Invitation Homes (INVH) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Invitation Homes Inc.
Entity Central Index Key	1,687,229
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		311,354,290

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Investments in single-family residential properties:
Land	$ 2,716,934	$ 2,703,388
Building and improvements	7,116,587	7,091,457
Investments in single-family residential properties, gross	9,833,521	9,794,845
Less: accumulated depreciation	(917,961)	(792,330)
Investments in single-family residential properties, net	8,915,560	9,002,515
Cash and cash equivalents	158,934	198,119
Restricted cash	138,264	222,092
Other assets, net	306,568	309,625
Total assets	9,519,326	9,732,351
Liabilities:
Mortgage loans, net	4,158,666	5,254,738
Term loan facility, net	1,486,529	0
Credit facilities, net	0	2,315,541
Accounts payable and accrued expenses	110,919	88,052
Resident security deposits	88,781	86,513
Other liabilities	30,460	30,084
Total liabilities	5,875,355	7,774,928
Equity:
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding at June 30, 2017	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 310,376,634 outstanding at June 30, 2017	3,104
Additional paid-in capital	3,675,094
Accumulated deficit	(38,799)
Accumulated other comprehensive income	4,572
Total equity	3,643,971	1,957,423
Total liabilities and equity	$ 9,519,326	$ 9,732,351

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jun. 30, 2017$ / sharesshares
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share) | $ / shares	$ 0.01
Preferred shares, shares authorized (in shares)	900,000,000
Preferred shares, shares outstanding (in shares)	0
Common stock shares, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares authorized (in shares)	9,000,000,000
Common stock, shares outstanding (in shares)	310,376,634

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental revenues	$ 228,504	$ 219,354	$ 454,600	$ 433,677
Other property income	13,712	11,142	26,366	21,321
Total revenues	242,216	230,496	480,966	454,998
Operating expenses:
Property operating and maintenance	92,840	91,281	181,008	176,248
Property management expense	9,135	7,530	20,584	14,923
General and administrative	18,426	15,408	76,692	30,768
Depreciation and amortization	67,515	66,079	135,092	131,781
Impairment and other	706	546	1,910	363
Total operating expenses	188,622	180,844	415,286	354,083
Operating income	53,594	49,652	65,680	100,915
Other income (expenses):
Interest expense	(57,358)	(70,523)	(125,930)	(140,800)
Other, net	(869)	185	(1,095)	32
Total other income (expenses)	(58,227)	(70,338)	(127,025)	(140,768)
Loss from continuing operations	(4,633)	(20,686)	(61,345)	(39,853)
Gain on sale of property, net of tax	10,162	1,020	24,483	10,212
Net income (loss)	5,529	$ (19,666)	$ (36,862)	$ (29,641)
Net income (loss) available to common shareholders — basic	5,420
Net income (loss) available to common shareholders — diluted	$ 5,420
Weighted average common shares outstanding — basic (in shares)	311,771,221
Weighted average common shares outstanding — diluted (in shares)	312,271,578
Net income (loss) per common share — basic (in dollars per share)	$ 0.02
Net income (loss) per common share — diluted (in dollars per share)	0.02
Dividends declared per common share (in dollars per share)	$ 0.06

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,529	$ (19,666)	$ (36,862)	$ (29,641)
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	(14,759)	0	(4,198)	0
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive income	6,059	0	8,770	0
Other comprehensive (loss) income	(8,700)	0	4,572	0
Comprehensive loss	$ (3,171)	$ (19,666)	$ (32,290)	$ (29,641)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning Balance at Dec. 31, 2016	$ 1,957,423	$ 0	$ 0	$ 0	$ 0
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2016		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,879)
Redemption of Series A Preferred Stock	(1,153)
Distribution of Class B notes receivable	(19,686)
Cancelation/distribution of Class B notes receivable	19,686
Share-based compensation expense	12,001
Accrued interest on Class B notes	15
Ending Balance, common stock, shares outstanding (in shares) at Jan. 31, 2017		0
Ending Balance at Jan. 31, 2017	1,951,407	$ 0	0	0	0
Beginning Balance at Dec. 31, 2016	1,957,423	$ 0	0	0	0
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2016		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(36,862)
Total other comprehensive income	$ 4,572
Ending Balance, common stock, shares outstanding (in shares) at Jun. 30, 2017	310,376,634	310,376,634
Ending Balance at Jun. 30, 2017	$ 3,643,971	$ 3,104	3,675,094	(38,799)	4,572
Beginning Balance at Jan. 31, 2017	1,951,407	$ 0	0	0	0
Beginning Balance, common stock, shares outstanding (in shares) at Jan. 31, 2017		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Pre-IPO Transactions (see Note 1)	(1,951,407)	$ 2,218	1,949,189
Pre-IPO Transactions (see Note 1) (in shares)		221,826,634
Issuance of Common Stock — IPO (in shares)		88,550,000
Issuance of common stock — IPO	1,692,058	$ 886	1,691,172
Offering costs	(5,726)		(5,726)
Net loss	(19,983)			(19,983)
Dividends declared	(18,816)		0	(18,816)
Share-based compensation expense	40,459		40,459	0	0
Total other comprehensive income	$ 4,572				4,572
Ending Balance, common stock, shares outstanding (in shares) at Jun. 30, 2017	310,376,634	310,376,634
Ending Balance at Jun. 30, 2017	$ 3,643,971	$ 3,104	$ 3,675,094	$ (38,799)	$ 4,572

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Net loss	$ (36,862,000)	$ (29,641,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	135,092,000	131,781,000
Share-based compensation expense	52,460,000	8,312,000
Amortization of deferred leasing costs	6,226,000	7,212,000
Amortization of deferred financing costs	16,355,000	26,981,000
Amortization of discount on mortgage loans	114,000	2,835,000
Provisions for impairment	1,132,000	519,000
Gain on sale of property, net of tax	(24,483,000)	(10,212,000)
Paid in kind interest on warehouse loan	0	995,000
Change in fair value of derivative instruments	3,802,000	0
Other noncash amounts included in net loss	(922,000)	(789,000)
Change in operating assets and liabilities:
Restricted cash related to security deposits	(2,632,000)	(4,095,000)
Other assets, net	(8,564,000)	(13,837,000)
Accounts payable and accrued expenses	24,054,000	30,976,000
Resident security deposits	2,268,000	4,112,000
Other liabilities	(814,000)	976,000
Net cash provided by operating activities	167,226,000	156,125,000
Investing Activities:
Changes in amounts deposited and held by others	89,000	2,207,000
Acquisition of single-family residential properties	(84,632,000)	(205,932,000)
Initial renovations to single-family residential properties	(13,026,000)	(34,464,000)
Other capital expenditures for single-family residential properties	(21,133,000)	(21,308,000)
Corporate capital expenditures	(1,494,000)	(2,510,000)
Proceeds from sale of residential properties	129,239,000	83,940,000
Purchases of investments in debt securities	(51,920,000)	(16,036,000)
Repayment proceeds from retained debt securities	30,916,000	0
Changes in restricted cash	86,460,000	(12,346,000)
Net cash provided by (used in) investing activities	74,499,000	(206,449,000)
Financing Activities:
Contributions	0	138,002,000
Dividends paid	(18,816,000)	0
Redemption of Series A preferred stock	(1,153,000)	0
Proceeds from initial offering, net of underwriting discounts	1,692,058,000	0
Offering costs paid	(2,757,000)	0
Proceeds from credit facilities	0	184,021,000
Payments on credit facilities	(2,321,585,000)	(111,661,000)
Proceeds from mortgage loans	996,420,000	0
Payments on mortgage loans	(2,083,012,000)	(30,738,000)
Proceeds from term loan facility	(1,500,000,000)	0
Payments on warehouse loans	0	(95,895,000)
Deferred financing costs paid	(42,065,000)	(8,669,000)
Net cash (used in) provided by financing activities	(280,910,000)	75,060,000
Change in cash and cash equivalents	(39,185,000)	24,736,000
Cash and cash equivalents, beginning of period	198,119,000	274,818,000
Cash and cash equivalents, end of period	158,934,000	299,554,000
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	110,561,000	110,268,000
Cash paid for income taxes	1,987,000	0
Noncash investing and financing activities:
Accrued renovation improvements at period end	3,868,000	8,037,000
Accrued residential property capital improvements at period end	3,754,000	3,505,000
Transfer of residential property, net to other asset, net for held for sale assets	41,278,000	3,669,000
Reclassification of offering costs from other assets to additional paid-in capital	2,969,000	0
Change in other comprehensive income from cash flow hedges	$ 4,572,000	$ 0

