American Homes 4 Rent (AMH) 10-K 23 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 21, 2018	Jun. 30, 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 Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 5.1
Class A common shares/units
Document Information
Entity Common Stock, Shares Outstanding		286,124,380
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity Registrant Name	American Homes 4 Rent, L.P.
Entity Central Index Key	1,716,558
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Single-family properties:
Land	$ 1,665,631	$ 1,512,183
Buildings and improvements	7,303,270	6,614,953
Single-family properties held for sale, net	35,803	87,430
Single-family properties, gross	9,004,704	8,214,566
Less: accumulated depreciation	(939,724)	(666,710)
Single-family properties, net	8,064,980	7,547,856
Cash and cash equivalents	46,156	118,799
Restricted cash	136,667	131,442
Rent and other receivables, net	30,144	17,618
Escrow deposits, prepaid expenses and other assets	171,851	133,594
Deferred costs and other intangibles, net	13,025	11,956
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	8,608,768	8,107,210
Liabilities
Exchangeable senior notes, net	111,697	108,148
Secured note payable	48,859	49,828
Accounts payable and accrued expenses	222,867	177,206
Amounts payable to affiliates	4,720	0
Participating preferred shares derivative liability	29,470	69,810
Total liabilities	2,732,944	3,169,590
Commitments and contingencies
Shareholders' equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 38,350,000 and 37,010,000 shares issued and outstanding at December 31, 2017 and 2016, respectively	384	370
Additional paid-in capital	5,600,256	4,568,616
Accumulated deficit	(453,953)	(378,578)
Accumulated other comprehensive income	75	95
Total shareholders' equity	5,149,629	4,192,936
Limited partners:
Accumulated other comprehensive income	75	95
Noncontrolling interest	726,195	744,684
Total equity	5,875,824	4,937,620
Total liabilities and equity/capital	8,608,768	8,107,210
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,665,631	1,512,183
Buildings and improvements	7,303,270	6,614,953
Single-family properties held for sale, net	35,803	87,430
Single-family properties, gross	9,004,704	8,214,566
Less: accumulated depreciation	(939,724)	(666,710)
Single-family properties, net	8,064,980	7,547,856
Cash and cash equivalents	46,156	118,799
Restricted cash	136,667	131,442
Rent and other receivables, net	30,144	17,618
Escrow deposits, prepaid expenses and other assets	171,851	128,403
Amounts due from affiliates	25,666	30,857
Deferred costs and other intangibles, net	13,025	11,956
Goodwill	120,279	120,279
Total assets	8,608,768	8,107,210
Liabilities
Asset-backed securitizations, net	1,977,308	2,442,863
Exchangeable senior notes, net	111,697	108,148
Secured note payable	48,859	49,828
Accounts payable and accrued expenses	222,867	177,206
Amounts payable to affiliates	4,720	0
Participating preferred shares derivative liability	29,470	69,810
Total liabilities	2,732,944	3,169,590
Commitments and contingencies
Shareholders' equity:
Accumulated other comprehensive income	75	95
Limited partners:
Limited partners, capital account	727,544	746,174
Accumulated other comprehensive income	75	95
Total partners' capital	5,877,173	4,939,110
Noncontrolling interest	(1,349)	(1,490)
Total capital	5,875,824	4,937,620
Total liabilities and equity/capital	8,608,768	8,107,210
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,248,236	3,357,992
Limited partners:
Limited partners, capital account	727,544	746,174
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	901,318	834,849
Class A common shares/units
Shareholders' equity:
Common stock, value, issued	2,861	2,427
Class B common shares
Shareholders' equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	198,023	321,735
Term loan facility, net | American Homes 4 Rent, L.P.
Liabilities
Revolving credit facility and Term loan facility, net	198,023	321,735
Asset-backed securitization
Liabilities
Asset-backed securitizations, net	1,977,308	2,442,863
Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	140,000	0
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Revolving credit facility and Term loan facility, net	$ 140,000	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	38,350,000	37,010,000
Preferred shares, shares outstanding (in shares)	38,350,000	37,010,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	286,749,712	243,375,557
Common units, shares/units outstanding (in shares)	286,749,712	243,375,557
Preferred units, shares/units issued (in shares)	38,350,000	37,010,000
Preferred units, shares/units outstanding (in shares)	38,350,000	37,010,000
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	55,350,153	55,555,960
Common units, shares/units outstanding (in shares)	55,350,153	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)	286,114,637	242,740,482
Common stock, shares outstanding (in shares)	286,114,637	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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rents from single-family properties	$ 824,023	$ 757,603	$ 559,719
Fees from single-family properties	10,727	10,234	7,646
Tenant charge-backs	120,081	95,254	56,546
Other	5,568	15,798	6,665
Total revenues	960,399	878,889	630,576
Expenses:
Property operating expenses	355,074	317,310	232,976
Property management expenses	69,712	70,724	60,343
General and administrative expense	34,732	33,068	26,867
Interest expense	112,620	130,847	89,413
Acquisition fees and costs expensed	4,623	11,443	19,577
Depreciation and amortization	297,290	298,677	242,848
Hurricane-related charges, net	7,963	0	0
Other	5,005	11,978	3,770
Total expenses	887,019	874,047	675,794
Gain on sale of single-family properties and other, net	6,826	14,569	0
Loss on early extinguishment of debt	(6,555)	(13,408)	0
Gain on conversion of Series E units	0	11,463	0
Remeasurement of Series E units	0	0	2,100
Remeasurement of participating preferred shares/units	2,841	(7,020)	(4,830)
Net income (loss)	76,492	10,446	(47,948)
Noncontrolling interest	(4,507)	3,751	14,353
Dividends on preferred shares/Preferred distributions	60,718	40,237	22,276
Redemption of participating preferred shares	42,416	0	0
Net income (loss) attributable to common shareholders/unitholders	$ (22,135)	$ (33,542)	$ (84,577)
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	$ (0.08)	$ (0.14)	$ (0.40)
Weighted-average common shares outstanding - basic and diluted (in shares)	264,254,718	234,010,168	210,600,111
Dividends declared per common share (in dollars per unit)	$ 0.2	$ 0.2	$ 0.2
American Homes 4 Rent, L.P.
Revenues:
Rents from single-family properties	$ 824,023	$ 757,603	$ 559,719
Fees from single-family properties	10,727	10,234	7,646
Tenant charge-backs	120,081	95,254	56,546
Other	5,568	15,798	6,665
Total revenues	960,399	878,889	630,576
Expenses:
Property operating expenses	355,074	317,310	232,976
Property management expenses	69,712	70,724	60,343
General and administrative expense	34,732	33,068	26,867
Interest expense	112,620	130,847	89,413
Acquisition fees and costs expensed	4,623	11,443	19,577
Depreciation and amortization	297,290	298,677	242,848
Hurricane-related charges, net	7,963	0	0
Other	5,005	11,978	3,770
Total expenses	887,019	874,047	675,794
Gain on sale of single-family properties and other, net	6,826	14,569	0
Loss on early extinguishment of debt	(6,555)	(13,408)	0
Gain on conversion of Series E units	0	11,463	0
Remeasurement of Series E units	0	0	2,100
Remeasurement of participating preferred shares/units	2,841	(7,020)	(4,830)
Net income (loss)	76,492	10,446	(47,948)
Noncontrolling interest	141	(562)	(157)
Dividends on preferred shares/Preferred distributions	60,718	40,237	22,276
Redemption of participating preferred shares	42,416	0	0
Income allocated to Series C and D limited partners	0	10,730	20,212
Net income (loss) attributable to common shareholders/unitholders	$ (26,783)	$ (39,959)	$ (90,279)
Weighted-average units outstanding - basic and diluted (in units)	319,753,206	277,912,532	225,040,781
Net loss attributable to common unitholders per unit - basic and diluted (in dollars per share)	$ (0.08)	$ (0.14)	$ (0.40)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss)	$ 76,492	$ 10,446	$ (47,948)
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	75	0	(14)
Reclassification adjustment for amortization of interest expense included in net income (loss)	(28)	130	141
Unrealized gain on investment in equity securities:
Unrealized gain on investment in equity securities	0	67	0
Reclassification adjustment for realized gain included in net income (loss)	(67)	0	0
Other comprehensive (loss) income	(20)	197	127
Comprehensive income (loss)	76,472	10,643	(47,821)
Comprehensive (loss) income attributable to noncontrolling interests	(4,504)	3,714	14,345
Dividends on preferred shares/Preferred distributions	60,718	40,237	22,276
Redemption of participating preferred shares/units	42,416	0	0
Comprehensive loss attributable to common shareholders/unitholders	(22,158)	(33,308)	(84,442)
American Homes 4 Rent, L.P.
Net income (loss)	76,492	10,446	(47,948)
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	75	0	(14)
Reclassification adjustment for amortization of interest expense included in net income (loss)	(28)	130	141
Unrealized gain on investment in equity securities:
Unrealized gain on investment in equity securities	0	67	0
Reclassification adjustment for realized gain included in net income (loss)	(67)	0	0
Other comprehensive (loss) income	(20)	197	127
Comprehensive income (loss)	76,472	10,643	(47,821)
Comprehensive (loss) income attributable to noncontrolling interests	141	(562)	(157)
Dividends on preferred shares/Preferred distributions	60,718	40,237	22,276
Redemption of participating preferred shares/units	42,416	0	0
Income allocated to Series C and D limited partners	0	10,730	20,212
Comprehensive loss attributable to common shareholders/unitholders	$ (26,803)	$ (39,762)	$ (90,152)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common StockClass A common shares	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Shareholders’ equity	Noncontrolling interest
Beginning balances at Dec. 31, 2014	$ 4,169,594	$ 2,108	$ 6	$ 171	$ 3,618,207	$ (170,162)	$ (229)	$ 3,450,101	$ 719,493
Beginning balances (in shares) at Dec. 31, 2014		210,838,831	635,075	17,060,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,125				3,125			3,125
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	111				111			111
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		30,281
Repurchase of Class A common shares	(57,383)	$ (36)			(57,347)			(57,383)
Repurchase of Class A common shares (in shares)		(3,633,602)
Purchase of outside interests in RJ joint ventures	(44,408)				(10,033)			(10,033)	(34,375)
Distributions to equity holders:
Preferred shares	(22,276)					(22,276)		(22,276)
Noncontrolling interests	(23,583)								(23,583)
Dividends, Common Stock	(42,126)					(42,126)		(42,126)
Net income (loss)	(47,948)					(62,301)		(62,301)	14,353
Total other comprehensive income	127						127	127
Ending balances at Dec. 31, 2015	3,935,233	$ 2,072	$ 6	$ 171	3,554,063	(296,865)	(102)	3,259,345	675,888
Ending balances (in shares) at Dec. 31, 2015		207,235,510	635,075	17,060,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,636				3,636			3,636
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	3,034	$ 2			3,032			3,034
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		213,878
Issuance of Class A common shares and units	633,063	$ 414			613,835			614,249	18,814
Issuance of Class A common shares and units (in shares)		41,466,118
Issuance of perpetual preferred shares, net of offering costs	482,812			$ 199	482,613			482,812
Issuance of perpetual preferred shares, net of offering costs (in shares)				19,950,000
Redemptions of Class A units	(399)	$ 1			503			504	(903)
Redemptions of Class A units (in shares)		40,632
Repurchase of Class A common shares	(96,098)	$ (62)			(96,036)			(96,098)
Repurchase of Class A common shares (in shares)		(6,215,656)
Assumption of exchangeable senior notes	6,970				6,970			6,970
Conversion of preferred units	58,494								58,494
Distributions to equity holders:
Preferred shares	(40,237)					(40,237)		(40,237)
Noncontrolling interests	(11,360)								(11,360)
Dividends, Common Stock	(48,171)					(48,171)		(48,171)
Net income (loss)	10,446					6,695		6,695	3,751
Total other comprehensive income	197						197	197
Ending balances at Dec. 31, 2016	4,937,620	$ 2,427	$ 6	$ 370	4,568,616	(378,578)	95	4,192,936	744,684
Ending balances (in shares) at Dec. 31, 2016		242,740,482	635,075	37,010,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	4,212				4,212			4,212
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	800	$ 1			799			800
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		101,174
Issuance of Class A common shares and units	683,861	$ 307			683,554			683,861
Issuance of Class A common shares and units (in shares)		30,676,080
Issuance of perpetual preferred shares, net of offering costs	260,645			$ 108	260,537			260,645
Issuance of perpetual preferred shares, net of offering costs (in shares)				10,800,000
Redemptions of Class A units	(169)	$ 2			2,711			2,713	(2,882)
Redemptions of Class A units (in shares)		198,625
Repurchase of Class A common shares (in shares)		0
Conversion of preferred units	37,441	$ 124		$ (94)	79,827	(42,416)		37,441
Conversion of preferred units (in shares)		12,398,276		(9,460,000)
Distributions to equity holders:
Preferred shares	(60,718)					(60,718)		(60,718)
Noncontrolling interests	(11,100)								(11,100)
Dividends, Common Stock	(53,240)					(53,240)		(53,240)
Net income (loss)	76,492					80,999		80,999	(4,507)
Total other comprehensive income	(20)						(20)	(20)
Ending balances at Dec. 31, 2017	$ 5,875,824	$ 2,861	$ 6	$ 384	$ 5,600,256	$ (453,953)	$ 75	$ 5,149,629	$ 726,195
Ending balances (in shares) at Dec. 31, 2017		286,114,637	635,075	38,350,000

Consolidated Statement of Equit

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class A common shares/units
Offering costs	$ 9,200	$ 400	$ 10,637	$ 227	$ 0
Common Stock | Class A common shares/units
Offering costs			10,904
Preferred shares
Offering costs			$ 9,355	$ 15,996

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Capital [Roll Forward]
Assumption of exchangeable senior notes						$ 6,970
Conversions						58,494
Distributions to equity holders:
Noncontrolling interests					$ (11,100)	(11,360)	$ (23,583)
Net income (loss)	$ 30,533	$ 11,796	$ 9,338	$ 5,028	76,492	10,446	(47,948)
Total other comprehensive loss					(20)	197	127
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		4,937,620		3,935,233	4,937,620	3,935,233	4,169,594
Share-based compensation					4,212	3,636	3,125
Common units issued under share-based compensation plans, net of units withheld for employee taxes					800	3,034	111
Repurchases of Class A units						(96,098)	(57,383)
Purchase of outside interests in RJ joint ventures							(44,408)
Issuance of Class A units					683,861	633,063
Issuance of perpetual preferred units, net of offering costs of $9,355					260,645	482,812
Redemptions of Class A units					(169)	(399)
Assumption of exchangeable senior notes						6,970
Conversions					37,441
Distributions to equity holders:
Preferred units					(60,718)	(40,237)	(22,276)
Convertible units						(856)	(18,792)
Noncontrolling interests					0	(230)	(1,902)
Common units					(64,340)	(58,445)	(45,015)
Net income (loss)	30,533	11,796	9,338	5,028	76,492	10,446	(47,948)
Total other comprehensive loss					(20)	197	127
Total capital, ending balance	5,875,824		4,937,620		5,875,824	4,937,620	3,935,233
American Homes 4 Rent, L.P. | Series C Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						0
American Homes 4 Rent, L.P. | Series E Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						58,494
American Homes 4 Rent, L.P. | Series D Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						0
American Homes 4 Rent, L.P. | Total partners' capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		4,939,110		3,935,931	4,939,110	3,935,931	4,133,858
Share-based compensation					4,212	3,636	3,125
Common units issued under share-based compensation plans, net of units withheld for employee taxes					800	3,034	111
Repurchases of Class A units						(96,098)	(57,383)
Purchase of outside interests in RJ joint ventures							(10,033)
Issuance of Class A units					683,861	633,063
Issuance of perpetual preferred units, net of offering costs of $9,355					260,645	482,812
Redemptions of Class A units					(169)	(399)
Assumption of exchangeable senior notes						6,970
Conversions					37,441
Distributions to equity holders:
Preferred units					(60,718)	(40,237)	(22,276)
Convertible units						(856)	(18,792)
Common units					(64,340)	(58,445)	(45,015)
Net income (loss)					76,351	11,008	(47,791)
Total other comprehensive loss					(20)	197	127
Total capital, ending balance	5,877,173		4,939,110		5,877,173	4,939,110	3,935,931
American Homes 4 Rent, L.P. | Total partners' capital | Series E Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						58,494
American Homes 4 Rent, L.P. | Accumulated other comprehensive income (loss)
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		95		(102)	95	(102)	(229)
Distributions to equity holders:
Total other comprehensive loss					(20)	197	127
Total capital, ending balance	75		95		75	95	(102)
American Homes 4 Rent, L.P. | Noncontrolling interest
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		(1,490)		(698)	(1,490)	(698)	35,736
Purchase of outside interests in RJ joint ventures							(34,375)
Distributions to equity holders:
Noncontrolling interests						(230)	(1,902)
Net income (loss)					141	(562)	(157)
Total capital, ending balance	(1,349)		(1,490)		(1,349)	(1,490)	(698)
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 3,357,992		$ 2,907,410	$ 3,357,992	$ 2,907,410	$ 3,098,293
Beginning balance (in shares)		243,375,557		207,870,585	243,375,557	207,870,585	211,473,906
Share-based compensation					$ 4,212	$ 3,636	$ 3,125
Common units issued under share-based compensation plans, net of units withheld for employee taxes					$ 800	$ 3,034	$ 111
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)					101,174	213,878	30,281
Repurchases of Class A units						$ (96,098)	$ (57,383)
Repurchases of Class A common units (in shares)						(6,215,656)	(3,633,602)
Purchase of outside interests in RJ joint ventures							$ (10,033)
Issuance of Class A units					$ 683,861	$ 614,249
Issuance of Class A units (in shares)					30,676,080	41,466,118
Redemptions of Class A units					$ 2,713	$ 504
Redemptions of Class A units (in shares)					198,625	40,632
Assumption of exchangeable senior notes						$ 6,970
Conversions					$ 231,617
Conversions (in shares)					12,398,276
Distributions to equity holders:
Common units					$ (53,240)	(48,171)	(42,126)
Net income (loss)					20,281	(33,542)	(84,577)
Total capital, ending balance	$ 4,248,236		$ 3,357,992		$ 4,248,236	$ 3,357,992	$ 2,907,410
Ending balance (in shares)	286,749,712		243,375,557		286,749,712	243,375,557	207,870,585
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 834,849		$ 352,037	$ 834,849	$ 352,037	$ 352,037
Issuance of perpetual preferred units, net of offering costs of $9,355					260,645	482,812
Conversions					(194,176)
Distributions to equity holders:
Preferred units					(60,718)	(40,237)	(22,276)
Net income (loss)					60,718	40,237	22,276
Total capital, ending balance	$ 901,318		$ 834,849		901,318	834,849	352,037
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 746,174		$ 217,820	$ 746,174	$ 217,820	$ 224,991
Beginning balance (in shares)		55,555,960		14,440,670	55,555,960	14,440,670	14,440,670
Issuance of Class A units						$ 18,814
Issuance of Class A units (in shares)						1,343,843
Redemptions of Class A units					$ (2,882)	$ (903)
Redemptions of Class A units (in shares)					(205,807)	(64,527)
Distributions to equity holders:
Common units					$ (11,100)	$ (10,274)	$ (2,889)
Net income (loss)					(4,648)	(6,417)	(4,282)
Total capital, ending balance	$ 727,544		$ 746,174		$ 727,544	$ 746,174	$ 217,820
Ending balance (in shares)	55,350,153		55,555,960		55,350,153	55,555,960	14,440,670
American Homes 4 Rent, L.P. | Limited Partners | Common Units | Series C Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						$ 396,606
Conversions (in shares)						31,085,974
American Homes 4 Rent, L.P. | Limited Partners | Common Units | Series D Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						$ 130,528
Conversions (in shares)						8,750,000
American Homes 4 Rent, L.P. | Limited Partners | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 0		$ 458,766	$ 0	$ 458,766	$ 458,766
Distributions to equity holders:
Convertible units						(856)	(18,792)
Net income (loss)						10,730	18,792
Total capital, ending balance	$ 0		$ 0		$ 0	0	$ 458,766
American Homes 4 Rent, L.P. | Limited Partners | Preferred Shares/Units | Series C Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						(396,606)
American Homes 4 Rent, L.P. | Limited Partners | Preferred Shares/Units | Series E Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						58,494
American Homes 4 Rent, L.P. | Limited Partners | Preferred Shares/Units | Series D Convertible Units
Increase (Decrease) in Capital [Roll Forward]
Conversions						$ (130,528)

Consolidated Statements of Cap9

Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Preferred Shares/Units
Offering costs	$ 9,355	$ 15,996
Common Units
Offering costs	$ 10,904

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income (loss)	$ 76,492	$ 10,446	$ (47,948)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	297,290	298,677	242,848
Noncash amortization of deferred financing costs	8,163	10,475	8,305
Noncash amortization of discount on exchangeable senior notes	3,549	2,820	0
Noncash amortization of discount on ARP 2014-SFR1 securitization	0	1,744	0
Noncash share-based compensation	4,212	3,636	3,125
Provision for bad debt	7,328	6,969	5,977
Hurricane-related charges, net	3,718	0	0
Loss on early extinguishment of debt	6,555	13,408	0
Gain on conversion of Series E units to Series D units	0	(11,463)	0
Remeasurement of Series E units	0	0	(2,100)
Remeasurement of participating preferred shares	(2,841)	7,020	4,830
Equity in net earnings of unconsolidated ventures	(1,642)	(860)	591
Net gain on sale of single-family properties and other	(6,826)	(14,569)	0
Loss on impairment of single-family properties	4,680	4,970	0
Net gain on resolutions of mortgage loans	(17)	(8,126)	0
Other changes in operating assets and liabilities:
Rent and other receivables	(11,020)	(9,704)	(10,542)
Prepaid expenses and other assets	(11,295)	(5,996)	(8,212)
Deferred leasing costs	(7,390)	(8,005)	(9,577)
Accounts payable and accrued expenses	9,814	(13,291)	16,569
Amounts payable to affiliates	5,191	(9,284)	8,441
Net cash provided by operating activities	385,961	278,867	212,307
Investing activities
Cash paid for single-family properties	(784,666)	(252,841)	(608,952)
Change in escrow deposits for purchase of single-family properties	(8,937)	(312)	(1,115)
Cash acquired in noncash business combinations	0	25,020	0
Payoff of credit facility in connection with ARPI merger	0	(350,000)	0
Net proceeds received from sales of single-family properties and other	87,063	88,590	0
Net proceeds received from sales of non-performing loans	0	47,186	0
Purchase of commercial office buildings	0	(27,105)	0
Investment in unconsolidated joint ventures	0	0	(20,000)
Purchase of outside interests in RJ joint ventures	0	0	(44,408)
Investments in mortgage financing receivables	0	0	(12,373)
Collections from mortgage financing receivables	268	19,425	0
Distributions from unconsolidated joint ventures	9,292	8,347	0
Initial renovations to single-family properties	(47,911)	(39,912)	(147,583)
Recurring and other capital expenditures for single-family properties	(37,540)	(27,807)	(27,369)
Other purchases of productive assets	(55,048)	(12,989)	0
Net cash used for investing activities	(837,479)	(522,398)	(861,800)
Financing activities
Proceeds from issuance of Class A common shares	694,765	102,830	0
Proceeds from exercise of stock options, net of tax withholding	548	3,171	251
Repurchase of Class A common shares	0	(96,098)	(57,383)
Redemptions of Class A units	(169)	(399)	0
Proceeds from asset-backed securitizations	0	0	1,030,559
Payments on asset-backed securitizations	(477,879)	(381,117)	(19,739)
Payments on secured note payable	(969)	(924)	(892)
Distributions to noncontrolling interests	(8,333)	(11,360)	(23,583)
Distributions to common shareholders	(38,901)	(48,171)	(42,126)
Distributions to preferred shareholders	(46,122)	(40,237)	(22,276)
Deferred financing costs paid	(3,974)	(10,476)	(25,335)
Net cash provided by financing activities	384,100	324,804	632,476
Net (decrease) increase in cash, cash equivalents and restricted cash	(67,418)	81,273	(17,017)
Cash, cash equivalents and restricted cash, beginning of period	250,241	168,968	185,985
Cash, cash equivalents and restricted cash, end of period (see Note 2)	182,823	250,241	168,968
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(100,908)	(115,814)	(77,445)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	7,964	(2,876)	821
Transfer of term loan borrowings to revolving credit facility	50,000	0	0
Transfer of deferred financing costs from term loan to revolving credit facility	1,524	0	0
Transfers of completed homebuilding deliveries to properties	4,536	0	0
Note receivable related to a bulk sale of properties, net of discount	5,710	0	0
Conversion of nonperforming loans to properties	0	3,554	20,317
Redemption of participating preferred shares	(37,499)	0	0
Accrued distributions to affiliates	4,720	0	4,698
Accrued distributions to non-affiliates	26,982	0	0
American Homes 4 Rent, L.P.
Operating activities
Net income (loss)	76,492	10,446	(47,948)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	297,290	298,677	242,848
Noncash amortization of deferred financing costs	8,163	10,475	8,305
Noncash amortization of discount on exchangeable senior notes	3,549	2,820	0
Noncash amortization of discount on ARP 2014-SFR1 securitization	0	1,744	0
Noncash share-based compensation	4,212	3,636	3,125
Provision for bad debt	7,328	6,969	5,977
Hurricane-related charges, net	3,718	0	0
Loss on early extinguishment of debt	6,555	13,408	0
Gain on conversion of Series E units to Series D units	0	(11,463)	0
Remeasurement of Series E units	0	0	(2,100)
Remeasurement of participating preferred shares	(2,841)	7,020	4,830
Equity in net earnings of unconsolidated ventures	(1,642)	(860)	591
Net gain on sale of single-family properties and other	(6,826)	(14,569)	0
Loss on impairment of single-family properties	4,680	4,970	0
Net gain on resolutions of mortgage loans	(17)	(8,126)	0
Other changes in operating assets and liabilities:
Rent and other receivables	(11,020)	(9,704)	(10,542)
Prepaid expenses and other assets	(11,295)	(5,996)	(8,212)
Deferred leasing costs	(7,390)	(8,005)	(9,577)
Accounts payable and accrued expenses	9,814	(13,291)	16,569
Amounts payable to affiliates	5,191	(9,284)	8,441
Net cash provided by operating activities	385,961	278,867	212,307
Investing activities
Cash paid for single-family properties	(784,666)	(252,841)	(608,952)
Change in escrow deposits for purchase of single-family properties	(8,937)	(312)	(1,115)
Cash acquired in noncash business combinations	0	25,020	0
Payoff of credit facility in connection with ARPI merger	0	(350,000)	0
Net proceeds received from sales of single-family properties and other	87,063	88,590	0
Net proceeds received from sales of non-performing loans	0	47,186	0
Purchase of commercial office buildings	0	(27,105)	0
Investment in unconsolidated joint ventures	0	0	(20,000)
Purchase of outside interests in RJ joint ventures	0	0	(44,408)
Investments in mortgage financing receivables	0	0	(12,373)
Collections from mortgage financing receivables	268	19,425	0
Distributions from unconsolidated joint ventures	9,292	8,347	0
Initial renovations to single-family properties	(47,911)	(39,912)	(147,583)
Recurring and other capital expenditures for single-family properties	(37,540)	(27,807)	(27,369)
Other purchases of productive assets	(55,048)	(12,989)	0
Net cash used for investing activities	(837,479)	(522,398)	(861,800)
Financing activities
Proceeds from issuance of Class A common shares	694,765	102,830	0
Proceeds from issuance of perpetual preferred shares	270,000	498,750	0
Proceeds from exercise of stock options, net of tax withholding	548	3,171	251
Repurchase of Class A common shares	0	(96,098)	(57,383)
Redemptions of Class A units	(169)	(399)	0
Proceeds from asset-backed securitizations	0	0	1,030,559
Payments on asset-backed securitizations	(477,879)	(381,117)	(19,739)
Payments on secured note payable	(969)	(924)	(892)
Distributions to noncontrolling interests	0	(230)	(1,902)
Distributions to common shareholders	(47,234)	(58,445)	(45,015)
Distributions to preferred shareholders	(46,122)	(40,237)	(22,276)
Deferred financing costs paid	(3,974)	(10,476)	(25,335)
Net cash provided by financing activities	384,100	324,804	632,476
Net (decrease) increase in cash, cash equivalents and restricted cash	(67,418)	81,273	(17,017)
Cash, cash equivalents and restricted cash, beginning of period	250,241	168,968	185,985
Cash, cash equivalents and restricted cash, end of period (see Note 2)	182,823	250,241	168,968
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(100,908)	(115,814)	(77,445)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations	7,964	(2,876)	821
Transfer of term loan borrowings to revolving credit facility	50,000	0	0
Transfer of deferred financing costs from term loan to revolving credit facility	1,524	0	0
Transfers of completed homebuilding deliveries to properties	4,536	0	0
Note receivable related to a bulk sale of properties, net of discount	5,710	0	0
Conversion of nonperforming loans to properties	0	3,554	20,317
Redemption of participating preferred shares	(37,499)	0	0
Accrued distributions to affiliates	4,720	0	4,698
Accrued distributions to non-affiliates	26,982	0	0
American Residential Properties Inc.
Merger with ARPI
Single-family properties	0	1,277,253	0
Rent and other receivables, net	0	843	0
Escrow deposits, prepaid expenses and other assets	0	35,134	0
Deferred costs and other intangibles, net	0	22,696	0
Accounts payable and accrued expenses	0	(38,485)	0
American Residential Properties Inc. | American Homes 4 Rent, L.P.
Merger with ARPI
Single-family properties	0	1,277,253	0
Rent and other receivables, net	0	843	0
Escrow deposits, prepaid expenses and other assets	0	35,134	0
Deferred costs and other intangibles, net	0	22,696	0
Accounts payable and accrued expenses	0	(38,485)	0
Class A shares and units issued	0	(530,460)	0
American Residential Properties Inc. | Asset-backed securitization
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net	0	(329,703)	0
American Residential Properties Inc. | Asset-backed securitization | American Homes 4 Rent, L.P.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net	0	(329,703)	0
American Residential Properties Inc. | Exchangeable senior notes
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net	0	(112,298)	0
American Residential Properties Inc. | Exchangeable senior notes | American Homes 4 Rent, L.P.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net	0	(112,298)	0
Term loan facility, net
Financing activities
Proceeds from credit facilities	25,000	325,000	0
Payments on credit facility	(100,000)	0	0
Term loan facility, net | American Homes 4 Rent, L.P.
Financing activities
Proceeds from credit facilities	25,000	325,000	0
Payments on credit facility	(100,000)	0	0
Revolving Credit Facility
Financing activities
Proceeds from credit facilities	202,000	951,000	827,000
Payments on credit facility	(112,000)	(951,000)	(1,034,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from credit facilities	202,000	951,000	827,000
Payments on credit facility	(112,000)	(951,000)	(1,034,000)
Class A common shares/units
Financing activities
Stock issuance costs	(10,637)	(227)	0
Class A common shares/units | American Homes 4 Rent, L.P.
Financing activities
Proceeds from issuance of Class A common shares	694,765	102,830
Stock issuance costs	(10,637)	(227)	0
Class A common shares/units | American Residential Properties Inc.
Merger with ARPI
Class A shares and units issued	0	(530,460)	0
Preferred shares
Financing activities
Stock issuance costs	(9,229)	(15,938)	0
Proceeds from issuance of perpetual preferred shares	270,000	498,750	0
Preferred shares | American Homes 4 Rent, L.P.
Financing activities
Proceeds from issuance of Class A common shares		498,750
Stock issuance costs	(9,229)	(15,938)	0
Proceeds from issuance of perpetual preferred shares	270,000
Series D Perpetual Preferred Shares/Units | American Homes 4 Rent, L.P.
Financing activities
Distributions to preferred shareholders	$ 0	$ (856)	$ (18,792)

