Invitation Homes 10-K 6 Mar 15 2014 FY Annual report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
In Billions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 25, 2015	Jun. 30, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Registrant Name	Starwood Waypoint Residential Trust
Entity Central Index Key	1579471
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		37,839,086
Entity Public Float			$1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in real estate:
Land	$359,889	$140,076
Buildings and improvements	1,619,622	604,839
Total investment in properties	1,979,511	744,915
Less: accumulated depreciation	-41,563	-5,730
Investment in real estate properties, net	1,937,948	739,185
Real estate held for sale, net	32,102	10,168
Total investments in real estate, net	1,970,050	749,353
Non-performing loans	125,488	214,965
Non-performing loans held for sale	26,911
Non-performing loans (fair value option)	491,790
Resident and other receivables, net	17,270	1,261
Cash and cash equivalents	175,198	44,613
Restricted cash	50,749	3,331
Deferred financing costs, net	34,160
Asset-backed securitization certificates	26,553
Other assets	17,994	4,885
Total assets	2,936,163	1,018,408
Liabilities:
Credit facilities	895,488
Asset-backed securitization, net	526,816
Convertible senior notes, net	363,110
Accounts payable and accrued expenses	52,457	22,434
Resident security deposits and prepaid rent	17,857	3,918
Total liabilities	1,855,728	26,352
Commitments and contingencies (Note 13)
Starwood Waypoint Residential Trust equity:
Preferred shares, $0.01 par value - 100,000,000 authorized; none issued and outstanding as of December 31, 2014 and 2013
Common shares, $0.01 par value - 500,000,000 authorized; 37,778,663 issued and outstanding as of December 31, 2014, and 1,000 issued and outstanding as of December 31, 2013	378
Additional paid-in capital	1,133,239	1,018,267
Accumulated deficit	-53,723	-27,848
Accumulated other comprehensive loss	-70
Total Starwood Waypoint Residential Trust equity	1,079,824	990,419
Non-controlling interests	611	1,637
Total equity	1,080,435	992,056
Total liabilities and equity	$2,936,163	$1,018,408

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets [Abstract]
Preferred shares, par value	$0.01	$0.01
Preferred shares, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common shares, par value	$0.01	$0.01
Common shares, shares authorized	500,000,000	500,000,000
Common shares, shares issued	37,778,663	1,000
Common shares, shares outstanding	37,778,663	1,000

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	1 Months Ended	3 Months Ended								7 Months Ended		11 Months Ended	12 Months Ended		19 Months Ended
	Jan. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
Revenues
Rental revenues											$431,000		$104,830,000	$16,793,000
Other property revenues											11,000		3,581,000	311,000
Realized gain on NPLs, net											75,000		9,770,000	5,139,000
Realized gain on loan conversions, net													24,682,000	8,624,000
Total revenues		47,793,000	39,237,000	34,332,000	21,501,000	15,057,000	10,219,000	4,067,000	1,524,000		517,000		142,863,000	30,867,000
Expenses
Propety operating and maintenance											658,000		31,252,000	13,541,000
Real estate taxes and insurance											184,000		22,346,000	5,049,000
Mortgage loan servicing cost													28,959,000	6,065,000
NPL management fees and expenses											187,000		10,944,000	3,378,000
General and administrative											3,674,000		19,307,000	16,758,000
Share-based compensation													8,458,000
Investment management fees													16,097,000
Separation costs													3,543,000	2,652,000
Acquisition fees and other expenses													1,301,000	588,000
Interest expense, including amortization													35,223,000		0
Depreciation and amortization											213,000		41,872,000	6,115,000
Finance related expenses and write-off of loan costs													7,715,000
Impairment of real estate										459,000	459,000		2,579,000	1,174,000
Total expenses		84,283,000	59,644,000	49,130,000	36,539,000	26,074,000	13,485,000	10,917,000	4,844,000		5,375,000		229,596,000	55,320,000
Loss from operations											-4,858,000		-86,733,000	-24,453,000
Other income (expense)
Realized (loss) gain on sales of investments in real estate, net											586,000		-224,000	1,221,000
Unrealized gain on NPLs, net													44,593,000
Loss on derivative financial instruments, net													-706,000
Total other income (expense)											586,000		43,663,000	1,221,000
Loss before income tax expense and non-controlling interests											-4,272,000		-43,070,000	-23,232,000
Income tax expense											152,000		460,000	252,000
Net loss	-931,000	-9,479,000	-6,700,000	-12,033,000	-15,318,000	-10,518,000	-3,253,000	-6,318,000	-3,395,000	-4,424,000	-4,424,000	-42,599,000	-43,530,000	-23,484,000
Net (loss) income attributable to non-controlling interests													-165,000	60,000
Net loss attributable to Starwood Waypoint Residential Trust shareholders		($9,558,000)	($6,713,000)	($12,116,000)	($15,308,000)	($10,453,000)	($3,274,000)	($6,308,000)	($3,389,000)		($4,424,000)		($43,695,000)	($23,424,000)
Weighted average number of shares outstanding - basic and diluted		-647,928	38,613,270	39,079,365	39,110,969	39,110,969	39,110,969	39,110,969	39,110,969		39,110,969		38,623,893	39,110,969
Net loss per common share
Basic and diluted		$14.75	($0.17)	($0.31)	($0.39)	($0.27)	($0.08)	($0.16)	($0.09)		($0.11)		($1.13)	($0.60)

Consolidated_Statements_Of_Oth

Consolidated Statements Of Other Comprehensive Income (Loss) (USD $)	7 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements Of Other Comprehensive Income (Loss) [Abstract]
Net loss	($4,424)	($43,530)	($23,484)
Interest rate caps		-70
Comprehensive loss	-4,424	-43,600	-23,484
Comprehensive (loss) income attributable to non-controlling interests		-165	60
Comprehensive loss attributable to common shareholders	($4,424)	($43,765)	($23,424)

Consolidated_Statements_Of_Equ

Consolidated Statements Of Equity (USD $)	Common Shares [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Starwood Waypoint Shareholders' Equity [Member]	Non-Controlling Interest [Member]	Total
In Thousands, except Share data
Balance at May. 23, 2012
Former Parent contributions		$184,384			$184,384		$184,384
Former Parent contributions, shares	1,000
Net loss			-4,424		-4,424		-4,424
Non-controlling interest contributions						500	500
Balance at Dec. 31, 2012		184,384	-4,424		179,960	500	180,460
Balance, shares at Dec. 31, 2012	1,000
Former Parent contributions		846,780			846,780	1,300	848,080
Former parent distributions		-12,897			-12,897	-103	-13,000
Net loss			-23,424		-23,424	-60	-23,484
Balance at Dec. 31, 2013		1,018,267	-27,848		990,419	1,637	992,056
Net loss			-921		-921	-10	-931
Balance at Jan. 31, 2014
Balance at Dec. 31, 2013		1,018,267	-27,848		990,419	1,637	992,056
Balance, shares at Dec. 31, 2013	1,000
Net loss							-43,530
Net effects of recapitalization and capital contributions of Starwood Waypoint Residential Trust	391	99,130	28,769		128,290		128,290
Net effects of recapitalization and capital contributions of Starwood Waypoint Residential Trust, shares	39,109,969
Dividends declared			-10,949		-10,949		-10,949
Repurchases of common shares	-13	-34,308			-34,321		-34,321
Repurchases of common shares, shares	-1,338,586
Board member compensation paid in shares		109			109		109
Board member compensation paid in shares, shares	4,058
Offering costs		-1,138			-1,138		-1,138
Convertible senior notes		42,721			42,721		42,721
Share-based compensation		8,458			8,458		8,458
Share-based compensation, shares	2,222
Accumulated other comprehensive loss				-70	-70		-70
Non-controlling interest contributions						400	400
Non-controlling interest distributions						-1,591	-1,591
Balance at Dec. 31, 2014	378	1,133,239	-53,723	-70	1,079,824	611	1,080,435
Balance, shares at Dec. 31, 2014	37,778,663
Balance at Jan. 31, 2014
Net loss			-42,774		-42,774	175	-42,599
Accumulated other comprehensive loss				-70	-70		-70
Balance at Dec. 31, 2014			-53,723	-70	1,079,824	611	1,080,435
Balance at Sep. 30, 2014
Net loss							-9,479
Accumulated other comprehensive loss				-70			-70
Balance at Dec. 31, 2014				($70)			$1,080,435

Consolidated_Statements_Of_Equ1

Consolidated Statements Of Equity (Parenthetical) (USD $)	Dec. 31, 2014
Consolidated Statements Of Equity [Abstract]
Dividends Payable, Amount Per Share	$0.28

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Cash Flows (USD $)	7 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Cash flow from operating activities:
Net loss	($4,424,000)	($43,530,000)	($23,484,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	213,000	41,872,000	6,115,000
Amortization of deferred financing costs		5,596,000
Amortization of convertible debt discount		3,046,000
Board member compensation paid in shares		109,000
Share-based compensation		8,458,000	0
Realized loss (gain) on sales of investments in real estate, net	-586,000	224,000	-1,221,000
Realized gain on NPLs, net	-75,000	-9,770,000	-5,139,000
Realized gain on loan conversions, net		-24,682,000	-8,624,000
Unrealized gain on NPLs, net		-44,593,000
Loss on derivative financial instruments, net		706,000
Straight-line rent		-830,000
Allowance for doubtful accounts		2,638,000	1,017,000
Impairment of real estate	459,000	2,579,000	1,174,000
Allocated expenses from SPT (Note 10)	1,561,000		12,131,000
Write-off of loan costs		5,032,000
Changes in assets and liabilities:
Resident and other receivables	-49,000	-18,647,000	-2,228,000
Restricted cash	-223,000	-35,418,000	-3,108,000
Other assets	-487,000	-14,523,000	-1,627,000
Accounts payable and accrued expenses	730,000	26,694,000	8,855,000
Resident security deposits and prepaid rent	229,000	13,939,000	3,687,000
Net cash used in operating activities	-2,652,000	-81,100,000	-12,452,000
Cash flows from investing activities:
Purchases of real estate	-70,564,000	-957,741,000	-534,018,000
Additions to real estate	-4,863,000	-253,083,000	-90,018,000
Proceeds from sale of real estate	4,729,000	37,340,000	14,228,000
Purchases of NPLs	-68,999,000	-486,509,000	-186,123,000
Liquidation and other proceeds on loans		33,981,000	16,243,000
Principal repayments on loans	34,000	10,356,000	2,983,000
Proceeds from sale of loans	191,000	4,547,000	475,000
Restricted cash		-12,000,000
Payment of interest cap rate		-1,203,000
(Increase) decrease in purchase deposits	-5,563,000	-3,216,000	2,194,000
Net cash used in investing activities	-145,035,000	-1,627,528,000	-774,036,000
Cash flows from financing activities:
Proceeds from credit facilities		1,698,294,000
Proceeds from asset-backed securitizations		504,496,000
Proceeds from issuance of convertible senior notes		402,500,000
Payments of credit facility		-802,806,000
Payments on asset-backed securitizations		-2,038,000
Discount on asset-backed securitizations		-2,195,000
Payment of financing costs		-45,152,000
Repurchase of common shares		-34,321,000
Contributions from non-controlling interests	500,000	400,000	1,300,000
Distributions to non-controlling interests		-1,591,000	-103,000
Offering Costs		-1,138,000
Capital contributions	155,339,000	128,290,000	834,649,000
Capital distributions		-5,526,000	-12,897,000
Net cash provided by financing activities	155,839,000	1,839,213,000	822,949,000
Net increase in cash and cash equivalents	8,152,000	130,585,000	36,461,000
Cash and cash equivalents at beginning of the period		44,613,000	8,152,000
Cash and cash equivalents at end of the period	8,152,000	175,198,000	44,613,000
Supplemental disclosure of cash flow information
Cash paid for interest		23,682,000
Cash paid for income taxes	200,000	282,000	461,000
Non-cash investing activities
Accrued capital expenditures	559,000	10,125,000	12,289,000
Loan basis converted to real estate	743,000	62,764,000	24,702,000
Non-cash financing activities
Equity component for convertible notes		42,721,000
Accrued distribution to common shareholders		5,423,000
Property contributed from parent	27,484,000
Deemed capital contributions from Starwood Property Trust	$1,561,000		$12,131,000

Organization_and_Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2014
Organization and Operations [Abstract]
Organization and Operations	Note 1. Organization and Operations
	We are a Maryland real estate investment trust formed in May 2012 primarily to acquire, renovate, lease and manage residential assets in select markets throughout the United States. Our primary strategy is to acquire homes through a variety of channels, renovate these homes to the extent necessary and lease them to qualified residents. We seek to take advantage of continuing dislocations in the housing market and the macroeconomic trends in favor of leasing homes by acquiring, owning, renovating and managing homes that we believe will (1) generate substantial current rental revenue, which we expect to grow over time, and (2) appreciate in value as the housing market continues to recover over the next several years. In addition to the direct acquisition of homes, we purchase pools of distressed and non-performing residential mortgage loans (“NPLs”) at significant discounts to their most recent broker price opinion (“BPO”), which we may seek to (1) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold or (2) modify and hold or resell at higher prices if circumstances warrant. Our objective is to generate attractive risk-adjusted returns for our shareholders over the long-term through dividends and capital appreciation.
	We were organized as a Maryland corporation in May 2012 as a wholly-owned subsidiary of Starwood Property Trust, Inc. (“SPT”). Subsequently, we changed our corporate form from a Maryland corporation to a Maryland real estate investment trust and our name from Starwood Residential Properties, Inc. to Starwood Waypoint Residential Trust. We were formed by SPT to own homes and NPLs. On January 31, 2014 (the “Distribution Date”), SPT completed the spin-off of us to its stockholders (the “Separation”), and we issued approximately 39.1 million common shares. Our shares began trading on February 3, 2014 on the New York Stock Exchange (“NYSE”) under the ticker symbol SWAY. As part of the Separation, SPT also contributed $100.0 million to us, in order to continue to fund our growth and operations. Prior to the Separation, there were also $28.3 million of contributions from SPT.
	Starwood Waypoint Residential Partnership, L.P. (our “operating partnership”) was formed as a Delaware limited partnership in May 2012. Our wholly-owned subsidiary is the sole general partner of our operating partnership, and we conduct substantially all of our business through our operating partnership. We own 100% of the operating partnership units in our operating partnership.
	We have a joint venture with Prime Asset Fund VI, LLC (“Prime”), an entity managed by Prime Finance, an asset manager that specializes in acquisition, resolution and disposition of NPLs. We own a greater than 98.75% interest in the joint venture, which holds all of our NPLs. Prime earns a one-time fee from us, equal to a percentage of the value (as determined pursuant to the Amended and Restated Limited Partnership Agreement of PrimeStar Fund I, L.P.) of the NPLs and homes we designate as rental pool assets upon disposition or resolution of such assets. Prime also earns a fee in connection with the asset management services that Prime provides to the joint venture’s non-rental pool assets, and the joint venture pays Prime a monthly asset management fee in arrears for all non-rental pool assets acquired.
	We intend to operate and to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to shareholders and qualify and maintain our qualification as a REIT.
	Our Manager
	We are externally managed and advised by SWAY Management, LLC (our “Manager”) pursuant to the terms of a management agreement, which will not expire until January 31, 2017. Our Manager is an affiliate of Starwood Capital Group Global, L.P., a privately-held private equity firm founded and controlled by Barry Sternlicht, our chairman.
	On the Distribution Date, our Manager acquired the Waypoint platform, which is an advanced, technology driven operating platform that provides the backbone for deal sourcing, property underwriting, acquisitions, asset protection, renovations, marketing and leasing, repairs and maintenance, portfolio reporting and property management of homes.

