Invitation Homes 10-K 29 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 25, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	Colony Starwood Homes
Trading Symbol	SFR
Entity Central Index Key	1,579,471
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		101,517,567
Entity Public Float			$ 882.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investments in real estate properties
Land	$ 407,848	$ 359,889
Building and improvements	1,928,207	1,619,622
Total investments in real estate properties	2,336,055	1,979,511
Less: accumulated depreciation	(109,403)	(41,563)
Investments in real estate properties, net	2,226,652	1,937,948
Real estate held for sale, net	79,669	32,102
Total investments in real estate properties, net	2,306,321	1,970,050
Non-performing loans	64,620	125,488
Non-performing loans held for sale	0	26,911
Non-performing loans (fair value option)	380,613	491,790
Resident and other receivables, net	17,670	17,270
Cash and cash equivalents	87,485	175,198
Restricted cash	84,542	50,749
Deferred financing costs, net	26,375	34,160
Asset-backed securitization certificates	26,553	26,553
Other assets	13,500	17,994
Total assets	3,007,679	2,936,163
Liabilities:
Asset-backed securitization, net	527,262	526,816
Convertible senior notes, net	372,636	363,110
Accounts payable and accrued expenses	58,105	52,457
Resident security deposits and prepaid rent	23,151	17,857
Total liabilities	$ 1,996,802	$ 1,855,728
Commitments and contingencies (Note 13)
Equity:
Preferred shares, $0.01 par value-100,000,000 authorized; none issued and outstanding as of December 31, 2015 and December 31, 2014	$ 0	$ 0
Common shares, $0.01 par value-500,000,000 authorized; 37,973,989 issued and outstanding as of December 31, 2015, and 37,778,663 issued and outstanding as of December 31, 2014	380	378
Additional paid-in capital	1,132,308	1,133,239
Accumulated deficit	(123,626)	(53,723)
Accumulated other comprehensive loss	(170)	(70)
Total Starwood Waypoint Residential Trust equity	1,008,892	1,079,824
Non-controlling interests	1,985	611
Total equity	1,010,877	1,080,435
Total liabilities and equity	3,007,679	2,936,163
Deutsche Bank [Member]
Liabilities:
Credit facilities	274,441	454,249
SFR Facility [Member]
Liabilities:
Credit facilities	$ 741,207	$ 441,239

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [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	37,973,989	37,778,663
Common shares, shares outstanding	37,973,989	37,778,663

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Rental revenues, net	$ 188,068	$ 104,830	$ 16,793
Other property revenues	6,667	3,581	311
Realized gain on non-performing loans, net	44,070	9,770	5,139
Realized gain on loan conversions, net	33,032	24,682	8,624
Total revenues	271,837	142,863	30,867
Expenses
Property operating and maintenance	45,493	31,252	13,541
Real estate taxes and insurance	40,599	22,346	5,049
Mortgage loan servicing costs	39,518	28,959	6,065
Non-performing loan management fees and expenses	11,442	10,944	3,378
General and administrative	16,436	19,307	16,758
Share-based compensation	7,229	8,458	0
Investment management fees	18,843	16,097	0
Acquisition fees and other expenses	1,120	1,301	588
Interest expense, including amortization	76,800	35,223	0
Depreciation and amortization	80,080	41,872	6,115
Separation costs	0	3,543	2,652
Transaction-related expenses	11,852	0	0
Finance related expenses and write-off of loan costs	4,547	7,715	0
Impairment of real estate	3,122	2,579	1,174
Total expenses	357,081	229,596	55,320
Loss before other income, income tax expense and non-controlling interests	(85,244)	(86,733)	(24,453)
Other income (expense)
Realized gain (loss) on sales of investments in real estate, net	4,151	(224)	1,221
Realized loss on sales of divestiture homes, net	(6,871)	0	0
Unrealized gain on non-performing loans, net	44,385	44,593	0
Loss on derivative financial instruments, net	(319)	(706)	0
Total other income	41,346	43,663	1,221
Loss before income tax expense and non-controlling interests	(43,898)	(43,070)	(23,232)
Income tax expense	159	460	252
Net loss	(44,057)	(43,530)	(23,484)
Net (income) loss attributable to non-controlling interests	(336)	(165)	60
Net loss attributable to Starwood Waypoint Residential Trust shareholders	$ (44,393)	$ (43,695)	$ (23,424)
Weighted-average shares outstanding-basic and diluted	37,949,784	38,623,893	39,110,969
Net loss per common share
Basic and diluted	$ (1.17)	$ (1.13)	$ (0.60)
Dividends per common share	$ 0.66	$ 0.28	$ 0

Consolidated Statements Of Othe

Consolidated Statements Of Other Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (44,057)	$ (43,530)	$ (23,484)
Interest rate caps	(100)	(70)	0
Comprehensive loss	(44,157)	(43,600)	(23,484)
Comprehensive income attributable to non-controlling interests	(336)	(165)	60
Comprehensive loss attributable to Starwood Waypoint Residential Trust shareholders	$ (44,493)	$ (43,765)	$ (23,424)

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Starwood Waypoint Residential Trust Equity [Member]	Non-controlling Interests [Member]
Balance at Dec. 31, 2012	$ 180,460		$ 184,384	$ (4,424)		$ 179,960	$ 500
Balance, shares at Dec. 31, 2012		1,000
Net loss	(23,484)			(23,424)		(23,424)	(60)
Former parent contributions	848,080		846,780			846,780	1,300
Former parent distributions	(13,000)		(12,897)			(12,897)	(103)
Balance at Dec. 31, 2013	992,056		1,018,267	(27,848)		990,419	1,637
Balance, shares at Dec. 31, 2013		1,000
Net loss	(43,530)
Balance at Dec. 31, 2014	1,080,435	$ 378	1,133,239	(53,723)	$ (70)	1,079,824	611
Balance, shares at Dec. 31, 2014		37,778,663
Net loss	(44,057)			(44,393)		(44,393)	336
Balance at Dec. 31, 2015	1,010,877	$ 380	1,132,308	(123,626)	(170)	1,008,892	1,985
Balance, shares at Dec. 31, 2015		37,973,989
Dividends declared of $0.28 per common share	(25,510)			$ (25,510)		(25,510)
Repurchases of common shares	(8,302)	$ (4)	(8,298)			(8,302)
Repurchases of common shares, shares		(332,250)
Board member compensation paid in shares	144		144			144
Board member compensation paid in shares, shares		5,687
Board member forfeiture of shares, shares		(1,111)
Share-based compensation	7,229	$ 6	$ 7,223			7,229
Share-based compensation, shares		523,000
Other comprehensive loss	(100)				$ (100)	$ (100)
Non-controlling interests contributions	1,521						1,521
Non-controlling interests distributions	$ (483)						$ (483)

Consolidated Statements Of Equ7

Consolidated Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statement Of Stockholders Equity [Abstract]
Dividends declared or paid per share	$ 0.66	$ 0.28

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash flows from operating activities:
Net loss	$ (44,057)	$ (43,530)	$ (23,484)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	80,080	41,872	6,115
Amortization of deferred financing costs	9,271	5,596
Amortization of securitization discount	446	0	0
Amortization of convertible debt discount	9,105	3,046
Board member compensation paid in shares	144	109
Share-based compensation expense	7,229	8,458	0
Realized loss (gain) on sales of investments in real estate, net	(4,151)	224	(1,221)
Realized loss on sales of divestiture homes, net	6,871	0	0
Realized gain on non-performing loans, net	(44,070)	(9,770)	(5,139)
Realized gain on loan conversions, net	(33,032)	(24,682)	(8,624)
Unrealized gain on non-performing loans, net	(44,385)	(44,593)	0
Loss on derivative financial instruments, net	319	706	0
Straight-line rents	(552)	(830)
Provision for doubtful accounts receivable	2,061	2,638	1,017
Impairment of real estate	3,122	2,579	1,174
Allocated expenses from SPT (Note 10)			12,131
Write-off of loan costs	0	5,032	0
Changes in operating assets and liabilities:
Resident and other receivables	(2,461)	(18,647)	(2,228)
Restricted cash	(39,765)	(35,418)	(3,108)
Other assets	(9,410)	(14,523)	(1,627)
Accounts payable and accrued expenses	17,244	26,694	8,855
Resident security deposits and prepaid rent	5,294	13,939	3,687
Net cash used in operating activities	(80,697)	(81,100)	(12,452)
Cash flows from investing activities:
Purchases of real estate	(336,681)	(957,741)	(534,018)
Initial renovations to single-family rentals	(128,937)	(243,877)	(90,018)
Other capital expenditures for single-family rentals	(14,851)	(9,206)
Proceeds from sale of real estate	44,466	37,340	14,228
Proceeds from sale of divestiture homes	162,339	0	0
Purchases of non-performing loans	0	(486,509)	(186,123)
Liquidation, principal repayments and other proceeds on loans	63,108	44,337	19,226
Proceeds from sale of loans	112,686	4,547	475
Change in restricted cash and other investing activities	10,585	(16,419)	2,194
Net cash used in investing activities	(87,285)	(1,627,528)	(774,036)
Cash flows from financing activities:
Proceeds from asset-backed securitizations		504,496
Proceeds from issuance of convertible senior notes	0	402,500	0
Payments and discount on asset-backed securitizations		(4,233)
Payment of financing costs	(1,694)	(45,152)
Repurchases of common shares	(8,302)	(34,321)
Contributions from non-controlling interests	1,521	400	1,300
Distributions to non-controlling interests	(483)	(1,591)	(103)
Offering costs	0	(1,138)	0
Capital contributions	0	128,290	834,649
Payments of dividends and other capital distributions	(30,933)	(5,526)	(12,897)
Net cash provided by financing activities	80,269	1,839,213	822,949
Net (decrease) increase in cash and cash equivalents	(87,713)	130,585	36,461
Cash and cash equivalents at beginning of the period	175,198	44,613	8,152
Cash and cash equivalents at end of the period	87,485	175,198	44,613
Supplemental disclosure of cash flow information
Cash paid for interest	58,964	23,682
Cash paid for income taxes	159	282	461
Non-cash investing activities
Accrued capital expenditures	4,022	10,125	12,289
Loan basis converted to real estate	111,617	62,764	24,702
Non-cash financing activities
Equity component from convertible notes		42,271
Accrued distribution to common shareholders		5,423
Deemed capital contributions from Starwood Property Trust			12,131
Deutsche Bank [Member]
Cash flows from financing activities:
Borrowings on credit facilities	0	482,439	0
Payments of credit facilities	(179,808)	(28,190)	0
SFR Facility [Member]
Cash flows from financing activities:
Borrowings on credit facilities	304,761	1,215,855	0
Payments of credit facilities	$ (4,793)	$ (774,616)	$ 0

Organization And Operations

Organization And Operations	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Operations	Note 1. Organization and Operations Except where the context suggests otherwise, the terms “company,” “we,” “us,” and “our” refer to Colony Starwood Homes (formerly Starwood Waypoint Residential Trust (“SWAY”)), a Maryland real estate investment trust, together with its consolidated subsidiaries, including Colony Starwood Partnership, L.P. (formerly Starwood Waypoint Residential Partnership, L.P.), a Delaware limited partnership through which we conduct substantially all of our business, which we refer to as “our operating partnership”; the term “CAH” refers to Colony American Homes, Inc.; the term “the Manager” refers to SWAY Management LLC, a Delaware limited liability company, our former external manager; the term “SPT” refers to Starwood Property Trust, Inc., our parent company prior to the Separation (as defined below); the term “Starwood Capital Group” refers to Starwood Capital Group Global, L.P. (and its predecessors), together with all of its affiliates and subsidiaries, including the Manager, other than us. On September 21, 2015, we and CAH announced the signing of the Agreement and Plan of Merger dated as of September 21, 2015, among us and certain of our subsidiaries and CAH and certain of its subsidiaries and certain investors in CAH (the “Merger Agreement”), to combine the two companies in a stock-for-stock transaction (the “Merger”). In connection with the transaction, we internalized the Manager (the “Internalization”). The Merger and the Internalization were completed on January 5, 2016. Under the Merger Agreement, CAH shareholders received an aggregate of 64,869,526 of our common shares in exchange for all shares of CAH. Upon completion of the transaction, our existing shareholders and the former owner of the Manager owned approximately 41% of our common shares, while former CAH shareholders owned approximately 59% of our common shares. The share allocation was determined based on each company’s net asset value. The terms of the Internalization were negotiated and approved by a special committee of our board of trustees. Upon the closing of the Internalization and the Merger, we changed our name to Colony Starwood Homes and our common shares are listed and traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “SFR.” Since both SWAY and CAH have significant pre-combination activities, the Merger will be accounted for as a business combination by the combined company in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805. Based upon consideration of a number of factors (see Note 14 – Subsequent Events for discussion of these factors and the accounting treatment of the Merger), although SWAY is the legal acquirer in the Merger, CAH has been designated as the accounting acquirer, resulting in a reverse acquisition of SWAY for accounting purposes. The historical consolidated financial statements included herein represent only our pre-Internalization and pre-Merger consolidated financial position, results of operations, other comprehensive income and cash flows. As such, the financial statements included herein do not reflect our results of operations, other comprehensive income and cash flows in the future or what our results of operations, other comprehensive income and cash flows would have been had our management been internalized or had we been merged with CAH during the historical periods presented. In addition to the financial statements included herein, you should read and consider the CAH financial statements, pro forma financial statements and notes thereto that we file with the Securities and Exchange Commission (“SEC”). Overview We are an internally managed 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 objective is to generate attractive risk-adjusted returns for our shareholders over the long-term through dividends and capital appreciation. Our primary strategy is to acquire single-family rental (“SFR”) 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 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 over the next several years. In addition, we have a portfolio of non-performing loans (“NPLs”) which we may seek to (1) modify and hold or resell at higher prices if circumstances warrant, thus providing additional liquidity or (2) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold. We were organized as a Maryland corporation in May 2012 as a wholly-owned subsidiary of SPT to own homes and NPLs. 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. On January 31, 2014, SPT completed the spin-off of us to its stockholders (the “Separation”), and we issued approximately 39.1 million common shares. Our common shares began trading on February 3, 2014, on the 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. 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 94.2% of the operating partnership units in our operating partnership (“OP units”). 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. (“PrimeStar Fund I”)) 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. The Manager Prior to the Internalization, we were externally managed and advised by the Manager pursuant to the terms of a management agreement. The Manager was an affiliate of Starwood Capital Group, a privately-held private equity firm founded and controlled by Barry Sternlicht, our Co-Chairman. On January 31, 2014, the Manager acquired the Waypoint platform, which is an advanced, technology driven operating platform that provided the backbone for deal sourcing, property underwriting, acquisitions, asset protection, renovations, marketing and leasing, repairs and maintenance, portfolio reporting and property management of homes. Subsequent to the Internalization, we own all material assets and intellectual property rights of the Manager and are managed by certain of the officers and employees who formerly managed our business through the Manager.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 or 2015. 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. Beginning in 2014, we elected the fair value option for our NPLs. 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 certain furniture and fixtures additions. 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. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount of a property, or in certain instances group of properties. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property or group of properties, we further assess for impairment at the individual property level by comparing the estimated fair value of the individual property to the carrying amount of the property at that date. We make this assessment at the individual property level because it represents the lowest level of identifiable cash flows. Where the carrying amount of an individual property exceeds the estimated fair value, we record an impairment loss equal to the difference of the carrying amount less the estimated fair value. To determine the estimated fair value, we primarily consider local broker price opinions (“BPOs”). In order to validate the BPOs received and used in our assessment of fair value of real estate, we perform an internal review to determine if an acceptable valuation approach was used to estimate fair value in compliance with guidance provided by ASC 820, “Fair Value Measurements.” In evaluating our investments in real estate, we determined that certain properties were impaired, which resulted in impairment charges of $3.1 million, $2.6 million and $1.2 million during the years ended December 31, 2015, 2014 and 2013, respectively. Non-Performing Loans We have purchased pools of NPLs which were individually bid on and which we seek to (1) modify and hold or resell at higher prices if circumstances warrant, thus providing additional liquidity or (2) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold. 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 a 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, inclusive of costs. During the years ended December 31, 2015, 2014 and 2013, 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 is determined the asset will not be converted to SFR, in which case the property is initially recorded at fair value less estimated costs to sell. The transfer to SFR occurs when we have obtained title to the property through completion of the foreclosure process. SFR also includes a limited number of multi-unit properties. 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 non-rental assets) exceeds our recorded investment in the loan, and are reported as realized gain on loan conversion, net 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, 2015 we converted $111.6 million in NPLs into $144.6 million in real estate assets that resulted in a gain of $33.0 million. 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 has typically been equal to 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 SFR). 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 which have been incurred and removed from future expense estimates. The shorter resolution timelines and reduced future expenses typically each increase 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. Upon the sale or other resolution of NPLs that results in the recognition of a realized gain or loss, we reclassify what had previously been recorded in unrealized (loss) gain on NPLs, net to realized gains on NPLs, net. During the years ended December 31, 2015 and 2014, respectively, we recorded $44.4 million and $44.6 million, respectively, in unrealized gains on the fair value of loans. There were no such unrealized gains on the fair value of loans during the year ended December 31, 2013. 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 and execution 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, insurance, homeowners’ association (“HOA”) fees and interest during periods in which property stabilization is in progress. We charge to expense as incurred costs that do not relate to capital addition 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 risks 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 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 (“OCI”) 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 in 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 $0.3 million as of December 31, 2015 and 2014, 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, 2015, 2014 and 2013, we incurred bad debt expense of $2.1 million, $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. We evaluate the validity of the BPOs received pursuant to the policy described above under “-Investments in Real Estate.” 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 the 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 paid taxes of approximately $0.2 million, $0.2 million and $0.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. Additionally, we recorded an adjustment of $0.3 million to our deferred tax asset 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 amounts related to our credit facilities in the consolidated balance sheet and the consolidated statement of cash flows to disaggregate amounts related to our senior SFR facility and master repurchase agreement to conform to the current period’s presentation. We also reclassified amounts related to additions to real estate in the consolidated statement of cash flows to disaggregate amounts related to initial renovations to SFRs and other capital expenditures for SFRs. In 2014, we also 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. Geographic Concentration We hold significant concentrations of homes and NPLs with collateral in the following regions of the country in excess of 10% of our total portfolio, and as such are more vulnerable to any adverse macroeconomic developments in such areas: Single-Family Rentals As of December 31, Market 2015 2014 South Florida 21 % 20 % Atlanta 15 % 17 % Houston 12 % 14 % Dallas 12 % 12 % Non-Performing Loans As of December 31, State 2015 2014 Florida 17 % 18 % California 17 % 16 % Recent Accounting Pronouncements In August 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance in ASU 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance should be applied on a ret

