American Homes 4 Rent (AMH) 10-Q 3 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 01, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common shares/units
Document Information
Entity Common Stock, Shares Outstanding		286,103,292
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Single-family properties:
Land	$ 1,600,906	$ 1,512,183
Buildings and improvements	7,020,774	6,614,953
Single-family properties held for sale, net	50,370	87,430
Single-family properties, gross	8,672,050	8,214,566
Less: accumulated depreciation	(869,551)	(666,710)
Single-family properties, net	7,802,499	7,547,856
Cash and cash equivalents	243,547	118,799
Restricted cash	119,574	131,442
Rent and other receivables, net	35,429	17,618
Escrow deposits, prepaid expenses and other assets	149,366	133,594
Deferred costs and other intangibles, net	13,516	11,956
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	8,509,876	8,107,210
Liabilities
Asset-backed securitizations, net	1,981,444	2,442,863
Exchangeable senior notes, net	110,771	108,148
Secured note payable	49,107	49,828
Accounts payable and accrued expenses	263,745	177,206
Participating preferred shares/units derivative liability	68,469	69,810
Total liabilities	2,671,449	3,169,590
Commitments and contingencies
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 47,810,000 and 37,010,000 shares issued and outstanding at September 30, 2017, and December 31, 2016, respectively	478	370
Additional paid-in capital	5,517,978	4,568,616
Accumulated deficit	(417,609)	(378,578)
Accumulated other comprehensive income	0	95
Total shareholders’ equity	5,103,589	4,192,936
Limited partners:
Noncontrolling interest	734,838	744,684
Total equity	5,838,427	4,937,620
Total liabilities and equity/capital	8,509,876	8,107,210
Class A common shares/units
Shareholders’ equity:
Common stock, value, issued	2,736	2,427
Class B common shares
Shareholders’ equity:
Common stock, value, issued	6	6
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,600,906	1,512,183
Buildings and improvements	7,020,774	6,614,953
Single-family properties held for sale, net	50,370	87,430
Single-family properties, gross	8,672,050	8,214,566
Less: accumulated depreciation	(869,551)	(666,710)
Single-family properties, net	7,802,499	7,547,856
Cash and cash equivalents	243,547	118,799
Restricted cash	119,574	131,442
Rent and other receivables, net	35,429	17,618
Escrow deposits, prepaid expenses and other assets	149,184	128,403
Amounts due from affiliates	25,848	30,857
Deferred costs and other intangibles, net	13,516	11,956
Goodwill	120,279	120,279
Total assets	8,509,876	8,107,210
Liabilities
Asset-backed securitizations, net	1,981,444	2,442,863
Exchangeable senior notes, net	110,771	108,148
Secured note payable	49,107	49,828
Accounts payable and accrued expenses	263,745	177,206
Participating preferred shares/units derivative liability	68,469	69,810
Total liabilities	2,671,449	3,169,590
Commitments and contingencies
Shareholders’ equity:
Accumulated other comprehensive income	0	95
Limited partners:
Total partners' capital	5,839,909	4,939,110
Noncontrolling interest	(1,482)	(1,490)
Total capital	5,838,427	4,937,620
Total liabilities and equity/capital	8,509,876	8,107,210
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,008,095	3,357,992
Limited partners:
Limited partners, capital account	736,320	746,174
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	1,095,494	834,849
Term loan facility, net
Liabilities
Credit facility	197,913	321,735
Term loan facility, net | American Homes 4 Rent, L.P.
Liabilities
Credit facility	197,913	321,735
Revolving Credit Facility
Liabilities
Credit facility	0	0
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Credit facility	$ 0	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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 stock, shares issued (in shares)	47,810,000	37,010,000
Preferred shares, shares outstanding (in shares)	47,810,000	37,010,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	274,240,778	243,375,557
Common units, shares/units outstanding (in shares)	274,240,778	243,375,557
Preferred units, shares/units issued (in shares)	47,810,000	37,010,000
Preferred units, shares/units outstanding (in shares)	47,810,000	37,010,000
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	55,449,466	55,555,960
Common units, shares/units outstanding (in shares)	55,449,466	55,555,960
Class A common shares/units
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 stock, shares issued (in shares)	273,605,703	242,740,482
Common stock, shares outstanding (in shares)	273,605,703	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 stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Rents from single-family properties	$ 207,490	$ 197,137	$ 613,245	$ 558,623
Fees from single-family properties	2,843	2,898	8,137	7,819
Tenant charge-backs	36,094	30,808	91,849	72,077
Other	409	5,214	4,367	12,811
Total revenues	246,836	236,057	717,598	651,330
Expenses:
Property operating expenses	97,944	92,488	267,203	238,987
Property management expenses	17,447	18,335	52,367	53,177
General and administrative expense	8,525	8,043	26,746	24,544
Interest expense	26,592	32,851	86,873	99,309
Acquisition fees and costs expensed	1,306	1,757	3,814	10,899
Depreciation and amortization	74,790	75,392	221,459	224,513
Hurricane-related charges, net	10,136	0	10,136	0
Other	1,285	3,142	4,202	6,482
Total expenses	238,025	232,008	672,800	657,911
Gain on sale of single-family properties and other, net	1,895	11,682	6,375	12,574
Loss on early extinguishment of debt	0	(13,408)	(6,555)	(13,408)
Gain on conversion of Series E units	0	0	0	11,463
Remeasurement of participating preferred shares/units	8,391	(2,490)	1,341	(2,940)
Net income (loss)	19,097	(167)	45,959	1,108
Noncontrolling interest	309	7,316	(22)	10,391
Dividends on preferred shares/Preferred distributions	17,253	13,669	46,122	26,650
Net income (loss) attributable to common shareholders/unitholders	$ 1,535	$ (21,152)	$ (141)	$ (35,933)
Weighted-average shares/common units outstanding:
Basic (in shares)	266,767,313	238,401,343	256,768,343	232,036,802
Diluted (in shares)	289,153,060	238,401,343	256,768,343	232,036,802
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.01	$ (0.09)	$ 0	$ (0.15)
Diluted (in dollars per share)	0	(0.09)	0	(0.15)
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
American Homes 4 Rent, L.P.
Revenues:
Rents from single-family properties	$ 207,490	$ 197,137	$ 613,245	$ 558,623
Fees from single-family properties	2,843	2,898	8,137	7,819
Tenant charge-backs	36,094	30,808	91,849	72,077
Other	409	5,214	4,367	12,811
Total revenues	246,836	236,057	717,598	651,330
Expenses:
Property operating expenses	97,944	92,488	267,203	238,987
Property management expenses	17,447	18,335	52,367	53,177
General and administrative expense	8,525	8,043	26,746	24,544
Interest expense	26,592	32,851	86,873	99,309
Acquisition fees and costs expensed	1,306	1,757	3,814	10,899
Depreciation and amortization	74,790	75,392	221,459	224,513
Hurricane-related charges, net	10,136	0	10,136	0
Other	1,285	3,142	4,202	6,482
Total expenses	238,025	232,008	672,800	657,911
Gain on sale of single-family properties and other, net	1,895	11,682	6,375	12,574
Loss on early extinguishment of debt	0	(13,408)	(6,555)	(13,408)
Gain on conversion of Series E units	0	0	0	11,463
Remeasurement of participating preferred shares/units	8,391	(2,490)	1,341	(2,940)
Net income (loss)	19,097	(167)	45,959	1,108
Noncontrolling interest	(31)	(226)	8	(446)
Dividends on preferred shares/Preferred distributions	17,253	13,669	46,122	26,650
Income allocated to Series C and D limited partners	0	10,915	0	16,478
Net income (loss) attributable to common shareholders/unitholders	$ 1,875	$ (24,525)	$ (171)	$ (41,574)
Weighted-average shares/common units outstanding:
Basic (in shares)	322,303,138	285,208,489	312,315,728	271,994,345
Diluted (in shares)	344,688,885	285,208,489	312,315,728	271,994,345
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.01	$ (0.09)	$ 0	$ (0.15)
Diluted (in dollars per share)	$ 0	$ (0.09)	$ 0	$ (0.15)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income (loss)	$ 19,097	$ (167)	$ 45,959	$ 1,108
Unrealized gain on interest rate cap agreement:
Reclassification adjustment for amortization of interest expense included in net income (loss)	0	28	(28)	130
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	28	(95)	130
Comprehensive income (loss)	19,097	(139)	45,864	1,238
Comprehensive income (loss) attributable to noncontrolling interests	309	7,308	(5)	10,366
Dividends on preferred shares/Preferred distributions	17,253	13,669	46,122	26,650
Comprehensive income (loss) attributable to common shareholders/unitholders	1,535	(21,116)	(253)	(35,778)
American Homes 4 Rent, L.P.
Net income (loss)	19,097	(167)	45,959	1,108
Unrealized gain on interest rate cap agreement:
Reclassification adjustment for amortization of interest expense included in net income (loss)	0	28	(28)	130
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	28	(95)	130
Comprehensive income (loss)	19,097	(139)	45,864	1,238
Comprehensive income (loss) attributable to noncontrolling interests	(31)	(226)	8	(446)
Dividends on preferred shares/Preferred distributions	17,253	13,669	46,122	26,650
Income allocated to Series C and D limited partners	0	10,915	0	16,478
Comprehensive income (loss) attributable to common shareholders/unitholders	$ 1,875	$ (24,497)	$ (266)	$ (41,444)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Shareholders’ equity	Common StockClass A common shares/units	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income	Noncontrolling interest
Beginning balance (in shares) at Dec. 31, 2016			242,740,482	635,075	37,010,000
Beginning balances at Dec. 31, 2016	$ 4,937,620	$ 4,192,936	$ 2,427	$ 6	$ 370	$ 4,568,616	$ (378,578)	$ 95	$ 744,684
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,175	3,175				3,175
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			89,829
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	630	630	$ 1			629
Issuance of Class A common shares, net of offering costs of $10,759 (in shares)			30,676,080
Issuance of Class A common shares, net of offering costs of $10,759	684,007	684,007	$ 307			683,700
Issuance of perpetual preferred shares, net of offering costs of $9,355 (in shares)					10,800,000
Issuance of perpetual preferred shares, net of offering costs of $9,355	260,645	260,645			$ 108	260,537
Redemptions of Class A units (in shares)			99,312
Redemptions of Class A units	(169)	1,322	$ 1			1,321			(1,491)
Distributions to equity holders:
Preferred shares	(46,122)	(46,122)					(46,122)
Noncontrolling interests	(8,333)								(8,333)
Common shares	(38,890)	(38,890)					(38,890)
Net income (loss)	45,959	45,981					45,981		(22)
Total other comprehensive loss	(95)	(95)						(95)
Ending balance (in shares) at Sep. 30, 2017			273,605,703	635,075	47,810,000
Ending balances at Sep. 30, 2017	$ 5,838,427	$ 5,103,589	$ 2,736	$ 6	$ 478	$ 5,517,978	$ (417,609)	$ 0	$ 734,838