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Note 2.  Basis of Presentation and Significant Accounting Policies
	Basis of Presentation and Principles of Consolidation
	The accompanying consolidated financial statements include our accounts and those of our wholly and majority-owned subsidiaries. Intercompany amounts have been eliminated. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
	Prior to the Separation, the historical consolidated financial statements were derived from the consolidated financial statements and accounting records of SPT principally representing the single-family segment, using the historical results of operations and historical basis of assets and liabilities of our businesses. The historical consolidated financial statements also include allocations of certain of SPT’s general corporate expenses. Management believes the assumptions and methodologies underlying the allocation of general corporate expenses to the historical results of operations were reasonable. However, such expenses may not be indicative of the actual level of expenses that would have been incurred by us if we had operated as an independent, publicly traded company or of the costs expected to be incurred in the future. As such, the results of operations prior to the Separation, included herein, may not necessarily reflect our results of operations, financial position, or cash flows in the future or what our results of operations, financial position, or cash flows would have been had we been an independent, publicly traded company during the historical periods presented. Transactions between the single-family business segment and other business segments of SPT’s businesses have been identified in the historical consolidated financial statements as transactions between related parties for periods prior to the Separation. We have no expenses allocated to us from SPT in 2014.
	The non-controlling interest in a consolidated subsidiary is the portion of the equity (net assets) in Prime that is not attributable, directly or indirectly, to us. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheets. In addition, the accompanying consolidated statements of operations include the allocation of the net income or loss in the Prime joint venture to the non-controlling interest holders in Prime.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	The most significant estimates that we make are of the fair value of our properties and NPLs. While home values are typically not a highly subjective estimate on a per-unit basis, given the usual availability of comparable property sale and other market data, these fair value estimates significantly impact the consolidated financial statements, including (1) whether certain assets are identified as being potentially impaired and then, if deemed to be impaired, the amount of the resulting impairment charges, and (2) the allocation of purchase price to individual assets acquired as part of a pool, which have a significant impact on the amount of gain or loss recognized from a subsequent sale, and the subsequent impairment assessment, of individual assets. Estimates pertaining to the fair value of NPLs use a discounted cash flow valuation model and consider alternate loan resolution probabilities, including modification, liquidation, or conversion to rental property. These fair value estimates significantly impact the consolidated financial statements in that changes to fair value of NPLs that have elected the fair value option are reflected in unrealized gains and losses and recorded in current-period earnings.
	Significant Accounting Policies
	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks and short-term investments. Short-term investments are comprised of highly liquid instruments with original maturities of three months or less. We maintain our cash and cash equivalents in multiple financial institutions with high credit quality in order to minimize our credit loss exposure. At times, these balances exceed federally insurable limits.
	Restricted Cash
	Restricted cash is primarily comprised of resident security deposits held by us and rental revenues held in accounts controlled by lenders on our debt facilities.
	Investments in Real Estate
	Property acquisitions are evaluated to determine whether they meet the definition of a business combination or of an asset acquisition under GAAP. For asset acquisitions, we capitalize (1) pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred, and (2) closing and other direct acquisition costs. We then allocate the total cost of the property including acquisition costs, between land and building based on their relative fair values, generally utilizing the relative allocation that was contained in the property tax assessment of the same or a similar property, adjusted as deemed necessary.
	During the fourth quarter of 2013, we determined that our previous accounting policy for evaluating whether acquisitions of homes were an asset acquisition or a business combination was not in accordance with GAAP; however, its impact on our financial statements was immaterial. Accordingly, we revised our accounting policy and determined that homes acquired that had an existing lease in place should be accounted for as a business combination. Acquisitions of homes without a lease in place continue to be accounted for as asset acquisitions. Under business combination accounting guidance, acquisition costs are expensed, while acquisition costs incurred in an asset acquisition are capitalized as part of the cost of the acquired asset. Acquisition costs capitalized that relate to business combinations that occurred in the periods prior to September 30, 2013 were insignificant.
	For acquisitions that do not qualify as an asset acquisition, we evaluate the acquisition to determine if it qualifies as a business combination. For acquired properties where we have determined that the property has a resident with an existing lease in place, we account for the acquisition as a business combination. For acquisitions that qualify as a business combination, we (1) expense the acquisition costs in the period in which the costs were incurred and (2) allocate the cost of the property among land, building and in-place lease intangibles based on their fair value. The fair values of acquired in-place lease intangibles are based on costs to execute similar leases including commissions and other related costs. The origination value of in-place leases also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The in-place lease intangible is amortized over the life of the lease and is recorded in other assets in our consolidated balance sheets.
	If, at acquisition, a property needs to be renovated before it is ready for its intended use, we commence the necessary development activities. During this development period, we capitalize all direct and indirect costs incurred in renovating the property.
	Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home and for furniture and fixtures.
	We begin depreciating properties to be held and used when they are ready for their intended use. We compute depreciation using the straight-line method over the estimated useful lives of the respective assets. We depreciate buildings and building improvements over 30 years, and we depreciate other capital expenditures over periods ranging from four to 25 years. Land is not depreciated.
	Properties are classified as held for sale when they meet the applicable GAAP criteria, including that the property is being listed for sale and that it is ready to be sold in its current condition. Held-for-sale properties are reported at the lower of their carrying amount or estimated fair value less costs to sell.
	We evaluate our long-lived assets for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include declines in home values, rental rate and occupancy and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of identifiable cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount of a property. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, 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. To determine the estimated fair value we primarily consider local BPOs, but also consider any other comparable home sales or other market data as considered necessary. Such values represent the estimated amounts at which the homes could be sold in their current condition, assuming the sale is completed within a period of time typically associated with non-distressed sellers. Estimated values may be less precise, particularly in respect of any necessary repairs, where the interior of homes are not accessible for inspection by the broker performing the valuation.
	In evaluating our investments in real estate, we determined that certain properties were impaired, which resulted in impairment charges of $2.6 million and $1.2 million during the years ended December 31, 2014 and 2013, respectively.
	Non-Performing Loans
	We have purchased pools of NPLs which were individually bid on and which we seek to (1) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold or (2) modify and hold or resell at higher prices if circumstances warrant. Our NPLs are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. Generally, when loans are placed on nonaccrual status, accrued interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal.
	Loans are classified as held for sale when they meet the applicable GAAP criteria, including that the loan is being listed for sale and that it is ready to be sold in its current condition. Held-for-sale loans are reported at the lower of their carrying amount or estimated fair value less costs to sell.
	We evaluate our loans for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. As our loans were non-performing when acquired, we generally look to the estimated fair value of the underlying property collateral to assess the recoverability of our investments. As described in our real estate accounting policy above, we primarily utilize the local BPO, but also consider any other comparable home sales or other market data as considered necessary, in estimating a property’s fair value. If the carrying amount of a loan exceeds the estimated fair value of the underlying collateral, we will record an impairment loss for the difference between the estimated fair value of the property collateral and the carrying amount of the loan. During the years ended December 31, 2014 and 2013, respectively, no impairments have been recorded on any of our loans.
	When we convert loans into homes through foreclosure or other resolution process (e.g., through a deed-in-lieu of foreclosure transaction), the property is initially recorded at fair value unless it meets the criteria for being classified as held-for-sale, in which case the property is initially recorded at fair value less estimated costs to sell. The transfer to single-family rental homes (“SFR”) occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to SFR is estimated using BPOs. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings, and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate.
	Gains are recognized in earnings immediately when the fair value of the acquired property (or fair value less estimated costs to sell for held-for-sale properties) exceeds our recorded investment in the loan, and are reported as gains from the conversion of loans into real estate in our consolidated statements of operations. Conversely, any excess of the recorded investment in the loan over the fair value of the property (or fair value less estimated costs to sell for held-for-sale properties) would be immediately recognized as a loss. During the year ended December 31, 2014 we converted $62.7 million in NPLs into $87.4 million in real estate assets that resulted in a gain of $24.7 million. During the year ended December 31, 2013, we converted $24.7 million in NPLs into $33.3 million in real estate assets that resulted in a gain of $8.6 million.
	In situations where property foreclosure is subject to an auction process and a third party submits the winning bid, we recognize the resulting gain as a realized gain on NPLs, net.
	Beginning in 2014, we have elected the fair value option for NPL purchases as we have concluded that NPLs accounted for at fair value timely reflect the results of our investment performance. Upon the acquisition of NPLs, we record the assets at fair value which is the purchase price we paid for the loans on the acquisition date. NPLs are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings.
	We determine the purchase price for NPLs at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation, or conversion to rental property. Observable inputs to the model include loan amounts, payment history, and property types. Unobservable inputs to the model are discussed in Note 3- Fair Value Measurements.
	For NPLs acquired in 2014, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification or conversion to a single-family rental).  As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs, and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses typically each increases the fair value of the loan. The increase in the value of the loan is recognized in unrealized gains on NPLs in our consolidated statements of operations.  During the years ended December 31, 2014 and 2013, respectively, we recorded $44.6 million and zero, respectively, in unrealized gains on the fair value of loans.
	Geographic Concentrations
	We hold significant concentrations (based upon acquisition cost) of homes and NPLs with collateral in the following regions of the country in excess of 10% of our total portfolio, and, as such, we are more vulnerable to any adverse macroeconomic developments in such areas:
	SFRs(1)
			As of December 31,
	Market		2014		2013
	South Florida		20	%	28	%
	Atlanta		17	%	17	%
	Houston		14	%	16	%
	Dallas		12	%	9	%
	NPLs(1)
			As of December 31,
	State		2014		2013
	Florida		18	%	35	%
	California		16	%	7	%
		-1		Effective the first quarter of 2014, we revised prior period concentration classifications to conform to the current period’s presentation.
	Capitalized Costs
	We capitalize certain costs incurred in connection with successful property acquisitions and associated stabilization activities, including tangible property improvements and replacements of existing property components. Included in these capitalized costs are certain personnel costs associated with time spent by certain personnel in connection with the planning, execution, and oversight of all capital additions activities at the property level as well as third-party acquisition agreement fees. Indirect costs are allocations of certain department costs, including personnel costs that directly relate to capital additions activities. We also capitalize property taxes and homeowners’ association (“HOA”) fees dues during periods in which property stabilization is in progress. We charge to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance, resident turnover costs, and general and administrative expenses. We also defer successful leasing costs and amortize them over the life of the lease, which is typically one to two years.
	Purchase Deposits
	We make various deposits relating to property acquisitions, including transactions where we have agreed to purchase a home subject to certain conditions being met before closing, such as satisfactory home inspections and title search results. Our purchase deposit balances are recorded in other assets in our consolidated balance sheets.
	Derivative Instruments
	We are exposed to certain risk arising from both our business operations and economic conditions.  We principally manage our exposures to a wide variety of business and operational risks through the management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments.  Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.  Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings.
	As required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, we record all derivatives in the consolidated balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  We may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
	Derivatives not designated as hedges are derivatives that do not meet the criteria for hedge accounting under GAAP or for which we have not elected to designate as hedges. We do not use these derivatives for speculative purposes, but instead they are used to manage our exposure to interest rate changes. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in loss on derivative financial instruments, net in our consolidated statements of operations.
	Convertible Notes
	ASC Topic 470-20, Debt with Conversion and Other Options, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measure the fair value of the debt component of our convertible notes as of the issuance date based on our nonconvertible debt borrowing rate. The equity component of the convertible notes is reflected within additional paid-in capital on our consolidated balance sheets, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to the convertible notes will be recorded in subsequent periods through the maturity date as the notes accrete to their par value.
	Securitization/Sale and Financing Arrangements
	We periodically sell our financial assets. In connection with these transactions, we may retain or acquire senior or subordinated interests in the related assets. Gains and losses on such transactions are recognized using the guidance in ASC Topic 860, Transfers and Servicing, which is based on a financial components approach that focuses on control. Under this approach, after a transfer of financial assets that meets the criteria for treatment as a sale – legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transferred control – an entity recognizes the financial assets it retains and any liabilities it has incurred, derecognizes the financial assets it has sold, and derecognizes liabilities when extinguished. We determine the gain or loss on sale of the assets by allocating the carrying value of the sold asset between the sold asset and the interests retained based on their  relative fair values, as applicable. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the sold asset. If the sold asset is being accounted for pursuant to the fair value option, there is no gain or loss.
	Revenue Recognition
	Rental revenue, net of concessions, is recognized on a straight-line basis over the term of the lease. The initial term of our residential leases is generally one to two years, with renewals upon consent of both parties on an annual or monthly basis.
	We periodically evaluate the collectability of our resident and other receivables and record an allowance for doubtful accounts for any estimated probable losses. This allowance is estimated based on payment history and probability of collection. We generally do not require collateral other than resident security deposits. Our allowance for doubtful accounts was $0.3 million and $1.0 million as of December 31, 2014 and 2013, respectively. Bad debt expense amounts are recorded as property operating and maintenance expenses in the consolidated statements of operations. During the years ended December 31, 2014 and 2013, we incurred bad debt expense of $2.6 million and $1.0 million, respectively.
	We recognize sales of real estate when the sale has closed, title has passed, adequate initial and continuing investment by the buyer is received, possession and other attributes of ownership have been transferred to the buyer, and we are not obligated to perform significant additional activities after closing. All these conditions are typically met at or shortly after closing.
We recognize realized gains on loan conversions, net in each reporting period when our NPLs are converted to SFRs. The transfer to SFR occurs when we have obtained legal title to the property upon completion of the foreclosure. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs.  BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, foreclosure timelines, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales.  Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate.
We recognize realized gains on NPLs upon payoff of principal balance.  The gain is calculated by subtracting basis from net proceeds of payoff.
Earnings (Loss) Per Share
We use the two-class method to calculate basic and diluted earnings per common share (“EPS”) as our restricted share units (“RSUs”) are participating securities as defined by GAAP. We calculate basic EPS by dividing net income (loss) attributable to us for the period by the weighted average number of common shares outstanding for the period. Diluted-earnings per share reflect the potential dilution that could occur from shares issuable in connection with the RSUs and convertible senior notes, except when doing so would be anti-dilutive.
Share-Based Compensation
The fair value of our restricted shares or RSUs granted is recorded as expense on a straight-line basis over the vesting period for the award, with an offsetting increase in shareholders' equity. For grants to trustees, the fair value is determined based upon the share price on the grant date. For non-employee grants, the fair value is based on the share price when the shares vest, which requires the amount to be adjusted in each subsequent reporting period based on the fair value of the award at the end of the reporting period until the award has vested.
Income Taxes
We intend to operate as a REIT under Internal Revenue Code of 1986, as amended (the “Code”), and intend to comply with the Code with respect thereto. Accordingly, we will not be subject to federal income tax as long as certain asset, income, dividend distribution, and share ownership tests are met. Many of these requirements are technical and complex, and if we fail to meet these requirements, we may be subject to federal, state, and local income tax and penalties. A REIT's net income from prohibited transactions is subject to a 100% penalty tax. We have taxable REIT subsidiaries (“TRSs”) where certain investments may be made and activities conducted that (1) may have otherwise been subject to the prohibited transactions tax and (2) may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income, if any, within the TRSs is subject to federal and state income taxes as a domestic C corporation based upon the TRSs' net income. We recorded provisions of approximately $0.2 million and $0.3 million for the years ended December 31, 2014 and 2013, respectively.  Additionally, we recorded an adjustment of $0.3 million to our deferred tax asset and deferred tax liability as income tax expense during the year ended December 31, 2014 as we concluded this amount was not realizable. This resulted in total income tax expense of $0.5 million for the year ended December 31, 2014.
Reclassification of Prior Period Amounts
In 2014, we reclassified revenue related to our NPL operating segment in the consolidated statements of operations to conform to the current period’s presentation. Prior amounts previously shown as other income were reclassified to conform to our current period presentation and presented as realized gain on non-performing loans, net and realized gain on loan conversions, net within our revenue section in the consolidated statements of operations. We believe revenues associated with our NPL business segment represents a separate segment of our operations and were a primary source of revenue for our business during 2014.
Further, we reclassified certain prior year expenses related to the Separation and certain third-party fees in the consolidated statements of operations. For the year ended December 31, 2013, we have reclassified costs of $1.7 million from general and administrative expenses to separation costs. We have also reclassified costs of $2.2 million from acquisition fees and other expenses to general and administrative expenses, and costs of $2.9 million from investment management fees to property operating and maintenance. We have also reclassified costs of $3.4 million from investment management fees to non-performing loan management fees and expenses. For the period from May 23, 2012 (inception) through December 31, 2012, we have reclassified costs of $2.3 million from acquisition fees and other expenses to general and administrative expenses, costs of $0.5 million from investment management fees to property operating and maintenance, and costs of $0.2 million from investment management fees to NPL management fees and expenses.
We also combined prior year development costs as reported in the consolidate balance sheets within land and building and improvements to conform to the current period’s presentation. As of December 31, 2013, Land has been allocated $51.3 million of development costs and building and improvements has been allocated $255.3 million development costs to conform to our current presentation. We believe this disclosure is more meaningful to investors and more comparable with our peers. We have also reclassified prior period “Geographic Concentration” percentages within footnote to conform to the current year presentation. During the current year we changed the concentrations from the “MSA” for REO and “Region” for NPLs to the “Market” for REO and “State” for the NPL. We believe the current year presentation is more meaningful to investors.
Segment Reporting
We are focused primarily on acquiring single-family rental homes and NPLs and currently operate in two reportable segments. Prior to the Separation, we reported in only one segment. After the Separation, the chief decision maker changed from SPT’s chief executive officer to our two Co-Chief Executive Officers, who view our NPL activities as a separate segment of our business. In connection with our change in reportable segments, we have created new revenue line items in our consolidated statements of operations associated with our NPL segment. Amounts in the prior year were reclassified to conform to the current year’s presentation as discussed above.
Recent Accounting Pronouncements
In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements–Going Concern (Subtopic 205-10). ASU No. 2014-15 provides guidance about management’s responsibility to evaluate if there exists substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, the entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management’s evaluation should be based on relevant conditions and events that are known and reasonably determinable at the date that the financial statements are issued. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU No. 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are currently evaluating the impact of adoption of ASU No. 2014-15 on our consolidated financial statement presentation and disclosures.
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures,” or ASU 2014-11. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 25, 2014, and for interim periods after March 15, 2015. We currently record our repurchase arrangements as secured borrowings and do not anticipate that ASU 2014-11 will have a material impact on our consolidated financial statements.
In June 2014, the FASB issued ASU No. 2014-10,  Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, including an amendment to variable interest entities guidance in ASC Topic 810, Consolidation. ASU No. 2014-10 eliminated the requirement to present inception-to-date information about income statement line items, cash flows, and equity transactions, and clarifies how entities should disclose the risks and uncertainties related to their activities. ASU No. 2014-10 also eliminated an exception provided to development stage entities in consolidations under ASC Topic 810 for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The presentation and disclosure requirements in Topic 915 will no longer be required for interim and annual reporting periods beginning after December 15, 2014, and the revised consolidation standards will take effect in annual periods beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU No. 2014-10 is not expected to have any impact on our consolidated financial statement presentation or disclosures.
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU No. 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. We are currently evaluating the impact of this amendment on our consolidated financial position and results of operations.
In April 2014, the FASB issued ASU No. 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. Under the new guidance, a disposal of a component of an entity, or a group of components of an entity, is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance also changes an entity’s requirements when presenting, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation. A discontinued operation may include a component of an entity, or a business or nonprofit activity. The guidance is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of the new requirements is not expected to have a material impact on our consolidated statements of operations, balance sheets, or statements of cash flows.
In January 2014, ASU No. 2014-04, Troubled Debt Restructurings by Creditors, was issued. It provides that a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. We do not expect this amendment to have a significant effect on our consolidated financial statements because our accounting policies and disclosures are currently consistent with the requirements set forth in the guidance.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Measurements [Abstract]
Fair Value Measurements
	Note 3. Fair Value Measurements
	GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:
	Level I—Quoted prices in active markets for identical assets or liabilities.
	Level II—Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability. These may include quoted prices for similar items, interest rates, speed of prepayments, credit risk and others.
	Level III—Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment) unobservable inputs may be used. Unobservable inputs reflect our own assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.
	Cash and Cash Equivalents, Resident and Other Receivables, Restricted Cash and Purchase Deposits
	Fair values approximate carrying values due to their short-term nature. These valuations have been classified as Level I.
	Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments. The assets measured at fair value on a nonrecurring basis are summarized below (in thousands):
		Residential real estate held for sale (Level III)
		Pre-Impairment
	Real estate held for sale:	Amount			Total Losses			Fair Value
	Year Ended December 31, 2014	$	5,613		$	-1,365		$	4,248
	Year Ended December 31, 2013	$	5,641		$	-1,174		$	4,467
		Residential real estate held for use (Level III)
		Pre-Impairment
	Real estate held for use:	Amount			Total Losses			Fair Value
	Year Ended December 31, 2014	$	14,039		$	-1,214		$	12,825
	Year Ended December 31, 2013	$	—		$	—		$	—
	For a summary of our real estate activity during the years ended December 31, 2014 and 2013, and the period from May 23, 2012 (inception) through December 31, 2012, refer to Note 5 – Real Estate. During the period from May 23, 2013 (inception) through December 31, 2012, we recorded impairments of $0.5 million.
	The following table presents the amount of NPLs converted to real estate measured at fair value on a non-recurring basis during the years ended December 31, 2014 and 2013 (in thousands).  There were no such conversions for the period from May 23, 2012 (inception) through December 31, 2012.
		Transfer of NPLs
		into Homes (Level III)
		Carrying			Realized			Fair
		Value			Gains			Value
	Non-recurring basis (assets)
	Year Ended December 31, 2014	$	62,764		$	24,682		$	87,446
	Year Ended December 31, 2013	$	24,702		$	8,614		$	33,316
	Fair Value Option
	The guidance in ASC 825, Financial Instruments, provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our  consolidated balance sheet from those instruments using another accounting method. We have concluded that NPLs accounted for at fair value timely reflect the results of our investment performance.
	Consistent with our policy commencing on January 1, 2014, we have elected the fair value option for our purchases of NPLs during year ended December 31, 2014.  For a summary of our Level III activity for our NPLs carried at fair value during the year ended December 31, 2014, refer to Note 6 - Non-Performing Loans.
	The following table presents the fair value of our financial instruments not carried at fair value on the consolidated balance sheets (in thousands).
			31-Dec-14						31-Dec-13
			Carrying			Fair			Carrying		Fair
			Value			Value			Value		Value
	Assets not carried on the consolidated balance sheet at fair value
	NPLs (1)	Level III	$	152,399		$	235,545		$	214,965	$	223,861
	Asset-backed securitization certificates	Level III		26,553			26,553			—		—
	Total assets		$	178,952		$	262,098		$	214,965	$	223,861
	Liabilities not carried on the consolidated balance sheet at fair value
	Credit facilities	Level III	$	895,488		$	895,488		$	—	$	—
	3.00% Convertible Senior Notes due 2019	Level III		202,874			183,295			—		—
	4.50% Convertible Senior Notes due 2017	Level III		160,236			161,221			—		—
	Asset-backed securitization certificates	Level III		526,816			526,816			—		—
	Total liabilities		$	1,785,414		$	1,766,820		$	—	$	—
	(1) Includes NPLs held for sale.
	The fair value of our asset-backed securitization certificates and asset-backed securitization liability are estimated by discounting the contractual cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. As the transaction closed December 19, 2014, we concluded that the carrying value approximates fair value as of December 31, 2014. We have determined that our valuation of these arrangements should be classified in Level III of the value hierarchy. The fair value of our convertible senior notes is estimated by discounting the contractual cash flows at the interest rate we estimate such notes would bear if sold in the current market. We have determined that our valuation of our convertible senior notes should be classified in Level III of the fair value hierarchy. The credit facilities are recorded at their aggregate principal balance and not at fair value. The fair value was estimated based on the rate at which a similar credit facility would be priced today.
	The significant unobservable inputs used in the fair value measurement of our NPLs are discount rates, alternate loan resolution probabilities, resolution timelines, and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics, such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value.
	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our NPLs as of December 31, 2014 and 2013:
			As of December 31,
	Input		2014		2013
	Discount rate		15%		N/A
	Loan resolution probabilities - rental		0%-100%		N/A
	Loan resolution probabilities - liquidation		0%-100%		N/A
	Loan resolution timelines (in years)		0.1 to 5.8		N/A
	Value of underlying properties		$2,900-$2,300,000		N/A
	For a summary of our NPL transactions for the years ended December 31, 2014 and 2013, see Note 6 - Non-Performing Loans. /

Net_Loss_per_Share

Net Loss per Share	12 Months Ended
	Dec. 31, 2014
Net Loss per Share [Abstract]
Net Loss per Share	Note 4. Net Loss per Share
	Our shares began trading on February 3, 2014 on the NYSE under the ticker symbol “SWAY.” In our calculation of EPS, the numerator for both basic and diluted EPS is net earnings (loss) attributable to us. For periods prior to the Distribution Date, the denominator for basic and diluted EPS is based on the number of our common shares outstanding on the Distribution Date. On the Distribution Date, SPT stockholders of record as of the close of business on January 24, 2014, received one of our common shares for every five shares of SPT common stock held as of the record date. Basic and diluted EPS and the average number of common shares outstanding for periods after the Distribution Date, were calculated using the number of our common shares outstanding immediately following the distribution and as adjusted for subsequent issuances and repurchases. The number of shares at the Distribution Date was used to calculate basic and diluted EPS as none of the equity awards were outstanding prior to the distribution. We use the two-class method in calculating basic and diluted EPS.
		Year Ended					Period from May 23, 2012 (inception) through
		December 31,					December 31,
	(in thousands, except per share amounts)	2014		2013		2012
	Numerator:
	Net loss attributable to Starwood Waypoint Residential Trust shareholders	$	-43,695	$	-23,424	$	-4,424
	Denominator:
	Basic and diluted weighted average shares outstanding		38,624		39,111		39,111
	Basic and diluted net loss per share	$	-1.13	$	-0.6	$	-0.11
	The dilutive effect of outstanding RSUs is reflected in diluted net income per share, but not diluted loss per share, by application of the treasury share method, which includes consideration of share-based compensation required by GAAP. As we reported a net loss for the years ended December 31, 2014 and 2013, and the period from May 23, 2012 (inception) through December 31, 2012, both basic and diluted net loss per share are the same.
	For the year ended December 31, 2014,  0.7 million of our common shares subject to RSUs were excluded from the computation of diluted net loss per share as their impact would have been anti-dilutive, and the RSUs do not participate in losses. We had no RSUs during the year ended December 31, 2013 or the period from May 23, 2012 (inception) through December 31, 2012.
	For the year ended December 31, 2014, the potential common shares contingently issuable upon the conversion of 3.00% Convertible Senior Notes due 2019 (the “2019 Convertible Notes”) and the 4.50% Convertible Senior Notes due 2017 (the “2017 Convertible Notes” and, together with the 2019 Convertible Notes, the “Convertible Senior Notes”) were also excluded from the computation of diluted net loss per share as their impact would have been anti-dilutive. We did not issue any convertible notes prior to 2014.
	Equity Transactions
	On April 24, 2014, our board of trustees authorized a share repurchase program. Under the program, we may repurchase up to $150.0 million of our common shares beginning April 17, 2014 and ending April 17, 2015. During the year ended December 31, 2014, we repurchased 1.3 million shares for an aggregate purchase price of $34.3 million.
	On October 15, 2014, we paid a quarterly dividend of $0.14 per common share, totaling $5.5 million, to shareholders of record at the close of business on September 30, 2014.  On November 7, 2014, our board of trustees declared a quarterly dividend of $0.14 per common share. Total dividend payments of $5.4 million were made on January 15, 2015 to shareholders of record at the close of business on December 31, 2014.

Real_Estate

Real Estate	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Real Estate	Note 5. Real Estate
	The following table summarizes transactions within our home portfolio for the years ended December 31, 2014 and 2013 (in thousands)(1):
	Balance as of January 1, 2013	$	99,614
	Acquisitions		534,018
	Real estate converted from loans		33,326
	Capitalized expenditures		102,307
	Basis of real estate sold		-13,008
	Impairment of real estate		-1,174
	Balance as of December 31, 2013		755,083
	Acquisitions		957,741
	Real estate converted from loans		87,446
	Capitalized expenditures		251,568
	Basis of real estate sold		-37,563
	Impairment of real estate		-2,579
	Balance as of December 31, 2014	$	2,011,696
		-1		Excludes accumulated depreciation related to investments in real estate as of December 31, 2014 and 2013, of $41.6 million and $5.7 million, respectively; and excludes accumulated depreciation on assets held for sale as of December 31, 2014 and 2013 of $0.1 million and zero, respectively. Total depreciation and amortization expense for the years ended December 31, 2014 and 2013, was $41.9 million and $6.1 million, respectively.

NonPerforming_Loans

Non-Performing Loans	12 Months Ended
	Dec. 31, 2014
Non-Performing Loans [Abstract]
Non-Performing Loans	Note 6. Non-Performing Loans
	We hold our NPLs within a consolidated subsidiary that we established with Prime. We hold a controlling interest in the subsidiary and, as such, have the power to direct its significant activities while Prime manages the subsidiary's day-to-day operations. Should this subsidiary realize future returns in excess of specific thresholds, Prime may receive incremental incentive distributions in excess of their ownership interest.
	The following table summarizes transactions within our NPLs for the years ended December 31, 2014 and 2013:
				NPLs
	(in thousands)	NPLs		(fair value option-Level III)
	Balance as of January 1, 2013	$	68,106	$	—
	Acquisitions		186,123		—
	Basis of loans sold		-197		—
	Loans converted to real estate		-24,702		—
	Loan liquidations and other basis adjustments		-14,365		—
	Balance as of December 31, 2013	$	214,965	$	—
	Acquisitions		—		486,509
	Unrealized gain on NPLs, net		—		44,593
	Basis of loans sold		-3,092		—
	Loans converted to real estate		-44,614		-18,150
	Loan liquidations and other basis adjustments		-14,860		-21,162
	Loans held for sale		-26,911		—
	Balance as of December 31, 2014	$	125,488	$	491,790
	See Note 3 - Fair Value Measurements for information regarding significant unobservable inputs used to measure the fair value of our NPLs as of December 31, 2014 and 2013.
	Total unpaid principal balance (“UPB”) for our first-lien NPL portfolio as of December 31, 2014 and 2013, was $968.7 million and $447.3 million, respectively.