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [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. See Note 2- Basis of Presentation and Significant Accounting Policies for information regarding significant considerations used to estimate the fair value of our investments in real estate. The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below (in thousands): Year Ended December 31, Residential real estate held for sale (Level III) 2015 2014 Pre-impairment amount $ 24,120 $ 5,613 Total losses $ (2,992 ) $ (1,365 ) Fair value $ 21,128 $ 4,248 Year Ended December 31, Residential real estate held for use (Level III) 2015 2014 Pre-impairment amount $ 644 $ 14,039 Total losses $ (130 ) $ (1,214 ) Fair value $ 514 $ 12,825 For a summary of our real estate activity during the years ended December 31, 2015, 2014 and 2013, refer to Note 5 – Real Estate. 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, 2015, 2014 and 2013 (in thousands). Year Ended December 31, Non-recurring basis (assets) 2015 2014 2013 Transfers of NPLs into homes (Level III) Carrying value $ 111,617 $ 62,764 $ 24,702 Realized gains $ 33,032 $ 24,682 $ 8,614 Fair value $ 144,649 $ 87,446 $ 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 sheets 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 years ended December 31, 2015 and 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). December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Assets not carried on the consolidated balance sheet at fair value NPLs (1) Level III $ 64,620 $ 114,986 $ 152,399 $ 235,545 Asset-backed securitization certificates Level III 26,553 26,553 26,553 26,553 Total assets $ 91,173 $ 141,539 $ 178,952 $ 262,098 Liabilities not carried on the consolidated balance sheet at fair value Senior SFR facility Level III $ 741,207 $ 741,207 $ 441,239 $ 441,239 Master repurchase agreement Level III 274,441 274,441 454,249 454,249 3.00% Convertible Senior Notes due 2019 Level III 208,273 177,382 202,874 183,295 4.50% Convertible Senior Notes due 2017 Level III 164,363 159,340 160,236 161,221 Asset-backed securitization, net Level III 527,262 527,262 526,816 526,816 Total liabilities $ 1,915,546 $ 1,879,632 $ 1,785,414 $ 1,766,820 (1) Includes NPLs held for sale as of December 31, 2014. The interest rates for our asset-backed securitization certificates and asset-backed securitization liability reflect market rates since they are indexed to the London Interbank Offered Rate (“LIBOR”), and there has not been a fundamental change in the market since the transaction closed, therefore, we concluded that the carrying value approximates fair value as of December 31, 2015 and 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 senior SFR facility and master repurchase agreement 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, 2015 and 2014: As of December 31, 2015 As of December 31, 2014 Input High Low Average High Low Average Discount rate 15 % 15 % 15 % 15 % 15 % 15 % Loan resolution probabilities - rental 100 % 0 % 23 % 100 % 0 % 24 % Loan resolution probabilities - liquidation 100 % 0 % 77 % 100 % 0 % 76 % Loan resolution timelines (in years) 2.9 0.5 1.1 5.8 0.1 1.1 Value of underlying properties $ 3,188,000 $ 4,500 $ 228,696 $ 2,300,000 $ 2,900 $ 212,358 Carrying costs 7.0 % 7.0 % 7.0 % 2.3 % 2.3 % 2.3 %

Net Loss per Share

Net Loss per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Loss per Share	Note 4. Net Loss per Share Our common 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 January 31, 2014, the denominator for basic and diluted EPS is based on the number of our common shares outstanding on January 31, 2014. On January 31, 2014, 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 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 January 31, 2014 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 December 31, (in thousands, except per share amounts) 2015 2014 2013 Numerator: Net loss attributable to Starwood Waypoint Residential Trust shareholders $ (44,393 ) $ (43,695 ) $ (23,424 ) Denominator: Basic and diluted weighted average shares outstanding 37,950 38,624 39,111 Basic and diluted net loss per share $ (1.17 ) $ (1.13 ) $ (0.60 ) 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, 2015, 2014 and 2013, both basic and diluted net loss per share are the same. For the years ended December 31, 2015 and 2014, 0.6 million and 0.7 million, respectively, 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. For the years ended December 31, 2015 and 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 May 6, 2015, our board of trustees authorized a share repurchase program (the “2015 Program”). Under the 2015 Program, we may repurchase up to $150.0 million of our common shares beginning May 6, 2015 and ending May 6, 2016. During the year ended December 31, 2015, we repurchased 0.3 million common shares for $8.3 million under the 2015 Program. On April 24, 2014, our board of trustees authorized a share repurchase program (the “2014 Program”). Under the 2014 Program, we could have repurchased 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 common shares for $34.3 million under the 2014 Program. The 2014 Program expired on April 17, 2015 and we did not repurchase any shares pursuant to the 2014 Program during 2015. On December 22, 2015, we paid a quarterly dividend of $0.19 per common share, totaling $7.3 million, to shareholders of record at the close of business on December 10, 2015. On October 15, 2015, we paid a quarterly dividend of $0.19 per common share, totaling $7.3 million, to shareholders of record at the close of business on September 30, 2015. On July 15, 2015, we paid a quarterly dividend of $0.14 per common share, totaling $5.4 million, to shareholders of record at the close of business on June 30, 2015. On April 15, 2015, we paid a quarterly dividend of $0.14 per common share, totaling $5.4 million, to shareholders of record at the close of business on March 31, 2015. On January 15, 2015, we paid a quarterly dividend of $0.14 per common share, totaling $5.4 million, to shareholders of record at the close of business on December 31, 2014. 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.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate	Note 5. Real Estate The following table summarizes transactions within our home portfolio for the years ended December 31, 2015 and 2014 (in thousands) ( 1) 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 Acquisitions 336,681 Real estate converted from loans 144,649 Capitalized expenditures 138,315 Basis of real estate sold (211,728 ) Impairment of real estate (3,122 ) Balance as of December 31, 2015 $ 2,416,491 (1) Excludes accumulated depreciation related to investments in real estate as of December 31, 2015, 2014 and December 31, 2013, of $109.4 million, $41.6 million and $5.7 million, respectively; and excludes accumulated depreciation on assets held for sale as of December 31, 2015, 2014 and December 31, 2013, of $0.8 million, $0.1 million and zero, respectively. Total depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013, was $80.1 million, $41.9 million and $6.1 million, respectively.

Non-Performing Loans

Non-Performing Loans	12 Months Ended
	Dec. 31, 2015
Receivables [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, 2015 and 2014: NPLs (in thousands) NPLs NPLs (fair value option) Balance as of December 31, 2013 $ 214,965 $ — $ — Acquisitions — — 486,509 Unrealized gain on non-performing loans, 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 ) 26,911 — Balance as of December 31, 2014 $ 125,488 $ 26,911 $ 491,790 Unrealized gain on non-performing loans, net — — 44,385 Basis of loans sold (169 ) (82,198 ) (1,528 ) Loans converted to real estate (38,799 ) — (72,818 ) Loan liquidations and other basis adjustments (9,847 ) (2,417 ) (35,565 ) Loans held for sale (12,053 ) 57,704 (45,651 ) Balance as of December 31, 2015 $ 64,620 $ — $ 380,613 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, 2015 and 2014. Total unpaid principal balance (“UPB”) for our first-lien NPL portfolio as of December 31, 2015 and 2014, was $568.8 million and $968.7 million, respectively.

Rental Revenue

Rental Revenue	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Rental Revenue	Note 7. Rental Revenue Homes are leased to residents under operating leases with initial expiration dates ranging from 2016 to 2019. 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, 2015 is as follows: (in thousands) 2016 $ 142,338 2017 44,026 2018 6,778 2019 22 2020 — Thereafter — $ 193,164

Debt

Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [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 SFR 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, 2015 and 2014, was approximately $741.2 million and $441.2 million, respectively. 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 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 the SFR Borrower’s 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 September 1, 2015, we (in our capacity as guarantor), PrimeStar Fund I (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 (“PrimeStar-H”) (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, which provided maximum borrowings of up to $500.0 million, had a maturity date of September 11, 2015, and interest which accrued on advances under the repurchase agreement 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% (the “Spread”), has been amended to change the maximum borrowings, extend the maturity date to March 1, 2017 and decrease the Spread to 2.375%. The maximum borrowing means, as of September 1, 2015, approximately $386.1 million; provided, however, that thereafter the maximum borrowings shall be reduced to an amount equal to the aggregate outstanding borrowings on any given date and, thereafter, shall be reduced commensurately with each reduction in the aggregate outstanding borrowings. The repurchase agreement is secured, among other things, by PrimeStar Fund I’s ownership interest in certificates that evidence 100% of the ownership interests in PrimeStar-H. The repurchase agreement is used to finance the acquired pools of NPLs secured by residential real property by PrimeStar-H and by various wholly-owned subsidiaries of PrimeStar-H. 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 2.375%. 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%. The initial maturity date of the repurchase agreement is March 1, 2017, subject to a six-month extension option, which may be exercised by PrimeStar Fund I upon the satisfaction of certain conditions set forth in the repurchase agreement. Borrowings are available under the repurchase agreement until March 1, 2017. In connection with the repurchase agreement, we provided a guaranty, under which we guaranty the obligations of PrimeStar Fund I under the repurchase agreement and ancillary transaction documents. The outstanding balance on December 31, 2015 and December 31, 2014, on this facility was approximately $274.4 million and $454.2 million, respectively. 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 were 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, 2015 (in thousands, except rates): Remaining Principal Coupon Effective Conversion Maturity Period of Amount Rate Rate (1) Rate (2) Date Amortization 2017 Convertible Notes $ 172,500 4.50 % 7.37 % 33.2934 10/15/17 1.79 years 2019 Convertible Notes $ 230,000 3.00 % 6.02 % 31.0870 7/1/19 3.50 years As of December 31, 2015 2014 Total principal $ 402,500 $ 402,500 Net unamortized discount (29,864 ) (39,390 ) Carrying amount of debt components $ 372,636 $ 363,110 Carrying amount of conversion option equity components recorded in additional paid-in capital $ 42,721 $ 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, 2015, 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, 2015 since the closing market price our common shares of $22.64 per share did not exceed the implicit conversion price of $32.17 for the 2019 Convertible Notes or $30.04 for the 2017 Convertible Notes. Terms of Conversion As of December 31, 2015, the conversion rate applicable to the 2019 Convertible Notes was 31.0870 common shares per $1,000 principal amount of the 2019 Convertible Notes, which was equivalent to a conversion price of approximately $32.17 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, 2015, 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 Convertible Notes 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 Convertible Notes Trustee, may, and the Convertible Notes 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, we completed our first securitization transaction of $504.5 million, which involved the issuance and sale in a private offering of SFR 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 SFR homes operated as rental properties (collectively, the “Properties”) contributed from our portfolio of SFR homes to a newly-formed special purpose entity indirectly owned by us. Subsequent to December 19, 2014, we repaid $2.0 million in principal and reduced the portfolio to 4,081 SFR 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 SFR Facility, 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 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%. As of December 31, 2015, the Offered Certificates had the following par certificate balances, pass-through rates and ratings: (in thousands) Ratings Certificate Balance Pass-Through Rate (KBRA/Moody's/Morningstar) (1) Class A $ 232,193 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 $ 502,458 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”) as of December 31, 2015. 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 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 issued by a SPE, SWAY 2014-1 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 SPE 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 Depositor, LLC, our wholly-owned subsidiary, (the “Depositor”), the Borrower, and the Equity Owner are under our common control. The Loan was originated on December 19, 2014 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 Securitization 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 “Securitization Trustee”). Distributions will be made on the Certificates monthly on the fourth 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 December 19, 2014. 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 Certificates represent the entire beneficial interest in the trust. The Certificates (other than Class G and Class R) 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 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 had surrendered control over the Loan as part of transferring it to the Securitization Trustee. In this evaluation, we first considered and concluded that the transferee (i.e., the Securitization Trustee), 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 Securitization Trustee 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 December 19, 2014, 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, 2015 was approximately $527.3 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 December 19, 2014, an initial component balance equal to the corresponding class of Offered Certificates. The following table sets forth the principal amount of each component and the component spread added to the one-month LIBOR for each monthly interest period as of December 31, 2015: (in thousands) Principal Component Component Amount Spread (1) Component A $ 232,193 One-Month LIBOR + 1.41% Component B 61,260 One-Month LIBOR + 2.06% Component C 55,855 One-Month LIBOR + 2.76% Component D 39,639 One-Month LIBOR + 3.31% Component E 80,359 One-Month LIBOR + 4.41% Component F 33,152 One-Month LIBOR + 4.66% Component G 26,553 0% Total/Effective weighted-average $ 529,011 2.36% (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 to 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. 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 SFRs 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 we 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. We have accounted for the transfer of the Loan to the Securitization Trustee 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 $527.3 million net asset-backed securitization liability at December 31, 2015, representing the principal balance outstanding on the Loan, net of unamortized loan discounts of $1.7 million, in the accompanying consolidated balance sheets. The net asset-backed securitization liability at December 31, 2014 was $526.8 million. 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, 2015 and 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, 2015, 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 14 months and a total notional amount of $600.0 million. During the years ended December 31, 2015 and 2014, such derivatives were used to hedge the variable cash flows, indexed to USD-LIBOR, associated with existing variable-rate loan agreements. The change in fair value of the derivatives is recognized directly in earnings. We recorded losses of $0.3 million and $0.7 million during the years ended December 31, 2015 and 2014, respectively. We had no outstanding derivatives as of December 31, 2013. As of December 31, 2015, 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 $505.0 million, of which 90% or $454.5 million of the cap notional, was designated in a cash flow hedging relationship as of December 31, 2015. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated OCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated OCI 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 $157,000 will be reclassified out of accumulated OCI as an increase to interest expense. The table below presents the fair value of our derivative financial instruments as of December 31, 2015 and 2014 (in thousands): Fair Value of Derivatives in an Asset Position As of December 31, 2015 2014 Derivatives Designated as Hedging Instruments: Interest rate caps $ 1 $ 104 Derivatives Not Designated as Hedging Instruments: Interest rate caps 6 322 Total derivatives $ 7 $ 426 The tables below present the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2015 and 2014 (in thousands): Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassifications Amount of Gain (Loss) of Missed Forecasted Amount of Gain (Loss) Reclassified from Location of Gain (Loss) Transactions and Amounts Recognized in OCI on Accumulated OCI on Recognized in Income on Excluded from Derivative (Effective Portion) Location of Gain (Loss) Derivative (Effective Portion) Derivative (Ineffective Effectivenes s For the Year Ended Reclassified from For the Year Ended Portion and Amount For the Year Ended Derivatives in Cash Flow Ended December 31, Accumulated OCI on Ended December 31, Excluded from Ended December 31, Hedging Relationships 2015 2014 Derivative (Effective Portion) 2015 2014 Effectiveness Testing) 2015 2014 Interest rate caps $ (103 ) $ (70 ) Interest expense $ (3 ) $ — Other expense $ — $ — $ (103 ) $ (70 ) $ (3 ) $ — $ — $ — Amount of Loss Recognized in Income for the Derivatives Location of Gain (Loss) For the Year Ended December 31, as Hedging Instruments Recognized in Income 2015 2014 Interest rate caps