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Common Stock | Class A common shares/units
Net offering costs	$ 10,759
Preferred shares
Net offering costs	$ 9,355

Condensed Consolidated Stateme8

Condensed Consolidated Statement of Capital - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Distributions to equity holders:
Noncontrolling interests		$ (8,333)
Net income (loss)	$ 19,097	45,959
Total other comprehensive loss	0	(95)
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		4,937,620
Share-based compensation		3,175
Common units issued under share-based compensation plans, net of units withheld for employee taxes		630
Issuance of Class A common units, net of offering costs of $10,759		684,007
Issuance of perpetual preferred units, net of offering costs of $9,355		260,645
Redemptions of Class A units		(169)
Distributions to equity holders:
Preferred units		(46,122)
Noncontrolling interests		0
Common units		(47,223)
Net income (loss)	19,097	45,959
Total other comprehensive loss	0	(95)
Total capital, ending balance	5,838,427	5,838,427
American Homes 4 Rent, L.P. | Total partners' capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		4,939,110
Share-based compensation		3,175
Common units issued under share-based compensation plans, net of units withheld for employee taxes		630
Issuance of Class A common units, net of offering costs of $10,759		684,007
Issuance of perpetual preferred units, net of offering costs of $9,355		260,645
Redemptions of Class A units		(169)
Distributions to equity holders:
Preferred units		(46,122)
Noncontrolling interests		0
Common units		(47,223)
Net income (loss)		45,951
Total other comprehensive loss		(95)
Total capital, ending balance	5,839,909	5,839,909
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		95
Distributions to equity holders:
Total other comprehensive loss		(95)
Total capital, ending balance	0	0
American Homes 4 Rent, L.P. | Noncontrolling interest
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		(1,490)
Distributions to equity holders:
Net income (loss)		8
Total capital, ending balance	(1,482)	(1,482)
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 3,357,992
Beginning balance (in shares)		243,375,557
Share-based compensation		$ 3,175
Common units issued under share-based compensation plans, net of units withheld for employee taxes		$ 630
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)		89,829
Issuance of Class A common units, net of offering costs of $10,759		$ 684,007
Issuance of Class A common units, net of offering costs $10,759 (in shares)		30,676,080
Redemptions of Class A units		$ 1,322
Redemptions of Class A units (in shares)		99,312
Distributions to equity holders:
Common units		$ (38,890)
Net income (loss)		(141)
Total capital, ending balance	$ 4,008,095	$ 4,008,095
Ending balance (in shares)	274,240,778	274,240,778
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 834,849
Issuance of perpetual preferred units, net of offering costs of $9,355		260,645
Distributions to equity holders:
Preferred units		(46,122)
Net income (loss)		46,122
Total capital, ending balance	$ 1,095,494	1,095,494
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 746,174
Beginning balance (in shares)		55,555,960
Redemptions of Class A units		$ (1,491)
Redemptions of Class A units (in shares)		(106,494)
Distributions to equity holders:
Common units		$ (8,333)
Net income (loss)		(30)
Total capital, ending balance	$ 736,320	$ 736,320
Ending balance (in shares)	55,449,466	55,449,466

Condensed Consolidated Stateme9

Condensed Consolidated Statement of Capital (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Common Units
Stock issuance costs	$ 10,759
Preferred Shares/Units
Stock issuance costs	$ 9,355

Condensed Consolidated Statem10

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net income	$ 45,959	$ 1,108
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	221,459	224,513
Noncash amortization of deferred financing costs	6,285	7,912
Noncash amortization of discount on exchangeable senior notes	2,624	1,955
Noncash amortization of discount on ARP 2014-SFR1 securitization	0	1,744
Noncash share-based compensation	3,175	2,744
Provision for bad debt	5,142	5,092
Hurricane-related charges, net	10,136	0
Loss on early extinguishment of debt	6,555	13,408
Gain on conversion of Series E units to Series D units	0	(11,463)
Remeasurement of participating preferred shares/units	(1,341)	2,940
Equity in net earnings of unconsolidated ventures	(1,367)	(418)
Net gain on sale of single-family properties and other	(6,375)	(12,574)
Loss on impairment of single-family properties	3,786	1,467
Net gain on resolutions of mortgage loans	(17)	(7,205)
Other changes in operating assets and liabilities:
Rent and other receivables	(11,929)	(12,110)
Prepaid expenses and other assets	(5,690)	(429)
Deferred leasing costs	(5,361)	(6,199)
Accounts payable and accrued expenses	71,325	47,920
Amounts payable to affiliates	5,009	(5,425)
Net cash provided by operating activities	349,375	254,980
Investing activities
Cash paid for single-family properties	(462,875)	(187,886)
Change in escrow deposits for purchase of single-family properties	(2,710)	(821)
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	68,618	71,894
Net proceeds received from sales of non-performing loans	0	44,538
Purchase of commercial office buildings	0	(27,105)
Collections from mortgage financing receivables	83	17,687
Distributions from unconsolidated joint ventures	5,981	6,400
Renovations to single-family properties	(31,208)	(21,710)
Other capital expenditures for single-family properties	(26,725)	(22,026)
Other purchases of productive assets	(38,060)	0
Net cash used for investing activities	(486,896)	(444,009)
Financing activities
Proceeds from issuance of Class A common shares	694,765	0
Proceeds from issuance of perpetual preferred shares/units	270,000	498,750
Proceeds from exercise of stock options	988	2,777
Repurchase of Class A common shares/units	0	(96,098)
Redemptions of Class A units	(169)	(399)
Payments on asset-backed securitizations	(472,470)	(374,031)
Payments on secured note payable	(721)	(687)
Distributions to noncontrolling interests	(8,333)	(8,582)
Distributions to common shareholders/units	(38,890)	(35,997)
Distributions to preferred shareholders/units	(46,122)	(26,650)
Deferred financing costs paid	(3,974)	(10,425)
Net cash provided by financing activities	250,401	257,736
Net increase in cash, cash equivalents and restricted cash	112,880	68,707
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)	363,121	237,675
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(77,964)	(87,707)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	7,151	(226)
Transfer of term loan borrowings to revolving credit facility	50,000	0
Transfer of deferred financing costs from term loan to revolving credit facility	1,524	0
Transfers of completed homebuilding deliveries to properties	3,010	0
Note receivable related to a bulk sale of properties, net of discount	5,635	0
American Homes 4 Rent, L.P.
Operating activities
Net income	45,959	1,108
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	221,459	224,513
Noncash amortization of deferred financing costs	6,285	7,912
Noncash amortization of discount on exchangeable senior notes	2,624	1,955
Noncash amortization of discount on ARP 2014-SFR1 securitization	0	1,744
Noncash share-based compensation	3,175	2,744
Provision for bad debt	5,142	5,092
Hurricane-related charges, net	10,136	0
Loss on early extinguishment of debt	6,555	13,408
Gain on conversion of Series E units to Series D units	0	(11,463)
Remeasurement of participating preferred shares/units	(1,341)	2,940
Equity in net earnings of unconsolidated ventures	(1,367)	(418)
Net gain on sale of single-family properties and other	(6,375)	(12,574)
Loss on impairment of single-family properties	3,786	1,467
Net gain on resolutions of mortgage loans	(17)	(7,205)
Other changes in operating assets and liabilities:
Rent and other receivables	(11,929)	(12,110)
Prepaid expenses and other assets	(5,690)	(429)
Deferred leasing costs	(5,361)	(6,199)
Accounts payable and accrued expenses	71,325	47,920
Amounts payable to affiliates	5,009	(5,425)
Net cash provided by operating activities	349,375	254,980
Investing activities
Cash paid for single-family properties	(462,875)	(187,886)
Change in escrow deposits for purchase of single-family properties	(2,710)	(821)
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	68,618	71,894
Net proceeds received from sales of non-performing loans	0	44,538
Purchase of commercial office buildings	0	(27,105)
Collections from mortgage financing receivables	83	17,687
Distributions from unconsolidated joint ventures	5,981	6,400
Renovations to single-family properties	(31,208)	(21,710)
Other capital expenditures for single-family properties	(26,725)	(22,026)
Other purchases of productive assets	(38,060)	0
Net cash used for investing activities	(486,896)	(444,009)
Financing activities
Proceeds from issuance of Class A common shares	694,765	0
Proceeds from issuance of perpetual preferred shares/units	270,000	498,750
Proceeds from exercise of stock options	988	2,777
Repurchase of Class A common shares/units	0	(96,098)
Redemptions of Class A units	(169)	(399)
Payments on asset-backed securitizations	(472,470)	(374,031)
Payments on secured note payable	(721)	(687)
Distributions to noncontrolling interests	0	(230)
Distributions to common shareholders/units	(47,223)	(43,493)
Distributions to preferred shareholders/units	(46,122)	(26,650)
Deferred financing costs paid	(3,974)	(10,425)
Net cash provided by financing activities	250,401	257,736
Net increase in cash, cash equivalents and restricted cash	112,880	68,707
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)	363,121	237,675
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(77,964)	(87,707)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	7,151	(226)
Transfer of term loan borrowings to revolving credit facility	50,000	0
Transfer of deferred financing costs from term loan to revolving credit facility	1,524	0
Transfers of completed homebuilding deliveries to properties	3,010	0
Note receivable related to a bulk sale of properties, net of discount	5,635	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. | American Homes 4 Rent, L.P.
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)
Class A common shares and units issued	0	(530,460)
American Residential Properties Inc. | Asset-backed securitization
Merger with ARPI
Debt assumed or extinguished	0	(329,703)
American Residential Properties Inc. | Asset-backed securitization | American Homes 4 Rent, L.P.
Merger with ARPI
Debt assumed or extinguished	0	(329,703)
American Residential Properties Inc. | Senior Notes
Merger with ARPI
Debt assumed or extinguished	0	(112,298)
American Residential Properties Inc. | Senior Notes | American Homes 4 Rent, L.P.
Merger with ARPI
Debt assumed or extinguished	0	(112,298)
Term Loan facility
Financing activities
Proceeds from credit facility	25,000	250,000
Payments on credit facility	(100,000)	0
Term Loan facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from credit facility	25,000	250,000
Payments on credit facility	(100,000)	0
Revolving Credit Facility
Financing activities
Proceeds from credit facility	62,000	951,000
Payments on credit facility	(112,000)	(876,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from credit facility	62,000	951,000
Payments on credit facility	(112,000)	(876,000)
Class A common shares/units
Financing activities
Stock issuance costs	(10,444)	0
Class A common shares/units | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs	(10,444)	0
Class A common shares/units | American Residential Properties Inc.
Merger with ARPI
Class A common shares and units issued	0	(530,460)
Preferred Shares/Units
Financing activities
Stock issuance costs	(9,229)	(15,922)
Preferred Shares/Units | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs	(9,229)	(15,922)
Series D Perpetual Preferred Shares/Units | American Homes 4 Rent, L.P.
Financing activities
Distributions to preferred shareholders/units	$ 0	$ (856)