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent ("AH4R") is a Maryland 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 formed on October 22, 2012, 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 December 31, 2017 , the Company held 51,239 single-family properties in 22 states, including 310 properties held for sale, compared to 48,422 single-family properties in 22 states, including 1,119 properties held for sale, as of December 31, 2016 . AH4R is the general partner of, and as of December 31, 2017 , owned an approximate 83.8% common partnership interest in the Operating Partnership, with the remaining 16.2% 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 OP units.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIEs") when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with ASC 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the consolidated financial statements. The consolidated financial statements have been prepared in accordance with GAAP and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made. Effective January 1, 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 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 $3.6 million and $3.1 million of noncash share-based compensation expense for the years ended December 31, 2016 and 2015 , respectively, with $1.5 million and $1.2 million of noncash share-based compensation expense reclassified to property management expenses, respectively, and $2.1 million and $1.9 million of noncash share-based compensation expense reclassified to general and administrative expense, respectively, in the consolidated statements of operations. This also resulted in $69.2 million and $59.2 million of property management expenses for the years ended December 31, 2016 and 2015 , respectively, which were previously included in property operating expenses, being reclassified to property management expenses in the consolidated statements of operations. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), which commenced with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income. However, qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, our income would be subject to U.S. federal income tax and state income tax (including any applicable alternative minimum tax for the taxable years beginning before December 31, 2017) on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed taxable income, if any. Our taxable REIT subsidiaries ("TRS") will be subject to federal, state and local taxes on their income at regular corporate rates. The tax years from 2013 through 2017 remain open to examination by the taxing jurisdictions to which the Company is subject. We believe that the Operating Partnership is properly treated as a partnership for federal income tax purposes. As a partnership, the Operating Partnership is not subject to federal income tax on our income. Instead, each of our partners, including AH4R, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for federal income taxes has been included for the Operating Partnership. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2017 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. Investments in Real Estate Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The Company generally engages a third-party valuation specialist to assist management in the determination of fair value for purposes of allocating the purchase price of properties acquired as part of portfolio level transactions. The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature (less than one year). The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare our acquired properties for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred. Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2017 and 2016 , the Company had 310 and 1,119 single-family properties, respectively, classified as held for sale, and recorded $4.7 million and $5.0 million of impairment on single-family properties held for sale for the years ended December 31, 2017 and 2016 , respectively, which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASU No. 2014-08 ("ASU 2014-08"), "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, " which the Company adopted January 1, 2015, on a prospective basis. Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. No material impairments on operating properties were recorded during the years ended December 31, 2017 , 2016 and 2015 , except for certain properties in our Houston, Florida and Southeast markets that were impacted by the hurricanes in the third quarter of 2017 (see Note 3). Leasing Costs Direct and incremental costs incurred to lease properties are capitalized and amortized over the term of the leases, which generally have a term of one year. Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over 30 years and improvements and other assets are depreciated over their estimated economic useful lives, generally 3 to 30 years. We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets. Intangible Assets Intangible assets are amortized on a straight-line basis over the asset's estimated economic life and are tested for impairment based on undiscounted cash flows and, if impaired, are written down to fair value based on discounted cash flows. The identified intangible assets are amortized over amortizable lives of 4.7 years for trademark and 7.0 years for database. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset. No impairment was recorded during the years ended December 31, 2017 , 2016 and 2015 . Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company's management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, industry and market conditions, macroeconomic conditions, and other relevant entity specific events. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, the impairment loss is determined as the excess of the carrying amount of the goodwill reporting unit over the fair value of that goodwill, not to exceed the carrying amount. Impairment charges, if any, are recognized in operating results. No goodwill impairment was recorded during the years ended December 31, 2017 , 2016 and 2015 . Prior to our adoption of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , the Company allocated a portion of goodwill to the carrying values of our leased properties sold, calculated as the sales price of the leased property over the fair value of the Company's total portfolio of single-family properties, which resulted in a reduction to the gain on sale of the property. The amount of goodwill allocated to leased properties sold during the year ended December 31, 2016, was $0.4 million , which reduced goodwill to $120.3 million as of December 31, 2017 and 2016 . Deferred Financing Costs Financing costs related to the origination of the Company's revolving credit facility are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and have been included in deferred costs and other intangibles, net within the consolidated balance sheets. Financing costs related to the origination of the Company's term loan credit facility and asset-backed securitizations are also deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the 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, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. 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 consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets as of December 31, 2017 , 2016 and 2015 : December 31, 2017 2016 2015 Balance Sheet: Cash and cash equivalents $ 46,156 $ 118,799 $ 57,686 Restricted cash 136,667 131,442 111,282 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 182,823 $ 250,241 $ 168,968 Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risk and rewards of ownership of the property are transferred and the purchase is finalized. Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. The Company's allowance for doubtful accounts was $10.4 million and $5.7 million as of December 31, 2017 and 2016 , respectively, and included in rent and other receivables, net within the consolidated balance sheets. Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. We accrue for property taxes and HOA assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, resident security deposits, construction liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure. Share-based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of the Company's board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period. Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. The Company's participating preferred shares derivative liability and treasury lock are the only financial instruments recorded at fair value on a recurring basis within our consolidated financial statements (see Note 14). Derivatives From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense during the period in which the hedged transaction affects earnings. Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level. The Company did not have any geographic market concentrations representing 10% or more of the total gross book value of single-family properties in operations as of December 31, 2017 . 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 two 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 adopted this guidance effective December 31, 2017, which impacted our goodwill impairment testing process 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. 2017-01, 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 resulted in our leased properties no longer meeting the definition of a business. Therefore, dispositions of leased properties 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

Single-Family Properties

Single-Family Properties	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consisted of the following as of December 31, 2017 and 2016 (dollars in thousands): December 31, 2017 Number of properties Net book value (Unaudited) Leased single-family properties 46,996 $ 7,284,708 Single-family properties being renovated 980 225,194 Single-family properties being prepared for re-lease 372 47,994 Vacant single-family properties available for lease 2,581 471,281 Single-family properties held for sale, net 310 35,803 Total 51,239 $ 8,064,980 December 31, 2016 Number of properties Net book value (Unaudited) 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 December 31, 2017 and 2016 , included $44.2 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 $281.2 million , $262.1 million and $223.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. During the year ended December 31, 2017 , the Company sold 923 homes which generated total net proceeds of $72.6 million and resulted in a net gain on sale of $3.6 million . Total net proceeds for the year ended December 31, 2017 , included a $7.0 million note receivable, before a $1.5 million discount. During the year ended December 31, 2016 , the Company sold 712 homes which generated total net proceeds of $88.6 million and resulted in a net gain on sale of $13.9 million . Prior to our adoption of ASU 2017-01 on January 1, 2017, in accordance with ASC 350, Intangibles—Goodwill and Other , the Company allocated a portion of goodwill to the carrying values of its leased properties sold, which resulted in a reduction to the gain on sale. The amount of goodwill allocated to leased properties sold during the year ended December 31, 2016 , was $0.4 million , which reduced goodwill to $120.3 million as of December 31, 2017 and 2016 . Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets during the third quarter of 2017. Approximately 125 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 year ended December 31, 2017, the Company recognized an $11.0 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 $8.9 million through insurance claims, and accrued $5.9 million of additional repair, remediation and other costs. The $8.0 million of net charges were included in hurricane-related charges, net within the consolidated statement of operations for the year ended December 31, 2017. After the $11.0 million impairment charge, the impacted properties had an aggregate net book value of $7.1 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	12 Months Ended
	Dec. 31, 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 $10.4 million and $5.7 million , as of December 31, 2017 and 2016 , respectively. Also included in rent and other receivables, net, is $8.9 million of hurricane-related insurance claims receivable and $1.2 million of non-tenant receivables as of December 31, 2017 , compared to $0.6 million of non-tenant receivables as of December 31, 2016 . The Company generally rents our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties as of December 31, 2017 , were as follows (in thousands): Year 2018 $ 425,892 2019 5,675 2020 182 2021 115 2022 77 Total $ 431,941

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	12 Months Ended
	Dec. 31, 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 December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Deferred leasing costs $ 7,030 $ 7,470 Deferred financing costs 11,244 6,552 Intangible assets: Value of in-place leases 179 4,739 Trademark 3,100 3,100 Database 2,100 2,100 23,653 23,961 Less: accumulated amortization (10,628 ) (12,005 ) Total $ 13,025 $ 11,956 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $9.2 million , $31.2 million and $13.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, which has been included in depreciation and amortization within the 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 consolidated balance sheets. Amortization of deferred financing costs that relate to our revolving credit facility was $1.8 million , $2.3 million and $2.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization (see Note 6). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2017 , for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of Trademark Database 2018 $ 3,350 $ 1,964 $ 21 $ 92 $ 300 2019 — 1,964 2 — 300 2020 — 1,969 — — 132 2021 — 1,964 — — — 2022 — 967 — — — Total $ 3,350 $ 8,828 $ 23 $ 92 $ 732

Debt

Debt	12 Months Ended
	Dec. 31, 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 December 31, 2017 and 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) N/A N/A $ — $ 456,074 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 496,326 501,810 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 512,041 517,827 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 537,723 543,480 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 467,267 472,043 Total asset-backed securitizations 2,013,357 2,491,234 Exchangeable senior notes 3.25 % November 15, 2018 115,000 115,000 Secured note payable 4.06 % July 1, 2019 48,859 49,828 Revolving credit facility (5) 2.76 % June 30, 2022 140,000 — Term loan facility (6) 2.91 % June 30, 2022 200,000 325,000 Total debt (7) 2,517,216 2,981,062 Unamortized discount on exchangeable senior notes (895 ) (1,883 ) Equity component of exchangeable senior notes (2,408 ) (4,969 ) Deferred financing costs, net (8) (38,026 ) (51,636 ) Total debt per balance sheet $ 2,475,887 $ 2,922,574 (1) Interest rates are as of December 31, 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 December 31, 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 December 31, 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 December 31, 2017 and 2016 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $6.4 million , $8.5 million and $7.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the year ended December 31, 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. 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. During the year ended December 31, 2016, the Company paid off the ARP 2014-SFR1 asset-backed securitization using available cash and borrowings from our credit facilities, which resulted in a $10.7 million charge related to the write-off of the discount on the securitization. The payoff of the ARP 2014-SFR1 asset-backed securitization also resulted in the release of the 2,875 homes pledged as collateral and $10.1 million of restricted cash for lender requirements. Also during 2016, the Company terminated our previous credit facility, which resulted in $2.7 million of charges related to the write-off of unamortized deferred financing costs. There was no early extinguishment of debt during the year ended December 31, 2015. The charges resulting from early extinguishment of debt were included in loss on early extinguishment of debt within the consolidated statements of operations. Debt Maturities The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of December 31, 2017 (in thousands): 2018 $ 136,723 2019 68,564 2020 20,714 2021 20,714 2022 360,714 Thereafter 1,909,787 Total debt 2,517,216 Unamortized discounts and deferred financing costs (1) (41,329 ) Total debt per balance sheet $ 2,475,887 (1) Includes the unamortized discount and equity component of the exchangeable senior notes and deferred financing costs, net. Encumbered Properties The following table displays the number of properties pledged as collateral for the Company's asset-backed securitization loans and secured note payable and the aggregate net book values as of December 31, 2017 and 2016 (in thousands, except property data): As of December 31, 2017 As of December 31, 2016 Number of Properties Net Book Value Number of Properties Net Book Value AH4R 2014-SFR1 securitization (1) — $ — 3,803 $ 575,421 AH4R 2014-SFR2 securitization (2) 4,481 627,988 4,484 650,175 AH4R 2014-SFR3 securitization (3) 4,499 680,788 4,503 706,262 AH4R 2015-SFR1 securitization (4) 4,658 685,055 4,660 710,778 AH4R 2015-SFR2 securitization (5) 4,124 635,612 4,124 658,792 Secured note payable 572 71,868 572 73,780 Total encumbered properties 18,334 $ 2,701,311 22,146 $ 3,375,208 (1) During the years ended December 31, 2017 and 2016 , the Company sold 2 and 47 properties, respectively, and had 2 properties that were disqualified for a total release price of $0.7 million and $14.5 million , respectively, which was used to pay down the principal balance on the loan. The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 2017. (2) During each of the years ended December 31, 2017 and 2016 , the Company had 3 properties that were disqualified for a total release price of $0.4 million , which was used to pay down the principal balance on the loan. (3) During the year ended December 31, 2017 , the Company had 4 properties that were disqualified for a total release price of $0.5 million , which was used to pay down the principal balance on the loan. (4) During the years ended December 31, 2017 and 2016 , the Company had 2 and 1 properties that were disqualified, respectively, for a total release price of $0.2 million and $0.1 million , respectively, which was used to pay down the principal balance on the loan. (5) During the year ended December 31, 2016 , the Company had 1 property that was disqualified for a total release price of $0.1 million , which was used to pay down the principal balance on the loan. Unsecured Senior Notes In February 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the "2028 Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2018 . The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before estimated offering costs of $1.5 million . The Operating Partnership intends to use the net proceeds from this issuance for general corporate purposes, including, without limitation, acquisition of properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities. The 2028 Notes are the Operating Partnership's unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the Indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2028 Notes have been initially guaranteed by American Residential Properties OP, L.P., (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Operating Partnership, but such guarantee will be automatically released at the time that the Guarantor Subsidiary no longer guarantees our credit facility. Including the effect of a cash flow hedging instrument settled in February 2018 (see Note 14), the 2028 Notes yield an effective interest rate of 4.08% . Asset-backed Securitizations General Terms As of December 31, 2017, the Company has completed multiple asset-backed securitizations, all of which have certain general characteristics in common. The asset-backed securitization transactions resulted in newly-formed special purpose entities (the “Borrowers”), which entered into loans with third-party lenders. The Borrowers are each wholly owned by respective special purpose entities (the “Equity Owners”), which are wholly owned by the Operating Partnership. The loans were represented by promissory notes that were immediately transferred by the third-party lenders to subsidiaries of the Company and then to REMIC trusts in exchange for single-family rental pass-through certificates representing all the beneficial ownership interests in the respective loans and trusts. Upon receipt of the certificates, the subsidiaries sold the certificates to investors. The principal amount of each class of certificates corresponds to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest. The loans require monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount of the loans. The loans are secured by first priority mortgages on pools of single-family residential properties transferred to the Borrowers from the Company’s portfolio of properties. The Borrowers’ homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties. During the duration of the loans, the Borrowers’ properties may not generally be transferred, sold or otherwise securitized, the Company can substitute properties only if a property owned by the Borrowers becomes a disqualified property under the terms of the loan, and the Borrowers are limited in their ability to incur any additional indebtedness. The loans are also secured by a security interest in all of the Borrowers’ personal property and a pledge of all of the assets of the Equity Owners, including a security interest in their membership interests in the Borrowers. The Company provides a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loans and all other obligations under the loan agreements in the event of insolvency or bankruptcy proceedings. The Company has accounted for the transfers of the notes from its subsidiaries to the trusts as sales under ASC 860, Transfers and Servicing , with no resulting gain or loss as the notes were both originated by the third party lenders and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trusts. Accordingly, the Company consolidates, at historical cost basis, the homes placed as collateral for the notes, and the principal balances outstanding on the notes are included in asset-backed securitizations, net within the consolidated balance sheets. The loan agreements provide that the Borrowers maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00. The loan agreements define the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the 12-month period following the date of determination. As of December 31, 2017 and 2016, the Company was in compliance with all covenants under the loan agreements. AH4R 2014-SFR1 Securitization The AH4R 2014-SFR1 securitization, which was completed in May 2014, was a two -year, floating rate loan for $481.0 million , comprised of six floating rate components computed monthly based on 1-month LIBOR for each interest period plus a fixed component spread for each of the six components resulting in a duration-weighted blended interest rate of LIBOR plus 1.54% , subject to a LIBOR floor of 0.25% . In addition, the Company entered into an interest rate cap agreement for the initial two year term of the loan, with a LIBOR based strike rate equal to 3.85% . The loan had three , 12 -month extensions at the Borrower's option, resulting in a fully extended maturity date of June 9, 2019. The loan was originally secured by first priority mortgages on a pool of 3,852 single-family residential properties. Gross proceeds from the transaction were $481.0 million , before issuance costs of $14.9 million , and were used to pay down the outstanding balance on the credit facility. During the second quarter of 2017, the Company paid off the AH4R 2014-SFR1 asset-backed securitization in full. AH4R 2014-SFR2 Securitization The AH4R 2014-SFR2 securitization, which was completed in September 2014, is a fixed-rate loan for $513.3 million with a 10 -year term, maturity date of October 9, 2024, and a duration-adjusted weighted-average interest rate of 4.42% . The loan was originally secured by first priority mortgages on a portfolio of 4,487 single-family residential properties. Also, in addition to the single-family rental pass-through certificates sold to third parties, the Company acquired all of the Class F certificates, which bear no interest, for $25.7 million . The Company has evaluated the purchased Class F certificates as a variable interest in the trust and has concluded that the Class F certificates will not absorb a majority of the trust's expected losses or receive a majority of the trust's expected residual returns. Additionally, the Company has concluded that the Class F certificates do not provide the Company with any ability to direct activities that could impact the trust's economic performance. The Company does not consolidate the trust and the $25.7 million of purchased Class F certificates have been reflected as asset-backed securitization certificates in the Company's consolidated balance sheets and as amounts due from affiliates in the Operating Partnership's consolidated balance sheets. Gross proceeds to the Company from the transaction, after purchase of the Class F certificates, were $487.7 million , before issuance costs of $12.9 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2014-SFR3 Securitization The AH4R 2014-SFR3 securitization, which was completed in November 2014, is a fixed-rate loan for $528.4 million with a 10 -year term, maturity date of December 9, 2024, and a duration-adjusted weighted-average interest rate of 4.40% . The loan was originally secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the Borrower. Gross proceeds from the transaction were $528.4 million , before issuance costs of $12.9 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2015-SFR1 Securitization The AH4R 2015-SFR1 securitization, which was completed in March 2015, is a fixed-rate loan for $552.8 million with a 30 -year term, maturity date of April 9, 2045, and a duration-adjusted weighted-average interest rate of 4.14% . The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower and has an anticipated repayment date of April 9, 2025. Gross proceeds from the transaction were $552.8 million , before issuance costs of $13.3 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2015-SFR2 Securitization The AH4R 2015-SFR2 securitization, which was completed in September 2015, is a fixed-rate loan for $477.7 million with a 30 -year term, maturity date of October 9, 2045, and a duration-adjusted weighted-average interest rate of 4.36% . The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower and has an anticipated repayment date of October 9, 2025. Gross proceeds from the transaction were $477.7 million , before issuance costs of $11.3 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. Exchangeable Senior Notes, Net In connection with the ARPI Merger on February 29, 2016 (see Note 10), the Company assumed $115.0 million of 3.25% exchangeable senior notes due November 15, 2018. The exchangeable senior notes are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other existing and future senior unsecured indebtedness of the Operating Partnership. Interest is payable in arrears on May 15 and November 15 of each year, which began on May 15, 2016, until the maturity date. The Operating Partnership’s obligations under the exchangeable senior notes are fully and unconditionally guaranteed by a subsidiary of 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, the Company's Class A common shares or a combination of cash and the Company's 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 the Company's shares resulting from the ARPI Merger. The current exchange rate as of December 31, 2017 , was 55.2716 of the Company's Class A common shares per $1,000 principal amount of the notes. The exchange rate is adjusted based on the Company's Class A common share price and distributions to common shareholders. Prior to the close of business on the business day immediately preceding August 15, 2018, the notes will be exchangeable at the option of the holders only under the following circumstances: (1) during any calendar quarter beginning after December 31, 2013 (and only during such quarter) if the closing sale price per share of our common stock is more than 130% of the then-current exchange price for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter; (2) during the 5 consecutive business-day period following any 5 consecutive trading-day period in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the closing sale price per share of our common stock multiplied by the then-current exchange rate; or (3) upon the occurrence of specified corporate transactions described in the indenture. On or after August 15, 2018, the notes will be exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date. Subject to its election to satisfy its exchange obligations entirely in shares of our common stock, upon exchange, the Operating Partnership will pay or deliver, as the case may be, to exchanging holders in respect of each $1,000 principal amount of notes being exchanged a settlement amount either solely in cash, solely in common shares or in a combination of cash and shares of the Company's common stock. The fair value of the exchangeable senior notes, which was calculated using a binomial lattice model at the time of assumption, was $112.3 million , representing the $115.0 million face value less a discount of $2.7 million , which is being amortized using the effective interest method over the term of the notes. The amount recorded to exchangeable senior notes, net at the time of assumption was $105.3 million , which represents the fair value of $112.3 million , less the fair value of the exchange settlement feature of the notes of $7.0 million , which was calculated using a straight-debt rate of 6.7% at the time of assumption. The fair value of the exchange settlement feature is being amortized using the effective interest method over the term of the notes. As of December 31, 2017 , the exchangeable senior notes had a balance of $111.7 million in the consolidated balance sheets, which was net of an unamortized discount of $0.9 million and $2.4 million of unamortized fair value of the exchange settlement feature, which was included in additional paid-in capital within the Company's consolidated balance sheets and was included in general partner's common capital within the Operating Partnership's consolidated balance sheets. Secured Note Payable In December 2014, as part of the Company's bulk portfolio acquisition of 914 homes, (the "Ellington Portfolio Acquisition"), the Company assumed a $51.6 million secured note payable, which is secured by a first priority mortgage on 583 of the acquired homes, bears interest at 4.06% , matures on July 1, 2019, and contains certain required covenants, including a minimum debt service coverage ratio of 1.47 to 1.00. As of December 31, 2017 and 2016 , the secured note payable had a balance of $48.9 million and $49.8 million , respectively, in the 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 December 31, 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 December 31, 2017 , the Company had $140.0 million of outstanding borrowings against the revolving credit facility, $200.0 million of outstanding borrowings against the term loan facility and was in compliance with all loan covenants . Interest Expense The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the years ended December 31, 2017 , 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Gross interest cost $ 118,276 $ 133,137 $ 98,103 Capitalized interest (5,656 ) (2,290 ) (8,690 ) Interest expense $ 112,620 $ 130,847 $ 89,413

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 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 December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Accounts payable $ 1,726 $ 9 Accrued property taxes 47,765 46,091 Other accrued liabilities 31,788 31,262 Accrued distribution payable 26,982 — Accrued construction and maintenance liabilities 17,928 9,899 Resident security deposits 75,951 70,430 Prepaid rent 20,727 19,515 Total $ 222,867 $ 177,206

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	12 Months Ended
	Dec. 31, 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 Shares / Units Class A units represent voting equity interests in the Operating Partnership. Holders of Class A units in the Operating Partnership have the right to redeem the units for cash or, at the election of the Company, exchange the units for AH4R's Class A common shares on a one -for-one basis. AH4R owned 83.8% and 81.4% of the total 342,099,865 and 298,931,517 Class A units outstanding as of December 31, 2017 and 2016 , respectively. 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. During the first quarter of 2017, the Company issued 14,842,982 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering and concurrent private placement, raising gross proceeds to the Company of $336.5 million after underwriter's discount and before offering costs of approximately $0.4 million . 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 first quarter of 2016, the Company issued 36,546,170 Class A common shares, $0.01 par value per share, in connection with the ARPI Merger. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the transaction consideration. During the first quarter of 2016, the Operating Partnership also issued 1,343,843 Class A units to certain former ARPI employees in connection with the ARPI Merger (see Note 10). 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"). 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 year ended December 31, 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 . During the year ended December 31, 2016 , the Company issued and sold 4.9 million Class A common shares under the Original At-the-Market Program for gross proceeds of $104.0 million , or $21.13 per share, and net proceeds of $102.8 million , after commissions and other expenses of approximately $1.2 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the share issuances. The Original At-the-Market Program was replaced in August 2017 with an at-the-market common share offering program with a $500.0 million capacity with the same terms (the "At-the-Market Program"). As of December 31, 2017 , no shares have been issued under the At-the-Market Program and $500.0 million remained available for future share issuances . Share Repurchase Program In September 2015, the Company announced that its 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 year ended December 31, 2017 , we did no t repurchase or retire any of our Class A common shares. During the year ended December 31, 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 December 31, 2017 , we had a remaining repurchase authorization of $146.7 million under the program . This program was replaced in February 2018 when the Company's board of trustees approved a new share repurchase program with the same terms, authorizing the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares. Class B Common Shares Former AH LLC members received 635,075 Class B common shares in connection with their contributions of properties and funds to the Company. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the proceeds and properties contributed in the transaction. Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote. The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the Company no greater than if they had solely received Class A common shares. Additionally, when the voting interest from Class A common shares and Class B common shares are added together, a shareholder is limited to a 30% total voting interest. Each Class B common share has the same economic interest as a Class A common share. Participating Preferred Shares / Units Participating preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend equal to 5.5% for the Series C participating preferred shares of an initial liquidation preference of $25 per share. The Operating Partnership issues an equivalent number of corresponding participating preferred units to AH4R in exchange for the net proceeds from the share issuance. Any time between March 31, 2018, and March 31, 2021 (the "initial redemption period"), the Company has the option to redeem the Series C participating preferred shares for cash or Class A common shares, at a redemption price equal to the initial liquidation preference, adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets (the "HPA adjustment"). During the initial redemption period, the amount payable upon redemption will be subject to a cap, such that the total internal rate of return, when considering the initial liquidation preference, the HPA adjustment and dividends up to, but excluding, the date of redemption, will not exceed 9.0% . If the Series C participating preferred shares have not been redeemed by the end of the initial redemption period, the initial liquidation preference of $25 per share will be adjusted by the HPA adjustment as of March 31, 2021 (the "adjusted liquidation preference") and the cumulative annual cash dividend rate will be prospectively increased to 10% of the adjusted liquidation preference. Any time after March 31, 2021, the Company has the option to redeem the preferred shares for cash or Class A common shares, at a redemption price equal to the adjusted liquidation preference. Because the HPA adjustment meets the definition of a derivative under ASC 815, Derivatives and Hedging , and is not clearly and closely related to the economic characteristics and risks of the underlying preferred shares, the fair value of the HPA adjustment has been reflected as a liability in the consolidated balance sheets and is adjusted to fair value each period and included in remeasurement of participating preferred shares in the consolidated statements of operations (see Note 14). During the second quarter of 2014, the Company issued 7,600,000 5.5% Series C participating preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $190.0 million before offering costs of $9.7 million . The Operating Partnership issued an equivalent number of the same class of participating preferred units to AH4R in exchange for the net proceeds from the share issuance. During the fourth quarter of 2013 and the first quarter of 2014, the Company issued 4,400,000 5.0% Series B participating preferred shares in an underwritten public offering which raised gross proceeds of $110.0 million before offering costs of $6.6 million . The Operating Partnership issued an equivalent number of the same class of participating preferred units to AH4R in exchange for the net proceeds from the share issuance. During the fourth quarter of 2013, the Company issued 5,060,000 5.0% Series A participating preferred shares in an underwritten public offering, which raised gross proceeds of $126.5 million before offering costs of $7.3 million . The Operating Partnership issued an equivalent number of the same class of participating preferred units to AH4R in exchange for the net proceeds from the share issuance. As of December 31, 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 5.5% Series C participating preferred shares was $218.2 million . As of December 31, 2017 , the Operating Partnership had a liquidation preference on its corresponding participating preferred units for the same amount. Redemption of Series A and B Participating Preferred Shares On October 3, 2017, the Company redeemed 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 through a conversion of those 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 redeemed its corresponding Series A and B participating preferred units through a conversion 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 redemption, the Company recorded a $42.4 million allocation of income to the Series A and B participating preferred shareholders during the year ended December 31, 2017, which represents the initial liquidation value of the Series A and B participating preferred shares in excess of the original equity carrying value of the Series A and B participating preferred shares as of the redemption date. The original equity carrying value of the Series A and B participating preferred shares was net of the initial bifurcated home price appreciation derivative liability and offering costs. Perpetual Preferred Shares / Units Perpetual preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend equal to 6.5% for the Series D cumulative redeemable perpetual preferred shares ("Series D perpetual preferred shares"), 6.35% for the Series E cumulative redeemable perpetual preferred shares ("Series E perpetual preferred shares"), 5.875% for the Series F cumulative redeemable perpetual preferred shares ("Series F perpetual preferred shares") and 5.875% for the Series G cumulative redeemable perpetual preferred shares ("Series G perpetual preferred shares"), which is applied to the liquidation preference at issuance of $25 per share. The Operating Partnership issues an equivalent number of corresponding perpetual preferred units for the given class to AH4R in exchange for the net proceeds from the share issuances. The Company may, at its option, redeem the perpetual preferred shares for cash, in whole or in part, from time to time, at any time on or after May 24, 2021, for the Series D perpetual preferred shares, June 29, 2021, for the Series E perpetual preferred shares, April 24, 2022, for the Series F perpetual preferred shares and July 17, 2022, for the Series G perpetual preferred shares or within 120 days after the occurrence of a change in control at a redemption price equal to the $25 per share liquidation preference, plus any accumulated and unpaid dividends. During 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. 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 second quarter of 2016, the Company issued 9,200,000 6.35% Series E perpetual preferred shares in an underwritten public offering, raising gross proceeds of $230.0 million before offering costs of $7.5 million . 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. Also during the second quarter of 2016, the Company issued 10,750,000 6.5% Series D perpetual preferred shares in an underwritten public offering and concurrent private placement, raising gross proceeds of $268.8 million before offering costs of $8.5 million . 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. Conversion of Series C Convertible Units into Class A Units The Series C convertible units represented voting equity interests in the Operating Partnership owned by former AH LLC members. On February 28, 2016, the third anniversary of their original issue date, the 31,085,974 Series C convertible units converted into Class A units on a one -for-one basis in accordance with their terms. Conversion of Series E Convertible Units into Series D Convertible Units The Series E convertible units represented non-voting equity interests in the Operating Partnership. The Series E convertible units did not participate in any distributions and were convertible into Series D convertible units, subject to an earn-out provision, which was met in full and, therefore, the 4,375,000 Series E convertible units were converted into Series D convertible units on a one -for-one basis on February 29, 2016. The fair value of the Series D convertible units was estimated using a Monte Carlo simulation model, which was primarily driven by the most recent trading price of the Company’s Class A common shares into which the Series D convertible units are ultimately convertible. Based on this valuation, the conversion of Series E convertible units into Series D convertible units resulted in a gain of $11.5 million which was recorded in gain on conversion of Series E units within the consolidated statements of operations. Additionally, the Series E convertible units had a $2.8 million contingent beneficial conversion feature that represents a return to the Series E convertible unit holders in the form of additional noncontrolling interest, calculated as the difference between the estimated fair value of the Series D units and the Class A units at the time of the conversion of the Series E units into Series D units in February 2016. The contingent beneficial conversion feature was recognized when the contingency was met, which occurred when the Series D units converted into Class A units on September 30, 2016. Conversion of Series D Convertible Units into Class A Units The Series D convertible units represented non-voting equity interests in the Operating Partnership owned by former AH LLC members and began participating in distributions, representing 70% of distributions declared on Class A units, 30 months after their issuance. The Series D convertible units were automatically convertible into Class A units on a one -for-one basis only after the later of (1) 30 months after the date of issuance and (2) the earlier of (i) the date on which adjusted funds from operations per Class A common share aggregated to $0.80 or more over four consecutive quarters following the original issuance date of the units and (ii) the date on which the daily closing price of our Class A common shares on the NYSE averaged $18.00 or more for two consecutive quarters following the original issuance date of the units. On September 30, 2016, the above-referenced conversion contingency was met and the 8,750,000 Series D convertible units (including the 4,375,000 Series E units that converted into Series D units on February 29, 2016) were converted into Class A units on a one -for-one basis, which resulted in a $7.6 million noncash charge (including $2.8 million from the Series E units that converted to Series D units on February 29, 2016) that was included in noncontrolling interest within the consolidated statements of operations. The noncash charge relates to a contingent beneficial conversion feature that represents a return to the Series D convertible unit holders in the form of additional noncontrolling interest, calculated as the difference between the estimated fair value of the Series D units and the Class A units at the time of their respective issuances, which was recognized when the contingency was met. Distributions To qualify as a REIT, we are required to distribute annually to our shareholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our shareholders, which in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. During the year ended December 31, 2017 , the Company's board of trustees declared distributions that totaled $0.20 per share on our Class A and Class B common shares, $0.94 per share on our 5.0% Series A participating preferred shares (prior to their conversion to Class A common shares on October 3, 2017), $0.94 per share on our 5.0% Series B participating preferred shares (prior to their conversion to Class A common shares on October 3, 2017), $1.38 per share on our 5.5% Series C participating preferred shares, $1.63 per share on our 6.5% Series D perpetual preferred shares, $1.59 per share on our 6.35% Series E perpetual preferred shares, $1.01 per share on our 5.875% Series F perpetual preferred shares and $0.67 per share on our 5.875% Series G perpetual preferred shares. During the year ended December 31, 2016 , the Company's board of trustees declared distributions that totaled $0.20 per share on our Class A and Class B common shares, $1.25 per share on our 5.0% Series A participating preferred shares, $1.25 per share on our 5.0% Series B participating preferred shares, $1.38 per share on our 5.5% Series C participating preferred shares, $0.98 per share on our 6.5% Series D perpetual preferred shares, $0.80 per share on our 6.35% Series E perpetual preferred shares, $0.07 per unit on our Series C convertible units (prior to their conversion to Class A units on February 28, 2016) and $0.11 per unit on our Series D convertible units (prior to their conversion to Class A units on September 30, 2016). During the year ended December 31, 2015 , the Company's board of trustees declared distributions that totaled $0.20 per share on our Class A and Class B common shares, $1.25 per share on our 5.0% Series A participating preferred shares, $1.25 per share on our 5.0% Series B participating preferred shares, $1.38 per share on our 5.5% Series C participating preferred shares and $0.60 per unit on our Series C convertible units. 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 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 15.9% and 18.2% , of the total 342,099,865 and 298,931,517 Class A units in the Operating Partnership as of December 31, 2017 and 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 1,073,509 and 1,279,316 , or approximately 0.3% and 0.4% of the total 342,099,865 and 298,931,517 Class A units in the Operating Partnership as of December 31, 2017 and 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 consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Preferred income allocated to Series C convertible units $ — $ 3,027 $ 18,792 Net loss allocated to Class A units (4,648 ) (6,417 ) (4,282 ) Net income allocated to Series D convertible units — 134 — Beneficial conversion feature related to Series D and E convertible units — 7,569 — Net income (loss) allocated to noncontrolling interests in certain consolidated subsidiaries 141 (562 ) (157 ) $ (4,507 ) $ 3,751 $ 14,353 Noncontrolling interest as reflected in the Operating Partnership's 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 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 consolidated balance sheets are reflected as limited partner capital in the Operating Partnership's consolidated balance sheets. 2012 Equity Incentive Plan In 2012, the Company adopted the 2012 Equity Incentive Plan (the "Plan") to provide persons with an incentive to contribute to the success of the Company and to operate and manage our business in a manner that will provide for the Company's long-term growth and profitability. The Plan provides for the issuance of up to 6,000,000 Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted stock, unrestricted shares, dividend equivalent rights and performance-based awards. The Plan terminates in November 2022, unless it is earlier terminated by the Company's board of trustees. The Company's employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R. During the year ended December 31, 2017 , the Company granted stock options for 385,200 Class A common shares and 174,400 restricted stock units to certain employees of the Company. During the year ended December 31, 2016 , the Company granted stock options for 708,000 Class A common shares and 74,100 restricted stock units to certain employees of the Company. During the year ended December 31, 2015 , the Company granted stock options for 588,500 Class A common shares and 44,000 restricted stock units to certain employees of the Company. All of the options and restricted stock units granted during the years ended December 31, 2017 , 2016 and 2015 , vest over four years and expire 10 years from the date of grant. Noncash share-based compensation expense related to these options is based on the estimated fair value on the date of grant and is recognized in expense over the service period. The following table summarizes stock option activity under the Plan for the years ended December 31, 2017 , 2016 and 2015 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2014 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (16,600 ) 15.16 19 Forfeited (252,500 ) 16.57 Options outstanding at December 31, 2015 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (196,000 ) 16.18 790 Forfeited (169,900 ) 16.38 Options outstanding at December 31, 2016 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (74,000 ) 15.65 520 Forfeited (85,250 ) 16.24 Options outstanding at December 31, 2017 3,052,450 $ 16.65 6.9 $ 16,421 Options exercisable at December 31, 2017 1,782,750 $ 15.92 6.1 $ 10,558 (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 years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Weighted-average fair value $ 3.82 $ 2.82 $ 4.57 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 21.3 % 27.3 % 35.9 % Risk-free interest rate 2.2 % 1.5 % 1.9 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Restricted stock units at beginning of period 130,150 91,650 85,000 Units awarded 174,400 74,100 44,000 Units vested (42,475 ) (27,250 ) (22,000 ) Units forfeited (18,200 ) (8,350 ) (15,350 ) Restricted stock units at end of the period 243,875 130,150 91,650 For the for the years ended December 31, 2017 , 2016 and 2015 , total non-cash share-based compensation expense related to stock options and restricted stock units was $4.2 million , $3.6 million and $3.1 million , respectively, of which $2.6 million , $2.1 million and $1.9 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $1.6 million , $1.5 million and $1.2 million , respectively, related to centralized and field property management employees and was included in property management expenses within the consolidated statements of operations. As of December 31, 2017 , there was a total unrecognized compensation cost of $2.9 million for unvested stock options and $3.7 million for unvested restricted stock units. The unrecognized compensation cost for unvested stock options and restricted stock units is expected to be recognized over a weighted-average period of 2.22 and 2.91 years, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2017 and 2016 , affiliates owned approximately 12.1% and 11.4% , respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 54,018,819 Class A units as of December 31, 2017 and 2016 ) an approximate 26.1% and 27.6% interest at December 31, 2017 and 2016 , respectively. Concurrently with the Company's public offering of Class A common shares in the first quarter of 2017, the Chairman of the Company's Board of Trustees, B. Wayne Hughes, purchased $50.0 million of the Company's 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. American Homes 4 Rent As of December 31, 2017 , the Company had $4.7 million of accrued common and preferred distributions, which was included in amounts payable to affiliates in the Company's consolidated balance sheets, compared to a receivable from affiliates of $5.2 million as of December 31, 2016 , primarily related to expense reimbursements due from a joint venture, which was included in escrow deposits, prepaid expenses and other assets within the Company's consolidated balance sheets. American Homes 4 Rent, L.P. As of December 31, 2017 , the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates in the Operating Partnership's consolidated balance sheets, and had amounts payable to affiliates of $4.7 million related to accrued common and preferred distributions, which was included in amounts payable to affiliates in the Operating Partnership's consolidated balance sheets. As of December 31, 2016 , the Operating Partnership has a receivable from affiliates of $30.9 million related to the asset-backed securitization certificates held by AH4R, as well as expense reimbursements due from a joint venture, which was included in amounts due from affiliates within the Operating Partnership's consolidated balance sheets.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions 2016 Acquisition Merger with American Residential Properties, Inc. On February 29, 2016, the Company completed a merger with American Residential Properties, Inc. ("ARPI"), in which ARPI merged with and into a wholly owned subsidiary of the Operating Partnership in a stock-for-stock transaction, with our subsidiary continuing as the surviving entity (the "ARPI Merger"). The purpose of this acquisition was to solidify our position as the largest public owner and operator of single-family rental properties, as of the acquisition date, increase scale and achieve operating synergies. ARPI’s portfolio was substantially similar to our own, met our high quality portfolio standards and the acquisition of their portfolio has allowed us to add density in key markets. As a result of the ARPI Merger, each holder of ARPI common stock received 1.135 of the Company's Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI’s operating partnership received 1.135 Class A units of the Operating Partnership. The Company issued 36,546,170 Class A common shares in connection with the ARPI Merger, for which the Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the transaction consideration. Additionally, the Operating Partnership issued 1,343,843 Class A units to certain former ARPI employees in connection with the ARPI Merger. The total Class A shares and units issued in connection with the ARPI Merger represented 12.7% of the total common units of the Operating Partnership, on a fully diluted basis assuming the conversion of convertible units into common units, as of the acquisition date. The equity transaction consideration of $530.5 million was calculated based on the 36,546,170 Class A common shares and 1,343,843 Class A units issued in connection with the ARPI Merger valued at the Company’s closing share price on the acquisition date of $14.00 per share. Transaction costs incurred by the Company related to the ARPI Merger totaled $7.4 million , of which $5.8 million and $1.6 million was incurred during the years ended December 31, 2016 and 2015, respectively. The following table summarizes the allocation of the estimated fair values of the assets and liabilities acquired as part of the ARPI Merger as of the acquisition date (in thousands): Net assets acquired Land $ 262,396 Buildings and improvements 1,014,857 Cash and cash equivalents 15,499 Restricted cash 9,521 Rent and other receivables 843 Escrow deposits, prepaid expenses and other assets 35,134 In-place leases 22,696 Accounts payable and accrued expenses (38,485 ) Net assets acquired 1,322,461 Debt assumed or extinguished Credit facility 350,000 Exchangeable senior notes 112,298 Asset-backed securitization 329,703 Total debt assumed or extinguished 792,001 Equity transaction consideration 530,460 Total transaction consideration $ 1,322,461 Since the completion of the ARPI Merger, the Company has consolidated the 8,936 single-family properties acquired as part of the transaction and the related results of these operations are reflected in the Company’s and the Operating Partnership's consolidated financial statements. The following table presents the total revenues and net income attributable to the ARPI Merger that are included in our consolidated statements of operations for the year ended December 31, 2016 (in thousands): For the Period from February 29, 2016 to December 31, 2016 Total revenues $ 119,245 Net income $ 1,237 Pro Forma Supplemental Information The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the ARPI Merger had occurred on January 1, 2015 (in thousands, except per share amounts): For the Years Ended December 31, 2016 2015 Pro forma total revenues (1) $ 900,958 $ 754,710 Pro forma net loss (1) $ (8,989 ) $ (54,995 ) Pro forma net loss per share / unit (1) $ (0.22 ) $ (0.37 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the ARPI Merger occurred on January 1, 2015. 2015 Acquisition RJ American Homes 4 Rent One, LLC and RJ American Homes 4 Rent Two, LLC Acquisition In October 2015, the Company acquired the remaining 67% outside ownership interest in two of its consolidated joint ventures, RJ American Homes 4 Rent One, LLC and RJ American Homes 4 Rent Two, LLC, which own a total of 377 single-family properties, for a purchase price of $44.4 million . As our investments in these joint ventures were already previously accounted for as consolidated joint ventures, this acquisition was recorded in equity and the 377 properties continue to be accounted for using the same historical cost basis.