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [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 the 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) the Manager 777,574 RSUs and (2) certain employees of the Manager an aggregate of 199,991 of our RSUs. The award of RSUs to the 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 the Manager vest ratably in three annual installments on January 31, 2015, January 31, 2016 and January 31, 2017. In connection with the Separation, we also granted 8,330 of our restricted common shares to our non-executive trustees (1,666 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, 2015, of the 777,574 RSUs awarded to the Manager in connection with the Separation, 259,199 vested. Prior to the Merger and the Internalization, the remaining 259,192 unvested grants were scheduled to vest ratably on a quarterly basis over a period ending on April 1, 2017. During the year ended December 31, 2015, we granted 258,847 new RSUs to certain employees of the Manager, which were scheduled to vest over three years, 59,491 RSUs vested and 46,258 RSUs were forfeited. Prior to the Merger and the Internalization, the remaining 331,591 unvested awards of RSUs were scheduled to vest over a period ending June 30, 2018. During the year ended December 31, 2015, we granted 15,612 new restricted shares to our non-executive trustees, 11,558 shares vested and 1,111 shares were forfeited. Prior to the Merger and the Internalization, the remaining 11,273 awards of restricted shares were scheduled to vest ratably in two annual installments on January 31, 2016, and January 31, 2017. During the year ended December 31, 2015, we also granted 5,687 restricted shares to members of our board of trustees in lieu of trustee fees for an aggregate cost of approximately $0.1 million. After giving effect to activity described above and summarized in the table below, we have 1,696,285 and 172,000 shares available for grant, as of December 31, 2015, for the Equity Plans and Non-Executive Trustee Share Plan, respectively. The following table summarized our RSUs and restricted share awards activity during the years ended December 31, 2015 and 2014: Non-Executive Manager Equity Plan Equity Plan Trustee Share Plan Total Weighted- Weighted- Weighted- Weighted- Average Average Average Average Grant Grant Grant Grant Shares 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 $ 30.01 Granted — $ — 258,847 $ 25.50 15,612 $ 25.24 274,459 $ 25.48 Vested (259,199 ) $ 30.00 (59,491 ) $ 30.00 (11,558 ) $ 26.88 (330,248 ) $ 29.89 Forfeited — $ — (46,258 ) $ 29.72 (1,111 ) $ 30.00 (47,369 ) $ 29.73 Nonvested shares, December 31, 2015 259,192 $ 30.00 331,591 $ 26.52 11,273 $ 25.83 602,056 $ 28.04 During the years ended December 31, 2015 and 2014, we recorded $7.2 million and $8.5 million of share-based compensation expense, respectively, on our consolidated statements of operations. There were no share-based payments or grants in the year 2013 as our common shares began trading on February 3, 2014. As of December 31, 2015, $11.5 million of total unrecognized compensation cost related to unvested RSUs and restricted shares is expected to be recognized in the first quarter of 2016 as the vesting of all such RSUs and restricted shares was accelerated upon the completion of the Merger which occurred on January 5, 2016.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
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 the Manager for the years ended December 31, 2015 and 2014 and from SPT for the year ended December 31, 2013, to us. The allocated expenses generally represent (1) certain invoices that the Manager paid on our behalf and (2) the portion of certain expenses that were incurred by the Manager 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 SEC guidelines for carve-out financial statements, as we believe that there is reasonable basis for the allocations (in thousands): Year Ended December 31, Type of Costs Incurred Consolidated Financial Statement Location 2015 2014 2013 Property operating and maintenance Statements of operations $ 23,593 $ 15,809 $ 22 Management fee Statements of operations 18,843 16,097 — Other expenses Statements of operations 11,459 14,127 12,109 Subtotal 53,895 46,033 12,131 Development costs Balance sheets-investments in real estate properties 11,569 17,007 — Leasing costs Balance sheets-other assets 4,121 6,179 — Total related party costs $ 69,585 $ 69,219 $ 12,131 Reimbursement of Costs Prior to the Internalization, we were required to reimburse the Manager for the costs incurred on our behalf. Cost reimbursements to the Manager were made in cash on a monthly basis following the end of each month. Our reimbursement obligation was not subject to any dollar limitation. Because the Manager’s personnel performed certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, the Manager was paid or reimbursed for the documented cost of performing such tasks. For the years ended December 31, 2015 and 2014, we incurred $50.7 million and $53.1 million, respectively, of costs. Prior to the Separation, our expenses were allocated to us by SPT. During the year ended December 31, 2013, management fees allocated to us were $12.1 million. As SPT did not seek reimbursement of these costs, they were recorded as owner’s contributions. Management Fees Prior to the Internalization, we paid the 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 years ended December 31, 2015 and 2014 were $18.8 million and $16.1 million, respectively. There were no management fees incurred by us during the year ended December 31, 2013. 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, 2015
Segment Reporting [Abstract]
Segment Reporting	Note 11. Segment Reporting In its operation of the business, management, including our chief operating decision maker, our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements. The segment information within this note is reported on that basis. We currently operate in two reportable segments. Our primary strategy is to acquire SFR homes through a variety of channels, renovate these homes to the extent necessary and lease them to qualified residents. In addition, we have a portfolio of NPLs which we may seek to (1) modify and hold or resell at higher prices if circumstances warrant, thus providing additional liquidity or (2) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold. 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 Chief Executive Officer who views our NPL activities as a separate segment of our business. In connection with our change in reportable segments, we created revenue line items in our consolidated statements of operations associated with our NPL segment. Current and prior amounts previously shown as other income are presented as realized gain on NPLs, net and realized gain on loan conversions, net within our revenue section in the consolidated statements of operations. We currently have two reportable business segments: · SFRs - includes the business activities associated with our investments in 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 include management fees payable to the Manager and the Separation costs and transaction-related expenses, 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 years ended December 31, 2014 and 2013 amounts within this note to conform to the way we internally manage and monitor segment performance in the year ended December 31, 2015. Assets by Business Segment As of December 31, (in thousands) 2015 2014 SFR $ 2,513,222 $ 2,264,040 NPL 494,457 672,123 Total $ 3,007,679 $ 2,936,163 Statements of Operations by Business Segment Year Ended Year Ended Year Ended December 31, 2015 December 31, 2014 December 31, 2013 SFR NPL Total SFR NPL Total SFR NPL Total Revenues Rental revenues, net $ 188,068 $ — $ 188,068 $ 104,830 $ — $ 104,830 $ 16,793 $ — $ 16,793 Other property revenues 6,667 — 6,667 3,581 — 3,581 311 — 311 Realized gain on non- performing loans, net — 44,070 44,070 — 9,770 9,770 — 5,139 5,139 Realized gain on loan conversions, net — 33,032 33,032 — 24,682 24,682 — 8,624 8,624 Total revenues 194,735 77,102 271,837 108,411 34,452 142,863 17,104 13,763 30,867 Expenses Property operating and maintenance 45,493 — 45,493 31,252 — 31,252 13,541 — 13,541 Real estate taxes and insurance 40,599 — 40,599 22,346 — 22,346 5,049 — 5,049 Mortgage loan servicing costs — 39,518 39,518 — 28,959 28,959 — 6,065 6,065 Non-performing loan management fees and expenses — 11,442 11,442 — 10,944 10,944 — 3,378 3,378 General and administrative 13,356 3,080 16,436 14,536 4,771 19,307 12,239 4,519 16,758 Share-based compensation 5,874 1,355 7,229 6,368 2,090 8,458 — — — Investment management fees 15,312 3,531 18,843 12,119 3,978 16,097 — — — Acquisition fees and other expenses 1,120 — 1,120 1,301 — 1,301 588 — 588 Interest expense, including amortization 63,053 13,747 76,800 24,992 10,231 35,223 — — — Depreciation and amortization 80,080 — 80,080 41,872 — 41,872 6,115 — 6,115 Separation costs — — - 2,797 746 3,543 1,937 715 2,652 Transaction-related expenses 9,631 2,221 11,852 — — — — — — Finance-related expenses and write-off of loan costs 4,160 387 4,547 7,057 658 7,715 — — — Impairment of real estate 425 2,697 3,122 2,579 — 2,579 1,174 — 1,174 Total expenses 279,103 77,978 357,081 167,219 62,377 229,596 40,643 14,677 55,320 Income (loss) before other income, income tax expense and non- controlling interests (84,368 ) (876 ) (85,244 ) (58,808 ) (27,925 ) (86,733 ) (23,539 ) (914 ) (24,453 ) Other income (expense) Realized gain (loss) on sales of investments in real estate, net 4,151 — 4,151 (224 ) — (224 ) 1,221 — 1,221 Realized loss on sales of divestiture homes, net (963 ) (5,908 ) (6,871 ) — — — — — — Unrealized gain on non- performing loans, net — 44,385 44,385 — 44,593 44,593 — — — Loss on derivative financial instruments, net (319 ) — (319 ) (706 ) — (706 ) — — — Total other income (expense) 2,869 38,477 41,346 (930 ) 44,593 43,663 1,221 — 1,221 Income (loss) before income tax expense and non-controlling interests (81,499 ) 37,601 (43,898 ) (59,738 ) 16,668 (43,070 ) (22,318 ) (914 ) (23,232 ) Income tax expense 159 — 159 460 — 460 252 — 252 Net income (loss) (81,658 ) 37,601 (44,057 ) (60,198 ) 16,668 (43,530 ) (22,570 ) (914 ) (23,484 ) Net (income) loss attributable to non-controlling interests — (336 ) (336 ) — (165 ) (165 ) — 60 60 Net income (loss) attributable to Starwood Waypoint Residential Trust shareholders $ (81,658 ) $ 37,265 $ (44,393 ) $ (60,198 ) $ 16,503 $ (43,695 ) $ (22,570 ) $ (854 ) $ (23,424 ) Weighted-average shares outstanding-basic and diluted 37,949,784 37,949,784 37,949,784 38,623,893 38,623,893 38,623,893 39,110,969 39,110,969 39,110,969 Net income (loss) per common share Basic and diluted $ (2.15 ) $ 0.98 $ (1.17 ) $ (1.56 ) $ 0.43 $ (1.13 ) $ (0.58 ) $ (0.02 ) $ (0.60 )

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [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, 2015. Quarter (in thousands, except share and per share data) First Second Third Fourth Year Ended December 31, 2015 Total revenue $ 61,997 $ 58,654 $ 86,292 $ 64,894 Total expenses $ 80,868 $ 81,714 $ 91,499 $ 103,000 Net income (loss) $ 114 $ (3,339 ) $ (11,054 ) $ (29,778 ) Net loss attributable to Starwood Waypoint Residential Trust shareholders $ (7 ) $ (3,437 ) $ (11,163 ) $ (29,786 ) Net loss per share - basic and diluted $ — $ (0.09 ) $ (0.29 ) $ (0.78 ) Shares used in calculation - basic and diluted 37,821,364 38,096,969 37,906,769 37,972,846 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 ) $ (0.25 ) Shares used in calculation - basic and diluted 39,110,969 39,079,365 38,613,270 37,860,335

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies Purchase Commitments As of December 31, 2015 and 2014, we had executed agreements to purchase 1 and 240 homes, respectively, in separate transactions for an aggregate purchase price of $0.1 million and $41.4 million, respectively. As of December 31, 2015 and 2014, we had not contracted to purchase or sell any NPLs. Legal and Regulatory Between October 26, 2015 and October 28, 2015, our board of trustees received two litigation demand letters on behalf of our purported shareholders. The letters alleged, among other things, that our trustees breached their fiduciary duties by approving the Merger and the Internalization, and demanded that our board of trustees take action, including by pursuing litigation against our trustees. Our board of trustees referred these letters to the special committee of our board of trustees formed in connection with the Internalization for review and a recommendation. On November 5, 2015, after considering the allegations made in the letters, and upon the recommendation of the special committee, our board of trustees (with Messrs. Sternlicht, Brien and Sossen recusing themselves) voted to reject the demands. On October 30, 2015, a putative class action was filed by one of our purported shareholders (“Plaintiff”) against us, our trustees, the Manager, SWAY Holdco, LLC, Starwood Capital Group and CAH (“Defendants”) challenging the Merger and the Internalization. The case is captioned South Miami Pension Plan v. Starwood Waypoint Residential Trust, et al., Circuit Court for Baltimore City, State of Maryland, Case No. 24C15005482. The complaint alleged, among other things, that some or all of our trustees breached their fiduciary duties by approving the Merger and the Internalization, and that the other defendants aided and abetted those alleged breaches. The complaint also challenged the adequacy of the public disclosures made in connection with the Merger and the Internalization. Plaintiff sought, among other relief, an injunction preventing our shareholders from voting on the Internalization or the Merger, rescission of the transactions contemplated by the Merger Agreement, and damages, including attorneys’ fees and experts’ fees. On December 4, 2015, Plaintiff filed a motion seeking a preliminary injunction preventing our shareholders from voting on whether to approve the Merger and the Internalization. On December 16, 2015, the day before the shareholder vote, the Court denied Plaintiff’s preliminary injunction motion. Plaintiff thereafter notified the Defendants that it intended to file an amended complaint. Plaintiff filed its amended complaint on February 3, 2016, asserting substantially similar claims and seeking substantially similar relief as in its earlier complaint. The Court has ordered Defendants to respond by March 21, 2016. We believe that this action has no merit and intend to defend vigorously against it. 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, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events Merger and Internalization See Note 1-Organization and Operations for information regarding the Merger and the Internalization. Subsequent to the Internalization and the Merger, we own all material assets and intellectual property rights of the Manager and are managed by certain of the officers and employees who formerly managed our business through the Manager and certain of the officers and employees of CAH. The net effect is that, following the Internalization and the Merger, we have the benefit of being internally managed by both (1) officers and employees who formerly managed our business and who have industry expertise, management capabilities and a unique knowledge of our assets and business strategies and (2) officers and employees who managed CAH’s business and who have industry expertise, management capabilities and a unique knowledge of CAH’s assets and business strategies. Amendment to Share Repurchase Program On January 27, 2016, our board of trustees authorized a $100 million increase and an extension to our 2015 Program. We are now authorized to purchase up to $250.0 million of our outstanding common shares through May 6, 2017, of which approximately $241.7 million of capacity is available as of the date of the authorization. Subsequent to the amendment to our 2015 Program, and through February 25, 2016, we repurchased 2.0 million shares for $43.3 million under the 2015 Program. Dividend Declaration On February 22, 2016, our board of trustees declared a quarterly dividend of $0.22 per common share. Payment of the dividend is expected to be made on April 15, 2016 to shareholders of record at the close of business on March 31, 2016. Acquisition of Homes and NPLs Subsequent to December 31, 2015, we have continued to purchase and sell homes and NPLs in the normal course of business. For the period from January 1, 2016 through February 25, 2016, we purchased 9 homes with an aggregate acquisition cost of approximately $1.3 million. We did not purchase or sell any NPLs during this subsequent period. Interest Rate Swap Contracts On February 23, 2016, we entered into interest rate swap contracts on approximately $1.6 billion of variable-rate financing for three years. These swap contracts effectively convert approximately $1.6 billion of floating rate financing with a weighted-average interest rate of LIBOR plus 1.91% to a fixed interest rate of 2.75% for three years.