Rental_Revenue

Rental Revenue	12 Months Ended
	Dec. 31, 2014
Rental Revenue [Abstract]
Rental Revenue
	Note 7. Rental Revenue
	Homes are leased to residents under operating leases with initial expiration dates ranging from 2015 to 2017. Under our standard lease terms, the residents are generally responsible for paying utilities, and we are generally responsible for paying property taxes and insurance, HOA fees and property repairs above specified thresholds.
	The future minimum rental revenue to be received from residents as of December 31, 2014 is as follows:
	(in thousands)
	2015	$	115,610
	2016		35,146
	2017		262
	2018		—
	2019		—
	Thereafter		—
		$	151,018

Debt

Debt	12 Months Ended
	Dec. 31, 2014
Debt [Abstract]
Debt	Note 8. Debt
	Senior SFR Facility
	On June 13, 2014, Starwood Waypoint Borrower, LLC (“SFR Borrower”), a wholly-owned indirect subsidiary of ours that was established as a special-purpose entity to own, acquire and finance, directly or indirectly, substantially all of our SFRs, entered into an Amended and Restated Master Loan and Security Agreement evidencing a $1.0 billion secured revolving credit facility (“SFR Facility”) with a syndicate of financial institutions led by Citibank, N.A., as administrative agent. The credit facility replaced our $500.0 million credit facility with Citibank, N.A., as sole lender. The SFR Facility was subsequently amended on July 31, 2014 and December 19, 2014 to clarify certain definitions in the agreement. The outstanding balance on this facility as of December 31, 2014 was approximately $441.2 million.
	The SFR Facility is set to mature on February 3, 2017, subject to a one-year extension option which would defer the maturity date to February 5, 2018. The SFR Facility includes an accordion feature that may allow the SFR Borrower to increase availability thereunder by $250.0 million, subject to meeting specified requirements and obtaining additional commitments. The SFR Facility has a variable interest rate of London Interbank Offered Rate (“LIBOR”) plus a spread, which will equal 2.95% during the first three years and then 3.95% during any extended term, subject to a default rate of an additional 5.0% on amounts not paid when due. The SFR Borrower is required to pay a commitment fee on the unused commitments at a per annum rate that varies from zero to 0.25% depending on the principal amounts outstanding. The SFR Facility is secured by all assets of the SFR Borrower and its subsidiaries and also by a pledge of the SFR Borrower’s equity. The facility contains customary terms, conditions precedent, affirmative and negative covenants, limitations, and other conditions for credit facilities of this type, including requirements for cash reserves and restrictions on incurring additional indebtedness, creation of liens, mergers and fundamental changes, sales or other dispositions of property, changes in the nature of their business, investments, and capital expenditures. The facility is also subject to certain financial covenants concerning our liquidity and tangible net worth, and to requirements that SFR Borrower maintain minimum levels of debt service coverage and debt yield.
	In connection with the SFR Facility, we provided a limited guaranty and recourse indemnity with respect to specified losses due to fraud, misrepresentation, misapplication of funds, physical waste, breaches of specified representations, warranties and covenants and a full guaranty in the event that SFR Borrower or its subsidiaries file insolvency proceedings or violate certain covenants that result in their being substantively consolidated with any other entity that is subject to a bankruptcy proceeding. Availability under the SFR Facility is limited by a formula equal to the lower of 60% of the SFR Borrower’s acquisition cost of a home or 60% of its value (increasing to the lower of 65% of acquisition cost and initial capital expenditures or 70% of its value once a property is stabilized) as such value is established by an independent BPO.
	The facility includes customary events of default. The occurrence of an event of default will permit the lenders to terminate their commitments under the facility and accelerate payment of all amounts outstanding thereunder. In addition, if a default or a failure to observe the asset performance triggers should occur and be continuing, all of the rental income associated with the real estate properties of the SFR Borrower and its subsidiaries will, after payment of specified operating expenses, asset management fees and interest, be required to prepay the loans under the facility, which will preclude the SFR Borrower from being able to make distributions on its equity for our benefit.
	Master Repurchase Agreement
	On June 26, 2014, we (in our capacity as guarantor), PrimeStar Fund I, L.P. (a limited partnership in which we own, indirectly, at least 98.75% of the general partnership and limited partnership interests) and Wilmington Savings Fund Society, FSB, not in its individual capacity but solely as trustee of PrimeStar-H Fund I Trust (a trust in which we own, indirectly, at least 98.75% of the beneficial trust interests), amended our master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch (“Deutsche Bank AG”). The repurchase agreement initially provided maximum borrowings of up to $350.0 million and was amended to provide maximum borrowings of up to $500.0 million.  The repurchase agreement is secured, among other things, by PrimeStar Fund I, L.P.’s ownership interest in certificates that evidence 100% of the ownership interests in PrimeStar-H Fund I Trust. The repurchase agreement will be used to finance the acquisition of pools of NPLs secured by residential real property and residential real property by PrimeStar-H Fund I Trust and by various wholly-owned subsidiaries of PrimeStar-H Fund I Trust. The repurchase agreement was subsequently amended on October 10, 2014 to modify certain administrative requirements in the agreement.
	Advances under the repurchase agreement accrue interest at a per annum rate based on 30-day LIBOR (or the rate payable by a commercial paper conduit administered or managed by Deutsche Bank AG, to the extent Deutsche Bank AG utilizes such a commercial paper conduit to finance its advances under the repurchase agreement) plus 3.00%. During the existence of an event of default under the repurchase agreement, interest accrues at the post-default rate, which is based on the applicable pricing rate in effect on such date plus an additional 3.00%. The initial maturity date of the repurchase agreement is September 11, 2015, subject to a one year extension option, which may be exercised by PrimeStar Fund I, L.P. upon the satisfaction of certain conditions set forth in the repurchase agreement. Borrowings are available under the repurchase agreement until September 11, 2015.  In connection with the repurchase agreement, we provided a guaranty, under which we guaranty the obligations of PrimeStar I, L.P. under the repurchase agreement and ancillary transaction documents. The outstanding balance on December 31, 2014 on this facility was approximately $454.2 million.
	The repurchase agreement and ancillary transaction documents, including the guaranty, contain various affirmative and negative covenants concerning our liquidity and tangible net worth and maximum leverage ratio.
	Convertible Senior Notes
	On July 7, 2014, we issued $230.0 million in aggregate principal amount of the 2019 Convertible Notes. The sale of the 2019 Convertible Notes generated gross proceeds of $230.0 million and net proceeds of approximately $223.9 million, after deducting the initial purchasers’ discounts and estimated offering expenses paid by us.  The net proceeds from the offering were used to acquire additional homes and NPLs, to repurchase our common shares and for general corporate purposes. Interest on the 2019 Convertible Notes is payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2015. The 2019 Convertible Notes will mature on July 1, 2019.
	On October 14, 2014, we issued $172.5 million in aggregate principal amount of the 2017 Convertible Notes. The sale of the 2017 Convertible Notes generated gross proceeds of $172.5 million and net proceeds of approximately $167.8 million, after deducting the initial purchasers’ discounts and estimated offering expenses paid by us.  The net proceeds from the offering are to be used to acquire additional homes and NPLs, to repurchase our common shares and for general corporate purposes. Interest on the 2017 Convertible Notes will be payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2015. The 2017 Convertible Notes will mature on October 15, 2017.
	The following tables summarize the terms of the Convertible Senior Notes outstanding as of December 31, 2014 (in thousands, except rates):
																		Remaining
			Principal			Coupon			Effective			Conversion			Maturity			Period of
			Amount			Rate			Rate(1)			Rate(2)(3)			Date			Amortization
	2017 Convertible Notes		$	172,500		4.50	%		7.37	%			33.2934			10/15/17		2.79	years
	2019 Convertible Notes		$	230,000		3.00	%		6.02	%			29.9242			7/1/19		4.50	years
			As of December 31,
			2014			2013
	Total principal		$	402,500		$	—
	Net unamortized discount			-39,390			—
	Carrying amount of debt components		$	363,110		$	—
	Carrying amount of conversion option equity components recorded in additional paid-in capital		$	42,721		$	—
		-1		Effective rate includes the effect of the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in capital.
		-2		We have the option to settle any conversions in cash, common shares or a combination thereof. The conversion rate represents the number of common shares issuable per $1,000 principal amount of Convertible Senior Notes converted at December 31, 2014, as adjusted in accordance with the applicable indentures as a result of cash dividend payments. The if-converted value of the convertible senior notes did not exceed their principal amount at December 31, 2014 since the closing market price our common shares of $26.37 per share did not exceed the implicit conversion price of $33.42 for the 2019 Convertible Notes or $30.04 for the 2017 Convertible Notes.
		-3		Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.
	The aggregate contractual interest expense was approximately $5.0 million for the year ended December 31, 2014. With respect to the amortization of the discount on the liability component of the convertible notes, we reported additional non-cash interest expense of approximately $4.1 million, of which $0.8 million was capitalized, for the year ended December 31, 2014.
	Terms of Conversion
	As of December 31, 2014, the conversion rate applicable to the 2019 Convertible Notes was 29.9242 common shares per $1,000 principal amount of the 2019 Convertible Notes, which was equivalent to a conversion price of approximately $33.42 per common share. The conversion rate for the 2019 Convertible Notes is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date, we will increase the conversion rate for a holder who elects to convert its 2019 Convertible Notes in connection with such an event in certain circumstances. At any time prior to January 1, 2019, holders may convert the 2019 Convertible Notes at their option only under specific circumstances as defined in the Indenture Agreement dated as of July 7, 2014 between us and our Trustee, Wilmington Trust, National Association (the “Indenture Agreement”).  On or after January 1, 2019, until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2019 Convertible Notes, holders may convert all or any portion of the 2019 Convertible Notes at any time. Upon conversion, we will pay or deliver, as the case may be, cash, common shares or a combination of cash and common shares, at our election.
	As of December 31, 2014, the conversion rate applicable to the 2017 Convertible Notes was 33.2934 common shares per $1,000 principal amount of 2017 Convertible Notes (equivalent to a conversion price of approximately $30.04 per common share). The conversion rate for the 2017 Convertible Notes is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date, we will increase the conversion rate for a holder who elects to convert its 2017 Convertible Notes in connection with such an event in certain circumstances.  At any time prior to April 15, 2017, holders may convert the 2017 Convertible Notes at their option only under specific circumstances as defined in the Indenture dated as of October 14, 2014 between us and our Trustee, Wilmington Trust, National Association (together with the Indenture Agreement, the “Indentures”).  On or after April 15, 2017, until the close of business on the second scheduled trading day immediately preceding the maturity date of the 2017 Convertible Notes, holders may convert all or any portion of the 2017 Convertible Notes at any time. Upon conversion, we will pay or deliver, as the case may be, cash, common shares or a combination of cash and common shares, at our election.
	We may not redeem the Convertible Senior Notes prior to their maturity dates except to the extent necessary to preserve our status as a REIT for U.S. federal income tax purposes, as further described in the Indentures.  If we undergo a fundamental change as defined in the Indentures, holders may require us to repurchase for cash all or any portion of their Convertible Senior Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
	The Indentures contain customary terms and covenants and events of default. If an event of default occurs and is continuing, the Trustee by notice to us, or the holders of at least 25% in aggregate principal amount of the outstanding Convertible Senior Notes, by notice to us and the Trustee, may, and the Trustee at the request of such holders shall, declare 100% of the principal of and accrued and unpaid interest on all the Convertible Senior Notes to be due and payable. However, in the case of an event of default arising out of certain events of bankruptcy, insolvency or reorganization respect to us (as set forth in the Indentures), 100% of the principal of and accrued and unpaid interest on the Convertible Senior Notes will automatically become due and payable.
	Asset-Backed Securitizations
	On December 19, 2014 (the “Closing Date”), we completed our first securitization transaction of $504.5 million, which involved the issuance and sale in a private offering of single-family rental pass-through certificates (the “Certificates”) issued by a trust (the “Trust”) established by us. The Certificates represent beneficial ownership interests in a loan secured by a portfolio of 4,095 single-family homes operated as rental properties (collectively, the “Properties”) contributed from our portfolio of single-family homes to a newly-formed special purpose entity indirectly owned by us.  Subsequent to the Closing Date, we repaid $2.0 million in principal and reduced the portfolio to 4,081 single-family homes and the total proceeds of the securitization to $502.5 million (excluding the Class G Certificate described below).  Net proceeds of $477.7 million from the offering to third parties were distributed to our operating partnership, and used, primarily, to repay a portion of the senior secured revolving credit facility of our subsidiary, Starwood Waypoint Borrower, LLC, for acquisitions, and for general corporate purposes. A principal-only bearing subordinate Certificate, Class G, in the amount of $26.6 million, was retained by us.
	Each class of pass-through certificate (other than Class G and Class R) offered to investors (the “Offered Certificates”) accrues interest at a rate based on one-month LIBOR plus a pass-through rate ranging from 1.30-4.55%.  The table below shows the initial balance and pass-through rate for each class of the Offered Certificates.  The weighted average of the fixed-rate spreads of the Offered Certificates is approximately 2.37%. Taking into account the discount at which certain of the certificates were sold, and assuming the successful exercise of the three one-year extension options of the Loan Agreement (as defined below) and amortization of the discount over the resulting fully extended period, the effective weighted average of the fixed-rate spreads of the Offered Certificates is 2.46%.
	On the Closing Date, the Offered Certificates had the following initial par certificate balances, pass-through rates and ratings:
	(in thousands)		Initial			Pass-Through				Ratings
	Certificate		Balance			Rate				(KBRA/Moody's/Morningstar)			-1
	Class A		$	234,231			One-Month LIBOR + 1.30	%		AAA(sf)/Aaa(sf)/AAA
	Class B			61,260			One-Month LIBOR + 1.95	%		AA(sf)/Aa2(sf)/AA+
	Class C			55,855			One-Month LIBOR + 2.65	%		A-(sf)/A2(sf)/A+
	Class D			39,639			One-Month LIBOR + 3.20	%		BBB+(sf)/Baa2(sf)/BBB+
	Class E			80,359			One-Month LIBOR + 4.30	%		BBB-(sf)/NR/BBB-
	Class F			33,152			One-Month LIBOR + 4.55	%		BB+(sf)/NR/BB+
	Class R			N/A			N/A			Not rated
	Total/Effective weighted-average		$	504,496			2.37	%
		-1		The ratings shown are those of Kroll Bond Rating Agency, Inc. (“KBRA”), Moody’s Investors Service, Inc. (“Moody’s”) and Morningstar Credit Ratings, LLC (“Morningstar”). The interest rates on the certificates and classification are based on a credit assessment and rating by these rating agencies of the credit quality of the portfolio of the initial 4,095 homes securing the certificates and do not reflect any credit rating of us as an entity.
	The assets of the Trust consist primarily of a single componentized promissory note (the “Note”) issued by a special purpose entity, SWAY 2014-01 Borrower, LLC, a Delaware limited liability company (the “Borrower”), evidencing a monthly-pay mortgage loan with an initial principal balance of $531.0 million, having six floating rate components and one fixed-rate component (the “Loan”). The Loan has a two-year term with three 12-month extension options and is guaranteed by the Borrower’s sole member (the “Equity Owner”), also a special purpose entity owned by us. The Loan is secured by a pledge of all of the assets of the Borrower, including first priority mortgages on the Properties, and the Equity Owner’s obligations under its guaranty is  secured by a pledge of all of the assets of the Equity Owner, including a security interest in the sole membership interest in the Borrower. SWAY 2014-01 Depositor, LLC, our wholly-subsidiary, (the “Depositor”), the Borrower and the Equity Owner are under our common control.
	The Loan was originated on the Closing Date between JPMorgan Chase Bank, National Association (the “Loan Seller”) and the Borrower.  The Loan Seller sold the Loan to the Depositor, which then transferred the Loan to the Trustee (as defined below) of the Trust in exchange for the issuance of the Certificates.  The Certificates were issued pursuant to a Trust and Servicing Agreement (the “Trust and Servicing Agreement”) between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator, and Christiana Trust, a division of Wilmington Savings Fund Society, FSB, as trustee (the “Trustee”). Distributions will be made on the Certificates monthly on the 4th Business Day following the 13th day of each month (or, if such 13th day is not a Business Day, the immediately preceding Business Day), commencing in January 2015. The Class A, Class B, Class C, Class D, Class E and Class F Certificates accrue interest from and including the Closing Date.  The Class R Certificates represent the residual interests in the Trust real estate mortgage investment conduit and do not have an initial certificate balance, pass-through rate, rating, or rated final distribution date and will not be entitled to distributions of principal or interest.
	The pass-through certificates represent the entire beneficial interest in the trust. The certificates (other than Class G) were offered and sold to qualified institutional buyers and non-U.S. persons through the placement agents retained for the transaction pursuant to the exemptions from registration provided by Rule 144A and Regulation S, respectively, under the Securities Act of 1933, as amended.  As part of the securitization transaction, various subsidiaries of us, through both distributions and contributions, transferred the Properties to Borrower, an indirect subsidiary of us, which then entered into the Loan Agreement. The Loan was deposited into the Trust in exchange for the pass-through certificates.
	We evaluated the accounting for the securitization transaction under ASC 860, Transfers and Servicing. Specifically, we considered ASC 860-10-40-4 in determining whether the Depositor has surrendered control over the Loan as part of transferring it to the Trustee of the Trust. In this evaluation, we first considered and concluded that the transferee (i.e., the Trustee of the Trust), which is a fully separate and independent entity, over which we have no control, would not be consolidated by the transferor (i.e., the Depositor). Next, as the Depositor has fully sold, transferred and assigned all right, title and interest in the Loan under terms of the Trust and Servicing Agreement, we have concluded that it has no continuing involvement in the Loan.  Lastly, we have considered all other relevant arrangements and agreements related to the transfer of the Loan, noting no facts or circumstances inconsistent with the above analysis.
	We have also evaluated the transfer of the Loan from the Depositor to the Trustee of the Trust under ASC 860-10-40-5, noting that the Loan has been isolated from the Depositor, even in bankruptcy or receivership, which has been supported by a true sale opinion obtained as part of the securitization transaction. Additionally, the third-party holders of the Certificates are freely able to pledge or exchange their Certificates and we maintain no other form of effective control over the Loan through repurchase agreements, cleanup calls or otherwise.  Accordingly, we have concluded that the transfer of the Loan from the Depositor to the Trust meets the conditions for a sale of financial assets under ASC 860-10-40-4 through ASC 860-10-40-5 and have therefore derecognized the Loan in accordance with ASC 860-20.  As such, our consolidated financial statements, through the Borrower, our consolidated subsidiary, will continue to reflect the Properties at historical cost basis and a loan payable will be recorded in an amount equal to the principal balance outstanding on the Loan as discussed in further detail below.
	Securitization Loan Agreement
	As described above, on the Closing Date, the Borrower entered into a loan agreement (the “Loan Agreement”), with JPMorgan Chase Bank, National Association, as lender (“Lender”). Pursuant to the Loan Agreement, the Borrower borrowed $531.0 million from Lender. The Loan is a two-year, floating rate loan, composed of six floating rate components, each of which is computed monthly based on one-month LIBOR plus a fixed component spread, and one fixed rate component. Interest on the Loan Agreement is paid monthly. As part of certain lender requirements in connection with the securitization transaction described above, the Borrower entered into an interest rate cap agreement for the initial two-year term of the Loan, with a LIBOR-based strike rate equal to 3.615%. The outstanding balance on the Loan, as of December 31, 2014 was approximately $526.8 million.
	For purposes of computing, among other things, interest accrued on the Loan, the Loan is divided into seven components designated as “Component A,” “Component B,” “Component C,” “Component D,” “Component E” “Component F” and “Component G.”  Each of the components corresponds to one class of Certificates with the same alphabetical designation and had, at the Closing Date of the transaction, an initial component balance equal to the corresponding class of Offered Certificates.  The following table sets forth the initial principal amount of each component and the component spread added to the one-month LIBOR for each monthly interest period:
	(in thousands)		Initial			Component
	Component		Principal Amount			Spread(1)
	Component A		$	234,231			One-Month LIBOR + 1.4075	%
	Component B			61,260			One-Month LIBOR + 2.0575	%
	Component C			55,855			One-Month LIBOR + 2.7575	%
	Component D			39,639			One-Month LIBOR + 3.3075	%
	Component E			80,359			One-Month LIBOR + 4.4075	%
Component F			33,152			One-Month LIBOR + 4.6575	%
Component G			26,553			0.0005	%
Total/Effective weighted-average		$	531,049			2.3528	%
	-1		Component Spread is a per annum rate equal to the sum of (a) the spread added to LIBOR to determine the pass-through rate for the class of Certificates corresponding to such component of the Loan, (b) the servicing fee and (c) the CREFC® license fee.  If LIBOR is unascertainable, the components will accrue based on the prime rate defined in the Loan Agreement.
The Loan is secured by first priority mortgages on the Properties, which are owned by the Borrower. The Loan is also secured by a first priority pledge of the equity interests of the Borrower. The initial maturity date of the Loan is January 9, 2017 (the “Initial Maturity Date”). Borrower has the option to extend the Loan beyond the Initial Maturity Date for three successive one-year terms, provided that there is no event of default under the Loan Agreement on each maturity date, Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to Lender, and Borrower complies with the other terms set forth in the Loan Agreement. The Loan Agreement requires that the Borrower comply with various affirmative and negative covenants that are customary for loans of this type, including limitations on indebtedness Borrower can incur, limitations on sales and dispositions of the Properties, required maintenance of specified cash reserves, and various restrictions on the use of cash generated by the operations of the Properties while the Loan Agreement is outstanding. The Loan Agreement also includes customary events of default, the occurrence of which would allow the Lender accelerate payment of all amounts outstanding thereunder and to require that all of the rental income associated with the real estate properties of the Borrower, after payment of specified operating expenses, asset management fees and interest, be required to prepay the Loan Agreement.  The Borrower is also required to furnish various financial and other reports to the Lender.
Our underwriting process for residents of the Properties is consistent with the review and underwriting process for the other SFR owned by us.  In limited circumstances in which a Property fails to comply with the property covenants and representations in the Loan Agreement and provided there is no event of default, we may substitute a comparable property meeting specified criteria or repay the allocated loan amount for such Property.
In connection with the Loan, we provided the Lender with a limited recourse guaranty agreement under which it agreed to indemnify the lender against specified losses due to fraud, misrepresentation, misapplication of funds, physical waste, breaches of specified representations, warranties and covenants, as well as a guaranty of the entire amount of the Loan Agreement, not to exceed the greater of (i) $35.0 million (or if less, the entire outstanding balance of the Components A through F) and (ii) thirty-five percent of the aggregate outstanding balance of Components A through F, in the event that the Borrower files insolvency proceedings or violates certain covenants that result in its being substantively consolidated with any other entity that is subject to a bankruptcy proceeding. The guarantee also includes resolution of the cross-attaching liens which represents a potential exposure to us for as much as $95.6 million.
We have accounted for the transfer of the Loan to the Trustee of the Trust as a sale under ASC 860 with no resulting gain or loss as the Loan was both originated by the Loan Seller and immediately transferred at the same fair market value. We have also evaluated the purchased Class G certificates as a variable interest in the Trust and concluded that the Class G certificates will not absorb a majority of the Trust's expected losses or receive a majority of the Trust's expected residual returns. Additionally, we have concluded that the Class G certificates do not provide us with any ability to direct activities that could impact the Trust's economic performance. Accordingly, we do not consolidate the Trust and consolidate, at historical cost basis, the 4,081 homes placed as collateral for the Loan and have recorded a $526.8 million net asset-backed securitization liability at December 31, 2014, representing the principal balance outstanding on the Loan, net of unamortized loan discounts of $2.2 million, in the accompanying consolidated balance sheets.  Separately, the $26.6 million of purchased Class G certificates have been reflected as asset-backed securitization certificates in the accompanying consolidated balance sheets as of December 31, 2014.
Interest Rate Caps
In connection with the effectiveness of the SFR Facility, we purchased interest rate caps to protect against increases in monthly LIBOR above 3.0%. Continuation of that cap for an additional year (or purchase of a new rate cap) is a condition to any extension of maturity.
As of December 31, 2014, we had five interest rate caps used to mitigate our exposure to potential future increases in USD-LIBOR rates in connection with the SFR Facility. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.  These caps have maturities within the next three years and a total notional amount of $600.0 million.
As of December 31, 2014, we had one interest rate cap used to mitigate our exposure to potential future increases in USD-LIBOR rates in connection with the asset-backed securitization. This cap matures in January 2017 and has a total notional amount of $50.5 million, of which 90 percent or $45.5 million of the cap notional, was designated in a cash flow hedging relationship as of December 31, 2014.
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended December 31, 2014 such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR, associated with existing variable-rate loan agreements.  The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and twelve months ended December 31, 2014, the Company recorded no hedge ineffectiveness in earnings.
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. Over the next 12 months, we estimate that approximately $3,000 will be reclassified out of accumulated other comprehensive income as an increase to interest expense.
The table below presents the fair value of our derivative financial instruments as of December 31, 2014. We had no outstanding derivatives at December 31, 2013 (in thousands):
		Fair Value of Derivatives in an
		Asset Position As of December 31,
		2014			2013
Derivatives Designated as Hedging Instruments:
Interest rate caps		$	104		$	—
Derivatives Not Designated as Hedging Instruments:
Interest rate caps			322			—
Total derivatives		$	426		$	—
The tables below present the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2014 and 2013 (in thousands):
																		Amount of Gain or (Loss)
																		Recognized in Income on Derivative
										Amount of Gain or (Loss)						Location of Gain or (Loss)		(Ineffective Portion, Reclassifications
		Amount of Gain or (Loss)								Reclassified from						Recognized in Income on		of Missed Forecasted
		Recognized in OCI on						Location of Gain or (Loss)		Accumulated OCI on						Derivative (Ineffective		Transactions and Amounts Excluded
Derivatives in		Derivative (Effective Portion)						Reclassified from		Derivative (Effective Portion)						Portion and Amount		from Effectiveness Testing)
Cash Flow		Year Ended December 31,						Accumulated OCI on		Year Ended December 31,						Excluded from		Year Ended December 31,
Hedging Relationships		2014			2013			Derivative (Effective Portion)		2014			2013			Effectiveness Testing)		2014		2013
Interest rate caps		$	-70		$	—		Interest expense		$	—		$	—		Other expense		$	—	$	—
		$	-70		$	—				$	—		$	—				$	—	$	—
				Amount of Loss
				Recognized in Income for the
				Year Ended December 31,
Derivatives Not Designated		Location of Gain (Loss)
as Hedging Instruments		Recognized in Income		2014			2013
Interest rate caps		Loss on derivative financial instruments, net		$	-706		$	—
				$	-706		$	—
Currently, we use interest rate cap agreements to manage our interest rate risk. The valuation of derivative contracts is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable inputs, including interest rate curves and implied volatilities.
We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2014, we have assessed the significance of the impact of credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level II of the fair value hierarchy.
Total Borrowings
As of December 31, 2014, we had total outstanding borrowings of $1.8 billion, of which borrowings under our credit facilities were $895.5 million, and the total recorded amount related to asset-backed securitizations were $526.8 million and the total recorded amount related to the convertible senior notes was $363.1 million. During the year ended December 31, 2014, we incurred $35.2 million in interest expense and capitalized approximately $2.2 million related to this indebtedness. We had no interest expense during the year ended December 31, 2013 or the period from May 23, 2012 (inception) through December 31, 2012.
As of December 31, 2014, we had approximately $40.1 million in deferred financing costs.  We amortize these costs using the effective interest rate method. During the year ended December 31, 2014, we amortized $6.0 million of financing costs that were recorded as interest expense in our consolidated statement of operations and $0.4 million was capitalized.  As of December 31, 2014, we are in compliance with all of our debt facility requirements.
The following table summarizes our contractual maturities of our debt as of December 31, 2014 (in thousands).
Year
2015	$	454,249
2016		—
2017		1,142,740
2018		—
2019		230,000
Thereafter		—
Total	$	1,826,989