Organization and Formation

Organization and Formation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Formation	Note 1—Organization and Formation Invitation Homes Inc. (“INVH”) was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. On February 6, 2017, INVH completed an initial public offering (“IPO”) of 88,550,000 shares of common stock at a price to the public of $20.00 per share. An additional 221,826,634 shares of common stock were issued to the Pre-IPO Owners (as defined below). Prior to the IPO, we conducted our business through a combination of entities formed by Blackstone Real Estate Partners VII L.P. (“BREP VII”), an investment fund sponsored by The Blackstone Group L.P., along with BREP VII’s affiliated side-by-side funds and co-investment vehicles (“BREP VII and Affiliates”). The first Invitation Homes partnership was formed on June 12, 2012, through the establishment of Invitation Homes L.P. (“IH1”) and its wholly-owned subsidiary, THR Property Management L.P. (the “Manager”). Preeminent Holdings, Inc. (“IH2”) was created on February 14, 2013, Invitation Homes 3 L.P. (“IH3”) on August 8, 2013, Invitation Homes 4 L.P. (“IH4”) on January 10, 2014, Invitation Homes 5 L.P. (“IH5”) on August 22, 2014, and Invitation Homes 6 L.P. (“IH6”) on June 15, 2015 (collectively with IH1, the “Invitation Homes Partnerships”). Through the Manager, we provide all management and other administrative services with respect to the properties we own. The collective owners of the Invitation Homes Partnerships are referred to as the “Pre-IPO Owners.” Invitation Homes Operating Partnership LP (the “Operating Partnership”) and its general partner, Invitation Homes OP GP LLC (the “OP General Partner”), were formed by one of our Pre-IPO Owners on December 14, 2016. The Operating Partnership began negotiating and entering into certain debt and hedge instruments upon its inception in anticipation of our IPO. Prior to the IPO, the Invitation Homes Partnerships and the Operating Partnership were under the common control of BREP VII and Affiliates. BREP VII and Affiliates had the ability to control each of the Invitation Homes Partnerships and manage and operate the Invitation Homes Partnerships through the Manager and a common board of directors. As such prior to the IPO, our historical financial statements include assets, liabilities and results of operations of the Operating Partnership and the Invitation Homes Partnerships and their consolidated subsidiaries on a combined and consolidated basis. As a result of the Pre-IPO Transactions described below, IH2 was effectively merged into INVH (and the assets and liabilities of IH2 were contributed to the Operating Partnership), and the remaining Invitation Homes Partnerships became wholly owned subsidiaries of INVH through the Operating Partnership. On October 4, 2016, INVH was incorporated in the State of Delaware and was capitalized as of that date by an investment from one of our Pre-IPO Owners. Since inception, and through the date of the Pre-IPO Transactions (as described below), INVH did not engage in any business or activity. On February 6, 2017, INVH changed its jurisdiction of incorporation to Maryland. The Pre-IPO Transactions also included amendments to the INVH charter which provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, $0.01 par value per share. Our organizational structure includes several wholly owned subsidiaries that were formed to facilitate our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with individual debt instruments. Collateral for the individual debt instruments is in the form of equity interests in the Borrower Entities or in pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their wholly owned subsidiaries (see Note 6 ). References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, IH1, IH2, IH3, IH4, IH5, IH6, the Manager, and the Operating Partnership. Pre-IPO Transactions On January 31, 2017, we effected certain transactions (the “Pre-IPO Transactions”) that resulted in the Operating Partnership holding, directly or indirectly, all of the assets, liabilities, and results of operations of the Invitation Homes Partnerships, including the full portfolio of homes held by the Invitation Homes Partnerships. As a result of the Pre-IPO Transactions, the Operating Partnership is wholly owned by INVH directly and through its wholly owned subsidiary, the OP General Partner. More specifically: • INVH acquired all of the assets, liabilities, and operations held directly or indirectly by IH2 through certain mergers and related transactions as follows: • IH2 Property Holdings Inc., a parent entity of IH2, merged with and into INVH, with INVH as the entity surviving the merger (the “IH2 Property Holdings Merger”), and the issued and outstanding shares of IH2 Property Holdings Inc., all of which were held by certain of the Pre-IPO Owners, were converted into newly issued shares of common stock of INVH; and • following the IH2 Property Holdings Merger, IH2 merged with and into INVH, with INVH as the entity surviving the merger (the “IH2 Merger”). In the IH2 Merger, all of the shares of common stock of IH2 issued and outstanding immediately prior to such merger, other than the shares held by INVH, were converted into shares of newly issued common stock of INVH. As a result of the IH2 Merger, INVH holds all of the assets and operations held directly or indirectly by IH2 prior to such merger; • prior to the IH2 Merger, our Pre-IPO Owners contributed to INVH their interests in each of the other Invitation Homes Partnerships (other than IH2) in exchange for newly-issued shares of INVH; and • INVH contributed to the Operating Partnership all of the interests in the Invitation Homes Partnerships (other than IH2, the assets, liabilities and operations of which were contributed to the Operating Partnership). The Pre-IPO Transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2—Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited combined and consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016. Subsequent to the date of the Pre-IPO Transactions, these condensed consolidated financial statements include the accounts of INVH and its wholly owned subsidiaries. Prior to the date of the Pre-IPO Transactions, these combined and consolidated financial statements include the combined accounts of the Operating Partnership and the Invitation Homes Partnerships and their wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017. We consolidate entities when we own, directly or indirectly, a majority interest in the entity or are otherwise able to control the entity. We consolidate variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation , if we are the primary beneficiary of the VIE as determined by our power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. Adoption of New Accounting Standards In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Early adoption is permitted only for transactions that occurred before the issuance date of the guidance and has not been previously reported in issued financial statements. Effective January 1, 2017, we adopted ASU 2017-01, and the adoption of this standard had no material impact on our condensed consolidated financial statements for any period presented. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Effective January 1, 2017, we adopted ASU 2016-09, and the adoption of this standard had no impact on our condensed consolidated financial statements for any period presented. Use of Estimates The preparation of the condensed consolidated 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 condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates. Accounting Policies There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited combined and consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 other than as disclosed below. Investments in Single-Family Residential Properties Upon acquisition, we evaluate our acquired single-family residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Upon adoption of ASU 2017-01, our purchases of homes are treated as acquisitions and are recorded at their purchase price which is allocated between land, building and improvements, and in-place lease intangibles (when a tenant is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, bidding service and title fees, payments made to cure tax, utility, homeowners’ association (“HOA”), and other mechanic’s and miscellaneous liens, as well as other closing costs. The fair values of acquired in-place lease intangibles, if any, are based on the costs to execute similar leases, including commissions and other related costs. The origination value of in-place lease intangibles also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease the property. The in-place lease intangibles are amortized over the life of the leases and are recorded in other assets, net on our condensed consolidated balance sheets. Prior to our adoption of ASU 2017-01 effective January 1, 2017, acquisition costs for transactions accounted for as business combinations were expensed in the period in which they were incurred and were reflected in other expenses in the accompanying condensed consolidated statements of operations. Earnings per Share We use the two-class method to compute basic and diluted earnings (loss) per common share (“EPS”) because certain of our restricted stock units and restricted stock awards (see Share-Based Compensation Expense below) are participating securities as defined by GAAP. We compute basic EPS by dividing net income (loss) available to common shareholders for the period by the weighted-average number of common shares outstanding for the period, adjusted to exclude non-vested shares of RSUs and RSAs. Diluted EPS is similar to computing basic EPS, except that the denominator is increased to include the dilutive effects of non-vested RSUs and RSAs except when doing so would be anti-dilutive. Prior to the IPO, our business was conducted through the Invitation Homes Partnerships which did not have a common capital structure upon which to compute historical EPS. Accordingly, EPS has not been presented for historical periods prior to the IPO. Derivatives We enter into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for interest rate risk management purposes. We do not enter into Hedging Derivatives for trading or other speculative purposes, and all of our Hedging Derivatives are carried at fair value on our condensed consolidated balance sheets. Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges. Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we have not elected to designate as hedges. Pursuant to the terms of certain of our mortgage loans, we are required to maintain interest rate caps. We have elected not to designate these interest cap agreements for hedge accounting (collectively, the “Non-Designated Hedges”). We enter into interest rate swap agreements to hedge the risk arising from changes in our interest payments on variable-rate debt due to changes in the one-month London Interbank Offered Rate (“LIBOR”). In connection with the Pre-IPO Transactions, as of January 31, 2017, we have elected to account for our interest rate swap agreements as effective cash flow hedges (collectively, the “Designated Hedges”). We assess the effectiveness of these interest rate swap cash flow hedging relationships on an ongoing basis. The effect of these interest rate cap agreements and interest rate swap agreements is to reduce the variability of interest payments due to changes in LIBOR. The fair value of Hedging Derivatives that are in an asset position are included in other assets, net and those in a liability position are included in other liabilities on our condensed consolidated balance sheets. For Non-Designated Hedges, the related changes in fair value are reflected within interest expense in the condensed consolidated statements of operations. For Designated Hedges, the effective portion of the related changes in fair value is reported as a component of other comprehensive income (loss) on our condensed consolidated balance sheets and reclassified into earnings as interest expense in our condensed consolidated statements of operations when the hedged transactions affect earnings; the ineffective portion of the changes in fair value is reflected directly within interest expense in the condensed consolidated statements of operations. See Note 7 for further discussion of derivative financial instruments. Share-Based Compensation Expense Prior to the IPO, we recognized share-based compensation expense for incentive compensation units granted by the Invitation Homes Partnerships (the “Class B Units”). In connection with and subsequent to the IPO, we issued restricted stock units (“RSUs”) that settle in shares of common stock and restricted shares of common stock (“RSAs”) for which share-based compensation expense is recognized. We recognized share-based compensation expense for the Class B Units based on the estimated fair value of the Class B Units and vesting conditions of the related incentive unit agreements. Since the Class B Units granted by IH1 were granted to employees of the Manager, a wholly owned subsidiary of IH1, the related share-based compensation expense was based on the grant-date fair value of the units and recognized in expense over the service period. Because units in IH2, IH3, IH4, IH5, and IH6 were granted to non-employees of those respective partnerships, fair value was remeasured for non-vested units at the end of each reporting period. The fair value of the Class B Units was determined based on a valuation model that took into account discounted cash flows and a market approach based on comparable companies and transactions. We recognize share-based compensation expense for the RSUs and RSAs based on their grant-date fair value, net of expected forfeitures, over the service period from the grant date to vest date for each tranche or when any applicable performance conditions are met in accordance with the related RSU and RSA agreements. The grant-date fair value of RSUs and RSAs is generally based on the closing price of our common stock on the grant date except for market based RSU grant‑date fair values which are based on Monte-Carlo option pricing models. Additional compensation expense is recognized if modifications to existing incentive compensation unit, RSU, or RSA agreements result in an increase in the post-modification fair value of the units that exceeds their pre-modification fair value. Share-based compensation expense is presented as a component of general and administrative expense and property management expense in our condensed consolidated statements of operations. See Note 10 for further discussion of share-based compensation expense. Income Taxes As a result of the Pre-IPO Transactions more fully described in Note 1 , the Invitation Homes Partnerships transferred all assets, liabilities, and operations to INVH through certain mergers and related transactions, including the IH2 Property Holdings Merger. IH2 Property Holdings Inc. had previously elected to qualify as a Real Estate Investment Trust “REIT” for United States federal income tax purposes commencing with its taxable year ended December 31, 2013. Effective upon consummation of the IH2 Property Holdings Merger, INVH became subject to such REIT election. We intend to continue to operate as a REIT, and our current and continuing qualification as a REIT depends on our ability to meet the various requirements imposed by the Internal Revenue Code of 1986, as amended (the “Code”), which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If we qualify for taxation as a REIT, we will generally not be subject to United States federal corporate income tax on our taxable income that is currently distributed to shareholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. If we fail to qualify as a REIT in any taxable year, we will be subject to federal taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for subsequent taxable years. Even if we qualify as a REIT, we may be subject to United States federal income and excise taxes in various situations, such as on our undistributed income. We also will be required to pay a 100% tax on any net income on non-arm’s length transactions between us and a TRS, defined below, and on any net income from sales of assets that were held for sale to customers in the ordinary course. In addition, we could also be subject to the alternative minimum tax on items of tax preference. State and local tax laws may not conform to the United States federal income tax treatment, and we may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. As part of the formation of INVH, each of the Invitation Homes Partnerships (other than IH2) transferred assets into INVH solely in exchange for shares of common stock. Certain of the assets contributed contained built-in gains. Prior to the Pre-IPO Transactions, the contributing partnerships had indirect C corporation partners to which a portion of the built-in gain would be allocated. As a result, if we dispose of any such assets during the five-year period following the date the REIT acquired such assets, we will be subject to the regulations under Section 337(d) of the Code. In general terms, such regulations subject the REIT to the maximum corporate level tax rate on the lesser of (i) such built-in gains and (ii) the gain recognized by the REIT upon a taxable disposition of the contributed assets. We may, however, choose not to sell such assets during such five-year period or to sell them in a non-taxable transaction. As such, the potential taxes associated with these built-in gains are not estimable. Certain of our operations or a portion thereof, are conducted through taxable REIT subsidiaries, each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States federal and state corporate income tax. We use TRS entities to facilitate our ability to perform non-real estate related activities and/or perform non-customary services for residents that cannot be offered directly by a REIT. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets affect our GAAP net income or loss, generally through depreciation, impairment losses, or sales to third-party entities. Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. We file income tax returns in the United States federal jurisdiction as well as various state and local jurisdictions. Our filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires, with open tax years varying based upon the date of incorporation of the specific entity. The years open to examination range from 2013 to present. Recent Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting , which clarifies the definition of modification with the objective of evaluating whether modification accounting should be applied when there are changes to the terms or conditions of a share-based payment award. The guidance will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. We are currently assessing the impact of the guidance on our condensed consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that period changes in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents are explained in the statement of cash flow. Thus, amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning and ending balances shown in the statement of cash flows. The guidance will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. We are currently assessing the impact of the guidance on our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which clarifies the classification of certain cash receipts and cash payments including debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, proceeds from the settlement of insurance claims, and beneficial interests in securitization transactions. The new standard will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. We are currently evaluating the impact of the guidance on our condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under current GAAP, while aligning with the FASB’s new revenue recognition guidance. The new standard will be effective for us for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. We are currently evaluating the impact of the guidance on our condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The new standard will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. We are currently evaluating the impact of the guidance on our condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , most industry-specific guidance and some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts . The standard’s core principle is that a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. The guidance will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. At that time, we may adopt the full retrospective approach or the modified retrospective approach. Early adoption is permitted only as of annual reporting periods, and interim periods therein, beginning after December 15, 2016. We are currently evaluating the method of adoption of this guidance and do not anticipate that the adoption of this guidance will have a material impact on our condensed consolidated financial statements as most of our revenue is from rental revenues, which this standard does not cover.

Investments in Single-Family Re

Investments in Single-Family Residential Properties	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Investments in Single-Family Residential Properties	Note 3—Investments in Single-Family Residential Properties The following table sets forth the net carrying amount associated with our properties by component: June 30, December 31, Land $ 2,716,934 $ 2,703,388 Single-family residential property 6,856,390 6,829,579 Capital improvements 228,419 229,890 Equipment 31,778 31,988 Total gross investments in the properties 9,833,521 9,794,845 Less: accumulated depreciation (917,961 ) (792,330 ) Investments in single-family residential properties, net $ 8,915,560 $ 9,002,515 As of June 30, 2017 and December 31, 2016 , the carrying amount of the residential property above included $121,831 and $122,009 , respectively, of capitalized acquisition costs (excluding purchase price), along with $61,970 and $62,169 , respectively, of capitalized interest, $25,907 and $26,050 , respectively, of capitalized property taxes, $4,729 and $4,764 , respectively, of capitalized insurance, and $2,879 and $2,890 , respectively, of capitalized HOA fees. During the three months ended June 30, 2017 and 2016 , we recognized $66,699 and $64,775 , respectively, of depreciation expense related to the components of the properties, and $816 and $1,304 , respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization on the condensed consolidated statements of operations. Further, during the three months ended June 30, 2017 and 2016 , impairments totaling $95 and $519 , respectively, have been recognized and are included in impairment and other on the condensed consolidated statements of operations. During the six months ended June 30, 2017 and 2016 , we recognized $133,352 and $129,184 , respectively, of depreciation expense related to the components of the properties, and $1,740 and $2,597 , respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization on the condensed consolidated statements of operations. Further, during the six months ended June 30, 2017 and 2016 , impairments totaling $1,132 and $519 , respectively, have been recognized and are included in impairment and other on the condensed consolidated statements of operations.