Schedule III - Residential Real

Schedule III - Residential Real Estate And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [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, 2015 (dollars in thousands) Costs Gross Amounts Capitalized Carried at Close Initial Cost Subsequent to of Period to Company Acquisition December 31, 2015 Number of Depreciable Depreciable Depreciable Accumulated Depreciable Date of Year Region Properties Land Properties Land Properties Land Properties Total Depreciation Period Construction Acquired Atlanta 2,610 $ 59,821 $ 211,040 $ — $ 102,483 $ 59,821 $ 313,523 $ 373,344 $ 21,284 5 - 30 years 1946-2014 2012-2015 Chicago 860 23,651 86,844 — 28,468 23,651 115,312 138,963 5,612 5 - 30 years 1891-2015 2012-2015 Dallas 1,504 40,107 179,681 — 44,497 40,107 224,178 264,285 11,577 5 - 30 years 1950-2015 2012-2015 Denver 823 35,978 133,845 — 26,314 35,978 160,159 196,137 6,525 5 - 30 years 1951-2012 2013-2015 Houston 1,715 43,399 188,073 — 47,143 43,399 235,216 278,615 14,994 5 - 30 years 1954-2015 2012-2015 Las Vegas 49 1,531 6,102 — 737 1,531 6,839 8,370 451 5 - 30 years 1953-2006 2012-2014 Northern California 279 14,908 44,308 — 4,646 14,908 48,954 63,862 3,340 5 - 30 years 1900-2008 2012-2015 Orlando 717 19,180 69,403 — 21,680 19,180 91,083 110,263 4,286 5 - 30 years 1951-2012 2012-2015 Phoenix 257 7,373 28,797 — 5,971 7,373 34,768 42,141 2,376 5 - 30 years 1935-2008 2012-2014 South Florida 2,768 98,699 306,941 — 123,272 98,699 430,213 528,912 24,664 5 - 30 years 1926-2014 2012-2015 Southern California 474 30,164 85,842 — 9,048 30,164 94,890 125,054 5,083 5 - 30 years 1921-2014 2012-2015 Tampa 1,568 36,711 138,295 — 40,475 36,711 178,770 215,481 9,978 5 - 30 years 1923-2015 2012-2015 Other 475 32,744 10,793 — 27,529 32,744 38,322 71,066 — 5 - 30 years 1859-2008 2012-2014 Total 14,099 $ 444,266 $ 1,489,964 $ — $ 482,263 $ 444,266 $ 1,972,227 $ 2,416,493 $ 110,170 The gross aggregate cost of total real estate for federal income tax purposes was approximately $2,419,615 as of December 31, 2015. The following table presents our residential real estate activity for the years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Beginning balance $ 1,970,050 $ 749,353 $ 99,401 Additions: Real estate converted from NPLs 144,649 87,446 33,326 Other acquisitions 336,681 957,741 534,018 Capitalized expenditures 138,315 251,568 102,307 Total additions 619,645 1,296,755 669,651 Deductions: Cost of real estate sold 211,728 37,563 13,008 Depreciation 68,524 35,916 5,517 Impairment of real estate 3,122 2,579 1,174 Total deductions 283,374 76,058 19,699 Ending balance $ 2,306,321 $ 1,970,050 $ 749,353 Changes in accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Beginning balance $ 41,646 $ 5,730 $ 213 Depreciation expense 68,524 35,916 5,517 Ending balance $ 110,170 $ 41,646 $ 5,730

Schedule IV - Mortgage Loans On

Schedule IV - Mortgage Loans On Real Estate	12 Months Ended
	Dec. 31, 2015
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, 2015 (in thousands) Contractual Payment Prior Face Carrying State (1) Interest Rate Maturity Date Terms (2) Liens Amount Amount (3) Florida Fixed: 1.99 to 13.88% Floating: 0.00 to 8.82% April 2008 - July 2055 Various — $ 113,883 $ 74,684 Illinois Fixed: 2.00 to 13.80% Floating: 2.00 to 8.90% October 2009 - April 2057 Various — 55,368 37,686 California Fixed: 2.00 to 12.10% Floating: 2.38 to 9.49% October 2017 - July 2053 Various — 84,187 80,308 New York Fixed: 2.00 to 11.25% Floating: 0.00 to 12.13% November 2017 - July 2056 Various — 59,002 48,235 New Jersey Fixed: 2.00 to 12.38% Floating: 2.00 to 11.99% August 2018 - January 2057 Various — 32,012 22,250 Arizona Fixed: 2.63 to 8.55% Floating: 0.00 to 6.88% July 2007 - February 2054 Various — 10,725 8,033 Wisconsin Fixed: 2.00 to 11.88% Floating: 2.00 to 8.60% October 2000 - June 2052 Various — 15,124 11,508 Maryland Fixed: 2.00 to 13.08% Floating: 2.88 to 8.00% March 2022 - April 2058 Various — 32,484 22,265 Indiana Fixed: 2.00 to 10.69% Floating: 2.00 to 8.70% June 2008 - January 2054 Various — 12,648 9,789 Pennsylvania Fixed: 1.00 to 12.35% Floating: 2.88 to 9.99% October 2016 - July 2053 Various — 11,475 9,224 Georgia Fixed: 2.00 to 10.74% Floating: 2.04 to 8.79% December 2014 - January 2054 Various — 9,419 6,644 Other Fixed: 0.00 to 14.00% Floating: 1.75 to 11.49% January 2009 - April 2056 Various — 143,141 114,607 Total $ 579,468 $ 445,233 (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, 2015, 2014 and 2013 (in thousands): NPLs (in thousands) NPLs NPLs (fair value option) Balance as of January 1, 2013 $ 68,106 $ — $ — Acquisitions 186,123 — — Unrealized gain on non-performing loans, net — — — 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 non-performing loans, 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 ) 26,911 — Balance as of December 31, 2014 125,488 26,911 491,790 Unrealized gain on non-performing loans, net — — 44,385 Basis of loans sold (169 ) (82,198 ) (1,528 ) Loans converted to real estate (38,799 ) — (72,818 ) Loan liquidations and other basis adjustments (9,847 ) (2,417 ) (35,565 ) Loans held for sale (12,053 ) 57,704 (45,651 ) Balance as of December 31, 2015 $ 64,620 $ — $ 380,613

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 or 2015. 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. Beginning in 2014, we elected the fair value option for our NPLs. 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 certain furniture and fixtures additions. 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. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount of a property, or in certain instances group of properties. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property or group of properties, we further assess for impairment at the individual property level by comparing the estimated fair value of the individual property to the carrying amount of the property at that date. We make this assessment at the individual property level because it represents the lowest level of identifiable cash flows. Where the carrying amount of an individual property exceeds the estimated fair value, we record an impairment loss equal to the difference of the carrying amount less the estimated fair value. To determine the estimated fair value, we primarily consider local broker price opinions (“BPOs”). In order to validate the BPOs received and used in our assessment of fair value of real estate, we perform an internal review to determine if an acceptable valuation approach was used to estimate fair value in compliance with guidance provided by ASC 820, “Fair Value Measurements.” In evaluating our investments in real estate, we determined that certain properties were impaired, which resulted in impairment charges of $3.1 million, $2.6 million and $1.2 million during the years ended December 31, 2015, 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) modify and hold or resell at higher prices if circumstances warrant, thus providing additional liquidity or (2) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold. 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 a 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, inclusive of costs. During the years ended December 31, 2015, 2014 and 2013, 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 is determined the asset will not be converted to SFR, in which case the property is initially recorded at fair value less estimated costs to sell. The transfer to SFR occurs when we have obtained title to the property through completion of the foreclosure process. SFR also includes a limited number of multi-unit properties. 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 non-rental assets) exceeds our recorded investment in the loan, and are reported as realized gain on loan conversion, net 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, 2015 we converted $111.6 million in NPLs into $144.6 million in real estate assets that resulted in a gain of $33.0 million. 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 has typically been equal to 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 SFR). 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 which have been incurred and removed from future expense estimates. The shorter resolution timelines and reduced future expenses typically each increase 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. Upon the sale or other resolution of NPLs that results in the recognition of a realized gain or loss, we reclassify what had previously been recorded in unrealized (loss) gain on NPLs, net to realized gains on NPLs, net. During the years ended December 31, 2015 and 2014, respectively, we recorded $44.4 million and $44.6 million, respectively, in unrealized gains on the fair value of loans. There were no such unrealized gains on the fair value of loans during the year ended December 31, 2013.
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 and execution 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, insurance, homeowners’ association (“HOA”) fees and interest during periods in which property stabilization is in progress. We charge to expense as incurred costs that do not relate to capital addition 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 risks 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 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 (“OCI”) 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 in 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	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	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 $0.3 million as of December 31, 2015 and 2014, 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, 2015, 2014 and 2013, we incurred bad debt expense of $2.1 million, $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. We evaluate the validity of the BPOs received pursuant to the policy described above under “-Investments in Real Estate.” 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 Compensation	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 the 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 paid taxes of approximately $0.2 million, $0.2 million and $0.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. Additionally, we recorded an adjustment of $0.3 million to our deferred tax asset 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 amounts related to our credit facilities in the consolidated balance sheet and the consolidated statement of cash flows to disaggregate amounts related to our senior SFR facility and master repurchase agreement to conform to the current period’s presentation. We also reclassified amounts related to additions to real estate in the consolidated statement of cash flows to disaggregate amounts related to initial renovations to SFRs and other capital expenditures for SFRs. In 2014, we also 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.
Geographic Concentrations	Geographic Concentration We hold significant concentrations of homes and NPLs with collateral in the following regions of the country in excess of 10% of our total portfolio, and as such are more vulnerable to any adverse macroeconomic developments in such areas: Single-Family Rentals As of December 31, Market 2015 2014 South Florida 21 % 20 % Atlanta 15 % 17 % Houston 12 % 14 % Dallas 12 % 12 % Non-Performing Loans As of December 31, State 2015 2014 Florida 17 % 18 % California 17 % 16 %
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance in ASU 2015-03 does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance should be applied on a retrospective basis. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (ASU 2015-14).” ASU 2015-14 defers the effective date of ASU 2014-09 by one year, and would allow entities the option to early adopt ASU 2014-09 as of the original effective date. We do not anticipate that the adoption of ASU 2015-14 will have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The standard also indicates that debt issuance costs do not meet the definition of an asset because they provide no future economic benefit. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance should be applied on a retrospective basis. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” The new standard amends the consolidation guidance in ASC 810 and significantly changes the consolidation analysis required under current GAAP. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In November 2014, the FASB issued ASU No. 2014-16, “Derivatives and Hedging (Topic 815) - Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity.” Certain classes of shares include features that entitle the holders to preferences and rights (such as conversion rights, redemption rights, voting powers and liquidation and dividend payment preferences) over the other shareholders. Shares that include embedded derivative features are referred to as hybrid financial instruments, which must be separated from the host contract and accounted for as a derivative if certain criteria are met under Subtopic 815-10. One criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are “clearly and closely related” to the host contract. In making that evaluation, an issuer or investor may consider all terms and features in a hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting or may consider all terms and features in the hybrid financial instrument, except for the embedded derivative feature that is being evaluated for separate accounting. The use of different methods can result in different accounting outcomes for economically similar hybrid financial instruments. Additionally, there is diversity in practice with respect to the consideration of redemption features in relation to other features when determining whether the nature of a host contract is more akin to debt or to equity. The amendments apply to all reporting entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share. The amendments in ASU No. 2014-16 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. We are currently evaluating the impacts of the adoption of ASU No. 2014-16 on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 2015-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 introduces an explicit requirement for management to assess and provide certain disclosures if there is substantial doubt about an entity’s ability to continue as a going concern. ASU 2014-15 is effective for the annual period ending after December 15, 2016. We do not anticipate that the adoption of ASU 2014-15 will have a material impact on our consolidated financial statements.

Basis of Presentation and Sig26

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Geographic Concentrations	Single-Family Rentals As of December 31, Market 2015 2014 South Florida 21 % 20 % Atlanta 15 % 17 % Houston 12 % 14 % Dallas 12 % 12 % Non-Performing Loans As of December 31, State 2015 2014 Florida 17 % 18 % California 17 % 16 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Assets Measured At Fair Value On A Nonrecurring Basis	Year Ended December 31, Residential real estate held for sale (Level III) 2015 2014 Pre-impairment amount $ 24,120 $ 5,613 Total losses $ (2,992 ) $ (1,365 ) Fair value $ 21,128 $ 4,248 Year Ended December 31, Residential real estate held for use (Level III) 2015 2014 Pre-impairment amount $ 644 $ 14,039 Total losses $ (130 ) $ (1,214 ) Fair value $ 514 $ 12,825
Fair Value Nonperforming Loans Converted To Real Estate Measured On Nonrecurring Basis	Year Ended December 31, Non-recurring basis (assets) 2015 2014 2013 Transfers of NPLs into homes (Level III) Carrying value $ 111,617 $ 62,764 $ 24,702 Realized gains $ 33,032 $ 24,682 $ 8,614 Fair value $ 144,649 $ 87,446 $ 33,316
Financial Instruments Carried At Fair Value	December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Assets not carried on the consolidated balance sheet at fair value NPLs (1) Level III $ 64,620 $ 114,986 $ 152,399 $ 235,545 Asset-backed securitization certificates Level III 26,553 26,553 26,553 26,553 Total assets $ 91,173 $ 141,539 $ 178,952 $ 262,098 Liabilities not carried on the consolidated balance sheet at fair value Senior SFR facility Level III $ 741,207 $ 741,207 $ 441,239 $ 441,239 Master repurchase agreement Level III 274,441 274,441 454,249 454,249 3.00% Convertible Senior Notes due 2019 Level III 208,273 177,382 202,874 183,295 4.50% Convertible Senior Notes due 2017 Level III 164,363 159,340 160,236 161,221 Asset-backed securitization, net Level III 527,262 527,262 526,816 526,816 Total liabilities $ 1,915,546 $ 1,879,632 $ 1,785,414 $ 1,766,820 (1) Includes NPLs held for sale as of December 31, 2014.
Quantitative Information For Significant Unobservable Inputs Used To Measure Fair Value Of Non-performing Loans	As of December 31, 2015 As of December 31, 2014 Input High Low Average High Low Average Discount rate 15 % 15 % 15 % 15 % 15 % 15 % Loan resolution probabilities - rental 100 % 0 % 23 % 100 % 0 % 24 % Loan resolution probabilities - liquidation 100 % 0 % 77 % 100 % 0 % 76 % Loan resolution timelines (in years) 2.9 0.5 1.1 5.8 0.1 1.1 Value of underlying properties $ 3,188,000 $ 4,500 $ 228,696 $ 2,300,000 $ 2,900 $ 212,358 Carrying costs 7.0 % 7.0 % 7.0 % 2.3 % 2.3 % 2.3 %

Net Loss per Share (Tables)

Net Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Calculation of Net Loss per Share	Year Ended December 31, (in thousands, except per share amounts) 2015 2014 2013 Numerator: Net loss attributable to Starwood Waypoint Residential Trust shareholders $ (44,393 ) $ (43,695 ) $ (23,424 ) Denominator: Basic and diluted weighted average shares outstanding 37,950 38,624 39,111 Basic and diluted net loss per share $ (1.17 ) $ (1.13 ) $ (0.60 )

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of Real Estate Investments in Consolidated Properties	The following table summarizes transactions within our home portfolio for the years ended December 31, 2015 and 2014 (in thousands) ( 1) 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 Acquisitions 336,681 Real estate converted from loans 144,649 Capitalized expenditures 138,315 Basis of real estate sold (211,728 ) Impairment of real estate (3,122 ) Balance as of December 31, 2015 $ 2,416,491 (1) Excludes accumulated depreciation related to investments in real estate as of December 31, 2015, 2014 and December 31, 2013, of $109.4 million, $41.6 million and $5.7 million, respectively; and excludes accumulated depreciation on assets held for sale as of December 31, 2015, 2014 and December 31, 2013, of $0.8 million, $0.1 million and zero, respectively. Total depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013, was $80.1 million, $41.9 million and $6.1 million, respectively.

Non-Performing Loans (Tables)

Non-Performing Loans (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Summary of Non-Performing Loan Transactions	The following table summarizes transactions within our NPLs for the years ended December 31, 2015 and 2014: NPLs (in thousands) NPLs NPLs (fair value option) Balance as of December 31, 2013 $ 214,965 $ — $ — Acquisitions — — 486,509 Unrealized gain on non-performing loans, 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 ) 26,911 — Balance as of December 31, 2014 $ 125,488 $ 26,911 $ 491,790 Unrealized gain on non-performing loans, net — — 44,385 Basis of loans sold (169 ) (82,198 ) (1,528 ) Loans converted to real estate (38,799 ) — (72,818 ) Loan liquidations and other basis adjustments (9,847 ) (2,417 ) (35,565 ) Loans held for sale (12,053 ) 57,704 (45,651 ) Balance as of December 31, 2015 $ 64,620 $ — $ 380,613

Rental Revenue (Tables)

Rental Revenue (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of Future Minimum Rental Revenue to be Received from Residents	The future minimum rental revenue to be received from residents as of December 31, 2015 is as follows: (in thousands) 2016 $ 142,338 2017 44,026 2018 6,778 2019 22 2020 — Thereafter — $ 193,164

