5,279
Revolving Credit Facility | Line of Credit
Finite-Lived Intangible Assets [Line Items]
Noncash amortization of deferred financing costs	$ 400	$ 700	$ 800	$ 1,300

Deferred Costs and Other Inta40

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Total	$ 40,946	$ 51,636
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2,017	2,162
2,018	784
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	2,946
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2,017	969
2,018	1,923
2,019	1,923
2,020	1,929
2,021	1,923
Thereafter	948
Total	9,615
Value of in-place leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,017	83
2,018	21
2,019	2
2,020	0
2,021	0
Thereafter	0
Total	106
Trademark
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,017	330
2,018	92
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	422
Database
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,017	150
2,018	300
2,019	300
2,020	132
2,021	0
Thereafter	0
Total	$ 882

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Debt, gross	$ 2,480,787,000		$ 2,480,787,000		$ 2,981,062,000
Unamortized discount on exchangeable senior notes	(1,414,000)		(1,414,000)		(1,883,000)
Equity component of exchangeable senior notes	(3,724,000)		(3,724,000)		(4,969,000)
Deferred financing costs, net	(40,946,000)		(40,946,000)		(51,636,000)
Total debt per balance sheet	2,434,703,000		2,434,703,000		2,922,574,000
Amortization of financing costs			4,410,000	$ 5,279,000
Asset-Backed Securitizations and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,400,000	$ 2,100,000	3,600,000	4,100,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	2,024,441,000		2,024,441,000		2,491,234,000
Secured Debt | 2014-SFR 1
Debt Instrument [Line Items]
Debt, gross	$ 0		$ 0		456,074,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest rate (as a percent)	4.42%		4.42%
Debt, gross	$ 499,245,000		$ 499,245,000		501,810,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest rate (as a percent)	4.40%		4.40%
Debt, gross	$ 514,824,000		$ 514,824,000		517,827,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest rate (as a percent)	4.14%		4.14%
Debt, gross	$ 540,717,000		$ 540,717,000		543,480,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest rate (as a percent)	4.36%		4.36%
Debt, gross	$ 469,655,000		$ 469,655,000		472,043,000
Secured Debt | Secured Note Payable
Debt Instrument [Line Items]
Interest rate (as a percent)	4.06%		4.06%
Debt, gross	$ 49,346,000		$ 49,346,000		$ 49,828,000
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	3.25%		3.25%		3.25%
Debt, gross	$ 115,000,000		$ 115,000,000		$ 115,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate (as a percent)	2.42%		2.42%
Debt, gross	$ 92,000,000		$ 92,000,000		0
Credit facility amount, maximum	800,000,000		800,000,000
Amortization of financing costs	$ 400,000	$ 700,000	$ 800,000	$ 1,300,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			1.20%
Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			0.825%
Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			1.55%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			0.00%
Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			0.55%
Line of Credit | Term Loan facility
Debt Instrument [Line Items]
Interest rate (as a percent)	2.57%		2.57%
Debt, gross	$ 200,000,000		$ 200,000,000		325,000,000
Deferred financing costs, net	(2,000,000)		(2,000,000)		$ (3,300,000)
Credit facility amount, maximum	$ 200,000,000		$ 200,000,000
Line of Credit | Term Loan facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			1.35%
Line of Credit | Term Loan facility | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			0.90%
Line of Credit | Term Loan facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			1.75%
Line of Credit | Term Loan facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			0.00%
Line of Credit | Term Loan facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			0.75%

Debt - Early Extinguishment of

Debt - Early Extinguishment of Debt (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Payments on asset-backed securitizations			$ 466,793	$ 12,762
Loss on early extinguishment of debt	$ (6,555)	$ 0	$ (6,555)	$ 0
2014-SFR 1
Debt Instrument [Line Items]
Payments on asset-backed securitizations	$ 455,400
2014-SFR 1 | Single Family Homes | Property disqualified from collateral pool
Debt Instrument [Line Items]
Number of properties disqualified or released | property	3,799		3,799
Release of restricted cash collateral for borrowed securities	$ 9,400
2014-SFR 1 | Secured Debt | Special Purpose Entity
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ (6,600)

Debt - Exchangeable Senior Note

Debt - Exchangeable Senior Notes, Net (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Exchangeable senior notes, net	$ 109,862	$ 108,148
Unamortized discount on exchangeable senior notes	(1,414)	(1,883)
Equity component of exchangeable senior notes	$ (3,724)	$ (4,969)
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	3.25%	3.25%
Convertible debt conversion ratio	0.0550193
Convertible Debt | 3.25% Exchangeable Senior Notes | American Residential Properties Inc.
Debt Instrument [Line Items]
Convertible debt conversion ratio		0.0469423
Convertible debt conversion ratio adjustment		0.0532795
Equity interest issued, number of shares, multiplier		1.135