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash	Note 4—Restricted Cash Pursuant to the terms of the credit facility agreements and the mortgage loans described in Note 6 , we are required to establish, maintain, and fund from time to time (generally either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) completion reserves; (ii) renovation reserves; (iii) leasing commission reserves; (iv) debt service reserves; (v) property tax reserves; (vi) insurance premium and deductible reserves; (vii) standing reserves; (viii) special reserves; (ix) termination fee reserves; (x) eligibility reserves; (xi) collections; and (xii) non-conforming property reserves. In February 2017, the credit facilities were repaid in full and all related reserve accounts were released. Prior to that time, the credit facility reserve accounts were under the sole control of the Administrative Agent, as defined in the credit facility agreements. The reserve accounts associated with the mortgage loans are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that are required to be segregated. Accordingly, amounts funded to these reserve accounts and security deposit accounts have been classified within our condensed consolidated balance sheets as restricted cash. We also hold letters of credit as required by certain of our insurance policies. The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the credit facility agreements and mortgage loan agreements and are to be released to us subject to certain conditions specified therein being met. To the extent that an event of default were to occur, the loan servicer (as it relates to the mortgage loans) has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours. As of June 30, 2017 and December 31, 2016 , the balances in our restricted cash accounts are as set forth in the table below. At December 31, 2016 , no amounts were funded to the completion, renovation, leasing commission, debt service, termination fee, and nonconforming property reserve accounts as the conditions specified in the credit facility agreements that require such funding did not exist, and none are required at June 30, 2017 as the credit facilities had been repaid in full. June 30, December 31, Resident security deposits $ 88,871 $ 86,239 Collections 12,281 42,767 Property taxes 32,449 52,256 Insurance premium and deductible — 4,432 Standing and capital expenditure reserves 1,754 24,409 Special reserves — 34 Eligibility reserves 398 9,274 Letters of credit 2,511 2,681 Total $ 138,264 $ 222,092

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 5—Other Assets At June 30, 2017 and December 31, 2016 , the balances in other assets, net are as follows: June 30, December 31, Investments in debt securities, net $ 230,498 $ 209,337 Held for sale assets (1) 11,191 45,062 Prepaid expenses 25,418 21,883 Deferred leasing costs, net 7,327 7,710 Rent and other receivables, net 9,847 11,604 Deferred financing costs, net 8,689 — Interest rate swap hedges (see Note 7) 2,955 — Corporate fixed assets, net 6,001 6,247 Other 4,642 7,782 Total $ 306,568 $ 309,625 (1) As of June 30, 2017 and December 31, 2016 (unaudited), 74 and 391 properties, respectively, were classified as held for sale. Investments in Debt Securities, net In connection with certain of the Securitizations, as defined in Note 6 , we previously acquired $193,045 of Class G certificates. In 2016, we purchased $16,423 of Class F certificates, which had an unamortized discount of $33 and $131 as of June 30, 2017 and December 31, 2016 , respectively. During the six months ended June 30, 2017 , we purchased $55,500 of Class B certificates, which had an unamortized discount of $3,521 as of June 30, 2017 , and received repayments of $30,916 from retained debt securities. These investments in debt securities are classified as held to maturity investments (for additional information about the Securitizations, see Note 6 ). As of June 30, 2017 and December 31, 2016 , there were no other than temporary impairments. As of June 30, 2017 , the Class F and G certificates are scheduled to mature over the next 3 to 14 months, and the Class B certificates are scheduled to mature in 10 years. Rent and Other Receivables, net We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Included in other assets, net within the condensed consolidated balance sheets, is an allowance for doubtful accounts of $1,359 and $1,183 , as of June 30, 2017 and December 31, 2016 , respectively. Deferred Financing Costs, net In connection with our Revolving Facility (as defined in Note 6 ), we incurred $9,673 of financing costs during the six months ended June 30, 2017 , which have been deferred as other assets, net on our condensed consolidated balance sheet due to the line of credit features of the Revolving Facility. These deferred financing costs are being amortized as interest expense on a straight line basis over the term of the Revolving Facility.