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Terms of Convertible Debt	The following tables summarize the terms of the Convertible Senior Notes outstanding as of December 31, 2015 (in thousands, except rates): Remaining Principal Coupon Effective Conversion Maturity Period of Amount Rate Rate (1) Rate (2) Date Amortization 2017 Convertible Notes $ 172,500 4.50 % 7.37 % 33.2934 10/15/17 1.79 years 2019 Convertible Notes $ 230,000 3.00 % 6.02 % 31.0870 7/1/19 3.50 years As of December 31, 2015 2014 Total principal $ 402,500 $ 402,500 Net unamortized discount (29,864 ) (39,390 ) Carrying amount of debt components $ 372,636 $ 363,110 Carrying amount of conversion option equity components recorded in additional paid-in capital $ 42,721 $ 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, 2015, 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, 2015 since the closing market price our common shares of $22.64 per share did not exceed the implicit conversion price of $32.17 for the 2019 Convertible Notes or $30.04 for the 2017 Convertible Notes.
Class of Debt	As of December 31, 2015, the Offered Certificates had the following par certificate balances, pass-through rates and ratings: (in thousands) Ratings Certificate Balance Pass-Through Rate (KBRA/Moody's/Morningstar) (1) Class A $ 232,193 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 $ 502,458 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”) as of December 31, 2015. 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 homes securing the certificates and do not reflect any credit rating of us as an entity.
Schedule of Debt	The following table sets forth the principal amount of each component and the component spread added to the one-month LIBOR for each monthly interest period as of December 31, 2015: (in thousands) Principal Component Component Amount Spread (1) Component A $ 232,193 One-Month LIBOR + 1.41% Component B 61,260 One-Month LIBOR + 2.06% Component C 55,855 One-Month LIBOR + 2.76% Component D 39,639 One-Month LIBOR + 3.31% Component E 80,359 One-Month LIBOR + 4.41% Component F 33,152 One-Month LIBOR + 4.66% Component G 26,553 0% Total/Effective weighted-average $ 529,011 2.36% (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.
Fair Value of Derivative Financial Instruments in the Condensed Consolidated Balance Sheet	The table below presents the fair value of our derivative financial instruments as of December 31, 2015 and 2014 (in thousands): Fair Value of Derivatives in an Asset Position As of December 31, 2015 2014 Derivatives Designated as Hedging Instruments: Interest rate caps $ 1 $ 104 Derivatives Not Designated as Hedging Instruments: Interest rate caps 6 322 Total derivatives $ 7 $ 426
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Operations	The tables below present the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2015 and 2014 (in thousands): Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassifications Amount of Gain (Loss) of Missed Forecasted Amount of Gain (Loss) Reclassified from Location of Gain (Loss) Transactions and Amounts Recognized in OCI on Accumulated OCI on Recognized in Income on Excluded from Derivative (Effective Portion) Location of Gain (Loss) Derivative (Effective Portion) Derivative (Ineffective Effectivenes s For the Year Ended Reclassified from For the Year Ended Portion and Amount For the Year Ended Derivatives in Cash Flow Ended December 31, Accumulated OCI on Ended December 31, Excluded from Ended December 31, Hedging Relationships 2015 2014 Derivative (Effective Portion) 2015 2014 Effectiveness Testing) 2015 2014 Interest rate caps $ (103 ) $ (70 ) Interest expense $ (3 ) $ — Other expense $ — $ — $ (103 ) $ (70 ) $ (3 ) $ — $ — $ — Amount of Loss Recognized in Income for the Derivatives Location of Gain (Loss) For the Year Ended December 31, as Hedging Instruments Recognized in Income 2015 2014 Interest rate caps Loss on derivative financial instruments, net $ (316 ) $ (706 ) $ (316 ) $ (706 )
Summary of Debt Interest Expense	The following table outlines our total gross interest, including unused commitment and other fees and amortization of deferred financing costs, and capitalized interest for the years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Gross interest cost $ 78,484 $ 37,380 $ — Capitalized interest 1,684 2,157 — Interest expense $ 76,800 $ 35,223 $ —
Contractual Maturities of Debt	The following table summarizes our contractual maturities of our debt as of December 31, 2015 (in thousands). Year 2016 $ — 2017 1,717,159 2018 — 2019 230,000 2020 — Thereafter — Total $ 1,947,159

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary Of Restricted Stock Units And Restricted Stock Activity	The following table summarized our RSUs and restricted share awards activity during the years ended December 31, 2015 and 2014: Non-Executive Manager Equity Plan Equity Plan Trustee Share Plan Total Weighted- Weighted- Weighted- Weighted- Average Average Average Average Grant Grant Grant Grant Shares 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 $ 30.01 Granted — $ — 258,847 $ 25.50 15,612 $ 25.24 274,459 $ 25.48 Vested (259,199 ) $ 30.00 (59,491 ) $ 30.00 (11,558 ) $ 26.88 (330,248 ) $ 29.89 Forfeited — $ — (46,258 ) $ 29.72 (1,111 ) $ 30.00 (47,369 ) $ 29.73 Nonvested shares, December 31, 2015 259,192 $ 30.00 331,591 $ 26.52 11,273 $ 25.83 602,056 $ 28.04

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Expenses Incurred	Year Ended December 31, Type of Costs Incurred Consolidated Financial Statement Location 2015 2014 2013 Property operating and maintenance Statements of operations $ 23,593 $ 15,809 $ 22 Management fee Statements of operations 18,843 16,097 — Other expenses Statements of operations 11,459 14,127 12,109 Subtotal 53,895 46,033 12,131 Development costs Balance sheets-investments in real estate properties 11,569 17,007 — Leasing costs Balance sheets-other assets 4,121 6,179 — Total related party costs $ 69,585 $ 69,219 $ 12,131

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Assets by Business Segment	Assets by Business Segment As of December 31, (in thousands) 2015 2014 SFR $ 2,513,222 $ 2,264,040 NPL 494,457 672,123 Total $ 3,007,679 $ 2,936,163
Schedule of Information for Reportable Segments	Statements of Operations by Business Segment Year Ended Year Ended Year Ended December 31, 2015 December 31, 2014 December 31, 2013 SFR NPL Total SFR NPL Total SFR NPL Total Revenues Rental revenues, net $ 188,068 $ — $ 188,068 $ 104,830 $ — $ 104,830 $ 16,793 $ — $ 16,793 Other property revenues 6,667 — 6,667 3,581 — 3,581 311 — 311 Realized gain on non- performing loans, net — 44,070 44,070 — 9,770 9,770 — 5,139 5,139 Realized gain on loan conversions, net — 33,032 33,032 — 24,682 24,682 — 8,624 8,624 Total revenues 194,735 77,102 271,837 108,411 34,452 142,863 17,104 13,763 30,867 Expenses Property operating and maintenance 45,493 — 45,493 31,252 — 31,252 13,541 — 13,541 Real estate taxes and insurance 40,599 — 40,599 22,346 — 22,346 5,049 — 5,049 Mortgage loan servicing costs — 39,518 39,518 — 28,959 28,959 — 6,065 6,065 Non-performing loan management fees and expenses — 11,442 11,442 — 10,944 10,944 — 3,378 3,378 General and administrative 13,356 3,080 16,436 14,536 4,771 19,307 12,239 4,519 16,758 Share-based compensation 5,874 1,355 7,229 6,368 2,090 8,458 — — — Investment management fees 15,312 3,531 18,843 12,119 3,978 16,097 — — — Acquisition fees and other expenses 1,120 — 1,120 1,301 — 1,301 588 — 588 Interest expense, including amortization 63,053 13,747 76,800 24,992 10,231 35,223 — — — Depreciation and amortization 80,080 — 80,080 41,872 — 41,872 6,115 — 6,115 Separation costs — — - 2,797 746 3,543 1,937 715 2,652 Transaction-related expenses 9,631 2,221 11,852 — — — — — — Finance-related expenses and write-off of loan costs 4,160 387 4,547 7,057 658 7,715 — — — Impairment of real estate 425 2,697 3,122 2,579 — 2,579 1,174 — 1,174 Total expenses 279,103 77,978 357,081 167,219 62,377 229,596 40,643 14,677 55,320 Income (loss) before other income, income tax expense and non- controlling interests (84,368 ) (876 ) (85,244 ) (58,808 ) (27,925 ) (86,733 ) (23,539 ) (914 ) (24,453 ) Other income (expense) Realized gain (loss) on sales of investments in real estate, net 4,151 — 4,151 (224 ) — (224 ) 1,221 — 1,221 Realized loss on sales of divestiture homes, net (963 ) (5,908 ) (6,871 ) — — — — — — Unrealized gain on non- performing loans, net — 44,385 44,385 — 44,593 44,593 — — — Loss on derivative financial instruments, net (319 ) — (319 ) (706 ) — (706 ) — — — Total other income (expense) 2,869 38,477 41,346 (930 ) 44,593 43,663 1,221 — 1,221 Income (loss) before income tax expense and non-controlling interests (81,499 ) 37,601 (43,898 ) (59,738 ) 16,668 (43,070 ) (22,318 ) (914 ) (23,232 ) Income tax expense 159 — 159 460 — 460 252 — 252 Net income (loss) (81,658 ) 37,601 (44,057 ) (60,198 ) 16,668 (43,530 ) (22,570 ) (914 ) (23,484 ) Net (income) loss attributable to non-controlling interests — (336 ) (336 ) — (165 ) (165 ) — 60 60 Net income (loss) attributable to Starwood Waypoint Residential Trust shareholders $ (81,658 ) $ 37,265 $ (44,393 ) $ (60,198 ) $ 16,503 $ (43,695 ) $ (22,570 ) $ (854 ) $ (23,424 ) Weighted-average shares outstanding-basic and diluted 37,949,784 37,949,784 37,949,784 38,623,893 38,623,893 38,623,893 39,110,969 39,110,969 39,110,969 Net income (loss) per common share Basic and diluted $ (2.15 ) $ 0.98 $ (1.17 ) $ (1.56 ) $ 0.43 $ (1.13 ) $ (0.58 ) $ (0.02 ) $ (0.60 )

Selected Quarterly Financial 36

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule Of Quarterly Financial Data	The following table presents selected unaudited consolidated financial data for each of the eight quarters in the two-year period ended December 31, 2015. Quarter (in thousands, except share and per share data) First Second Third Fourth Year Ended December 31, 2015 Total revenue $ 61,997 $ 58,654 $ 86,292 $ 64,894 Total expenses $ 80,868 $ 81,714 $ 91,499 $ 103,000 Net income (loss) $ 114 $ (3,339 ) $ (11,054 ) $ (29,778 ) Net loss attributable to Starwood Waypoint Residential Trust shareholders $ (7 ) $ (3,437 ) $ (11,163 ) $ (29,786 ) Net loss per share - basic and diluted $ — $ (0.09 ) $ (0.29 ) $ (0.78 ) Shares used in calculation - basic and diluted 37,821,364 38,096,969 37,906,769 37,972,846 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 ) $ (0.25 ) Shares used in calculation - basic and diluted 39,110,969 39,079,365 38,613,270 37,860,335

Organization and Operations (Na

Organization and Operations (Narrative) (Details) - USD ($) $ in Thousands	Sep. 21, 2015	Feb. 02, 2014	Jan. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Organization And Operations [Line Items]
Proceeds from Contributed Capital		$ 100,000	$ 28,300	$ 0	$ 128,290	$ 834,649
Common shares, shares issued			39,100,000	37,973,989	37,778,663
Percent of operating partnership "OP" units owned				94.20%
Percent of joint venture interest				98.75%
CAH [Member]
Organization And Operations [Line Items]
Shares exchange received an aggregate	64,869,526
Percentage of ownership after transaction	59.00%
Existing Shareholders and Former Owner of Manager [Member]
Organization And Operations [Line Items]
Percentage of ownership after transaction	41.00%

Basis of Presentation and Sig38

Basis of Presentation and Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]
Asset Impairment Charges	$ 3,100,000	$ 2,600,000	$ 1,200,000
Impairment on loans	0	0	0
Unrealized gain (loss) on fair value of NPLs	44,385,000	44,593,000	0
Allowance for doubtful accounts	300,000	300,000
Bad debt expense	$ 2,100,000	2,600,000	1,000,000
Penalty tax, percent	100.00%
Income tax expense	$ 159,000	460,000	252,000
Deferred tax asset as income tax expense		300,000
General and administrative	16,436,000	19,307,000	16,758,000
Acquisition fees and other expenses	1,120,000	1,301,000	588,000
Investment management fees	18,843,000	16,097,000	0
Scenario, Adjustment [Member]
Significant Accounting Policies [Line Items]
General and administrative			1,700,000
Acquisition fees and other expenses			2,200,000
Investment management fees			2,900,000
Taxable REIT Subsidiaries [Member]
Significant Accounting Policies [Line Items]
Income tax expense	200,000	200,000	300,000
Nonperforming Financing Receivable [Member]
Significant Accounting Policies [Line Items]
Loans	111,600,000	62,700,000	24,700,000
Nonperforming Financing Receivable [Member] | Scenario, Adjustment [Member]
Significant Accounting Policies [Line Items]
Investment management fees			3,400,000
Nonperforming Financing Receivable [Member] | Residential Portfolio Segment [Member]
Significant Accounting Policies [Line Items]
Loans	144,600,000	87,400,000	33,300,000
Gains on converted loans	$ 33,000,000	$ 24,700,000	$ 8,600,000
Buildings and Building Improvements [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives	30 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Capitalized costs amortization period	1 year
Initial term of residential leases	1 year
Percent of non-performing residential mortgage loans of total portfolio	10.00%
Minimum [Member] | Furniture, fixtures, and equipment [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives	4 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Capitalized costs amortization period	2 years
Initial term of residential leases	2 years
Maximum [Member] | Furniture, fixtures, and equipment [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives	25 years

Basis of Presentation and Sig39

Basis of Presentation and Significant Accounting Policies (Geographic Concentrations) (Details) - Net Assets Geographic Area [Member] - Geographic Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
South Florida [Member] | Residential Portfolio Segment [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.00%	20.00%
Atlanta [Member] | Residential Portfolio Segment [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%	17.00%
Houston [Member] | Residential Portfolio Segment [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	14.00%
Dallas [Member] | Residential Portfolio Segment [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	12.00%
Florida [Member] | Nonperforming Financing Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	18.00%
California [Member] | Nonperforming Financing Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	16.00%

Fair Value (Assets Measured At

Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Residential real estate, Total losses	$ (3,122)	$ (2,579)	$ (1,174)
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	24,120	5,613
Residential real estate, Total losses	(2,992)	(1,365)
Residential real estate, Fair value	21,128	4,248
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	644	14,039
Residential real estate, Total losses	(130)	(1,214)
Residential real estate, Fair value	$ 514	$ 12,825

Fair Value (Fair Value Nonperfo

Fair Value (Fair Value Nonperforming Loans Converted To Real Estate Measure On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	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	$ 38,799	$ 44,614	$ 24,702
Transfer of non-performing loans into homes, Realized Gains	33,032	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	111,617	62,764	24,702
Transfer of non-performing loans into homes, Realized Gains	33,032	24,682	8,614
Transfer of non-performing loans into homes. Fair Value	$ 144,649	$ 87,446	$ 33,316

Fair Value (Financial Instrumen

Fair Value (Financial Instruments Carried At Fair Value) (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value [Line Items]
Non-performing loans		$ 64,620	$ 125,488	$ 214,965	$ 68,106
Asset-backed securitization certificates		26,553	26,553
Asset-backed securitization, net		527,262	526,816
Carrying Value [Member]
Fair Value [Line Items]
Total liabilities		1,915,546	1,785,414
Fair Value [Member]
Fair Value [Line Items]
Total liabilities		1,879,632	1,766,820
Level III [Member] | Carrying Value [Member]
Fair Value [Line Items]
Asset-backed securitization, net		527,262	526,816
Level III [Member] | Fair Value [Member]
Fair Value [Line Items]
Asset-backed securitization, net		527,262	526,816
Level III [Member] | SFR Facility [Member] | Carrying Value [Member]
Fair Value [Line Items]
Senior SFR facility		741,207	441,239
Level III [Member] | SFR Facility [Member] | Fair Value [Member]
Fair Value [Line Items]
Senior SFR facility		741,207	441,239
Level III [Member] | Master Repurchase Agreement [Member] | Carrying Value [Member]
Fair Value [Line Items]
Master repurchase agreement		274,441	454,249
Level III [Member] | Master Repurchase Agreement [Member] | Fair Value [Member]
Fair Value [Line Items]
Master repurchase agreement		274,441	454,249
Fair Value, Measurements, Nonrecurring [Member] | Carrying Value [Member]
Fair Value [Line Items]
Total assets		91,173	178,952
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member]
Fair Value [Line Items]
Total assets		141,539	262,098
Fair Value, Measurements, Nonrecurring [Member] | Level III [Member] | Carrying Value [Member]
Fair Value [Line Items]
Non-performing loans	[1]	64,620	152,399
Asset-backed securitization certificates		26,553	26,553
Fair Value, Measurements, Nonrecurring [Member] | Level III [Member] | Fair Value [Member]
Fair Value [Line Items]
Non-performing loans	[1]	114,986	235,545
Asset-backed securitization certificates		26,553	26,553
July 01, 2019 [Member] | Level III [Member] | 3.00% Convertible Senior Notes [Member] | Carrying Value [Member]
Fair Value [Line Items]
Convertible Senior Notes due		208,273	202,874
July 01, 2019 [Member] | Level III [Member] | 3.00% Convertible Senior Notes [Member] | Fair Value [Member]
Fair Value [Line Items]
Convertible Senior Notes due		177,382	183,295
October 15, 2017 [Member] | Level III [Member] | 4.50% Convertible Senior Notes [Member] | Carrying Value [Member]
Fair Value [Line Items]
Convertible Senior Notes due		164,363	160,236
October 15, 2017 [Member] | Level III [Member] | 4.50% Convertible Senior Notes [Member] | Fair Value [Member]
Fair Value [Line Items]
Convertible Senior Notes due		$ 159,340	$ 161,221
[1]	(1) Includes NPLs held for sale as of December 31, 2014.