Earnings per Share _ Unit

Earnings per Share / Unit	12 Months Ended
	Dec. 31, 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 or loss per common share on a basic and diluted basis for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except share and per share data): For the Years Ended December 31, 2017 2016 2015 Numerator: Net income (loss) $ 76,492 $ 10,446 $ (47,948 ) Less: Noncontrolling interest (4,507 ) 3,751 14,353 Dividends on preferred shares 60,718 40,237 22,276 Redemption of participating preferred shares 42,416 — — Numerator for loss per common share–basic and diluted $ (22,135 ) $ (33,542 ) $ (84,577 ) Denominator: Weighted-average common shares outstanding–basic and diluted (1) 264,254,718 234,010,168 210,600,111 Net loss per common share–basic and diluted $ (0.08 ) $ (0.14 ) $ (0.40 ) (1) The computation of diluted earnings per share for the years ended December 31, 2017 , 2016 and 2015 , excludes an aggregate of 17,084,135 , 32,914,593 and 19,636,050 potentially dilutive securities, respectively, which include a combination of 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. The effect of the potential conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one -for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership's computation of net income or loss per common unit on a basic and diluted basis for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except unit and per unit data): For the Years Ended December 31, 2017 2016 2015 Numerator: Net income (loss) $ 76,492 $ 10,446 $ (47,948 ) Less: Noncontrolling interest 141 (562 ) (157 ) Preferred distributions 60,718 40,237 22,276 Redemption of participating preferred units 42,416 — — Income allocated to Series C and D limited partners — 10,730 20,212 Numerator for loss per common unit–basic and diluted $ (26,783 ) $ (39,959 ) $ (90,279 ) Denominator: Weighted-average common units outstanding (1) 319,753,206 277,912,532 225,040,781 Net loss per common unit–basic and diluted $ (0.08 ) $ (0.14 ) $ (0.40 ) (1) The computation of diluted earnings per unit for the years ended December 31, 2017 , 2016 and 2015 , excludes an aggregate of 17,084,135 , 32,914,593 and 19,636,050 potentially dilutive securities, respectively, which include a combination of 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. Zero , $0.61 and $0.60 of net income per basic and diluted unit were allocated to Series C convertible units during the years ended December 31, 2017 , 2016 and 2015 , respectively, and zero , $1.32 and zero of net income per basic and diluted unit were allocated to Series D convertible units during the years ended December 31, 2017 , 2016 and 2015 , respectively. There was no income or loss allocated to Series E convertible units during the years ended December 31, 2017 , 2016 and 2015 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements, which expire on various dates through 2023 . Rent expense related to our operating leases for the years ended December 31, 2017 , 2016 and 2015 , was as follows (in thousands): For the Years Ended December 31, 2017 2016 2015 Rent expense $ 2,614 $ 2,124 $ 2,099 Less: income from subleases (418 ) (187 ) (9 ) Net rent expense $ 2,196 $ 1,937 $ 2,090 Future lease obligations under our operating leases as of December 31, 2017 , were as follows (in thousands): Year 2018 $ 1,113 2019 1,046 2020 739 2021 543 2022 397 Thereafter 55 Total lease commitments 3,893 Less: income from subleases — Net lease commitments $ 3,893 As of December 31, 2017 , the Company had commitments to acquire 520 single-family properties for an aggregate purchase price of $128.1 million , as well as $24.0 million in land purchase commitments. As of December 31, 2016 , the Company had commitments to acquire 118 single-family properties for an aggregate purchase price of $37.8 million , as well as $3.9 million in land purchase commitments. As of December 31, 2017 and 2016 , the Company had sales in escrow for approximately 69 and 57 of our single-family properties, respectively, for aggregate selling prices of $7.0 million and $6.6 million , respectively. We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $0.9 million , $0.7 million and $0.5 million for the years ended December 31, 2017 , 2016 and 2015 , 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. On January 16, 2018, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “Trading in Silver Bay Realty Trust Corp.” The letter enclosed a subpoena that requests us to produce certain documents and communications, including those related to our communications and agreements with Silver Bay Realty Trust Corp. (“Silver Bay”), communications with Silver Bay’s financial advisor, and our purchases, sales and holdings of Silver Bay stock. We purchased Silver Bay stock in 2016 and 2017 and then sold all of our holdings in 2017 for a profit of approximately $3.0 million . We intend to cooperate fully with the SEC in connection with this matter. We do not believe this matter will have a material adverse impact on our financial position or results of operations upon resolution.

Noncash Transactions

Noncash Transactions	12 Months Ended
	Dec. 31, 2017
Nonmonetary Transactions [Abstract]
Noncash Transactions	Noncash Transactions On February 29, 2016, the Company completed the ARPI Merger in a stock-for-stock transaction. Each holder of ARPI common stock received 1.135 of the Company's Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI's operating partnership received 1.135 Class A units of the Operating Partnership. The Company issued 36,546,170 Class A common shares in connection with the ARPI Merger, for which the Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the transaction consideration. Additionally, the Operating Partnership issued 1,343,843 Class A units to certain former ARPI employees in connection with the ARPI Merger. The total Class A units issued in connection with the ARPI Merger represented 12.7% of the total common units of the Operating Partnership, on a fully diluted basis assuming the conversion of convertible units into common units, as of the acquisition date (see Note 10).

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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 and treasury lock are the only financial instruments recorded at fair value on a recurring basis in the 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 December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ — $ — $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 496,326 504,730 501,810 510,941 AH4R 2014-SFR3 securitization 512,041 521,252 517,827 530,549 AH4R 2015-SFR1 securitization 537,723 544,592 543,480 553,689 AH4R 2015-SFR2 securitization 467,267 475,832 472,043 483,901 Total asset-backed securitizations (1) 2,013,357 2,046,406 2,491,234 2,544,423 Exchangeable senior notes, net (2) 111,697 147,462 108,148 142,808 Secured note payable 48,859 49,027 49,828 50,053 Revolving credit facility (3) 140,000 140,000 — — Term loan facility (4) 200,000 200,000 325,000 325,000 Total debt $ 2,513,913 $ 2,582,895 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $36.0 million and $48.4 million of deferred financing costs as of December 31, 2017 and 2016 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% , management believes that the carrying value of the term loan facility reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $2.0 million and $3.3 million of deferred financing costs as of December 31, 2017 and 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 redeemed through a conversion into Class A common shares on October 3, 2017 (see Note 8). In October 2017, in anticipation of the issuance of the 2028 Notes and in order to hedge interest rate risk, the Operating Partnership entered into a treasury lock agreement on a notional amount of $350.0 million , based on the 10 -year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and had a fair value of $0.1 million as of December 31, 2017 , which was included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury lock was settled upon the issuance of the 2028 Notes in February 2018 and resulted in a $9.6 million gain that will be recorded in other comprehensive income and reclassified into earnings as a reduction of interest expense over the term of the 2028 Notes. The treasury lock is classified as Level 2 within the fair value hierarchy as its fair value is estimated using observable inputs, based on the 10-year treasury note rate. The following tables set forth the fair values of the participating preferred shares derivative liability and treasury lock as of December 31, 2017 and 2016 (in thousands): December 31, 2017 Description Quoted Prices in Significant Significant Total Assets: Treasury lock $ — $ 75 $ — $ 75 Liabilities: Participating preferred shares derivative liability $ — $ — $ 29,470 $ 29,470 December 31, 2016 Description Quoted Prices in 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 consolidated statements of operations for the years ended December 31, 2017 and 2016 (in thousands): Description January 1, 2017 Conversions Remeasurement included in earnings December 31, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ (37,499 ) $ (2,841 ) $ 29,470 Description January 1, 2016 Conversions Gain and remeasurement December 31, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ 7,020 $ 69,810 Changes in inputs or assumptions used to value the participating preferred shares derivative liability may have a material impact on the resulting valuation.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (unaudited) American Homes 4 Rent The following table presents the Company's summarized quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except per share data): Quarter First Second Third Fourth 2017 Rents from single-family properties $ 201,107 $ 204,648 $ 207,490 $ 210,778 Net income $ 11,796 $ 15,066 $ 19,097 $ 30,533 Net (loss) income attributable to common shareholders $ (1,490 ) $ (186 ) $ 1,535 $ (21,994 ) Net (loss) income attributable to common shareholders per share–basic $ (0.01 ) $ — $ 0.01 $ (0.08 ) Net loss attributable to common shareholders per share–diluted $ (0.01 ) $ — $ — $ (0.08 ) Quarter First Second Third Fourth (1) 2016 Rents from single-family properties $ 167,995 $ 193,491 $ 197,137 $ 198,980 Net income (loss) $ 5,028 $ (3,753 ) $ (167 ) $ 9,338 Net (loss) income attributable to common shareholders $ (4,377 ) $ (10,404 ) $ (21,152 ) $ 2,391 Net (loss) income attributable to common shareholders per share–basic $ (0.02 ) $ (0.04 ) $ (0.09 ) $ 0.01 Net loss attributable to common shareholders per share ─ diluted $ (0.02 ) $ (0.04 ) $ (0.09 ) $ (0.01 ) (1) In the fourth quarter of 2016, the Company corrected our allocation of income and loss between Operating Partnership unitholders, which resulted in an adjustment to net income (loss) attributable to noncontrolling interest. In accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108, the Company assessed the materiality of this adjustment on our financial statements for the years ended December 31, 2016, 2015 and 2014, as well as the quarters within those annual periods. As a result, the Company recorded a $5.7 million reduction to noncontrolling interest in the consolidated balance sheet as of December 31, 2016, as well as a corresponding reduction to net income attributable to noncontrolling interest in the consolidated statement of operations for the three months ended December 31, 2016. Prior quarter and prior year amounts have not been revised as the effect was immaterial. American Homes 4 Rent, L.P. The following table presents the Operating Partnership's summarized quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except per unit data): Quarter First Second Third Fourth 2017 Rents from single-family properties $ 201,107 $ 204,648 $ 207,490 $ 210,778 Net income $ 11,796 $ 15,066 $ 19,097 $ 30,533 Net (loss) income attributable to common unitholders $ (1,829 ) $ (217 ) $ 1,875 $ (26,612 ) Net (loss) income attributable to common unitholders per unit–basic $ (0.01 ) $ — $ 0.01 $ (0.08 ) Net loss attributable to common unitholders per unit–diluted $ (0.01 ) $ — $ — $ (0.08 ) Quarter First Second Third Fourth 2016 Rents from single-family properties $ 167,995 $ 193,491 $ 197,137 $ 198,980 Net income (loss) $ 5,028 $ (3,753 ) $ (167 ) $ 9,338 Net loss attributable to common unitholders $ (3,627 ) $ (11,020 ) $ (21,179 ) $ (4,133 ) Net loss attributable to common unitholders per unit–basic and diluted $ (0.01 ) $ (0.04 ) $ (0.07 ) $ (0.01 )