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AH4R") is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012, for the purpose of acquiring, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership, and its consolidated subsidiaries (collectively, the "Operating Partnership," our "Operating Partnership" or the "OP") is the entity through which the Company conducts substantially all of our business and owns, directly or through subsidiaries, substantially all of our assets. References to “the Company,” “we,” "our," and “us” mean collectively, AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of September 30, 2017 , the Company held 50,015 single-family properties in 22 states, including 469 properties held for sale. AH4R is the general partner of, and as of September 30, 2017 , owned an approximate 83.2% common partnership interest in the Operating Partnership, with the remaining 16.8% common partnership interest owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of units of partnership interest. From our formation through June 10, 2013, the Company was 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 from 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	9 Months Ended
	Sep. 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 AH4R, the Operating Partnership and their 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 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 $131.4 million and $111.3 million of restricted cash as of September 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 $0.9 million and $2.7 million of noncash share-based compensation expense for the three and nine months ended September 30, 2016 , respectively, with $0.4 million and $1.1 million of noncash share-based compensation expense reclassified to property management expenses, respectively, and $0.5 million and $1.6 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 $17.9 million and $52.0 million of property management expenses for the three and nine months ended September 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 August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to amend ASC No. 815, Derivatives and Hedging , to more closely align hedge accounting with a company’s risk management strategies, provide additional transparency and understandability of hedge results, as well as to simplify the application of hedge accounting. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness. Instead, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness will be recorded in other comprehensive income, and amounts deferred in other comprehensive income will be reclassified into earnings and presented in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. This guidance will be effective for public companies for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance effective September 30, 2017, which will impact our hedge accounting policy as disclosed above. The adoption of this guidance did not have a material impact on our financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for any goodwill impairment tests performed after January 1, 2017. The Company is currently assessing the impact of the guidance on our financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changed the definition of a business and will now require management to determine whether substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. When this is the case, the transferred assets and activities is not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transactions costs are expensed in a business combination and capitalized in an asset acquisition. The guidance will be effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods, with early adoption permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted this guidance as of January 1, 2017, on a prospective basis, which results in our leased properties no longer meeting the definition of a business. Therefore, dispositions of 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. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. 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 for annual reporting periods beginning after December 15, 2018, and for 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, "Leases" , 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, "Other Income" . 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 early adoption permitted. 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	9 Months Ended
	Sep. 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 Federal Deposit Insurance Corporation ("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 Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of September 30, 2017 and 2016 : September 30, 2017 September 30, 2016 Balance Sheet: Cash and cash equivalents $ 243,547 $ 106,308 Restricted cash 119,574 131,367 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 363,121 $ 237,675

Single-Family Properties

Single-Family Properties	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consisted of the following as of September 30, 2017 , and December 31, 2016 (dollars in thousands): September 30, 2017 Number of Net book Leased single-family properties 46,026 $ 7,130,878 Single-family properties being renovated 858 179,208 Single-family properties being prepared for re-lease 392 49,341 Vacant single-family properties available for lease 2,270 392,702 Single-family properties held for sale, net 469 50,370 Total 50,015 $ 7,802,499 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, net 1,119 87,430 Total 48,422 $ 7,547,856 Single-family properties, net as of September 30, 2017 , and December 31, 2016 , included $27.5 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 $71.2 million and $67.2 million for the three months ended September 30, 2017 and 2016 , respectively, and $208.9 million and $194.2 million for the nine months ended September 30, 2017 and 2016 , respectively. During the three and nine months ended September 30, 2017 , the Company sold 107 and 738 homes, respectively, which generated total net proceeds of $14.4 million and $54.2 million , respectively, and resulted in a net gain on sale of $1.9 million and $3.1 million , respectively. Total net proceeds for the nine months ended September 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 nine months ended September 30, 2016 , the Company sold 453 and 587 homes, respectively, which generated total net proceeds of $56.2 million and $71.9 million , respectively, and resulted in a net gain on sale of $11.7 million and $12.6 million , respectively. Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets during the third quarter of 2017. Approximately 140 homes sustained major damage and nearly 3,400 homes incurred minor damage, consisting primarily of downed trees and damaged roofs and fences. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the three months ended September 30, 2017 , the Company recognized a $12.6 million impairment charge to write down the net book values of the impacted properties, of which we believe it is probable that we will recover an estimated $11.0 million through insurance claims, and accrued $8.5 million of additional repair, remediation and other costs. The $10.1 million of net charges were included in hurricane-related charges, net within the condensed consolidated statement of operations for the three months ended September 30, 2017. After the $12.6 million impairment charge, the impacted properties had an aggregate net book value of $8.3 million . The impairment charge represents the difference between management’s estimates of the fair values of the impacted properties and their carrying values. The fair values were based on current market prices of the components of the properties that did not sustain damage. As these fair value measurements were estimated using unobservable inputs, we classify them within Level 3 of the valuation hierarchy.

Rent and Other Receivables, Net

Rent and Other Receivables, Net	9 Months Ended
	Sep. 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 $9.3 million and $5.7 million as of September 30, 2017 , and December 31, 2016 , respectively. Also included in rent and other receivables, net, is $11.0 million of hurricane-related insurance claims receivable and $0.9 million of non-tenant receivables as of September 30, 2017 , compared to $0.6 million of non-tenant receivables as of December 31, 2016 .

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	9 Months Ended
	Sep. 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Deferred leasing costs $ 12,831 $ 7,470 Deferred financing costs 11,244 6,552 Intangible assets: Value of in-place leases 4,623 4,739 Trademark 3,100 3,100 Database 2,100 2,100 33,898 23,961 Less: accumulated amortization (20,382 ) (12,005 ) Total $ 13,516 $ 11,956 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.1 million and $6.9 million for the three months ended September 30, 2017 and 2016 , respectively, and $7.2 million and $26.7 million for the nine months ended September 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 $0.5 million for the three months ended September 30, 2017 and 2016 , and $1.3 million and $1.9 million for the nine months ended September 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 September 30, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 1,240 $ 495 $ 31 $ 165 $ 75 2018 1,835 1,964 21 92 300 2019 — 1,964 2 — 300 2020 — 1,969 — — 132 2021 — 1,964 — — — Thereafter — 967 — — — Total $ 3,075 $ 9,323 $ 54 $ 257 $ 807