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, 2015	Dec. 31, 2014
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	15.00%	15.00%
Loan resolution probabilities - rental	100.00%	100.00%
Loan resolution probabilities - liquidation	100.00%	100.00%
Loan resolution timelines (in years)	2 years 10 months 24 days	5 years 9 months 18 days
Value of underlying properties	$ 3,188,000	$ 2,300,000
Carrying costs	7.00%	2.30%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	15.00%	15.00%
Loan resolution probabilities - rental	0.00%	0.00%
Loan resolution probabilities - liquidation	0.00%	0.00%
Loan resolution timelines (in years)	6 months	1 month 6 days
Value of underlying properties	$ 4,500	$ 2,900
Carrying costs	7.00%	2.30%
Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate	15.00%	15.00%
Loan resolution probabilities - rental	23.00%	24.00%
Loan resolution probabilities - liquidation	77.00%	76.00%
Loan resolution timelines (in years)	1 year 1 month 6 days	1 year 1 month 6 days
Value of underlying properties	$ 228,696	$ 212,358
Carrying costs	7.00%	2.30%

Net Loss per Share (Narrative)

Net Loss per Share (Narrative) (Details)	Dec. 22, 2015USD ($)$ / shares	Oct. 15, 2015USD ($)$ / shares	Jul. 15, 2015USD ($)$ / shares	Apr. 15, 2015USD ($)$ / shares	Jan. 15, 2015USD ($)$ / shares	Oct. 15, 2014USD ($)$ / shares	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock Conversion Ratio								0.20
Dividends paid per share | $ / shares	$ 0.19	$ 0.19	$ 0.14	$ 0.14	$ 0.14	$ 0.14
Dividends paid	$ 7,300,000	$ 7,300,000	$ 5,400,000	$ 5,400,000	$ 5,400,000	$ 5,500,000	$ 10,949,000	$ 25,510,000
2015 Program [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share repurchase program authorized amount								$ 150,000,000
Number of shares repurchased | shares								300,000
Aggregate purchase price of shares								$ 8,300,000
Stock repurchase program expiration date								May 6, 2016
2014 Program [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share repurchase program authorized amount								$ 150,000,000
Number of shares repurchased | shares									1,300,000
Aggregate purchase price of shares									$ 34,300,000
Stock repurchase program expiration date								Apr. 17, 2015
3.00% Convertible Senior Notes [Member] | July 01, 2019 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate							3.00%	3.00%	3.00%
4.50% Convertible Senior Notes [Member] | October 15, 2017 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate							4.50%	4.50%	4.50%
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount | shares								600,000	700,000	0

Net Loss per Share (Calculation

Net Loss per Share (Calculation of Net Loss per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net loss attributable to Starwood Waypoint Residential Trust shareholders									$ (44,393)	$ (43,695)	$ (23,424)
Denominator:
Basic and diluted weighted average shares outstanding	37,972,846	37,906,769	38,096,969	37,821,364	37,860,335	38,613,270	39,079,365	39,110,969	37,949,784	38,623,893	39,110,969
Basic and diluted net loss per share	$ (0.78)	$ (0.29)	$ (0.09)		$ (0.25)	$ (0.17)	$ (0.31)	$ (0.39)	$ (1.17)	$ (1.13)	$ (0.60)

Real Estate (Schedule of Real E

Real Estate (Schedule of Real Estate Investments in Consolidated Properties) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Beginning Balance	$ 1,979,511,000
Acquisitions	336,681,000	$ 957,741,000	$ 534,018,000
Capitalized expenditures	138,315,000	251,568,000	102,307,000
Basis of real estate sold	(211,728,000)	(37,563,000)	(13,008,000)
Residential real estate, Total losses	(3,122,000)	(2,579,000)	(1,174,000)
Ending Balance	2,336,055,000	1,979,511,000
Accumulated Depreciation	110,170,000	41,646,000	5,730,000	$ 213,000
Depreciation and Amortization Expense	80,080,000	41,872,000	6,115,000
Assets Held-for-sale [Member]
Real Estate Properties [Line Items]
Accumulated Depreciation	800,000	100,000	0
Residential Portfolio Segment [Member]
Real Estate Properties [Line Items]
Beginning Balance	2,011,696,000	755,083,000
Acquisitions	336,681,000	957,741,000
Real estate converted from loans	144,649,000	87,446,000
Capitalized expenditures	138,315,000	251,568,000
Basis of real estate sold	(211,728,000)	(37,563,000)
Residential real estate, Total losses	(3,122,000)	(2,579,000)
Ending Balance	2,416,491,000	2,011,696,000	755,083,000
Accumulated Depreciation	$ 109,400,000	$ 41,600,000	$ 5,700,000

Non-Performing Loans (Summary o

Non-Performing Loans (Summary of Non-Performing Loan Transactions within our loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Receivables [Abstract]
Non-performing loans, Beginning Balance	$ 125,488	$ 214,965	$ 68,106
Basis of loans sold	(169)	(3,092)	(197)
Loans converted to real estate	(38,799)	(44,614)	(24,702)
Loan liquidations and other basis adjustments	(9,847)	(14,860)	(14,365)
Loans held for sale	(12,053)	(26,911)
Non-performing loans, Ending Balance	64,620	125,488	214,965
Non-performing loans held for sale, Beginning Balance	26,911	0
Basis of loans sold	(82,198)	0
Loan liquidations and other basis adjustments	(2,417)	0
NPLs held for sale	57,704	26,911
Non-performing loans held for sale, Ending Balance	0	26,911	0
Non-performing loans, Fair Value Option, Beginning Balance	491,790	0	0
Acquisitions	0	486,509
Unrealized gain (loss) on fair value of NPLs	44,385	44,593	0
Basis of loans sold	(1,528)	0
Loans converted to real estate	(72,818)	(18,150)
Loan liquidations and other basis adjustments	(35,565)	(21,162)
Loans held for sale	(45,651)	0
Non-performing loans, Fair Value Option, Ending Balance	380,613	491,790	$ 0
Unpaid principal balance of NPL portfolio	$ 568,800	$ 968,700

Rental Revenue (Schedule of Fut

Rental Revenue (Schedule of Future Minimum Rental Revenue to be Received from Residents) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Leases [Abstract]
2,016	$ 142,338
2,017	44,026
2,018	6,778
2,019	22
Operating Leases, Future Minimum Payments Receivable, Total	$ 193,164

Debt (Senior SFR Facility Narra

Debt (Senior SFR Facility Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 13, 2014
Credit Facility [Line Items]
Accordion feature to increase availability	$ 250,000
Citibank, N.A. [Member]
Credit Facility [Line Items]
Borrowing base availability			$ 500,000
SFR Facility [Member]
Credit Facility [Line Items]
Credit facilities	$ 741,207	$ 441,239
SFR Borrower [Member] | SFR Facility [Member] | Citibank, N.A. [Member]
Credit Facility [Line Items]
Borrowing base availability			$ 1,000,000
Default rate	5.00%
Maturity date	Feb. 3, 2017
Extended maturity date	Feb. 5, 2018
SFR Borrower [Member] | SFR Facility [Member] | Citibank, N.A. [Member] | Minimum [Member]
Credit Facility [Line Items]
Per annum rate fee percentage for unused portion of lenders' commitments	0.00%
SFR Borrower [Member] | SFR Facility [Member] | Citibank, N.A. [Member] | Maximum [Member]
Credit Facility [Line Items]
Per annum rate fee percentage for unused portion of lenders' commitments	0.25%
SFR Borrower [Member] | SFR Facility [Member] | Citibank, N.A. [Member] | LIBOR [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 ($)	Sep. 01, 2015	Dec. 31, 2015	Dec. 31, 2014
Credit Facility [Line Items]
PrimeStar Fund interest in PrimeStar-H		94.20%
Deutsche Bank [Member]
Credit Facility [Line Items]
Aggregate maximum principal amount committed	$ 386,100,000	$ 500,000,000
Margin percentage added to rate	2.375%	3.00%
Maturity date	Mar. 1, 2017	Sep. 11, 2015
Variable rate description		30-day LIBOR
Credit facilities		$ 274,441,000	$ 454,249,000
PrimeStar Fund I [Member]
Credit Facility [Line Items]
Indirect ownership	98.75%
PrimeStar-H Fund I Trust [Member]
Credit Facility [Line Items]
Indirect ownership	98.75%
Formerly Owned Subsidiary [Member]
Credit Facility [Line Items]
PrimeStar Fund interest in PrimeStar-H		100.00%

Debt (Convertible Senior Notes

Debt (Convertible Senior Notes Narrative) (Details) - USD ($)	Oct. 14, 2014	Jul. 07, 2014	Dec. 31, 2015
3.00% Convertible Senior Notes [Member] | July 01, 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
Maturity date			Jul. 1, 2019
Debt instrument payment terms			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.
4.50% Convertible Senior Notes [Member] | October 15, 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
Maturity date			Oct. 15, 2017
Debt instrument payment terms			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.

Debt (Convertible Senior Notes)

Debt (Convertible Senior Notes) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)	Oct. 14, 2014USD ($)	Jul. 07, 2014USD ($)
Debt Instrument [Line Items]
Principal amount used for conversion	$ 1,000
Share Price | $ / shares	$ 22.64
4.50% Convertible Senior Notes [Member] | October 15, 2017 [Member]
Debt Instrument [Line Items]
Principal Amount	$ 172,500,000		$ 172,500,000
Coupon Rate	4.50%	4.50%
Effective Rate	7.37%
Conversion Rate	33.2934
Maturity Date	Oct. 15, 2017
Remaining Period of Amortization	1 year 9 months 15 days
Principal amount used for conversion	$ 1,000
Initial conversion price | $ / shares	$ 30.04
3.00% Convertible Senior Notes [Member] | July 01, 2019 [Member]
Debt Instrument [Line Items]
Principal Amount	$ 230,000,000			$ 230,000,000
Coupon Rate	3.00%	3.00%
Effective Rate	6.02%
Conversion Rate	31.0870
Maturity Date	Jul. 1, 2019
Remaining Period of Amortization	3 years 6 months
Principal amount used for conversion	$ 1,000
Initial conversion price | $ / shares	$ 32.17
Convertible Senior Notes
Debt Instrument [Line Items]
Principal Amount	$ 402,500,000	$ 402,500,000
Net unamortized discount	(29,864,000)	(39,390,000)
Carrying amount of debt components	372,636,000	363,110,000
Carrying amount of conversion option equity components recorded in additional paid-in capital	$ 42,721,000	$ 42,721,000

Debt (Terms of Conversion Narra

Debt (Terms of Conversion Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / shares
Debt Instrument [Line Items]
Principal amount used for conversion	$ 1,000
3.00% Convertible Senior Notes [Member] | July 01, 2019 [Member]
Debt Instrument [Line Items]
Conversion Rate	31.0870
Principal amount used for conversion	$ 1,000
Initial conversion price | $ / shares	$ 32.17
4.50% Convertible Senior Notes [Member] | October 15, 2017 [Member]
Debt Instrument [Line Items]
Conversion Rate	33.2934
Principal amount used for conversion	$ 1,000
Initial conversion price | $ / shares	$ 30.04
Minimum percentage of principal amount	25.00%
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%

Debt (Asset-Backed Securitizati

Debt (Asset-Backed Securitizations Narrative) (Details) - Asset-backed Securities [Member]	Dec. 19, 2014USD ($)property	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 504,500,000	$ 502,458,000
Number of homes | property	4,095
Proceeds from convertible note, gross	$ 502,500,000
Repaid principal	$ 2,000,000
Number of homes used as securitization after repaid principal | property	4,081
Proceeds from convertible note, net	$ 477,700,000
LIBOR rate		2.37%
Weighted-average of fixed-rate		2.37%
Effective weighted-average of fixed-rate		2.46%
Extension options		3 years
Minimum [Member]
Debt Instrument [Line Items]
LIBOR rate		1.30%
Maximum [Member]
Debt Instrument [Line Items]
LIBOR rate		4.55%
Class G Certificate [Member]
Debt Instrument [Line Items]
Proceeds from convertible note, gross	$ 26,600,000
Mortgage Loan [Member]
Debt Instrument [Line Items]
Principal Amount		$ 531,000,000
Debt instrument term		2 years

Debt (Classes of Debt) (Details

Debt (Classes of Debt) (Details) - Asset-backed Securities [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 19, 2014
Debt Instrument [Line Items]
Principal Amount	$ 502,458,000	$ 504,500,000
LIBOR rate	2.37%
Class A Certificate [Member]
Debt Instrument [Line Items]
Principal Amount	$ 232,193,000
LIBOR rate	1.30%
Class B Certificate [Member]
Debt Instrument [Line Items]
Principal Amount	$ 61,260,000
LIBOR rate	1.95%
Class C Certificate [Member]
Debt Instrument [Line Items]
Principal Amount	$ 55,855,000
LIBOR rate	2.65%
Class D Certificate [Member]
Debt Instrument [Line Items]
Principal Amount	$ 39,639,000
LIBOR rate	3.20%
Class E Certificate [Member]
Debt Instrument [Line Items]
Principal Amount	$ 80,359,000
LIBOR rate	4.30%
Class F Certificate [Member]
Debt Instrument [Line Items]
Principal Amount	$ 33,152,000
LIBOR rate	4.55%

Debt (Securitization Loan Agree

Debt (Securitization Loan Agreement Narrative) (Details)	Dec. 19, 2014USD ($)	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Asset-backed securitization, net		$ 527,262,000	$ 526,816,000
Asset-backed securitization certificates		26,553,000	26,553,000
Loan Agreement [Member]
Debt Instrument [Line Items]
LIBOR rate	3.615%
Outstanding amount		$ 527,300,000
Debt instrument, maturity date		Jan. 9, 2017
Debt instrument debt default percentage	35.00%
Number of homes placed as collateral | property		4,081
Asset Back Securitization Amount		$ 527,300,000	$ 526,800,000
Net unamortized discount		1,700,000
Loan Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Asset-backed securitization, net	$ 35,000,000
Asset-backed Securities [Member]
Debt Instrument [Line Items]
Principal Amount	504,500,000	$ 502,458,000
LIBOR rate		2.37%
Asset-backed Securities [Member] | Maximum [Member]
Debt Instrument [Line Items]
LIBOR rate		4.55%
JP Morgan Chase Bank [Member] | Asset-backed Securities [Member]
Debt Instrument [Line Items]
Principal Amount	$ 531,000,000
Class G [Member]
Debt Instrument [Line Items]
Asset-backed securitization certificates		$ 26,600,000

Debt (Components of Debt) (Deta

Debt (Components of Debt) (Details) - Components Of Debt [Member]	12 Months Ended
	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 529,011,000
LIBOR rate	2.36%
Component A [Member]
Debt Instrument [Line Items]
Principal Amount	$ 232,193,000
LIBOR rate	1.41%
Component B [Member]
Debt Instrument [Line Items]
Principal Amount	$ 61,260,000
LIBOR rate	2.06%
Component C [Member]
Debt Instrument [Line Items]
Principal Amount	$ 55,855,000
LIBOR rate	2.76%
Component D [Member]
Debt Instrument [Line Items]
Principal Amount	$ 39,639,000
LIBOR rate	3.31%
Component E [Member]
Debt Instrument [Line Items]
Principal Amount	$ 80,359,000
LIBOR rate	4.41%
Component F [Member]
Debt Instrument [Line Items]
Principal Amount	$ 33,152,000
LIBOR rate	4.66%
Component G [Member]
Debt Instrument [Line Items]
Principal Amount	$ 26,553,000
LIBOR rate	0.00%

Debt (Interest Rate Caps Narrat

Debt (Interest Rate Caps Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Derivative [Line Items]
Derivative assets	$ 7,000	$ 426,000	$ 0
Interest expense	76,800,000	35,223,000	$ 0
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) [Member]
Derivative [Line Items]
Interest expense	$ 157,000
Asset-backed Securities [Member]
Derivative [Line Items]
LIBOR rate	2.37%
Cash Flow Hedging [Member]
Derivative [Line Items]
Loss due to ineffective portion of change in fair value of derivatives	$ 300,000	$ 700,000
Interest Rate Caps [Member] | SFR Facility [Member]
Derivative [Line Items]
Number of interest rate caps | item	5
Maturities of interest rate caps	14 months
Notional amount	$ 600,000,000
Interest Rate Caps [Member] | Asset-backed Securities [Member]
Derivative [Line Items]
Number of interest rate caps | item	1
Notional amount	$ 505,000,000
Maturity of interest rate caps, year and month	2017-01
Interest Rate Caps [Member] | Cash Flow Hedging [Member] | Asset-backed Securities [Member]
Derivative [Line Items]
Notional amount	$ 454,500,000
Percent of notional amount	90.00%
SFR Borrower [Member] | Interest Rate Caps [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, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative assets	$ 7,000	$ 426,000	$ 0
Interest Rate Caps [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	1,000	104,000
Interest Rate Caps [Member] | Nondesignated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	$ 6,000	$ 322,000

Debt (Effect of Derivative Fina

Debt (Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss), Recognized in OCI on Derivative (Effective Portion)	$ (103)	$ (70)
Amount of Gain or (Loss), Reclassification from Accumulated OCI on Derivative (Effective Portion)	(3)
Loss on derivative financial instruments, net	(319)	(706)	$ 0
Nondesignated as Hedging Instrument [Member]
Derivative Instruments Gain Loss [Line Items]
Loss on derivative financial instruments, net	(316)	(706)
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss), Reclassification from Accumulated OCI on Derivative (Effective Portion)	(3)
Interest Rate Caps [Member]
Derivative Instruments Gain Loss [Line Items]
Amount of Gain or (Loss), Recognized in OCI on Derivative (Effective Portion)	(103)	(70)
Interest Rate Caps [Member] | Nondesignated as Hedging Instrument [Member]
Derivative Instruments Gain Loss [Line Items]
Loss on derivative financial instruments, net	$ (316)	$ (706)