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Note 6—Debt Mortgage Loans As of June 30, 2017 , we have completed eight securitization transactions (the “Securitizations” or the “mortgage loans”) collateralized by homes owned by the respective Invitation Homes Borrower Entities. The proceeds from the mortgage loans were used to fund (i) partial repayments of the then-outstanding IH1 and IH2 credit facilities and other securitizations, (ii) initial deposits in the reserve accounts, (iii) closing costs in connection with the mortgage loans, (iv) general costs associated with our operations, and (v) distributions and dividends to the Pre-IPO Owners. The following table sets forth a summary of the mortgage loan indebtedness as of June 30, 2017 and December 31, 2016 : Outstanding Principal Balance (3) Maturity Date Interest Rate (2) Range of Spreads June 30, (4) December 31, IH1 2013-1 N/A N/A 115-365 bps $ — $ 462,431 IH1 2014-1 N/A N/A 100-375 bps — 978,231 IH1 2014-2 (1)(5) September 9, 2018 3.13% 110-400 bps 704,523 710,664 IH1 2014-3 (1) December 9, 2017 3.56% 120-500 bps 147,634 766,753 IH2 2015-1, net (1)(6) March 9, 2018 3.60% 145-430 bps 529,497 531,318 IH2 2015-2 (1) June 9, 2018 3.18% 135-370 bps 628,988 630,283 IH2 2015-3 (1)(7) August 9, 2018 3.41% 130-475 bps 1,170,395 1,184,314 IH1 2017-1, net (8) June 9, 2027 4.17% N/A 996,479 — Total Securitizations 4,177,516 5,263,994 Less deferred financing costs, net (18,850 ) (9,256 ) Total $ 4,158,666 $ 5,254,738 (1) The initial maturity term of each of these mortgage loans is two years, individually subject to three , one - year extension options at the borrower’s discretion (provided that there is no continuing event of default under the loan agreement and the borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender). Our IH1 2014-3, IH2 2015-1, IH2 2015-2, and IH2 2015-3 mortgage loans have exercised the first extension options, and IH1 2014-2 has exercised the second option. The maturity dates above are reflective of all extensions that have been exercised. (2) For each of our first seven mortgage loans, interest rates are based on a weighted average spread to LIBOR; as of June 30, 2017 LIBOR was 1.23% . Our IH1 2017-1 mortgage loan bears interest at a fixed rate of 4.17% per annum equal to the market determined pass-through rate payable on the certificates, plus applicable servicing fees. (3) Outstanding Principal Balance is net of discounts and does not include capitalized deferred financing costs, net. (4) From July 1, 2017 to August 7, 2017 , we made prepayments of $848 on our mortgage loans related to the disposition of properties. (5) On August 3, 2017, we exercised our second one -year extension option on IH1 2014-2, extending the maturity from September 9, 2017 to September 9, 2018 (see Note 15 ). (6) Net of unamortized discount of $0 and $55 as of June 30, 2017 and December 31, 2016 , respectively. (7) On July 12, 2017, we exercised our first one -year extension option on IH2 2015-3, extending the maturity from August 9, 2017 to August 9, 2018 (see Note 15 ). (8) Net of unamortized discount of $3,521 as of June 30, 2017 . Securitization Transactions IH1 2013-1: In November 2013, we completed our first securitization transaction (“IH1 2013-1”), in which 2013-1 IH Borrower L.P. (“S1 Borrower”), a newly-formed special purpose entity and wholly owned subsidiary of IH1, executed a loan agreement with a third-party lender. The third-party lender made a six component term loan to S1 Borrower in the amount of $479,137 . All six components of the loan were sold at par. On February 6, 2017, the outstanding balance of IH1 2013-1 was repaid in full. IH1 2014-1: In May 2014, we completed our second securitization transaction (“IH1 2014-1”), in which 2014-1 IH Borrower L.P. (“S2 Borrower”), a newly-formed special purpose entity and wholly owned subsidiary of IH1, executed a loan agreement with a third-party lender. The third party lender made a six component term loan to S2 Borrower in the amount of $993,738 . All six components of the loan were sold at par. On February 6, 2017 and March 9, 2017, we made voluntary prepayments of $291,500 and $260,000 , respectively. On April 28, 2017, the outstanding balance of IH1 2014-1 was repaid in full . IH1 2014-2: In August 2014, we completed our third securitization transaction (“IH1 2014-2”), in which 2014-2 IH Borrower L.P. (“S3 Borrower”), a newly-formed special purpose entity and wholly owned subsidiary of IH1, executed a loan agreement with a third-party lender. The third-party lender made a term loan comprised of (1) six floating rate components and (2) one fixed rate component to S3 Borrower in the amount of $719,935 . Of the seven loan components, the Class A, B, C, D and G certificates were sold at par; however, the Class E and F certificates were sold at a total discount of $3,970 . We are obligated to make monthly payments of interest with the first payment being due upon the closing of the loan, and subsequent payments beginning October 9, 2014 and continuing monthly thereafter. IH1 2014-3: In November 2014, we completed our fourth securitization transaction (“IH1 2014-3”), in which 2014-3 IH Borrower L.P. (“S4 Borrower”), a newly-formed special purpose entity and wholly owned subsidiary of IH1, executed a loan agreement with a third-party lender. The third-party lender issued a term loan comprised of (1 ) six f loating rate components and (2) one fixed rate component to S4 Borrower in the amount of $769,322 . Of the seven components, the Class B and G certificates were sold at par; however, the Class A, C, D, E and F certificates were sold at a total discount of $7,235 . We are obligated to make monthly payments of interest with the first payment being due upon the closing of the loan, and subsequent payments beginning December 9, 2014 and continuing monthly thereafter. On May 9, 2017 and June 9, 2017, we made voluntary prepayments of $510,000 and $100,000 , respectively, from the proceeds of IH1 2017-1 securitization transaction and cash flows from operations. IH2 2015-1: In January 2015, we completed our fifth securitization transaction (“IH2 2015-1”), in which 2015-1 IH2 Borrower L.P. (“S5 Borrower”), a newly-formed special purpose entity and wholly owned subsidiary of IH2, executed a loan agreement with a third-party lender. The third-party lender made a seven component term loan to S5 Borrower in the amount of $540,854 . Six of the seven components, the Class A, B, C, D, E, and G certificates were sold at par; however, the Class F certificates were sold at a total discount of $622 . The unamortized balance of this discount is included in mortgage loans, net on our condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 . We are obligated to make monthly payments of interest with the first payment being due upon the closing of the loan, and subsequent payments beginning March 9, 2015 and continuing monthly thereafter. IH2 2015-2: In April 2015, we completed our sixth securitization transaction (“IH2 2015-2”), in which 2015-2 IH2 Borrower L.P. (“S6 Borrower”), a newly-formed special purpose entity and wholly owned subsidiary of IH2, executed a loan agreement with a third-party lender. The third-party lender made a seven component term loan to S6 Borrower in the amount of $636,686 . All of the components of the loan were sold at par. We are obligated to make monthly payments of interest with the first payment being due upon the closing of the loan, and subsequent payments beginning June 9, 2015 and continuing monthly thereafter. IH2 2015-3: In June 2015, we completed our seventh securitization transaction (“IH2 2015-3”), in which 2015-3 IH2 Borrower L.P. (“S7 Borrower”), a newly-formed special purpose entity and wholly owned subsidiary of IH2, executed a loan agreement with a third-party lender. The third-party lender made a seven component term loan to S7 Borrower in the amount of $1,193,950 . All of the components of the loan were sold at par. We are obligated to make monthly payments of interest with the first payment being due upon the closing of the loan, and subsequent payments beginning August 7, 2015 and continuing monthly thereafter. IH1 2017-1: In April 2017, we completed our eighth securitization transaction (“IH1 2017-1”), in which 2017-1 IH Borrower L.P. (“S9 Borrower”), a special purpose entity previously formed in connection with IH1 2014-1 and wholly owned subsidiary of IH1, entered into a loan agreement with Wells Fargo Bank, National Association (the “FNMA Loan”), providing for a ten -year, fixed rate mortgage loan comprised of two components with a total principal amount of $1,000,000 , secured by first priority mortgages on a portfolio of 7,204 of our homes. The Class A certificates, which benefit from Fannie Mae’s guaranty of timely payment of principal and interest, were sold at par. The Class B certificates represent a beneficial interest in the most subordinate component of the FNMA Loan and were sold at a total discount of $3,580 . The unamortized balance of this discount is included in mortgage loans, net on our condensed consolidated balance sheet as of June 30, 2017 . We are obligated to make monthly payments of interest with the first payment being due upon the closing of the loan, and subsequent payments beginning June 9, 2017 and continuing monthly thereafter. Concurrent with the execution of each loan agreement, the respective third-party lender sold each loan it originated with us to individual depositor entities (the “Depositor Entities”) who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”). The Depositor Entities associated with the IH1 2014-2, IH1 2014-3 and IH1 2017-1 securitizations are wholly owned subsidiaries of IH1, the Depositor Entities associated with the IH2 2015-1, IH2 2015-2, and IH2 2015-3 securitizations are wholly owned subsidiaries of IH2, and the Depositor Entities associated with the IH1 2013-1 and IH1 2014-1 securitizations were wholly owned by unaffiliated third parties. We accounted for the transfer of the individual Securitizations from the Depositor Entities wholly owned by IH1 and IH2 to the respective Trusts as a sale under ASC Topic 860, Transfers and Servicing , with no resulting gain or loss as the Securitizations were originated by the lender and immediately transferred at the same fair market value. As consideration for the transfer of each loan to the Trusts, the Trusts issued certificate classes which mirror the components of the individual loan agreements (collectively, the “Certificates”) to the Depositor Entities, except that Class R certificates do not have related loan components as they represent residual interests in the Trusts. The Certificates represent the entire beneficial interest in the Trusts. Following receipt of the Certificates, the Depositor Entities sold the Certificates to investors using the proceeds as consideration for the loans sold to the Depositor Entities by the lenders. These transactions had no effect on our condensed consolidated financial statements other than with respect to the Class B certificates purchased by the Operating Partnership, and the Class G certificates purchased by IH1 and IH2. For IH1 2014-2, IH1 2014-3, IH2 2015-1, IH2 2015-2, and IH2 2015-3, the Trusts made the Class A through Class F certificates available for sale to both domestic and foreign investors. With the introduction of foreign investment, IH1 and IH2, as sponsors of the respective loans, are required to retain a portion of the risk that represents a material net economic interest in each loan. The Class G certificates for IH1 2014-2, IH1 2014-3, IH2 2015-1, IH2 2015-2, and IH2 2015-3 are equal to 5% of the original principal amount of the loans in accordance with the agreements. Per the terms of the Securitization agreements, the Class G certificates are restricted certificates and were made available exclusively to IH1 and IH2, as applicable. The Class G certificates are principal only and bear a stated annual interest rate of 0.0005% . The Class G certificates are classified as held to maturity investments and are recorded in other assets, net on the condensed consolidated balance sheets (see Note 5 ). For IH1 2017-1, the Trust made the Class A certificates available for sale to both domestic and foreign investors. In accordance with risk retention requirements of Regulation RR (the “Risk Retention Rules”) under the Exchange Act, the Operating Partnership, as the loan sponsor, is required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date. Per the terms of the agreement, the Class B certificates are restricted certificates that were made available exclusively to the Operating Partnership. The Class B certificates pay interest and bear a stated annual interest rate of 4.17% plus applicable servicing fees. The Class B certificates are classified as held to maturity investments and are recorded in other assets, net on the condensed consolidated balance sheets (see Note 5 ). The Trusts are structured as pass through entities that receive principal and interest from the Securitizations and distribute those payments to the holders of the Certificates. The assets held by the Trusts are restricted and can only be used to fulfill the obligations of those entities. The obligations of the Trusts do not have any recourse to the general credit of any entities in these condensed consolidated financial statements. We have evaluated our interests in the Class B and G certificates of the Trusts and determined that they do not create a more than insignificant variable interest in the Trusts. Additionally, the Class B and G certificates do not provide us with any ability to direct the activities that could impact the Trusts’ economic performance. Therefore, we do not consolidate the Trusts. General Terms The general terms that apply to all of the mortgage loans require us to maintain compliance with certain affirmative and negative covenants. Affirmative covenants with which we must comply include our, and certain of our affiliates’, compliance with (i) licensing, permitting and legal requirements specified in the loan agreement, (ii) organizational requirements of the jurisdictions in which we, and certain of our affiliates, are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective loan agreements. Negative covenants with which we must comply include our, and certain of our affiliates’, compliance with limitations surrounding (i) the amount of our indebtedness and the nature of our investments, (ii) the execution of transactions with affiliates, (iii) the Manager, and (iv) the nature of our business activities. At June 30, 2017 , and through the date our financial statements were issued, we believe we were in compliance with all affirmative and negative covenants. Prepayments For the mortgage loans, prepayments of amounts owed are generally not permitted by us under the terms of the respective loan agreements unless such prepayments are made pursuant to the voluntary election and mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if prepayment occurs before the month following the one year anniversary of the closing dates of each of the mortgage loans except for IH1 2017-1. For IH1 2017-1, prepayments on or before December 2026 will require a yield maintenance premium. For the six months ended June 30, 2017 and 2016 , voluntary and mandatory prepayments totaling $2,083,012 and $30,738 , respectively, were made under the terms of the loan agreements. Collateral Collateral for the mortgage loans includes first priority mortgages on certain of our properties and a grant of a security interest in all of our personal property. The following table lists the gross carrying values of the single-family residential properties, including held for sale properties, pledged as collateral for the loans as of June 30, 2017 and December 31, 2016 : Number of (1) June 30, December 31, IH1 2013-1 — $ — $ 533,005 IH1 2014-1 — — 1,124,069 IH1 2014-2 3,619 784,024 785,459 IH1 2014-3 3,915 844,870 850,056 IH2 2015-1 2,999 593,546 594,155 IH2 2015-2 3,507 744,001 744,070 IH2 2015-3 6,985 1,368,310 1,382,683 IH1 2017-1 7,204 1,241,282 — Total 28,229 $ 5,576,033 $ 6,013,497 (1) The loans are secured by first priority mortgages on portfolios of single-family residential properties owned by S1 Borrower, S2 Borrower, S3 Borrower, S4 Borrower, S5 Borrower, S6 Borrower, S7 Borrower, and S9 Borrower. The numbers of homes noted above are as of June 30, 2017 . As of December 31, 2016 , a total of 30,900 homes (unaudited) were secured by the above-mentioned mortgage loans. Debt Maturities Schedule Future maturities of these mortgage loans as of June 30, 2017 are set forth in the table below: Year Principal (1) 2017 $ 147,634 2018 3,033,403 2019 and thereafter 1,000,000 Total payments 4,181,037 Less discounts (3,521 ) Total mortgage loans, net $ 4,177,516 (1) Each of the mortgage loans, except IH1 2017-1, are subject to three one -year extension options at the borrower's discretion (upon approval from the lender), of which the IH1 2014-3, IH2 2015-1, IH2 2015-2, and IH2 2015-3 mortgage loans have exercised the first extension options, and IH1 2014-2 has exercised the second option. New Credit Facility On February 6, 2017, we entered into a loan agreement with a syndicate of banks, financial institutions and institutional lenders for a new credit facility (the “New Credit Facility”). The New Credit Facility provides $2,500,000 of borrowing capacity and consists of a $1,000,000 revolving facility (the “Revolving Facility”), which will mature on February 6, 2021, with a one -year extension option, and a $1,500,000 term loan facility (the “Term Loan Facility”), which will mature on February 6, 2022. The Revolving Facility also includes borrowing capacity available for letters of credit and for short-term borrowings referred to as swing line borrowings, in each case subject to certain sublimits. The New Credit Facility provides us with the option to enter into additional incremental credit facilities (including an uncommitted incremental facility that provides us with the option to increase the size of the Revolving Facility and/or the Term Loan Facility by an aggregate amount of up to $ 1,500,000 ), subject to certain limitations. Proceeds from the Term Loan Facility were used to repay existing indebtedness and for general corporate purposes. The following table sets forth a summary of the outstanding principal amounts under such loans as of June 30, 2017 : Maturity Date Interest Rate (1) June 30, Term loan facility February 6, 2022 3.03% $ 1,500,000 Revolving facility February 6, 2021 N/A — Total 1,500,000 Less deferred financing costs, net (13,471 ) Total $ 1,486,529 (1) Interest rate for the Term Loan Facility is based on LIBOR plus an applicable margin of 1.80% ; as of June 30, 2017 , LIBOR was 1.23% . Interest Rate and Fees Borrowings under the New Credit Facility bear interest, at our option, at a rate equal to a margin over either (a) a LIBOR rate determined by reference to the Bloomberg LIBOR rate (or comparable or successor rate) for the interest period relevant to such borrowing or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50% , and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one-month interest period plus 1.00% . The margin is based on a total leverage based grid. The margin for the Revolving Facility ranges from 0.75% to 1.30% , in the case of base rate loans, and 1.75% to 2.30% , in the case of LIBOR rate loans. The margin for the Term Loan Facility ranges from 0.70% to 1.30% , in the case of base rate loans, and 1.70% to 2.30% , in the case of LIBOR rate loans. In addition, the New Credit Facility provides that, upon receiving an investment grade rating on its non-credit enhanced, senior unsecured long term debt of BBB- or better from Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., or Baa3 or better from Moody’s Investors Service, Inc. (an “Investment Grade Rating Event”), we may elect to convert to a credit rating based pricing grid. In addition to paying interest on outstanding principal under the New Credit Facility, we are required to pay a facility fee to the lenders under the Revolving Facility in respect of the unused commitments thereunder. The facility fee rate is based on the daily unused amount of the Revolving Facility and is either 0.350% or 0.200% per annum based on the unused facility amount. Upon converting to a credit rating pricing based grid, the unused facility fee will no longer apply; and we will be required to pay a facility fee ranging from 0.125% to 0.300% . We are also required to pay customary letter of credit fees. Prepayments and Amortization No prepayment or amortization is required under the New Credit Facility. We are permitted to voluntarily repay amounts outstanding under the Term Loan Facility at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs with respect to LIBOR loans. Once repaid, no further borrowings will be permitted under the Term Loan Facility. General Terms The New Credit Facility contains certain customary affirmative and negative covenants and events of default. Such covenants will, among other things, restrict, subject to certain exceptions, our ability and that of the Subsidiary Guarantors (as defined below) and their respective subsidiaries to (i) engage in certain mergers, consolidations or liquidations, (ii) sell, lease or transfer all or substantially all of their respective assets, (iii) engage in certain transactions with affiliates, (iv) make changes to the our fiscal year, (v) make changes in the nature of our business and our subsidiaries and (vi) incur additional indebtedness that is secured on a pari passu basis with the New Credit Facility. The New Credit Facility also requires us, on a consolidated basis with our subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, (v) minimum unencumbered fixed charge coverage ratio and (vi) minimum tangible net worth. If an event of default occurs, the lenders under the New Credit Facility are entitled to take various actions, including the acceleration of amounts due under the New Credit Facility and all actions permitted to be taken by a secured creditor. At June 30, 2017 , and through the date our financial statements were issued, we believe we were in compliance with all affirmative and negative covenants. Guarantees and Security The obligations under the New Credit Facility are guaranteed on a joint and several basis by each of our direct and indirect domestic wholly owned subsidiaries that own, directly or indirectly, unencumbered assets (the “Subsidiary Guarantors”), subject to certain exceptions. The guarantee provided by any Subsidiary Guarantor will be automatically released upon the occurrence of certain events, including if it no longer has a direct or indirect interest in an unencumbered asset or as a result of certain non-recourse refinancing transactions pursuant to which such Subsidiary Guarantor becomes contractually prohibited from providing its guaranty of the New Credit Facility. In addition, INVH may be required to provide a guarantee of the New Credit Facility under certain circumstances, including if INVH does not maintain its qualification as a REIT. The New Credit Facility is collateralized by first priority or equivalent security interests in all the capital stock of, or other equity interests in any Subsidiary Guarantor, held by us and each of the Subsidiary Guarantors. The security interests granted under the New Credit Facility will be automatically released upon the occurrence of certain events, including upon an Investment Grade Rating Event or if the total net leverage ratio is less than or equal to 8.00 : 1.00 for four consecutive fiscal quarters. Debt Maturities Schedule Future maturities of the New Credit Facility as of June 30, 2017 are set forth in the table below: Year Principal 2022 $ 1,500,000 Credit Facilities All of the then-existing credit facilities were paid in full on February 6, 2017 in connection with the closing of our IPO. The following table sets forth a summary of the outstanding principal amounts of these credit facilities as of June 30, 2017 and December 31, 2016 : Outstanding Principal Balance (1) Origination Range of Spreads June 30, December 31, IH1 2015 April 3, 2015 325 bps $ — $ 85,492 IH2 2015 September 29, 2015 275 bps — 43,859 IH3 2013 December 19, 2013 300-425 bps — 932,583 IH4 2014 May 5, 2014 300-425 bps — 529,866 IH5 2014 December 5, 2014 275-400 bps — 564,348 IH6 2016 April 13, 2016 250-375 bps — 165,437 Total — 2,321,585 Less deferred financing costs, net — (6,044 ) Total $ — $ 2,315,541 (1) Outstanding Principal Balance does not include capitalized deferred financing costs, net.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7—Derivative Instruments From time to time, we enter into Hedging Derivatives to manage the economic risk of changes in interest rates. We do not enter into derivative transactions for speculative or trading purposes. Designated hedges are derivatives that meet the criteria for hedge accounting and for which we have elected to designate them as hedges. Non-Designated Hedges are derivatives that do not meet the criteria for hedge accounting or we have not elected to designate them as hedges. Designated Hedges We have entered into various interest rate swap agreements, as outlined in the table below. Certain of the Invitation Homes Partnerships and certain Borrower Entities guaranteed the obligations under each of the interest rate swaps from the date the swaps were entered into through the date of the IPO. Each of these swaps was accounted for as a non-designated hedge until January 31, 2017, when the criteria for hedge accounting were met as a result of the Pre-IPO Transactions described in Note 1. At that time, we designated these swaps for hedge accounting purposes; and the effective portion of changes in the fair value of these swaps is recorded in other comprehensive income subsequent to that date. The table below summarizes our interest rate swap instruments as of June 30, 2017 : Agreement Date Forward Maturity Date Strike Rate Index Notional Amount December 21, 2016 February 28, 2017 January 31, 2022 1.97% One-month LIBOR $ 750,000 December 21, 2016 February 28, 2017 January 31, 2022 1.97% One-month LIBOR 750,000 January 12, 2017 February 28, 2017 August 7, 2020 1.59% One-month LIBOR 1,100,000 January 13, 2017 February 28, 2017 June 9, 2020 1.63% One-month LIBOR 595,000 January 20, 2017 February 28, 2017 March 9, 2020 1.60% One-month LIBOR 325,000 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 on the condensed consolidated balance sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the six months ended June 30, 2017 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate interest payments. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Changes in fair value related to the ineffective portion of our Designated Hedges resulted in an unrealized gain of $38 for the six months ended June 30, 2017 , which is included in interest expense in our condensed consolidated statements of operations. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $11,452 will be reclassified to earnings as an increase to interest expense. There were no interest rate swap agreements outstanding during the six months ended June 30, 2016. Non-Designated Hedges Concurrent with entering into certain of the mortgage loan agreements, we entered into and maintain interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the loans made by the third-party lenders and strike prices ranging from approximately 2.52% to 3.09% (collectively, the “Strike Prices”). To the extent that the maturity date of one or more of the loans is extended through an exercise of one or more of the extension options, replacement or extension interest rate cap agreements must be executed with terms similar to those associated with the initial interest rate cap agreements and strike prices equal to the greater of the Strike Prices and the interest rate at which the debt service coverage ratio (as defined) is not less than 1.2 to 1.0 . The interest rate cap agreements, including all of our rights to payments owed by the counterparty and all other rights, have been pledged as additional collateral for the loans. Changes in fair value related to Non-Designated Hedges resulted in unrealized losses of $3,802 for the six months ended June 30, 2017 , which are included in interest expense in our condensed consolidated statements of operations. Of the unrealized losses, $3,674 related to changes in value on interest rate swaps prior to their designation on January 31, 2017, and $128 related to the non-designated interest rate caps. Tabular Disclosure of Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 : Asset Derivatives Liability Derivatives Fair Value at: Fair Value at: Balance June 30, December 31, Balance June 30, December 31, Derivatives designated as Interest rate swaps Other $ 2,955 $ — Other $ 9,872 $ — Derivatives not designated as Interest rate swaps Other — — Other — 8,683 Interest rate caps Other — 29 Other — — Total $ 2,955 $ 29 $ 9,872 $ 8,683 Tabular Disclosure of the Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended June 30, 2017 and 2016 : Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Location of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing) For the Three For the Three For the Three 2017 2016 2017 2016 2017 2016 Derivatives in cash flow hedging relationships: Interest rate swaps $ (14,759 ) $ — Interest $ (6,059 ) $ — Interest $ 37 $ — Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative For the Three Months Ended 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaps Interest $ — $ — Interest rate caps Interest (50 ) — Total $ (50 ) $ — The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations for the six months ended June 30, 2017 and 2016 : Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Location of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing) For the Six For the Six For the Six 2017 2016 2017 2016 2017 2016 Derivatives in cash flow hedging relationships: Interest rate swaps $ (4,198 ) $ — Interest $ (8,770 ) $ — Interest $ 38 $ — Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative For the Six Months Ended 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaps Interest $ (3,674 ) $ — Interest rate caps Interest (128 ) — Total $ (3,802 ) $ — Credit-Risk-Related Contingent Features We have agreements with our derivative counterparties for our interest rate swap agreements that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of June 30, 2017 , the fair value of interest rate swap derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $10,445 . As of June 30, 2017 , we have not posted any collateral related to these agreements. If we have breached any of these provisions at June 30, 2017 , we could have been required to settle its obligations under the agreements at their termination value of $10,445 .