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt All of the Company's indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of September 30, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 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 497,743 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 513,361 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 539,199 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 468,461 472,043 Total asset-backed securitizations 2,018,764 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,107 49,828 Revolving credit facility (5) 2.43% June 30, 2022 — — Term loan facility (6) 2.58% June 30, 2022 200,000 325,000 Total debt (7) 2,382,871 2,981,062 Unamortized discount on exchangeable senior notes (1,156 ) (1,883 ) Equity component of exchangeable senior notes (3,073 ) (4,969 ) Deferred financing costs, net (8) (39,407 ) (51,636 ) Total debt per balance sheet $ 2,339,235 $ 2,922,574 (1) Interest rates are as of September 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 September 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 September 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 September 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 $2.2 million for the three months ended September 30, 2017 and 2016 , respectively, and $5.0 million and $6.3 million for the nine months ended September 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, our Class A common shares or a combination of cash and our Class A common shares, 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. Settlements for cash will be paid for by the Operating Partnership, while settlements for the Company's Class A common shares will be issued by AH4R with the Operating Partnership issuing an equivalent number of Class A units to AH4R. The adjusted initial exchange rate would be 53.2795 of our Class A common shares 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 September 30, 2017 , was 55.1453 of our Class A common shares per $1,000 principal amount of the notes. The exchange rate is adjusted based on our Class A common share price and distributions to common shareholders. As of September 30, 2017 , the exchangeable senior notes, net had a balance of $110.8 million in the condensed consolidated balance sheets, which was net of an unamortized discount of $1.2 million and $3.1 million of unamortized fair value of the exchange settlement feature, which was included in additional paid-in capital within the Company's condensed consolidated balance sheets and was included in general partner's common capital within the Operating Partnership's 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 September 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 September 30, 2017 and December 31, 2016 , the Company had no 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 nine months ended September 30, 2017 and 2016 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Gross interest $ 28,125 $ 33,433 $ 90,044 $ 100,886 Capitalized interest (1,533 ) (582 ) (3,171 ) (1,577 ) Interest expense $ 26,592 $ 32,851 $ 86,873 $ 99,309

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Accounts payable $ 1,091 $ 9 Accrued property taxes 110,572 46,091 Other accrued liabilities 40,490 31,262 Accrued construction and maintenance liabilities 17,107 9,899 Resident security deposits 74,285 70,430 Prepaid rent 20,200 19,515 Total $ 263,745 $ 177,206

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Shareholders' Equity / Partners' Capital	Shareholders’ Equity / Partners' Capital When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AH4R, with the Operating Partnership receiving the net proceeds from the share issuances. 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 $0.3 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. During the third quarter of 2017, the Company issued 13,800,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising gross proceeds of $312.0 million before offering costs of approximately $9.2 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. At-the-Market Common Share Offering Program In November 2016, the Company established an at-the-market common share offering program under which we were able to issue Class A common shares from time to time through various sales agents up to an aggregate of $400.0 million (the "Original At-the-Market Program"), which was replaced in August 2017 with an at-the-market common share offering program with a $500.0 million capacity on the same terms (the "At-the-Market Program"). 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 may be suspended or terminated by the Company at any time. During the nine months ended September 30, 2017 , the Company issued and sold 2.0 million Class A common shares under the Original At-the-Market Program for gross proceeds of $46.2 million , or $22.74 per share, and net proceeds of $45.6 million , after commissions and other expenses of approximately $0.6 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the share issuances. As of September 30, 2017 , $500.0 million remained available for future share issuances under the At-the-Market 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. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the nine months ended September 30, 2017 , we did no t repurchase and retire any of our Class A common shares. During the nine months ended September 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 September 30, 2017 , we had a remaining repurchase authorization of $146.7 million under the program. Participating Preferred Shares As of September 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 $490.7 million . As of September 30, 2017 , the Operating Partnership had a liquidation preference on its corresponding participating preferred units for the same amount. Conversion of Series A and B Participating Preferred Shares into Class A Common Shares On October 3, 2017, the Company converted all 5,060,000 shares of the outstanding 5.0% Series A participating preferred shares and all 4,400,000 shares of the outstanding 5.0% Series B participating preferred shares into Class A common shares of beneficial interest, $0.01 par value , in accordance with the conversion terms in the Articles Supplementary. This resulted in 12,398,276 total Class A common shares issued from the conversion, based on a conversion ratio of 1.3106 Class A common shares issued per Series A and B participating preferred share. The Operating Partnership also converted its corresponding Series A and B participating preferred units into Class A units on October 3, 2017 . The conversion ratio was calculated by dividing (1) the initial liquidation preference on the Series A and B 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, plus unaccrued dividends by (2) the one-day volume weighted-average price (“VWAP”) of the Company’s Class A common shares on September 27, 2017, the date the Company delivered the required notice of conversion. As a result of the conversion, the Company will record a $27.6 million allocation of income to the Series A and B participating preferred shareholders in the fourth quarter of 2017, which represents the initial liquidation value in excess of initial recorded equity carrying value, due to the bifurcation of the home price appreciation amount as a liability upon issuance. As the Series A and B participating preferred shares were converted into Class A common shares on October 3, 2017, the related participating preferred shares derivative liability was therefore remeasured based on the actual liquidation value at September 30, 2017. Perpetual Preferred Shares During the second quarter of 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 $5.3 million , with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. During the third quarter of 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. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. Distributions During the quarter ended September 30, 2017 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.31 on our 5.0% Series A participating preferred shares, $0.31 on our 5.0% Series B participating preferred shares, $0.34 on our 5.5% Series C participating preferred shares, $0.41 on our 6.5% Series D perpetual preferred shares, $0.40 on our 6.35% Series E perpetual preferred shares and $0.37 on our 5.875% Series F perpetual preferred shares. Distributions declared on our 5.875% Series G perpetual preferred shares were for a pro-rated amount of $0.30 during the quarter ended September 30, 2017 . During the quarter ended September 30, 2016 , our board of trustees declared distributions that totaled $0.05 per share on our Class A and Class B common shares, $0.31 on our 5.0% Series A participating preferred shares, $0.31 on our 5.0% Series B participating preferred shares, $0.34 on our 5.5% Series C participating preferred shares and $0.41 on our 6.5% Series D perpetual preferred shares. Distributions declared on our 6.35% Series E perpetual preferred shares were for a pro-rated amount of $0.41 per share during the quarter ended September 30, 2016 . Distributions declared on our Series D convertible units totaled $0.04 per unit for the quarter ended September 30, 2016 , which represented 70% of distributions declared on Class A units. The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership 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 Operating Partnership. Former AH LLC members owned 54,276,644 , or approximately 16.5% and 18.2% , of the total 329,690,244 and 298,931,517 Class A units in the Operating Partnership as of September 30, 2017 , and December 31, 2016 , respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 1,172,822 and 1,279,316 , or approximately 0.3% and 0.4% of the total 329,690,244 and 298,931,517 Class A units in the Operating Partnership as of September 30, 2017 , and December 31, 2016 , respectively. Also included in noncontrolling interest is the outside ownership interest in a consolidated subsidiary of the Operating Partnership. The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 : For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Preferred income allocated to Series C convertible units $ — $ — $ — $ 3,027 Net income (loss) allocated to Class A units 340 (27 ) (30 ) 108 Net income allocated to Series D convertible units — — — 133 Beneficial conversion feature — 7,569 — 7,569 Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary (31 ) (226 ) 8 (446 ) $ 309 $ 7,316 $ (22 ) $ 10,391 Noncontrolling interest as reflected in the Operating Partnership's condensed consolidated balance sheets consists solely of the outside ownership interest in a consolidated subsidiary of the Operating Partnership. Income and loss allocated to the Operating Partnership's noncontrolling interest is reflected in noncontrolling interest within the Operating Partnership's condensed consolidated statements of operations. The Operating Partnership units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company's condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership's condensed consolidated balance sheets. 2012 Equity Incentive Plan The Company's employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the 2012 Equity Incentive Plan (the "Plan"), the Operating Partnership issues an equivalent number of Class A units to AH4R. During the nine months ended September 30, 2017 and 2016 , the Company granted stock options for 385,600 and 708,000 Class A common shares, respectively, and 174,000 and 74,100 restricted stock units, respectively, to certain employees of the Company under the Plan. The options and restricted stock units granted during the nine months ended September 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 nine months ended September 30, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.8 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.1 $ 5,885 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,600 23.38 Exercised (62,655 ) 15.77 444 Forfeited (85,250 ) 16.24 Options outstanding at September 30, 2017 3,064,195 $ 16.64 7.1 $ 16,149 Options exercisable at September 30, 2017 1,681,595 $ 15.90 6.3 $ 9,764 (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 nine months ended September 30, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.3 % 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 nine months ended September 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 (16,200 ) (6,550 ) Restricted stock units at end of the period 245,475 131,950 For the three months ended September 30, 2017 and 2016 , total non-cash share-based compensation expense related to stock options and restricted stock units was $1.1 million and $0.9 million , respectively, of which $0.7 million and $0.5 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 within the condensed consolidated statements of operations. For the nine months ended September 30, 2017 and 2016 , total non-cash share-based compensation expense related to stock options and restricted stock units was $3.2 million and $2.7 million , respectively, of which $1.9 million and $1.6 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $1.3 million and $1.1 million , respectively, related to centralized and field property management employees and was included in property management expenses within the condensed consolidated statements of operations.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance.