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)	6 Months Ended
	Jun. 30, 2017USD ($)extension_option	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt, gross	$ 2,480,787,000	$ 2,981,062,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings against the revolving credit facility	92,000,000	0
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility amount, maximum	$ 800,000,000
Number of extension options | extension_option	2
Debt instrument extension period (up to)	6 months
Outstanding borrowings against the revolving credit facility	$ 92,000,000	0
Debt, gross	$ 92,000,000	0
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.20%
Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.825%
Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.55%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.00%
Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.55%
Credit Agreement
Debt Instrument [Line Items]
Total credit agreement amount		1,000,000,000
Credit agreement accordion feature	$ 1,750,000,000
Term Loan facility
Debt Instrument [Line Items]
Outstanding borrowings against the revolving credit facility	197,648,000	321,735,000
Term Loan facility | Line of Credit
Debt Instrument [Line Items]
Credit facility amount, maximum	200,000,000
Debt, gross	$ 200,000,000	$ 325,000,000
Term Loan facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.35%
Term Loan facility | Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.90%
Term Loan facility | Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.75%
Term Loan facility | Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.00%
Term Loan facility | Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.75%

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Disclosure [Abstract]
Gross interest	$ 29,427	$ 35,840	$ 61,919	$ 67,453
Capitalized interest	(1,035)	(359)	(1,638)	(995)
Interest expense	$ 28,392	$ 35,481	$ 60,281	$ 66,458

Accounts Payable and Accrued 46

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts payable	$ 897	$ 9
Accrued property taxes	86,164	46,091
Other accrued liabilities	26,436	31,262
Accrued construction and maintenance liabilities	13,778	9,899
Resident security deposits	74,392	70,430
Prepaid rent	21,323	19,515
Total	$ 222,990	$ 177,206

Shareholders' Equity - Class A

Shareholders' Equity - Class A Common Share Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Proceeds from issuance of shares		$ 355,589	$ 2
Stock issuance costs		$ 350	$ 0
Class A common shares
Class of Stock [Line Items]
Common shares, par value (in dollars per share)		$ 0.01		$ 0.01
Underwritten Public Offering | Class A common shares
Class of Stock [Line Items]
Shares issued during period (in shares)	14,842,982
Common shares, par value (in dollars per share)	$ 0.01
Proceeds from issuance of shares	$ 336,500
Stock issuance costs	$ 400

Shareholders' Equity - At the M

Shareholders' Equity - At the Market Common Share Offering Program (Details) - USD ($) $ / shares in Units, shares in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Nov. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of shares	$ 355,589,000	$ 2,000
Stock issuance costs	350,000	$ 0
At the Market - Common Share Offering Program | Class A common shares
Class of Stock [Line Items]
Shares available for future issuance, value	$ 276,600,000		$ 400,000,000
Shares issued during period (in shares)	0.9
Proceeds from issuance of shares	$ 19,400,000
Shares issued, price per share (in dollars per share)	$ 22.75
Proceeds from issuance of common stock, net of issuance costs	$ 19,100,000
Stock issuance costs	$ 300,000

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchase (Details) - Class A common shares - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Repurchase of Class A common stock, authorized amount			$ 300,000,000
Average price per share of Class A common shares (in dollars per share)		$ 15.44
Total price from repurchase of common shares		$ 96,000,000
Remaining repurchase authorization	$ 146,700,000
Common Stock
Class of Stock [Line Items]
Repurchases of Class A common shares (in shares)	0	6,200,000

Shareholders' Equity - Particip

Shareholders' Equity - Participating Preferred Shares (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)market
Class of Stock [Line Items]
Cumulative change in value of index based on purchase prices (as a percent)		50.00%
Number of top markets used for purchase price index | market		20
Liquidation preference value | $	$ 480	$ 480
5.0% Series A Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.00%	5.00%
5.0% Series B Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.00%	5.00%
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.50%	5.50%

Shareholders' Equity - Perpetua

Shareholders' Equity - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Stock issuance costs			$ 350	$ 0
Underwritten Public Offering | Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Shares issued during period (in shares)		6,200,000
Preferred stock, dividend rate, percentage		5.875%
Proceeds from issuance of preferred stock		$ 155,000
Stock issuance costs		$ 5,200
Liquidation preference per share (in dollars per share)		$ 25	$ 25
Underwritten Public Offering | Series G, Preferred Perpetual Shares | Subsequent Event
Class of Stock [Line Items]
Shares issued during period (in shares)	4,600,000
Preferred stock, dividend rate, percentage	5.875%
Proceeds from issuance of preferred stock	$ 115,000
Stock issuance costs	$ 4,100
Liquidation preference per share (in dollars per share)	$ 25