ShareBased_Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2014
Share-Based Compensation [Abstract]
Share-Based Compensation	Note 9. Share-Based Compensation
	On January 16, 2014, we adopted: (i) the Starwood Waypoint Residential Trust Equity Plan (the “Equity Plan”) which provided for the issuance of our common shares and common share-based awards to persons providing services to us, including without limitation, our trustees, officers, advisors and consultants and employees of our external Manager, (ii) the Starwood Waypoint Residential Trust Manager Equity Plan (the “Manager Equity Plan” and together with the Equity Plan, the “Equity Plans”), which provides for the issuance of our common shares and common share-based awards to our Manager; and (iii) the Starwood Waypoint Residential Trust Non-Executive Trustee Share Plan (the “Non-Executive Trustee Share Plan”), which provides for the issuance of common shares and common shares-based awards to our non-executive trustees.
	In connection with the Separation, we granted (1) our Manager 777,574 RSUs and (2) certain employees of our Manager an aggregate of 199,991 of our RSUs. The award of RSUs to our Manager will vest ratably on a quarterly basis over a three-year period ending on April 1, 2017. The awards of RSUs to certain employees of our Manager will vest ratably in three annual installments on January 31, 2015, January 31, 2016 and January 31, 2017.  In connection with the Separation, we granted 1,666 of our restricted common shares to each of our five non-executive trustees. These awards of restricted shares vest ratably in three annual installments on January 31, 2015, January 31, 2016, and January 31, 2017, subject to the trustee’s continued service on our board of trustees.  During the year ended December 31, 2014, we also granted 4,058 restricted shares to members of our board of trustees in lieu of trustee fees for an aggregate cost of $0.1 million.
	After giving effect to activity described above and summarized in the table below, we have 1,955,132 and 187,612 shares available for grant, as of December 31, 2014, for the Equity Plans and Non-Executive Trustee Share Plan, respectively.
	The following table summarized our RSUs and restricted share awards activity during the year ended December 31, 2014:
		Manager Equity Plan			Equity Plan			Non-Executive			Total
								Trustee Share Plan
				Weighted-			Weighted-			Weighted-			Weighted-
				Average			Average			Average			Average
				Grant date			Grant date			Grant date			Grant date
		Shares(1)		Fair Value	Shares		Fair Value	Shares		Fair Value	Shares		Fair Value
	Nonvested shares, February 3, 2014	—	$	—	—	$	—	—	$	—	—	$	—
	Granted	777,574	$	30.00	199,991	$	30.00	12,388	$	28.95	989,953	$	29.99
	Vested	-259,183	$	30.00	-2,222	$	26.14	-4,058	$	26.80	-265,463	$	29.92
	Forfeited	—	$	—	-19,276	$	30.00	—	$	—	-19,276	$	30.00
	Nonvested shares, December 31, 2014	518,391	$	30.00	178,493	$	30.00	8,330	$	28.95	705,214	$	29.99
		-1	Shares vested under the Manager Equity Plan are vested but not yet issued as of December 31, 2014.
	During the year ended December 31, 2014, we recorded $8.5 million of share-based compensation expense on our consolidated statements of operations. There were no share-based payments or grants in the year 2013 as our shares began trading on February 3, 2014. As of December 31, 2014,  $17.4 million of total unrecognized compensation cost related to unvested RSUs and restricted shares is expected to be recognized over a weighted-average period of 2.1 years.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions
	The accompanying consolidated statements of operations include the following expenses that have been allocated from our Manager for the year ended December 31, 2014 and from SPT for the year 2013 and the period from May 23, 2012 (inception) through December 2012, to us. The allocated expenses generally represent (1) certain invoices that our Manager or SPT paid on our behalf and (2) the portion of certain expenses that were incurred by our Manager or SPT that are estimated to have been attributable to us. SPT has not demanded, and does not expect to demand, payment from us for these expenses and, therefore, they were recorded as owner’s contributions; we believe the allocation of these expenses is considered appropriate under the Securities and Exchange Commission (“SEC”) guidelines for carve-out financial statements, as we believe that there is reasonable basis for the allocations (in thousands):
			Year Ended December 31,				Period from May 23, 2012 (inception) through
		Consolidated					December 31,
	Type of Costs Incurred	Financial Statement Location	2014		2013		2012
	General expenses	Statement of operations	$	14,127	$	12,109	$	1,291
	Property operating and maintenance	Statement of operations		15,809		22		270
	Management fee	Statement of operations		16,097		—		—
	Subtotal			46,033		12,131		1,561
	Development costs	Balance sheet-investments		17,007		—		—
		in real estate
	Leasing costs	Balance sheet-other assets		6,179		—		—
	Total related party costs		$	69,219	$	12,131	$	1,561
	Reimbursement of Costs
	We are required to reimburse our Manager for the costs incurred on our behalf. Cost reimbursements to our Manager are made in cash on a monthly basis following the end of each month. Our reimbursement obligation is not subject to any dollar limitation. Because our Manager’s personnel perform certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, our Manager is paid or reimbursed for the documented cost of performing such tasks.
	For the year ended December 31, 2014, we incurred $53.1 million of costs. Prior to the Separation, our expenses were allocated to us by SPT. During the year ended December 31, 2013 and the period from May 23, 2012 (inception) through December 31, 2012, management fees allocated to us were $12.1 million and $1.6 million, respectively.  As SPT did not seek (and will not seek) reimbursement of these costs, they were recorded as owner’s contribution.
	Management Fees
	We pay our Manager a base management fee calculated and payable quarterly in arrears in cash in an amount equal to one-fourth of 1.5% of the daily average of our adjusted market capitalization for the preceding quarter. For purposes of calculating the management fee, our adjusted equity market capitalization means: (1) the average daily closing price per our common share during the relevant period, multiplied by (2) (a) the average number of our common shares and securities convertible into our common shares issued and outstanding during the relevant period, plus (b) the maximum number of our common shares issuable pursuant to outstanding rights, options or warrants to subscribe for, purchase or otherwise acquire our common shares that are in the money on such date, or the common share equivalents, minus (3) the aggregate consideration payable to us on the applicable date upon the redemption, exercise, conversion and/or exchange of any common share equivalents, plus (x) the average daily closing price per our preferred share during the relevant period, multiplied by (y) average number of our preferred shares issued and outstanding during the relevant period. The amount of management fees incurred by us during the year ended December 31, 2014 was $16.1 million.
	Fund XI Portfolio Purchase
	On March 3, 2014, we purchased 707 homes from Waypoint Fund XI, LLC (“Fund XI Portfolio”), an entity that certain of our officers had an ownership interest in, for approximately $144.0 million in cash. Pursuant to our policy regarding conflicts of interest, a majority of our independent trustees approved the purchase of Fund XI Portfolio.

Segment_Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting	Note 11. Segment Reporting
	In its operation of the business, management, including our chief operating decision makers, our Co-Chief Executive Officers, review certain financial information, including segmented internal profit and loss statements. The segment information within this note is reported on that basis.
	We are focused primarily on acquiring SFRs and NPLs and currently operate in two reportable segments. Prior to the Separation, we reported in only one segment. After the Separation, the chief decision maker changed from SPT’s chief executive officer to our two Co-Chief Executive Officers who view our NPL activities as a separate segment of our business. In connection with our change in reportable segments, we have created new revenue line items in our consolidated statements of operations associated with our NPL segment. Current and prior amounts previously shown as other income will now be presented as realized gain on NPLs, net and realized gain on loan conversions, net within our revenue section in the consolidated statements of operations as we believe revenues associated with our NPL business segment represent a significant part of our ongoing operations.
	We currently have two reportable business segments:
	•  SFRs - includes the business activities associated with our investments in single-family residential properties
	• NPLs - includes the business activities associated with our investments in NPLs
	Due to the structure of our business, certain costs incurred by one segment may benefit other segments. Costs that are identifiable are allocated to the segments that benefit so that one segment is not solely burdened by this cost. Allocated costs currently include management fees payable to our Manager and our separation costs, both of which represent shared costs. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated.
	Our reportable segments are strategic business units that offer different channels to acquiring real estate and offer different risk and return profiles. While the SFR business segment provides a direct conduit to real estate, the NPL business segment also provides revenue opportunities through potential gains achieved through the resolution of the NPLs. Further, not all NPLs resolve into the acquisition of real estate resulting in potential gains from the sale or dissolution of the NPL. Additionally, both business segments require differing asset management approaches given the differing nature of the investments.
	We have presented the year ended December 31, 2013 amounts within this note to conform to the way we internally manage and monitor segment performance in the year ended December 31, 2014. Comparisons to 2012 are not meaningful because we had just begun acquiring and leasing homes during 2012.
	Assets by Business Segment
			As of December 31,
	(in thousands)		2014			2013
	SFR		$	2,264,040		$	797,618
	NPL			672,123			220,790
	Total		$	2,936,163		$	1,018,408
	Statements of Operations by Business Segment
		Year Ended								Year Ended
		31-Dec-14								31-Dec-13
	(in thousands)	SFR			NPL			Total		SFR		NPL		Total
	Revenues
	Rental revenues	$	104,830		$	—		$	104,830	$	16,793	$	—	$	16,793
	Other property revenues		3,581			—			3,581		311		—		311
	Realized gain on non-performing loans, net		—			9,770			9,770		—		5,139		5,139
	Realized gain on loan conversions, net		—			24,682			24,682		—		8,624		8,624
	Total revenues		108,411			34,452			142,863		17,104		13,763		30,867
	Expenses
	Property operating and maintenance		31,252			—			31,252		13,541		—		13,541
	Real estate taxes and insurance		22,346			—			22,346		5,049		—		5,049
	Mortgage loan servicing costs		—			28,959			28,959		—		6,065		6,065
	Non-performing loan management fees and expenses		—			10,944			10,944		—		3,378		3,378
	General and administrative		14,536			4,771			19,307		12,239		4,519		16,758
	Share-based compensation		6,368			2,090			8,458		—		—		—
	Investment management fees		12,119			3,978			16,097		—		—		—
	Separation costs		2,797			746			3,543		1,937		715		2,652
	Acquisition fees and other expenses		1,301			—			1,301		588		—		588
	Interest expense, including amortization		24,992			10,231			35,223		—		—		—
	Depreciation and amortization		41,872			—			41,872		6,115		—		6,115
	Finance related expenses and write-off of loan costs		7,057			658			7,715		—		—		—
	Impairment of real estate		2,579			—			2,579		1,174		—		1,174
	Total expenses		167,219			62,377			229,596		40,643		14,677		55,320
	Loss before other income, income tax expense and non-controlling interests		-58,808			-27,925			-86,733		-23,539		-914		-24,453
	Other income (expense)
	Realized (loss) gain on sales of investments in real estate, net		-224			—			-224		1,221		—		1,221
	Unrealized gain on non-performing loans, net		—			44,593			44,593		—		—		—
	Loss on derivative financial instruments, net		-706			—			-706		—		—		—
	Total other income (expense)		-930			44,593			43,663		1,221		—		1,221
	Income (loss) before income tax expense and non-controlling interests		-59,738			16,668			-43,070		-22,318		-914		-23,232
	Income tax expense		460			—			460		252		—		252
	Net income (loss)		-60,198			16,668			-43,530		-22,570		-914		-23,484
	Net (income) loss attributable to non-controlling interests		—			-165			-165		—		60		60
	Net income (loss) attributable to Starwood Waypoint Residential Trust shareholders	$	-60,198		$	16,503		$	-43,695	$	-22,570	$	-854	$	-23,424

Selected_Quarterly_Financial_D

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Data [Abstract]
Selected Quarterly Financial Data	Note 12. Selected Quarterly Financial Data (unaudited)
	The following table presents selected unaudited consolidated financial data for each of the eight quarters in the two-year period ended December 31, 2014.  The selected quarterly financial data should be read in conjunction with our consolidated financial statements and the related notes and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report on Form 10-K.  This information has been derived from our unaudited consolidated financial statements that, in our opinion, reflect all recurring adjustments necessary to fairly state this information when read in conjunction with our consolidated financial statements and the related notes. Net loss per share-basic and diluted, for the four quarters of each fiscal year may not sum to the total for the fiscal year because of the different number of shares outstanding during each period. The results of operations for any quarter are not necessarily indicative of the results to be expected for a full year or any future period.
		Quarter
		First		Second		Third		Fourth
	(in thousands, except share and per share data)
	Year Ended December 31, 2014
	Total revenue	$	21,501	$	34,332	$	39,237	$	47,793
	Total expenses	$	36,539	$	49,130	$	59,644	$	84,283
	Net loss	$	-15,318	$	-12,033	$	-6,700	$	-9,479
	Net loss attributable to Starwood Waypoint Residential Trust shareholders	$	-15,308	$	-12,116	$	-6,713	$	-9,558
	Net loss per share, basic and diluted	$	-0.39	$	-0.31	$	-0.17	$	14.75
	Shares used in calculation - basic and diluted		39,110,969		39,079,365		38,613,270		-647,928
	Year Ended December 31, 2013
	Total revenue	$	1,524	$	4,067	$	10,219	$	15,057
	Total expenses	$	4,844	$	10,917	$	13,485	$	26,074
	Net loss	$	-3,395	$	-6,318	$	-3,253	$	-10,518
	Net loss attributable to Starwood Waypoint Residential Trust shareholders	$	-3,389	$	-6,308	$	-3,274	$	-10,453
	Net loss per share, basic and diluted	$	-0.09	$	-0.16	$	-0.08	$	-0.27
	Shares used in calculation - basic and diluted		39,110,969		39,110,969		39,110,969		39,110,969

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies
	Purchase Commitments
	As of December 31, 2014 and 2013, we had executed agreements to purchase 240 and 61 homes, respectively, in separate transactions for an aggregate purchase price of $41.4 million and $7.8 million, respectively. As of December 31, 2013, we had contracted to purchase NPLs for a total purchase price of $101.3 million related to 496 homes.
	Legal and Regulatory
	From time to time, we may be subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of our business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, we have no legal or regulatory claims that would have a material effect on our consolidated financial statements.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events
	Note 14. Subsequent Events
	Dividend Payment
	On November 7, 2014, our board of trustees declared a quarterly dividend of $0.14 per common share. Payment of the dividend, totaling $5.4 million, was made on January 15, 2015 to shareholders of record at the close of business on December 31, 2014.
	Dividend Declaration
	On February 24, 2015, our board of trustees declared a quarterly dividend of $0.14 per common share. Payment of the dividend is expected to be made on April 15, 2015 to shareholders of record at the close of business on March 31, 2015.
	Acquisition of Homes and NPLs
	Subsequent to December 31, 2014, we have continued to purchase and sell NPLs and homes in the normal course of business. For the period from January 1 to January 31, 2015, we purchased 189 homes with an aggregate acquisition cost of approximately $34.6 million. During this period, we also sold NPLs with a total net settlement of $31.4 million that were secured by first liens on 171 homes but did not purchase any NPLs.