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	Note 8—Equity Shareholders’ Equity In connection with our IPO, we issued 310,376,634 shares of common stock to the public and the Pre-IPO Owners and 3,290,126 RSUs (see Note 10 ), and our IPO raised $1,692,058 , net of underwriting discount, and before offering costs of $5,726 . To qualify as a REIT, we are required to distribute annually to our shareholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our shareholders, which in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. On May 31, 2017 we paid a $0.06 dividend per share; and on August 3, 2017, we declared an $0.08 dividend per share to stockholders of record on August 15, 2017, which is payable on August 31, 2017. Combined Equity Prior to the IPO, our business was conducted through the Invitation Homes Partnerships which did not have a common capital structure. As described in Note 1, IH1, IH3, IH4, IH5, and IH6 are partnerships. These entities each had limited partners and a general partner (the “Class A Partners”), along with a board of directors designated in the respective limited partnership agreements. IH2 was a Delaware corporation and had issued 1,000 shares of common stock and 113 shares of Series A Preferred Stock. IH2 had a board of directors elected by the common shareholders. The same board of directors was responsible for directing the significant activities of the Invitation Homes Partnerships and the Operating Partnership on a combined basis. The IH2 Series A Preferred Stock ranked, in respect of rights to the payment of dividends and the distribution of assets in the event of any liquidation or dissolution, senior to the IH2 common stock. Holders of such IH2 Series A Preferred Stock shares were entitled to receive cumulative cash dividends at the rate of 12.0% per annum of the total of a liquidation preference. On January 31, 2017, in connection with the Pre-IPO Transactions, the Series A Preferred Stock was redeemed for $1,153 , inclusive of the redemption premium and accrued and unpaid dividends to that date. No dividends were declared or paid with respect to the Series A Preferred Stock during the six months ended June 30, 2016 . As of December 31, 2016 , there were no dividend amounts declared and outstanding related to the 12.0% per annum dividend requirements of the Series A Preferred Stock. Profits and losses, and cash distributions were allocated in accordance with the terms of the respective entity’s organizational documents. We made no distributions to our equity investors, and we received $138,002 of contributions during the six months ended June 30, 2016 . As further described in Note 10 , we granted certain individuals incentive compensation units in IH1, IH2, IH3, IH4, IH5, and IH6, which consisted of Class B units that were accounted for as a substantive class of equity due to the terms of the agreements and rights of the holders. We previously made distributions to certain Class B unitholders in the form of non-recourse cash advances totaling $11,023 . Any amounts distributed to the holders of the Class B units whose Class B units were converted in connection with the Pre-IPO Transactions (see Note 10 ), reduced the number of converted shares common stock received by amounts previously paid to such Class B unitholders as advance distributions. As a result of the Pre-IPO Transactions, there are no longer any Class B Units outstanding. We previously executed notes receivables with certain Class B unitholders (the “Class B Notes”) and funded $20,228 pursuant to those note agreements, of which $1,527 , including accrued interest had been repaid as of December 31, 2016 . On January 5, 2017, $7,723 of Class B Notes, including accrued interest, were canceled, and the transaction was accounted for as a distribution to the underlying unitholder. As part of the Pre-IPO Transactions, IH1 assigned $11,963 , including accrued interest, of Class B Notes to a wholly owned subsidiary of the Pre-IPO Owners that was formed in connection with the reorganization described in Note 1, and the transaction was accounted for as a distribution. The Class B Notes were secured by certain of the Class B units of the makers of the Class B Notes and were otherwise non-recourse to the makers. The Class B Notes matured at the earlier of a liquidation event or defined dates in 2024 and bore interest of 1.57% to 1.97% per annum. As such, the Class B Notes were recorded as a component of combined equity on our condensed consolidated balance sheet as of December 31, 2016 .