Earnings per Share _ Unit

Earnings per Share / Unit	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share / Unit	Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company's computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest 309 7,316 (22 ) 10,391 Dividends on preferred shares 17,253 13,669 46,122 26,650 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common share $ 1,523 $ (21,152 ) $ (141 ) $ (35,933 ) Add back: Dividends on participating preferred shares (2) 5,569 — — — Remeasurement of participating preferred shares (2) (8,391 ) — — — Numerator for diluted loss per common share $ (1,299 ) $ (21,152 ) $ (141 ) $ (35,933 ) Denominator: Weighted-average common shares outstanding–basic 266,767,313 238,401,343 256,768,343 232,036,802 Effect of dilutive securities: Participating preferred shares (2) 22,385,747 — — — Weighted-average common shares outstanding–diluted 289,153,060 238,401,343 256,768,343 232,036,802 Net income (loss) per common share: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred shares into Class A common shares. The computation of diluted earnings per share for the three months ended September 30, 2017 and 2016 , excludes an aggregate of 7,078,066 and 26,342,332 potentially dilutive securities, respectively, and for the nine months ended September 30, 2017 and 2016 , excludes an aggregate of 29,474,000 and 26,342,332 potentially dilutive securities, respectively, which include a combination of 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 to the respective periods. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership's computation of net income (loss) per unit on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest (31 ) (226 ) 8 (446 ) Preferred distributions 17,253 13,669 46,122 26,650 Income allocated to Series C and D limited partners — 10,915 — 16,478 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common unit $ 1,863 $ (24,525 ) $ (171 ) $ (41,574 ) Add back: Distributions to participating preferred units (2) 5,569 — — — Remeasurement of participating preferred units (2) (8,391 ) — — — Numerator for diluted loss per common unit $ (959 ) $ (24,525 ) $ (171 ) $ (41,574 ) Denominator: Weighted-average common units outstanding–basic 322,303,138 285,208,489 312,315,728 271,994,345 Effect of dilutive securities: Participating preferred units (2) 22,385,747 — — — Weighted-average common units outstanding–diluted 344,688,885 285,208,489 312,315,728 271,994,345 Net income (loss) per common unit: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred units into Class A common units. The computation of diluted earnings per unit for the three months ended September 30, 2017 and 2016 , excludes an aggregate of 7,078,066 and 26,342,332 potentially dilutive securities, respectively, and for the nine months ended September 30, 2017 and 2016 , excludes an aggregate of 29,474,000 and 26,342,332 potentially dilutive securities, respectively, which include a combination of Series A, B and C participating preferred units, exchangeable senior notes, common units issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods. There was no income or loss allocated to Series C convertible units during the three months ended September 30, 2017 and 2016 , and zero and $0.87 of net income per basic and diluted unit were allocated to Series D convertible units during the three months ended September 30, 2017 and 2016 , respectively. Zero and $0.46 of net income per basic and diluted unit were allocated to Series C convertible units during the nine months ended September 30, 2017 and 2016 , respectively, and zero and $0.99 of net income per basic and diluted unit were allocated to Series D convertible units during the nine months ended September 30, 2017 and 2016 , respectively. There was no income or loss allocated to Series E convertible units during the three and nine months ended September 30, 2017 and 2016 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2017 , the Company had commitments to acquire 511 single-family properties for an aggregate purchase price of $122.6 million and $13.7 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 September 30, 2017 , and December 31, 2016 , the Company had sales in escrow for 184 and 57 of our single-family properties, respectively, for aggregate selling prices of $17.1 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. Radian Group Inc. (“Radian”), the indirect parent company of Green River Capital LLC (“GRC”), which has been a service provider that provided certain broker price opinions (“BPO”) to us, disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, that GRC had received a letter in March 2017 from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations” and requesting information from market participants. Radian disclosed that the letter asked GRC to provide information regarding BPOs that GRC provided on properties included in single family rental securitization transactions (“Securitizations”). On September 13, 2017, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations.” The letter enclosed a subpoena that requests the production of certain documents and communications related to our Securitizations, including, without limitation, those related to BPOs provided by GRC on properties included in Securitizations. The letter does not allege any violation of law and we are cooperating with the SEC. We understand that other transaction parties in Securitizations have received requests in this matter. We do not believe this matter will have a material adverse impact on our financial position or results of operations upon resolution.

Fair Value

Fair Value	9 Months Ended
	Sep. 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 September 30, 2017 , and December 31, 2016 (in thousands): September 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 497,743 506,835 501,810 510,941 AH4R 2014-SFR3 securitization 513,361 523,653 517,827 530,549 AH4R 2015-SFR1 securitization 539,199 546,630 543,480 553,689 AH4R 2015-SFR2 securitization 468,461 477,401 472,043 483,901 Total asset-backed securitizations (1) 2,018,764 2,054,519 2,491,234 2,544,423 Exchangeable senior notes, net (2) 110,771 143,297 108,148 142,808 Secured note payable 49,107 49,383 49,828 50,053 Term loan facility (3) 200,000 200,000 325,000 325,000 Total debt $ 2,378,642 $ 2,447,199 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $37.3 million and $48.4 million of deferred financing costs as of September 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) The carrying value of the term loan facility excludes $2.1 million and $3.3 million of deferred financing costs as of September 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 Series A and B participating preferred shares were converted into Class A common shares on October 3, 2017, and the related participating preferred shares derivative liability was therefore remeasured based on the actual liquidation value at September 30, 2017 (see Note 9). The following tables set forth the fair value of the participating preferred shares derivative liability as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 68,469 $ 68,469 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 within the condensed consolidated statements of operations for the nine months ended September 30, 2017 and 2016 (in thousands): Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469 Description January 1, 2016 Conversions Gain and remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ 2,940 $ 65,730 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	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From October 1, 2017 , through October 31, 2017 , the Company acquired 471 properties for an aggregate purchase price of approximately $106.1 million , which included four homes developed through our internal construction program. Conversion of Series A and B Participating Preferred Shares into Class A Common Shares On October 3, 2017, the Company converted all 5,060,000 shares of the outstanding 5.0% Series A participating preferred shares and all 4,400,000 shares of the outstanding 5.0% Series B participating preferred shares into 12,398,276 Class A common shares, in accordance with the conversion terms in the Articles Supplementary, based on a conversion ratio of 1.3106 Class A common shares issued per Series A and B participating preferred share (see Note 9). Declaration of Distributions On November 2, 2017 , our board of trustees declared quarterly distributions of $0.05 per share on the Company's Class A and Class B common shares are payable on January 5, 2018 , to shareholders of record on January 2, 2018 . Our board of trustees also declared quarterly distributions of $0.34 per share on the Company's 5.5% Series C participating preferred shares, $0.41 per share on the Company’s 6.5% Series D perpetual preferred shares, $0.40 per share on the Company’s 6.35% Series E perpetual preferred shares, $0.37 per share on the Company’s 5.875% Series F perpetual preferred shares, and $0.37 per share on the Company's 5.875% Series G perpetual preferred shares. The quarterly distributions are payable on January 2, 2018 , to shareholders of record on December 15, 2017 . The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units.

Significant Accounting Polici25

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements are unaudited and include the accounts of AH4R, the Operating Partnership and their 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 August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , to amend ASC No. 815, Derivatives and Hedging , to more closely align hedge accounting with a company’s risk management strategies, provide additional transparency and understandability of hedge results, as well as to simplify the application of hedge accounting. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness. Instead, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness will be recorded in other comprehensive income, and amounts deferred in other comprehensive income will be reclassified into earnings and presented in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. This guidance will be effective for public companies for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance effective September 30, 2017, which will impact our hedge accounting policy as disclosed above. The adoption of this guidance did not have a material impact on our financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for any goodwill impairment tests performed after January 1, 2017. The Company is currently assessing the impact of the guidance on our financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changed the definition of a business and will now require management to determine whether substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. When this is the case, the transferred assets and activities is not a business. This determination is important as the accounting treatment for business combinations and asset acquisitions differs since transactions costs are expensed in a business combination and capitalized in an asset acquisition. The guidance will be effective for public companies for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods, with early adoption permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted this guidance as of January 1, 2017, on a prospective basis, which results in our leased properties no longer meeting the definition of a business. Therefore, dispositions of 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. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. 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 for annual reporting periods beginning after December 15, 2018, and for 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, "Leases" , 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, "Other Income" . 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 early adoption permitted. 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 Re26

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 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 Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of September 30, 2017 and 2016 : September 30, 2017 September 30, 2016 Balance Sheet: Cash and cash equivalents $ 243,547 $ 106,308 Restricted cash 119,574 131,367 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 363,121 $ 237,675
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of September 30, 2017 and 2016 : September 30, 2017 September 30, 2016 Balance Sheet: Cash and cash equivalents $ 243,547 $ 106,308 Restricted cash 119,574 131,367 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 363,121 $ 237,675

Single-Family Properties (Table

Single-Family Properties (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Single-Family Properties, Net	Single-family properties, net, consisted of the following as of September 30, 2017 , and December 31, 2016 (dollars in thousands): September 30, 2017 Number of Net book Leased single-family properties 46,026 $ 7,130,878 Single-family properties being renovated 858 179,208 Single-family properties being prepared for re-lease 392 49,341 Vacant single-family properties available for lease 2,270 392,702 Single-family properties held for sale, net 469 50,370 Total 50,015 $ 7,802,499 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, net 1,119 87,430 Total 48,422 $ 7,547,856

Deferred Costs and Other Inta28

Deferred Costs and Other Intangibles, Net (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Deferred leasing costs $ 12,831 $ 7,470 Deferred financing costs 11,244 6,552 Intangible assets: Value of in-place leases 4,623 4,739 Trademark 3,100 3,100 Database 2,100 2,100 33,898 23,961 Less: accumulated amortization (20,382 ) (12,005 ) Total $ 13,516 $ 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 September 30, 2017 , for future periods (in thousands): Year Deferred Deferred Value of Trademark Database Remaining 2017 $ 1,240 $ 495 $ 31 $ 165 $ 75 2018 1,835 1,964 21 92 300 2019 — 1,964 2 — 300 2020 — 1,969 — — 132 2021 — 1,964 — — — Thereafter — 967 — — — Total $ 3,075 $ 9,323 $ 54 $ 257 $ 807

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of September 30, 2017 , and December 31, 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 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 497,743 501,810 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 513,361 517,827 AH4R 2015-SFR1 securitization (3) 4.14% April 9, 2045 539,199 543,480 AH4R 2015-SFR2 securitization (4) 4.36% October 9, 2045 468,461 472,043 Total asset-backed securitizations 2,018,764 2,491,234 Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable 4.06% July 1, 2019 49,107 49,828 Revolving credit facility (5) 2.43% June 30, 2022 — — Term loan facility (6) 2.58% June 30, 2022 200,000 325,000 Total debt (7) 2,382,871 2,981,062 Unamortized discount on exchangeable senior notes (1,156 ) (1,883 ) Equity component of exchangeable senior notes (3,073 ) (4,969 ) Deferred financing costs, net (8) (39,407 ) (51,636 ) Total debt per balance sheet $ 2,339,235 $ 2,922,574 (1) Interest rates are as of September 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 September 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 September 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 September 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 $2.2 million for the three months ended September 30, 2017 and 2016 , respectively, and $5.0 million and $6.3 million for the nine months ended September 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 nine months ended September 30, 2017 and 2016 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Gross interest $ 28,125 $ 33,433 $ 90,044 $ 100,886 Capitalized interest (1,533 ) (582 ) (3,171 ) (1,577 ) Interest expense $ 26,592 $ 32,851 $ 86,873 $ 99,309