Schedule_III_Residential_Real_

Schedule III - Residential Real Estate And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2014
Schedule III - Residential Real Estate And Accumulated Depreciation [Abstract]
Schedule III - Residential Real Estate And Accumulated Depreciation
	STARWOOD WAYPOINT RESIDENTIAL TRUST
	SCHEDULE III—RESIDENTIAL REAL ESTATE AND ACCUMULATED DEPRECIATION
	As of December 31, 2014
	(dollars in thousands)
										Costs				Gross Amounts
										Capitalized				Carried at Close
				Initial Cost						Subsequent to				of Period
				to Company						Acquisition				31-Dec-14
		Number of					Depreciable					Depreciable				Depreciable				Accumulated		Depreciable	Date of	Year
	Region	Properties		Land			Properties			Land		Properties		Land		Properties		Total		Depreciation		Period	Construction	Acquired
	Atlanta	2,560		$	57,262		$	198,553		$	—	$	90,788	$	57,262	$	289,341	$	346,603	$	8,042	5 - 30 years	1946 - 2014	2012 - 2014
	South Florida	2,225			79,818			236,025			—		84,513		79,818		320,538		400,356		9,584	5 - 30 years	1926 - 2010	2012 - 2014
	Houston	1,628			40,372			172,343			—		34,423		40,372		206,766		247,138		6,105	5 - 30 years	1954 - 2014	2012 - 2014
	Dallas	1,292			33,303			142,563			—		34,035		33,303		176,598		209,901		4,162	5 - 30 years	1915 - 2014	2012 - 2014
	Tampa	1,275			29,898			108,996			—		32,480		29,898		141,476		171,374		3,766	5 - 30 years	1925 - 2013	2012 - 2014
	Chicago	668			18,043			64,704			—		20,190		18,043		84,894		102,937		1,857	5 - 30 years	1891 - 2009	2012 - 2014
	Denver	600			24,989			91,627			—		16,422		24,989		108,049		133,038		1,711	5 - 30 years	1951 - 2012	2012 - 2014
	Orlando	530			14,377			48,894			—		12,777		14,377		61,671		76,048		1,415	5 - 30 years	1951 - 2007	2012 - 2014
	Southern California	493			30,643			88,980			—		7,761		30,643		96,741		127,384		2,114	5 - 30 years	1921 - 2014	2012 - 2014
	Northern California	292			15,604			48,186			—		4,553		15,604		52,739		68,343		1,604	5 - 30 years	1900 - 2008	2012 - 2014
	Phoenix	279			8,008			31,148			—		5,660		8,008		36,808		44,816		1,063	5 - 30 years	1950 - 2008	2012 - 2014
	Las Vegas	49			1,715			6,728			—		750		1,715		7,478		9,193		223	5 - 30 years	1953 - 2006	2012 - 2014
	Other	435			12,252			53,175			—		9,138		12,252		62,313		74,565		—	5 - 30 years	1812 - 2008	2013 - 2014
	Total	12,326		$	366,284		$	1,291,922		$	—	$	353,490	$	366,284	$	1,645,412	$	2,011,696	$	41,646
	The gross aggregate cost of total real estate for federal income tax purposes was approximately $2,014,275 at December 31, 2014.
	The following table presents our residential real estate activity for the years ended December 31, 2014 and 2013, and for the period from May 23, 2012 (inception) to December 31, 2012 (in thousands):
		Year Ended						For the Period May 23, 2012 (inception) through
		December 31,						December 31,
		2014			2013			2012
	Beginning balance	$	749,353		$	99,401		$	—
	Additions:
	Real estate converted from NPLs		87,446			33,326			743
	Other acquisitions		957,741			534,018			98,048
	Capitalized expenditures		251,568			102,307			5,422
	Total additions		1,296,755			669,651			104,213
	Deductions:
	Cost of real estate sold		37,563			13,008			4,140
	Depreciation		35,916			5,517			213
	Impairment of real estate		2,579			1,174			459
	Total deductions		76,058			19,699			4,812
	Ending balance	$	1,970,050		$	749,353		$	99,401
	Changes in accumulated depreciation for the years ended December 31, 2014 and 2013, and for the period from May 23, 2012 (inception) to December 31, 2012 are as follows (in thousands):
		Year Ended						For the Period May 23, 2012 (inception) through
		December 31,						December 31,
		2014			2013			2012
	Beginning balance	$	5,730		$	213		$	—
	Depreciation expense		35,916			5,517			213
	Ending balance	$	41,646		$	5,730		$	213

Schedule_IV_Mortgage_Loans_On_

Schedule IV - Mortgage Loans On Real Estate	12 Months Ended
	Dec. 31, 2014
Schedule IV - Mortgage Loans On Real Estate [Abstract]
Schedule IV - Mortgage Loans On Real Estate	STARWOOD WAYPOINT RESIDENTIAL TRUST
	SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE
	As of December 31, 2014
	(in thousands)
			Contractual				Payment	Prior	Face		Carrying
	State(1)		Interest Rate		Maturity Date		Terms(2)	Liens	Amount		Amount(3)
	Florida		Fixed: 0.50 to 13.88% Floating: 2.00 to 14.10%		April 2008 - July 2057		Various	—	$	202,041	$	115,004
	Illinois		Fixed: 2.00 to 2.75% Floating: 2.88 to 13.80%		October  2009 - July 2057		Various	—		94,894		59,716
	California		Fixed: 2.00 to 12.10% Floating: 2.75 to 9.50%		October 2017 - December 2061		Various	—		125,319		107,440
	New York		Fixed: 2.00 to 11.25% Floating: 2.25 to 12.13%		July 2017 - July 2057		Various	—		106,579		63,220
	New Jersey		Fixed: 2.00 to 12.38% Floating: 3.00 to 11.99%		August 2018 - July 2057		Various	—		66,535		31,840
	Arizona		Fixed: 2.00 to 10.73% Floating: 3.00 to 8.85%		February 2034 - April 2050		Various	—		30,447		19,425
	Wisconsin		Fixed: 2.00 to 11.88% Floating: 2.63 to 9.44%		February 2010 - June 2052		Various	—		23,172		16,687
	Maryland		Fixed: 2.00 to 13.08% Floating: 2.88 to 10.60%		March 2022 - April 2058		Various	—		52,113		32,258
	Indiana		Fixed: 2.00 to 2.75% Floating: 2.88 to 11.00%		June 2008 - January 2054		Various	—		17,558		13,073
	Pennsylvania		Fixed: 1.00 to 12.35% Floating: 2.85 to 11.88%		October 2016 - July 2054		Various	—		19,020		12,420
	Georgia		Fixed: 2.00 to 10.98% Floating: 2.25 to 8.79%		December 2014 - August 2060		Various	—		20,510		13,011
	Other		Fixed: 0.00 to 14.00% Floating: 1.75 to 12.25%		November 2009 - July 2057		Various	—		224,011		160,095
	Total								$	982,199	$	644,189
		-1		All loans are secured by underlying homes.
		-2		Includes loans which are either principal and interest or interest only which begin amortizing during the loan term. All loans are designated as distressed and NPL and as such are on non-accrual status.
		-3		The carrying value of our loans approximates the aggregate cost for federal income tax purposes.
	The following table sets forth the activity of mortgage loans for the years ended December 31, 2014 and 2013, and for the period May 23, 2012 (inception) through December 31, 2012 (in thousands):
					NPLs
	(in thousands)	NPLs			(fair value option-Level III)
	Balance as of May 23, 2012 (inception)	$	—		$	—
	Acquisitions		68,999			—
	Basis of loans sold		-116			—
	Loans converted to real estate		-743			—
	Loan liquidations and other basis adjustments		-34			—
	Balance as of December 31, 2012	$	68,106		$	—
	Acquisitions		186,123			—
	Basis of loans sold		-197			—
	Loans converted to real estate		-24,702			—
	Loan liquidations and other basis adjustments		-14,365			—
	Balance as of December 31, 2013	$	214,965		$	—
	Acquisitions		—			486,509
	Unrealized gain on NPLs, net		—			44,593
	Basis of loans sold		-3,092			—
	Loans converted to real estate		-44,614			-18,150
	Loan liquidations and other basis adjustments		-14,860			-21,162
	Loans held for sale		-26,911			—
	Balance as of December 31, 2014	$	125,488		$	491,790

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2014
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation
	The accompanying consolidated financial statements include our accounts and those of our wholly and majority-owned subsidiaries. Intercompany amounts have been eliminated. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
	Prior to the Separation, the historical consolidated financial statements were derived from the consolidated financial statements and accounting records of SPT principally representing the single-family segment, using the historical results of operations and historical basis of assets and liabilities of our businesses. The historical consolidated financial statements also include allocations of certain of SPT’s general corporate expenses. Management believes the assumptions and methodologies underlying the allocation of general corporate expenses to the historical results of operations were reasonable. However, such expenses may not be indicative of the actual level of expenses that would have been incurred by us if we had operated as an independent, publicly traded company or of the costs expected to be incurred in the future. As such, the results of operations prior to the Separation, included herein, may not necessarily reflect our results of operations, financial position, or cash flows in the future or what our results of operations, financial position, or cash flows would have been had we been an independent, publicly traded company during the historical periods presented. Transactions between the single-family business segment and other business segments of SPT’s businesses have been identified in the historical consolidated financial statements as transactions between related parties for periods prior to the Separation. We have no expenses allocated to us from SPT in 2014.
	The non-controlling interest in a consolidated subsidiary is the portion of the equity (net assets) in Prime that is not attributable, directly or indirectly, to us. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheets. In addition, the accompanying consolidated statements of operations include the allocation of the net income or loss in the Prime joint venture to the non-controlling interest holders in Prime.
	Use of Estimates
Use of Estimates
	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	The most significant estimates that we make are of the fair value of our properties and NPLs. While home values are typically not a highly subjective estimate on a per-unit basis, given the usual availability of comparable property sale and other market data, these fair value estimates significantly impact the consolidated financial statements, including (1) whether certain assets are identified as being potentially impaired and then, if deemed to be impaired, the amount of the resulting impairment charges, and (2) the allocation of purchase price to individual assets acquired as part of a pool, which have a significant impact on the amount of gain or loss recognized from a subsequent sale, and the subsequent impairment assessment, of individual assets. Estimates pertaining to the fair value of NPLs use a discounted cash flow valuation model and consider alternate loan resolution probabilities, including modification, liquidation, or conversion to rental property. These fair value estimates significantly impact the consolidated financial statements in that changes to fair value of NPLs that have elected the fair value option are reflected in unrealized gains and losses and recorded in current-period earnings.
Cash and Cash Equivalents	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks and short-term investments. Short-term investments are comprised of highly liquid instruments with original maturities of three months or less. We maintain our cash and cash equivalents in multiple financial institutions with high credit quality in order to minimize our credit loss exposure. At times, these balances exceed federally insurable limits.
Restricted Cash	Restricted Cash
	Restricted cash is primarily comprised of resident security deposits held by us and rental revenues held in accounts controlled by lenders on our debt facilities.
Investments in Real Estate	Investments in Real Estate
	Property acquisitions are evaluated to determine whether they meet the definition of a business combination or of an asset acquisition under GAAP. For asset acquisitions, we capitalize (1) pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred, and (2) closing and other direct acquisition costs. We then allocate the total cost of the property including acquisition costs, between land and building based on their relative fair values, generally utilizing the relative allocation that was contained in the property tax assessment of the same or a similar property, adjusted as deemed necessary.
	During the fourth quarter of 2013, we determined that our previous accounting policy for evaluating whether acquisitions of homes were an asset acquisition or a business combination was not in accordance with GAAP; however, its impact on our financial statements was immaterial. Accordingly, we revised our accounting policy and determined that homes acquired that had an existing lease in place should be accounted for as a business combination. Acquisitions of homes without a lease in place continue to be accounted for as asset acquisitions. Under business combination accounting guidance, acquisition costs are expensed, while acquisition costs incurred in an asset acquisition are capitalized as part of the cost of the acquired asset. Acquisition costs capitalized that relate to business combinations that occurred in the periods prior to September 30, 2013 were insignificant.
	For acquisitions that do not qualify as an asset acquisition, we evaluate the acquisition to determine if it qualifies as a business combination. For acquired properties where we have determined that the property has a resident with an existing lease in place, we account for the acquisition as a business combination. For acquisitions that qualify as a business combination, we (1) expense the acquisition costs in the period in which the costs were incurred and (2) allocate the cost of the property among land, building and in-place lease intangibles based on their fair value. The fair values of acquired in-place lease intangibles are based on costs to execute similar leases including commissions and other related costs. The origination value of in-place leases also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The in-place lease intangible is amortized over the life of the lease and is recorded in other assets in our consolidated balance sheets.
	If, at acquisition, a property needs to be renovated before it is ready for its intended use, we commence the necessary development activities. During this development period, we capitalize all direct and indirect costs incurred in renovating the property.
	Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home and for furniture and fixtures.
	We begin depreciating properties to be held and used when they are ready for their intended use. We compute depreciation using the straight-line method over the estimated useful lives of the respective assets. We depreciate buildings and building improvements over 30 years, and we depreciate other capital expenditures over periods ranging from four to 25 years. Land is not depreciated.
	Properties are classified as held for sale when they meet the applicable GAAP criteria, including that the property is being listed for sale and that it is ready to be sold in its current condition. Held-for-sale properties are reported at the lower of their carrying amount or estimated fair value less costs to sell.
	We evaluate our long-lived assets for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include declines in home values, rental rate and occupancy and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of identifiable cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount of a property. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, 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. To determine the estimated fair value we primarily consider local BPOs, but also consider any other comparable home sales or other market data as considered necessary. Such values represent the estimated amounts at which the homes could be sold in their current condition, assuming the sale is completed within a period of time typically associated with non-distressed sellers. Estimated values may be less precise, particularly in respect of any necessary repairs, where the interior of homes are not accessible for inspection by the broker performing the valuation.
	In evaluating our investments in real estate, we determined that certain properties were impaired, which resulted in impairment charges of $2.6 million and $1.2 million during the years ended December 31, 2014 and 2013, respectively.
Non-Performing Loans	Non-Performing Loans
	We have purchased pools of NPLs which were individually bid on and which we seek to (1) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold or (2) modify and hold or resell at higher prices if circumstances warrant. Our NPLs are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. Generally, when loans are placed on nonaccrual status, accrued interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal.
	Loans are classified as held for sale when they meet the applicable GAAP criteria, including that the loan is being listed for sale and that it is ready to be sold in its current condition. Held-for-sale loans are reported at the lower of their carrying amount or estimated fair value less costs to sell.
	We evaluate our loans for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. As our loans were non-performing when acquired, we generally look to the estimated fair value of the underlying property collateral to assess the recoverability of our investments. As described in our real estate accounting policy above, we primarily utilize the local BPO, but also consider any other comparable home sales or other market data as considered necessary, in estimating a property’s fair value. If the carrying amount of a loan exceeds the estimated fair value of the underlying collateral, we will record an impairment loss for the difference between the estimated fair value of the property collateral and the carrying amount of the loan. During the years ended December 31, 2014 and 2013, respectively, no impairments have been recorded on any of our loans.
	When we convert loans into homes through foreclosure or other resolution process (e.g., through a deed-in-lieu of foreclosure transaction), the property is initially recorded at fair value unless it meets the criteria for being classified as held-for-sale, in which case the property is initially recorded at fair value less estimated costs to sell. The transfer to single-family rental homes (“SFR”) occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to SFR is estimated using BPOs. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings, and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate.
	Gains are recognized in earnings immediately when the fair value of the acquired property (or fair value less estimated costs to sell for held-for-sale properties) exceeds our recorded investment in the loan, and are reported as gains from the conversion of loans into real estate in our consolidated statements of operations. Conversely, any excess of the recorded investment in the loan over the fair value of the property (or fair value less estimated costs to sell for held-for-sale properties) would be immediately recognized as a loss. During the year ended December 31, 2014 we converted $62.7 million in NPLs into $87.4 million in real estate assets that resulted in a gain of $24.7 million. During the year ended December 31, 2013, we converted $24.7 million in NPLs into $33.3 million in real estate assets that resulted in a gain of $8.6 million.
	In situations where property foreclosure is subject to an auction process and a third party submits the winning bid, we recognize the resulting gain as a realized gain on NPLs, net.
	Beginning in 2014, we have elected the fair value option for NPL purchases as we have concluded that NPLs accounted for at fair value timely reflect the results of our investment performance. Upon the acquisition of NPLs, we record the assets at fair value which is the purchase price we paid for the loans on the acquisition date. NPLs are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings.
	We determine the purchase price for NPLs at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation, or conversion to rental property. Observable inputs to the model include loan amounts, payment history, and property types. Unobservable inputs to the model are discussed in Note 3- Fair Value Measurements.
	For NPLs acquired in 2014, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification or conversion to a single-family rental).  As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs, and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses typically each increases the fair value of the loan. The increase in the value of the loan is recognized in unrealized gains on NPLs in our consolidated statements of operations.  During the years ended December 31, 2014 and 2013, respectively, we recorded $44.6 million and zero, respectively, in unrealized gains on the fair value of loans.
Geographic Concentrations	Geographic Concentrations
	We hold significant concentrations (based upon acquisition cost) of homes and NPLs with collateral in the following regions of the country in excess of 10% of our total portfolio, and, as such, we are more vulnerable to any adverse macroeconomic developments in such areas:
	SFRs(1)
			As of December 31,
	Market		2014		2013
	South Florida		20	%	28	%
	Atlanta		17	%	17	%
	Houston		14	%	16	%
	Dallas		12	%	9	%
	NPLs(1)
			As of December 31,
	State		2014		2013
	Florida		18	%	35	%
	California		16	%	7	%
		-1		Effective the first quarter of 2014, we revised prior period concentration classifications to conform to the current period’s presentation.
Capitalized Costs	Capitalized Costs
	We capitalize certain costs incurred in connection with successful property acquisitions and associated stabilization activities, including tangible property improvements and replacements of existing property components. Included in these capitalized costs are certain personnel costs associated with time spent by certain personnel in connection with the planning, execution, and oversight of all capital additions activities at the property level as well as third-party acquisition agreement fees. Indirect costs are allocations of certain department costs, including personnel costs that directly relate to capital additions activities. We also capitalize property taxes and homeowners’ association (“HOA”) fees dues during periods in which property stabilization is in progress. We charge to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance, resident turnover costs, and general and administrative expenses. We also defer successful leasing costs and amortize them over the life of the lease, which is typically one to two years.
Purchase Deposits	Purchase Deposits
	We make various deposits relating to property acquisitions, including transactions where we have agreed to purchase a home subject to certain conditions being met before closing, such as satisfactory home inspections and title search results. Our purchase deposit balances are recorded in other assets in our consolidated balance sheets.
Derivative Instruments	Derivative Instruments
	We are exposed to certain risk arising from both our business operations and economic conditions.  We principally manage our exposures to a wide variety of business and operational risks through the management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments.  Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.  Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our borrowings.
	As required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging, we record all derivatives in the consolidated balance sheet at fair value.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  We may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
	Derivatives not designated as hedges are derivatives that do not meet the criteria for hedge accounting under GAAP or for which we have not elected to designate as hedges. We do not use these derivatives for speculative purposes, but instead they are used to manage our exposure to interest rate changes. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in loss on derivative financial instruments, net in our consolidated statements of operations.
Convertible Notes	Convertible Notes
	ASC Topic 470-20, Debt with Conversion and Other Options, requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measure the fair value of the debt component of our convertible notes as of the issuance date based on our nonconvertible debt borrowing rate. The equity component of the convertible notes is reflected within additional paid-in capital on our consolidated balance sheets, and the resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding (the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to the convertible notes will be recorded in subsequent periods through the maturity date as the notes accrete to their par value.
Revenue Recognition	Revenue Recognition
	Rental revenue, net of concessions, is recognized on a straight-line basis over the term of the lease. The initial term of our residential leases is generally one to two years, with renewals upon consent of both parties on an annual or monthly basis.
	We periodically evaluate the collectability of our resident and other receivables and record an allowance for doubtful accounts for any estimated probable losses. This allowance is estimated based on payment history and probability of collection. We generally do not require collateral other than resident security deposits. Our allowance for doubtful accounts was $0.3 million and $1.0 million as of December 31, 2014 and 2013, respectively. Bad debt expense amounts are recorded as property operating and maintenance expenses in the consolidated statements of operations. During the years ended December 31, 2014 and 2013, we incurred bad debt expense of $2.6 million and $1.0 million, respectively.
	We recognize sales of real estate when the sale has closed, title has passed, adequate initial and continuing investment by the buyer is received, possession and other attributes of ownership have been transferred to the buyer, and we are not obligated to perform significant additional activities after closing. All these conditions are typically met at or shortly after closing.
	We recognize realized gains on loan conversions, net in each reporting period when our NPLs are converted to SFRs. The transfer to SFR occurs when we have obtained legal title to the property upon completion of the foreclosure. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs.  BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, foreclosure timelines, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales.  Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate.
	We recognize realized gains on NPLs upon payoff of principal balance.  The gain is calculated by subtracting basis from net proceeds of payoff.
Earnings (Loss) Per Share	Earnings (Loss) Per Share
	We use the two-class method to calculate basic and diluted earnings per common share (“EPS”) as our restricted share units (“RSUs”) are participating securities as defined by GAAP. We calculate basic EPS by dividing net income (loss) attributable to us for the period by the weighted average number of common shares outstanding for the period. Diluted-earnings per share reflect the potential dilution that could occur from shares issuable in connection with the RSUs and convertible senior notes, except when doing so would be anti-dilutive.
Share-based Payments	Share-Based Compensation
	The fair value of our restricted shares or RSUs granted is recorded as expense on a straight-line basis over the vesting period for the award, with an offsetting increase in shareholders' equity. For grants to trustees, the fair value is determined based upon the share price on the grant date. For non-employee grants, the fair value is based on the share price when the shares vest, which requires the amount to be adjusted in each subsequent reporting period based on the fair value of the award at the end of the reporting period until the award has vested.
Income Taxes	Income Taxes
	We intend to operate as a REIT under Internal Revenue Code of 1986, as amended (the “Code”), and intend to comply with the Code with respect thereto. Accordingly, we will not be subject to federal income tax as long as certain asset, income, dividend distribution, and share ownership tests are met. Many of these requirements are technical and complex, and if we fail to meet these requirements, we may be subject to federal, state, and local income tax and penalties. A REIT's net income from prohibited transactions is subject to a 100% penalty tax. We have taxable REIT subsidiaries (“TRSs”) where certain investments may be made and activities conducted that (1) may have otherwise been subject to the prohibited transactions tax and (2) may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income, if any, within the TRSs is subject to federal and state income taxes as a domestic C corporation based upon the TRSs' net income. We recorded provisions of approximately $0.2 million and $0.3 million for the years ended December 31, 2014 and 2013, respectively.  Additionally, we recorded an adjustment of $0.3 million to our deferred tax asset and deferred tax liability as income tax expense during the year ended December 31, 2014 as we concluded this amount was not realizable. This resulted in total income tax expense of $0.5 million for the year ended December 31, 2014.
Reclassification of Prior Period Amounts	Reclassification of Prior Period Amounts
	In 2014, we reclassified revenue related to our NPL operating segment in the consolidated statements of operations to conform to the current period’s presentation. Prior amounts previously shown as other income were reclassified to conform to our current period presentation and presented as realized gain on non-performing loans, net and realized gain on loan conversions, net within our revenue section in the consolidated statements of operations. We believe revenues associated with our NPL business segment represents a separate segment of our operations and were a primary source of revenue for our business during 2014.
	Further, we reclassified certain prior year expenses related to the Separation and certain third-party fees in the consolidated statements of operations. For the year ended December 31, 2013, we have reclassified costs of $1.7 million from general and administrative expenses to separation costs. We have also reclassified costs of $2.2 million from acquisition fees and other expenses to general and administrative expenses, and costs of $2.9 million from investment management fees to property operating and maintenance. We have also reclassified costs of $3.4 million from investment management fees to non-performing loan management fees and expenses. For the period from May 23, 2012 (inception) through December 31, 2012, we have reclassified costs of $2.3 million from acquisition fees and other expenses to general and administrative expenses, costs of $0.5 million from investment management fees to property operating and maintenance, and costs of $0.2 million from investment management fees to NPL management fees and expenses.
	We also combined prior year development costs as reported in the consolidate balance sheets within land and building and improvements to conform to the current period’s presentation. As of December 31, 2013, Land has been allocated $51.3 million of development costs and building and improvements has been allocated $255.3 million development costs to conform to our current presentation. We believe this disclosure is more meaningful to investors and more comparable with our peers. We have also reclassified prior period “Geographic Concentration” percentages within footnote to conform to the current year presentation. During the current year we changed the concentrations from the “MSA” for REO and “Region” for NPLs to the “Market” for REO and “State” for the NPL. We believe the current year presentation is more meaningful to investors.
Segment Reporting	Segment Reporting
	We are focused primarily on acquiring single-family rental homes and NPLs and currently operate in two reportable segments. Prior to the Separation, we reported in only one segment. After the Separation, the chief decision maker changed from SPT’s chief executive officer to our two Co-Chief Executive Officers, who view our NPL activities as a separate segment of our business. In connection with our change in reportable segments, we have created new revenue line items in our consolidated statements of operations associated with our NPL segment. Amounts in the prior year were reclassified to conform to the current year’s presentation as discussed above.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements–Going Concern (Subtopic 205-10). ASU No. 2014-15 provides guidance about management’s responsibility to evaluate if there exists substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, the entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management’s evaluation should be based on relevant conditions and events that are known and reasonably determinable at the date that the financial statements are issued. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU No. 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are currently evaluating the impact of adoption of ASU No. 2014-15 on our consolidated financial statement presentation and disclosures.
	In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures,” or ASU 2014-11. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings, and requires additional disclosure about certain transactions by the transferor. ASU 2014-11 is effective for certain transactions that qualify for sales treatment for the first interim or annual period beginning after December 15, 2014. The new disclosure requirements for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that qualify for secured borrowing treatment is effective for annual periods beginning after December 25, 2014, and for interim periods after March 15, 2015. We currently record our repurchase arrangements as secured borrowings and do not anticipate that ASU 2014-11 will have a material impact on our consolidated financial statements.
	In June 2014, the FASB issued ASU No. 2014-10,  Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, including an amendment to variable interest entities guidance in ASC Topic 810, Consolidation. ASU No. 2014-10 eliminated the requirement to present inception-to-date information about income statement line items, cash flows, and equity transactions, and clarifies how entities should disclose the risks and uncertainties related to their activities. ASU No. 2014-10 also eliminated an exception provided to development stage entities in consolidations under ASC Topic 810 for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The presentation and disclosure requirements in Topic 915 will no longer be required for interim and annual reporting periods beginning after December 15, 2014, and the revised consolidation standards will take effect in annual periods beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU No. 2014-10 is not expected to have any impact on our consolidated financial statement presentation or disclosures.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU No. 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. We are currently evaluating the impact of this amendment on our consolidated financial position and results of operations.
	In April 2014, the FASB issued ASU No. 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. Under the new guidance, a disposal of a component of an entity, or a group of components of an entity, is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance also changes an entity’s requirements when presenting, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation. A discontinued operation may include a component of an entity, or a business or nonprofit activity. The guidance is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of the new requirements is not expected to have a material impact on our consolidated statements of operations, balance sheets, or statements of cash flows.
	In January 2014, ASU No. 2014-04, Troubled Debt Restructurings by Creditors, was issued. It provides that a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. We do not expect this amendment to have a significant effect on our consolidated financial statements because our accounting policies and disclosures are currently consistent with the requirements set forth in the guidance.