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 9—Related Party Transactions Through December 31, 2014, certain related parties provided us with consulting services for which we recorded payables. We also made offsetting income tax payments related to distributions on behalf of these related parties. During the year ended December 31, 2016 , we repaid the $1,959 outstanding as of December 31, 2015.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 10—Share-Based Compensation We have share-based compensation programs for the purpose of retaining certain key employees. Prior to the IPO, the program consisted of incentive compensation units, the Class B Units, granted in the form of profits interests in the Invitation Homes Partnerships. In connection with and subsequent to the IPO, we granted awards in the form of RSUs that settle in shares of common stock of INVH and RSAs that are restricted shares of common stock of INVH. Profits Interests — Class B Units Prior to the IPO, the Invitation Homes Partnerships granted incentive compensation units to certain key employees, which were profits interests for United States federal income tax purposes. The Class B Units were accounted for as a substantive class of equity and contained both service based and performance based vesting criteria. Recognition of compensation expense was recorded based on whether or not the award recipient was an employee of the Manager, a wholly owned subsidiary of IH1, resulting in some awards being recognized based on grant-date fair value and others being remeasured at each reporting period until the actual vesting date as required for non-employee awards. Prior to the IPO, none of the performance based vesting criteria had been achieved, and as such through the date of the IPO, no compensation expense had been recorded for performance based Class B Units. However, the IPO triggered achievement of the performance based criteria and effectively converted all such awards into service based awards. 2017 New Class B Unit Awards : Pursuant to an amended and restated partnership agreement, on January 5, 2017, IH6 issued certain individuals a total of 9,650 Class B Units that were expected to vest based on terms and conditions similar to all other Class B Units. In January 2017, an additional 188 Class B Units in total were issued from IH1, IH2, and IH3. 2017 Class B Unit Conversion : The Pre-IPO Transactions described in Note 1 resulted in accelerated vesting of 7,520 Class B Units held by certain unitholders which resulted in additional share-based compensation expense of $11,601 during the six months ended June 30, 2017 . On January 31, 2017, in connection with the IPO, all of the Class B Units held by current employees of the Manager (except for 3,878 fully vested Class B Units awarded to a certain unitholder) were either converted into shares of INVH common stock or canceled based on the value of the Class B Units implied by the per share price of common stock sold to the public in the IPO. As such, a total of 730 Class B Units were converted into 62,529 RSAs, and 17,669 Class B Units were canceled for no consideration. For the Class B Units converted into RSAs, vesting and other terms of the RSAs delivered in the conversion have the same vesting and other terms applicable to the corresponding Class B Units converted. Additionally, the obligations under the remaining 40,992 fully vested Class B Units, including those of the unitholders who are not current employees of the Manager and the one employee unitholder noted above that did not convert, were converted into similar units of newly formed subsidiaries of the Pre-IPO Owners. All Class B Units held by former employees of the Manager are fully vested. The following table summarizes the activity related to the Class B Units for the period from December 31, 2016 through January 31, 2017, the date at which they were all canceled or converted: Class B Units Employee Non-employee Total Class B Units Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Balance, December 31, 2016 9,915 $ 4.2 39,638 $ 2.5 49,553 $ 2.9 Granted 85 14.0 9,753 — 9,838 0.1 Converted to RSAs (245 ) (3.4 ) (485 ) (0.8 ) (730 ) (1.7 ) Canceled (555 ) (8.2 ) (17,114 ) (0.4 ) (17,669 ) (0.6 ) Converted to Units of affiliated entities (9,200 ) (4.0 ) (31,792 ) (2.9 ) (40,992 ) (3.2 ) Balance, January 31, 2017 — $ — — $ — — $ — As of January 31, 2017, no Class B Units were outstanding. RSAs and RSUs Issued by INVH RSAs: In connection with the conversion of the Class B Units in January 2017, we issued 62,529 RSAs, of which 54,729 were fully vested as of June 30, 2017 , and the remaining 7,800 non-vested RSAs will vest in accordance with the original terms of the Class B Unit award agreements. The conversion of the Class B Units into RSAs resulted in a modification of the awards of which some were previously accounted for as non-employee awards. The modification resulted in the reversal of $246 of previously recognized incentive compensation expense with respect to these non-employee awards during the six months ended June 30, 2017 . RSUs: Prior to the completion of the IPO, our board of directors adopted, and our shareholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key personnel and to provide a means whereby our directors, officers, employees, consultants and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and aligning their interests with those of our shareholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares, and as of June 30, 2017 , we have awarded 4,467,409 shares under the Omnibus Incentive Plan pursuant to our annual Long Term Incentive Plan (“LTIP”) awards, Supplemental Bonus Plan, the IH6 Bonus Awards, and certain non-employee director awards. • Annual LTIP Awards: On June 23, 2017, we granted 860,837 RSUs pursuant to LTIP awards (the “LTIP Awards”) each of which is divided into three tranches (“Tranche 1,” “Tranche 2,” and “Tranche 3”). Within each tranche, 25% of the LTIP Award contains time-vesting conditions, approximately 25% contains a market based vesting condition based on absolute total shareholder return, and approximately 50% contains performance based vesting conditions based on compounded annual growth in our same store net operating income and adjusted funds from operations. The time-vesting awards vest in installments based on anniversary dates of March 1, 2017 based on continued employment through the applicable vesting date as follows: Tranche 1 on the first anniversary; Tranche 2 in two equal installments on each of the first and second anniversaries; and Tranche 3 in four equal installments on each of the first four anniversaries. The time-vesting LTIP awards are participating securities for EPS purposes. The market and performance based awards may be earned based on the achievement of certain measures over an approximate one -, two -, or three -year performance period, which performance periods correspond, respectively, to the Tranche 1, Tranche 2, and Tranche 3 LTIP Awards. The number of RSUs earned will be determined based on performance achieved during the specified performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the market and performance based RSUs are earned on the date after the end of the performance period on which the performance results are certified by the compensation committee of the board of directors (the “Certification Date”). The Tranche 1 and Tranche 2 market and performance based RSUs will vest on the Certification Date subject to continued employment through such date. The Tranche 3 market and performance based RSUs will vest in two equal installments, on the related Certification Date and December 31, 2020, subject to continued employment through such vesting dates. The market and performance based LTIP RSUs are not participating securities for EPS purposes. All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules. • Retention Awards: On June 23, 2017, we issued 307,327 RSUs in the form of retention awards (the “Retention Awards”) each of which is a time-vesting award with service periods ranging from three to five years. The Retention Awards are participating securities for EPS purposes. • Supplemental Bonus Plan: In October 2016, we established a supplemental bonus plan for certain key executives and employees (the “Supplemental Bonus Plan”). Pursuant to the Supplemental Bonus plan, the awards became payable and the payment amount became determinable upon the completion of the IPO. The $59,776 of awards were converted into 2,988,120 time-vesting RSUs that will generally vest in three equal annual installments, commencing on the completion of the INVH IPO and on the first and second anniversaries thereafter. The Supplemental Bonus Plan awards are participating securities for EPS purposes. • IH6 Bonus Awards: In addition to the Class B Units granted by IH6 to certain individuals, these individuals were also granted bonus awards (the “IH6 Bonus Awards”) equal to $0.5 multiplied by the 9,650 IH6 Class B Units granted, entitling the recipients to receive bonus payments in connection with an IPO or exit event. Upon completion of the INVH IPO, the IH6 Bonus Awards became payable to the recipients and were converted into the right to receive shares of common stock. The $4,825 of awards were settled in the form of 241,250 RSUs that were fully vested upon issuance. The IH6 Bonus Awards are participating securities for EPS purposes. • Director Awards: INVH issued $1,398 of awards, or 69,875 RSUs, to directors who are not our employees or employees of BREP VII. These awards will fully vest on the date scheduled for INVH’s 2018 annual shareholders meeting, subject to the director’s continued service on the board of directors through such date. The Director Awards are participating securities for EPS purposes. The following tables summarize the status of non-vested RSUs and RSAs as of June 30, 2017 and changes during the period from January 31, 2017 through June 30, 2017 : RSUs RSAs Total Share-Based Awards Number Weighted Average Number Weighted Average Number Weighted Average Balance, January 1, 2017 — $ — — $ — — $ — Granted 4,467,409 20.53 62,529 15.50 4,529,938 20.46 Vested (1) (1,446,351 ) (20.00 ) (54,729 ) (15.71 ) (1,501,080 ) (19.85 ) Forfeited (83,909 ) (20.00 ) — — (83,909 ) (20.00 ) Balance, June 30, 2017 2,937,149 $ 20.80 7,800 $ 14.01 2,944,949 $ 20.79 (1) All vested RSAs and RSUs are included in basic EPS for the period during which they are outstanding. However, the vested RSUs will not settle with the individual awardees until August 7, 2017, and therefore are not included in legally outstanding shares of common stock as of June 30, 2017 . During the period from January 31, 2017 through June 30, 2017 , 54,729 RSAs and 1,446,351 RSUs with an estimated fair value of $29,845 fully vested. As of June 30, 2017 , 641,719 RSUs included performance and market based criteria. Grant-date fair value of the RSAs and RSUs is generally based on the closing price of our common stock on the grant date. However, for the awards granted in connection with the IPO, the grant-date fair value is the opening offering price per common share, and the grant-date fair values for RSUs with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models: June 30, 2017 Expected volatility (1) 25% Risk-free rate 1.40% Expected holding period (years) 0.52-2.52 (1) Expected volatility is estimated based on the leverage adjusted historical volatility of certain of our peer companies over a historical term commensurate with the remaining expected holding period. Summary of Total Share-Based Compensation Expense During the three months ended June 30, 2017 and 2016 , we recognized $8,216 and $4,106 respectively, of share-based compensation expense, comprised of the following: Share-Based Compensation Expense for the Three Months Ended June 30, 2017 2016 General and Administrative Property Management Expense General and Administrative Property Management Expense Class B Units $ — $ — $ 4,008 $ 98 RSUs 6,876 1,336 — — RSAs 4 — — — Total $ 6,880 $ 1,336 $ 4,008 $ 98 During the six months ended June 30, 2017 and 2016 , we recognized $52,460 and $8,312 respectively, of share-based compensation expense, comprised of the following: Share-Based Compensation Expense for the Six Months Ended June 30, 2017 2016 General and Administrative Property Management Expense General and Administrative Property Management Expense Unrecognized Expense at Class B Units $ 11,998 $ 3 $ 8,059 $ 253 $ — RSUs 35,339 5,356 — — 47,554 RSAs (186 ) (50 ) — — 19 Total $ 47,151 $ 5,309 $ 8,059 $ 253 $ 47,573 As of June 30, 2017 , there was $47,573 of unrecognized share-based compensation expense related to non-vested RSUs and RSAs which is expected to be recognized over a weighted average period of 1.76 years.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11—Fair Value Measurements The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements are the only financial instruments recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 7 for the details of the balance sheet classification and the fair values for the interest rate caps and swaps. The following table displays the carrying values and fair values of financial instruments as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Assets carried at historical cost on the consolidated balance sheets Investments in debt securities Level 2 $ 230,498 $ 234,413 $ 209,337 $ 209,390 Liabilities carried at historical cost on the consolidated balance sheets Mortgage loans (1) Level 2 $ 4,177,516 $ 4,195,249 $ 5,263,994 $ 5,265,180 Term loan facility (2) Level 3 1,500,000 1,501,248 — — Credit facilities (3) Level 3 — — 2,321,585 2,329,551 (1) The carrying values of the mortgage loans are shown net of discount and exclude $18,850 and $9,256 of deferred financing costs as of June 30, 2017 and December 31, 2016 , respectively. (2) The carrying value of the term loan facility excludes $13,471 of deferred financing costs as of June 30, 2017 . (3) The carrying values of the credit facilities exclude $6,044 of deferred financing costs as of December 31, 2016 . The fair values of our investments in debt securities and of our mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at the end of the period. The fair values of our credit facilities and Term Loan Facility, which are classified as Level 3 in the fair value hierarchy, are estimated using a discounted cash flow methodology based on market interest rate data and other market factors available at the end of the period. Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments. The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below: Three Months Ended June 30, Six Months Ended 2017 2016 2017 2016 Investments in single-family residential properties, net held for use (Level 3) Pre-impairment amount $ — $ 1,057 $ 496 $ 1,057 Total impairments — (229 ) (267 ) (229 ) Fair value $ — $ 828 $ 229 $ 828 Three Months Ended June 30, Six Months Ended 2017 2016 2017 2016 Investments in single-family residential properties, net held for sale (Level 3) Pre-impairment amount $ 885 $ 3,959 $ 8,127 $ 3,959 Total impairments (95 ) (290 ) (865 ) (290 ) Fair value $ 790 $ 3,669 $ 7,262 $ 3,669 For additional information related to our single-family residential properties during the three and six months ended June 30, 2017 and 2016 , refer to Note 3 .

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	Note 12—Earnings per Share We compute EPS only for the period our common stock was outstanding during 2017, referred to as the Post-IPO period. We have defined the Post-IPO period as February 1, 2017, the date our shares began trading on the New York Stock Exchange, through June 30, 2017 , or 91 and 150 days of activity, respectively, for the three months ended June 30, 2017 , and for the Post-IPO period. Basic EPS is computed by dividing the net loss available to common shareholders for the Post-IPO period by the weighted average number of shares outstanding during the Post-IPO period, adjusted for non-vested shares of RSUs and RSAs. Diluted EPS is similar to computing basic EPS, except that the denominator is increased to include the dilutive effects of non-vested RSUs and RSAs except when doing so would be anti-dilutive. All outstanding non-vested RSUs and RSAs that have nonforfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating securities according to dividends or dividend equivalent and participation rights in undistributed earnings in periods when we have net income. Certain of our non-vested RSUs and RSAs are considered participating securities as identified in Note 10 . Basic and diluted EPS are calculated as follows: (in thousands, except share and per share data) Three Months Ended June 30, 2017 February 1, 2017 Numerator: Net income (loss) available to common shareholders — basic and diluted $ 5,420 $ (20,092 ) Denominator: Weighted average common shares outstanding — basic 311,771,221 311,723,463 Weighted average common shares outstanding — diluted 312,271,578 311,723,463 Net income (loss) per common share — basic $ 0.02 $ (0.06 ) Net income (loss) per common share — diluted $ 0.02 $ (0.06 ) For the three months ended June 30, 2017 , 35,770 incremental shares attributed to non-vested RSUs and RSAs were excluded from the computation of diluted EPS because they would be anti-dilutive. F or the period from February 1, 2017 through June 30, 2017 , 445,595 incremental attributed to non-vested RSUs and RSAs were excluded from the computation of diluted EPS because we had a net loss for the period.

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax	Note 13—Income Tax We account for income taxes under the asset and liability method. For the TRSs, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of June 30, 2017 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. During the six months ended June 30, 2017 , we sold assets subject to Section 337(d) of the Code (see additional discussion in Note 2 ). These transactions resulted in $1,987 of current income tax expense which has been recorded in gain on sale of property, net of tax on the condensed consolidated statement of operations.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14—Commitments and Contingencies Insurance Policies Pursuant to the terms of our credit facility agreements and mortgage loan agreements (see Note 6 ), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. For the six months ended June 30, 2017 and 2016 , no material uninsured losses have been incurred with respect to the properties. Legal Matters We are subject to various legal proceedings and claims that arise in the ordinary course of our business. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 15—Subsequent Events In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after June 30, 2017 , for potential recognition or disclosure. Proposed Merger On August 9, 2017, we entered into a definitive agreement with Starwood Waypoint Homes (“SFR”) to form a combined company in a stock-for-stock merger of equals transaction. Under the terms of the agreement, each SFR share will be converted into 1.614 shares of our common stock based on a fixed exchange ratio. Upon the closing of the transaction, our stockholders will own approximately 59% of the combined company’s stock, while SFR’s stockholders will own approximately 41% of the combined company’s stock. The transaction is expected to close by year end and is subject to approval by SFR’s stockholders and other customary closing conditions. Dividend Declarations On August 3, 2017, the board of directors declared an $0.08 dividend per share to stockholders of record on August 15, 2017, which is payable on August 31, 2017. Extensions of Existing Mortgage Loans On July 12, 2017, we exercised our first one -year extension option on IH2 2015-3, extending the maturity from August 9, 2017 to August 9, 2018 . On August 3, 2017, we exercised our second one -year extension option on IH1 2014-2, extending the maturity from September 9, 2017 to September 9, 2018 . Residential Property Dispositions Between July 1, 2017 and August 7, 2017 , we disposed of 47 homes with a net carrying amount of $7,105 as of June 30, 2017 , for an aggregate net sales price of $8,716 . A portion of the proceeds were used to make various prepayments on our mortgage loans totaling $848 . At June 30, 2017 , 42 of these properties were classified as held for sale and presented in other assets, net and five were classified as investments in single-family residential properties on our condensed consolidated balance sheet.