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	12 Months Ended
	Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements American Homes 4 Rent, L.P. The 2028 Notes issued by American Homes 4 Rent, L.P. (the “Parent Company”) have been initially guaranteed by American Residential Properties OP, L.P. (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Parent Company, but such guarantee will be automatically released at the time that the Subsidiary Guarantor no longer guarantees our credit facility. The Parent Company’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of our properties (collectively, the “Combined Non-Guarantor Subsidiaries”), have not provided a guarantee of the 2028 Notes. Pursuant to Rule 3-10 of Regulation S-X, the following condensed consolidating financial information is provided for the Operating Partnership, including the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries. This summarized financial information may not necessarily be indicative of the results of operations or financial position had the Parent Company, the Guarantor Subsidiary or the Combined Non-Guarantor Subsidiaries operated as independent entities. In addition, the Operating Partnership acquired the Guarantor Subsidiary on February 29, 2016. Accordingly, the information presented for the Guarantor Subsidiary does not reflect a full year of operating results for 2016. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiary and the Non-Guarantor Subsidiaries have been eliminated as shown in the “Consolidating Adjustments” column. All assets and liabilities have been allocated to the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries based on legal entity ownership. Condensed Consolidating Balance Sheets (Amounts in thousands) As of December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 1,732 $ 8,063,248 $ — $ 8,064,980 Cash and cash equivalents 22,157 — 23,999 — 46,156 Restricted cash 14,742 31 121,894 — 136,667 Rent and other receivables, net 114 57 29,973 — 30,144 Intercompany receivables 154,621 — — (154,621 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 59,271 164 138,082 — 197,517 Investments in subsidiaries 5,889,146 115,303 — (6,004,449 ) — Deferred costs and other intangibles, net 9,652 — 3,373 — 13,025 Goodwill 120,279 — — — 120,279 Total assets $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Liabilities Revolving credit facility $ 140,000 $ — $ — $ — $ 140,000 Term loan facility, net 198,023 — — — 198,023 Asset-backed securitizations, net — — 1,977,308 — 1,977,308 Exchangeable senior notes, net — 111,697 — — 111,697 Secured note payable — — 48,859 — 48,859 Accounts payable and accrued expenses 27,566 2,757 192,544 — 222,867 Amounts payable to affiliates 4,720 — — — 4,720 Intercompany payables — 8,428 146,193 (154,621 ) — Participating preferred units derivative liability 29,470 — — — 29,470 Total liabilities 399,779 122,882 2,364,904 (154,621 ) 2,732,944 Capital Partners' capital: General partner: Common units 4,241,266 (5,595 ) 6,017,014 (6,004,449 ) 4,248,236 Preferred units 901,318 — — — 901,318 Limited partner: Common units 727,544 — — — 727,544 Accumulated other comprehensive income 75 — — — 75 Total partners' capital: 5,870,203 (5,595 ) 6,017,014 (6,004,449 ) 5,877,173 Noncontrolling interest — — (1,349 ) — (1,349 ) Total capital 5,870,203 (5,595 ) 6,015,665 (6,004,449 ) 5,875,824 Total liabilities and capital $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Condensed Consolidating Balance Sheets (continued) (Amounts in thousands) As of December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 4,838 $ 7,543,018 $ — $ 7,547,856 Cash and cash equivalents 76,913 — 41,886 — 118,799 Restricted cash — 62 131,380 — 131,442 Rent and other receivables, net 131 144 17,343 — 17,618 Intercompany receivables 133,808 — — (133,808 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 57,543 170 101,547 — 159,260 Investments in subsidiaries 4,928,974 116,242 — (5,045,216 ) — Deferred costs and other intangibles, net 7,724 3 4,229 — 11,956 Goodwill 120,279 — — — 120,279 Total assets $ 5,325,372 $ 121,459 $ 7,839,403 $ (5,179,024 ) $ 8,107,210 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 321,735 — — — 321,735 Asset-backed securitizations, net — — 2,442,863 — 2,442,863 Exchangeable senior notes, net — 108,148 — — 108,148 Secured note payable — — 49,828 — 49,828 Accounts payable and accrued expenses 1,715 3,708 171,783 — 177,206 Intercompany payables — 8,393 125,415 (133,808 ) — Participating preferred units derivative liability 69,810 — — — 69,810 Total liabilities 393,260 120,249 2,789,889 (133,808 ) 3,169,590 Capital Partners' capital: General partner: Common units 3,351,022 1,210 5,050,976 (5,045,216 ) 3,357,992 Preferred units 834,849 — — — 834,849 Limited partner: Common units 746,174 — — — 746,174 Accumulated other comprehensive income 67 — 28 — 95 Total partners' capital: 4,932,112 1,210 5,051,004 (5,045,216 ) 4,939,110 Noncontrolling interest — — (1,490 ) — (1,490 ) Total capital 4,932,112 1,210 5,049,514 (5,045,216 ) 4,937,620 Total liabilities and capital $ 5,325,372 $ 121,459 $ 7,839,403 $ (5,179,024 ) $ 8,107,210 Condensed Consolidating Statements of Operations (Amounts in thousands) For the Year Ended December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 240 $ 823,783 $ — $ 824,023 Fees from single-family properties — 3 10,724 — 10,727 Tenant charge-backs — 23 120,058 — 120,081 Other 1,455 — 4,113 — 5,568 Total revenues 1,455 266 958,678 — 960,399 Expenses: Property operating expenses — 139 354,935 — 355,074 Property management expenses — 17 69,695 — 69,712 General and administrative expense 21,136 149 13,447 — 34,732 Interest expense 11,639 7,286 93,695 — 112,620 Acquisition fees and costs expensed 358 — 4,265 — 4,623 Depreciation and amortization 1,516 8 295,766 — 297,290 Hurricane-related charges, net — — 7,963 — 7,963 Other expense (income) 388 (86 ) 4,703 — 5,005 Total expenses 35,037 7,513 844,469 — 887,019 Intercompany income 381 — 497 (878 ) — Intercompany expenses (497 ) — (381 ) 878 — Gain on sale of single-family properties and other, net 3,031 442 3,353 — 6,826 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units 2,841 — — — 2,841 Equity in income of subsidiaries 104,177 35,594 — (139,771 ) — Net income (loss) 76,351 28,789 111,123 (139,771 ) 76,492 Noncontrolling interest — — 141 — 141 Preferred distributions 60,718 — — — 60,718 Redemption of participating preferred units 42,416 — — — 42,416 Net (loss) income attributable to common unitholders $ (26,783 ) $ 28,789 $ 110,982 $ (139,771 ) $ (26,783 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Year Ended December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 436 $ 757,167 $ — $ 757,603 Fees from single-family properties — 4 10,230 — 10,234 Tenant charge-backs — 16 95,238 — 95,254 Other 612 — 15,186 — 15,798 Total revenues 612 456 877,821 — 878,889 Expenses: Property operating expenses — 161 317,149 — 317,310 Property management expenses — 26 70,698 — 70,724 General and administrative expense 19,339 75 13,654 — 33,068 Interest expense 11,306 5,935 113,606 — 130,847 Acquisition fees and costs expensed 6,119 — 5,324 — 11,443 Depreciation and amortization 1,221 106 297,350 — 298,677 Other 133 60 11,785 — 11,978 Total expenses 38,118 6,363 829,566 — 874,047 Intercompany income 413 — 502 (915 ) — Intercompany expenses (502 ) — (413 ) 915 — Gain on sale of single-family properties and other, net — 147 14,422 — 14,569 Loss on early extinguishment of debt (2,724 ) — (10,684 ) — (13,408 ) Gain on conversion of Series E units 11,463 — — — 11,463 Remeasurement of participating preferred units (7,020 ) — — — (7,020 ) Equity in income of subsidiaries 46,884 1 — (46,885 ) — Net income (loss) 11,008 (5,759 ) 52,082 (46,885 ) 10,446 Noncontrolling interest — — (562 ) — (562 ) Preferred distributions 40,237 — — — 40,237 Income allocated to Series C and D limited partners 10,730 — — — 10,730 Net (loss) income attributable to common unitholders $ (39,959 ) $ (5,759 ) $ 52,644 $ (46,885 ) $ (39,959 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Year Ended December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 76,351 $ 28,789 $ 111,123 $ (139,771 ) $ 76,492 Other comprehensive income (loss): Unrealized gain on cash flow hedging instruments: Unrealized gain on cash flow hedging instruments 75 — — — 75 Reclassification adjustment for amortization of interest expense included in net income — — (28 ) — (28 ) Unrealized gain on investment in equity securities: Reclassification adjustment for realized gain included in net income (67 ) — — — (67 ) Other comprehensive income (loss) 8 — (28 ) — (20 ) Comprehensive income 76,359 28,789 111,095 (139,771 ) 76,472 Comprehensive income attributable to noncontrolling interests — — 141 — 141 Preferred distributions 60,718 — — — 60,718 Redemption of participating preferred units 42,416 — — — 42,416 Comprehensive (loss) income attributable to common unitholders $ (26,775 ) $ 28,789 $ 110,954 $ (139,771 ) $ (26,803 ) For the Year Ended December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income (loss) $ 11,008 $ (5,759 ) $ 52,082 $ (46,885 ) $ 10,446 Other comprehensive income: Unrealized gain on interest rate cap agreement: Reclassification adjustment for amortization of interest expense included in net income (loss) — — 130 — 130 Unrealized gain on investment in equity securities 67 — — — 67 Other comprehensive income 67 — 130 — 197 Comprehensive income (loss) 11,075 (5,759 ) 52,212 (46,885 ) 10,643 Comprehensive loss attributable to noncontrolling interests — — (562 ) — (562 ) Preferred distributions 40,237 — — — 40,237 Income allocated to Series C and D limited partners 10,730 — — — 10,730 Comprehensive (loss) income attributable to common unitholders $ (39,892 ) $ (5,759 ) $ 52,774 $ (46,885 ) $ (39,762 ) Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Year Ended December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (66,411 ) $ (4,513 ) $ 456,885 $ — $ 385,961 Investing activities Cash paid for single-family properties — — (784,666 ) — (784,666 ) Change in escrow deposits for purchase of single-family properties — — (8,937 ) — (8,937 ) Net proceeds received from sales of single-family properties and other 14,265 5,156 67,642 — 87,063 Collections from mortgage financing receivables — — 268 — 268 Distributions from unconsolidated joint ventures 680 — 8,612 — 9,292 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (854,346 ) 36,533 — 817,813 — Initial renovations to single-family properties — (1,613 ) (46,298 ) — (47,911 ) Recurring and other capital expenditures for single-family properties — — (37,540 ) — (37,540 ) Other purchases of productive assets (6,657 ) — (48,391 ) — (55,048 ) Net cash (used for) provided by investing activities (836,551 ) 40,076 (849,310 ) 808,306 (837,479 ) Financing activities Proceeds from issuance of Class A units 694,765 — — — 694,765 Payments of Class A unit issuance costs (10,637 ) — — — (10,637 ) Proceeds from issuance of perpetual preferred units 270,000 — — — 270,000 Payments of perpetual preferred unit issuance costs (9,229 ) — — — (9,229 ) Proceeds from exercise of stock options, net of tax withholding 548 — — — 548 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (477,879 ) — (477,879 ) Proceeds from revolving credit facility 202,000 — — — 202,000 Payments on revolving credit facility (112,000 ) — — — (112,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (969 ) — (969 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (35,594 ) 853,407 (817,813 ) — Distributions to common unitholders (47,234 ) — — — (47,234 ) Distributions to preferred unitholders (46,122 ) — — — (46,122 ) Deferred financing costs paid (3,974 ) — — — (3,974 ) Net cash provided by (used for) financing activities 862,948 (35,594 ) 365,052 (808,306 ) 384,100 Net decrease in cash, cash equivalents and restricted cash (40,014 ) (31 ) (27,373 ) — (67,418 ) Cash, cash equivalents and restricted cash, beginning of period 76,913 62 173,266 — 250,241 Cash, cash equivalents and restricted cash, end of period $ 36,899 $ 31 $ 145,893 $ — $ 182,823 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (9,263 ) $ (3,738 ) $ (87,907 ) $ — $ (100,908 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 11 $ 7,953 $ — $ 7,964 Transfer of term loan borrowings to revolving credit facility $ 50,000 $ — $ — $ — $ 50,000 Transfer of deferred financing costs from term loan to revolving credit facility $ 1,524 $ — $ — $ — $ 1,524 Transfers of completed homebuilding deliveries to properties $ — $ — $ 4,536 $ — $ 4,536 Note receivable related to a bulk sale of properties, net of discount $ 5,710 $ — $ — $ — $ 5,710 Redemption of participating preferred units $ (37,499 ) $ — $ — $ — $ (37,499 ) Accrued distributions to affiliates $ 4,720 $ — $ — $ — $ 4,720 Accrued distributions to non-affiliates $ 26,982 $ — $ — $ — $ 26,982 Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Year Ended December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (137,991 ) $ 5,692 $ 411,166 $ — $ 278,867 Investing activities Cash paid for single-family properties — — (252,841 ) — (252,841 ) Change in escrow deposits for purchase of single-family properties — — (312 ) — (312 ) Cash acquired in noncash business combinations — 3,317 21,703 — 25,020 Payoff of credit facility in connection with ARPI merger (350,000 ) — — — (350,000 ) Net proceeds received from sales of single-family properties and other — 603 87,987 — 88,590 Net proceeds received from sales of non-performing loans — — 47,186 — 47,186 Purchase of commercial office buildings (20,056 ) — (7,049 ) — (27,105 ) Collections from mortgage financing receivables — — 19,425 — 19,425 Distributions from unconsolidated joint ventures 7,200 — 1,147 — 8,347 Collections from intercompany notes 19,092 — — (19,092 ) — Investments in subsidiaries (155,139 ) (9,508 ) — 164,647 — Initial renovations to single-family properties — (41 ) (39,871 ) — (39,912 ) Recurring and other capital expenditures for single-family properties — — (27,807 ) — (27,807 ) Other purchases of productive assets (4,576 ) — (8,413 ) — (12,989 ) Net cash (used for) provided by investing activities (503,479 ) (5,629 ) (158,845 ) 145,555 (522,398 ) Financing activities Proceeds from issuance of Class A units 102,830 — — — 102,830 Payments of Class A unit offering costs (227 ) — — — (227 ) Proceeds from issuance of perpetual preferred units 498,750 — — — 498,750 Payments of perpetual preferred units issuance costs (15,938 ) — — — (15,938 ) Proceeds from exercise of stock options 3,171 — — — 3,171 Repurchase of Class A units (96,098 ) — — — (96,098 ) Redemptions of Class A units (399 ) — — — (399 ) Payments on asset-backed securitizations — — (381,117 ) — (381,117 ) Proceeds from revolving credit facilities 951,000 — — — 951,000 Payments on revolving credit facilities (951,000 ) — — — (951,000 ) Proceeds from term loan facility 325,000 — — — 325,000 Payments on secured note payable — — (924 ) — (924 ) Payments on intercompany notes borrowed — — (19,092 ) 19,092 — Intercompany financing and distributions to parent — (1 ) 164,648 (164,647 ) — Distributions to noncontrolling interests — — (230 ) — (230 ) Distributions to common unitholders (58,445 ) — — — (58,445 ) Distributions to preferred unitholders (40,237 ) — — — (40,237 ) Distributions to Series C and D convertible unitholders (856 ) — — — (856 ) Deferred financing costs paid (10,436 ) — (40 ) — (10,476 ) Net cash provided by (used for) financing activities 707,115 (1 ) (236,755 ) (145,555 ) 324,804 Net increase in cash, cash equivalents and restricted cash 65,645 62 15,566 — 81,273 Cash, cash equivalents and restricted cash, beginning of period 11,268 — 157,700 — 168,968 Cash, cash equivalents and restricted cash, end of period $ 76,913 $ 62 $ 173,266 $ — $ 250,241 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (8,774 ) $ (3,115 ) $ (103,925 ) $ — $ (115,814 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ — $ (2,876 ) $ — $ (2,876 ) Conversion of nonperforming loans to properties $ — $ — $ 3,554 $ — $ 3,554 Merger with ARPI Single-family properties $ — $ 5,898 $ 1,271,355 $ — $ 1,277,253 Rent and other receivables, net $ — $ 50 $ 793 $ — $ 843 Escrow deposits, prepaid expenses and other assets $ — $ 666 $ 34,468 $ — $ 35,134 Deferred costs and other intangibles, net $ — $ 109 $ 22,587 $ — $ 22,696 Asset-backed securitization $ — $ — $ (329,703 ) $ — $ (329,703 ) Exchangeable senior notes, net $ — $ (112,298 ) $ — $ — $ (112,298 ) Accounts payable and accrued expenses $ (8,660 ) $ (4,475 ) $ (25,350 ) $ — $ (38,485 ) Class A units issued $ (530,460 ) $ — $ — $ — $ (530,460 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Unsecured Senior Notes In February 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the "2028 Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2018 . The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before estimated offering costs of $1.5 million . The Operating Partnership intends to use the net proceeds from this issuance for general corporate purposes, including, without limitation, acquisition of properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities. The 2028 Notes are the Operating Partnership's unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the Indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2028 Notes have been initially guaranteed by American Residential Properties OP, L.P., (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Operating Partnership, but such guarantee will be automatically released at the time that the Guarantor Subsidiary no longer guarantees our credit facility. In October 2017, in anticipation of the issuance of the 2028 Notes and in order to hedge interest rate risk, the Operating Partnership entered into a treasury lock agreement on a notional amount of $350.0 million , based on the 10 -year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and had a fair value of $0.1 million as of December 31, 2017 , which was included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury lock was settled upon the issuance of the 2028 Notes in February 2018 and resulted in a $9.6 million gain that will be recorded in other comprehensive income and reclassified into earnings as a reduction of interest expense over the term of the 2028 Notes. Including the effect of the settlement of the cash flow hedging instrument, the 2028 Notes yield an effective interest rate of 4.08% . Credit Facilities From January 1, 2018 , through February 23, 2018 , the Company borrowed an additional $100.0 million and paid down $240.0 million under our revolving credit facility, resulting in no outstanding borrowings under our revolving credit facility and $200.0 million of outstanding borrowings under our term loan facility as of February 23, 2018 . Subsequent Acquisitions From January 1, 2018 , through February 23, 2018 , the Company acquired approximately 550 properties for an aggregate purchase price of approximately $123 million , which included 7 homes developed through our internal construction program. Share Repurchase Program During February 2018, the Company's board of trustees authorized the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares. Common and preferred share repurchases may be made in the open market or in privately negotiated transactions. Declaration of Dividends On February 22, 2018 , the Company's board of trustees declared quarterly dividends of $0.05 per share on the Company's Class A common shares, $0.05 per share on the Company's Class B common shares, $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 dividends are payable on April 2, 2018 , to shareholders of record on March 15, 2018 . The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units. Legal Matters On January 16, 2018, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “Trading in Silver Bay Realty Trust Corp.” The letter enclosed a subpoena that requests us to produce certain documents and communications, including those related to our communications and agreements with Silver Bay Realty Trust Corp. (“Silver Bay”), communications with Silver Bay’s financial advisor, and our purchases, sales and holdings of Silver Bay stock. We purchased Silver Bay stock in 2016 and 2017 and then sold all of our holdings in 2017 for a profit of approximately $3.0 million . We intend to cooperate fully with the SEC in connection with this matter. We do not believe this matter will have a material adverse impact on our financial position or results of operations upon resolution.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2017 (Amounts in thousands) Initial Cost to Company Cost Capitalized Total Cost Market Number of Single-Family Homes Gross Book Value of Encumbered Assets Land Buildings and Improvements Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation (1) Net Cost Basis Date of Acquisition Albuquerque 212 $ — $ 6,485 $ 24,082 $ 3,613 $ 6,485 $ 27,695 $ 34,180 $ (4,583 ) $ 29,597 2013-2015 Atlanta 4,533 161,001 136,796 535,359 92,756 136,796 628,115 764,911 (69,476 ) 695,435 2012-2017 Augusta 259 10,424 7,472 30,156 4,477 7,472 34,633 42,105 (4,336 ) 37,769 2013-2017 Austin 710 44,346 17,083 78,103 14,393 17,083 92,496 109,579 (14,112 ) 95,467 2012-2017 Bay Area 118 9,149 8,131 23,231 2,111 8,131 25,342 33,473 (3,946 ) 29,527 2012-2014 Boise 328 7,627 10,278 35,532 4,036 10,278 39,568 49,846 (5,279 ) 44,567 2013-2017 Central Valley 197 3,609 7,640 24,138 2,896 7,640 27,034 34,674 (4,456 ) 30,218 2012-2016 Charleston 979 80,083 35,563 131,741 17,604 35,563 149,345 184,908 (15,284 ) 169,624 2012-2017 Charlotte 3,430 289,328 125,217 460,840 50,775 125,217 511,615 636,832 (52,675 ) 584,157 2012-2017 Cincinnati 1,998 230,244 61,979 246,025 37,895 61,979 283,920 345,899 (43,515 ) 302,384 2012-2017 Colorado Springs 22 — 903 2,952 632 903 3,584 4,487 (630 ) 3,857 2013 Columbia 297 32,775 6,903 34,330 4,396 6,903 38,726 45,629 (6,007 ) 39,622 2013-2015 Columbus 1,934 133,000 54,958 228,831 38,533 54,958 267,364 322,322 (30,723 ) 291,599 2012-2017 Corpus Christi 240 — 2,025 36,504 3,048 2,025 39,552 41,577 (2,569 ) 39,008 2016 Dallas-Fort Worth 4,365 293,579 111,767 515,282 83,566 111,767 598,848 710,615 (81,330 ) 629,285 2012-2017 Denver 681 — 33,911 138,528 16,498 33,911 155,026 188,937 (20,757 ) 168,180 2012-2017 Fort Myers 6 635 172 822 140 172 962 1,134 (150 ) 984 2012-2013 Greater Chicago area, IL and IN 2,183 212,285 63,987 259,439 54,384 63,987 313,823 377,810 (50,238 ) 327,572 2012-2016 Greensboro 676 45,992 19,023 86,646 9,617 19,023 96,263 115,286 (12,736 ) 102,550 2013-2017 Greenville 673 74,723 16,797 88,479 10,889 16,797 99,368 116,165 (14,075 ) 102,090 2013-2017 Houston 3,162 180,216 65,774 392,352 49,131 65,774 441,483 507,257 (57,157 ) 450,100 2012-2017 Indianapolis 2,898 301,827 76,902 308,729 53,573 76,902 362,302 439,204 (59,988 ) 379,216 2012-2016 Inland Empire 347 — 32,142 44,201 5,601 32,142 49,802 81,944 (4,572 ) 77,372 2012-2016 Jacksonville 2,009 46,467 57,773 232,925 40,941 57,773 273,866 331,639 (33,731 ) 297,908 2012-2017 Knoxville 402 17,335 13,275 63,909 5,607 13,275 69,516 82,791 (8,415 ) 74,376 2013-2017 Las Vegas 1,023 21,599 30,784 128,295 20,162 30,784 148,457 179,241 (24,593 ) 154,648 2011-2016 Memphis 657 32,374 20,604 74,689 11,754 20,604 86,443 107,047 (9,879 ) 97,168 2013-2017 Miami 230 6,298 3,839 28,568 5,821 3,839 34,389 38,228 (5,126 ) 33,102 2012-2016 Milwaukee 125 — 7,375 21,972 2,191 7,375 24,163 31,538 (4,246 ) 27,292 2013 Nashville 2,609 173,072 100,903 389,959 42,514 100,903 432,473 533,376 (49,296 ) 484,080 2012-2017 Oklahoma City 409 23,434 11,090 57,309 6,829 11,090 64,138 75,228 (8,439 ) 66,789 2012-2015 Orlando 1,649 21,876 58,701 197,494 29,731 58,701 227,225 285,926 (28,545 ) 257,381 2011-2017 Phoenix 2,827 57,762 120,022 301,615 41,053 120,022 342,668 462,690 (42,429 ) 420,261 2011-2017 Portland 215 24,218 15,145 25,909 2,128 15,145 28,037 43,182 (4,354 ) 38,828 2013-2017 Raleigh 2,043 207,559 69,670 270,783 30,562 69,670 301,345 371,015 (36,881 ) 334,134 2012-2017 Salt Lake City 1,239 151,170 72,655 187,752 25,060 72,655 212,812 285,467 (28,039 ) 257,428 2012-2017 San Antonio 1,025 71,851 30,848 111,897 18,738 30,848 130,635 161,483 (17,305 ) 144,178 2012-2017 Savannah/Hilton Head 793 35,327 25,369 100,750 11,734 25,369 112,484 137,853 (9,123 ) 128,730 2013-2017 Seattle 536 28,008 33,234 90,799 6,051 33,234 96,850 130,084 (9,221 ) 120,863 2012-2017 Tampa 2,034 31,594 73,724 276,718 38,072 73,724 314,790 388,514 (40,488 ) 348,026 2012-2017 Tucson 383 13,192 7,656 37,037 7,450 7,656 44,487 52,143 (8,523 ) 43,620 2011-2014 Winston Salem 783 33,868 17,841 91,132 9,512 17,841 100,644 118,485 (12,497 ) 105,988 2013-2017 Total 51,239 $ 3,107,847 $ 1,672,416 $ 6,415,814 $ 916,474 $ 1,672,416 $ 7,332,288 $ 9,004,704 $ (939,724 ) $ 8,064,980 (1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was $9.2 billion as of December 31, 2017 . American Homes 4 Rent American Homes 4 Rent, L.P. Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2017 (Continued) (Amounts in thousands) Change in Total Real Estate Assets For the Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ 8,214,566 $ 6,705,982 $ 5,916,933 Acquisitions and building improvements 870,350 1,597,392 814,235 Dispositions (68,759 ) (77,916 ) (11,555 ) Write-offs (6,773 ) (5,922 ) (13,631 ) Impairment (4,680 ) (4,970 ) — Balance, end of period $ 9,004,704 $ 8,214,566 $ 6,705,982 Change in Accumulated Depreciation For the Years Ended December 31, 2017 2016 2015 Balance, beginning of period $ (666,710 ) $ (416,044 ) $ (206,262 ) Depreciation (1) (281,747 ) (260,154 ) (223,731 ) Dispositions 1,960 3,566 318 Write-offs 6,773 5,922 13,631 Balance, end of period $ (939,724 ) $ (666,710 ) $ (416,044 ) (1) Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from 3 to 30 years.

Significant Accounting Polici29

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIEs") when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with ASC 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE's activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the consolidated financial statements. The consolidated financial statements have been prepared in accordance with GAAP and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), which commenced with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income. However, qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, our income would be subject to U.S. federal income tax and state income tax (including any applicable alternative minimum tax for the taxable years beginning before December 31, 2017) on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed taxable income, if any. Our taxable REIT subsidiaries ("TRS") will be subject to federal, state and local taxes on their income at regular corporate rates. The tax years from 2013 through 2017 remain open to examination by the taxing jurisdictions to which the Company is subject. We believe that the Operating Partnership is properly treated as a partnership for federal income tax purposes. As a partnership, the Operating Partnership is not subject to federal income tax on our income. Instead, each of our partners, including AH4R, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for federal income taxes has been included for the Operating Partnership. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information.
Investments in Real Estate	Investments in Real Estate Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The Company generally engages a third-party valuation specialist to assist management in the determination of fair value for purposes of allocating the purchase price of properties acquired as part of portfolio level transactions. The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature (less than one year). The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare our acquired properties for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred.
Single-family Properties Held for Sale and Discontinued Operations	Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2017 and 2016 , the Company had 310 and 1,119 single-family properties, respectively, classified as held for sale, and recorded $4.7 million and $5.0 million of impairment on single-family properties held for sale for the years ended December 31, 2017 and 2016 , respectively, which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASU No. 2014-08 ("ASU 2014-08"), "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, " which the Company adopted January 1, 2015, on a prospective basis.
Impairment of Long-lived Assets	Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date.
Leasing Costs	Leasing Costs Direct and incremental costs incurred to lease properties are capitalized and amortized over the term of the leases, which generally have a term of one year.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over 30 years and improvements and other assets are depreciated over their estimated economic useful lives, generally 3 to 30 years. We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets.
Intangible Assets	Intangible Assets Intangible assets are amortized on a straight-line basis over the asset's estimated economic life and are tested for impairment based on undiscounted cash flows and, if impaired, are written down to fair value based on discounted cash flows. The identified intangible assets are amortized over amortizable lives of 4.7 years for trademark and 7.0 years for database. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset.
Goodwill	Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company's management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including actual and projected financial performance of the reporting unit, industry and market conditions, macroeconomic conditions, and other relevant entity specific events. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, the impairment loss is determined as the excess of the carrying amount of the goodwill reporting unit over the fair value of that goodwill, not to exceed the carrying amount. Impairment charges, if any, are recognized in operating results.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the origination of the Company's revolving credit facility are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and have been included in deferred costs and other intangibles, net within the consolidated balance sheets. Financing costs related to the origination of the Company's term loan credit facility and asset-backed securitizations are also deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. They are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the 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, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.
Escrow Deposits	Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risk and rewards of ownership of the property are transferred and the purchase is finalized.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits.
Revenue and Expense Recognition	Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. We accrue for property taxes and HOA assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, resident security deposits, construction liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.
Share-based Compensation	Share-based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of the Company's board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. The Company's participating preferred shares derivative liability and treasury lock are the only financial instruments recorded at fair value on a recurring basis within our consolidated financial statements (see Note 14).
Derivatives	Derivatives From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense during the period in which the hedged transaction affects earnings.
Segment Reporting	Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In 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 two 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 adopted this guidance effective December 31, 2017, which impacted our goodwill impairment testing process 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. 2017-01, 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 resulted in our leased properties no longer meeting the definition of a business. Therefore, dispositions of leased properties 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. Based on our assessment, the Company’s current accounting policies for these non-lease components and real estate property sales are aligned with the revenue recognition principles prescribed by the new guidance and we do not expect the new standards to ultimately change the amount or timing of our revenue recognition. 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). The Company has elected to adopt the new revenue recognition guidance using the modified retrospective approach, effective January 1, 2018. We evaluated the revenue recognition for all contracts under existing accounting standards and under the new revenue recognition ASU and confirmed that there were no differences in the amounts or timing of recognition. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018.

Significant Accounting Polici30

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company's and the Operating Partnership's consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets as of December 31, 2017 , 2016 and 2015 : December 31, 2017 2016 2015 Balance Sheet: Cash and cash equivalents $ 46,156 $ 118,799 $ 57,686 Restricted cash 136,667 131,442 111,282 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 182,823 $ 250,241 $ 168,968

Single-Family Properties (Table

Single-Family Properties (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of Single-Family Properties	Single-family properties, net, consisted of the following as of December 31, 2017 and 2016 (dollars in thousands): December 31, 2017 Number of properties Net book value (Unaudited) Leased single-family properties 46,996 $ 7,284,708 Single-family properties being renovated 980 225,194 Single-family properties being prepared for re-lease 372 47,994 Vacant single-family properties available for lease 2,581 471,281 Single-family properties held for sale, net 310 35,803 Total 51,239 $ 8,064,980 December 31, 2016 Number of properties Net book value (Unaudited) 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

Rent and Other Receivables, N32

Rent and Other Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Summary of Future Minimum Rental Revenues	The Company generally rents our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties as of December 31, 2017 , were as follows (in thousands): Year 2018 $ 425,892 2019 5,675 2020 182 2021 115 2022 77 Total $ 431,941

Deferred Costs and Other Inta33

Deferred Costs and Other Intangibles, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles, Net	Deferred costs and other intangibles, net, consisted of the following as of December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Deferred leasing costs $ 7,030 $ 7,470 Deferred financing costs 11,244 6,552 Intangible assets: Value of in-place leases 179 4,739 Trademark 3,100 3,100 Database 2,100 2,100 23,653 23,961 Less: accumulated amortization (10,628 ) (12,005 ) Total $ 13,025 $ 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 December 31, 2017 , for future periods (in thousands): Year Deferred Leasing Costs Deferred Financing Costs Value of Trademark Database 2018 $ 3,350 $ 1,964 $ 21 $ 92 $ 300 2019 — 1,964 2 — 300 2020 — 1,969 — — 132 2021 — 1,964 — — — 2022 — 967 — — — Total $ 3,350 $ 8,828 $ 23 $ 92 $ 732

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of December 31, 2017 and 2016 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2017 December 31, 2016 AH4R 2014-SFR1 securitization (2) N/A N/A $ — $ 456,074 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 496,326 501,810 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 512,041 517,827 AH4R 2015-SFR1 securitization (3) 4.14 % April 9, 2045 537,723 543,480 AH4R 2015-SFR2 securitization (4) 4.36 % October 9, 2045 467,267 472,043 Total asset-backed securitizations 2,013,357 2,491,234 Exchangeable senior notes 3.25 % November 15, 2018 115,000 115,000 Secured note payable 4.06 % July 1, 2019 48,859 49,828 Revolving credit facility (5) 2.76 % June 30, 2022 140,000 — Term loan facility (6) 2.91 % June 30, 2022 200,000 325,000 Total debt (7) 2,517,216 2,981,062 Unamortized discount on exchangeable senior notes (895 ) (1,883 ) Equity component of exchangeable senior notes (2,408 ) (4,969 ) Deferred financing costs, net (8) (38,026 ) (51,636 ) Total debt per balance sheet $ 2,475,887 $ 2,922,574 (1) Interest rates are as of December 31, 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 December 31, 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 December 31, 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 December 31, 2017 and 2016 . (8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $6.4 million , $8.5 million and $7.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, which has been included in gross interest, prior to interest capitalization.
Schedule of Debt Maturities	The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of December 31, 2017 (in thousands): 2018 $ 136,723 2019 68,564 2020 20,714 2021 20,714 2022 360,714 Thereafter 1,909,787 Total debt 2,517,216 Unamortized discounts and deferred financing costs (1) (41,329 ) Total debt per balance sheet $ 2,475,887 (1) Includes the unamortized discount and equity component of the exchangeable senior notes and deferred financing costs, net.
Schedule of Encumbered Properties	The following table displays the number of properties pledged as collateral for the Company's asset-backed securitization loans and secured note payable and the aggregate net book values as of December 31, 2017 and 2016 (in thousands, except property data): As of December 31, 2017 As of December 31, 2016 Number of Properties Net Book Value Number of Properties Net Book Value AH4R 2014-SFR1 securitization (1) — $ — 3,803 $ 575,421 AH4R 2014-SFR2 securitization (2) 4,481 627,988 4,484 650,175 AH4R 2014-SFR3 securitization (3) 4,499 680,788 4,503 706,262 AH4R 2015-SFR1 securitization (4) 4,658 685,055 4,660 710,778 AH4R 2015-SFR2 securitization (5) 4,124 635,612 4,124 658,792 Secured note payable 572 71,868 572 73,780 Total encumbered properties 18,334 $ 2,701,311 22,146 $ 3,375,208 (1) During the years ended December 31, 2017 and 2016 , the Company sold 2 and 47 properties, respectively, and had 2 properties that were disqualified for a total release price of $0.7 million and $14.5 million , respectively, which was used to pay down the principal balance on the loan. The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 2017. (2) During each of the years ended December 31, 2017 and 2016 , the Company had 3 properties that were disqualified for a total release price of $0.4 million , which was used to pay down the principal balance on the loan. (3) During the year ended December 31, 2017 , the Company had 4 properties that were disqualified for a total release price of $0.5 million , which was used to pay down the principal balance on the loan. (4) During the years ended December 31, 2017 and 2016 , the Company had 2 and 1 properties that were disqualified, respectively, for a total release price of $0.2 million and $0.1 million , respectively, which was used to pay down the principal balance on the loan. (5) During the year ended December 31, 2016 , the Company had 1 property that was disqualified for a total release price of $0.1 million , which was used to pay down the principal balance on the loan.
Summary of Activity that Relates to Capitalized Interest	The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the years ended December 31, 2017 , 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Gross interest cost $ 118,276 $ 133,137 $ 98,103 Capitalized interest (5,656 ) (2,290 ) (8,690 ) Interest expense $ 112,620 $ 130,847 $ 89,413

Accounts Payable and Accrued 35

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Accounts payable $ 1,726 $ 9 Accrued property taxes 47,765 46,091 Other accrued liabilities 31,788 31,262 Accrued distribution payable 26,982 — Accrued construction and maintenance liabilities 17,928 9,899 Resident security deposits 75,951 70,430 Prepaid rent 20,727 19,515 Total $ 222,867 $ 177,206

Shareholders' Equity _ Partne36

Shareholders' Equity / Partners' Capital (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Noncontrolling Interest	The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Preferred income allocated to Series C convertible units $ — $ 3,027 $ 18,792 Net loss allocated to Class A units (4,648 ) (6,417 ) (4,282 ) Net income allocated to Series D convertible units — 134 — Beneficial conversion feature related to Series D and E convertible units — 7,569 — Net income (loss) allocated to noncontrolling interests in certain consolidated subsidiaries 141 (562 ) (157 ) $ (4,507 ) $ 3,751 $ 14,353
Summary of Stock Option Activity Under Plan	The following table summarizes stock option activity under the Plan for the years ended December 31, 2017 , 2016 and 2015 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2014 2,165,000 $ 16.17 8.8 $ 1,890 Granted 588,500 16.49 Exercised (16,600 ) 15.16 19 Forfeited (252,500 ) 16.57 Options outstanding at December 31, 2015 2,484,400 $ 16.22 8.0 $ 1,225 Granted 708,000 14.15 Exercised (196,000 ) 16.18 790 Forfeited (169,900 ) 16.38 Options outstanding at December 31, 2016 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (74,000 ) 15.65 520 Forfeited (85,250 ) 16.24 Options outstanding at December 31, 2017 3,052,450 $ 16.65 6.9 $ 16,421 Options exercisable at December 31, 2017 1,782,750 $ 15.92 6.1 $ 10,558 (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 years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Weighted-average fair value $ 3.82 $ 2.82 $ 4.57 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 21.3 % 27.3 % 35.9 % Risk-free interest rate 2.2 % 1.5 % 1.9 %
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Restricted stock units at beginning of period 130,150 91,650 85,000 Units awarded 174,400 74,100 44,000 Units vested (42,475 ) (27,250 ) (22,000 ) Units forfeited (18,200 ) (8,350 ) (15,350 ) Restricted stock units at end of the period 243,875 130,150 91,650

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule of Total Revenues and Net Income Attributable to Acquisitions	The following table summarizes the allocation of the estimated fair values of the assets and liabilities acquired as part of the ARPI Merger as of the acquisition date (in thousands): Net assets acquired Land $ 262,396 Buildings and improvements 1,014,857 Cash and cash equivalents 15,499 Restricted cash 9,521 Rent and other receivables 843 Escrow deposits, prepaid expenses and other assets 35,134 In-place leases 22,696 Accounts payable and accrued expenses (38,485 ) Net assets acquired 1,322,461 Debt assumed or extinguished Credit facility 350,000 Exchangeable senior notes 112,298 Asset-backed securitization 329,703 Total debt assumed or extinguished 792,001 Equity transaction consideration 530,460 Total transaction consideration $ 1,322,461
Schedule of Estimated Fair Values of Assets and Liabilities Acquired	The following table presents the total revenues and net income attributable to the ARPI Merger that are included in our consolidated statements of operations for the year ended December 31, 2016 (in thousands): For the Period from February 29, 2016 to December 31, 2016 Total revenues $ 119,245 Net income $ 1,237
Schedule of Company's Supplemental Consolidated Unaudited Pro Forma Total Revenues and Net Income	The following table presents the Company’s supplemental consolidated pro forma total revenues and net loss as if the ARPI Merger had occurred on January 1, 2015 (in thousands, except per share amounts): For the Years Ended December 31, 2016 2015 Pro forma total revenues (1) $ 900,958 $ 754,710 Pro forma net loss (1) $ (8,989 ) $ (54,995 ) Pro forma net loss per share / unit (1) $ (0.22 ) $ (0.37 ) (1) This unaudited pro forma supplemental information does not purport to be indicative of what our operating results would have been had the ARPI Merger occurred on January 1, 2015.

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Computation of Net Loss per Share on Basic and Diluted Basis	The following table reflects the Operating Partnership's computation of net income or loss per common unit on a basic and diluted basis for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except unit and per unit data): For the Years Ended December 31, 2017 2016 2015 Numerator: Net income (loss) $ 76,492 $ 10,446 $ (47,948 ) Less: Noncontrolling interest 141 (562 ) (157 ) Preferred distributions 60,718 40,237 22,276 Redemption of participating preferred units 42,416 — — Income allocated to Series C and D limited partners — 10,730 20,212 Numerator for loss per common unit–basic and diluted $ (26,783 ) $ (39,959 ) $ (90,279 ) Denominator: Weighted-average common units outstanding (1) 319,753,206 277,912,532 225,040,781 Net loss per common unit–basic and diluted $ (0.08 ) $ (0.14 ) $ (0.40 ) (1) The computation of diluted earnings per unit for the years ended December 31, 2017 , 2016 and 2015 , excludes an aggregate of 17,084,135 , 32,914,593 and 19,636,050 potentially dilutive securities, respectively, which include a combination of 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. The following table reflects the Company's computation of net income or loss per common share on a basic and diluted basis for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except share and per share data): For the Years Ended December 31, 2017 2016 2015 Numerator: Net income (loss) $ 76,492 $ 10,446 $ (47,948 ) Less: Noncontrolling interest (4,507 ) 3,751 14,353 Dividends on preferred shares 60,718 40,237 22,276 Redemption of participating preferred shares 42,416 — — Numerator for loss per common share–basic and diluted $ (22,135 ) $ (33,542 ) $ (84,577 ) Denominator: Weighted-average common shares outstanding–basic and diluted (1) 264,254,718 234,010,168 210,600,111 Net loss per common share–basic and diluted $ (0.08 ) $ (0.14 ) $ (0.40 ) (1) The computation of diluted earnings per share for the years ended December 31, 2017 , 2016 and 2015 , excludes an aggregate of 17,084,135 , 32,914,593 and 19,636,050 potentially dilutive securities, respectively, which include a combination of 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. The effect of the potential conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one -for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of Rental Expense Under Operating Leases	Rent expense related to our operating leases for the years ended December 31, 2017 , 2016 and 2015 , was as follows (in thousands): For the Years Ended December 31, 2017 2016 2015 Rent expense $ 2,614 $ 2,124 $ 2,099 Less: income from subleases (418 ) (187 ) (9 ) Net rent expense $ 2,196 $ 1,937 $ 2,090
Schedule of Future Lease Obligations Under Operating Leases	Future lease obligations under our operating leases as of December 31, 2017 , were as follows (in thousands): Year 2018 $ 1,113 2019 1,046 2020 739 2021 543 2022 397 Thereafter 55 Total lease commitments 3,893 Less: income from subleases — Net lease commitments $ 3,893

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR1 securitization $ — $ — $ 456,074 $ 465,343 AH4R 2014-SFR2 securitization 496,326 504,730 501,810 510,941 AH4R 2014-SFR3 securitization 512,041 521,252 517,827 530,549 AH4R 2015-SFR1 securitization 537,723 544,592 543,480 553,689 AH4R 2015-SFR2 securitization 467,267 475,832 472,043 483,901 Total asset-backed securitizations (1) 2,013,357 2,046,406 2,491,234 2,544,423 Exchangeable senior notes, net (2) 111,697 147,462 108,148 142,808 Secured note payable 48,859 49,027 49,828 50,053 Revolving credit facility (3) 140,000 140,000 — — Term loan facility (4) 200,000 200,000 325,000 325,000 Total debt $ 2,513,913 $ 2,582,895 $ 2,974,210 $ 3,062,284 (1) The carrying values of the asset-backed securitizations exclude $36.0 million and $48.4 million of deferred financing costs as of December 31, 2017 and 2016 , respectively. (2) The carrying value of the exchangeable senior notes, net is presented net of an unamortized discount. (3) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% , management believes that the carrying value of the term loan facility reasonably approximates fair value. (4) The carrying value of the term loan facility excludes $2.0 million and $3.3 million of deferred financing costs as of December 31, 2017 and 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 values of the participating preferred shares derivative liability and treasury lock as of December 31, 2017 and 2016 (in thousands): December 31, 2017 Description Quoted Prices in Significant Significant Total Assets: Treasury lock $ — $ 75 $ — $ 75 Liabilities: Participating preferred shares derivative liability $ — $ — $ 29,470 $ 29,470 December 31, 2016 Description Quoted Prices in 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 consolidated statements of operations for the years ended December 31, 2017 and 2016 (in thousands): Description January 1, 2017 Conversions Remeasurement included in earnings December 31, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ (37,499 ) $ (2,841 ) $ 29,470 Description January 1, 2016 Conversions Gain and remeasurement December 31, 2016 Liabilities: Contingently convertible Series E units liability $ 69,957 $ (58,494 ) $ (11,463 ) $ — Participating preferred shares derivative liability $ 62,790 $ — $ 7,020 $ 69,810

Quarterly Financial Informati41

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Data	The following table presents the Operating Partnership's summarized quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except per unit data): Quarter First Second Third Fourth 2017 Rents from single-family properties $ 201,107 $ 204,648 $ 207,490 $ 210,778 Net income $ 11,796 $ 15,066 $ 19,097 $ 30,533 Net (loss) income attributable to common unitholders $ (1,829 ) $ (217 ) $ 1,875 $ (26,612 ) Net (loss) income attributable to common unitholders per unit–basic $ (0.01 ) $ — $ 0.01 $ (0.08 ) Net loss attributable to common unitholders per unit–diluted $ (0.01 ) $ — $ — $ (0.08 ) Quarter First Second Third Fourth 2016 Rents from single-family properties $ 167,995 $ 193,491 $ 197,137 $ 198,980 Net income (loss) $ 5,028 $ (3,753 ) $ (167 ) $ 9,338 Net loss attributable to common unitholders $ (3,627 ) $ (11,020 ) $ (21,179 ) $ (4,133 ) Net loss attributable to common unitholders per unit–basic and diluted $ (0.01 ) $ (0.04 ) $ (0.07 ) $ (0.01 ) The following table presents the Company's summarized quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except per share data): Quarter First Second Third Fourth 2017 Rents from single-family properties $ 201,107 $ 204,648 $ 207,490 $ 210,778 Net income $ 11,796 $ 15,066 $ 19,097 $ 30,533 Net (loss) income attributable to common shareholders $ (1,490 ) $ (186 ) $ 1,535 $ (21,994 ) Net (loss) income attributable to common shareholders per share–basic $ (0.01 ) $ — $ 0.01 $ (0.08 ) Net loss attributable to common shareholders per share–diluted $ (0.01 ) $ — $ — $ (0.08 ) Quarter First Second Third Fourth (1) 2016 Rents from single-family properties $ 167,995 $ 193,491 $ 197,137 $ 198,980 Net income (loss) $ 5,028 $ (3,753 ) $ (167 ) $ 9,338 Net (loss) income attributable to common shareholders $ (4,377 ) $ (10,404 ) $ (21,152 ) $ 2,391 Net (loss) income attributable to common shareholders per share–basic $ (0.02 ) $ (0.04 ) $ (0.09 ) $ 0.01 Net loss attributable to common shareholders per share ─ diluted $ (0.02 ) $ (0.04 ) $ (0.09 ) $ (0.01 ) (1) In the fourth quarter of 2016, the Company corrected our allocation of income and loss between Operating Partnership unitholders, which resulted in an adjustment to net income (loss) attributable to noncontrolling interest. In accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108, the Company assessed the materiality of this adjustment on our financial statements for the years ended December 31, 2016, 2015 and 2014, as well as the quarters within those annual periods. As a result, the Company recorded a $5.7 million reduction to noncontrolling interest in the consolidated balance sheet as of December 31, 2016, as well as a corresponding reduction to net income attributable to noncontrolling interest in the consolidated statement of operations for the three months ended December 31, 2016. Prior quarter and prior year amounts have not been revised as the effect was immaterial.