Accounts Payable and Accrued 30

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 December 31, 2016 Accounts payable $ 1,091 $ 9 Accrued property taxes 110,572 46,091 Other accrued liabilities 40,490 31,262 Accrued construction and maintenance liabilities 17,107 9,899 Resident security deposits 74,285 70,430 Prepaid rent 20,200 19,515 Total $ 263,745 $ 177,206

Shareholders' Equity _ Partne31

Shareholders' Equity / Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations	The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 : For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Preferred income allocated to Series C convertible units $ — $ — $ — $ 3,027 Net income (loss) allocated to Class A units 340 (27 ) (30 ) 108 Net income allocated to Series D convertible units — — — 133 Beneficial conversion feature — 7,569 — 7,569 Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary (31 ) (226 ) 8 (446 ) $ 309 $ 7,316 $ (22 ) $ 10,391
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2017 and 2016 : Shares Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (172,250 ) 16.12 680 Forfeited (153,150 ) 16.36 Options outstanding at September 30, 2016 2,867,000 $ 15.70 7.8 $ 17,021 Options exercisable at September 30, 2016 1,051,125 $ 16.04 7.1 $ 5,885 Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,600 23.38 Exercised (62,655 ) 15.77 444 Forfeited (85,250 ) 16.24 Options outstanding at September 30, 2017 3,064,195 $ 16.64 7.1 $ 16,149 Options exercisable at September 30, 2017 1,681,595 $ 15.90 6.3 $ 9,764 (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 nine months ended September 30, 2017 and 2016 : 2017 2016 Weighted-average fair value $ 3.82 $ 2.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 21.3 % 27.3 % 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 nine months ended September 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 (16,200 ) (6,550 ) Restricted stock units at end of the period 245,475 131,950

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Computation of Net Income (Loss) per Share on Basic and Diluted Basis	The following table reflects the Company's computation of net income (loss) per share on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest 309 7,316 (22 ) 10,391 Dividends on preferred shares 17,253 13,669 46,122 26,650 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common share $ 1,523 $ (21,152 ) $ (141 ) $ (35,933 ) Add back: Dividends on participating preferred shares (2) 5,569 — — — Remeasurement of participating preferred shares (2) (8,391 ) — — — Numerator for diluted loss per common share $ (1,299 ) $ (21,152 ) $ (141 ) $ (35,933 ) Denominator: Weighted-average common shares outstanding–basic 266,767,313 238,401,343 256,768,343 232,036,802 Effect of dilutive securities: Participating preferred shares (2) 22,385,747 — — — Weighted-average common shares outstanding–diluted 289,153,060 238,401,343 256,768,343 232,036,802 Net income (loss) per common share: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred shares into Class A common shares. The following table reflects the Operating Partnership's computation of net income (loss) per unit on a basic and diluted basis for the three and nine months ended September 30, 2017 and 2016 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Numerator: Net income (loss) $ 19,097 $ (167 ) $ 45,959 $ 1,108 Less: Noncontrolling interest (31 ) (226 ) 8 (446 ) Preferred distributions 17,253 13,669 46,122 26,650 Income allocated to Series C and D limited partners — 10,915 — 16,478 Allocation to participating securities (1) 12 — — — Numerator for basic income (loss) per common unit $ 1,863 $ (24,525 ) $ (171 ) $ (41,574 ) Add back: Distributions to participating preferred units (2) 5,569 — — — Remeasurement of participating preferred units (2) (8,391 ) — — — Numerator for diluted loss per common unit $ (959 ) $ (24,525 ) $ (171 ) $ (41,574 ) Denominator: Weighted-average common units outstanding–basic 322,303,138 285,208,489 312,315,728 271,994,345 Effect of dilutive securities: Participating preferred units (2) 22,385,747 — — — Weighted-average common units outstanding–diluted 344,688,885 285,208,489 312,315,728 271,994,345 Net income (loss) per common unit: Basic $ 0.01 $ (0.09 ) $ — $ (0.15 ) Diluted $ — $ (0.09 ) $ — $ (0.15 ) (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of the participating preferred units into Class A common units.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 , and December 31, 2016 (in thousands): September 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 497,743 506,835 501,810 510,941 AH4R 2014-SFR3 securitization 513,361 523,653 517,827 530,549 AH4R 2015-SFR1 securitization 539,199 546,630 543,480 553,689 AH4R 2015-SFR2 securitization 468,461 477,401 472,043 483,901 Total asset-backed securitizations (1) 2,018,764 2,054,519 2,491,234 2,544,423 Exchangeable senior notes, net (2) 110,771 143,297 108,148 142,808 Secured note payable 49,107 49,383 49,828 50,053 Term loan facility (3) 200,000 200,000 325,000 325,000 Total debt $ 2,378,642 $ 2,447,199 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $37.3 million and $48.4 million of deferred financing costs as of September 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) The carrying value of the term loan facility excludes $2.1 million and $3.3 million of deferred financing costs as of September 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 September 30, 2017 , and December 31, 2016 (in thousands): September 30, 2017 Description Quoted Prices Significant Significant Total Liabilities: Participating preferred shares derivative liability $ — $ — $ 68,469 $ 68,469 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 within the condensed consolidated statements of operations for the nine months ended September 30, 2017 and 2016 (in thousands): Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469 Description January 1, 2016 Conversions Gain and remeasurement September 30, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ 2,940 $ 65,730

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	Jun. 10, 2013shares	Sep. 30, 2017USD ($)statesingle_family_property	Dec. 31, 2016USD ($)single_family_property
Real Estate Properties [Line Items]
Number of states | state		22
General partner interest		83.20%
Limited partner interest		16.80%
Asset-backed securitization certificates | $		$ 25,666	$ 25,666
General Partner | Series D Convertible Units
Real Estate Properties [Line Items]
Units issued to AH LLC (in shares) | shares	4,375,000
General Partner | 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		50,015	48,422
Single Family Homes | Properties Held for Sale
Real Estate Properties [Line Items]
Number of properties | single_family_property		469	1,119

Significant Accounting Polici35

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Restricted cash	$ 119,574	$ 131,367	$ 119,574	$ 131,367	$ 131,442	$ 111,300
Accounting Policies [Line Items]
Property management expenses	$ 17,447	18,335	$ 52,367	53,177
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		900		2,700
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to Property Management Expenses
Accounting Policies [Line Items]
Non-cash share based compensation expense		400		1,100
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to General and Administrative Expenses
Accounting Policies [Line Items]
Non-cash share based compensation expense		500		1,600
Restatement Adjustment | Reclassification of Property Management Expenses
Accounting Policies [Line Items]
Property management expenses		$ 17,900		$ 52,000

Cash, Cash Equivalents and Re36

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Lease agreement term (in years)	1 year
Balance Sheet
Cash and cash equivalents	$ 243,547	$ 118,799	$ 106,308
Restricted cash	119,574	131,442	131,367	$ 111,300
Statement of Cash Flows
Cash, cash equivalents and restricted cash	$ 363,121	$ 250,241	$ 237,675	$ 168,968

Single-Family Properties - Comp

Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands	Sep. 30, 2017USD ($)single_family_property	Dec. 31, 2016USD ($)single_family_property
Property Subject to or Available for Operating Lease
Net book value	$ 7,802,499	$ 7,547,856
Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	50,015	48,422
Net book value	$ 7,802,499	$ 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	858	312
Net book value	$ 179,208	$ 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	392	91
Net book value	$ 49,341	$ 14,453
Single Family Homes | Single-family properties held for sale, net
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	469	1,119
Net book value	$ 50,370	$ 87,430
Single Family Homes | Leased single-family properties
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	46,026	44,798
Net book value	$ 7,130,878	$ 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	2,270	2,102
Net book value	$ 392,702	$ 348,773

Single-Family Properties - Narr

Single-Family Properties - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)property	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Property Subject to or Available for Operating Lease
Proceeds from the sale of real estate properties and other			$ 68,618,000	$ 71,894,000
Gain (loss) on sale of single-family properties and other, net	$ 1,895,000	$ 11,682,000	6,375,000	12,574,000
Hurricane-related insurance claims receivable	11,000,000		11,000,000
Hurricane-related charges, net	$ 10,136,000	0	10,136,000	0
Hurricanes
Property Subject to or Available for Operating Lease
Number of homes with major damage | property	140
Number of homes with minor damage | property	3,400
Impairment charge to write down the net book values of the impacted properties	$ 12,600,000
Additional repair, remediation and other costs	8,500,000
Hurricane-related insurance claims receivable	11,000,000		11,000,000
Hurricane-related charges, net	10,100,000
Aggregate net book value of impacted properties	8,300,000		8,300,000
Single Family Homes
Property Subject to or Available for Operating Lease
Real estate investment properties unrecorded deed	27,500,000		27,500,000			$ 14,300,000
Depreciation expense	$ 71,200,000	$ 67,200,000	$ 208,900,000	$ 194,200,000
Number of real estate properties sold | property	107	453	738	587
Proceeds from the sale of real estate properties and other	$ 14,400,000	$ 56,200,000	$ 54,200,000	$ 71,900,000
Gain (loss) on sale of single-family properties and other, net	$ 1,900,000	$ 11,700,000	$ 3,100,000	$ 12,600,000
Note receivable					$ 7,000,000
Discount of note receivable					$ 1,500,000