Significant Accounting Polici23

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited combined and consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016. Subsequent to the date of the Pre-IPO Transactions, these condensed consolidated financial statements include the accounts of INVH and its wholly owned subsidiaries. Prior to the date of the Pre-IPO Transactions, these combined and consolidated financial statements include the combined accounts of the Operating Partnership and the Invitation Homes Partnerships and their wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017. We consolidate entities when we own, directly or indirectly, a majority interest in the entity or are otherwise able to control the entity. We consolidate variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation , if we are the primary beneficiary of the VIE as determined by our power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights.
Adoption of New Accounting Standards and Recent Accounting Pronouncements	Adoption of New Accounting Standards In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Early adoption is permitted only for transactions that occurred before the issuance date of the guidance and has not been previously reported in issued financial statements. Effective January 1, 2017, we adopted ASU 2017-01, and the adoption of this standard had no material impact on our condensed consolidated financial statements for any period presented. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Effective January 1, 2017, we adopted ASU 2016-09, and the adoption of this standard had no impact on our condensed consolidated financial statements for any period presented. Recent Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting , which clarifies the definition of modification with the objective of evaluating whether modification accounting should be applied when there are changes to the terms or conditions of a share-based payment award. The guidance will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. We are currently assessing the impact of the guidance on our condensed consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that period changes in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents are explained in the statement of cash flow. Thus, amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning and ending balances shown in the statement of cash flows. The guidance will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. We are currently assessing the impact of the guidance on our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which clarifies the classification of certain cash receipts and cash payments including debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, proceeds from the settlement of insurance claims, and beneficial interests in securitization transactions. The new standard will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. We are currently evaluating the impact of the guidance on our condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. Lessor accounting will remain similar to lessor accounting under current GAAP, while aligning with the FASB’s new revenue recognition guidance. The new standard will be effective for us for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. We are currently evaluating the impact of the guidance on our condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The new standard will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. We are currently evaluating the impact of the guidance on our condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , most industry-specific guidance and some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts . The standard’s core principle is that a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. The guidance will be effective for us for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. At that time, we may adopt the full retrospective approach or the modified retrospective approach. Early adoption is permitted only as of annual reporting periods, and interim periods therein, beginning after December 15, 2016. We are currently evaluating the method of adoption of this guidance and do not anticipate that the adoption of this guidance will have a material impact on our condensed consolidated financial statements as most of our revenue is from rental revenues, which this standard does not cover.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated 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 condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates.
Investments in Single-Family Residential Properties	Investments in Single-Family Residential Properties Upon acquisition, we evaluate our acquired single-family residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Upon adoption of ASU 2017-01, our purchases of homes are treated as acquisitions and are recorded at their purchase price which is allocated between land, building and improvements, and in-place lease intangibles (when a tenant is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, bidding service and title fees, payments made to cure tax, utility, homeowners’ association (“HOA”), and other mechanic’s and miscellaneous liens, as well as other closing costs. The fair values of acquired in-place lease intangibles, if any, are based on the costs to execute similar leases, including commissions and other related costs. The origination value of in-place lease intangibles also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease the property. The in-place lease intangibles are amortized over the life of the leases and are recorded in other assets, net on our condensed consolidated balance sheets. Prior to our adoption of ASU 2017-01 effective January 1, 2017, acquisition costs for transactions accounted for as business combinations were expensed in the period in which they were incurred and were reflected in other expenses in the accompanying condensed consolidated statements of operations.
Earnings per Share	Earnings per Share We use the two-class method to compute basic and diluted earnings (loss) per common share (“EPS”) because certain of our restricted stock units and restricted stock awards (see Share-Based Compensation Expense below) are participating securities as defined by GAAP. We compute basic EPS by dividing net income (loss) available to common shareholders for the period by the weighted-average number of common shares outstanding for the period, adjusted to exclude non-vested shares of RSUs and RSAs. Diluted EPS is similar to computing basic EPS, except that the denominator is increased to include the dilutive effects of non-vested RSUs and RSAs except when doing so would be anti-dilutive. Prior to the IPO, our business was conducted through the Invitation Homes Partnerships which did not have a common capital structure upon which to compute historical EPS. Accordingly, EPS has not been presented for historical periods prior to the IPO.
Derivatives	Derivatives We enter into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for interest rate risk management purposes. We do not enter into Hedging Derivatives for trading or other speculative purposes, and all of our Hedging Derivatives are carried at fair value on our condensed consolidated balance sheets. Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges. Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we have not elected to designate as hedges. Pursuant to the terms of certain of our mortgage loans, we are required to maintain interest rate caps. We have elected not to designate these interest cap agreements for hedge accounting (collectively, the “Non-Designated Hedges”). We enter into interest rate swap agreements to hedge the risk arising from changes in our interest payments on variable-rate debt due to changes in the one-month London Interbank Offered Rate (“LIBOR”). In connection with the Pre-IPO Transactions, as of January 31, 2017, we have elected to account for our interest rate swap agreements as effective cash flow hedges (collectively, the “Designated Hedges”). We assess the effectiveness of these interest rate swap cash flow hedging relationships on an ongoing basis. The effect of these interest rate cap agreements and interest rate swap agreements is to reduce the variability of interest payments due to changes in LIBOR. The fair value of Hedging Derivatives that are in an asset position are included in other assets, net and those in a liability position are included in other liabilities on our condensed consolidated balance sheets. For Non-Designated Hedges, the related changes in fair value are reflected within interest expense in the condensed consolidated statements of operations. For Designated Hedges, the effective portion of the related changes in fair value is reported as a component of other comprehensive income (loss) on our condensed consolidated balance sheets and reclassified into earnings as interest expense in our condensed consolidated statements of operations when the hedged transactions affect earnings; the ineffective portion of the changes in fair value is reflected directly within interest expense in the condensed consolidated statements of operations. See Note 7 for further discussion of derivative financial instruments.
Share-Based Compensation Expense	Share-Based Compensation Expense Prior to the IPO, we recognized share-based compensation expense for incentive compensation units granted by the Invitation Homes Partnerships (the “Class B Units”). In connection with and subsequent to the IPO, we issued restricted stock units (“RSUs”) that settle in shares of common stock and restricted shares of common stock (“RSAs”) for which share-based compensation expense is recognized. We recognized share-based compensation expense for the Class B Units based on the estimated fair value of the Class B Units and vesting conditions of the related incentive unit agreements. Since the Class B Units granted by IH1 were granted to employees of the Manager, a wholly owned subsidiary of IH1, the related share-based compensation expense was based on the grant-date fair value of the units and recognized in expense over the service period. Because units in IH2, IH3, IH4, IH5, and IH6 were granted to non-employees of those respective partnerships, fair value was remeasured for non-vested units at the end of each reporting period. The fair value of the Class B Units was determined based on a valuation model that took into account discounted cash flows and a market approach based on comparable companies and transactions. We recognize share-based compensation expense for the RSUs and RSAs based on their grant-date fair value, net of expected forfeitures, over the service period from the grant date to vest date for each tranche or when any applicable performance conditions are met in accordance with the related RSU and RSA agreements. The grant-date fair value of RSUs and RSAs is generally based on the closing price of our common stock on the grant date except for market based RSU grant‑date fair values which are based on Monte-Carlo option pricing models. Additional compensation expense is recognized if modifications to existing incentive compensation unit, RSU, or RSA agreements result in an increase in the post-modification fair value of the units that exceeds their pre-modification fair value. Share-based compensation expense is presented as a component of general and administrative expense and property management expense in our condensed consolidated statements of operations. See Note 10 for further discussion of share-based compensation expense.
Income Taxes	Income Taxes As a result of the Pre-IPO Transactions more fully described in Note 1 , the Invitation Homes Partnerships transferred all assets, liabilities, and operations to INVH through certain mergers and related transactions, including the IH2 Property Holdings Merger. IH2 Property Holdings Inc. had previously elected to qualify as a Real Estate Investment Trust “REIT” for United States federal income tax purposes commencing with its taxable year ended December 31, 2013. Effective upon consummation of the IH2 Property Holdings Merger, INVH became subject to such REIT election. We intend to continue to operate as a REIT, and our current and continuing qualification as a REIT depends on our ability to meet the various requirements imposed by the Internal Revenue Code of 1986, as amended (the “Code”), which are related to organizational structure, distribution levels, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If we qualify for taxation as a REIT, we will generally not be subject to United States federal corporate income tax on our taxable income that is currently distributed to shareholders. This treatment substantially eliminates the “double taxation” (at the corporate and stockholder levels) that generally results from an investment in a corporation. If we fail to qualify as a REIT in any taxable year, we will be subject to federal taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for subsequent taxable years. Even if we qualify as a REIT, we may be subject to United States federal income and excise taxes in various situations, such as on our undistributed income. We also will be required to pay a 100% tax on any net income on non-arm’s length transactions between us and a TRS, defined below, and on any net income from sales of assets that were held for sale to customers in the ordinary course. In addition, we could also be subject to the alternative minimum tax on items of tax preference. State and local tax laws may not conform to the United States federal income tax treatment, and we may be subject to state or local taxation in various state or local jurisdictions, including those in which we transact business. Any taxes imposed on us reduce our operating cash flow and net income. As part of the formation of INVH, each of the Invitation Homes Partnerships (other than IH2) transferred assets into INVH solely in exchange for shares of common stock. Certain of the assets contributed contained built-in gains. Prior to the Pre-IPO Transactions, the contributing partnerships had indirect C corporation partners to which a portion of the built-in gain would be allocated. As a result, if we dispose of any such assets during the five-year period following the date the REIT acquired such assets, we will be subject to the regulations under Section 337(d) of the Code. In general terms, such regulations subject the REIT to the maximum corporate level tax rate on the lesser of (i) such built-in gains and (ii) the gain recognized by the REIT upon a taxable disposition of the contributed assets. We may, however, choose not to sell such assets during such five-year period or to sell them in a non-taxable transaction. As such, the potential taxes associated with these built-in gains are not estimable. Certain of our operations or a portion thereof, are conducted through taxable REIT subsidiaries, each of which we refer to as a TRS. A TRS is a subsidiary C-corporation that has not elected REIT status and as such is subject to United States federal and state corporate income tax. We use TRS entities to facilitate our ability to perform non-real estate related activities and/or perform non-customary services for residents that cannot be offered directly by a REIT. For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets affect our GAAP net income or loss, generally through depreciation, impairment losses, or sales to third-party entities. Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. We file income tax returns in the United States federal jurisdiction as well as various state and local jurisdictions. Our filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires, with open tax years varying based upon the date of incorporation of the specific entity. The years open to examination range from 2013 to present.