Condensed Consolidating Finan42

Condensed Consolidating Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets (Amounts in thousands) As of December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 1,732 $ 8,063,248 $ — $ 8,064,980 Cash and cash equivalents 22,157 — 23,999 — 46,156 Restricted cash 14,742 31 121,894 — 136,667 Rent and other receivables, net 114 57 29,973 — 30,144 Intercompany receivables 154,621 — — (154,621 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 59,271 164 138,082 — 197,517 Investments in subsidiaries 5,889,146 115,303 — (6,004,449 ) — Deferred costs and other intangibles, net 9,652 — 3,373 — 13,025 Goodwill 120,279 — — — 120,279 Total assets $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Liabilities Revolving credit facility $ 140,000 $ — $ — $ — $ 140,000 Term loan facility, net 198,023 — — — 198,023 Asset-backed securitizations, net — — 1,977,308 — 1,977,308 Exchangeable senior notes, net — 111,697 — — 111,697 Secured note payable — — 48,859 — 48,859 Accounts payable and accrued expenses 27,566 2,757 192,544 — 222,867 Amounts payable to affiliates 4,720 — — — 4,720 Intercompany payables — 8,428 146,193 (154,621 ) — Participating preferred units derivative liability 29,470 — — — 29,470 Total liabilities 399,779 122,882 2,364,904 (154,621 ) 2,732,944 Capital Partners' capital: General partner: Common units 4,241,266 (5,595 ) 6,017,014 (6,004,449 ) 4,248,236 Preferred units 901,318 — — — 901,318 Limited partner: Common units 727,544 — — — 727,544 Accumulated other comprehensive income 75 — — — 75 Total partners' capital: 5,870,203 (5,595 ) 6,017,014 (6,004,449 ) 5,877,173 Noncontrolling interest — — (1,349 ) — (1,349 ) Total capital 5,870,203 (5,595 ) 6,015,665 (6,004,449 ) 5,875,824 Total liabilities and capital $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Condensed Consolidating Balance Sheets (continued) (Amounts in thousands) As of December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 4,838 $ 7,543,018 $ — $ 7,547,856 Cash and cash equivalents 76,913 — 41,886 — 118,799 Restricted cash — 62 131,380 — 131,442 Rent and other receivables, net 131 144 17,343 — 17,618 Intercompany receivables 133,808 — — (133,808 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 57,543 170 101,547 — 159,260 Investments in subsidiaries 4,928,974 116,242 — (5,045,216 ) — Deferred costs and other intangibles, net 7,724 3 4,229 — 11,956 Goodwill 120,279 — — — 120,279 Total assets $ 5,325,372 $ 121,459 $ 7,839,403 $ (5,179,024 ) $ 8,107,210 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 321,735 — — — 321,735 Asset-backed securitizations, net — — 2,442,863 — 2,442,863 Exchangeable senior notes, net — 108,148 — — 108,148 Secured note payable — — 49,828 — 49,828 Accounts payable and accrued expenses 1,715 3,708 171,783 — 177,206 Intercompany payables — 8,393 125,415 (133,808 ) — Participating preferred units derivative liability 69,810 — — — 69,810 Total liabilities 393,260 120,249 2,789,889 (133,808 ) 3,169,590 Capital Partners' capital: General partner: Common units 3,351,022 1,210 5,050,976 (5,045,216 ) 3,357,992 Preferred units 834,849 — — — 834,849 Limited partner: Common units 746,174 — — — 746,174 Accumulated other comprehensive income 67 — 28 — 95 Total partners' capital: 4,932,112 1,210 5,051,004 (5,045,216 ) 4,939,110 Noncontrolling interest — — (1,490 ) — (1,490 ) Total capital 4,932,112 1,210 5,049,514 (5,045,216 ) 4,937,620 Total liabilities and capital $ 5,325,372 $ 121,459 $ 7,839,403 $ (5,179,024 ) $ 8,107,210
Condensed Consolidating Statements of Operations	Condensed Consolidating Statements of Operations (Amounts in thousands) For the Year Ended December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 240 $ 823,783 $ — $ 824,023 Fees from single-family properties — 3 10,724 — 10,727 Tenant charge-backs — 23 120,058 — 120,081 Other 1,455 — 4,113 — 5,568 Total revenues 1,455 266 958,678 — 960,399 Expenses: Property operating expenses — 139 354,935 — 355,074 Property management expenses — 17 69,695 — 69,712 General and administrative expense 21,136 149 13,447 — 34,732 Interest expense 11,639 7,286 93,695 — 112,620 Acquisition fees and costs expensed 358 — 4,265 — 4,623 Depreciation and amortization 1,516 8 295,766 — 297,290 Hurricane-related charges, net — — 7,963 — 7,963 Other expense (income) 388 (86 ) 4,703 — 5,005 Total expenses 35,037 7,513 844,469 — 887,019 Intercompany income 381 — 497 (878 ) — Intercompany expenses (497 ) — (381 ) 878 — Gain on sale of single-family properties and other, net 3,031 442 3,353 — 6,826 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units 2,841 — — — 2,841 Equity in income of subsidiaries 104,177 35,594 — (139,771 ) — Net income (loss) 76,351 28,789 111,123 (139,771 ) 76,492 Noncontrolling interest — — 141 — 141 Preferred distributions 60,718 — — — 60,718 Redemption of participating preferred units 42,416 — — — 42,416 Net (loss) income attributable to common unitholders $ (26,783 ) $ 28,789 $ 110,982 $ (139,771 ) $ (26,783 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Year Ended December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 436 $ 757,167 $ — $ 757,603 Fees from single-family properties — 4 10,230 — 10,234 Tenant charge-backs — 16 95,238 — 95,254 Other 612 — 15,186 — 15,798 Total revenues 612 456 877,821 — 878,889 Expenses: Property operating expenses — 161 317,149 — 317,310 Property management expenses — 26 70,698 — 70,724 General and administrative expense 19,339 75 13,654 — 33,068 Interest expense 11,306 5,935 113,606 — 130,847 Acquisition fees and costs expensed 6,119 — 5,324 — 11,443 Depreciation and amortization 1,221 106 297,350 — 298,677 Other 133 60 11,785 — 11,978 Total expenses 38,118 6,363 829,566 — 874,047 Intercompany income 413 — 502 (915 ) — Intercompany expenses (502 ) — (413 ) 915 — Gain on sale of single-family properties and other, net — 147 14,422 — 14,569 Loss on early extinguishment of debt (2,724 ) — (10,684 ) — (13,408 ) Gain on conversion of Series E units 11,463 — — — 11,463 Remeasurement of participating preferred units (7,020 ) — — — (7,020 ) Equity in income of subsidiaries 46,884 1 — (46,885 ) — Net income (loss) 11,008 (5,759 ) 52,082 (46,885 ) 10,446 Noncontrolling interest — — (562 ) — (562 ) Preferred distributions 40,237 — — — 40,237 Income allocated to Series C and D limited partners 10,730 — — — 10,730 Net (loss) income attributable to common unitholders $ (39,959 ) $ (5,759 ) $ 52,644 $ (46,885 ) $ (39,959 )
Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Year Ended December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 76,351 $ 28,789 $ 111,123 $ (139,771 ) $ 76,492 Other comprehensive income (loss): Unrealized gain on cash flow hedging instruments: Unrealized gain on cash flow hedging instruments 75 — — — 75 Reclassification adjustment for amortization of interest expense included in net income — — (28 ) — (28 ) Unrealized gain on investment in equity securities: Reclassification adjustment for realized gain included in net income (67 ) — — — (67 ) Other comprehensive income (loss) 8 — (28 ) — (20 ) Comprehensive income 76,359 28,789 111,095 (139,771 ) 76,472 Comprehensive income attributable to noncontrolling interests — — 141 — 141 Preferred distributions 60,718 — — — 60,718 Redemption of participating preferred units 42,416 — — — 42,416 Comprehensive (loss) income attributable to common unitholders $ (26,775 ) $ 28,789 $ 110,954 $ (139,771 ) $ (26,803 ) For the Year Ended December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income (loss) $ 11,008 $ (5,759 ) $ 52,082 $ (46,885 ) $ 10,446 Other comprehensive income: Unrealized gain on interest rate cap agreement: Reclassification adjustment for amortization of interest expense included in net income (loss) — — 130 — 130 Unrealized gain on investment in equity securities 67 — — — 67 Other comprehensive income 67 — 130 — 197 Comprehensive income (loss) 11,075 (5,759 ) 52,212 (46,885 ) 10,643 Comprehensive loss attributable to noncontrolling interests — — (562 ) — (562 ) Preferred distributions 40,237 — — — 40,237 Income allocated to Series C and D limited partners 10,730 — — — 10,730 Comprehensive (loss) income attributable to common unitholders $ (39,892 ) $ (5,759 ) $ 52,774 $ (46,885 ) $ (39,762 )
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Year Ended December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (66,411 ) $ (4,513 ) $ 456,885 $ — $ 385,961 Investing activities Cash paid for single-family properties — — (784,666 ) — (784,666 ) Change in escrow deposits for purchase of single-family properties — — (8,937 ) — (8,937 ) Net proceeds received from sales of single-family properties and other 14,265 5,156 67,642 — 87,063 Collections from mortgage financing receivables — — 268 — 268 Distributions from unconsolidated joint ventures 680 — 8,612 — 9,292 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (854,346 ) 36,533 — 817,813 — Initial renovations to single-family properties — (1,613 ) (46,298 ) — (47,911 ) Recurring and other capital expenditures for single-family properties — — (37,540 ) — (37,540 ) Other purchases of productive assets (6,657 ) — (48,391 ) — (55,048 ) Net cash (used for) provided by investing activities (836,551 ) 40,076 (849,310 ) 808,306 (837,479 ) Financing activities Proceeds from issuance of Class A units 694,765 — — — 694,765 Payments of Class A unit issuance costs (10,637 ) — — — (10,637 ) Proceeds from issuance of perpetual preferred units 270,000 — — — 270,000 Payments of perpetual preferred unit issuance costs (9,229 ) — — — (9,229 ) Proceeds from exercise of stock options, net of tax withholding 548 — — — 548 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (477,879 ) — (477,879 ) Proceeds from revolving credit facility 202,000 — — — 202,000 Payments on revolving credit facility (112,000 ) — — — (112,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (969 ) — (969 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (35,594 ) 853,407 (817,813 ) — Distributions to common unitholders (47,234 ) — — — (47,234 ) Distributions to preferred unitholders (46,122 ) — — — (46,122 ) Deferred financing costs paid (3,974 ) — — — (3,974 ) Net cash provided by (used for) financing activities 862,948 (35,594 ) 365,052 (808,306 ) 384,100 Net decrease in cash, cash equivalents and restricted cash (40,014 ) (31 ) (27,373 ) — (67,418 ) Cash, cash equivalents and restricted cash, beginning of period 76,913 62 173,266 — 250,241 Cash, cash equivalents and restricted cash, end of period $ 36,899 $ 31 $ 145,893 $ — $ 182,823 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (9,263 ) $ (3,738 ) $ (87,907 ) $ — $ (100,908 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 11 $ 7,953 $ — $ 7,964 Transfer of term loan borrowings to revolving credit facility $ 50,000 $ — $ — $ — $ 50,000 Transfer of deferred financing costs from term loan to revolving credit facility $ 1,524 $ — $ — $ — $ 1,524 Transfers of completed homebuilding deliveries to properties $ — $ — $ 4,536 $ — $ 4,536 Note receivable related to a bulk sale of properties, net of discount $ 5,710 $ — $ — $ — $ 5,710 Redemption of participating preferred units $ (37,499 ) $ — $ — $ — $ (37,499 ) Accrued distributions to affiliates $ 4,720 $ — $ — $ — $ 4,720 Accrued distributions to non-affiliates $ 26,982 $ — $ — $ — $ 26,982 Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Year Ended December 31, 2016 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (137,991 ) $ 5,692 $ 411,166 $ — $ 278,867 Investing activities Cash paid for single-family properties — — (252,841 ) — (252,841 ) Change in escrow deposits for purchase of single-family properties — — (312 ) — (312 ) Cash acquired in noncash business combinations — 3,317 21,703 — 25,020 Payoff of credit facility in connection with ARPI merger (350,000 ) — — — (350,000 ) Net proceeds received from sales of single-family properties and other — 603 87,987 — 88,590 Net proceeds received from sales of non-performing loans — — 47,186 — 47,186 Purchase of commercial office buildings (20,056 ) — (7,049 ) — (27,105 ) Collections from mortgage financing receivables — — 19,425 — 19,425 Distributions from unconsolidated joint ventures 7,200 — 1,147 — 8,347 Collections from intercompany notes 19,092 — — (19,092 ) — Investments in subsidiaries (155,139 ) (9,508 ) — 164,647 — Initial renovations to single-family properties — (41 ) (39,871 ) — (39,912 ) Recurring and other capital expenditures for single-family properties — — (27,807 ) — (27,807 ) Other purchases of productive assets (4,576 ) — (8,413 ) — (12,989 ) Net cash (used for) provided by investing activities (503,479 ) (5,629 ) (158,845 ) 145,555 (522,398 ) Financing activities Proceeds from issuance of Class A units 102,830 — — — 102,830 Payments of Class A unit offering costs (227 ) — — — (227 ) Proceeds from issuance of perpetual preferred units 498,750 — — — 498,750 Payments of perpetual preferred units issuance costs (15,938 ) — — — (15,938 ) Proceeds from exercise of stock options 3,171 — — — 3,171 Repurchase of Class A units (96,098 ) — — — (96,098 ) Redemptions of Class A units (399 ) — — — (399 ) Payments on asset-backed securitizations — — (381,117 ) — (381,117 ) Proceeds from revolving credit facilities 951,000 — — — 951,000 Payments on revolving credit facilities (951,000 ) — — — (951,000 ) Proceeds from term loan facility 325,000 — — — 325,000 Payments on secured note payable — — (924 ) — (924 ) Payments on intercompany notes borrowed — — (19,092 ) 19,092 — Intercompany financing and distributions to parent — (1 ) 164,648 (164,647 ) — Distributions to noncontrolling interests — — (230 ) — (230 ) Distributions to common unitholders (58,445 ) — — — (58,445 ) Distributions to preferred unitholders (40,237 ) — — — (40,237 ) Distributions to Series C and D convertible unitholders (856 ) — — — (856 ) Deferred financing costs paid (10,436 ) — (40 ) — (10,476 ) Net cash provided by (used for) financing activities 707,115 (1 ) (236,755 ) (145,555 ) 324,804 Net increase in cash, cash equivalents and restricted cash 65,645 62 15,566 — 81,273 Cash, cash equivalents and restricted cash, beginning of period 11,268 — 157,700 — 168,968 Cash, cash equivalents and restricted cash, end of period $ 76,913 $ 62 $ 173,266 $ — $ 250,241 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (8,774 ) $ (3,115 ) $ (103,925 ) $ — $ (115,814 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ — $ (2,876 ) $ — $ (2,876 ) Conversion of nonperforming loans to properties $ — $ — $ 3,554 $ — $ 3,554 Merger with ARPI Single-family properties $ — $ 5,898 $ 1,271,355 $ — $ 1,277,253 Rent and other receivables, net $ — $ 50 $ 793 $ — $ 843 Escrow deposits, prepaid expenses and other assets $ — $ 666 $ 34,468 $ — $ 35,134 Deferred costs and other intangibles, net $ — $ 109 $ 22,587 $ — $ 22,696 Asset-backed securitization $ — $ — $ (329,703 ) $ — $ (329,703 ) Exchangeable senior notes, net $ — $ (112,298 ) $ — $ — $ (112,298 ) Accounts payable and accrued expenses $ (8,660 ) $ (4,475 ) $ (25,350 ) $ — $ (38,485 ) Class A units issued $ (530,460 ) $ — $ — $ — $ (530,460 )

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)statesingle_family_property	Dec. 31, 2016USD ($)statesingle_family_property
Organization and operations
Number of states | state	22	22
General partner ownership interest	83.80%
Limited partnership interest	16.20%
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Single family homes
Organization and operations
Number of properties	51,239	48,422
Single family homes | Single-family properties held for sale, net
Organization and operations
Number of properties	310	1,119

Significant Accounting Polici44

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017USD ($)single_family_property	Dec. 31, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)
Property Subject to or Available for Operating Lease
Noncash share-based compensation	$ 4,212,000	$ 3,636,000	$ 3,125,000
Property management expenses	69,712,000	70,724,000	60,343,000
Deferred tax assets and liabilities	0
Single-family Properties Held for Sale and Discontinued Operations [Abstract]
Loss on impairment of single-family properties	4,680,000	4,970,000	0
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of long-lived assets held-for-use	$ 0	$ 0	0
Leasing Costs
Lease amortization period	1 year
Building and Building Improvements | Maximum
Depreciation and Amortization
Estimated useful life of asset	30 years
Building and Building Improvements | Minimum
Depreciation and Amortization
Estimated useful life of asset	3 years
Single family homes
Single-family Properties Held for Sale and Discontinued Operations [Abstract]
Number of properties | single_family_property	51,239	48,422
Single-family properties held for sale, net | Single family homes
Single-family Properties Held for Sale and Discontinued Operations [Abstract]
Number of properties | single_family_property	310	1,119
Loss on impairment of single-family properties	$ 4,700,000	$ 5,000,000
Value of in-place leases
Investments in Real Estate
Finite-lived intangible asset, useful life	1 year
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to Property Management Expenses
Property Subject to or Available for Operating Lease
Share-based compensation expense	$ 1,600,000	1,500,000	1,200,000
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to General and Administrative Expenses
Property Subject to or Available for Operating Lease
Share-based compensation expense	2,600,000	2,100,000	1,900,000
Restatement Adjustment | Reclassification of Property Management Expenses
Property Subject to or Available for Operating Lease
Property management expenses		69,200,000	59,200,000
Stock options and Restricted stock units
Property Subject to or Available for Operating Lease
Noncash share-based compensation	$ 4,200,000	$ 3,600,000	$ 3,100,000

Significant Accounting Polici45

Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2017USD ($)reportable_segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Intangible Assets
Impairment of intangible assets	$ 0	$ 0	$ 0
Goodwill
Goodwill impairments	0	0	$ 0
Goodwill written off, sale of single-family properties		400,000
Goodwill	120,279,000	120,279,000
Allowance for Doubtful Accounts
Allowance for doubtful accounts	$ 10,400,000	$ 5,700,000
Revenue and Expense Recognition
Revenue recognition period of operating lease	1 year
Segment Reporting
Number of reportable segments | reportable_segment	1
Trademark
Intangible Assets
Finite-lived intangible asset, useful life	4 years 8 months 12 days
Database
Intangible Assets
Finite-lived intangible asset, useful life	7 years

Significant Accounting Polici46

Significant Accounting Policies (Schedule, Cash, Cash Equivalent, Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash and cash equivalents	$ 46,156	$ 118,799	$ 57,686
Restricted cash	136,667	131,442	111,282
Cash, cash equivalents and restricted cash	$ 182,823	$ 250,241	$ 168,968	$ 185,985

Single-Family Properties - Sche

Single-Family Properties - Schedule of Real Estate Properties (Details) $ in Thousands	Dec. 31, 2017USD ($)single_family_property	Dec. 31, 2016USD ($)single_family_property
Property Subject to or Available for Operating Lease
Net book value	$ 8,064,980	$ 7,547,856
Single family homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	51,239	48,422
Net book value	$ 8,064,980	$ 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	980	312
Net book value	$ 225,194	$ 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	372	91
Net book value	$ 47,994	$ 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	310	1,119
Net book value	$ 35,803	$ 87,430
Single family homes | Leased single-family properties
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	46,996	44,798
Net book value	$ 7,284,708	$ 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	2,581	2,102
Net book value	$ 471,281	$ 348,773

Single-Family Properties - Narr

Single-Family Properties - Narrative (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2017property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)
Property Subject to or Available for Operating Lease
Net proceeds received from sales of single-family properties and other		$ 87,063,000	$ 88,590,000	$ 0
Goodwill written off, sale of single-family properties			400,000
Goodwill		120,279,000	120,279,000
Insurance settlements receivable		8,900,000
Hurricane-related charges, net		7,963,000	0	0
Natural Disasters and Other Casualty Events
Property Subject to or Available for Operating Lease
Number of homes with major damage | property	125
Number of homes with minor damage | property	3,400
Impairment charge to write down the net book values of the impacted properties		11,000,000
Additional repair, remediation and other costs		5,900,000
Aggregate net book value of the impacted properties		7,100,000
Single family homes
Property Subject to or Available for Operating Lease
Real estate investment properties unrecorded deed		44,200,000	14,300,000
Depreciation expense		$ 281,200,000	$ 262,100,000	$ 223,900,000
Number of properties sold | property		923	712
Net proceeds received from sales of single-family properties and other		$ 72,600,000	$ 88,600,000
Gain on sale of single-family properties, net		3,600,000	$ 13,900,000
Receivable with imputed interest, face amount		7,000,000
Receivable with imputed interest discount		$ 1,500,000

Rent and Other Receivables, N49

Rent and Other Receivables, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Allowance for doubtful accounts	$ 10,400	$ 5,700
Insurance settlements receivable	8,900
Non-tenant receivables	1,200	$ 600
Future minimum rental revenues
2,018	425,892
2,019	5,675
2,020	182
2,021	115
2,022	77
Total	$ 431,941

Deferred Costs and Other Inta50

Deferred Costs and Other Intangibles, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 7,030	$ 7,470
Deferred financing costs	11,244	6,552
Intangible assets:
Intangible assets	23,653	23,961
Less: accumulated amortization	(10,628)	(12,005)
Total	13,025	11,956
Value of in-place leases
Intangible assets:
Intangible assets	179	4,739
Trademark
Intangible assets:
Intangible assets	3,100	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta51

Deferred Costs and Other Intangibles, Net (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense	$ 9.2	$ 31.2	$ 13.1
Amortization of deferred financing costs	$ 1.8	$ 2.3	$ 2.4

Deferred Costs and Other Inta52

Deferred Costs and Other Intangibles, Net (Details 3) $ in Thousands	Dec. 31, 2017USD ($)
Deferred Leasing Costs
Intangible Assets
2,018	$ 3,350
2,019	0
2,020	0
2,021	0
2,022	0
Total	3,350
Deferred Financing Costs
Intangible Assets
2,018	1,964
2,019	1,964
2,020	1,969
2,021	1,964
2,022	967
Total	8,828
Value of in-place leases
Intangible Assets
2,018	21
2,019	2
2,020	0
2,021	0
2,022	0
Total	23
Trademark
Intangible Assets
2,018	92
2,019	0
2,020	0
2,021	0
2,022	0
Total	92
Database
Intangible Assets
2,018	300
2,019	300
2,020	132
2,021	0
2,022	0
Total	$ 732

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 29, 2016
Debt Instrument [Line Items]
Total debt	$ 2,517,216,000	$ 2,981,062,000
Unamortized discount on exchangeable senior notes	(895,000)	(1,883,000)
Equity component of exchangeable senior notes	(2,408,000)	(4,969,000)
Deferred financing costs, net	(38,026,000)	(51,636,000)
Total debt per balance sheet	2,475,887,000	2,922,574,000
Amortization of debt issuance costs	$ 8,163,000	10,475,000	$ 8,305,000
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate	3.25%			3.25%
Total debt	$ 115,000,000	115,000,000
Unamortized discount on exchangeable senior notes				$ (2,700,000)
Equity component of exchangeable senior notes				$ (7,000,000)
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	2.76%
Total debt	$ 140,000,000	0
Credit facility maximum borrowing capacity	$ 800,000,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Line of Credit | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.825%
Line of Credit | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Line of Credit | Revolving Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Line of Credit | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.55%
Line of Credit | Term loan facility, net
Debt Instrument [Line Items]
Interest rate	2.91%
Total debt	$ 200,000,000	325,000,000
Deferred financing costs, net	(2,000,000)	(3,300,000)
Credit facility maximum borrowing capacity	$ 200,000,000
Line of Credit | Term loan facility, net | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Line of Credit | Term loan facility, net | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
Line of Credit | Term loan facility, net | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Line of Credit | Term loan facility, net | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit | Term loan facility, net | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Secured Debt
Debt Instrument [Line Items]
Total debt	$ 2,013,357,000	2,491,234,000
Amortization of debt issuance costs	6,400,000	8,500,000	$ 7,000,000
Secured Debt | 2014-SFR 1
Debt Instrument [Line Items]
Total debt	$ 0	456,074,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest rate	4.42%
Total debt	$ 496,326,000	501,810,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest rate	4.40%
Total debt	$ 512,041,000	517,827,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest rate	4.14%
Total debt	$ 537,723,000	543,480,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest rate	4.36%
Total debt	$ 467,267,000	472,043,000
Secured Debt | Notes Payable
Debt Instrument [Line Items]
Interest rate	4.06%
Total debt	$ 48,859,000	$ 49,828,000

Debt Debt - Maturities (Details

Debt Debt - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2,018	$ 136,723
2,019	68,564
2,020	20,714
2,021	20,714
2,022	360,714
Thereafter	1,909,787
Total debt	2,517,216	$ 2,981,062
Unamortized discounts and deferred financing costs	(41,329)
Total debt per balance sheet	$ 2,475,887	$ 2,922,574

Debt - Narrative (Details)