Rent and Other Receivables, N39

Rent and Other Receivables, Net (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Receivables [Abstract]
Allowance for doubtful accounts	$ 9.3	$ 5.7
Hurricane-related insurance claims receivable	11
Non-tenant receivables	$ 0.9	$ 0.6

Deferred Costs and Other Inta40

Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 12,831	$ 7,470
Deferred financing costs	11,244	6,552
Intangible assets:
Intangible assets	33,898	23,961
Less: accumulated amortization	(20,382)	(12,005)
Total	13,516	11,956
Value of in-place leases
Intangible assets:
Intangible assets	4,623	4,739
Trademark
Intangible assets:
Intangible assets	3,100	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta41

Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 2,100	$ 6,900	$ 7,200	$ 26,700
Noncash amortization of deferred financing costs			6,285	7,912
Revolving Credit Facility | Line of Credit
Finite-Lived Intangible Assets [Line Items]
Noncash amortization of deferred financing costs	$ 500	$ 500	$ 1,300	$ 1,900

Deferred Costs and Other Inta42

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Total	$ 39,407	$ 51,636
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2,017	1,240
2,018	1,835
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	3,075
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2,017	495
2,018	1,964
2,019	1,964
2,020	1,969
2,021	1,964
Thereafter	967
Total	9,323
Value of in-place leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,017	31
2,018	21
2,019	2
2,020	0
2,021	0
Thereafter	0
Total	54
Trademark
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,017	165
2,018	92
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	257
Database
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,017	75
2,018	300
2,019	300
2,020	132
2,021	0
Thereafter	0
Total	$ 807

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt, gross	$ 2,382,871,000		$ 2,382,871,000			$ 2,981,062,000
Unamortized discount on exchangeable senior notes	(1,156,000)		(1,156,000)			(1,883,000)
Equity component of exchangeable senior notes	(3,073,000)		(3,073,000)			(4,969,000)
Deferred financing costs, net	(39,407,000)		(39,407,000)			(51,636,000)
Total debt per balance sheet	2,339,235,000		2,339,235,000			2,922,574,000
Amortization of financing costs			6,285,000	$ 7,912,000
Asset-Backed Securitizations and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,400,000	$ 2,200,000	5,000,000	6,300,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	2,018,764,000		2,018,764,000			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	$ 497,743,000		$ 497,743,000			501,810,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest rate (as a percent)	4.40%		4.40%
Debt, gross	$ 513,361,000		$ 513,361,000			517,827,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest rate (as a percent)	4.14%		4.14%
Debt, gross	$ 539,199,000		$ 539,199,000			543,480,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest rate (as a percent)	4.36%		4.36%
Debt, gross	$ 468,461,000		$ 468,461,000			472,043,000
Secured Debt | Secured Note Payable
Debt Instrument [Line Items]
Interest rate (as a percent)	4.06%		4.06%
Debt, gross	$ 49,107,000		$ 49,107,000			$ 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)	2.43%		2.43%
Debt, gross	$ 0		$ 0			0
Credit facility amount, maximum	800,000,000		800,000,000		$ 800,000,000
Amortization of financing costs	$ 500,000	$ 500,000	$ 1,300,000	$ 1,900,000
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)	2.58%		2.58%
Debt, gross	$ 200,000,000		$ 200,000,000			325,000,000
Deferred financing costs, net	(2,100,000)		(2,100,000)			$ (3,300,000)
Credit facility amount, maximum	$ 200,000,000		$ 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			9 Months Ended
	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Payments on asset-backed securitizations				$ 472,470	$ 374,031
Loss on early extinguishment of debt	$ 0		$ 13,408	$ 6,555	$ 13,408
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
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	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Exchangeable senior notes, net	$ 110,771	$ 108,148
Unamortized discount on exchangeable senior notes	1,156	1,883
Equity component of exchangeable senior notes	$ 3,073	$ 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	0.0551453
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)	9 Months Ended
	Sep. 30, 2017USD ($)extension_option	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt, gross	$ 2,382,871,000		$ 2,981,062,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings against the revolving credit facility	0		0
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility amount, maximum	$ 800,000,000	$ 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	$ 0		0
Debt, gross	$ 0		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	197,913,000		321,735,000
Term Loan facility | Line of Credit
Debt Instrument [Line Items]
Credit facility amount, maximum	200,000,000	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Debt Disclosure [Abstract]
Gross interest	$ 28,125	$ 33,433	$ 90,044	$ 100,886
Capitalized interest	(1,533)	(582)	(3,171)	(1,577)
Interest expense	$ 26,592	$ 32,851	$ 86,873	$ 99,309

Accounts Payable and Accrued 48

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts payable	$ 1,091	$ 9
Accrued property taxes	110,572	46,091
Other accrued liabilities	40,490	31,262
Accrued construction and maintenance liabilities	17,107	9,899
Resident security deposits	74,285	70,430
Prepaid rent	20,200	19,515
Total	$ 263,745	$ 177,206

Shareholders' Equity _ Partne49

Shareholders' Equity / Partners' Capital - Class A Common Share Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Proceeds from issuance of shares/units			$ 694,765	$ 0
Class A common shares/units
Class of Stock [Line Items]
Shares issued during period (in shares)	13,800,000	14,842,982
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01		$ 0.01
Proceeds from issuance of shares/units		$ 336,500
Stock issuance costs	$ 9,200	$ 300	$ 10,444	$ 0
Underwritten Public Offering | Class A common shares/units
Class of Stock [Line Items]
Proceeds from issuance of shares/units	$ 312,000

Shareholders' Equity _ Partne50

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Aug. 31, 2017	Nov. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of shares/units			$ 694,765,000	$ 0
Class A common shares/units
Class of Stock [Line Items]
Shares issued during period (in shares)	13,800,000	14,842,982
Proceeds from issuance of shares/units		$ 336,500,000
Stock issuance costs	$ 9,200,000	$ 300,000	$ 10,444,000	$ 0
At the Market - Common Share Offering Program | Class A common shares/units
Class of Stock [Line Items]
Shares authorized for future issuance, value					$ 500,000,000	$ 400,000,000
Shares issued during period (in shares)			2,000,000
Proceeds from issuance of shares/units			$ 46,200,000
Shares issued, price per share (in dollars per share)	$ 22.74		$ 22.74
Proceeds from issuance of common stock, net of issuance costs			$ 45,600,000
Stock issuance costs			600,000
Shares available for future issuance, value	$ 500,000,000		$ 500,000,000

Shareholders' Equity _ Partne51

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - Class A common shares/units - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 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 _ Partne52

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Millions	Oct. 03, 2017market$ / sharesshares	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016	Sep. 30, 2017USD ($)market$ / sharesshares	Mar. 31, 2017$ / shares	Dec. 31, 2016$ / sharesshares
Class of Stock [Line Items]
Cumulative change in value of index based on purchase prices					50.00%
Number of top markets used for purchase price index | market					20
Liquidation preference value | $			$ 490.7		$ 490.7
Preferred shares, shares outstanding (in shares)			47,810,000		47,810,000		37,010,000
Subsequent Event
Class of Stock [Line Items]
Issuance of common shares, net of offering costs (in shares)	12,398,276
Class A conversion ratio	1.3106
5.0% Series A Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			5.00%	5.00%	5.00%
5.0% Series A Participating Preferred Shares | Subsequent Event
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.00%
Preferred shares, shares outstanding (in shares)	5,060,000
5.0% Series B Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			5.00%	5.00%	5.00%
5.0% Series B Participating Preferred Shares | Subsequent Event
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.00%
Preferred shares, shares outstanding (in shares)	4,400,000
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			5.50%	5.50%	5.50%
Class A common shares/units
Class of Stock [Line Items]
Common shares, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01	$ 0.01	$ 0.01
Class A common shares/units | Scenario, Forecast
Class of Stock [Line Items]
Allocation to participating preferred shareholders | $		$ 27.6
Class A common shares/units | Subsequent Event
Class of Stock [Line Items]
Common shares, par value (in dollars per share) | $ / shares	$ 0.01
Percent of liquidation preference	50.00%
Number of markets used in calculation of conversion ratio | market	20

Shareholders' Equity _ Partne53

Shareholders' Equity / Partners' Capital - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
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
Stock issuance costs		$ 5.3
Liquidation preference per share (in dollars per share)		$ 25
Series G, Preferred Perpetual Shares
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
Stock issuance costs	$ 4.1
Liquidation preference per share (in dollars per share)	$ 25

Shareholders' Equity _ Partne54

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.05		$ 0.05	$ 0.15	$ 0.15
Series D Convertible Units
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)			$ 0.04
Convertible units, percent of class A units (as a percent)			70.00%
Class A common shares/units
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)	$ 0.31		$ 0.31
Preferred stock, dividend rate, percentage	5.00%		5.00%	5.00%
5.0% Series B Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.31		$ 0.31
Preferred stock, dividend rate, percentage	5.00%		5.00%	5.00%
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.34		$ 0.34
Preferred stock, dividend rate, percentage	5.50%		5.50%	5.50%
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.41		$ 0.41
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)	$ 0.40		$ 0.41
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)	$ 0.37
Preferred stock, dividend rate, percentage		5.875%
Series G, Preferred Perpetual Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.30
Preferred stock, dividend rate, percentage	5.875%

Shareholders' Equity _ Partne55

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Operating Partnership - Class A Units - shares	Sep. 30, 2017	Dec. 31, 2016
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.30%	0.40%
Operating partnership units (in shares)	1,172,822	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	16.50%	18.20%
Operating partnership units (in shares)	329,690,244	298,931,517