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.05	$ 0.05	$ 0.1	$ 0.1
Series D Convertible Units
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.035
Convertible units, percent of class A units (as a percent)		70.00%
Class A common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	0.05	$ 0.05
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	0.05	0.05
5.0% Series A Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.3125	0.3125
Preferred stock, dividend rate, percentage	5.00%		5.00%
5.0% Series B Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.3125	0.3125
Preferred stock, dividend rate, percentage	5.00%		5.00%
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.34375	0.34375
Preferred stock, dividend rate, percentage	5.50%		5.50%
Series D Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.40625	$ 0.17153
Preferred stock, dividend rate, percentage	6.50%
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.39688
Preferred stock, dividend rate, percentage	6.35%
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.27335
Series F Perpetual Preferred Shares | Underwritten Public Offering
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.875%

Shareholders' Equity - Noncontr

Shareholders' Equity - Noncontrolling Interest (Details) - Operating Partnership - Class A Units - shares	Jun. 30, 2017	Dec. 31, 2016
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.40%	0.40%
Operating partnership units (in shares)	1,272,134	1,279,316
AH LLC
Class of Stock [Line Items]
Ownership units owned (in shares)	54,276,644	54,276,644
Percentage of units outstanding	17.30%	18.20%
Operating partnership units (in shares)	314,674,346	298,931,517

Shareholders' Equity - Noncon54

Shareholders' Equity - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ (30)	$ (761)	$ (331)	$ 3,075
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	1	(145)	39	(220)
Series C Convertible Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	0	0	0	3,027
Class A Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	(31)	(616)	(370)	134
Series D Convertible Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 0	$ 0	$ 0	$ 134

Shareholders' Equity - 2012 Equ

Shareholders' Equity - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock options and Restricted stock units
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 1.1	$ 1	$ 2.1	$ 1.9
Stock options and Restricted stock units | General and Administrative Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	0.7	0.6	1.2	1.1
Stock options and Restricted stock units | Property Management Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 0.4	$ 0.4	$ 0.9	$ 0.8
2012 Equity Incentive Plan | Stock options and Restricted stock units
Class of Stock [Line Items]
Vesting period for stock options and restricted stock units			4 years
Expiration period for stock options and restricted stock units			10 years
2012 Equity Incentive Plan | Stock options
Class of Stock [Line Items]
Granted (in shares)			385,200	698,000
2012 Equity Incentive Plan | Restricted stock units
Class of Stock [Line Items]
Restricted stock unit grants in period (in shares)			174,000	74,100

Shareholders' Equity - Stock Op

Shareholders' Equity - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Stock Options
Outstanding at beginning of the period (in shares)	2,826,500	2,484,400	2,484,400
Granted (in shares)	385,200	698,000
Exercised (in shares)	(28,250)	(105,750)
Forfeited (in shares)	(50,000)	(95,650)
Outstanding at end of the period (in shares)	3,133,450	2,981,000	2,826,500	2,484,400
Exercisable at end of the period (in shares)	1,716,000	1,117,625
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)	$ 15.69	$ 16.22	$ 16.22
Granted (in dollars per share)	23.38	14.04
Exercised (in dollars per share)	15.96	15.92
Forfeited (in dollars per share)	16.38	16.35
Outstanding at end of the period (in dollars per share)	16.62	15.71	$ 15.69	$ 16.22
Exercisable at end of the period (in dollars per share)	$ 15.89	$ 16.07
Aggregate intrinsic value
Weighted average remaining life (in years)	7 years 3 months 29 days	7 years 10 months 24 days	7 years 7 months 6 days	8 years
Weighted average exercisable (in years)	6 years 6 months 11 days	7 years 2 months 12 days
Aggregate intrinsic value	$ 18,940	$ 14,211	$ 14,956	$ 1,225
Aggregate intrinsic value exercised	196	298
Aggregate intrinsic value exercisable	$ 11,468	$ 4,934

Shareholders' Equity - Valuatio

Shareholders' Equity - Valuation Inputs (Details) - Class A common shares - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value (in dollars per share)	$ 3.82	$ 2.81
Expected term (in years)	7 years	7 years
Dividend yield (as a percent)	3.00%	3.00%
Volatility (as a percent)	21.30%	27.40%
Risk-free interest rate (as a percent)	2.20%	1.50%