Debt (Total Borrowings Narrativ

Debt (Total Borrowings Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Credit Facility [Line Items]
Total outstanding borrowings	$ 1,900,000
Asset-backed securitization, net	527,262	$ 526,816
Convertible senior notes, net	372,636	$ 363,110
Gross deferred financing costs	41,800
SFR Facility and Master Repurchase Agreement [Member]
Credit Facility [Line Items]
Credit facilities	$ 1,000,000

Debt (Gross Interest, Unused Co

Debt (Gross Interest, Unused Commitment, And Other Fees) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Gross interest cost	$ 78,484	$ 37,380
Capitalized interest	1,684	2,157
Interest expense	$ 76,800	$ 35,223	$ 0

Debt (Contractual Maturities of

Debt (Contractual Maturities of Debt) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,017	$ 1,717,159
2,019	230,000
Total	$ 1,947,159

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ in Thousands	Jan. 31, 2014itemshares	Dec. 31, 2014shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Feb. 03, 2014shares
Stock-Based Compensation [Line Items]
Number of shares granted						0
Shares remaining for grant				1,696,285
Aggregate cost of shares granted | $			$ 109	$ 144
Share-based compensation expense | $				7,229	$ 8,458	$ 0
Unrecognized compensation expense, total | $				$ 11,500
Non Executive Trustees [Member]
Stock-Based Compensation [Line Items]
Shares remaining for grant				172,000
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Number of shares granted		989,953		274,459
Number of shares granted to each non-executive trustee	1,666
Number of non executive trustees | item	5
Number of shares vested		265,463		330,248
Remaining shares unvested grants		705,214	705,214	602,056	705,214		0
Forfeited, Shares		19,276		47,369
Shares remaining for grant				331,591
Restricted Stock Units (RSUs) [Member] | Non Executive Trustees [Member]
Stock-Based Compensation [Line Items]
Number of shares granted	8,330			15,612
Number of shares vested				11,558
Forfeited, Shares				1,111
Shares remaining for grant				11,273
Restricted Stock Units (RSUs) [Member] | Certain Employee's Chosen [Member]
Stock-Based Compensation [Line Items]
Number of shares granted				258,847
Award vesting period under plan				3 years
Number of shares vested				59,491
Forfeited, Shares				46,258
Restricted Stock Units (RSUs) [Member] | Board Of Trustees [Member]
Stock-Based Compensation [Line Items]
Number of shares granted				5,687
Aggregate cost of shares granted | $				$ 100
Manager Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Number of shares granted	777,574	777,574
Award vesting period under plan	3 years
Number of shares vested		259,183		259,199
Remaining shares unvested grants		518,391	518,391	259,192	518,391		0
Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Number of shares granted	199,991	199,991		258,847
Number of shares vested		2,222		59,491
Remaining shares unvested grants		178,493	178,493	331,591	178,493		0
Forfeited, Shares		19,276		46,258

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Nonvested Shares of Restricted Common Stock) (Details) - $ / shares	Jan. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2013
Summary of restricted stock activity, shares:
Granted, Shares				0
Restricted Stock Units (RSUs) [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares		0	705,214
Granted, Shares		989,953	274,459
Vested, Shares		(265,463)	(330,248)
Forfeited, Shares		(19,276)	(47,369)
Nonvested, Ending Balance, Shares		705,214	602,056
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value		$ 0	$ 30.01
Granted, Weighted Average Grant Date Fair Value		29.99	25.48
Vested, Weighted Average Grant Date Fair Value		29.92	29.89
Forfeited, Weighted Average Grant Date Fair Value		30	29.73
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$ 30.01	$ 28.04
Restricted Stock Units (RSUs) [Member] | Manager Equity Plan [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares		0	518,391
Granted, Shares	777,574	777,574
Vested, Shares		(259,183)	(259,199)
Nonvested, Ending Balance, Shares		518,391	259,192
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value		$ 0	$ 30
Granted, Weighted Average Grant Date Fair Value		30
Vested, Weighted Average Grant Date Fair Value		30	30
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$ 30	$ 30
Restricted Stock Units (RSUs) [Member] | Equity Plan [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares		0	178,493
Granted, Shares	199,991	199,991	258,847
Vested, Shares		(2,222)	(59,491)
Forfeited, Shares		(19,276)	(46,258)
Nonvested, Ending Balance, Shares		178,493	331,591
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value		$ 0	$ 30
Granted, Weighted Average Grant Date Fair Value		30	25.50
Vested, Weighted Average Grant Date Fair Value		26.14	30
Forfeited, Weighted Average Grant Date Fair Value		30	29.72
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$ 30	$ 26.52
Restricted Stock Units (RSUs) [Member] | Non Executive Trustee Shares Plan [Member]
Summary of restricted stock activity, shares:
Nonvested, Beginning Balance, Shares		0	8,330
Granted, Shares		12,388	15,612
Vested, Shares		(4,058)	(11,558)
Forfeited, Shares			(1,111)
Nonvested, Ending Balance, Shares		8,330	11,273
Summary of restricted stock activity, weighted average grant date fair value:
Nonvested, Beginning Balance, Weighted Average Grant Date Fair Value		$ 0	$ 28.95
Granted, Weighted Average Grant Date Fair Value		28.95	25.24
Vested, Weighted Average Grant Date Fair Value		26.80	26.88
Forfeited, Weighted Average Grant Date Fair Value			30
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value		$ 28.95	$ 25.83

Related Party Transactions (Sch

Related Party Transactions (Schedule of Related Party Expenses Incurred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 53,895	$ 46,033	$ 12,131
Total related party costs	69,585	69,219	12,131
Property Operating And Maintenance [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	23,593	15,809	22
Management Fee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	18,843	16,097
Other Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	11,459	14,127	$ 12,109
Development Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	11,569	17,007
Leasing Costs [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 4,121	$ 6,179

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	Mar. 03, 2014USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Related Party Transaction [Line Items]
Allocated management fees to company		$ 53,895,000	$ 46,033,000	$ 12,131,000
Asset management fees		$ 18,843,000	16,097,000	0
Number of Real Estate Properties | property		14,099
Related Party Transaction, Amounts of Transaction		$ 69,585,000	69,219,000	12,131,000
SWAY Management LLC [Member]
Related Party Transaction [Line Items]
Reimbursement costs incurred		$ 50,700,000	53,100,000
Allocated management fees to company				12,100,000
Percentage of annual asset management fee		1.50%
Asset management fees		$ 18,800,000	$ 16,100,000	$ 0
Fund XI, LLC [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | property	707
Related Party Transaction, Amounts of Transaction	$ 144,000,000

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015segment
Segment Reporting [Abstract]
Number of operating segments for reporting purposes	2

Segment Reporting (Assets By Bu

Segment Reporting (Assets By Business Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,007,679	$ 2,936,163
SFR [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	2,513,222	2,264,040
NPL [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 494,457	$ 672,123

Segment Reporting (Segment Repo

Segment Reporting (Segment Reporting Statements Of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Feb. 02, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Rental revenues, net											$ 188,068	$ 104,830	$ 16,793
Other property revenues											6,667	3,581	311
Realized gain on non-performing loans, net											44,070	9,770	5,139
Realized gain on loan conversions, net											33,032	24,682	8,624
Total revenues		$ 64,894	$ 86,292	$ 58,654	$ 61,997	$ 47,793	$ 39,237	$ 34,332	$ 21,501		271,837	142,863	30,867
Expenses
Property operating and maintenance											45,493	31,252	13,541
Real estate taxes and insurance											40,599	22,346	5,049
Mortgage loan servicing costs											39,518	28,959	6,065
Non-performing loan management fees and expenses											11,442	10,944	3,378
General and administrative											16,436	19,307	16,758
Share-based compensation											7,229	8,458	0
Investment management fees											18,843	16,097	0
Acquisition fees and other expenses											1,120	1,301	588
Interest expense, including amortization											76,800	35,223	0
Depreciation and amortization											80,080	41,872	6,115
Separation costs											0	3,543	2,652
Transaction-related expenses											11,852	0	0
Finance related expenses and write-off of loan costs											4,547	7,715	0
Impairment of real estate											3,122	2,579	1,174
Total expenses		103,000	91,499	81,714	80,868	84,283	59,644	49,130	36,539		357,081	229,596	55,320
Loss before other income, income tax expense and non-controlling interests											(85,244)	(86,733)	(24,453)
Other income (expense)
Realized gain (loss) on sales of investments in real estate, net											4,151	(224)	1,221
Realized loss on sales of divestiture homes, net											(6,871)	0	0
Unrealized gain on non-performing loans, net											44,385	44,593	0
Loss on derivative financial instruments, net											(319)	(706)	0
Total other income											41,346	43,663	1,221
Loss before income tax expense and non-controlling interests											(43,898)	(43,070)	(23,232)
Income tax expense											159	460	252
Net loss	$ (931)	29,778	(11,054)	(3,339)	114	(9,479)	(6,700)	(12,033)	(15,318)	$ (42,599)	(44,057)	(43,530)	(23,484)
Net (income) loss attributable to non-controlling interests											(336)	(165)	60
Net loss attributable to Starwood Waypoint Residential Trust shareholders		$ 29,786	$ (11,163)	$ (3,437)	$ (7)	$ (9,558)	$ (6,713)	$ (12,116)	$ (15,308)		$ (44,393)	$ (43,695)	$ (23,424)
Weighted-average shares outstanding-basic and diluted		37,972,846	37,906,769	38,096,969	37,821,364	37,860,335	38,613,270	39,079,365	39,110,969		37,949,784	38,623,893	39,110,969
Net income (loss) per common share
Basic and diluted		$ (0.78)	$ (0.29)	$ (0.09)		$ (0.25)	$ (0.17)	$ (0.31)	$ (0.39)		$ (1.17)	$ (1.13)	$ (0.60)
SFR [Member]
Revenues
Rental revenues, net											$ 188,068	$ 104,830	$ 16,793
Other property revenues											6,667	3,581	311
Total revenues											194,735	108,411	17,104
Expenses
Property operating and maintenance											45,493	31,252	13,541
Real estate taxes and insurance											40,599	22,346	5,049
General and administrative											13,356	14,536	12,239
Share-based compensation											5,874	6,368
Investment management fees											15,312	12,119
Acquisition fees and other expenses											1,120	1,301	588
Interest expense, including amortization											63,053	24,992
Depreciation and amortization											80,080	41,872	6,115
Separation costs												2,797	1,937
Transaction-related expenses											9,631
Finance related expenses and write-off of loan costs											4,160	7,057
Impairment of real estate											425	2,579	1,174
Total expenses											279,103	167,219	40,643
Loss before other income, income tax expense and non-controlling interests											(84,368)	(58,808)	(23,539)
Other income (expense)
Realized gain (loss) on sales of investments in real estate, net											4,151	(224)	1,221
Realized loss on sales of divestiture homes, net											(963)
Loss on derivative financial instruments, net											(319)	(706)
Total other income											2,869	(930)	1,221
Loss before income tax expense and non-controlling interests											(81,499)	(59,738)	(22,318)
Income tax expense											159	460	252
Net loss											(81,658)	(60,198)	(22,570)
Net loss attributable to Starwood Waypoint Residential Trust shareholders											$ (81,658)	$ (60,198)	$ (22,570)
Weighted-average shares outstanding-basic and diluted											37,949,784	38,623,893	39,110,969
Net income (loss) per common share
Basic and diluted											$ (2.15)	$ (1.56)	$ (0.58)
NPL [Member]
Revenues
Realized gain on non-performing loans, net											$ 44,070	$ 9,770	$ 5,139
Realized gain on loan conversions, net											33,032	24,682	8,624
Total revenues											77,102	34,452	13,763
Expenses
Mortgage loan servicing costs											39,518	28,959	6,065
Non-performing loan management fees and expenses											11,442	10,944	3,378
General and administrative											3,080	4,771	4,519
Share-based compensation											1,355	2,090
Investment management fees											3,531	3,978
Interest expense, including amortization											13,747	10,231
Separation costs												746	715
Transaction-related expenses											2,221
Finance related expenses and write-off of loan costs											387	658
Impairment of real estate											2,697
Total expenses											77,978	62,377	14,677
Loss before other income, income tax expense and non-controlling interests											(876)	(27,925)	(914)
Other income (expense)
Realized loss on sales of divestiture homes, net											(5,908)
Unrealized gain on non-performing loans, net											44,385	44,593
Total other income											38,477	44,593
Loss before income tax expense and non-controlling interests											37,601	16,668	(914)
Net loss											37,601	16,668	(914)
Net (income) loss attributable to non-controlling interests											(336)	(165)	60
Net loss attributable to Starwood Waypoint Residential Trust shareholders											$ 37,265	$ 16,503	$ (854)
Weighted-average shares outstanding-basic and diluted											37,949,784	38,623,893	39,110,969
Net income (loss) per common share
Basic and diluted											$ 0.98	$ 0.43	$ (0.02)

Selected Quarterly Financial 71

Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Feb. 02, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenue		$ 64,894	$ 86,292	$ 58,654	$ 61,997	$ 47,793	$ 39,237	$ 34,332	$ 21,501		$ 271,837	$ 142,863	$ 30,867
Total expenses		103,000	91,499	81,714	80,868	84,283	59,644	49,130	36,539		357,081	229,596	55,320
Net loss	$ (931)	29,778	(11,054)	(3,339)	114	(9,479)	(6,700)	(12,033)	(15,318)	$ (42,599)	(44,057)	(43,530)	(23,484)
Net loss attributable to Starwood Waypoint Residential Trust shareholders		$ 29,786	$ (11,163)	$ (3,437)	$ (7)	$ (9,558)	$ (6,713)	$ (12,116)	$ (15,308)		$ (44,393)	$ (43,695)	$ (23,424)
Basic and diluted		$ (0.78)	$ (0.29)	$ (0.09)		$ (0.25)	$ (0.17)	$ (0.31)	$ (0.39)		$ (1.17)	$ (1.13)	$ (0.60)
Weighted-average shares outstanding-basic and diluted		37,972,846	37,906,769	38,096,969	37,821,364	37,860,335	38,613,270	39,079,365	39,110,969		37,949,784	38,623,893	39,110,969

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property
Commitments And Contingencies Disclosure [Abstract]
Additional homes purchased	1	240
Total commitment | $	$ 0.1	$ 41.4
Number of NPLs homes acquired	0	0

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Millions	Feb. 25, 2016USD ($)shares	Feb. 23, 2016USD ($)	Jan. 27, 2016USD ($)	Jan. 31, 2016USD ($)property	Dec. 31, 2015USD ($)shares	Feb. 22, 2016$ / shares
Interest Rate Swap Contracts [Member]
Subsequent Event [Line Items]
Derivative inception date					Feb. 23, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared | $ / shares						$ 0.22
Number of homes acquired | property				9
Acquisition cost				$ 1,300,000
Subsequent Event [Member] | Interest Rate Swap Contracts [Member]
Subsequent Event [Line Items]
Derivative notional amount		$ 1,600,000,000
Derivative term		3 years
Fixed interest rate		2.75%
Subsequent Event [Member] | Interest Rate Swap Contracts [Member] | LIBOR [Member]
Subsequent Event [Line Items]
Floating rate		1.91%
2015 Program [Member]
Subsequent Event [Line Items]
Share repurchase program authorized amount					$ 150,000,000
Stock repurchase program expiration date					May 6, 2016
Number of shares repurchased | shares					0.3
Aggregate purchase price of shares					$ 8,300,000
2015 Program [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Share repurchase program increase in authorized amount			$ 100,000,000
Share repurchase program authorized amount			$ 250,000,000
Stock repurchase program expiration date	Feb. 25, 2016		May 6, 2017
Share repurchase program remaining authorized amount			$ 241,700,000
Number of shares repurchased | shares	2
Aggregate purchase price of shares	$ 43,300,000