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Basis of Presentation and Significant Accounting Policies [Abstract]
Geographic Concentrations	SFRs(1)
			As of December 31,
	Market		2014		2013
	South Florida		20	%	28	%
	Atlanta		17	%	17	%
	Houston		14	%	16	%
	Dallas		12	%	9	%
	NPLs(1)
			As of December 31,
	State		2014		2013
	Florida		18	%	35	%
	California		16	%	7	%
		-1		Effective the first quarter of 2014, we revised prior period concentration classifications to conform to the current period’s presentation.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Measurements [Abstract]
Assets Measured At Fair Value On A Nonrecurring Basis
		Residential real estate held for sale (Level III)
		Pre-Impairment
	Real estate held for sale:	Amount			Total Losses			Fair Value
	Year Ended December 31, 2014	$	5,613		$	-1,365		$	4,248
	Year Ended December 31, 2013	$	5,641		$	-1,174		$	4,467
		Residential real estate held for use (Level III)
		Pre-Impairment
	Real estate held for use:	Amount			Total Losses			Fair Value
	Year Ended December 31, 2014	$	14,039		$	-1,214		$	12,825
	Year Ended December 31, 2013	$	—		$	—		$	—
Fair Value Nonperforming Loans Converted To Real Estate Measured On Nonrecurring Basis
		Transfer of NPLs
		into Homes (Level III)
		Carrying			Realized			Fair
		Value			Gains			Value
	Non-recurring basis (assets)
	Year Ended December 31, 2014	$	62,764		$	24,682		$	87,446
	Year Ended December 31, 2013	$	24,702		$	8,614		$	33,316
Level III Activity For Nonperforming Loans Carried At Fair Value
			31-Dec-14						31-Dec-13
			Carrying			Fair			Carrying		Fair
			Value			Value			Value		Value
	Assets not carried on the consolidated balance sheet at fair value
	NPLs (1)	Level III	$	152,399		$	235,545		$	214,965	$	223,861
	Asset-backed securitization certificates	Level III		26,553			26,553			—		—
	Total assets		$	178,952		$	262,098		$	214,965	$	223,861
	Liabilities not carried on the consolidated balance sheet at fair value
	Credit facilities	Level III	$	895,488		$	895,488		$	—	$	—
	3.00% Convertible Senior Notes due 2019	Level III		202,874			183,295			—		—
	4.50% Convertible Senior Notes due 2017	Level III		160,236			161,221			—		—
	Asset-backed securitization certificates	Level III		526,816			526,816			—		—
	Total liabilities		$	1,785,414		$	1,766,820		$	—	$	—
	(1) Includes NPLs held for sale.
Quantitative Information For Significant Unobservable Inputs Used To Measure Fair Value Of Non-performing Loans
			As of December 31,
	Input		2014		2013
	Discount rate		15%		N/A
	Loan resolution probabilities - rental		0%-100%		N/A
	Loan resolution probabilities - liquidation		0%-100%		N/A
	Loan resolution timelines (in years)		0.1 to 5.8		N/A
	Value of underlying properties		$2,900-$2,300,000		N/A

Net_Loss_per_Share_Tables

Net Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Net Loss per Share [Abstract]
Calculation of Net Loss per Share
		Year Ended					Period from May 23, 2012 (inception) through
		December 31,					December 31,
	(in thousands, except per share amounts)	2014		2013		2012
	Numerator:
	Net loss attributable to Starwood Waypoint Residential Trust shareholders	$	-43,695	$	-23,424	$	-4,424
	Denominator:
	Basic and diluted weighted average shares outstanding		38,624		39,111		39,111
	Basic and diluted net loss per share	$	-1.13	$	-0.6	$	-0.11

Real_Estate_Tables

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2014
Real Estate [Abstract]
Schedule of Real Estate Investments in Consolidated Properties
	Balance as of January 1, 2013	$	99,614
	Acquisitions		534,018
	Real estate converted from loans		33,326
	Capitalized expenditures		102,307
	Basis of real estate sold		-13,008
	Impairment of real estate		-1,174
	Balance as of December 31, 2013		755,083
	Acquisitions		957,741
	Real estate converted from loans		87,446
	Capitalized expenditures		251,568
	Basis of real estate sold		-37,563
	Impairment of real estate		-2,579
	Balance as of December 31, 2014	$	2,011,696
		-1		Excludes accumulated depreciation related to investments in real estate as of December 31, 2014 and 2013, of $41.6 million and $5.7 million, respectively; and excludes accumulated depreciation on assets held for sale as of December 31, 2014 and 2013 of $0.1 million and zero, respectively. Total depreciation and amortization expense for the years ended December 31, 2014 and 2013, was $41.9 million and $6.1 million, respectively.

NonPerforming_Loans_Tables

Non-Performing Loans (Tables)	12 Months Ended
	Dec. 31, 2014
Non-Performing Loans [Abstract]
Summary of Non-Performing Loan Transactions
				NPLs
	(in thousands)	NPLs		(fair value option-Level III)
	Balance as of January 1, 2013	$	68,106	$	—
	Acquisitions		186,123		—
	Basis of loans sold		-197		—
	Loans converted to real estate		-24,702		—
	Loan liquidations and other basis adjustments		-14,365		—
	Balance as of December 31, 2013	$	214,965	$	—
	Acquisitions		—		486,509
	Unrealized gain on NPLs, net		—		44,593
	Basis of loans sold		-3,092		—
	Loans converted to real estate		-44,614		-18,150
	Loan liquidations and other basis adjustments		-14,860		-21,162
	Loans held for sale		-26,911		—
	Balance as of December 31, 2014	$	125,488	$	491,790

Rental_Revenue_Tables

Rental Revenue (Tables)	12 Months Ended
	Dec. 31, 2014
Rental Revenue [Abstract]
Schedule Of Future Minimum Rental Revenue To Be Received From Residents
	(in thousands)
	2015	$	115,610
	2016		35,146
	2017		262
	2018		—
	2019		—
	Thereafter		—
		$	151,018

Debt_Tables

Debt (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Instrument [Line Items]
Terms of Convertible Debt
																		Remaining
			Principal			Coupon			Effective			Conversion			Maturity			Period of
			Amount			Rate			Rate(1)			Rate(2)(3)			Date			Amortization
	2017 Convertible Notes		$	172,500		4.50	%		7.37	%			33.2934			10/15/17		2.79	years
	2019 Convertible Notes		$	230,000		3.00	%		6.02	%			29.9242			7/1/19		4.50	years
			As of December 31,
			2014			2013
	Total principal		$	402,500		$	—
	Net unamortized discount			-39,390			—
	Carrying amount of debt components		$	363,110		$	—
	Carrying amount of conversion option equity components recorded in additional paid-in capital		$	42,721		$	—
		-1		Effective rate includes the effect of the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in capital.
		-2		We have the option to settle any conversions in cash, common shares or a combination thereof. The conversion rate represents the number of common shares issuable per $1,000 principal amount of Convertible Senior Notes converted at December 31, 2014, as adjusted in accordance with the applicable indentures as a result of cash dividend payments. The if-converted value of the convertible senior notes did not exceed their principal amount at December 31, 2014 since the closing market price our common shares of $26.37 per share did not exceed the implicit conversion price of $33.42 for the 2019 Convertible Notes or $30.04 for the 2017 Convertible Notes.
		-3		Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.
Fair Value of Derivative Financial Instruments in the Condensed Consolidated Balance Sheet
			Fair Value of Derivatives in an
			Asset Position As of December 31,
			2014			2013
	Derivatives Designated as Hedging Instruments:
	Interest rate caps		$	104		$	—
	Derivatives Not Designated as Hedging Instruments:
	Interest rate caps			322			—
	Total derivatives		$	426		$	—
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Operations
																			Amount of Gain or (Loss)
																			Recognized in Income on Derivative
											Amount of Gain or (Loss)						Location of Gain or (Loss)		(Ineffective Portion, Reclassifications
			Amount of Gain or (Loss)								Reclassified from						Recognized in Income on		of Missed Forecasted
			Recognized in OCI on						Location of Gain or (Loss)		Accumulated OCI on						Derivative (Ineffective		Transactions and Amounts Excluded
	Derivatives in		Derivative (Effective Portion)						Reclassified from		Derivative (Effective Portion)						Portion and Amount		from Effectiveness Testing)
	Cash Flow		Year Ended December 31,						Accumulated OCI on		Year Ended December 31,						Excluded from		Year Ended December 31,
	Hedging Relationships		2014			2013			Derivative (Effective Portion)		2014			2013			Effectiveness Testing)		2014		2013
	Interest rate caps		$	-70		$	—		Interest expense		$	—		$	—		Other expense		$	—	$	—
			$	-70		$	—				$	—		$	—				$	—	$	—
					Amount of Loss
					Recognized in Income for the
					Year Ended December 31,
	Derivatives Not Designated		Location of Gain (Loss)
	as Hedging Instruments		Recognized in Income		2014			2013
	Interest rate caps		Loss on derivative financial instruments, net		$	-706		$	—
					$	-706		$	—
Contractual Maturities of Debt
	Year
	2015	$	454,249
	2016		—
	2017		1,142,740
	2018		—
	2019		230,000
	Thereafter		—
	Total	$	1,826,989
Components Of Debt [Member]
Debt Instrument [Line Items]
Schedule of Debt
	(in thousands)		Initial			Component
	Component		Principal Amount			Spread(1)
	Component A		$	234,231			One-Month LIBOR + 1.4075	%
	Component B			61,260			One-Month LIBOR + 2.0575	%
	Component C			55,855			One-Month LIBOR + 2.7575	%
	Component D			39,639			One-Month LIBOR + 3.3075	%
	Component E			80,359			One-Month LIBOR + 4.4075	%
	Component F			33,152			One-Month LIBOR + 4.6575	%
	Component G			26,553			0.0005	%
	Total/Effective weighted-average		$	531,049			2.3528	%
		-1		Component Spread is a per annum rate equal to the sum of (a) the spread added to LIBOR to determine the pass-through rate for the class of Certificates corresponding to such component of the Loan, (b) the servicing fee and (c) the CREFC® license fee.  If LIBOR is unascertainable, the components will accrue based on the prime rate defined in the Loan Agreement.
Class Of Debt [Member]
Debt Instrument [Line Items]
Schedule of Debt
	(in thousands)		Initial			Pass-Through				Ratings
	Certificate		Balance			Rate				(KBRA/Moody's/Morningstar)			-1
	Class A		$	234,231			One-Month LIBOR + 1.30	%		AAA(sf)/Aaa(sf)/AAA
	Class B			61,260			One-Month LIBOR + 1.95	%		AA(sf)/Aa2(sf)/AA+
	Class C			55,855			One-Month LIBOR + 2.65	%		A-(sf)/A2(sf)/A+
	Class D			39,639			One-Month LIBOR + 3.20	%		BBB+(sf)/Baa2(sf)/BBB+
	Class E			80,359			One-Month LIBOR + 4.30	%		BBB-(sf)/NR/BBB-
	Class F			33,152			One-Month LIBOR + 4.55	%		BB+(sf)/NR/BB+
	Class R			N/A			N/A			Not rated
	Total/Effective weighted-average		$	504,496			2.37	%
		-1		The ratings shown are those of Kroll Bond Rating Agency, Inc. (“KBRA”), Moody’s Investors Service, Inc. (“Moody’s”) and Morningstar Credit Ratings, LLC (“Morningstar”). The interest rates on the certificates and classification are based on a credit assessment and rating by these rating agencies of the credit quality of the portfolio of the initial 4,095 homes securing the certificates and do not reflect any credit rating of us as an entity.

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2014
Share-Based Compensation [Abstract]
Summary Of Restricted Stock Units And Restricted Stock Activity
		Manager Equity Plan			Equity Plan			Non-Executive			Total
								Trustee Share Plan
				Weighted-			Weighted-			Weighted-			Weighted-
				Average			Average			Average			Average
				Grant date			Grant date			Grant date			Grant date
		Shares(1)		Fair Value	Shares		Fair Value	Shares		Fair Value	Shares		Fair Value
	Nonvested shares, February 3, 2014	—	$	—	—	$	—	—	$	—	—	$	—
	Granted	777,574	$	30.00	199,991	$	30.00	12,388	$	28.95	989,953	$	29.99
	Vested	-259,183	$	30.00	-2,222	$	26.14	-4,058	$	26.80	-265,463	$	29.92
	Forfeited	—	$	—	-19,276	$	30.00	—	$	—	-19,276	$	30.00
	Nonvested shares, December 31, 2014	518,391	$	30.00	178,493	$	30.00	8,330	$	28.95	705,214	$	29.99
		-1	Shares vested under the Manager Equity Plan are vested but not yet issued as of December 31, 2014.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Schedule of Related Party Expenses Incurred
			Year Ended December 31,				Period from May 23, 2012 (inception) through
		Consolidated					December 31,
	Type of Costs Incurred	Financial Statement Location	2014		2013		2012
	General expenses	Statement of operations	$	14,127	$	12,109	$	1,291
	Property operating and maintenance	Statement of operations		15,809		22		270
	Management fee	Statement of operations		16,097		—		—
	Subtotal			46,033		12,131		1,561
	Development costs	Balance sheet-investments		17,007		—		—
		in real estate
	Leasing costs	Balance sheet-other assets		6,179		—		—
	Total related party costs		$	69,219	$	12,131	$	1,561

Segment_Reporting_Tables

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Assets By Business Segment
			As of December 31,
	(in thousands)		2014			2013
	SFR		$	2,264,040		$	797,618
	NPL			672,123			220,790
	Total		$	2,936,163		$	1,018,408
Schedule of Information for Reportable Segments
		Year Ended								Year Ended
		31-Dec-14								31-Dec-13
	(in thousands)	SFR			NPL			Total		SFR		NPL		Total
	Revenues
	Rental revenues	$	104,830		$	—		$	104,830	$	16,793	$	—	$	16,793
	Other property revenues		3,581			—			3,581		311		—		311
	Realized gain on non-performing loans, net		—			9,770			9,770		—		5,139		5,139
	Realized gain on loan conversions, net		—			24,682			24,682		—		8,624		8,624
	Total revenues		108,411			34,452			142,863		17,104		13,763		30,867
	Expenses
	Property operating and maintenance		31,252			—			31,252		13,541		—		13,541
	Real estate taxes and insurance		22,346			—			22,346		5,049		—		5,049
	Mortgage loan servicing costs		—			28,959			28,959		—		6,065		6,065
	Non-performing loan management fees and expenses		—			10,944			10,944		—		3,378		3,378
	General and administrative		14,536			4,771			19,307		12,239		4,519		16,758
	Share-based compensation		6,368			2,090			8,458		—		—		—
	Investment management fees		12,119			3,978			16,097		—		—		—
	Separation costs		2,797			746			3,543		1,937		715		2,652
	Acquisition fees and other expenses		1,301			—			1,301		588		—		588
	Interest expense, including amortization		24,992			10,231			35,223		—		—		—
	Depreciation and amortization		41,872			—			41,872		6,115		—		6,115
	Finance related expenses and write-off of loan costs		7,057			658			7,715		—		—		—
	Impairment of real estate		2,579			—			2,579		1,174		—		1,174
	Total expenses		167,219			62,377			229,596		40,643		14,677		55,320
	Loss before other income, income tax expense and non-controlling interests		-58,808			-27,925			-86,733		-23,539		-914		-24,453
	Other income (expense)
	Realized (loss) gain on sales of investments in real estate, net		-224			—			-224		1,221		—		1,221
	Unrealized gain on non-performing loans, net		—			44,593			44,593		—		—		—
	Loss on derivative financial instruments, net		-706			—			-706		—		—		—
	Total other income (expense)		-930			44,593			43,663		1,221		—		1,221
	Income (loss) before income tax expense and non-controlling interests		-59,738			16,668			-43,070		-22,318		-914		-23,232
	Income tax expense		460			—			460		252		—		252
	Net income (loss)		-60,198			16,668			-43,530		-22,570		-914		-23,484
	Net (income) loss attributable to non-controlling interests		—			-165			-165		—		60		60
	Net income (loss) attributable to Starwood Waypoint Residential Trust shareholders	$	-60,198		$	16,503		$	-43,695	$	-22,570	$	-854	$	-23,424

Selected_Quarterly_Financial_D1

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Data [Abstract]
Schedule Of Quarterly Financial Data
		Quarter
		First		Second		Third		Fourth
	(in thousands, except share and per share data)
	Year Ended December 31, 2014
	Total revenue	$	21,501	$	34,332	$	39,237	$	47,793
	Total expenses	$	36,539	$	49,130	$	59,644	$	84,283
	Net loss	$	-15,318	$	-12,033	$	-6,700	$	-9,479
	Net loss attributable to Starwood Waypoint Residential Trust shareholders	$	-15,308	$	-12,116	$	-6,713	$	-9,558
	Net loss per share, basic and diluted	$	-0.39	$	-0.31	$	-0.17	$	14.75
	Shares used in calculation - basic and diluted		39,110,969		39,079,365		38,613,270		-647,928
	Year Ended December 31, 2013
	Total revenue	$	1,524	$	4,067	$	10,219	$	15,057
	Total expenses	$	4,844	$	10,917	$	13,485	$	26,074
	Net loss	$	-3,395	$	-6,318	$	-3,253	$	-10,518
	Net loss attributable to Starwood Waypoint Residential Trust shareholders	$	-3,389	$	-6,308	$	-3,274	$	-10,453
	Net loss per share, basic and diluted	$	-0.09	$	-0.16	$	-0.08	$	-0.27
	Shares used in calculation - basic and diluted		39,110,969		39,110,969		39,110,969		39,110,969

Organization_and_Operations_De

Organization and Operations (Details) (USD $)	1 Months Ended		7 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2014	Jan. 31, 2014	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Organization and Operations [Abstract]
Common shares, shares issued		39,100,000		37,778,663	1,000
Proceeds from Contributed Capital	$100,000	$28,300	$155,339	$128,290	$834,649
Percent of operating partnership "OP" units owned				100.00%
Percent of joint venture interest				98.75%

Basis_of_Presentation_and_Sign3

Basis of Presentation and Significant Accounting Policies (Narrative) (Details) (USD $)	3 Months Ended								7 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014		Dec. 31, 2013
Significant Accounting Policies [Line Items]
Asset Impairment Charges											$2,600,000		$1,200,000
Impairment of real estate									459,000	459,000	2,579,000		1,174,000
Assets	2,936,163,000				1,018,408,000						2,936,163,000		1,018,408,000
Gain on converted loans											24,700,000		8,600,000
Unrealized gains on fair value of NPLs											44,593,000
Allowance for doubtful accounts	300,000				1,000,000						300,000		1,000,000
Bad debt expense											2,600,000		1,000,000
Penalty tax, percent											100.00%
Provision for income tax										152,000	460,000		252,000
Deferred tax asset and deferred tax liability as income tax expense											300,000		300,000
Operating Expenses	84,283,000	59,644,000	49,130,000	36,539,000	26,074,000	13,485,000	10,917,000	4,844,000		5,375,000	229,596,000		55,320,000
General and administrative										3,674,000	19,307,000		16,758,000
Acquisition fees and other expenses											1,301,000		588,000
Investment management fees											16,097,000
Land	359,889,000				140,076,000						359,889,000		140,076,000
Buildings and improvements	1,619,622,000				604,839,000						1,619,622,000		604,839,000
Scenario, Adjustment [Member]
Significant Accounting Policies [Line Items]
General and administrative													1,700,000
Acquisition fees and other expenses										2,300,000			2,200,000
Investment management fees										500,000			2,900,000
Land					51,300,000								51,300,000
Buildings and improvements					255,300,000								255,300,000
Taxable REIT Subsidiaries [Member]
Significant Accounting Policies [Line Items]
Provision for income tax											200,000		300,000
Total Income Tax Expense from TRS											500,000
Building [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives											P30Y
Residential Portfolio Segment [Member]
Significant Accounting Policies [Line Items]
Impairment of real estate											2,579,000	[1]	1,174,000	[1]
Assets	87,400,000				33,300,000						87,400,000		33,300,000
Parent Company [Member]
Significant Accounting Policies [Line Items]
Operating Expenses											0
Nonperforming Financing Receivable [Member]
Significant Accounting Policies [Line Items]
Impairment of real estate											0		0
Loans	62,700,000				24,700,000						62,700,000		24,700,000
Unrealized gains on fair value of NPLs											44,600,000		0
Nonperforming Financing Receivable [Member] | Scenario, Adjustment [Member]
Significant Accounting Policies [Line Items]
Investment management fees										$200,000			$3,400,000
Maximum [Member] | Capital Expenditures [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives											P25Y
Minimum [Member] | Capital Expenditures [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives											P4Y
[1]	Excludes accumulated depreciation related to investments in real estate as of December 31, 2014 and 2013, of $41.6 million and $5.7 million, respectively; and excludes accumulated depreciation on assets held for sale as of December 31, 2014 and 2013 of $0.1 million and zero, respectively.

Basis_of_Presentation_and_Sign4

Basis of Presentation and Significant Accounting Policies (Geographic Concentrations) (Details)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Dallas [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	[1]	9.00%	[1]
South Florida [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	20.00%	[1]	28.00%	[1]
Atlanta [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	[1]	17.00%	[1]
Houston [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%	[1]	16.00%	[1]
Florida [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.00%	[1]	35.00%	[1]
California [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	16.00%	[1]	7.00%	[1]
[1]	Effective the first quarter of 2014, we revised prior period concentration classifications to conform to the current periodbs presentation.