Shareholders' Equity _ Partne56

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 309	$ 7,316	$ (22)	$ 10,391
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	(31)	(226)	8	(446)
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	340	(27)	(30)	108
Series D Convertible Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	0	0	0	133
Beneficial conversion feature	$ 0	$ 7,569	$ 0	$ 7,569

Shareholders' Equity _ Partne57

Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock options and Restricted stock units
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 1.1	$ 0.9	$ 3.2	$ 2.7
Stock options and Restricted stock units | General and Administrative Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	0.7	0.5	1.9	1.6
Stock options and Restricted stock units | Property Management Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 0.4	$ 0.4	$ 1.3	$ 1.1
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)			385,600	708,000
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 _ Partne58

Shareholders' Equity / Partners' Capital - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 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)	385,600	708,000
Exercised (in shares)	(62,655)	(172,250)
Forfeited (in shares)	(85,250)	(153,150)
Outstanding at end of the period (in shares)	3,064,195	2,867,000	2,826,500	2,484,400
Exercisable at end of the period (in shares)	1,681,595	1,051,125
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	14.15
Exercised (in dollars per share)	15.77	16.12
Forfeited (in dollars per share)	16.24	16.36
Outstanding at end of the period (in dollars per share)	16.64	15.70	$ 15.69	$ 16.22
Exercisable at end of the period (in dollars per share)	$ 15.90	$ 16.04
Aggregate intrinsic value
Weighted average remaining life (in years)	7 years 1 month 6 days	7 years 9 months 18 days	7 years 7 months 6 days	8 years
Weighted average exercisable (in years)	6 years 3 months 18 days	7 years 1 month 6 days
Aggregate intrinsic value	$ 16,149	$ 17,021	$ 14,956	$ 1,225
Aggregate intrinsic value exercised	444	680
Aggregate intrinsic value exercisable	$ 9,764	$ 5,885

Shareholders' Equity _ Partne59

Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value (in dollars per share)	$ 3.82	$ 2.82
Expected term (in years)	7 years	7 years
Dividend yield (as a percent)	3.00%	3.00%
Volatility (as a percent)	21.30%	27.30%
Risk-free interest rate (as a percent)	2.20%	1.50%

Shareholders' Equity _ Partne60

Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details) - Restricted stock units - 2012 Equity Incentive Plan - shares	9 Months Ended
	Sep. 30, 2017	Sep. 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)	(16,200)	(6,550)
Restricted stock units at end of the period (in shares)	245,475	131,950

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/units
Related Party Transaction
Proceeds from issuance of stock in private placement offering	$ 50

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income (loss)	$ 19,097	$ (167)	$ 45,959	$ 1,108
Less:
Noncontrolling interest	309	7,316	(22)	10,391
Dividends on preferred shares/Preferred distributions	17,253	13,669	46,122	26,650
Allocation to participating securities	12	0	0	0
Net income (loss) attributable to common shareholders/unitholders	1,523	(21,152)	(141)	(35,933)
Add back:
Dividends on participating preferred shares/units	5,569	0	0	0
Remeasurement of participating preferred shares/units	(8,391)	0	0	0
Numerator for diluted loss per common share/unit	$ (1,299)	$ (21,152)	$ (141)	$ (35,933)
Denominator
Weighted-average common shares outstanding - basic (in shares)	266,767,313	238,401,343	256,768,343	232,036,802
Participating preferred shares/units (in shares)	22,385,747	0	0	0
Weighted-average common shares outstanding–diluted (in shares)	289,153,060	238,401,343	256,768,343	232,036,802
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.01	$ (0.09)	$ 0	$ (0.15)
Diluted (in dollars per share)	$ 0	$ (0.09)	$ 0	$ (0.15)
American Homes 4 Rent, L.P.
Numerator:
Net income (loss)	$ 19,097	$ (167)	$ 45,959	$ 1,108
Less:
Noncontrolling interest	(31)	(226)	8	(446)
Dividends on preferred shares/Preferred distributions	17,253	13,669	46,122	26,650
Income allocated to limited partners	0	10,915	0	16,478
Allocation to participating securities	12	0	0	0
Net income (loss) attributable to common shareholders/unitholders	1,863	(24,525)	(171)	(41,574)
Add back:
Dividends on participating preferred shares/units	5,569	0	0	0
Remeasurement of participating preferred shares/units	(8,391)	0	0	0
Numerator for diluted loss per common share/unit	$ (959)	$ (24,525)	$ (171)	$ (41,574)
Denominator
Participating preferred shares/units (in shares)	22,385,747	0	0	0
Weighted-average common units outstanding - basic (in shares)	322,303,138	285,208,489	312,315,728	271,994,345
Weighted-average common units outstanding–diluted (in shares)	344,688,885	285,208,489	312,315,728	271,994,345
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.01	$ (0.09)	$ 0	$ (0.15)
Diluted (in dollars per share)	$ 0	$ (0.09)	$ 0	$ (0.15)

Earnings per Share _ Unit - Nar

Earnings per Share / Unit - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of EPS (in shares)	7,078,066	26,342,332	29,474,000	26,342,332
American Homes 4 Rent, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of EPS (in shares)	7,078,066	26,342,332	29,474,000	26,342,332
American Homes 4 Rent, L.P. | Series C Convertible Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income allocated to limited partners	$ 0		$ 0	$ 0.46
American Homes 4 Rent, L.P. | Series D Convertible Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income allocated to limited partners	0	$ 0.87	$ 0	$ 0.99
American Homes 4 Rent, L.P. | Series E Convertible Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income allocated to limited partners	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 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	184	57
Single-family properties sales in escrow, selling price	$ 17.1	$ 6.6
Single Family Properties
Long-term Purchase Commitment [Line Items]
Commitment to acquire single-family properties | single_family_property	511	203
Purchase price of commitment to acquire single-family properties	$ 122.6	$ 41.7
Land
Long-term Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 13.7	$ 3.9

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 39,407	$ 51,636
Asset-backed securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	37,300	48,400
Term Loan facility | Line of Credit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 2,100	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	$ 2,018,764	2,491,234
Exchangeable senior notes, net	110,771	108,148
Secured note payable	49,107	49,828
Term loan facility	200,000	325,000
Total debt	2,378,642	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	497,743	501,810
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	513,361	517,827
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	539,199	543,480
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	468,461	472,043
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	2,054,519	2,544,423
Exchangeable senior notes, net	143,297	142,808
Secured note payable	49,383	50,053
Term loan facility	200,000	325,000
Total debt	2,447,199	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	506,835	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	523,653	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	546,630	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	$ 477,401	$ 483,901

Fair Value - Fair Value Hierarc

Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Liabilities:
Participating preferred shares/units derivative liability	$ 68,469	$ 69,810	$ 65,730	$ 62,790
Recurring
Liabilities:
Participating preferred shares/units derivative liability	68,469	69,810
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Liabilities:
Participating preferred shares/units derivative liability	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Liabilities:
Participating preferred shares/units derivative liability	0	0
Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
Participating preferred shares/units derivative liability	$ 68,469	$ 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 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 share derivative liability, Conversion			0	0
Preferred share derivative liability, Gain and remeasurement included in earnings	$ (8,391)	$ 2,490	(1,341)	2,940
Preferred shares derivative liability, Ending Balance	$ 68,469	65,730	$ 68,469	65,730
Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Continently Convertible Liability, Calculation [Roll Forward]
Contingently convertible Series E units liability, Beginning Balance				69,957
Contingently convertible Series E units liability, Conversions				(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 - Subsequent

Subsequent Events - Subsequent Acquisitions (Details) - Subsequent Event $ in Millions	1 Months Ended
	Oct. 31, 2017USD ($)property
Subsequent Event [Line Items]
Number of properties acquired	471
Purchase price to acquire real estate | $	$ 106.1
Number of internally developed properties developed	4

Subsequent Events - Share Issua

Subsequent Events - Share Issuances (Details)	Oct. 03, 2017shares	Sep. 30, 2017shares	Sep. 30, 2016	Sep. 30, 2017shares	Dec. 31, 2016shares
Subsequent Event [Line Items]
Preferred shares, shares outstanding (in shares)		47,810,000		47,810,000	37,010,000
5.0% Series A Participating Preferred Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage		5.00%	5.00%	5.00%
5.0% Series B Participating Preferred Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage		5.00%	5.00%	5.00%
Subsequent Event
Subsequent Event [Line Items]
Issuance of perpetual preferred shares, net of offering costs (in shares)	12,398,276
Class A conversion ratio	1.3106
Subsequent Event | 5.0% Series A Participating Preferred Shares
Subsequent Event [Line Items]
Preferred shares, shares outstanding (in shares)	5,060,000
Preferred stock, dividend rate, percentage	5.00%
Subsequent Event | 5.0% Series B Participating Preferred Shares
Subsequent Event [Line Items]
Preferred shares, shares outstanding (in shares)	4,400,000
Preferred stock, dividend rate, percentage	5.00%

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details) - $ / shares	Nov. 02, 2017	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)		$ 0.05		$ 0.05	$ 0.15	$ 0.15
Class A common shares/units
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
5.5% Series C Participating Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.34		$ 0.34
Preferred stock, dividend rate, percentage		5.50%		5.50%	5.50%
Series D Perpetual Preferred Shares/Units
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.41		$ 0.41
Preferred stock, dividend rate, percentage		6.50%
Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.40		$ 0.41
Preferred stock, dividend rate, percentage		6.35%
Series F Perpetual Preferred Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.37
Preferred stock, dividend rate, percentage			5.875%
Series G, Preferred Perpetual Shares
Subsequent Event [Line Items]
Quarterly preferred dividend (in dollars per share)		$ 0.30
Preferred stock, dividend rate, percentage		5.875%
Subsequent Event | Class A common shares/units | Dividend Declared
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)	$ 0.05
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/Units | 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)	$ 0.36719
Preferred stock, dividend rate, percentage	5.875%