Debt - Narrative (Details)	Feb. 29, 2016USD ($)day	Feb. 28, 2018USD ($)	Sep. 30, 2015USD ($)single_family_property	Mar. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property	Nov. 30, 2014USD ($)property	Sep. 30, 2014USD ($)property	May 31, 2014USD ($)extension_optionfloating_rate_componentproperty	Feb. 23, 2018USD ($)property	Dec. 31, 2017USD ($)extension_optionsingle_family_propertyproperty	Dec. 31, 2016USD ($)single_family_propertyproperty	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Loan payoff amount										$ 477,879,000	$ 381,117,000	$ 19,739,000
Gain (loss) on extinguishment of debt										(6,555,000)	(13,408,000)	0
Single-family properties										8,064,980,000	7,547,856,000
Deferred financing costs, net										38,026,000	51,636,000
Payments of debt issuance costs										$ 3,974,000	10,476,000	25,335,000
Percentage portion of principal amount for which monthly payment is required										0.083%
Minimum coverage ratio										1.20
Proceeds from asset-backed securitizations										$ 0	0	$ 1,030,559,000
Debt instrument, unamortized discount										895,000	1,883,000
Convertible Debt										111,697,000	108,148,000
Debt instrument, convertible, carrying amount of equity component										2,408,000	4,969,000
Convertible notes payable, noncurrent										111,700,000
Total debt										2,517,216,000	2,981,062,000
Subsequent Events
Debt Instrument [Line Items]
Number of properties acquired | property									550
Subsequent Events | Designated as Hedging Instrument | Treasury Lock
Debt Instrument [Line Items]
Derivative interest rate									4.08%
Credit Agreement
Debt Instrument [Line Items]
Debt instrument, accordion feature, higher borrowing capacity option										$ 1,750,000,000
American Residential Properties Inc.
Debt Instrument [Line Items]
Purchase price	$ 1,322,461,000
Ellington portfolio acquisition
Debt Instrument [Line Items]
Interest rate					4.06%
Number of properties acquired | property					914
Number of properties treated as collateral | property					583
Minimum debt service coverage ratio					1.47
Ellington portfolio acquisition | Notes Payable
Debt Instrument [Line Items]
Purchase price					$ 51,600,000
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount											$ 1,000,000,000
Encumbered Properties
Debt Instrument [Line Items]
Number of properties | property										18,334	22,146
Single-family properties										$ 2,701,311,000	$ 3,375,208,000
Single family homes
Debt Instrument [Line Items]
Number of properties | single_family_property										51,239	48,422
Single-family properties										$ 8,064,980,000	$ 7,547,856,000
Number of properties sold | property										923	712
Secured Debt
Debt Instrument [Line Items]
Total debt										$ 2,013,357,000	$ 2,491,234,000
Secured Debt | Notes Payable
Debt Instrument [Line Items]
Interest rate										4.06%
Total debt										$ 48,859,000	$ 49,828,000
Secured Debt | Encumbered Properties
Debt Instrument [Line Items]
Number of properties | property										572	572
Single-family properties										$ 71,868,000	$ 73,780,000
Line of Credit | Term loan facility, net
Debt Instrument [Line Items]
Interest rate										2.91%
Deferred financing costs, net										$ 2,000,000	3,300,000
Total debt										200,000,000	325,000,000
Credit facility maximum borrowing capacity										$ 200,000,000
Line of Credit | Term loan facility, net | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										1.35%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate										2.76%
Number of debt instrument extension options | extension_option										2
Total debt										$ 140,000,000	0
Credit facility maximum borrowing capacity										$ 800,000,000
Line of credit extension period										6 months
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										1.20%
Line of Credit | Minimum | Term loan facility, net | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										0.90%
Line of Credit | Minimum | Term loan facility, net | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate										0.00%
Line of Credit | Minimum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										0.825%
Line of Credit | Minimum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate										0.00%
Line of Credit | Maximum | Term loan facility, net | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										1.75%
Line of Credit | Maximum | Term loan facility, net | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate										0.75%
Line of Credit | Maximum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate										1.55%
Line of Credit | Maximum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate										0.55%
Line of Credit | Special Purpose Entity
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt											(2,700,000)
Senior notes | 4.25% Senior Notes Due 2028 | Subsequent Events
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Interest rate		4.25%
Proceeds from issuance of unsecured debt		$ 494,000,000
Underwriting fees		3,200,000
Deferred financing costs, net									$ 1,500,000
Unamortized discount on debt		$ 2,800,000
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 115,000,000
Interest rate	3.25%									3.25%
Conversion ratio										0.0552716
Debt Instrument, convertible, threshold percentage of stock price trigger	98.00%
Debt instrument, convertible, threshold trading days | day	20
Debt instrument, convertible, threshold consecutive trading days | day	5
Convertible debt	$ 112,300,000
Debt instrument, unamortized discount	2,700,000
Convertible Debt	105,300,000
Debt instrument, convertible, carrying amount of equity component	$ 7,000,000
Fair value inputs, discount rate	6.70%
Total debt										$ 115,000,000	$ 115,000,000
Convertible Debt | American Residential Properties Inc. | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Conversion ratio	0.0469423
Conversion ratio, adjusted	0.0532795
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1.135
Convertible Debt | Minimum | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Debt Instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold consecutive trading days | day	30
2014-SFR 1
Debt Instrument [Line Items]
Loan payoff amount										$ 455,400,000
Number of homes pledged as collateral and released | property										2	2
Number of properties sold | property										2	47
Total release price										$ 700,000	$ 14,500,000
Debt instrument term								2 years
Interest rate cap agreement strike rate								3.85%
Period of extension options								12 months
2014-SFR 1 | Special Purpose Entity | Notes Payable
Debt Instrument [Line Items]
Number of properties | property								3,852
Debt instrument, face amount								$ 481,000,000
Number of floating rate loan components | floating_rate_component								6
2014-SFR 1 | Encumbered Properties
Debt Instrument [Line Items]
Number of properties | property										0	3,803
Single-family properties										$ 0	$ 575,421,000
2014-SFR 1 | Single family homes
Debt Instrument [Line Items]
LIBOR floor rate								0.25%
Number of debt instrument extension options | extension_option								3
Proceeds from asset-backed securitizations								$ 481,000,000
Debt issuance cost								$ 14,900,000
2014-SFR 1 | Single family homes | LIBOR
Debt Instrument [Line Items]
Interest margin on reference rate								1.54%
2014-SFR 1 | Property disqualified from collateral pool | Single family homes
Debt Instrument [Line Items]
Number of homes pledged as collateral and released | property										3,799	2,875
Release of restricted cash collateral for borrowed securities										$ (9,400,000)	$ (10,100,000)
2014-SFR 1 | Secured Debt | Special Purpose Entity
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt										$ (6,600,000)	$ (10,700,000)
2014-SFR 2
Debt Instrument [Line Items]
Number of homes pledged as collateral and released | property										3	3
Total release price										$ 400,000	$ 400,000
2014-SFR 2 | Encumbered Properties
Debt Instrument [Line Items]
Number of properties | property										4,481	4,484
Single-family properties										$ 627,988,000	$ 650,175,000
2014-SFR 2 | Single family homes
Debt Instrument [Line Items]
Loan payoff amount							$ 25,700,000
Number of properties | property							4,487
Debt instrument, face amount							$ 513,300,000
Weighted-average interest rate							4.42%
Debt instrument term							10 years
Proceeds from asset-backed securitizations							$ 487,700,000
Debt issuance cost							$ 12,900,000
2014-SFR 3
Debt Instrument [Line Items]
Number of homes pledged as collateral and released | property										4
Total release price										$ 500,000
2014-SFR 3 | Encumbered Properties
Debt Instrument [Line Items]
Number of properties | property										4,499	4,503
Single-family properties										$ 680,788,000	$ 706,262,000
2014-SFR 3 | Single family homes
Debt Instrument [Line Items]
Number of properties | property						4,503
Debt instrument, face amount						$ 528,400,000
Weighted-average interest rate						4.40%
Debt instrument term						10 years
Debt issuance cost						$ 12,900,000
2015-SFR 1
Debt Instrument [Line Items]
Number of homes pledged as collateral and released | property										2	1
Total release price										$ 200,000	$ 100,000
2015-SFR 1 | Special Purpose Entity
Debt Instrument [Line Items]
Debt instrument, face amount				$ 552,800,000
Weighted-average interest rate				4.14%
Debt instrument term				30 years
2015-SFR 1 | Special Purpose Entity | Notes Payable
Debt Instrument [Line Items]
Number of properties | property				4,661
2015-SFR 1 | Encumbered Properties
Debt Instrument [Line Items]
Number of properties | property										4,658	4,660
Single-family properties										$ 685,055,000	$ 710,778,000
2015-SFR 1 | Single family homes
Debt Instrument [Line Items]
Proceeds from asset-backed securitizations				$ 552,800,000
Debt issuance cost				$ 13,300,000
2015-SFR 2
Debt Instrument [Line Items]
Number of homes pledged as collateral and released | property											1
Total release price											$ 100,000
2015-SFR 2 | Special Purpose Entity
Debt Instrument [Line Items]
Debt instrument, face amount			$ 477,700,000
Weighted-average interest rate			4.36%
Debt instrument term			30 years
Proceeds from asset-backed securitizations			$ 477,700,000
Debt issuance cost			$ 11,300,000
2015-SFR 2 | Encumbered Properties
Debt Instrument [Line Items]
Number of properties | property										4,124	4,124
Single-family properties										$ 635,612,000	$ 658,792,000
2015-SFR 2 | Single family homes | Special Purpose Entity
Debt Instrument [Line Items]
Number of properties | single_family_property			4,125

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Gross interest cost	$ 118,276	$ 133,137	$ 98,103
Capitalized interest	(5,656)	(2,290)	(8,690)
Interest expense	$ 112,620	$ 130,847	$ 89,413

Accounts Payable and Accrued 57

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts payable	$ 1,726	$ 9
Accrued property taxes	47,765	46,091
Other accrued liabilities	31,788	31,262
Accrued distribution payable	26,982	0
Accrued construction and maintenance liabilities	17,928	9,899
Resident security deposits	75,951	70,430
Prepaid rent	20,727	19,515
Total	$ 222,867	$ 177,206

Shareholders' Equity _ Partne58

Shareholders' Equity / Partners' Capital - Class A Common Shares (Details) $ / shares in Units, $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)
Class of Stock [Line Items]
Proceeds from issuance of Class A common shares | $				$ 694,765	$ 102,830	$ 0
Class A common shares/units
Class of Stock [Line Items]
Issuance of class A common shares, net of offering costs (in shares)	13,800,000	14,842,982	36,546,170
Common shares, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Proceeds from issuance of Class A common shares | $	$ 312,000	$ 336,500
Stock issuance costs | $	$ 9,200	$ 400		$ 10,637	$ 227	$ 0
Class A Units | American Residential Properties Inc.
Class of Stock [Line Items]
Units outstanding (in shares)			1,343,843
Operating Partnership | Class A Units
Class of Stock [Line Items]
Stock exchange ratio				1
Percentage of units outstanding				83.80%	81.40%
Units outstanding (in shares)				342,099,865	298,931,517
Operating Partnership | Class A Units | American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding				0.30%	0.40%
Units outstanding (in shares)				1,073,509	1,279,316

Shareholders' Equity _ Partne59

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2017	Nov. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of Class A common shares				$ 694,765,000	$ 102,830,000	$ 0
Class A common shares/units
Class of Stock [Line Items]
Common stock, shares issued (in shares)	13,800,000	14,842,982	36,546,170
Proceeds from issuance of Class A common shares	$ 312,000,000	$ 336,500,000
Stock issuance costs	$ 9,200,000	$ 400,000		$ 10,637,000	$ 227,000	$ 0
At the Market - Common Share Offering Program | Class A common shares/units
Class of Stock [Line Items]
Shares reserved for future issuance								$ 400,000,000
Common stock, shares issued (in shares)				2,000,000	4,900,000
Proceeds from issuance of Class A common shares				$ 46,200,000	$ 104,000,000
Sale of stock, price per share (in dollars per share)				$ 22.74	$ 21.13
Proceeds from sale of stock, net of issuance costs				$ 45,600,000	$ 102,800,000
Stock issuance costs				600,000	$ 1,200,000
Capital shares amount authorized for future issuance							$ 500,000,000
Remaining available for future shares				$ 500,000,000

Shareholders' Equity _ Partne60

Shareholders' Equity / Partners' Capital - Share Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 23, 2018	Sep. 30, 2015
Class A common shares/units
Class of Stock [Line Items]
Repurchase of Class A common stock, authorized amount					$ 300,000,000
Weighted-average price of shares (in dollars per share)		$ 15.44
Total cost of Class A common shares		$ 96,000,000
Remaining repurchase authorization amount	$ 146,700,000
Class A common shares/units | Subsequent Events
Class of Stock [Line Items]
Repurchase of Class A common stock, authorized amount				$ 300,000,000
Class A common shares/units | Common Stock
Class of Stock [Line Items]
Repurchase and retire of Class A common shares (in shares)	0	6,215,656	3,633,602
Preferred shares | Subsequent Events
Class of Stock [Line Items]
Repurchase of Class A common stock, authorized amount				$ 250,000,000

Shareholders' Equity _ Partne61

Shareholders' Equity / Partners' Capital - Class B Common Shares (Details) - Class B common shares	12 Months Ended
	Dec. 31, 2017Voteshares
Class of Stock [Line Items]
Common shares entitled to vote | Vote	50
Voting interest percent	30.00%
2012 Offering | AH LLC | 2,770 Property Contribution
Class of Stock [Line Items]
Common stock issued in connection with investment (in shares) | shares	635,075

Shareholders' Equity _ Partne62

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Thousands	Oct. 03, 2017	Jun. 30, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Mar. 31, 2014USD ($)shares	Dec. 31, 2017USD ($)market$ / shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Class of Stock [Line Items]
Liquidation preference per share (in dollars per share) | $ / shares					$ 25
Series C Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate		5.50%			5.50%	5.50%	5.50%
Liquidation preference per share (in dollars per share) | $ / shares					$ 25
Preferred units issued (in shares) | shares		7,600,000
Gross proceeds from issuance of Preferred shares before offering costs		$ 190,000
Offering costs		$ 9,700
Series A Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate	5.00%		5.00%		5.00%	5.00%	5.00%
Liquidation preference per share (in dollars per share) | $ / shares					$ 25
Preferred units issued (in shares) | shares			5,060,000
Gross proceeds from issuance of Preferred shares before offering costs			$ 126,500
Offering costs			$ 7,300
Preferred shares
Class of Stock [Line Items]
Preferred stock, cumulative change in value of index based on purchase prices of single-family properties (as a percent)					50.00%
Number of single-family properties located in top markets | market					20
Preferred stock, maximum internal rate of return considering initial liquidation liquidation preference (as a percent)					9.00%
Increase in cumulative annual cash dividend rate					10.00%
Gross proceeds from issuance of Preferred shares before offering costs					$ 270,000	$ 498,750	$ 0
Liquidation preference (as a percent)					50.00%
Initial liquidation preference					$ 218,200
Series B Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate	5.00%			5.00%	5.00%	5.00%	5.00%
Liquidation preference per share (in dollars per share) | $ / shares					$ 25
Preferred units issued (in shares) | shares				4,400,000
Gross proceeds from issuance of Preferred shares before offering costs				$ 110,000
Offering costs				$ 6,600

Shareholders' Equity _ Partne63

Shareholders' Equity / Partners' Capital - Redemption of Series A and B Participating Preferred Shares (Details) $ / shares in Units, $ in Millions	Oct. 03, 2017marketshares	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)				38,350,000	37,010,000
Preferred shares, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Conversion ratio	1.13106
Series B Participating Preferred Stock
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)	4,400,000
Cumulative annual cash dividend rate	5.00%		5.00%	5.00%	5.00%	5.00%
Series A Participating Preferred Stock
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)	5,060,000
Cumulative annual cash dividend rate	5.00%	5.00%		5.00%	5.00%	5.00%
Preferred shares, par value (in dollars per share) | $ / shares				$ 0.01
Conversions (in shares)	12,398,276
Class A common shares/units
Class of Stock [Line Items]
Percent of cumulative change in value of an index	50.00%
Number of markets used in calculation | market	20
Preferred stock redemption premium | $				$ 42.4

Shareholders' Equity _ Partne64

Shareholders' Equity / Partners' Capital - Perpetual Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Liquidation preference per share (in dollars per share)				$ 25
Preferred stock, change in control redemption period				120 days
Preferred shares, shares issued (in shares)				38,350,000	37,010,000
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred Shares dividend rate			6.50%	6.50%
Preferred shares, shares issued (in shares)			10,750,000
Gross proceeds from issuance of Preferred shares before offering costs			$ 268.8
Adjustments to additional paid in capital, stock issued, issuance costs			$ 8.5
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate				6.35%
Preferred shares, shares issued (in shares)			9,200,000
Gross proceeds from issuance of Preferred shares before offering costs			$ 230
Adjustments to additional paid in capital, stock issued, issuance costs			$ 7.5
Series F Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate				5.875%
Liquidation preference per share (in dollars per share)		$ 25
Issuance of perpetual preferred shares, net of offering costs (in shares)		6,200,000
Proceeds from issuance of redeemable preferred stock		$ 155
Offering costs		$ 5.3
Series G Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate				5.875%
Liquidation preference per share (in dollars per share)	$ 25
Issuance of perpetual preferred shares, net of offering costs (in shares)	4,600,000
Proceeds from issuance of redeemable preferred stock	$ 115
Offering costs	$ 4.1

Shareholders' Equity _ Partne65

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

Shareholders' Equity _ Partne66

Shareholders' Equity / Partners' Capital - Conversion of Series E Convertible Unit into Series D Convertible Units (Details) $ in Thousands	Feb. 29, 2016USD ($)shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Class of Stock [Line Items]
Gain on conversion of Series E units | $	$ 11,500	$ 0	$ 11,463	$ 0
Series E Convertible Units
Class of Stock [Line Items]
Contingent beneficial conversion, Series E | $	$ 2,800
Series E Convertible Units | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares) | shares	4,375,000
Series E Convertible Units | AH LLC | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares) | shares	4,375,000
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1

Shareholders' Equity _ Partne67

Shareholders' Equity / Partners' Capital - Conversion of Series D Convertible Units into Class A Units (Details) $ / shares in Units, $ in Millions	Sep. 30, 2016USD ($)shares	Feb. 29, 2016USD ($)shares	Dec. 31, 2017$ / shares
Series D Convertible Units
Class of Stock [Line Items]
Percent of distributions claimed on operating partnership			70.00%
Period after issuance for eligibility to participate in operating partnership distributions			30 months
Limited liability company or limited partnership, conversion requirements, adjusted funds from operations (in dollars per share) | $ / shares			$ 0.80
Limited liability company or limited partnership, conversion requirements, average price per common share (in dollars per share) | $ / shares			$ 18
Contingent beneficial conversion, Series E | $	$ 7.6
Series D Convertible Units | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares)	8,750,000
Series D Convertible Units | Operating Partnership | AH LLC
Class of Stock [Line Items]
Limited liability company or limited partnership, conversion ratio	1		1
Series E Convertible Units
Class of Stock [Line Items]
Contingent beneficial conversion, Series E | $		$ 2.8
Series E Convertible Units | Operating Partnership
Class of Stock [Line Items]
Units owned (in shares)		4,375,000
Series E Convertible Units | Operating Partnership | AH LLC
Class of Stock [Line Items]
Units owned (in shares)		4,375,000

Shareholders' Equity _ Partne68

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	Oct. 03, 2017	Jun. 30, 2016	Jun. 30, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Series C Convertible Units
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							$ 0.06517	$ 0.60452
Class A common shares/units
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)						$ 0.2	0.2	0.2
Class B common shares
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)						0.20	0.20	0.20
Series A Participating Preferred Stock
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)						$ 0.94	$ 1.25	$ 1.25
Preferred Shares dividend rate	5.00%			5.00%		5.00%	5.00%	5.00%
Series B Participating Preferred Stock
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)						$ 0.94	$ 1.25	$ 1.25
Preferred Shares dividend rate	5.00%				5.00%	5.00%	5.00%	5.00%
Series C Participating Preferred Stock
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)						$ 1.38	$ 1.375	$ 1.375
Preferred Shares dividend rate			5.50%			5.50%	5.50%	5.50%
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred Shares dividend rate		6.50%				6.50%
Preferred stock, dividends per share, declared (in dollars per share)						$ 1.63	$ 0.98403
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate						6.35%
Preferred stock, dividends per share, declared (in dollars per share)						$ 1.59	0.80257
Series F Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate						5.875%
Preferred stock, dividends per share, declared (in dollars per share)						$ 1.01
Series G Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Shares dividend rate						5.875%
Preferred stock, dividends per share, declared (in dollars per share)						$ 0.67
Series D Convertible Units
Class of Stock [Line Items]
Dividend payable per share (in dollars per share)							$ 0.11

Shareholders' Equity _ Partne69

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Narrative (Details) - Class A Units - shares	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
American Residential Properties Inc.
Class of Stock [Line Items]
Units outstanding (in shares)			1,343,843
Operating Partnership
Class of Stock [Line Items]
Equity interest rate	83.80%	81.40%
Units outstanding (in shares)	342,099,865	298,931,517
Operating Partnership | American Residential Properties Inc.
Class of Stock [Line Items]
Equity interest rate	0.30%	0.40%
Units outstanding (in shares)	1,073,509	1,279,316
AH LLC
Class of Stock [Line Items]
Units owned (in shares)	54,276,644
AH LLC | Operating Partnership
Class of Stock [Line Items]
Equity interest rate	15.90%	18.20%

Shareholders' Equity _ Partne70

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Reflected in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Noncontrolling interest	$ (4,507)	$ 3,751	$ 14,353
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Noncontrolling interest	141	(562)	(157)
Series C Convertible Units
Class of Stock [Line Items]
Noncontrolling interest	0	3,027	18,792
Class A Units
Class of Stock [Line Items]
Noncontrolling interest	(4,648)	(6,417)	(4,282)
Series D Convertible Units
Class of Stock [Line Items]
Noncontrolling interest	0	134	0
Noncontrolling interest, beneficial conversion feature	$ 0	$ 7,569	$ 0

Shareholders' Equity _ Partne71

Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012
Class of Stock [Line Items]
Noncash share-based compensation	$ 4,212	$ 3,636	$ 3,125
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to General and Administrative Expenses
Class of Stock [Line Items]
Share-based compensation expense	2,600	2,100	1,900
Restatement Adjustment | Reclassification of Noncash Share-based Compensation to Property Management Expenses
Class of Stock [Line Items]
Share-based compensation expense	1,600	1,500	1,200
Stock options and Restricted stock units
Class of Stock [Line Items]
Noncash share-based compensation	4,200	$ 3,600	$ 3,100
Stock options
Class of Stock [Line Items]
Total unrecognized compensation cost	$ 2,900
Weighted-average period of unvested cost	2 years 2 months 19 days
Restricted stock units
Class of Stock [Line Items]
Total unrecognized compensation cost	$ 3,700
Weighted-average period of unvested cost	2 years 10 months 28 days
2012 Equity Incentive Plan | Board of Trustees
Class of Stock [Line Items]
Vesting period	4 years	4 years	4 years
Expiration period	10 years	10 years	10 years
2012 Equity Incentive Plan | Restricted stock units
Class of Stock [Line Items]
Stock options granted (in shares)	174,400	74,100	44,000
2012 Equity Incentive Plan | Class A common shares/units
Class of Stock [Line Items]
Shares available for issuance (in shares)				6,000,000
2012 Equity Incentive Plan | Class A common shares/units | Stock options
Class of Stock [Line Items]
Stock options granted (in shares)	385,200	708,000	588,500

Shareholders' Equity _ Partne72

Shareholders' Equity / Partners' Capital - Stock Option Activity (Details) - Stock options - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning of period (in shares)	2,826,500	2,484,400	2,165,000
Granted (in shares)	385,200	708,000	588,500
Exercised (in shares)	(74,000)	(196,000)	(16,600)
Forfeited (in shares)	(85,250)	(169,900)	(252,500)
Options outstanding, end of period (in shares)	3,052,450	2,826,500	2,484,400	2,165,000
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Exercise Price [Roll Forward]
Options outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 15.69	$ 16.22	$ 16.17
Granted, weighted average exercise price (in dollars per share)	23.38	14.15	16.49
Exercised, weighted average exercise price (in dollars per share)	15.65	16.18	15.16
Forfeited, weighted average exercise price (in dollars per share)	16.24	16.38	16.57
Options outstanding, weighted average exercise price, ending balance (in dollars per share)	$ 16.65	$ 15.69	$ 16.22	$ 16.17
Options outstanding, weighted average contractual life	6 years 10 months 10 days	7 years 7 months 6 days	8 years 7 days	8 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Intrinsic Value [Roll Forward]
Options outstanding, intrinsic value	$ 16,421	$ 14,956	$ 1,225	$ 1,890
Exercised, intrinsic value	$ 520	$ 790	$ 19
Options exercisable at period end (in shares)	1,782,750
Options exercisable at period end, weighted average exercise price (in dollars per share)	$ 15.92
Options exercisable at period end, weighted average contractual life	6 years 29 days
Options exercisable at period end, intrinsic value	$ 10,558

Shareholders' Equity _ Partne73

Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value (in dollars per share)	$ 3.82	$ 2.82	$ 4.57
Expected term (years)	7 years	7 years	7 years
Dividend yield	3.00%	3.00%	3.00%
Volatility	21.30%	27.30%	35.90%
Risk-free interest rate	2.20%	1.50%	1.90%

Shareholders' Equity _ Partne74

Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details) - Restricted stock units - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units at beginning of period (in shares)	130,150	91,650	85,000
Units awarded (in shares)	174,400	74,100	44,000
Units vested (in shares)	(42,475)	(27,250)	(22,000)
Units forfeited (in shares)	(18,200)	(8,350)	(15,350)
Restricted stock units at end of period (in shares	243,875	130,150	91,650

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction
Amounts payable to affiliates		$ 4,720	$ 0
American Homes 4 Rent, L.P.
Related Party Transaction
Amounts payable to affiliates		$ 4,720	$ 0
Class A common shares/units
Related Party Transaction
Common stock, shares outstanding (in shares)		286,114,637	242,740,482
Class B common shares
Related Party Transaction
Common stock, shares outstanding (in shares)		635,075	635,075
Affiliates
Related Party Transaction
Percent of shares held		26.10%	27.60%
Due from affiliates			$ 5,200
Affiliates | American Homes 4 Rent, L.P.
Related Party Transaction
Amounts payable to affiliates		$ 4,700
Due from affiliates		$ 25,700	$ 30,900
Affiliates | Class A common shares/units
Related Party Transaction
Percent of shares held		12.10%	11.40%
Common stock, shares outstanding (in shares)		54,018,819	54,018,819
Affiliates | Class B common shares
Related Party Transaction
Common stock, shares outstanding (in shares)		635,075	635,075
Board of Directors Chairman | Class A common shares/units | Private Placement
Related Party Transaction
Consideration received for stock	$ 50,000

Acquisitions - Merger with Amer

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

Acquisitions - Merger with Am77

Acquisitions - Merger with American Residential Properties - Tables (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 29, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pro Forma Supplemental Information [Abstract]
Pro forma net loss per share (in dollars per share)		$ 0.01	$ (0.09)	$ (0.04)	$ (0.02)		$ (0.08)	$ (0.14)	$ (0.40)
American Residential Properties Inc.
Assets Assumed and Liabilities Acquired [Abstract]
Land	$ 262,396
Buildings and improvements	1,014,857
Cash and cash equivalents	15,499
Restricted cash	9,521
Rent and other receivables	843
Escrow deposits, prepaid expenses and other assets	35,134
In-place leases	22,696
Accounts payable and accrued expenses	(38,485)
Net assets acquired	1,322,461
Debt assumed or extinguished	792,001
Equity transaction consideration	530,460
Total transaction consideration	1,322,461
Revenues and Income Attributable to Business Combination [Abstract]
Total revenues						$ 119,245
Net income						$ 1,237
Pro Forma Supplemental Information [Abstract]
Pro forma total revenues								$ 900,958	$ 754,710
Pro forma net loss								$ (8,989)	$ (54,995)
American Residential Properties Inc. | Pro Forma
Pro Forma Supplemental Information [Abstract]
Pro forma net loss per share (in dollars per share)								$ (0.22)	$ (0.37)
American Residential Properties Inc. | Credit facility
Assets Assumed and Liabilities Acquired [Abstract]
Debt assumed or extinguished	350,000
American Residential Properties Inc. | Exchangeable senior notes
Assets Assumed and Liabilities Acquired [Abstract]
Debt assumed or extinguished	112,298						$ 0	$ 112,298	$ 0
American Residential Properties Inc. | Asset-backed securitization
Assets Assumed and Liabilities Acquired [Abstract]
Debt assumed or extinguished	$ 329,703						$ 0	$ 329,703	$ 0

Acquisitions - 2015 Acquisition

Acquisitions - 2015 Acquisitions (Details) - RJ Joint Ventures $ in Millions	1 Months Ended
	Oct. 31, 2015USD ($)single_family_property
Business Acquisition [Line Items]
Acquired of membership interests	67.00%
Number of properties acquired | single_family_property	377
Purchase price | $	$ 44.4

Earnings per Share _ Unit (Deta

Earnings per Share / Unit (Details) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2016$ / shares	Sep. 30, 2016$ / shares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Numerator:
Net income (loss)					$ 76,492	$ 10,446	$ (47,948)
Noncontrolling interest					(4,507)	3,751	14,353
Dividends on preferred shares/Preferred distributions					60,718	40,237	22,276
Redemption of participating preferred shares/units					42,416	0	0
Numerator for basic loss per common share/unit - basic and diluted					$ (22,135)	$ (33,542)	$ (84,577)
Denominator:
Weighted-average common shares outstanding - basic and diluted (in shares) | shares					264,254,718	234,010,168	210,600,111
Net income (loss) per common share/unit
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share) | $ / shares	$ 0.01	$ (0.09)	$ (0.04)	$ (0.02)	$ (0.08)	$ (0.14)	$ (0.40)
Potentially dilutive securities | shares					17,084,135	32,914,593	19,636,050
Class A Units
Numerator:
Noncontrolling interest					$ (4,648)	$ (6,417)	$ (4,282)
American Homes 4 Rent, L.P.
Numerator:
Net income (loss)					76,492	10,446	(47,948)
Noncontrolling interest					141	(562)	(157)
Dividends on preferred shares/Preferred distributions					60,718	40,237	22,276
Redemption of participating preferred shares/units					42,416	0	0
Income allocated to Series C and D limited partners					0	10,730	20,212
Numerator for basic loss per common share/unit - basic and diluted					$ (26,783)	$ (39,959)	$ (90,279)
Denominator:
Weighted-average common units outstanding - basic and diluted (in shares) | shares					319,753,206	277,912,532	225,040,781
Net income (loss) per common share/unit
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share) | $ / shares	$ (0.01)	$ (0.07)	$ (0.04)	$ (0.01)
Net loss per common unit - basic and diluted (in dollars per share) | $ / shares					$ (0.08)	$ (0.14)	$ (0.40)
Potentially dilutive securities | shares					17,084,135	32,914,593	19,636,050
American Homes 4 Rent, L.P. | Series C Operating Partnership Units
Net income (loss) per common share/unit
Net loss per common unit - basic and diluted (in dollars per share) | $ / shares					$ 0	$ 0.61	$ 0.60
American Homes 4 Rent, L.P. | Series D Operating Partnership Units
Net income (loss) per common share/unit
Net loss per common unit - basic and diluted (in dollars per share) | $ / shares					0	1.32	0
American Homes 4 Rent, L.P. | Series E Operating Partnership Units
Net income (loss) per common share/unit
Net loss per common unit - basic and diluted (in dollars per share) | $ / shares					$ 0	$ 0	$ 0
Operating Partnership | Class A Units
Net income (loss) per common share/unit
Stock exchange ratio					1

Commitments and Contingencies80

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating leases rental expenses
Rent expense	$ 2,614	$ 2,124	$ 2,099
Less: income from subleases	(418)	(187)	(9)
Net rent expense	2,196	$ 1,937	$ 2,090
Future lease obligations under our operating leases
2,018	1,113
2,019	1,046
2,020	739
2,021	543
2,022	397
Thereafter	55
Total lease commitments	3,893
Less: income from subleases	0
Net lease commitments	$ 3,893

Commitments and Contingencies81

Commitments and Contingencies (Details 2) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)single_family_property	Dec. 31, 2016USD ($)single_family_property	Dec. 31, 2015USD ($)
Commitments and contingencies
Number of real estate properties held-for-sale in escrow | single_family_property	69	57
Expected proceeds from sale of property held-for-sale	$ 7	$ 6.6
Company contributions	0.9	0.7	$ 0.5
Silver Bay Realty Trust Corp.
Commitments and contingencies
Gain on sale of equity instruments	3
Single Family
Commitments and contingencies
Single-family property commitments	128.1	37.8
Land
Commitments and contingencies
Single-family property commitments	$ 24	$ 3.9
Commitment to acquire properties
Commitments and contingencies
Number of properties | single_family_property	520	118

Noncash Transactions (Details)

Noncash Transactions (Details) - American Residential Properties Inc.	Feb. 29, 2016shares
Nonmonetary Transaction
Business combination, step acquisition, equity interest in acquiree, percentage	12.70%
Class A common shares/units
Nonmonetary Transaction
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1.135
Business acquisition, equity interest issued or issuable (in shares)	36,546,170
Class A Units
Nonmonetary Transaction
Business acquisition, equity interest issued or issuable, number of shares, multiplier	1.135
Business acquisition, equity interest issued or issuable (in shares)	1,343,843

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Oct. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net		$ 38,026		$ 51,636
Scenario, Forecast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain (loss)	$ 9,600
Designated as Hedging Instrument | Treasury Lock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount			$ 350,000
Treasury lock			$ 100
Credit facility | LIBOR | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		1.20%
Credit facility | LIBOR | Minimum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		0.825%
Credit facility | LIBOR | Maximum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		1.55%
Credit facility | Base Rate | Minimum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		0.00%
Credit facility | Base Rate | Maximum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		0.55%
Asset-backed securitization
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net		$ 36,000		48,400
Term loan facility, net | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net		$ 2,000		3,300
Term loan facility, net | LIBOR | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		1.35%
Term loan facility, net | LIBOR | Minimum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		0.90%
Term loan facility, net | LIBOR | Maximum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		1.75%
Term loan facility, net | Base Rate | Minimum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		0.00%
Term loan facility, net | Base Rate | Maximum | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable rate		0.75%
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		$ 2,013,357		2,491,234
Convertible debt		111,697		108,148
Secured notes payable		48,859		49,828
Revolving credit facilities		140,000		0
Term loan facility		200,000		325,000
Total debt		2,513,913		2,974,210
Carrying Value | 2014-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		0		456,074
Carrying Value | 2014-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		496,326		501,810
Carrying Value | 2014-SFR 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		512,041		517,827
Carrying Value | 2015-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		537,723		543,480
Carrying Value | 2015-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		467,267		472,043
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		2,046,406		2,544,423
Convertible debt		147,462		142,808
Secured notes payable		49,027		50,053
Revolving credit facilities		140,000		0
Term loan facility		200,000		325,000
Total debt		2,582,895		3,062,284
Fair Value | 2014-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		0		465,343
Fair Value | 2014-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		504,730		510,941
Fair Value | 2014-SFR 3 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		521,252		530,549
Fair Value | 2015-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		544,592		553,689
Fair Value | 2015-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		$ 475,832		$ 483,901