Fair_Value_Narrative_Details

Fair Value (Narrative) (Details) (USD $)	7 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Fair Value Measurements [Abstract]
Impairment of real estate	$459	$459	$2,579	$1,174

Fair_Value_Assets_Measured_At_

Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) (USD $)	7 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Residential real estate, Pre-Impairment Amount			$1,979,511,000	$744,915,000
Impairment of real estate	-459,000	-459,000	-2,579,000	-1,174,000
Residential real estate, Fair Value			1,970,050,000	749,353,000
Real Estate Held For Sale [Member] | Level III [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Residential real estate, Pre-Impairment Amount			5,613,000	5,641,000
Impairment of real estate			-1,365,000	-1,174,000
Residential real estate, Fair Value			4,248,000	4,467,000
Real Estate Held For Use [Member] | Level III [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Residential real estate, Pre-Impairment Amount			14,039,000
Impairment of real estate			-1,214,000
Residential real estate, Fair Value			$12,825,000

Fair_Value_Fair_Value_Nonperfo

Fair Value (Fair Value Nonperforming Loans Converted To Real Estate Measure On Nonrecurring Basis) (Details) (USD $)	7 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Transfer of non-performing loans into homes, Carrying Value	$743	$44,614	$24,702
Transfer of non-performing loans into homes, Realized Gains		24,682	8,624
Fair Value, Measurements, Nonrecurring [Member] | Level III [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Transfer of non-performing loans into homes, Carrying Value		62,764	24,702
Transfer of non-performing loans into homes, Realized Gains		24,682	8,614
Transfer of non-performing loans into homes. Fair Value		$87,446	$33,316

Fair_Value_Financial_Instrumen

Fair Value (Financial Instruments Carried At Fair Value) (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value [Line Items]
Non-performing loans	$125,488		$214,965		$68,106
Asset-backed securitization certificates	26,553
Non-performing loans (fair value option)	491,790
Derivative assets	426
3.00% Convertible Senior Notes due 2019 [Member]
Fair Value [Line Items]
Interest rate	3.00%
4.50% Convertible Senior Notes due 2017 [Member]
Fair Value [Line Items]
Interest rate	4.50%
Carrying Value [Member]
Fair Value [Line Items]
Total Liabilities	1,785,414
Fair Value [Member]
Fair Value [Line Items]
Total Liabilities	1,766,820
Level III [Member] | Carrying Value [Member]
Fair Value [Line Items]
Asset-backed securitization certificates	526,816
Credit faciilities	895,488
Level III [Member] | Carrying Value [Member] | 3.00% Convertible Senior Notes due 2019 [Member]
Fair Value [Line Items]
Convertible Senior Notes	202,874
Level III [Member] | Carrying Value [Member] | 4.50% Convertible Senior Notes due 2017 [Member]
Fair Value [Line Items]
Convertible Senior Notes	160,236
Level III [Member] | Fair Value [Member]
Fair Value [Line Items]
Asset-backed securitization certificates	526,816
Credit faciilities	895,488
Level III [Member] | Fair Value [Member] | 3.00% Convertible Senior Notes due 2019 [Member]
Fair Value [Line Items]
Convertible Senior Notes	183,295
Level III [Member] | Fair Value [Member] | 4.50% Convertible Senior Notes due 2017 [Member]
Fair Value [Line Items]
Convertible Senior Notes	161,221
Fair Value, Measurements, Nonrecurring [Member] | Carrying Value [Member]
Fair Value [Line Items]
Total assets	178,952		214,965
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member]
Fair Value [Line Items]
Total assets	262,098		223,861
Fair Value, Measurements, Nonrecurring [Member] | Level III [Member] | Carrying Value [Member]
Fair Value [Line Items]
Non-performing loans	152,399	[1]	214,965	[1]
Asset-backed securitization certificates	26,553
Fair Value, Measurements, Nonrecurring [Member] | Level III [Member] | Fair Value [Member]
Fair Value [Line Items]
Non-performing loans	235,545	[1]	223,861	[1]
Asset-backed securitization certificates	$26,553
[1]	Includes NPLs held for sale.

Fair_Value_Quantitative_Inform

Fair Value (Quantitative Information For Significant Unobservable Inputs Used To Measure Fair Value Of Non-performing Loans) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	15.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loan resolution probabilities - rental	-100.00%
Loan resolution probabilities - liquidation	100.00%
Loan resolution timelines (in years)	5 years 9 months 18 days
Value of underlying properties	2,300,000
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Loan resolution probabilities - rental	0.00%
Loan resolution probabilities - liquidation	0.00%
Loan resolution timelines (in years)	1 month 6 days
Value of underlying properties	2,900

Net_Loss_per_Share_Narrative_D

Net Loss per Share (Narrative) (Details) (USD $)	0 Months Ended					12 Months Ended	0 Months Ended	7 Months Ended	12 Months Ended
	Jan. 15, 2015	Nov. 07, 2014	Oct. 15, 2014	Sep. 30, 2014	Apr. 24, 2014	Dec. 31, 2014	31-May-12	Dec. 31, 2012	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock split ratio						0.2
Share repurchase program authorized amount					$150,000,000
Number of shares repurchased						1,300,000
Aggregate purchase price of shares						34,300,000
Dividends declared per common share		$0.14	$0.14
Dividends declared	$5,400,000			$5,500,000		$10,949,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount						700,000	0	0	0
3.00% Convertible Senior Notes due 2019 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate						3.00%
4.50% Convertible Senior Notes due 2017 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate						4.50%

Net_Loss_per_Share_Calculation

Net Loss per Share (Calculation of Net Loss per Share) (Details) (USD $)	3 Months Ended								7 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Net Loss per Share [Abstract]
Net loss attributable to common shareholders	($9,558)	($6,713)	($12,116)	($15,308)	($10,453)	($3,274)	($6,308)	($3,389)	($4,424)	($43,695)	($23,424)
Basic and diluted weighted average shares outstanding	-647,928	38,613,270	39,079,365	39,110,969	39,110,969	39,110,969	39,110,969	39,110,969	39,110,969	38,623,893	39,110,969
Basic and diluted net loss per share	$14.75	($0.17)	($0.31)	($0.39)	($0.27)	($0.08)	($0.16)	($0.09)	($0.11)	($1.13)	($0.60)

Real_Estate_Schedule_of_Real_E

Real Estate (Schedule of Real Estate Investments in Consolidated Properties) (Details) (USD $)	7 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014		Dec. 31, 2013
Real Estate [Line Items]
Beginning Balance			$744,915,000
Acquisitions	98,048,000		957,741,000		534,018,000
Basis of real estate sold	-4,140,000		-37,563,000		-13,008,000
Impairment of real estate	-459,000	-459,000	-2,579,000		-1,174,000
Ending Balance			1,979,511,000		744,915,000
Depreciation			41,900,000		6,100,000
Assets Held-for-sale [Member]
Real Estate [Line Items]
Depreciation			100,000		0
Residential Portfolio Segment [Member]
Real Estate [Line Items]
Beginning Balance			755,083,000	[1]	99,614,000	[1]
Acquisitions			957,741,000	[1]	534,018,000	[1]
Real estate converted from loans			87,446,000	[1]	33,326,000	[1]
Capitalized expenditures			251,568,000	[1]	102,307,000	[1]
Basis of real estate sold			-37,563,000	[1]	-13,008,000	[1]
Impairment of real estate			-2,579,000	[1]	-1,174,000	[1]
Ending Balance			2,011,696,000	[1]	755,083,000	[1]
Depreciation			$41,600,000		$5,700,000
[1]	Excludes accumulated depreciation related to investments in real estate as of December 31, 2014 and 2013, of $41.6 million and $5.7 million, respectively; and excludes accumulated depreciation on assets held for sale as of December 31, 2014 and 2013 of $0.1 million and zero, respectively.

NonPerforming_Loans_Summary_of

Non-Performing Loans (Summary of Non-Performing Loan Transactions within our loans ) (Details) (USD $)	7 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Non-Performing Loans [Abstract]
Non-performing loans, Beginning Balance		$214,965,000	$68,106,000
Acquisitions	68,999,000		186,123,000
Basis of loans sold	-116,000	-3,092,000	-197,000
Loans converted to real estate	-743,000	-44,614,000	-24,702,000
Loan liquidations	-34,000	-14,860,000	-14,365,000
Non-performing loans, Ending Balance	68,106,000	125,488,000	214,965,000
Acquisitions		486,509,000
Unrealized gain on NPLs, net		44,593,000
Loans converted to real estate		-18,150,000
Loan liquidations and other basis adjustments		-21,162,000
Loans held for sale		-26,911,000
Non-performing loans, Fair Value Option, Ending Balance		491,790,000
Unpaid principal balance of NPL portfolio		$968,700,000	$447,300,000

Rental_Revenue_Schedule_Of_Fut

Rental Revenue (Schedule Of Future Minimum Rental Revenue To Be Received From Residents) (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Rental Revenue [Abstract]
2015	$115,610
2016	35,146
2017	262
2018
2019
Thereafter
Operating Leases, Future Minimum Payments Receivable, Total	$151,018

Debt_Senior_SFR_Facility_Narra

Debt (Senior SFR Facility Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Jun. 13, 2014
Credit Facility [Line Items]
Credit facilities	$895,488,000
Accordian feature to increase availability	250,000,000
Citibank N [Member]
Credit Facility [Line Items]
Borrowing base availability		500,000,000
Starwood Waypoint Borrower Llc [Member] | Revolving Line Of Credit [Member] | Sfr Facility [Member] | Citibank N [Member]
Credit Facility [Line Items]
Borrowing base availability		1,000,000,000
Credit facilities	$441,200,000
Extension option period	1 year
Default rate	5.00%
Starwood Waypoint Borrower Llc [Member] | Revolving Line Of Credit [Member] | Sfr Facility [Member] | Maximum [Member] | Citibank N [Member]
Credit Facility [Line Items]
Per annum rate fee percentage for unused portion of lenders' commitments	0.25%
Starwood Waypoint Borrower Llc [Member] | Revolving Line Of Credit [Member] | Sfr Facility [Member] | London Interbank Offered Rate L I B O R [Member] | Citibank N [Member]
Credit Facility [Line Items]
Margin percentage added to rate	2.95%
Margin percentage added to rate for extended period	3.95%

Debt_Master_Repurchase_Agreeme

Debt (Master Repurchase Agreement Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Credit Facility [Line Items]
PrimeStar Fund interest in PrimeStar-H	100.00%
Credit facilities	$895,488,000
Primestar Fund I L P [Member]
Credit Facility [Line Items]
Indirect ownership	98.75%
Primestar H Fund I Trust [Member]
Credit Facility [Line Items]
Indirect ownership	98.75%
Deutsche Bank [Member] | Line of Credit [Member]
Credit Facility [Line Items]
Margin percentage added to rate	3.00%
Credit facilities	454,200,000
Deutsche Bank [Member] | Line of Credit [Member] | Initial Master Repurchase Agreement [Member]
Credit Facility [Line Items]
Aggregate maximum principal amount committed	350,000,000
Maximum [Member] | Deutsche Bank [Member] | Line of Credit [Member] | Initial Master Repurchase Agreement [Member]
Credit Facility [Line Items]
Aggregate maximum principal amount committed	$500,000,000

Debt_Convertible_Senior_Notes_

Debt (Convertible Senior Notes Narrative) (Details) (USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2014		Oct. 14, 2014	Jan. 15, 2015	Jul. 07, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Amortization of convertible debt discount	$3,046,000
Convertible Debt [Member]
Debt Instrument [Line Items]
Aggregate principal amount	402,500,000
Aggregate contractual interest expense	5,000,000
Interest expense capitalized	800,000
Convertible Debt [Member] | Convertible Notes 2017 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	172,500,000		172,500,000
Proceeds from convertible note, gross			172,500,000
Proceeds from convertible note, net of discounts and offering costs			167,800,000
Initial conversion price	$30.04
Conversion rate	33.2934	[1],[2]
Maturity Date	15-Oct-17
Convertible Debt [Member] | Convertible Notes 2019 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	230,000,000				230,000,000
Proceeds from convertible note, gross					230,000,000
Proceeds from convertible note, net of discounts and offering costs					$223,900,000
Initial conversion price	$33.42
Conversion rate	29.9242	[1],[2]		30.2485
Maturity Date	1-Jul-19
[1]	We have the option to settle any conversions in cash, common shares or a combination thereof. The conversion rate represents the number of common shares issuable per $1,000 principal amount of Convertible Senior Notes converted at December 31, 2014, as adjusted in accordance with the applicable indentures as a result of cash dividend payments. The if-converted value of the convertible senior notes did not exceed their principal amount at December 31, 2014 since the closing market price our common shares of $26.37 per share did not exceed the implicit conversion price of $33.42 for the 2019 Convertible Notes or $30.04 for the 2017 Convertible Notes.Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.
[2]	Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.

Debt_Convertible_Senior_Notes_1

Debt (Convertible Senior Notes) (Details) (Convertible Debt [Member], USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2014		Jan. 15, 2015	Dec. 31, 2013	Oct. 14, 2014	Jul. 07, 2014
Debt Instrument [Line Items]
Principal Amount	$402,500,000
Net unamortized discount	-39,390,000
Carrying amount of debt components	363,110,000
Carrying amount of conversion option equity components recorded in additional paid-in capital	42,721,000
Share Price	$26.37
Convertible Notes 2017 [Member]
Debt Instrument [Line Items]
Coupon Rate	4.50%
Effective Rate	7.37%	[1]
Conversion Rate	33.2934	[2],[3]
Maturity Date	15-Oct-17
Remaining Period of Amortization	2 years 9 months 15 days
Principal Amount	172,500,000				172,500,000
Initial conversion price	$30.04
Convertible Notes 2019 [Member]
Debt Instrument [Line Items]
Coupon Rate	3.00%
Effective Rate	6.02%	[1]
Conversion Rate	29.9242	[2],[3]	30.2485
Maturity Date	1-Jul-19
Remaining Period of Amortization	4 years 6 months
Principal Amount	$230,000,000					$230,000,000
Initial conversion price	$33.42
[1]	Effective rate includes the effect of the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in capital.
[2]	We have the option to settle any conversions in cash, common shares or a combination thereof. The conversion rate represents the number of common shares issuable per $1,000 principal amount of Convertible Senior Notes converted at December 31, 2014, as adjusted in accordance with the applicable indentures as a result of cash dividend payments. The if-converted value of the convertible senior notes did not exceed their principal amount at December 31, 2014 since the closing market price our common shares of $26.37 per share did not exceed the implicit conversion price of $33.42 for the 2019 Convertible Notes or $30.04 for the 2017 Convertible Notes.Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.
[3]	Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.

Debt_Terms_of_Conversion_Narra

Debt (Terms of Conversion Narrative) (Details) (Convertible Debt [Member], USD $)	0 Months Ended	12 Months Ended
	Jan. 15, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Minimum percentage of principal amount		25.00%
Convertible Notes 2017 [Member]
Debt Instrument [Line Items]
Conversion rate		33.2934	[1],[2]
Initial conversion price		$30.04
Convertible Notes 2019 [Member]
Debt Instrument [Line Items]
Conversion rate	30.2485	29.9242	[1],[2]
Initial conversion price		$33.42
Percentage of repurchase price to principal amount if company undergoes fundamental change		100.00%
Percentage of repurchase price to principal amount if Company defaults		100.00%
[1]	We have the option to settle any conversions in cash, common shares or a combination thereof. The conversion rate represents the number of common shares issuable per $1,000 principal amount of Convertible Senior Notes converted at December 31, 2014, as adjusted in accordance with the applicable indentures as a result of cash dividend payments. The if-converted value of the convertible senior notes did not exceed their principal amount at December 31, 2014 since the closing market price our common shares of $26.37 per share did not exceed the implicit conversion price of $33.42 for the 2019 Convertible Notes or $30.04 for the 2017 Convertible Notes.Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.
[2]	Effective January 15, 2015, the conversion rate for the 2019 Convertible Notes was adjusted to 30.2485 in accordance with the applicable indentures as a result of cash dividend payments.

Debt_Classes_of_Debt_Details

Debt (Classes of Debt) (Details) (Class Of Debt [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Debt Instrument [Line Items]
Principal Amount	$504,496,000
LIBOR rate	2.37%
Class A [Member]
Debt Instrument [Line Items]
Principal Amount	234,231,000
LIBOR rate	1.30%
Class B [Member]
Debt Instrument [Line Items]
Principal Amount	61,260,000
LIBOR rate	1.95%
Class C [Member]
Debt Instrument [Line Items]
Principal Amount	55,855,000
LIBOR rate	2.65%
Class D [Member]
Debt Instrument [Line Items]
Principal Amount	39,639,000
LIBOR rate	3.20%
Class E [Member]
Debt Instrument [Line Items]
Principal Amount	80,359,000
LIBOR rate	4.30%
Class F [Member]
Debt Instrument [Line Items]
Principal Amount	$33,152,000
LIBOR rate	4.55%

Debt_AssetBacked_Securitizatio

Debt (Asset-Backed Securitizations Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
	property
Debt Instrument [Line Items]
Number of homes	4,095
Repaid principal	$2,000,000
Number of homes used as securitization after repaid principal	4,081
Class G [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	26,600,000
Proceeds from convertible note, gross	477,700,000
Offered Certificates [Member]
Debt Instrument [Line Items]
Debt instrument fix rate	2.46%
Offered Certificates [Member] | Minimum [Member]
Debt Instrument [Line Items]
LIBOR rate	1.30%
Offered Certificates [Member] | Maximum [Member]
Debt Instrument [Line Items]
LIBOR rate	4.55%
Class Of Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	504,496,000
LIBOR rate	2.37%
Debt instrument fix rate	2.37%
Components Of Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$531,049,000

Debt_Securitization_Loan_Agree

Debt (Securitization Loan Agreement Narrative) (Details) (The "Loan" [Member], USD $)	12 Months Ended
	Dec. 31, 2014
	property
Debt Instrument [Line Items]
LIBOR rate	3.62%
Outstanding amount	$526,800,000
Potential exposure	95,600,000
Number of homes placed as collateral	4,081
Asset Back Securitization Amount	526,800,000
Net unamortized discount	2,200,000
Maximum [Member]
Debt Instrument [Line Items]
Outstanding amount	$35,000,000

Debt_Components_of_Debt_Detail

Debt (Components of Debt) (Details) (Components Of Debt [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Debt Instrument [Line Items]
Aggregate principal amount	$531,049,000
Interest rate	2.35%
Component A [Member]
Debt Instrument [Line Items]
Aggregate principal amount	234,231,000
Component Spread	1.41%
Component B [Member]
Debt Instrument [Line Items]
Aggregate principal amount	61,260,000
Component Spread	2.06%
Component C [Member]
Debt Instrument [Line Items]
Aggregate principal amount	55,855,000
Component Spread	2.76%
Component D [Member]
Debt Instrument [Line Items]
Aggregate principal amount	39,639,000
Component Spread	3.31%
Component E [Member]
Debt Instrument [Line Items]
Aggregate principal amount	80,359,000
Component Spread	4.41%
Component F [Member]
Debt Instrument [Line Items]
Aggregate principal amount	33,152,000
Component Spread	4.66%
Component G [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$26,553,000
Interest rate	0.00%

Debt_Interest_Rate_Cap_Narrati

Debt (Interest Rate Cap Narrative) (Details) (USD $)	12 Months Ended	19 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Interest Expense	$35,223,000	$0
Derivative assets	426,000
Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative [Line Items]
Interest Expense	3,000
Cash Flow Hedging [Member]
Derivative [Line Items]
Notional amount	45,500,000
Percent of notional amount	90.00%
Interest Rate Cap [Member]
Derivative [Line Items]
Number of interest rate caps	5
Maturities of interest rate caps	3 years
Notional amount	600,000,000
Interest Cap 1 [Member]
Derivative [Line Items]
Notional amount	$50,500,000
Starwood Waypoint Borrower Llc [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
LIBOR rate	3.00%

Debt_Fair_Value_of_Derivative_

Debt (Fair Value of Derivative Financial Instruments in the Condensed Consolidated Balance Sheet) (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]
Derivative assets	$426
Interest Rate Cap [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	104
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	$322

Debt_Effect_of_Derivative_Fina

Debt (Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Operations) (Details) (Gain Loss On Derivative Instruments [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss), Recognized in OCI on Derivative (Effective Portion)	($70)
Interest Rate Cap [Member] | Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss), Recognized in OCI on Derivative (Effective Portion)	-70
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Income	-706
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in Income	($706)

Debt_Total_Borrowings_Narrativ

Debt (Total Borrowings Narrative) (Details) (USD $)	12 Months Ended	19 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Credit Facility [Line Items]
Total outstanding borrowings	$1,855,728,000	$26,352,000
Credit facilities	895,488,000
Asset-backed securitization, net	526,816,000
Convertible senior notes, net	363,110,000
Interest Expense	35,223,000	0
Capitalized Interest Expense	2,200,000
Deferred financing costs, net	34,160,000
Amortization of deferred financing costs	5,596,000
Revolving Line Of Credit [Member]
Credit Facility [Line Items]
Capitalized Interest Expense	400,000
Deferred financing costs, net	40,100,000
Amortization of deferred financing costs	$6,000,000

Debt_Contractual_Maturities_of

Debt (Contractual Maturities of Debt) (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Debt [Abstract]
2015	$454,249
2016
2017	1,142,740
2018
2019	230,000
Thereafter
Total	$1,826,989

ShareBased_Compensation_Narrat

Share-Based Compensation (Narrative) (Details) (USD $)	12 Months Ended		11 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
Stock-Based Compensation [Line Items]
Number of shares granted		0
Aggregate cost of shares granted	$109,000
Unrecognized compensation expense, weighted average period of recognition	2 years 1 month 6 days
Stock-based compensation expense	8,458,000	0
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Number of shares granted			989,953
Unrecognized compensation expense, total	17,400,000		17,400,000
Restricted Stock Units (RSUs) [Member] | Non Executive Trustees [Member]
Stock-Based Compensation [Line Items]
Number of shares granted	1,666
Number Of Non Executive Trustees	5
Restricted Stock Units (RSUs) [Member] | Board Of Trustees [Member]
Stock-Based Compensation [Line Items]
Number of shares granted	4,058
Aggregate cost of shares granted	$100,000
Manager Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Number of shares granted	777,574		777,574	[1]
Award vesting period under plan	3 years
Equity Plan [Member]
Stock-Based Compensation [Line Items]
Shares available for grant	1,955,132		1,955,132
Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Number of shares granted	199,991		199,991
Non-Executive Trustee Share Plan [Member]
Stock-Based Compensation [Line Items]
Shares available for grant	187,612		187,612
[1]	Shares vested under the Manager Equity Plan are vested but not yet issued as of December 31, 2014