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock Units (Details) - Restricted stock units - 2012 Equity Incentive Plan - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Number of Restricted Stock Units
Restricted stock units at beginning of period (in shares)	130,150	91,650
Units awarded (in shares)	174,000	74,100
Units vested (in shares)	(42,475)	(27,250)
Units forfeited (in shares)	(10,250)	(3,550)
Restricted stock units at end of the period (in shares)	251,425	134,950

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Private Placement | Board of Directors Chairman | Class A common shares
Related Party Transaction
Proceeds from issuance of stock in private placement offering	$ 50

Earnings per Share - Computatio

Earnings per Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income (numerator):
Net income (loss)	$ 15,066	$ (3,753)	$ 26,862	$ 1,275
Noncontrolling interest	(30)	(761)	(331)	3,075
Dividends on preferred shares	15,282	7,412	28,869	12,981
Net loss attributable to common shareholders	$ (186)	$ (10,404)	$ (1,676)	$ (14,781)
Denominator
Weighted-average shares (denominator) (in shares)	258,900,456	238,481,265	251,685,993	228,819,566
Net loss per share - basic and diluted (in dollars per share)	$ 0	$ (0.04)	$ (0.01)	$ (0.06)

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Antidilutive securities excluded from calculation of EPS (in shares)	28,351,580	20,200,950	28,342,309	20,200,950

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)single_family_property	Dec. 31, 2016USD ($)single_family_property
Long-term Purchase Commitment [Line Items]
Single-family properties sales in escrow | single_family_property	188	57
Single-family properties sales in escrow, selling price	$ 20.1	$ 6.6
Single Family Properties
Long-term Purchase Commitment [Line Items]
Commitment to acquire single-family properties | single_family_property	354	203
Purchase price of commitment to acquire single-family properties	$ 73.1	$ 41.7
Land
Long-term Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 8.9	$ 3.9

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 40,946	$ 51,636
Line of Credit | LIBOR | Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.20%
Line of Credit | LIBOR | Revolving Credit Facility | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.825%
Line of Credit | LIBOR | Revolving Credit Facility | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.55%
Line of Credit | Base Rate | Revolving Credit Facility | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.00%
Line of Credit | Base Rate | Revolving Credit Facility | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.55%
Asset-backed securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 38,600	48,400
Term Loan facility | Line of Credit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 2,000	3,300
Term Loan facility | Line of Credit | LIBOR
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.35%
Term Loan facility | Line of Credit | LIBOR | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.90%
Term Loan facility | Line of Credit | LIBOR | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.75%
Term Loan facility | Line of Credit | Base Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.00%
Term Loan facility | Line of Credit | Base Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.75%
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	$ 2,024,441	2,491,234
Exchangeable senior notes, net	109,862	108,148
Secured note payable	49,346	49,828
Revolving credit facility	92,000	0
Term loan facility	200,000	325,000
Total debt	2,475,649	2,974,210
Carrying Value | 2014-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	0	456,074
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	499,245	501,810
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	514,824	517,827
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	540,717	543,480
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	469,655	472,043
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	2,055,339	2,544,423
Exchangeable senior notes, net	151,552	142,808
Secured note payable	49,633	50,053
Revolving credit facility	92,000	0
Term loan facility	200,000	325,000
Total debt	2,548,524	3,062,284
Fair Value | 2014-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	0	465,343
Fair Value | 2014-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	505,623	510,941
Fair Value | 2014-SFR 3 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	523,975	530,549
Fair Value | 2015-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	547,263	553,689
Fair Value | 2015-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	$ 478,478	$ 483,901

Fair Value - Fair Value Hierarc

Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Liabilities:
Participating preferred shares derivative liability	$ 76,860	$ 69,810	$ 63,240	$ 62,790
Recurring
Liabilities:
Participating preferred shares derivative liability	76,860	69,810
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Participating preferred shares derivative liability	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Liabilities:
Participating preferred shares derivative liability	0	0
Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
Participating preferred shares derivative liability	$ 76,860	$ 69,810

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred shares derivative liability, Beginning Balance			$ 69,810	$ 62,790
Preferred shares derivative liability, Issuance			0	0
Preferred share derivative liability, Conversion			0	0
Preferred share derivative liability, Gain and remeasurement included in earnings	$ 1,640	$ 150	7,050	450
Preferred shares derivative liability, Ending Balance	$ 76,860	63,240	76,860	63,240
Contingently convertible Series E units liability, Beginning Balance				69,957
Contingently convertible Series E units liability, Issuance				0
Contingently convertible Series E units liability, Conversions			$ (149,791)	(58,494)
Contingently convertible Series E units liability, Gain and remeasurement included in earnings				(11,463)
Contingently convertible Series E units liability, Ending Balance		$ 0		$ 0