Fair Value - Interest Rate Cap,

Fair Value - Interest Rate Cap, Convertible Series E, and Preferred Shares (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Liabilities:
Participating preferred shares derivative liability	$ 29,470	$ 69,810	$ 62,790
Recurring
Assets:
Treasury lock	75
Liabilities:
Participating preferred shares derivative liability	29,470	69,810
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Treasury lock	0
Liabilities:
Participating preferred shares derivative liability	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Treasury lock	75
Liabilities:
Participating preferred shares derivative liability	0	0
Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Treasury lock	0
Liabilities:
Participating preferred shares derivative liability	$ 29,470	$ 69,810

Fair Value - Level 3 Liabilitie

Fair Value - Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Participating preferred shares derivative liability
Preferred shares derivative liability beginning balance	$ 69,810	$ 62,790
Conversions	(37,499)	0
Remeasurement included in earnings	(2,841)	7,020
Preferred shares derivative liability ending balance	29,470	69,810
Contingently convertible Series E units liability
Contingently convertible Series E units liability beginning balance	$ 0	69,957
Conversions		(58,494)
Remeasurement included in earnings		(11,463)
Contingently convertible Series E units liability end balance		$ 0

Quarterly Financial Informati86

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in Accounting Estimate [Line Items]
Rents from single-family properties	$ 210,778	$ 207,490	$ 204,648	$ 201,107	$ 198,980	$ 197,137	$ 193,491	$ 167,995	$ 824,023	$ 757,603	$ 559,719
Net income (loss)	30,533	19,097	15,066	11,796	9,338	(167)	(3,753)	5,028	76,492	10,446	(47,948)
Net (loss) income attributable to common shareholders/unitholders	$ (21,994)	$ 1,535	$ (186)	$ (1,490)	$ 2,391	$ (21,152)	$ (10,404)	$ (4,377)	(22,135)	(33,542)	$ (84,577)
Net (loss) income attributable to common shareholders/unitholders per share/unit—basic (in dollars per share)	$ (0.08)	$ 0.01	$ 0	$ (0.01)
Net loss attributable to common shareholders per share diluted (in dollars per share)	$ (0.08)	$ 0	$ 0	$ (0.01)	$ (0.01)	$ (0.09)	$ (0.04)	$ (0.02)
Noncontrolling interest	$ 726,195				$ 744,684				$ 726,195	$ 744,684
Net loss attributable to common unitholders per unit - basic and diluted (in dollars per share)					$ 0.01	$ (0.09)	$ (0.04)	$ (0.02)	$ (0.08)	$ (0.14)	$ (0.40)
American Homes 4 Rent, L.P.
Change in Accounting Estimate [Line Items]
Rents from single-family properties	210,778	$ 207,490	$ 204,648	$ 201,107	$ 198,980	$ 197,137	$ 193,491	$ 167,995	$ 824,023	$ 757,603	$ 559,719
Net income (loss)	30,533	19,097	15,066	11,796	9,338	(167)	(3,753)	5,028	76,492	10,446	(47,948)
Net (loss) income attributable to common shareholders/unitholders	$ (26,612)	$ 1,875	$ (217)	$ (1,829)	$ (4,133)	$ (21,179)	$ (11,020)	$ (3,627)	$ (26,783)	(39,959)	$ (90,279)
Net (loss) income attributable to common shareholders/unitholders per share/unit—basic (in dollars per share)	$ (0.08)	$ 0.01	$ 0	$ (0.01)
Net loss attributable to common shareholders per share diluted (in dollars per share)	$ (0.08)	$ 0	$ 0	$ (0.01)
Net loss attributable to common unitholders per unit - basic and diluted (in dollars per share)					$ (0.01)	$ (0.07)	$ (0.04)	$ (0.01)
Scenario, Adjustment
Change in Accounting Estimate [Line Items]
Noncontrolling interest					$ (5,700)					$ (5,700)

Condensed Consolidating Finan87

Condensed Consolidating Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Net book value	$ 8,064,980	$ 7,547,856
Cash and cash equivalents	46,156	118,799	$ 57,686
Restricted cash	136,667	131,442	111,282
Rent and other receivables, net	30,144	17,618
Deferred costs and other intangibles, net	13,025	11,956
Goodwill	120,279	120,279
Total assets	8,608,768	8,107,210
Liabilities
Exchangeable senior notes, net	111,697	108,148
Secured note payable	48,859	49,828
Accounts payable and accrued expenses	222,867	177,206
Amounts payable to affiliates	4,720	0
Participating preferred shares derivative liability	29,470	69,810	62,790
Total liabilities	2,732,944	3,169,590
Capital [Abstract]
Accumulated other comprehensive income	75	95
Total liabilities and equity/capital	8,608,768	8,107,210
Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	198,023	321,735
Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	140,000	0
American Homes 4 Rent, L.P.
Assets
Net book value	8,064,980	7,547,856
Cash and cash equivalents	46,156	118,799
Restricted cash	136,667	131,442
Rent and other receivables, net	30,144	17,618
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	197,517	159,260
Investments in subsidiaries	0	0
Deferred costs and other intangibles, net	13,025	11,956
Goodwill	120,279	120,279
Total assets	8,608,768	8,107,210
Liabilities
Asset-backed securitizations, net	1,977,308	2,442,863
Exchangeable senior notes, net	111,697	108,148
Secured note payable	48,859	49,828
Accounts payable and accrued expenses	222,867	177,206
Amounts payable to affiliates	4,720	0
Intercompany payables	0	0
Participating preferred shares derivative liability	29,470	69,810
Total liabilities	2,732,944	3,169,590
Capital [Abstract]
Limited partners, capital account	727,544	746,174
Accumulated other comprehensive income	75	95
Total partners' capital	5,877,173	4,939,110
Noncontrolling interest	(1,349)	(1,490)
Total capital	5,875,824	4,937,620	$ 3,935,233	$ 4,169,594
Total liabilities and equity/capital	8,608,768	8,107,210
American Homes 4 Rent, L.P. | Common Units
Capital [Abstract]
General partner, capital account	4,248,236	3,357,992
Limited partners, capital account	727,544	746,174
American Homes 4 Rent, L.P. | Preferred Shares/Units
Capital [Abstract]
General partner, capital account	901,318	834,849
American Homes 4 Rent, L.P. | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	198,023	321,735
American Homes 4 Rent, L.P. | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	140,000	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Assets
Net book value	0	0
Cash and cash equivalents	22,157	76,913
Restricted cash	14,742	0
Rent and other receivables, net	114	131
Intercompany receivables	154,621	133,808
Escrow deposits, prepaid expenses and other assets, including due from affiliates	59,271	57,543
Investments in subsidiaries	5,889,146	4,928,974
Deferred costs and other intangibles, net	9,652	7,724
Goodwill	120,279	120,279
Total assets	6,269,982	5,325,372
Liabilities
Asset-backed securitizations, net	0	0
Exchangeable senior notes, net	0	0
Secured note payable	0	0
Accounts payable and accrued expenses	27,566	1,715
Amounts payable to affiliates	4,720
Intercompany payables	0	0
Participating preferred shares derivative liability	29,470	69,810
Total liabilities	399,779	393,260
Capital [Abstract]
Limited partners, capital account	727,544	746,174
Accumulated other comprehensive income	75	67
Total partners' capital	5,870,203	4,932,112
Noncontrolling interest	0	0
Total capital	5,870,203	4,932,112
Total liabilities and equity/capital	6,269,982	5,325,372
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Common Units
Capital [Abstract]
General partner, capital account	4,241,266	3,351,022
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Preferred Shares/Units
Capital [Abstract]
General partner, capital account	901,318	834,849
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	198,023	321,735
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	140,000	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Assets
Net book value	1,732	4,838
Cash and cash equivalents	0	0
Restricted cash	31	62
Rent and other receivables, net	57	144
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	164	170
Investments in subsidiaries	115,303	116,242
Deferred costs and other intangibles, net	0	3
Goodwill	0	0
Total assets	117,287	121,459
Liabilities
Asset-backed securitizations, net	0	0
Exchangeable senior notes, net	111,697	108,148
Secured note payable	0	0
Accounts payable and accrued expenses	2,757	3,708
Amounts payable to affiliates	0
Intercompany payables	8,428	8,393
Participating preferred shares derivative liability	0	0
Total liabilities	122,882	120,249
Capital [Abstract]
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	(5,595)	1,210
Noncontrolling interest	0	0
Total capital	(5,595)	1,210
Total liabilities and equity/capital	117,287	121,459
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Common Units
Capital [Abstract]
General partner, capital account	(5,595)	1,210
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Preferred Shares/Units
Capital [Abstract]
General partner, capital account	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Assets
Net book value	8,063,248	7,543,018
Cash and cash equivalents	23,999	41,886
Restricted cash	121,894	131,380
Rent and other receivables, net	29,973	17,343
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	138,082	101,547
Investments in subsidiaries	0	0
Deferred costs and other intangibles, net	3,373	4,229
Goodwill	0	0
Total assets	8,380,569	7,839,403
Liabilities
Asset-backed securitizations, net	1,977,308	2,442,863
Exchangeable senior notes, net	0	0
Secured note payable	48,859	49,828
Accounts payable and accrued expenses	192,544	171,783
Amounts payable to affiliates	0
Intercompany payables	146,193	125,415
Participating preferred shares derivative liability	0	0
Total liabilities	2,364,904	2,789,889
Capital [Abstract]
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	28
Total partners' capital	6,017,014	5,051,004
Noncontrolling interest	(1,349)	(1,490)
Total capital	6,015,665	5,049,514
Total liabilities and equity/capital	8,380,569	7,839,403
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Common Units
Capital [Abstract]
General partner, capital account	6,017,014	5,050,976
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Preferred Shares/Units
Capital [Abstract]
General partner, capital account	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments
Assets
Net book value	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Rent and other receivables, net	0	0
Intercompany receivables	(154,621)	(133,808)
Escrow deposits, prepaid expenses and other assets, including due from affiliates	0	0
Investments in subsidiaries	(6,004,449)	(5,045,216)
Deferred costs and other intangibles, net	0	0
Goodwill	0	0
Total assets	(6,159,070)	(5,179,024)
Liabilities
Asset-backed securitizations, net	0	0
Exchangeable senior notes, net	0	0
Secured note payable	0	0
Accounts payable and accrued expenses	0	0
Amounts payable to affiliates	0
Intercompany payables	(154,621)	(133,808)
Participating preferred shares derivative liability	0	0
Total liabilities	(154,621)	(133,808)
Capital [Abstract]
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	(6,004,449)	(5,045,216)
Noncontrolling interest	0	0
Total capital	(6,004,449)	(5,045,216)
Total liabilities and equity/capital	(6,159,070)	(5,179,024)
American Homes 4 Rent, L.P. | Consolidating Adjustments | Common Units
Capital [Abstract]
General partner, capital account	(6,004,449)	(5,045,216)
American Homes 4 Rent, L.P. | Consolidating Adjustments | Preferred Shares/Units
Capital [Abstract]
General partner, capital account	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	$ 0	$ 0

Condensed Consolidating Finan88

Condensed Consolidating Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Income Statements, Captions [Line Items]
Rents from single-family properties		$ 210,778	$ 207,490	$ 204,648	$ 201,107	$ 198,980	$ 197,137	$ 193,491	$ 167,995	$ 824,023	$ 757,603	$ 559,719
Fees from single-family properties										10,727	10,234	7,646
Tenant charge-backs										120,081	95,254	56,546
Other										5,568	15,798	6,665
Total revenues										960,399	878,889	630,576
Property operating expenses										355,074	317,310	232,976
Property management expenses										69,712	70,724	60,343
General and administrative expense										34,732	33,068	26,867
Interest expense										112,620	130,847	89,413
Acquisition fees and costs expensed										4,623	11,443	19,577
Depreciation and amortization										297,290	298,677	242,848
Hurricane-related charges, net										7,963	0	0
Other										5,005	11,978	3,770
Total expenses										887,019	874,047	675,794
Gain on sale of single-family properties and other, net										6,826	14,569	0
Loss on early extinguishment of debt										(6,555)	(13,408)	0
Gain on conversion of Series E units	$ 11,500									0	11,463	0
Remeasurement of participating preferred shares/units										2,841	(7,020)	(4,830)
Net income (loss)		30,533	19,097	15,066	11,796	9,338	(167)	(3,753)	5,028	76,492	10,446	(47,948)
Noncontrolling interest										(4,507)	3,751	14,353
Dividends on preferred shares/Preferred distributions										60,718	40,237	22,276
Net income (loss) attributable to common shareholders/unitholders		(21,994)	1,535	(186)	(1,490)	2,391	(21,152)	(10,404)	(4,377)	(22,135)	(33,542)	(84,577)
American Homes 4 Rent, L.P.
Condensed Income Statements, Captions [Line Items]
Rents from single-family properties		210,778	207,490	204,648	201,107	198,980	197,137	193,491	167,995	824,023	757,603	559,719
Fees from single-family properties										10,727	10,234	7,646
Tenant charge-backs										120,081	95,254	56,546
Other										5,568	15,798	6,665
Total revenues										960,399	878,889	630,576
Property operating expenses										355,074	317,310	232,976
Property management expenses										69,712	70,724	60,343
General and administrative expense										34,732	33,068	26,867
Interest expense										112,620	130,847	89,413
Acquisition fees and costs expensed										4,623	11,443	19,577
Depreciation and amortization										297,290	298,677	242,848
Hurricane-related charges, net										7,963	0	0
Other										5,005	11,978	3,770
Total expenses										887,019	874,047	675,794
Intercompany income										0	0
Intercompany expenses										0	0
Gain on sale of single-family properties and other, net										6,826	14,569	0
Loss on early extinguishment of debt										(6,555)	(13,408)	0
Gain on conversion of Series E units										0	11,463	0
Remeasurement of participating preferred shares/units										2,841	(7,020)	(4,830)
Equity in income of subsidiaries										0	0
Net income (loss)		30,533	19,097	15,066	11,796	9,338	(167)	(3,753)	5,028	76,492	10,446	(47,948)
Noncontrolling interest										141	(562)	(157)
Dividends on preferred shares/Preferred distributions										60,718	40,237	22,276
Income allocated to Series C and D limited partners										0	10,730	20,212
Redemption of participating preferred units										42,416
Net income (loss) attributable to common shareholders/unitholders		$ (26,612)	$ 1,875	$ (217)	$ (1,829)	$ (4,133)	$ (21,179)	$ (11,020)	$ (3,627)	(26,783)	(39,959)	$ (90,279)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Condensed Income Statements, Captions [Line Items]
Rents from single-family properties										0	0
Fees from single-family properties										0	0
Tenant charge-backs										0	0
Other										1,455	612
Total revenues										1,455	612
Property operating expenses										0	0
Property management expenses										0	0
General and administrative expense										21,136	19,339
Interest expense										11,639	11,306
Acquisition fees and costs expensed										358	6,119
Depreciation and amortization										1,516	1,221
Hurricane-related charges, net										0
Other										388	133
Total expenses										35,037	38,118
Intercompany income										381	413
Intercompany expenses										(497)	(502)
Gain on sale of single-family properties and other, net										3,031	0
Loss on early extinguishment of debt										0	(2,724)
Gain on conversion of Series E units											11,463
Remeasurement of participating preferred shares/units										2,841	(7,020)
Equity in income of subsidiaries										104,177	46,884
Net income (loss)										76,351	11,008
Noncontrolling interest										0	0
Dividends on preferred shares/Preferred distributions										60,718	40,237
Income allocated to Series C and D limited partners											10,730
Redemption of participating preferred units										42,416
Net income (loss) attributable to common shareholders/unitholders										(26,783)	(39,959)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Condensed Income Statements, Captions [Line Items]
Rents from single-family properties										240	436
Fees from single-family properties										3	4
Tenant charge-backs										23	16
Other										0	0
Total revenues										266	456
Property operating expenses										139	161
Property management expenses										17	26
General and administrative expense										149	75
Interest expense										7,286	5,935
Acquisition fees and costs expensed										0	0
Depreciation and amortization										8	106
Hurricane-related charges, net										0
Other										(86)	60
Total expenses										7,513	6,363
Intercompany income										0	0
Intercompany expenses										0	0
Gain on sale of single-family properties and other, net										442	147
Loss on early extinguishment of debt										0	0
Gain on conversion of Series E units											0
Remeasurement of participating preferred shares/units										0	0
Equity in income of subsidiaries										35,594	1
Net income (loss)										28,789	(5,759)
Noncontrolling interest										0	0
Dividends on preferred shares/Preferred distributions										0	0
Income allocated to Series C and D limited partners											0
Redemption of participating preferred units										0
Net income (loss) attributable to common shareholders/unitholders										28,789	(5,759)
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Rents from single-family properties										823,783	757,167
Fees from single-family properties										10,724	10,230
Tenant charge-backs										120,058	95,238
Other										4,113	15,186
Total revenues										958,678	877,821
Property operating expenses										354,935	317,149
Property management expenses										69,695	70,698
General and administrative expense										13,447	13,654
Interest expense										93,695	113,606
Acquisition fees and costs expensed										4,265	5,324
Depreciation and amortization										295,766	297,350
Hurricane-related charges, net										7,963
Other										4,703	11,785
Total expenses										844,469	829,566
Intercompany income										497	502
Intercompany expenses										(381)	(413)
Gain on sale of single-family properties and other, net										3,353	14,422
Loss on early extinguishment of debt										(6,555)	(10,684)
Gain on conversion of Series E units											0
Remeasurement of participating preferred shares/units										0	0
Equity in income of subsidiaries										0	0
Net income (loss)										111,123	52,082
Noncontrolling interest										141	(562)
Dividends on preferred shares/Preferred distributions										0	0
Income allocated to Series C and D limited partners											0
Redemption of participating preferred units										0
Net income (loss) attributable to common shareholders/unitholders										110,982	52,644
American Homes 4 Rent, L.P. | Consolidating Adjustments
Condensed Income Statements, Captions [Line Items]
Rents from single-family properties										0	0
Fees from single-family properties										0	0
Tenant charge-backs										0	0
Other										0	0
Total revenues										0	0
Property operating expenses										0	0
Property management expenses										0	0
General and administrative expense										0	0
Interest expense										0	0
Acquisition fees and costs expensed										0	0
Depreciation and amortization										0	0
Hurricane-related charges, net										0
Other										0	0
Total expenses										0	0
Intercompany income										(878)	(915)
Intercompany expenses										878	915
Gain on sale of single-family properties and other, net										0	0
Loss on early extinguishment of debt										0	0
Gain on conversion of Series E units											0
Remeasurement of participating preferred shares/units										0	0
Equity in income of subsidiaries										(139,771)	(46,885)
Net income (loss)										(139,771)	(46,885)
Noncontrolling interest										0	0
Dividends on preferred shares/Preferred distributions										0	0
Income allocated to Series C and D limited partners											0
Redemption of participating preferred units										0
Net income (loss) attributable to common shareholders/unitholders										$ (139,771)	$ (46,885)

Condensed Consolidating Finan89

Condensed Consolidating Financial Statements - Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ 76,492	$ 10,446	$ (47,948)
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	75	0	(14)
Reclassification adjustment for amortization of interest expense included in net income (loss)	(28)	130	141
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income (loss)	(67)	0	0
Unrealized gain on investment in equity securities	0	67	0
Other comprehensive (loss) income	(20)	197	127
Comprehensive income (loss)	76,472	10,643	(47,821)
Comprehensive (loss) income attributable to noncontrolling interests	(4,504)	3,714	14,345
Dividends on preferred shares/Preferred distributions	60,718	40,237	22,276
Redemption of participating preferred units	42,416	0	0
Comprehensive loss attributable to common shareholders/unitholders	(22,158)	(33,308)	(84,442)
American Homes 4 Rent, L.P.
Condensed Statement of Income Captions [Line Items]
Net income (loss)	76,492	10,446	(47,948)
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	75	0	(14)
Reclassification adjustment for amortization of interest expense included in net income (loss)	(28)	130	141
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income (loss)	(67)	0	0
Unrealized gain on investment in equity securities	0	67	0
Other comprehensive (loss) income	(20)	197	127
Comprehensive income (loss)	76,472	10,643	(47,821)
Comprehensive (loss) income attributable to noncontrolling interests	141	(562)	(157)
Dividends on preferred shares/Preferred distributions	60,718	40,237	22,276
Redemption of participating preferred units	42,416	0	0
Redemption of participating preferred units	0	10,730	20,212
Comprehensive loss attributable to common shareholders/unitholders	(26,803)	(39,762)	$ (90,152)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Condensed Statement of Income Captions [Line Items]
Net income (loss)	76,351	11,008
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	75
Reclassification adjustment for amortization of interest expense included in net income (loss)	0	0
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income (loss)	(67)
Unrealized gain on investment in equity securities		67
Other comprehensive (loss) income	8	67
Comprehensive income (loss)	76,359	11,075
Comprehensive (loss) income attributable to noncontrolling interests	0	0
Dividends on preferred shares/Preferred distributions	60,718	40,237
Redemption of participating preferred units	42,416
Redemption of participating preferred units		10,730
Comprehensive loss attributable to common shareholders/unitholders	(26,775)	(39,892)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Condensed Statement of Income Captions [Line Items]
Net income (loss)	28,789	(5,759)
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	0
Reclassification adjustment for amortization of interest expense included in net income (loss)	0	0
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income (loss)	0
Unrealized gain on investment in equity securities		0
Other comprehensive (loss) income	0	0
Comprehensive income (loss)	28,789	(5,759)
Comprehensive (loss) income attributable to noncontrolling interests	0	0
Dividends on preferred shares/Preferred distributions	0	0
Redemption of participating preferred units	0
Redemption of participating preferred units		0
Comprehensive loss attributable to common shareholders/unitholders	28,789	(5,759)
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss)	111,123	52,082
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	0
Reclassification adjustment for amortization of interest expense included in net income (loss)	(28)	130
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income (loss)	0
Unrealized gain on investment in equity securities		0
Other comprehensive (loss) income	(28)	130
Comprehensive income (loss)	111,095	52,212
Comprehensive (loss) income attributable to noncontrolling interests	141	(562)
Dividends on preferred shares/Preferred distributions	0	0
Redemption of participating preferred units	0
Redemption of participating preferred units		0
Comprehensive loss attributable to common shareholders/unitholders	110,954	52,774
American Homes 4 Rent, L.P. | Consolidating Adjustments
Condensed Statement of Income Captions [Line Items]
Net income (loss)	(139,771)	(46,885)
Unrealized gain (loss) on cash flow hedging instruments:
Unrealized gain (loss) on cash flow hedging instruments	0
Reclassification adjustment for amortization of interest expense included in net income (loss)	0	0
Unrealized gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income (loss)	0
Unrealized gain on investment in equity securities		0
Other comprehensive (loss) income	0	0
Comprehensive income (loss)	(139,771)	(46,885)
Comprehensive (loss) income attributable to noncontrolling interests	0	0
Dividends on preferred shares/Preferred distributions	0	0
Redemption of participating preferred units	0
Redemption of participating preferred units		0
Comprehensive loss attributable to common shareholders/unitholders	$ (139,771)	$ (46,885)