ShareBased_Compensation_Schedu

Share-Based Compensation (Schedule of Nonvested Shares of Restricted Common Stock) (Details) (USD $)	12 Months Ended	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014		Dec. 31, 2014
Summary of restricted stock activity, shares:
Granted, Shares	0
Restricted Stock Units (RSUs) [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares
Granted, Shares		989,953
Vested, Shares		-265,463
Forfeited, Shares		-19,276
Nonvested, Ending Balance, Shares		705,214		705,214
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value		$29.99
Vested, Weighted Average Grant Date Fair Value		$29.92
Forfeited, Weghted Average Grant Date Fair Value		$30
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$29.99		$29.99
Manager Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares			[1]
Granted, Shares		777,574	[1]	777,574
Vested, Shares		-259,183	[1]
Nonvested, Ending Balance, Shares		518,391	[1]	518,391	[1]
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value		$30
Vested, Weighted Average Grant Date Fair Value		$30
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$30		$30
Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares
Granted, Shares		199,991		199,991
Vested, Shares		-2,222
Forfeited, Shares		-19,276
Nonvested, Ending Balance, Shares		178,493		178,493
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value		$30
Vested, Weighted Average Grant Date Fair Value		$26.14
Forfeited, Weghted Average Grant Date Fair Value		$30
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$30		$30
Non Executive Trustee Shares Plan [Member] | Restricted Stock Units (RSUs) [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares
Granted, Shares		12,388
Vested, Shares		-4,058
Nonvested, Ending Balance, Shares		8,330		8,330
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value		$28.95
Vested, Weighted Average Grant Date Fair Value		$26.80
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$28.95		$28.95
[1]	Shares vested under the Manager Equity Plan are vested but not yet issued as of December 31, 2014

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	7 Months Ended	12 Months Ended		0 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Mar. 03, 2014
		property
Related Party Transaction [Line Items]
Reimbursement costs incurred		$53,100,000
Allocated management fees to company	1,561,000	46,033,000	12,131,000
Percentage of annual asset management fee		0.38%
Number of Real Estate Properties		12,326
Related Party Transaction, Amounts of Transaction	1,561,000	69,219,000	12,131,000
Fund X.I. [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties				707
Related Party Transaction, Amounts of Transaction				144,000,000
Management Fee [Member]
Related Party Transaction [Line Items]
Allocated management fees to company		$16,097,000

Related_Party_Transactions_Sch

Related Party Transactions (Schedule of Related Party Expenses Incurred) (Details) (USD $)	7 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$1,561,000	$46,033,000	$12,131,000
Total related party costs	1,561,000	69,219,000	12,131,000
General expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	1,291,000	14,127,000	12,109,000
Property Operating And Maintenance [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	270,000	15,809,000	22,000
Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		16,097,000
Capitalized Development Costs [Member]
Related Party Transaction [Line Items]
Total related party costs		17,007,000
Leasing Costs [Member]
Related Party Transaction [Line Items]
Total related party costs		$6,179,000

Segment_Reporting_Narrative_De

Segment Reporting (Narrative) (Details)	12 Months Ended
	Dec. 31, 2014
	segment
Segment Reporting [Abstract]
Number of operating segments for reporting purposes	2

Segment_Reporting_Assets_By_Bu

Segment Reporting (Assets By Business Segment) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$2,936,163	$1,018,408
SFR [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,264,040	797,618
NPL [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$672,123	$220,790

Segment_Reporting_Segment_Repo

Segment Reporting (Segment Reporting Statements Of Operations) (Details) (USD $)	1 Months Ended	3 Months Ended								7 Months Ended		11 Months Ended	12 Months Ended		19 Months Ended
	Jan. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
Revenues Abstract
Rental revenues											$431,000		$104,830,000	$16,793,000
Other property revenues											11,000		3,581,000	311,000
Gain on non-performing loans, net											75,000		9,770,000	5,139,000
Realized gain on loan conversions, net													24,682,000	8,624,000
Total revenues		47,793,000	39,237,000	34,332,000	21,501,000	15,057,000	10,219,000	4,067,000	1,524,000		517,000		142,863,000	30,867,000
Expenses
Propety operating and maintenance											658,000		31,252,000	13,541,000
Real estate taxes and insurance											184,000		22,346,000	5,049,000
Mortgage loan servicing cost													28,959,000	6,065,000
NPL management fees and expenses											187,000		10,944,000	3,378,000
General and administrative											3,674,000		19,307,000	16,758,000
Share-based compensation													8,458,000
Investment management fees													16,097,000
Separation costs													3,543,000	2,652,000
Acquisition fees and other expenses													1,301,000	588,000
Interest expense, including amortization													35,223,000		0
Depreciation and amortization											213,000		41,872,000	6,115,000
Finance related expenses and write-off of loan costs													7,715,000
Impairment of real estate										459,000	459,000		2,579,000	1,174,000
Total expenses		84,283,000	59,644,000	49,130,000	36,539,000	26,074,000	13,485,000	10,917,000	4,844,000		5,375,000		229,596,000	55,320,000
Loss from operations											-4,858,000		-86,733,000	-24,453,000
Other income (expense)
Realized (loss) gain on sales of investments in real estate, net											586,000		-224,000	1,221,000
Unrealized gain on NPLs, net													44,593,000
Loss on derivative financial instruments, net													-706,000
Total other income (expense)											586,000		43,663,000	1,221,000
Loss before income tax expense and non-controlling interests											-4,272,000		-43,070,000	-23,232,000
Income tax expense											152,000		460,000	252,000
Net loss	-931,000	-9,479,000	-6,700,000	-12,033,000	-15,318,000	-10,518,000	-3,253,000	-6,318,000	-3,395,000	-4,424,000	-4,424,000	-42,599,000	-43,530,000	-23,484,000
Net (loss) income attributable to non-controlling interests													-165,000	60,000
Net loss attributable to Starwood Waypoint Residential Trust shareholders		-9,558,000	-6,713,000	-12,116,000	-15,308,000	-10,453,000	-3,274,000	-6,308,000	-3,389,000		-4,424,000		-43,695,000	-23,424,000
Weighted average number of shares outstanding - basic and diluted		-647,928	38,613,270	39,079,365	39,110,969	39,110,969	39,110,969	39,110,969	39,110,969		39,110,969		38,623,893	39,110,969
SFR [Member]
Revenues Abstract
Rental revenues													104,830,000	16,793,000
Other property revenues													3,581,000	311,000
Total revenues													108,411,000	17,104,000
Expenses
Propety operating and maintenance													31,252,000	13,541,000
Real estate taxes and insurance													22,346,000	5,049,000
General and administrative													14,536,000	12,239,000
Share-based compensation													6,368,000
Investment management fees													12,119,000
Separation costs													2,797,000	1,937,000
Acquisition fees and other expenses													1,301,000	588,000
Interest expense, including amortization													24,992,000
Depreciation and amortization													41,872,000	6,115,000
Finance related expenses and write-off of loan costs													7,057,000
Impairment of real estate													2,579,000	1,174,000
Total expenses													167,219,000	40,643,000
Loss from operations													-58,808,000	-23,539,000
Other income (expense)
Realized (loss) gain on sales of investments in real estate, net													-224,000	1,221,000
Loss on derivative financial instruments, net													-706,000
Total other income (expense)													-930,000	1,221,000
Loss before income tax expense and non-controlling interests													-59,738,000	-22,318,000
Income tax expense													460,000	252,000
Net loss													-60,198,000	-22,570,000
Net loss attributable to Starwood Waypoint Residential Trust shareholders													-60,198,000	-22,570,000
NPL [Member]
Revenues Abstract
Gain on non-performing loans, net													9,770,000	5,139,000
Realized gain on loan conversions, net													24,682,000	8,624,000
Total revenues													34,452,000	13,763,000
Expenses
Mortgage loan servicing cost													28,959,000	6,065,000
NPL management fees and expenses													10,944,000	3,378,000
General and administrative													4,771,000	4,519,000
Share-based compensation													2,090,000
Investment management fees													3,978,000
Separation costs													746,000	715,000
Interest expense, including amortization													10,231,000
Finance related expenses and write-off of loan costs													658,000
Total expenses													62,377,000	14,677,000
Loss from operations													-27,925,000	-914,000
Other income (expense)
Unrealized gain on NPLs, net													44,593,000
Total other income (expense)													44,593,000
Loss before income tax expense and non-controlling interests													16,668,000	-914,000
Net loss													16,668,000	-914,000
Net (loss) income attributable to non-controlling interests													-165,000	60,000
Net loss attributable to Starwood Waypoint Residential Trust shareholders													$16,503,000	($854,000)

Selected_Quarterly_Financial_D2

Selected Quarterly Financial Data (Details) (USD $)	1 Months Ended	3 Months Ended								7 Months Ended		11 Months Ended	12 Months Ended
	Jan. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Total revenue		$47,793,000	$39,237,000	$34,332,000	$21,501,000	$15,057,000	$10,219,000	$4,067,000	$1,524,000		$517,000		$142,863,000	$30,867,000
Total expenses		84,283,000	59,644,000	49,130,000	36,539,000	26,074,000	13,485,000	10,917,000	4,844,000		5,375,000		229,596,000	55,320,000
Net loss	-931,000	-9,479,000	-6,700,000	-12,033,000	-15,318,000	-10,518,000	-3,253,000	-6,318,000	-3,395,000	-4,424,000	-4,424,000	-42,599,000	-43,530,000	-23,484,000
Net loss attributable to common shareholders		-9,558,000	-6,713,000	-12,116,000	-15,308,000	-10,453,000	-3,274,000	-6,308,000	-3,389,000		-4,424,000		-43,695,000	-23,424,000
Net loss per share, basic and diluted		$14.75	($0.17)	($0.31)	($0.39)	($0.27)	($0.08)	($0.16)	($0.09)		($0.11)		($1.13)	($0.60)
Shares used in calculation - basic and diluted		-647,928	38,613,270	39,079,365	39,110,969	39,110,969	39,110,969	39,110,969	39,110,969		39,110,969		38,623,893	39,110,969
Parent Company [Member]
Total expenses													$0

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
	property	item
Purchase Commitment [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Total commitment	$7.80	$41.40
Number Of Transactions	61	240
Purchase Commitment (Developer Contract) [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Total commitment	$101.30
Number Of Homes Contracted To Build	496

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended		12 Months Ended	0 Months Ended	1 Months Ended
	Jan. 15, 2015	Sep. 30, 2014	Dec. 31, 2014	Jan. 15, 2015	Jan. 31, 2015	Feb. 24, 2015	Nov. 07, 2014
					property
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share			$0.28
Dividends paid	$5,400,000	$5,500,000	$10,949,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share						$0.14	$0.14
Dividends paid				5,400,000
Number of homes acquired					189
Acquisition cost					34,600,000
Purchase price of first lien secured homes					$31,400,000
Number of first lien secured homes acquired					171

Schedule_III_Residential_Real_1

Schedule III - Residential Real Estate And Accumulated Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	12,326
Intial cost to Company, Land	366,284,000
Intial cost to Company, Depreciable Property	1,291,922,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	353,490,000
Gross Amounts Carried at close of Period 12/31/14, Land	366,284,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	1,645,412,000
Total	2,011,696,000
Accumulated Depreciation	41,646,000	5,730,000	213,000
Total real estate for federal income tax purposes	2,014,275
Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	2,560
Intial cost to Company, Land	57,262,000
Intial cost to Company, Depreciable Property	198,553,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	90,788,000
Gross Amounts Carried at close of Period 12/31/14, Land	57,262,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	289,341,000
Total	346,603,000
Accumulated Depreciation	8,042,000
South Florida [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	2,225
Intial cost to Company, Land	79,818,000
Intial cost to Company, Depreciable Property	236,025,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	84,513,000
Gross Amounts Carried at close of Period 12/31/14, Land	79,818,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	320,538,000
Total	400,356,000
Accumulated Depreciation	9,584,000
Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	1,628
Intial cost to Company, Land	40,372,000
Intial cost to Company, Depreciable Property	172,343,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	34,423,000
Gross Amounts Carried at close of Period 12/31/14, Land	40,372,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	206,766,000
Total	247,138,000
Accumulated Depreciation	6,105,000
Dallas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	1,292
Intial cost to Company, Land	33,303,000
Intial cost to Company, Depreciable Property	142,563,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	34,035,000
Gross Amounts Carried at close of Period 12/31/14, Land	33,303,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	176,598,000
Total	209,901,000
Accumulated Depreciation	4,162,000
Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	1,275
Intial cost to Company, Land	29,898,000
Intial cost to Company, Depreciable Property	108,996,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	32,480,000
Gross Amounts Carried at close of Period 12/31/14, Land	29,898,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	141,476,000
Total	171,374,000
Accumulated Depreciation	3,766,000
Chicago [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	668
Intial cost to Company, Land	18,043,000
Intial cost to Company, Depreciable Property	64,704,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	20,190,000
Gross Amounts Carried at close of Period 12/31/14, Land	18,043,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	84,894,000
Total	102,937,000
Accumulated Depreciation	1,857,000
Denver [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	600
Intial cost to Company, Land	24,989,000
Intial cost to Company, Depreciable Property	91,627,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	16,422,000
Gross Amounts Carried at close of Period 12/31/14, Land	24,989,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	108,049,000
Total	133,038,000
Accumulated Depreciation	1,711,000
Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	530
Intial cost to Company, Land	14,377,000
Intial cost to Company, Depreciable Property	48,894,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	12,777,000
Gross Amounts Carried at close of Period 12/31/14, Land	14,377,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	61,671,000
Total	76,048,000
Accumulated Depreciation	1,415,000
Southern California [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	493
Intial cost to Company, Land	30,643,000
Intial cost to Company, Depreciable Property	88,980,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	7,761,000
Gross Amounts Carried at close of Period 12/31/14, Land	30,643,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	96,741,000
Total	127,384,000
Accumulated Depreciation	2,114,000
Northern California [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	292
Intial cost to Company, Land	15,604,000
Intial cost to Company, Depreciable Property	48,186,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	4,553,000
Gross Amounts Carried at close of Period 12/31/14, Land	15,604,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	52,739,000
Total	68,343,000
Accumulated Depreciation	1,604,000
Phoenix [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	279
Intial cost to Company, Land	8,008,000
Intial cost to Company, Depreciable Property	31,148,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	5,660,000
Gross Amounts Carried at close of Period 12/31/14, Land	8,008,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	36,808,000
Total	44,816,000
Accumulated Depreciation	1,063,000
Las Vegas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	49
Intial cost to Company, Land	1,715,000
Intial cost to Company, Depreciable Property	6,728,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	750,000
Gross Amounts Carried at close of Period 12/31/14, Land	1,715,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	7,478,000
Total	9,193,000
Accumulated Depreciation	223,000
All Other [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of Properties	435
Intial cost to Company, Land	12,252,000
Intial cost to Company, Depreciable Property	53,175,000
Costs Capitalized Subsequent To Acquisition, Land
Costs Capitalized Subsequent To Acquisition, Depreciable Property	9,138,000
Gross Amounts Carried at close of Period 12/31/14, Land	12,252,000
Gross Amounts Carried at close of Period 12/31/14, Depreciable Property	62,313,000
Total	74,565,000
Minimum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-46
Year Acquired	1-Jan-12
Minimum [Member] | South Florida [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-26
Year Acquired	1-Jan-12
Minimum [Member] | Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-54
Year Acquired	1-Jan-12
Minimum [Member] | Dallas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-15
Year Acquired	1-Jan-12
Minimum [Member] | Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-25
Year Acquired	1-Jan-12
Minimum [Member] | Chicago [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan 1, 1891
Year Acquired	1-Jan-12
Minimum [Member] | Denver [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-51
Year Acquired	1-Jan-12
Minimum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-51
Year Acquired	1-Jan-12
Minimum [Member] | Southern California [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-21
Year Acquired	1-Jan-12
Minimum [Member] | Northern California [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-00
Year Acquired	1-Jan-12
Minimum [Member] | Phoenix [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-50
Year Acquired	1-Jan-12
Minimum [Member] | Las Vegas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	1-Jan-53
Year Acquired	1-Jan-12
Minimum [Member] | All Other [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan 1, 1812
Year Acquired	1-Jan-13
Maximum [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-14
Year Acquired	31-Dec-14
Maximum [Member] | South Florida [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-10
Year Acquired	31-Dec-14
Maximum [Member] | Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-14
Year Acquired	31-Dec-14
Maximum [Member] | Dallas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-14
Year Acquired	31-Dec-14
Maximum [Member] | Tampa [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-13
Year Acquired	31-Dec-14
Maximum [Member] | Chicago [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-09
Year Acquired	31-Dec-14
Maximum [Member] | Denver [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-12
Year Acquired	31-Dec-14
Maximum [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-07
Year Acquired	31-Dec-14
Maximum [Member] | Southern California [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-14
Year Acquired	31-Dec-14
Maximum [Member] | Northern California [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-08
Year Acquired	31-Dec-14
Maximum [Member] | Phoenix [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-08
Year Acquired	31-Dec-14
Maximum [Member] | Las Vegas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-06
Year Acquired	31-Dec-14
Maximum [Member] | All Other [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	31-Dec-08
Year Acquired	31-Dec-14

Schedule_III_Residential_Real_2

Schedule III - Residential Real Estate Activity (Details) (USD $)	7 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Schedule III - Residential Real Estate And Accumulated Depreciation [Abstract]
Beginning balance			$749,353	$99,401
Real estate converted from non-performing loans	743	743	87,446	33,326
Other acquisitions	98,048		957,741	534,018
Improvements	5,422		251,568	102,307
Total additions	104,213		1,296,755	669,651
Deductions during the year: Cost of real estate sold	4,140		37,563	13,008
Depreciation	213		35,916	5,517
Impairment of real estate	459	459	2,579	1,174
Total deductions	4,812		76,058	19,699
Ending balance	$99,401	$99,401	$1,970,050	$749,353

Schedule_III_Changes_In_Accumu

Schedule III - Changes In Accumulated Depreciation (Details) (USD $)	7 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Schedule III - Residential Real Estate And Accumulated Depreciation [Abstract]
Beginning balance		$5,730	$213
Depreciation expense	213	35,916	5,517
Ending balance	$213	$41,646	$5,730

Schedule_IV_Mortgage_Loans_On_1

Schedule IV - Mortgage Loans On Real Estate (Mortgage Loans On Real Estate Disclosure) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Face Amount	$982,199	[1]
Carrying Amount	644,189	[1],[2]
Florida [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	0.50%	[1]
Contractual Interest Rate, Fixed, Maximum	13.88%	[1]
Contractual Interest Rate, Floating, Minimum	2.00%	[1]
Contractual Interest Rate, Floating, Maximum	14.10%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	202,041	[1]
Carrying Amount	115,004	[1],[2]
Florida [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	30-Apr-08	[1]
Florida [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jul-57	[1]
Illinois [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	2.75%	[1]
Contractual Interest Rate, Floating, Minimum	2.88%	[1]
Contractual Interest Rate, Floating, Maximum	13.80%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	94,894	[1]
Carrying Amount	59,716	[1],[2]
Illinois [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Oct-09	[1]
Illinois [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jul-57	[1]
California [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	12.10%	[1]
Contractual Interest Rate, Floating, Minimum	2.75%	[1]
Contractual Interest Rate, Floating, Maximum	9.50%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	125,319	[1]
Carrying Amount	107,440	[1],[2]
California [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Oct-17	[1]
California [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Dec-61	[1]
New York [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	11.25%	[1]
Contractual Interest Rate, Floating, Minimum	2.25%	[1]
Contractual Interest Rate, Floating, Maximum	12.13%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	106,579	[1]
Carrying Amount	63,220	[1],[2]
New York [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jul-17	[1]
New York [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jul-57	[1]
New Jersey [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	12.38%	[1]
Contractual Interest Rate, Floating, Minimum	3.00%	[1]
Contractual Interest Rate, Floating, Maximum	11.99%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	66,535	[1]
Carrying Amount	31,840	[1],[2]
New Jersey [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Aug-18	[1]
New Jersey [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jul-57	[1]
Arizona [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	10.73%	[1]
Contractual Interest Rate, Floating, Minimum	3.00%	[1]
Contractual Interest Rate, Floating, Maximum	8.85%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	30,447	[1]
Carrying Amount	19,425	[1],[2]
Arizona [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	28-Feb-34	[1]
Arizona [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	30-Apr-50	[1]
Wisconsin [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	11.88%	[1]
Contractual Interest Rate, Floating, Minimum	2.63%	[1]
Contractual Interest Rate, Floating, Maximum	9.44%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	23,172	[1]
Carrying Amount	16,687	[1],[2]
Wisconsin [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	28-Feb-10	[1]
Wisconsin [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	30-Jun-52	[1]
Maryland [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	13.08%	[1]
Contractual Interest Rate, Floating, Minimum	2.88%	[1]
Contractual Interest Rate, Floating, Maximum	10.60%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	52,113	[1]
Carrying Amount	32,258	[1],[2]
Maryland [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Mar-22	[1]
Maryland [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	30-Apr-58	[1]
Indiana [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	2.75%	[1]
Contractual Interest Rate, Floating, Minimum	2.88%	[1]
Contractual Interest Rate, Floating, Maximum	11.00%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	17,558	[1]
Carrying Amount	13,073	[1],[2]
Indiana [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	30-Jun-08	[1]
Indiana [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jan-54	[1]
Pennsylvania [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	1.00%	[1]
Contractual Interest Rate, Fixed, Maximum	12.35%	[1]
Contractual Interest Rate, Floating, Minimum	2.85%	[1]
Contractual Interest Rate, Floating, Maximum	11.88%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	19,020	[1]
Carrying Amount	12,420	[1],[2]
Pennsylvania [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Oct-16	[1]
Pennsylvania [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jul-54	[1]
Georgia [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%	[1]
Contractual Interest Rate, Fixed, Maximum	10.98%	[1]
Contractual Interest Rate, Floating, Minimum	2.25%	[1]
Contractual Interest Rate, Floating, Maximum	8.79%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	20,510	[1]
Carrying Amount	13,011	[1],[2]
Georgia [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Dec-14	[1]
Georgia [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Aug-60	[1]
All Other [Member]
Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	0.00%	[1]
Contractual Interest Rate, Fixed, Maximum	14.00%	[1]
Contractual Interest Rate, Floating, Minimum	1.75%	[1]
Contractual Interest Rate, Floating, Maximum	12.25%	[1]
Payment Terms	Various	[1],[3]
Prior Liens		[1]
Face Amount	224,011	[1]
Carrying Amount	$160,095	[1],[2]
All Other [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	30-Nov-09	[1]
All Other [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Maturity Date	31-Jul-57	[1]
[1]	All loans are secured by underlying homes.
[2]	The carrying value of our loans approximates the aggregate cost for federal income tax purposes.
[3]	Includes loans which are either principal and interest or interest only which begin amortizing during the loan term. All loans are designated as distressed and NPL and as such are on non-accrual status.

Schedule_IV_Mortgage_Loans_On_2

Schedule IV - Mortgage Loans On Real Estate (Activity Of Mortgage Loans) (Details) (USD $)	7 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]
Non-performing loans, Beginning Balance		$214,965	$68,106
Acquisitions	68,999		186,123
Basis of loans sold	-116	-3,092	-197
Loans converted to real estate	-743	-44,614	-24,702
Loan liquidations and other basis adjustments	-34	-14,860	-14,365
Non-performing loans, Ending Balance	68,106	125,488	214,965
Acquisitions		486,509
Unrealized gain on NPLs, net		44,593
Loans converted to real estate		-18,150
Loan liquidations and other basis adjustments		-21,162
Loans held for sale		-26,911
Non-performing loans, Fair Value Option, Ending Balance		$491,790