Subsequent Events - Credit Faci

Subsequent Events - Credit Facility (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Outstanding debt, net		$ 2,434,703,000		$ 2,922,574,000
Revolving Credit Facility
Subsequent Event [Line Items]
Payments on credit facility		$ 20,000,000	$ 484,000,000
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Payments on credit facility	$ 92,000,000
Outstanding debt, net	$ 0

Subsequent Events - Subsequent

Subsequent Events - Subsequent Dispositions (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2017USD ($)property	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Subsequent Event [Line Items]
Proceeds from the sale of real estate properties and other		$ 54,232	$ 15,493
Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties sold | property	27
Proceeds from the sale of real estate properties and other	$ 4,600

Subsequent Events - Subsequen68

Subsequent Events - Subsequent Acquisitions (Details) - Subsequent Event $ in Millions	1 Months Ended
	Jul. 31, 2017USD ($)property
Subsequent Event [Line Items]
Number of properties acquired	314
Purchase price to acquire real estate | $	$ 61.5
Number of internally developed properties developed	8

Subsequent Events - Share Issua

Subsequent Events - Share Issuances (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Nov. 30, 2016
Subsequent Event [Line Items]
Proceeds from issuance of shares		$ 355,589,000	$ 2,000
Stock issuance costs		$ 350,000	$ 0
At the Market - Common Share Offering Program | Class A common shares
Subsequent Event [Line Items]
Shares issued during period (in shares)		0.9
Proceeds from issuance of shares		$ 19,400,000
Shares issued, price per share (in dollars per share)		$ 22.75
Proceeds from issuance of common stock, net of issuance costs		$ 19,100,000
Stock issuance costs		300,000
Shares available for future issuance, value		$ 276,600,000		$ 400,000,000
Subsequent Event | At the Market - Common Share Offering Program
Subsequent Event [Line Items]
Proceeds from issuance of shares	$ 26,900,000
Shares issued, price per share (in dollars per share)	$ 22.73
Proceeds from issuance of common stock, net of issuance costs	$ 26,500,000
Stock issuance costs	400,000
Shares available for future issuance, value	$ 249,800,000
Subsequent Event | At the Market - Common Share Offering Program | Class A common shares
Subsequent Event [Line Items]
Shares issued during period (in shares)	1.2

Subsequent Events - Perpetual P

Subsequent Events - Perpetual Preferred Shares Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Stock issuance costs		$ 350	$ 0
Subsequent Event | Series G, Preferred Perpetual Shares | Underwritten Public Offering
Subsequent Event [Line Items]
Shares issued during period (in shares)	4,600,000
Preferred stock, dividend rate, percentage	5.875%
Proceeds from issuance of preferred stock	$ 115,000
Stock issuance costs	$ 4,100
Liquidation preference per share (in dollars per share)	$ 25

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - $ / shares	Aug. 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)		$ 0.05	$ 0.05	$ 0.1	$ 0.1
Class A common shares
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)		0.05	0.05
Class B common shares
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)		0.05	0.05
5.0% Series A Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.3125	0.3125
Preferred stock, dividend rate, percentage		5.00%		5.00%
5.0% Series B Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.3125	0.3125
Preferred stock, dividend rate, percentage		5.00%		5.00%
5.5% Series C Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.34375	0.34375
Preferred stock, dividend rate, percentage		5.50%		5.50%
Series D Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.40625	$ 0.17153
Preferred stock, dividend rate, percentage		6.50%
Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.39688
Preferred stock, dividend rate, percentage		6.35%
Series F Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.27335
Subsequent Event | Class A common shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)	$ 0.05
Subsequent Event | Class B common shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)	0.05
Subsequent Event | 5.0% Series A Participating Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)	$ 0.3125
Preferred stock, dividend rate, percentage	5.00%
Subsequent Event | 5.0% Series B Participating Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)	$ 0.3125
Preferred stock, dividend rate, percentage	5.00%
Subsequent Event | 5.5% Series C Participating Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)	$ 0.34375
Preferred stock, dividend rate, percentage	5.50%
Subsequent Event | Series D Perpetual Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)	$ 0.40625
Preferred stock, dividend rate, percentage	6.50%
Subsequent Event | Series E Perpetual Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)	$ 0.39688
Preferred stock, dividend rate, percentage	6.35%
Subsequent Event | Series F Perpetual Preferred Shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)	$ 0.36719
Preferred stock, dividend rate, percentage	5.875%
Subsequent Event | Series G, Preferred Perpetual Shares | Dividend Declared
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)	$ 0.30191
Preferred stock, dividend rate, percentage	5.875%