Schedule III - Residential Re74

Schedule III - Residential Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	14,099
Initial Cost to Company, Land	$ 444,266
Initial Cost to Company, Depreciable Property	1,489,964
Costs Capitalized Subsequent To Acquisition, Depreciable Property	482,263
Gross Amounts Carried at close of Period 12/31/15, Land	444,266
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	1,972,227
Total	2,416,493
Accumulated Depreciation	$ 110,170	$ 41,646	$ 5,730	$ 213
Atlanta [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	2,610
Initial Cost to Company, Land	$ 59,821
Initial Cost to Company, Depreciable Property	211,040
Costs Capitalized Subsequent To Acquisition, Depreciable Property	102,483
Gross Amounts Carried at close of Period 12/31/15, Land	59,821
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	313,523
Total	373,344
Accumulated Depreciation	$ 21,284
Atlanta [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1946
Year Acquired	Jan. 1, 2012
Atlanta [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2014
Year Acquired	Dec. 31, 2015
Chicago [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	860
Initial Cost to Company, Land	$ 23,651
Initial Cost to Company, Depreciable Property	86,844
Costs Capitalized Subsequent To Acquisition, Depreciable Property	28,468
Gross Amounts Carried at close of Period 12/31/15, Land	23,651
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	115,312
Total	138,963
Accumulated Depreciation	$ 5,612
Chicago [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1891
Year Acquired	Jan. 1, 2012
Chicago [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2015
Year Acquired	Dec. 31, 2015
Dallas [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	1,504
Initial Cost to Company, Land	$ 40,107
Initial Cost to Company, Depreciable Property	179,681
Costs Capitalized Subsequent To Acquisition, Depreciable Property	44,497
Gross Amounts Carried at close of Period 12/31/15, Land	40,107
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	224,178
Total	264,285
Accumulated Depreciation	$ 11,577
Dallas [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1950
Year Acquired	Jan. 1, 2012
Dallas [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2015
Year Acquired	Dec. 31, 2015
Denver [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	823
Initial Cost to Company, Land	$ 35,978
Initial Cost to Company, Depreciable Property	133,845
Costs Capitalized Subsequent To Acquisition, Depreciable Property	26,314
Gross Amounts Carried at close of Period 12/31/15, Land	35,978
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	160,159
Total	196,137
Accumulated Depreciation	$ 6,525
Denver [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1951
Year Acquired	Jan. 1, 2013
Denver [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2012
Year Acquired	Dec. 31, 2015
Houston [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	1,715
Initial Cost to Company, Land	$ 43,399
Initial Cost to Company, Depreciable Property	188,073
Costs Capitalized Subsequent To Acquisition, Depreciable Property	47,143
Gross Amounts Carried at close of Period 12/31/15, Land	43,399
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	235,216
Total	278,615
Accumulated Depreciation	$ 14,994
Houston [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1954
Year Acquired	Jan. 1, 2012
Houston [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2015
Year Acquired	Dec. 31, 2015
Las Vegas [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	49
Initial Cost to Company, Land	$ 1,531
Initial Cost to Company, Depreciable Property	6,102
Costs Capitalized Subsequent To Acquisition, Depreciable Property	737
Gross Amounts Carried at close of Period 12/31/15, Land	1,531
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	6,839
Total	8,370
Accumulated Depreciation	$ 451
Las Vegas [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1953
Year Acquired	Jan. 1, 2012
Las Vegas [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2006
Year Acquired	Dec. 31, 2014
Northern California [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	279
Initial Cost to Company, Land	$ 14,908
Initial Cost to Company, Depreciable Property	44,308
Costs Capitalized Subsequent To Acquisition, Depreciable Property	4,646
Gross Amounts Carried at close of Period 12/31/15, Land	14,908
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	48,954
Total	63,862
Accumulated Depreciation	$ 3,340
Northern California [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1900
Year Acquired	Jan. 1, 2012
Northern California [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2008
Year Acquired	Dec. 31, 2015
Orlando [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	717
Initial Cost to Company, Land	$ 19,180
Initial Cost to Company, Depreciable Property	69,403
Costs Capitalized Subsequent To Acquisition, Depreciable Property	21,680
Gross Amounts Carried at close of Period 12/31/15, Land	19,180
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	91,083
Total	110,263
Accumulated Depreciation	$ 4,286
Orlando [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1951
Year Acquired	Jan. 1, 2012
Orlando [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2012
Year Acquired	Dec. 31, 2015
Phoenix [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	257
Initial Cost to Company, Land	$ 7,373
Initial Cost to Company, Depreciable Property	28,797
Costs Capitalized Subsequent To Acquisition, Depreciable Property	5,971
Gross Amounts Carried at close of Period 12/31/15, Land	7,373
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	34,768
Total	42,141
Accumulated Depreciation	$ 2,376
Phoenix [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1935
Year Acquired	Jan. 1, 2012
Phoenix [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2008
Year Acquired	Dec. 31, 2014
South Florida [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	2,768
Initial Cost to Company, Land	$ 98,699
Initial Cost to Company, Depreciable Property	306,941
Costs Capitalized Subsequent To Acquisition, Depreciable Property	123,272
Gross Amounts Carried at close of Period 12/31/15, Land	98,699
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	430,213
Total	528,912
Accumulated Depreciation	$ 24,664
South Florida [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1926
Year Acquired	Jan. 1, 2012
South Florida [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2014
Year Acquired	Dec. 31, 2015
Southern California [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	474
Initial Cost to Company, Land	$ 30,164
Initial Cost to Company, Depreciable Property	85,842
Costs Capitalized Subsequent To Acquisition, Depreciable Property	9,048
Gross Amounts Carried at close of Period 12/31/15, Land	30,164
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	94,890
Total	125,054
Accumulated Depreciation	$ 5,083
Southern California [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1921
Year Acquired	Jan. 1, 2012
Southern California [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2014
Year Acquired	Dec. 31, 2015
Tampa [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	1,568
Initial Cost to Company, Land	$ 36,711
Initial Cost to Company, Depreciable Property	138,295
Costs Capitalized Subsequent To Acquisition, Depreciable Property	40,475
Gross Amounts Carried at close of Period 12/31/15, Land	36,711
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	178,770
Total	215,481
Accumulated Depreciation	$ 9,978
Tampa [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1923
Year Acquired	Jan. 1, 2012
Tampa [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2015
Year Acquired	Dec. 31, 2015
All Other [Member]
Real Estate And Accumulated Depreciation [Line Items]
Number of Properties | property	475
Initial Cost to Company, Land	$ 32,744
Initial Cost to Company, Depreciable Property	10,793
Costs Capitalized Subsequent To Acquisition, Depreciable Property	27,529
Gross Amounts Carried at close of Period 12/31/15, Land	32,744
Gross Amounts Carried at close of Period 12/31/15, Depreciable Property	38,322
Total	$ 71,066
All Other [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	5 years
Date of Construction	Jan. 1, 1859
Year Acquired	Jan. 1, 2012
All Other [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Period	30 years
Date of Construction	Dec. 31, 2008
Year Acquired	Dec. 31, 2014

Schedule III - Residential Re75

Schedule III - Residential Real Estate And Accumulated Depreciation (Narrative) (Details)	Dec. 31, 2015USD ($)
S E C Schedule I I I Real Estate And Accumulated Depreciation Disclosure [Abstract]
Total real estate for federal income tax purposes	$ 2,419,615

Schedule III - Residential Re76

Schedule III - Residential Real Estate Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
S E C Schedule I I I Real Estate And Accumulated Depreciation Disclosure [Abstract]
Beginning balance	$ 1,970,050	$ 749,353	$ 99,401
Real estate converted from non-performing loans	144,649	87,446	33,326
Acquisitions	336,681	957,741	534,018
Capitalized expenditures	138,315	251,568	102,307
Total additions	619,645	1,296,755	669,651
Cost of real estate sold	211,728	37,563	13,008
Depreciation	68,524	35,916	5,517
Impairment of real estate	3,122	2,579	1,174
Total deductions	283,374	76,058	19,699
Ending balance	$ 2,306,321	$ 1,970,050	$ 749,353

Schedule III - Changes In Accum

Schedule III - Changes In Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
S E C Schedule I I I Real Estate And Accumulated Depreciation Disclosure [Abstract]
Beginning balance	$ 41,646	$ 5,730	$ 213
Depreciation	68,524	35,916	5,517
Ending balance	$ 110,170	$ 41,646	$ 5,730

Schedule IV - Mortgage Loans 78

Schedule IV - Mortgage Loans On Real Estate (Mortgage Loans On Real Estate Disclosure) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	[1]
Mortgage Loans On Real Estate [Line Items]
Face Amount	$ 579,468
Carrying Amount	$ 445,233	[2]
Florida [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	1.99%
Contractual Interest Rate, Fixed, Maximum	13.88%
Contractual Interest Rate, Floating, Minimum	0.00%
Contractual Interest Rate, Floating, Maximum	8.82%
Payment Terms	Various	[3]
Face Amount	$ 113,883
Carrying Amount	$ 74,684	[2]
Florida [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Apr. 30, 2008
Florida [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jul. 31, 2055
Illinois [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	13.80%
Contractual Interest Rate, Floating, Minimum	2.00%
Contractual Interest Rate, Floating, Maximum	8.90%
Payment Terms	Various	[3]
Face Amount	$ 55,368
Carrying Amount	$ 37,686	[2]
Illinois [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Oct. 31, 2009
Illinois [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Apr. 30, 2057
California [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	12.10%
Contractual Interest Rate, Floating, Minimum	2.38%
Contractual Interest Rate, Floating, Maximum	9.49%
Payment Terms	Various	[3]
Face Amount	$ 84,187
Carrying Amount	$ 80,308	[2]
California [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Oct. 31, 2017
California [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jul. 31, 2053
New York [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	11.25%
Contractual Interest Rate, Floating, Minimum	0.00%
Contractual Interest Rate, Floating, Maximum	12.13%
Payment Terms	Various	[3]
Face Amount	$ 59,002
Carrying Amount	$ 48,235	[2]
New York [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Nov. 30, 2017
New York [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jul. 31, 2056
New Jersey [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	12.38%
Contractual Interest Rate, Floating, Minimum	2.00%
Contractual Interest Rate, Floating, Maximum	11.99%
Payment Terms	Various	[3]
Face Amount	$ 32,012
Carrying Amount	$ 22,250	[2]
New Jersey [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Aug. 31, 2018
New Jersey [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jan. 31, 2057
Arizona [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.63%
Contractual Interest Rate, Fixed, Maximum	8.55%
Contractual Interest Rate, Floating, Minimum	0.00%
Contractual Interest Rate, Floating, Maximum	6.88%
Payment Terms	Various	[3]
Face Amount	$ 10,725
Carrying Amount	$ 8,033	[2]
Arizona [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jul. 31, 2007
Arizona [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Feb. 28, 2054
Wisconsin [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	11.88%
Contractual Interest Rate, Floating, Minimum	2.00%
Contractual Interest Rate, Floating, Maximum	8.60%
Payment Terms	Various	[3]
Face Amount	$ 15,124
Carrying Amount	$ 11,508	[2]
Wisconsin [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Oct. 31, 2000
Wisconsin [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jun. 30, 2052
Maryland [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	13.08%
Contractual Interest Rate, Floating, Minimum	2.88%
Contractual Interest Rate, Floating, Maximum	8.00%
Payment Terms	Various	[3]
Face Amount	$ 32,484
Carrying Amount	$ 22,265	[2]
Maryland [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Mar. 31, 2022
Maryland [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Apr. 30, 2058
Indiana [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	10.69%
Contractual Interest Rate, Floating, Minimum	2.00%
Contractual Interest Rate, Floating, Maximum	8.70%
Payment Terms	Various	[3]
Face Amount	$ 12,648
Carrying Amount	$ 9,789	[2]
Indiana [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jun. 30, 2008
Indiana [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jan. 31, 2054
Pennsylvania [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	1.00%
Contractual Interest Rate, Fixed, Maximum	12.35%
Contractual Interest Rate, Floating, Minimum	2.88%
Contractual Interest Rate, Floating, Maximum	9.99%
Payment Terms	Various	[3]
Face Amount	$ 11,475
Carrying Amount	$ 9,224	[2]
Pennsylvania [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Oct. 31, 2016
Pennsylvania [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jul. 31, 2053
Georgia [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	2.00%
Contractual Interest Rate, Fixed, Maximum	10.74%
Contractual Interest Rate, Floating, Minimum	2.04%
Contractual Interest Rate, Floating, Maximum	8.79%
Payment Terms	Various	[3]
Face Amount	$ 9,419
Carrying Amount	$ 6,644	[2]
Georgia [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Dec. 31, 2014
Georgia [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jan. 31, 2054
All Other [Member]
Mortgage Loans On Real Estate [Line Items]
Contractual Interest Rate, Fixed, Minimum	0.00%
Contractual Interest Rate, Fixed, Maximum	14.00%
Contractual Interest Rate, Floating, Minimum	1.75%
Contractual Interest Rate, Floating, Maximum	11.49%
Payment Terms	Various	[3]
Face Amount	$ 143,141
Carrying Amount	$ 114,607	[2]
All Other [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Jan. 31, 2009
All Other [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Maturity Date	Apr. 30, 2056
[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 79

Schedule IV - Mortgage Loans On Real Estate (Activity Of Mortgage Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans Real Estate [Abstract]
Non-performing loans, Beginning Balance	$ 125,488	$ 214,965	$ 68,106
Acquisitions			186,123
Basis of loans sold	(169)	(3,092)	(197)
Loans converted to real estate	(38,799)	(44,614)	(24,702)
Loan liquidations and other basis adjustments	(9,847)	(14,860)	(14,365)
Loans held for sale	(12,053)	(26,911)
Non-performing loans, Ending Balance	64,620	125,488	214,965
Non-performing loans held for sale, Beginning Balance	26,911	0
Basis of loans sold	(82,198)	0
Loan liquidations and other basis adjustments	(2,417)	0
NPLs held for sale	57,704	26,911
Non-performing loans held for sale, Ending Balance	0	26,911	0
Non-performing loans, Fair Value Option, Beginning Balance	491,790	0	0
Acquisitions	0	486,509
Unrealized gain on non-performing loans, net	44,385	44,593
Basis of loans sold	(1,528)	0
Loans converted to real estate	(72,818)	(18,150)
Loan liquidations and other basis adjustments	(35,565)	(21,162)
Loans held for sale	(45,651)	0
Non-performing loans, Fair Value Option, Ending Balance	$ 380,613	$ 491,790	$ 0

Uncategorized Items - sfr-20151

Label	Element	Value
Stockholders Equity Note Spinoff Transaction	us-gaap_StockholdersEquityNoteSpinoffTransaction	$ 128,290,000
Noncontrolling Interest Increase From Business Combination	us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination	400,000
Other Comprehensive Income Loss Net Of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(70,000)
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	8,458,000
Stock Repurchased And Retired During Period Value	us-gaap_StockRepurchasedAndRetiredDuringPeriodValue	34,321,000
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	1,591,000
Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature	us-gaap_AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature	42,721,000
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	1,138,000
Accumulated Other Comprehensive Income [Member]
Other Comprehensive Income Loss Net Of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(70,000)
Additional Paid In Capital [Member]
Stockholders Equity Note Spinoff Transaction	us-gaap_StockholdersEquityNoteSpinoffTransaction	99,130,000
Stock Issued During Period Value Issued For Services	us-gaap_StockIssuedDuringPeriodValueIssuedForServices	109,000
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	8,458,000
Stock Repurchased And Retired During Period Value	us-gaap_StockRepurchasedAndRetiredDuringPeriodValue	34,308,000
Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature	us-gaap_AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature	42,721,000
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	1,138,000
Common Stock [Member]
Stockholders Equity Note Spinoff Transaction	us-gaap_StockholdersEquityNoteSpinoffTransaction	$ 391,000
Stock Issued During Period Shares Share Based Compensation	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation	2,222
Stock Repurchased And Retired During Period Shares	us-gaap_StockRepurchasedAndRetiredDuringPeriodShares	1,338,586
Stock Issued During Period Shares Issued For Services	us-gaap_StockIssuedDuringPeriodSharesIssuedForServices	4,058
Stock Repurchased And Retired During Period Value	us-gaap_StockRepurchasedAndRetiredDuringPeriodValue	$ 13,000
Stockholders Equity Note Spinoff Transaction Shares	sfr_StockholdersEquityNoteSpinoffTransactionShares	39,109,969
Noncontrolling Interest [Member]
Noncontrolling Interest Increase From Business Combination	us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination	$ 400,000
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	1,591,000
Profit Loss	us-gaap_ProfitLoss	(10,000)
Profit Loss	us-gaap_ProfitLoss	175,000
Parent [Member]
Stockholders Equity Note Spinoff Transaction	us-gaap_StockholdersEquityNoteSpinoffTransaction	128,290,000
Dividends Common Stock	us-gaap_DividendsCommonStock	10,949,000
Stock Issued During Period Value Issued For Services	us-gaap_StockIssuedDuringPeriodValueIssuedForServices	109,000
Other Comprehensive Income Loss Net Of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	(70,000)
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	8,458,000
Stock Repurchased And Retired During Period Value	us-gaap_StockRepurchasedAndRetiredDuringPeriodValue	34,321,000
Profit Loss	us-gaap_ProfitLoss	(921,000)
Profit Loss	us-gaap_ProfitLoss	(42,774,000)
Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature	us-gaap_AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature	42,721,000
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs	us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	1,138,000
Retained Earnings [Member]
Stockholders Equity Note Spinoff Transaction	us-gaap_StockholdersEquityNoteSpinoffTransaction	28,769,000
Dividends Common Stock	us-gaap_DividendsCommonStock	10,949,000
Profit Loss	us-gaap_ProfitLoss	(921,000)
Profit Loss	us-gaap_ProfitLoss	$ (42,774,000)