Condensed Consolidating Finan90

Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands	Feb. 29, 2016	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net cash provided by operating activities				$ 385,961	$ 278,867	$ 212,307
Investing activities
Cash paid for single-family properties				(784,666)	(252,841)	(608,952)
Change in escrow deposits for purchase of single-family properties				(8,937)	(312)	(1,115)
Cash acquired in noncash business combinations				0	25,020	0
Payoff of credit facility in connection with ARPI merger				0	(350,000)	0
Net proceeds received from sales of single-family properties and other				87,063	88,590	0
Net proceeds received from sales of non-performing loans				0	47,186	0
Purchase of commercial office buildings				0	(27,105)	0
Collections from mortgage financing receivables				268	19,425	0
Distributions from unconsolidated joint ventures				9,292	8,347	0
Investment in unconsolidated joint ventures				0	0	(20,000)
Initial renovations to single-family properties				(47,911)	(39,912)	(147,583)
Recurring and other capital expenditures for single-family properties				(37,540)	(27,807)	(27,369)
Other purchases of productive assets				(55,048)	(12,989)	0
Net cash used for investing activities				(837,479)	(522,398)	(861,800)
Financing activities
Proceeds from issuance of Class A common shares				694,765	102,830	0
Proceeds from exercise of stock options, net of tax withholding				548	3,171	251
Repurchase of Class A common shares				0	(96,098)	(57,383)
Redemptions of Class A units				(169)	(399)	0
Payments on asset-backed securitizations				(477,879)	(381,117)	(19,739)
Payments on secured note payable				(969)	(924)	(892)
Distributions to noncontrolling interests				(8,333)	(11,360)	(23,583)
Distributions to common shareholders				(38,901)	(48,171)	(42,126)
Distributions to preferred shareholders				(46,122)	(40,237)	(22,276)
Deferred financing costs paid				(3,974)	(10,476)	(25,335)
Net cash provided by financing activities				384,100	324,804	632,476
Net (decrease) increase in cash, cash equivalents and restricted cash				(67,418)	81,273	(17,017)
Cash, cash equivalents and restricted cash, beginning of period			$ 250,241	250,241	168,968	185,985
Cash, cash equivalents and restricted cash, end of period (see Note 2)				182,823	250,241	168,968
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized				(100,908)	(115,814)	(77,445)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations				7,964	(2,876)	821
Transfer of term loan borrowings to revolving credit facility				50,000	0	0
Transfer of deferred financing costs from term loan to revolving credit facility				1,524	0	0
Transfers of completed homebuilding deliveries to properties				4,536	0	0
Note receivable related to a bulk sale of properties, net of discount				5,710	0	0
Conversion of nonperforming loans to properties				0	3,554	20,317
Redemption of participating preferred shares				(37,499)	0	0
Accrued distributions to non-affiliates				26,982	0	0
American Residential Properties Inc.
Merger with ARPI
Single-family properties				0	1,277,253	0
Rent and other receivables, net				0	843	0
Escrow deposits, prepaid expenses and other assets				0	35,134	0
Deferred costs and other intangibles, net				0	22,696	0
Asset-backed securitization and Exchangeable senior notes, net	$ (792,001)
Accounts payable and accrued expenses				0	(38,485)	0
Asset-backed securitization | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net	(329,703)			0	(329,703)	0
Exchangeable senior notes | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net	$ (112,298)			0	(112,298)	0
Revolving Credit Facility
Financing activities
Proceeds from credit facilities				202,000	951,000	827,000
Payments on credit facility				(112,000)	(951,000)	(1,034,000)
Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares		$ 312,000	336,500
Stock issuance costs		$ (9,200)	(400)	(10,637)	(227)	0
Class A common shares/units | American Residential Properties Inc.
Merger with ARPI
Class A shares and units issued				0	(530,460)	0
Preferred Shares/Units
Financing activities
Stock issuance costs				(9,229)	(15,938)	0
Proceeds from issuance of perpetual preferred shares				270,000	498,750	0
American Homes 4 Rent, L.P.
Operating activities
Net cash provided by operating activities				385,961	278,867	212,307
Investing activities
Cash paid for single-family properties				(784,666)	(252,841)	(608,952)
Change in escrow deposits for purchase of single-family properties				(8,937)	(312)	(1,115)
Cash acquired in noncash business combinations				0	25,020	0
Payoff of credit facility in connection with ARPI merger				0	(350,000)	0
Net proceeds received from sales of single-family properties and other				87,063	88,590	0
Net proceeds received from sales of non-performing loans				0	47,186	0
Purchase of commercial office buildings				0	(27,105)	0
Collections from mortgage financing receivables				268	19,425	0
Distributions from unconsolidated joint ventures				9,292	8,347	0
Collections from intercompany notes				0	0
Investment in unconsolidated joint ventures				0	0	(20,000)
Initial renovations to single-family properties				(47,911)	(39,912)	(147,583)
Recurring and other capital expenditures for single-family properties				(37,540)	(27,807)	(27,369)
Other purchases of productive assets				(55,048)	(12,989)	0
Net cash used for investing activities				(837,479)	(522,398)	(861,800)
Financing activities
Proceeds from issuance of Class A common shares				694,765	102,830	0
Proceeds from issuance of perpetual preferred shares				270,000	498,750	0
Proceeds from exercise of stock options, net of tax withholding				548	3,171	251
Repurchase of Class A common shares				0	(96,098)	(57,383)
Redemptions of Class A units				(169)	(399)	0
Payments on asset-backed securitizations				(477,879)	(381,117)	(19,739)
Payments on secured note payable				(969)	(924)	(892)
Payments on intercompany notes borrowed				0	0
Intercompany financing and distributions to parent				0	0
Distributions to noncontrolling interests				0	(230)	(1,902)
Distributions to common shareholders				(47,234)	(58,445)	(45,015)
Distributions to preferred shareholders				(46,122)	(40,237)	(22,276)
Deferred financing costs paid				(3,974)	(10,476)	(25,335)
Net cash provided by financing activities				384,100	324,804	632,476
Net (decrease) increase in cash, cash equivalents and restricted cash				(67,418)	81,273	(17,017)
Cash, cash equivalents and restricted cash, beginning of period			250,241	250,241	168,968	185,985
Cash, cash equivalents and restricted cash, end of period (see Note 2)				182,823	250,241	168,968
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized				(100,908)	(115,814)	(77,445)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations				7,964	(2,876)	821
Transfer of term loan borrowings to revolving credit facility				50,000	0	0
Transfer of deferred financing costs from term loan to revolving credit facility				1,524	0	0
Transfers of completed homebuilding deliveries to properties				4,536	0	0
Note receivable related to a bulk sale of properties, net of discount				5,710	0	0
Conversion of nonperforming loans to properties				0	3,554	20,317
Redemption of participating preferred shares				(37,499)	0	0
Accrued distributions to affiliates				4,720
Accrued distributions to non-affiliates				26,982	0	0
American Homes 4 Rent, L.P. | American Residential Properties Inc.
Merger with ARPI
Single-family properties				0	1,277,253	0
Rent and other receivables, net				0	843	0
Escrow deposits, prepaid expenses and other assets				0	35,134	0
Deferred costs and other intangibles, net				0	22,696	0
Accounts payable and accrued expenses				0	(38,485)	0
Class A shares and units issued				0	(530,460)	0
American Homes 4 Rent, L.P. | Asset-backed securitization | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net				0	(329,703)	0
American Homes 4 Rent, L.P. | Exchangeable senior notes | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net				0	(112,298)	0
American Homes 4 Rent, L.P. | Revolving Credit Facility
Financing activities
Proceeds from credit facilities				202,000	951,000	827,000
Payments on credit facility				(112,000)	(951,000)	(1,034,000)
American Homes 4 Rent, L.P. | Line of Credit
Financing activities
Proceeds from credit facilities				25,000	325,000
Payments on credit facility				(100,000)
American Homes 4 Rent, L.P. | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares				694,765	102,830
Stock issuance costs				(10,637)	(227)	0
American Homes 4 Rent, L.P. | Preferred Shares/Units
Financing activities
Proceeds from issuance of Class A common shares					498,750
Stock issuance costs				(9,229)	(15,938)	0
Proceeds from issuance of perpetual preferred shares				270,000
American Homes 4 Rent, L.P. | Series C Convertible Units
Financing activities
Distributions to preferred shareholders					(856)
American Homes 4 Rent, L.P. | Reportable Legal Entities | Line of Credit
Financing activities
Proceeds from credit facilities				25,000
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Operating activities
Net cash provided by operating activities				(66,411)	(137,991)
Investing activities
Cash paid for single-family properties				0	0
Change in escrow deposits for purchase of single-family properties				0	0
Cash acquired in noncash business combinations					0
Payoff of credit facility in connection with ARPI merger					(350,000)
Net proceeds received from sales of single-family properties and other				14,265	0
Net proceeds received from sales of non-performing loans					0
Purchase of commercial office buildings					(20,056)
Collections from mortgage financing receivables				0	0
Distributions from unconsolidated joint ventures				680	7,200
Collections from intercompany notes				9,507	19,092
Investment in unconsolidated joint ventures				(854,346)	(155,139)
Initial renovations to single-family properties				0	0
Recurring and other capital expenditures for single-family properties				0	0
Other purchases of productive assets				(6,657)	(4,576)
Net cash used for investing activities				(836,551)	(503,479)
Financing activities
Proceeds from exercise of stock options, net of tax withholding				548	3,171
Repurchase of Class A common shares					(96,098)
Redemptions of Class A units				(169)	(399)
Payments on asset-backed securitizations				0	0
Payments on secured note payable				0	0
Payments on intercompany notes borrowed				0	0
Intercompany financing and distributions to parent				0	0
Distributions to noncontrolling interests					0
Distributions to common shareholders				(47,234)	(58,445)
Distributions to preferred shareholders				(46,122)	(40,237)
Deferred financing costs paid				(3,974)	(10,436)
Net cash provided by financing activities				862,948	707,115
Net (decrease) increase in cash, cash equivalents and restricted cash				(40,014)	65,645
Cash, cash equivalents and restricted cash, beginning of period			76,913	76,913	11,268
Cash, cash equivalents and restricted cash, end of period (see Note 2)				36,899	76,913	11,268
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized				(9,263)	(8,774)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations				0	0
Transfer of term loan borrowings to revolving credit facility				50,000
Transfer of deferred financing costs from term loan to revolving credit facility				1,524
Transfers of completed homebuilding deliveries to properties				0
Note receivable related to a bulk sale of properties, net of discount				5,710
Conversion of nonperforming loans to properties					0
Redemption of participating preferred shares				(37,499)
Accrued distributions to affiliates				4,720
Accrued distributions to non-affiliates				26,982
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | American Residential Properties Inc.
Merger with ARPI
Single-family properties					0
Rent and other receivables, net					0
Escrow deposits, prepaid expenses and other assets					0
Deferred costs and other intangibles, net					0
Accounts payable and accrued expenses					(8,660)
Class A shares and units issued					(530,460)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Asset-backed securitization | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Exchangeable senior notes | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Revolving Credit Facility
Financing activities
Proceeds from credit facilities				202,000	951,000
Payments on credit facility				(112,000)	(951,000)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Line of Credit
Financing activities
Proceeds from credit facilities					325,000
Payments on credit facility				(100,000)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares				694,765	102,830
Stock issuance costs				(10,637)	(227)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Preferred Shares/Units
Financing activities
Proceeds from issuance of Class A common shares					498,750
Stock issuance costs				(9,229)	(15,938)
Proceeds from issuance of perpetual preferred shares				270,000
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Series C Convertible Units
Financing activities
Distributions to preferred shareholders					(856)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Operating activities
Net cash provided by operating activities				(4,513)	5,692
Investing activities
Cash paid for single-family properties				0	0
Change in escrow deposits for purchase of single-family properties				0	0
Cash acquired in noncash business combinations					3,317
Payoff of credit facility in connection with ARPI merger					0
Net proceeds received from sales of single-family properties and other				5,156	603
Net proceeds received from sales of non-performing loans					0
Purchase of commercial office buildings					0
Collections from mortgage financing receivables				0	0
Distributions from unconsolidated joint ventures				0	0
Collections from intercompany notes				0	0
Investment in unconsolidated joint ventures				36,533	(9,508)
Initial renovations to single-family properties				(1,613)	(41)
Recurring and other capital expenditures for single-family properties				0	0
Other purchases of productive assets				0	0
Net cash used for investing activities				40,076	(5,629)
Financing activities
Proceeds from exercise of stock options, net of tax withholding				0	0
Repurchase of Class A common shares					0
Redemptions of Class A units				0	0
Payments on asset-backed securitizations				0	0
Payments on secured note payable				0	0
Payments on intercompany notes borrowed				0	0
Intercompany financing and distributions to parent				(35,594)	(1)
Distributions to noncontrolling interests					0
Distributions to common shareholders				0	0
Distributions to preferred shareholders				0	0
Deferred financing costs paid				0	0
Net cash provided by financing activities				(35,594)	(1)
Net (decrease) increase in cash, cash equivalents and restricted cash				(31)	62
Cash, cash equivalents and restricted cash, beginning of period			62	62	0
Cash, cash equivalents and restricted cash, end of period (see Note 2)				31	62	0
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized				(3,738)	(3,115)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations				11	0
Transfer of term loan borrowings to revolving credit facility				0
Transfer of deferred financing costs from term loan to revolving credit facility				0
Transfers of completed homebuilding deliveries to properties				0
Note receivable related to a bulk sale of properties, net of discount				0
Conversion of nonperforming loans to properties					0
Redemption of participating preferred shares				0
Accrued distributions to affiliates				0
Accrued distributions to non-affiliates				0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | American Residential Properties Inc.
Merger with ARPI
Single-family properties					5,898
Rent and other receivables, net					50
Escrow deposits, prepaid expenses and other assets					666
Deferred costs and other intangibles, net					109
Accounts payable and accrued expenses					(4,475)
Class A shares and units issued					0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Asset-backed securitization | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Exchangeable senior notes | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					(112,298)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Revolving Credit Facility
Financing activities
Proceeds from credit facilities				0	0
Payments on credit facility				0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Line of Credit
Financing activities
Proceeds from credit facilities				0	0
Payments on credit facility				0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares				0	0
Stock issuance costs				0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Preferred Shares/Units
Financing activities
Proceeds from issuance of Class A common shares					0
Stock issuance costs				0	0
Proceeds from issuance of perpetual preferred shares				0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Series C Convertible Units
Financing activities
Distributions to preferred shareholders					0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Operating activities
Net cash provided by operating activities				456,885	411,166
Investing activities
Cash paid for single-family properties				(784,666)	(252,841)
Change in escrow deposits for purchase of single-family properties				(8,937)	(312)
Cash acquired in noncash business combinations					21,703
Payoff of credit facility in connection with ARPI merger					0
Net proceeds received from sales of single-family properties and other				67,642	87,987
Net proceeds received from sales of non-performing loans					47,186
Purchase of commercial office buildings					(7,049)
Collections from mortgage financing receivables				268	19,425
Distributions from unconsolidated joint ventures				8,612	1,147
Collections from intercompany notes				0	0
Investment in unconsolidated joint ventures				0	0
Initial renovations to single-family properties				(46,298)	(39,871)
Recurring and other capital expenditures for single-family properties				(37,540)	(27,807)
Other purchases of productive assets				(48,391)	(8,413)
Net cash used for investing activities				(849,310)	(158,845)
Financing activities
Proceeds from exercise of stock options, net of tax withholding				0	0
Repurchase of Class A common shares					0
Redemptions of Class A units				0	0
Payments on asset-backed securitizations				(477,879)	(381,117)
Payments on secured note payable				(969)	(924)
Payments on intercompany notes borrowed				(9,507)	(19,092)
Intercompany financing and distributions to parent				853,407	164,648
Distributions to noncontrolling interests					(230)
Distributions to common shareholders				0	0
Distributions to preferred shareholders				0	0
Deferred financing costs paid				0	(40)
Net cash provided by financing activities				365,052	(236,755)
Net (decrease) increase in cash, cash equivalents and restricted cash				(27,373)	15,566
Cash, cash equivalents and restricted cash, beginning of period			173,266	173,266	157,700
Cash, cash equivalents and restricted cash, end of period (see Note 2)				145,893	173,266	157,700
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized				(87,907)	(103,925)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations				7,953	(2,876)
Transfer of term loan borrowings to revolving credit facility				0
Transfer of deferred financing costs from term loan to revolving credit facility				0
Transfers of completed homebuilding deliveries to properties				4,536
Note receivable related to a bulk sale of properties, net of discount				0
Conversion of nonperforming loans to properties					3,554
Redemption of participating preferred shares				0
Accrued distributions to affiliates				0
Accrued distributions to non-affiliates				0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | American Residential Properties Inc.
Merger with ARPI
Single-family properties					1,271,355
Rent and other receivables, net					793
Escrow deposits, prepaid expenses and other assets					34,468
Deferred costs and other intangibles, net					22,587
Accounts payable and accrued expenses					(25,350)
Class A shares and units issued					0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Asset-backed securitization | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					(329,703)
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Exchangeable senior notes | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Revolving Credit Facility
Financing activities
Proceeds from credit facilities				0	0
Payments on credit facility				0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Line of Credit
Financing activities
Proceeds from credit facilities				0	0
Payments on credit facility				0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares				0	0
Stock issuance costs				0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Preferred Shares/Units
Financing activities
Proceeds from issuance of Class A common shares					0
Stock issuance costs				0	0
Proceeds from issuance of perpetual preferred shares				0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Series C Convertible Units
Financing activities
Distributions to preferred shareholders					0
American Homes 4 Rent, L.P. | Consolidating Adjustments
Operating activities
Net cash provided by operating activities				0	0
Investing activities
Cash paid for single-family properties				0	0
Change in escrow deposits for purchase of single-family properties				0	0
Cash acquired in noncash business combinations					0
Payoff of credit facility in connection with ARPI merger					0
Net proceeds received from sales of single-family properties and other				0	0
Net proceeds received from sales of non-performing loans					0
Purchase of commercial office buildings					0
Collections from mortgage financing receivables				0	0
Distributions from unconsolidated joint ventures				0	0
Collections from intercompany notes				(9,507)	(19,092)
Investment in unconsolidated joint ventures				817,813	164,647
Initial renovations to single-family properties				0	0
Recurring and other capital expenditures for single-family properties				0	0
Other purchases of productive assets				0	0
Net cash used for investing activities				808,306	145,555
Financing activities
Proceeds from exercise of stock options, net of tax withholding				0	0
Repurchase of Class A common shares					0
Redemptions of Class A units				0	0
Payments on asset-backed securitizations				0	0
Payments on secured note payable				0	0
Payments on intercompany notes borrowed				9,507	19,092
Intercompany financing and distributions to parent				(817,813)	(164,647)
Distributions to noncontrolling interests					0
Distributions to common shareholders				0	0
Distributions to preferred shareholders				0	0
Deferred financing costs paid				0	0
Net cash provided by financing activities				(808,306)	(145,555)
Net (decrease) increase in cash, cash equivalents and restricted cash				0	0
Cash, cash equivalents and restricted cash, beginning of period			$ 0	0	0
Cash, cash equivalents and restricted cash, end of period (see Note 2)				0	0	$ 0
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized				0	0
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions and renovations				0	0
Transfer of term loan borrowings to revolving credit facility				0
Transfer of deferred financing costs from term loan to revolving credit facility				0
Transfers of completed homebuilding deliveries to properties				0
Note receivable related to a bulk sale of properties, net of discount				0
Conversion of nonperforming loans to properties					0
Redemption of participating preferred shares				0
Accrued distributions to affiliates				0
Accrued distributions to non-affiliates				0
American Homes 4 Rent, L.P. | Consolidating Adjustments | American Residential Properties Inc.
Merger with ARPI
Single-family properties					0
Rent and other receivables, net					0
Escrow deposits, prepaid expenses and other assets					0
Deferred costs and other intangibles, net					0
Accounts payable and accrued expenses					0
Class A shares and units issued					0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Asset-backed securitization | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Exchangeable senior notes | American Residential Properties Inc.
Merger with ARPI
Asset-backed securitization and Exchangeable senior notes, net					0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Revolving Credit Facility
Financing activities
Proceeds from credit facilities				0	0
Payments on credit facility				0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Line of Credit
Financing activities
Proceeds from credit facilities				0	0
Payments on credit facility				0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares				0	0
Stock issuance costs				0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Preferred Shares/Units
Financing activities
Proceeds from issuance of Class A common shares					0
Stock issuance costs				0	0
Proceeds from issuance of perpetual preferred shares				$ 0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Series C Convertible Units
Financing activities
Distributions to preferred shareholders					$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 22, 2018$ / shares	Feb. 28, 2018USD ($)	Feb. 23, 2018USD ($)property	Mar. 31, 2018USD ($)	Jun. 30, 2016	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Oct. 31, 2017USD ($)	Sep. 30, 2015USD ($)
Subsequent Event
Deferred financing costs, net						$ 38,026,000	$ 51,636,000
Payments of debt issuance costs						$ 3,974,000	$ 10,476,000	$ 25,335,000
Dividends declared on common shares (in dollars per unit) | $ / shares						$ 0.2	$ 0.2	$ 0.2
Silver Bay Realty Trust Corp.
Subsequent Event
Gain on sale of equity instruments						$ 3,000,000
Class A common shares/units
Subsequent Event
Share repurchase program, shares authorized, amount										$ 300,000,000
Remaining repurchase authorization amount						$ 146,700,000
Series D Perpetual Preferred Shares/Units
Subsequent Event
Preferred Shares dividend rate					6.50%	6.50%
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares						$ 1.63	0.98403
Series E Perpetual Preferred Stock
Subsequent Event
Preferred Shares dividend rate						6.35%
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares						$ 1.59	$ 0.80257
Series F Perpetual Preferred Stock
Subsequent Event
Preferred Shares dividend rate						5.875%
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares						$ 1.01
Series G Perpetual Preferred Stock
Subsequent Event
Preferred Shares dividend rate						5.875%
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares						$ 0.67
Credit facility
Subsequent Event
Proceeds from credit facilities						$ 202,000,000	$ 951,000,000	$ 827,000,000
Payments on credit facility						112,000,000	951,000,000	1,034,000,000
Revolving credit facility outstanding balance						140,000,000	0
Scenario, Forecast
Subsequent Event
Derivative gain (loss)				$ 9,600,000
Designated as Hedging Instrument | Treasury Lock
Subsequent Event
Derivative, notional amount									$ 350,000,000
Treasury lock									$ 100,000
Term loan facility, net
Subsequent Event
Proceeds from credit facilities						25,000,000	325,000,000	0
Payments on credit facility						100,000,000	0	$ 0
Revolving credit facility outstanding balance						$ 198,023,000	321,735,000
Line of Credit | Credit facility
Subsequent Event
Interest rate						2.76%
Line of Credit | Term loan facility, net
Subsequent Event
Interest rate						2.91%
Deferred financing costs, net						$ 2,000,000	$ 3,300,000
Subsequent Events
Subsequent Event
Number of properties acquired | property			550
Aggregate purchase price of properties acquired			$ 123,000,000
Number of internally developed properties developed | property			7
Subsequent Events | Class A common shares/units
Subsequent Event
Share repurchase program, shares authorized, amount			$ 300,000,000
Dividends declared on common shares (in dollars per unit) | $ / shares	$ 0.05
Subsequent Events | Preferred shares
Subsequent Event
Share repurchase program, shares authorized, amount			$ 250,000,000
Subsequent Events | Class B common shares
Subsequent Event
Dividends declared on common shares (in dollars per unit) | $ / shares	0.05
Subsequent Events | Series C participating preferred shares
Subsequent Event
Dividends declared on common shares (in dollars per unit) | $ / shares	$ 0.34
Preferred Shares dividend rate	5.50%
Subsequent Events | Series D Perpetual Preferred Shares/Units
Subsequent Event
Dividends declared on common shares (in dollars per unit) | $ / shares	$ 0.41
Preferred Shares dividend rate	6.50%
Subsequent Events | Series E Perpetual Preferred Stock
Subsequent Event
Dividends declared on common shares (in dollars per unit) | $ / shares	$ 0.40
Preferred Shares dividend rate	6.35%
Subsequent Events | Series F Perpetual Preferred Stock | Dividend Declared
Subsequent Event
Preferred Shares dividend rate	5.875%
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares	$ 0.36719
Subsequent Events | Series G Perpetual Preferred Stock | Dividend Declared
Subsequent Event
Preferred Shares dividend rate	5.875%
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares	$ 0.37
Subsequent Events | Designated as Hedging Instrument | Treasury Lock
Subsequent Event
Derivative interest rate			4.08%
Subsequent Events | Exchangeable senior notes | 4.25% Senior Notes Due 2028
Subsequent Event
Debt instrument, face amount		$ 500,000,000
Interest rate		4.25%
Proceeds from issuance of unsecured debt		$ 494,000,000
Underwriting fees		3,200,000
Deferred financing costs, net			$ 1,500,000
Unamortized discount on debt		$ 2,800,000
Subsequent Events | Secured Debt | Term loan facility, net
Subsequent Event
Asset-backed securitizations, net			200,000,000
Subsequent Events | Line of Credit | Credit facility
Subsequent Event
Proceeds from credit facilities			100,000,000
Payments on credit facility			240,000,000
Revolving credit facility outstanding balance			$ 0

Schedule III - Real Estate an92

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)single_family_property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	51,239
Gross Book Value of Encumbered Assets	$ 3,107,847
Initial Cost to Company, Land	1,672,416
Initial Cost to Company, Buildings and Improvements	6,415,814
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	916,474
Total Cost, Land	1,672,416
Total Cost, Buildings and Improvements	7,332,288
Total	9,004,704	$ 8,214,566	$ 6,705,982	$ 5,916,933
Accumulated Depreciation	(939,724)	$ (666,710)	$ (416,044)	$ (206,262)
Net Cost Basis	8,064,980
Aggregate cost of consolidated real estate for federal income tax purposes	$ 9,200,000
Albuquerque
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	212
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	6,485
Initial Cost to Company, Buildings and Improvements	24,082
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,613
Total Cost, Land	6,485
Total Cost, Buildings and Improvements	27,695
Total	34,180
Accumulated Depreciation	(4,583)
Net Cost Basis	$ 29,597
Atlanta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	4,533
Gross Book Value of Encumbered Assets	$ 161,001
Initial Cost to Company, Land	136,796
Initial Cost to Company, Buildings and Improvements	535,359
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	92,756
Total Cost, Land	136,796
Total Cost, Buildings and Improvements	628,115
Total	764,911
Accumulated Depreciation	(69,476)
Net Cost Basis	$ 695,435
Augusta
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	259
Gross Book Value of Encumbered Assets	$ 10,424
Initial Cost to Company, Land	7,472
Initial Cost to Company, Buildings and Improvements	30,156
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,477
Total Cost, Land	7,472
Total Cost, Buildings and Improvements	34,633
Total	42,105
Accumulated Depreciation	(4,336)
Net Cost Basis	$ 37,769
Austin
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	710
Gross Book Value of Encumbered Assets	$ 44,346
Initial Cost to Company, Land	17,083
Initial Cost to Company, Buildings and Improvements	78,103
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,393
Total Cost, Land	17,083
Total Cost, Buildings and Improvements	92,496
Total	109,579
Accumulated Depreciation	(14,112)
Net Cost Basis	$ 95,467
Bay Area
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	118
Gross Book Value of Encumbered Assets	$ 9,149
Initial Cost to Company, Land	8,131
Initial Cost to Company, Buildings and Improvements	23,231
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,111
Total Cost, Land	8,131
Total Cost, Buildings and Improvements	25,342
Total	33,473
Accumulated Depreciation	(3,946)
Net Cost Basis	$ 29,527
Boise
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	328
Gross Book Value of Encumbered Assets	$ 7,627
Initial Cost to Company, Land	10,278
Initial Cost to Company, Buildings and Improvements	35,532
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,036
Total Cost, Land	10,278
Total Cost, Buildings and Improvements	39,568
Total	49,846
Accumulated Depreciation	(5,279)
Net Cost Basis	$ 44,567
Central Valley
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	197
Gross Book Value of Encumbered Assets	$ 3,609
Initial Cost to Company, Land	7,640
Initial Cost to Company, Buildings and Improvements	24,138
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,896
Total Cost, Land	7,640
Total Cost, Buildings and Improvements	27,034
Total	34,674
Accumulated Depreciation	(4,456)
Net Cost Basis	$ 30,218
Charleston
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	979
Gross Book Value of Encumbered Assets	$ 80,083
Initial Cost to Company, Land	35,563
Initial Cost to Company, Buildings and Improvements	131,741
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	17,604
Total Cost, Land	35,563
Total Cost, Buildings and Improvements	149,345
Total	184,908
Accumulated Depreciation	(15,284)
Net Cost Basis	$ 169,624
Charlotte
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,430
Gross Book Value of Encumbered Assets	$ 289,328
Initial Cost to Company, Land	125,217
Initial Cost to Company, Buildings and Improvements	460,840
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	50,775
Total Cost, Land	125,217
Total Cost, Buildings and Improvements	511,615
Total	636,832
Accumulated Depreciation	(52,675)
Net Cost Basis	$ 584,157
Cincinnati
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,998
Gross Book Value of Encumbered Assets	$ 230,244
Initial Cost to Company, Land	61,979
Initial Cost to Company, Buildings and Improvements	246,025
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	37,895
Total Cost, Land	61,979
Total Cost, Buildings and Improvements	283,920
Total	345,899
Accumulated Depreciation	(43,515)
Net Cost Basis	$ 302,384
Colorado Springs
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	22
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	903
Initial Cost to Company, Buildings and Improvements	2,952
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	632
Total Cost, Land	903
Total Cost, Buildings and Improvements	3,584
Total	4,487
Accumulated Depreciation	(630)
Net Cost Basis	$ 3,857
Columbia
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	297
Gross Book Value of Encumbered Assets	$ 32,775
Initial Cost to Company, Land	6,903
Initial Cost to Company, Buildings and Improvements	34,330
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,396
Total Cost, Land	6,903
Total Cost, Buildings and Improvements	38,726
Total	45,629
Accumulated Depreciation	(6,007)
Net Cost Basis	$ 39,622
Columbus
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,934
Gross Book Value of Encumbered Assets	$ 133,000
Initial Cost to Company, Land	54,958
Initial Cost to Company, Buildings and Improvements	228,831
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	38,533
Total Cost, Land	54,958
Total Cost, Buildings and Improvements	267,364
Total	322,322
Accumulated Depreciation	(30,723)
Net Cost Basis	$ 291,599
Corpus Christi
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	240
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	2,025
Initial Cost to Company, Buildings and Improvements	36,504
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,048
Total Cost, Land	2,025
Total Cost, Buildings and Improvements	39,552
Total	41,577
Accumulated Depreciation	(2,569)
Net Cost Basis	$ 39,008
Dallas-Fort Worth
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	4,365
Gross Book Value of Encumbered Assets	$ 293,579
Initial Cost to Company, Land	111,767
Initial Cost to Company, Buildings and Improvements	515,282
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	83,566
Total Cost, Land	111,767
Total Cost, Buildings and Improvements	598,848
Total	710,615
Accumulated Depreciation	(81,330)
Net Cost Basis	$ 629,285
Denver
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	681
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	33,911
Initial Cost to Company, Buildings and Improvements	138,528
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	16,498
Total Cost, Land	33,911
Total Cost, Buildings and Improvements	155,026
Total	188,937
Accumulated Depreciation	(20,757)
Net Cost Basis	$ 168,180
Fort Myers
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	6
Gross Book Value of Encumbered Assets	$ 635
Initial Cost to Company, Land	172
Initial Cost to Company, Buildings and Improvements	822
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	140
Total Cost, Land	172
Total Cost, Buildings and Improvements	962
Total	1,134
Accumulated Depreciation	(150)
Net Cost Basis	$ 984
Greater Chicago area, IL and IN
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,183
Gross Book Value of Encumbered Assets	$ 212,285
Initial Cost to Company, Land	63,987
Initial Cost to Company, Buildings and Improvements	259,439
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	54,384
Total Cost, Land	63,987
Total Cost, Buildings and Improvements	313,823
Total	377,810
Accumulated Depreciation	(50,238)
Net Cost Basis	$ 327,572
Greensboro
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	676
Gross Book Value of Encumbered Assets	$ 45,992
Initial Cost to Company, Land	19,023
Initial Cost to Company, Buildings and Improvements	86,646
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,617
Total Cost, Land	19,023
Total Cost, Buildings and Improvements	96,263
Total	115,286
Accumulated Depreciation	(12,736)
Net Cost Basis	$ 102,550
Greenville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	673
Gross Book Value of Encumbered Assets	$ 74,723
Initial Cost to Company, Land	16,797
Initial Cost to Company, Buildings and Improvements	88,479
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	10,889
Total Cost, Land	16,797
Total Cost, Buildings and Improvements	99,368
Total	116,165
Accumulated Depreciation	(14,075)
Net Cost Basis	$ 102,090
Houston
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,162
Gross Book Value of Encumbered Assets	$ 180,216
Initial Cost to Company, Land	65,774
Initial Cost to Company, Buildings and Improvements	392,352
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	49,131
Total Cost, Land	65,774
Total Cost, Buildings and Improvements	441,483
Total	507,257
Accumulated Depreciation	(57,157)
Net Cost Basis	$ 450,100
Indianapolis
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,898
Gross Book Value of Encumbered Assets	$ 301,827
Initial Cost to Company, Land	76,902
Initial Cost to Company, Buildings and Improvements	308,729
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	53,573
Total Cost, Land	76,902
Total Cost, Buildings and Improvements	362,302
Total	439,204
Accumulated Depreciation	(59,988)
Net Cost Basis	$ 379,216
Inland Empire
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	347
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	32,142
Initial Cost to Company, Buildings and Improvements	44,201
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,601
Total Cost, Land	32,142
Total Cost, Buildings and Improvements	49,802
Total	81,944
Accumulated Depreciation	(4,572)
Net Cost Basis	$ 77,372
Jacksonville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,009
Gross Book Value of Encumbered Assets	$ 46,467
Initial Cost to Company, Land	57,773
Initial Cost to Company, Buildings and Improvements	232,925
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	40,941
Total Cost, Land	57,773
Total Cost, Buildings and Improvements	273,866
Total	331,639
Accumulated Depreciation	(33,731)
Net Cost Basis	$ 297,908
Knoxville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	402
Gross Book Value of Encumbered Assets	$ 17,335
Initial Cost to Company, Land	13,275
Initial Cost to Company, Buildings and Improvements	63,909
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,607
Total Cost, Land	13,275
Total Cost, Buildings and Improvements	69,516
Total	82,791
Accumulated Depreciation	(8,415)
Net Cost Basis	$ 74,376
Las Vegas
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,023
Gross Book Value of Encumbered Assets	$ 21,599
Initial Cost to Company, Land	30,784
Initial Cost to Company, Buildings and Improvements	128,295
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	20,162
Total Cost, Land	30,784
Total Cost, Buildings and Improvements	148,457
Total	179,241
Accumulated Depreciation	(24,593)
Net Cost Basis	$ 154,648
Memphis
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	657
Gross Book Value of Encumbered Assets	$ 32,374
Initial Cost to Company, Land	20,604
Initial Cost to Company, Buildings and Improvements	74,689
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,754
Total Cost, Land	20,604
Total Cost, Buildings and Improvements	86,443
Total	107,047
Accumulated Depreciation	(9,879)
Net Cost Basis	$ 97,168
Miami
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	230
Gross Book Value of Encumbered Assets	$ 6,298
Initial Cost to Company, Land	3,839
Initial Cost to Company, Buildings and Improvements	28,568
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,821
Total Cost, Land	3,839
Total Cost, Buildings and Improvements	34,389
Total	38,228
Accumulated Depreciation	(5,126)
Net Cost Basis	$ 33,102
Milwaukee
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	125
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	7,375
Initial Cost to Company, Buildings and Improvements	21,972
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,191
Total Cost, Land	7,375
Total Cost, Buildings and Improvements	24,163
Total	31,538
Accumulated Depreciation	(4,246)
Net Cost Basis	$ 27,292
Nashville
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,609
Gross Book Value of Encumbered Assets	$ 173,072
Initial Cost to Company, Land	100,903
Initial Cost to Company, Buildings and Improvements	389,959
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	42,514
Total Cost, Land	100,903
Total Cost, Buildings and Improvements	432,473
Total	533,376
Accumulated Depreciation	(49,296)
Net Cost Basis	$ 484,080
Oklahoma City
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	409
Gross Book Value of Encumbered Assets	$ 23,434
Initial Cost to Company, Land	11,090
Initial Cost to Company, Buildings and Improvements	57,309
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,829
Total Cost, Land	11,090
Total Cost, Buildings and Improvements	64,138
Total	75,228
Accumulated Depreciation	(8,439)
Net Cost Basis	$ 66,789
Orlando
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,649
Gross Book Value of Encumbered Assets	$ 21,876
Initial Cost to Company, Land	58,701
Initial Cost to Company, Buildings and Improvements	197,494
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	29,731
Total Cost, Land	58,701
Total Cost, Buildings and Improvements	227,225
Total	285,926
Accumulated Depreciation	(28,545)
Net Cost Basis	$ 257,381
Phoenix
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,827
Gross Book Value of Encumbered Assets	$ 57,762
Initial Cost to Company, Land	120,022
Initial Cost to Company, Buildings and Improvements	301,615
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	41,053
Total Cost, Land	120,022
Total Cost, Buildings and Improvements	342,668
Total	462,690
Accumulated Depreciation	(42,429)
Net Cost Basis	$ 420,261
Portland
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	215
Gross Book Value of Encumbered Assets	$ 24,218
Initial Cost to Company, Land	15,145
Initial Cost to Company, Buildings and Improvements	25,909
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,128
Total Cost, Land	15,145
Total Cost, Buildings and Improvements	28,037
Total	43,182
Accumulated Depreciation	(4,354)
Net Cost Basis	$ 38,828
Raleigh
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,043
Gross Book Value of Encumbered Assets	$ 207,559
Initial Cost to Company, Land	69,670
Initial Cost to Company, Buildings and Improvements	270,783
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	30,562
Total Cost, Land	69,670
Total Cost, Buildings and Improvements	301,345
Total	371,015
Accumulated Depreciation	(36,881)
Net Cost Basis	$ 334,134
Salt Lake City
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,239
Gross Book Value of Encumbered Assets	$ 151,170
Initial Cost to Company, Land	72,655
Initial Cost to Company, Buildings and Improvements	187,752
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	25,060
Total Cost, Land	72,655
Total Cost, Buildings and Improvements	212,812
Total	285,467
Accumulated Depreciation	(28,039)
Net Cost Basis	$ 257,428
San Antonio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,025
Gross Book Value of Encumbered Assets	$ 71,851
Initial Cost to Company, Land	30,848
Initial Cost to Company, Buildings and Improvements	111,897
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	18,738
Total Cost, Land	30,848
Total Cost, Buildings and Improvements	130,635
Total	161,483
Accumulated Depreciation	(17,305)
Net Cost Basis	$ 144,178
Savannah/Hilton Head
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	793
Gross Book Value of Encumbered Assets	$ 35,327
Initial Cost to Company, Land	25,369
Initial Cost to Company, Buildings and Improvements	100,750
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,734
Total Cost, Land	25,369
Total Cost, Buildings and Improvements	112,484
Total	137,853
Accumulated Depreciation	(9,123)
Net Cost Basis	$ 128,730
Seattle
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	536
Gross Book Value of Encumbered Assets	$ 28,008
Initial Cost to Company, Land	33,234
Initial Cost to Company, Buildings and Improvements	90,799
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,051
Total Cost, Land	33,234
Total Cost, Buildings and Improvements	96,850
Total	130,084
Accumulated Depreciation	(9,221)
Net Cost Basis	$ 120,863
Tampa
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,034
Gross Book Value of Encumbered Assets	$ 31,594
Initial Cost to Company, Land	73,724
Initial Cost to Company, Buildings and Improvements	276,718
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	38,072
Total Cost, Land	73,724
Total Cost, Buildings and Improvements	314,790
Total	388,514
Accumulated Depreciation	(40,488)
Net Cost Basis	$ 348,026
Tucson
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	383
Gross Book Value of Encumbered Assets	$ 13,192
Initial Cost to Company, Land	7,656
Initial Cost to Company, Buildings and Improvements	37,037
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,450
Total Cost, Land	7,656
Total Cost, Buildings and Improvements	44,487
Total	52,143
Accumulated Depreciation	(8,523)
Net Cost Basis	$ 43,620
Winston Salem
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	783
Gross Book Value of Encumbered Assets	$ 33,868
Initial Cost to Company, Land	17,841
Initial Cost to Company, Buildings and Improvements	91,132
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,512
Total Cost, Land	17,841
Total Cost, Buildings and Improvements	100,644
Total	118,485
Accumulated Depreciation	(12,497)
Net Cost Basis	$ 105,988

Schedule III - Real Estate an93

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in total real estate assets
Balance, beginning of period	$ 8,214,566	$ 6,705,982	$ 5,916,933
Acquisitions and building improvements	870,350	1,597,392	814,235
Dispositions	(68,759)	(77,916)	(11,555)
Write-offs	(6,773)	(5,922)	(13,631)
Impairment	(4,680)	(4,970)	0
Balance, end of period	$ 9,004,704	$ 8,214,566	$ 6,705,982

Schedule III - Real Estate an94

Schedule III - Real Estate and Accumulated Depreciation (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in accumulated depreciation
Balance, beginning of period	$ (666,710)	$ (416,044)	$ (206,262)
Depreciation	(281,747)	(260,154)	(223,731)
Dispositions	1,960	3,566	318
Write-offs	6,773	5,922	13,631
Balance, end of period	$ (939,724)	$ (666,710)	$ (416,044)
Building and Building Improvements | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life of asset	3 years
Building and Building Improvements | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Estimated useful life of asset	30 years