Investments in Single-Family 24

Investments in Single-Family Residential Properties (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Properties Carrying Amount	The following table sets forth the net carrying amount associated with our properties by component: June 30, December 31, Land $ 2,716,934 $ 2,703,388 Single-family residential property 6,856,390 6,829,579 Capital improvements 228,419 229,890 Equipment 31,778 31,988 Total gross investments in the properties 9,833,521 9,794,845 Less: accumulated depreciation (917,961 ) (792,330 ) Investments in single-family residential properties, net $ 8,915,560 $ 9,002,515

Restricted Cash (Tables)

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash	As of June 30, 2017 and December 31, 2016 , the balances in our restricted cash accounts are as set forth in the table below. At December 31, 2016 , no amounts were funded to the completion, renovation, leasing commission, debt service, termination fee, and nonconforming property reserve accounts as the conditions specified in the credit facility agreements that require such funding did not exist, and none are required at June 30, 2017 as the credit facilities had been repaid in full. June 30, December 31, Resident security deposits $ 88,871 $ 86,239 Collections 12,281 42,767 Property taxes 32,449 52,256 Insurance premium and deductible — 4,432 Standing and capital expenditure reserves 1,754 24,409 Special reserves — 34 Eligibility reserves 398 9,274 Letters of credit 2,511 2,681 Total $ 138,264 $ 222,092

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	At June 30, 2017 and December 31, 2016 , the balances in other assets, net are as follows: June 30, December 31, Investments in debt securities, net $ 230,498 $ 209,337 Held for sale assets (1) 11,191 45,062 Prepaid expenses 25,418 21,883 Deferred leasing costs, net 7,327 7,710 Rent and other receivables, net 9,847 11,604 Deferred financing costs, net 8,689 — Interest rate swap hedges (see Note 7) 2,955 — Corporate fixed assets, net 6,001 6,247 Other 4,642 7,782 Total $ 306,568 $ 309,625 (1) As of June 30, 2017 and December 31, 2016 (unaudited), 74 and 391 properties, respectively, were classified as held for sale.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The following table sets forth a summary of the mortgage loan indebtedness as of June 30, 2017 and December 31, 2016 : Outstanding Principal Balance (3) Maturity Date Interest Rate (2) Range of Spreads June 30, (4) December 31, IH1 2013-1 N/A N/A 115-365 bps $ — $ 462,431 IH1 2014-1 N/A N/A 100-375 bps — 978,231 IH1 2014-2 (1)(5) September 9, 2018 3.13% 110-400 bps 704,523 710,664 IH1 2014-3 (1) December 9, 2017 3.56% 120-500 bps 147,634 766,753 IH2 2015-1, net (1)(6) March 9, 2018 3.60% 145-430 bps 529,497 531,318 IH2 2015-2 (1) June 9, 2018 3.18% 135-370 bps 628,988 630,283 IH2 2015-3 (1)(7) August 9, 2018 3.41% 130-475 bps 1,170,395 1,184,314 IH1 2017-1, net (8) June 9, 2027 4.17% N/A 996,479 — Total Securitizations 4,177,516 5,263,994 Less deferred financing costs, net (18,850 ) (9,256 ) Total $ 4,158,666 $ 5,254,738 (1) The initial maturity term of each of these mortgage loans is two years, individually subject to three , one - year extension options at the borrower’s discretion (provided that there is no continuing event of default under the loan agreement and the borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender). Our IH1 2014-3, IH2 2015-1, IH2 2015-2, and IH2 2015-3 mortgage loans have exercised the first extension options, and IH1 2014-2 has exercised the second option. The maturity dates above are reflective of all extensions that have been exercised. (2) For each of our first seven mortgage loans, interest rates are based on a weighted average spread to LIBOR; as of June 30, 2017 LIBOR was 1.23% . Our IH1 2017-1 mortgage loan bears interest at a fixed rate of 4.17% per annum equal to the market determined pass-through rate payable on the certificates, plus applicable servicing fees. (3) Outstanding Principal Balance is net of discounts and does not include capitalized deferred financing costs, net. (4) From July 1, 2017 to August 7, 2017 , we made prepayments of $848 on our mortgage loans related to the disposition of properties. (5) On August 3, 2017, we exercised our second one -year extension option on IH1 2014-2, extending the maturity from September 9, 2017 to September 9, 2018 (see Note 15 ). (6) Net of unamortized discount of $0 and $55 as of June 30, 2017 and December 31, 2016 , respectively. (7) On July 12, 2017, we exercised our first one -year extension option on IH2 2015-3, extending the maturity from August 9, 2017 to August 9, 2018 (see Note 15 ). (8) Net of unamortized discount of $3,521 as of June 30, 2017 . The following table lists the gross carrying values of the single-family residential properties, including held for sale properties, pledged as collateral for the loans as of June 30, 2017 and December 31, 2016 : Number of (1) June 30, December 31, IH1 2013-1 — $ — $ 533,005 IH1 2014-1 — — 1,124,069 IH1 2014-2 3,619 784,024 785,459 IH1 2014-3 3,915 844,870 850,056 IH2 2015-1 2,999 593,546 594,155 IH2 2015-2 3,507 744,001 744,070 IH2 2015-3 6,985 1,368,310 1,382,683 IH1 2017-1 7,204 1,241,282 — Total 28,229 $ 5,576,033 $ 6,013,497 (1) The loans are secured by first priority mortgages on portfolios of single-family residential properties owned by S1 Borrower, S2 Borrower, S3 Borrower, S4 Borrower, S5 Borrower, S6 Borrower, S7 Borrower, and S9 Borrower. The numbers of homes noted above are as of June 30, 2017 . As of December 31, 2016 , a total of 30,900 homes (unaudited) were secured by the above-mentioned mortgage loans.
Schedule of line of credit facility	The following table sets forth a summary of the outstanding principal amounts under such loans as of June 30, 2017 : Maturity Date Interest Rate (1) June 30, Term loan facility February 6, 2022 3.03% $ 1,500,000 Revolving facility February 6, 2021 N/A — Total 1,500,000 Less deferred financing costs, net (13,471 ) Total $ 1,486,529 (1) Interest rate for the Term Loan Facility is based on LIBOR plus an applicable margin of 1.80% ; as of June 30, 2017 , LIBOR was 1.23% . All of the then-existing credit facilities were paid in full on February 6, 2017 in connection with the closing of our IPO. The following table sets forth a summary of the outstanding principal amounts of these credit facilities as of June 30, 2017 and December 31, 2016 : Outstanding Principal Balance (1) Origination Range of Spreads June 30, December 31, IH1 2015 April 3, 2015 325 bps $ — $ 85,492 IH2 2015 September 29, 2015 275 bps — 43,859 IH3 2013 December 19, 2013 300-425 bps — 932,583 IH4 2014 May 5, 2014 300-425 bps — 529,866 IH5 2014 December 5, 2014 275-400 bps — 564,348 IH6 2016 April 13, 2016 250-375 bps — 165,437 Total — 2,321,585 Less deferred financing costs, net — (6,044 ) Total $ — $ 2,315,541 (1) Outstanding Principal Balance does not include capitalized deferred financing costs, net.
Schedule of maturities of long-term debt	Future maturities of these mortgage loans as of June 30, 2017 are set forth in the table below: Year Principal (1) 2017 $ 147,634 2018 3,033,403 2019 and thereafter 1,000,000 Total payments 4,181,037 Less discounts (3,521 ) Total mortgage loans, net $ 4,177,516 (1) Each of the mortgage loans, except IH1 2017-1, are subject to three one -year extension options at the borrower's discretion (upon approval from the lender), of which the IH1 2014-3, IH2 2015-1, IH2 2015-2, and IH2 2015-3 mortgage loans have exercised the first extension options, and IH1 2014-2 has exercised the second option. Future maturities of the New Credit Facility as of June 30, 2017 are set forth in the table below: Year Principal 2022 $ 1,500,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of interest rate swap instruments	The table below summarizes our interest rate swap instruments as of June 30, 2017 : Agreement Date Forward Maturity Date Strike Rate Index Notional Amount December 21, 2016 February 28, 2017 January 31, 2022 1.97% One-month LIBOR $ 750,000 December 21, 2016 February 28, 2017 January 31, 2022 1.97% One-month LIBOR 750,000 January 12, 2017 February 28, 2017 August 7, 2020 1.59% One-month LIBOR 1,100,000 January 13, 2017 February 28, 2017 June 9, 2020 1.63% One-month LIBOR 595,000 January 20, 2017 February 28, 2017 March 9, 2020 1.60% One-month LIBOR 325,000
Summary of derivative financial instruments, fair value and location in condensed consolidated balance sheets	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 : Asset Derivatives Liability Derivatives Fair Value at: Fair Value at: Balance June 30, December 31, Balance June 30, December 31, Derivatives designated as Interest rate swaps Other $ 2,955 $ — Other $ 9,872 $ — Derivatives not designated as Interest rate swaps Other — — Other — 8,683 Interest rate caps Other — 29 Other — — Total $ 2,955 $ 29 $ 9,872 $ 8,683
Summary of effect of derivative financial instruments on condensed consolidated statements of operations - derivative instruments not-designated as hedging instruments	The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended June 30, 2017 and 2016 : Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Location of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing) For the Three For the Three For the Three 2017 2016 2017 2016 2017 2016 Derivatives in cash flow hedging relationships: Interest rate swaps $ (14,759 ) $ — Interest $ (6,059 ) $ — Interest $ 37 $ — Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative For the Three Months Ended 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaps Interest $ — $ — Interest rate caps Interest (50 ) — Total $ (50 ) $ — The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations for the six months ended June 30, 2017 and 2016 : Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion) Location of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing) For the Six For the Six For the Six 2017 2016 2017 2016 2017 2016 Derivatives in cash flow hedging relationships: Interest rate swaps $ (4,198 ) $ — Interest $ (8,770 ) $ — Interest $ 38 $ — Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative For the Six Months Ended 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaps Interest $ (3,674 ) $ — Interest rate caps Interest (128 ) — Total $ (3,802 ) $ —

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation, performance shares award outstanding activity	The following table summarizes the activity related to the Class B Units for the period from December 31, 2016 through January 31, 2017, the date at which they were all canceled or converted: Class B Units Employee Non-employee Total Class B Units Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Balance, December 31, 2016 9,915 $ 4.2 39,638 $ 2.5 49,553 $ 2.9 Granted 85 14.0 9,753 — 9,838 0.1 Converted to RSAs (245 ) (3.4 ) (485 ) (0.8 ) (730 ) (1.7 ) Canceled (555 ) (8.2 ) (17,114 ) (0.4 ) (17,669 ) (0.6 ) Converted to Units of affiliated entities (9,200 ) (4.0 ) (31,792 ) (2.9 ) (40,992 ) (3.2 ) Balance, January 31, 2017 — $ — — $ — — $ —
Schedule of share-based compensation, restricted stock and restricted stock units	The following tables summarize the status of non-vested RSUs and RSAs as of June 30, 2017 and changes during the period from January 31, 2017 through June 30, 2017 : RSUs RSAs Total Share-Based Awards Number Weighted Average Number Weighted Average Number Weighted Average Balance, January 1, 2017 — $ — — $ — — $ — Granted 4,467,409 20.53 62,529 15.50 4,529,938 20.46 Vested (1) (1,446,351 ) (20.00 ) (54,729 ) (15.71 ) (1,501,080 ) (19.85 ) Forfeited (83,909 ) (20.00 ) — — (83,909 ) (20.00 ) Balance, June 30, 2017 2,937,149 $ 20.80 7,800 $ 14.01 2,944,949 $ 20.79 (1) All vested RSAs and RSUs are included in basic EPS for the period during which they are outstanding. However, the vested RSUs will not settle with the individual awardees until August 7, 2017, and therefore are not included in legally outstanding shares of common stock as of June 30, 2017 .
Schedule of share-based payment awards, stock options, valuation assumption	The following table summarizes the significant inputs utilized in these models: June 30, 2017 Expected volatility (1) 25% Risk-free rate 1.40% Expected holding period (years) 0.52-2.52 (1) Expected volatility is estimated based on the leverage adjusted historical volatility of certain of our peer companies over a historical term commensurate with the remaining expected holding period.
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan	During the three months ended June 30, 2017 and 2016 , we recognized $8,216 and $4,106 respectively, of share-based compensation expense, comprised of the following: Share-Based Compensation Expense for the Three Months Ended June 30, 2017 2016 General and Administrative Property Management Expense General and Administrative Property Management Expense Class B Units $ — $ — $ 4,008 $ 98 RSUs 6,876 1,336 — — RSAs 4 — — — Total $ 6,880 $ 1,336 $ 4,008 $ 98 During the six months ended June 30, 2017 and 2016 , we recognized $52,460 and $8,312 respectively, of share-based compensation expense, comprised of the following: Share-Based Compensation Expense for the Six Months Ended June 30, 2017 2016 General and Administrative Property Management Expense General and Administrative Property Management Expense Unrecognized Expense at Class B Units $ 11,998 $ 3 $ 8,059 $ 253 $ — RSUs 35,339 5,356 — — 47,554 RSAs (186 ) (50 ) — — 19 Total $ 47,151 $ 5,309 $ 8,059 $ 253 $ 47,573

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of carrying values and fair values of financial instruments	The following table displays the carrying values and fair values of financial instruments as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Carrying Fair Carrying Fair Assets carried at historical cost on the consolidated balance sheets Investments in debt securities Level 2 $ 230,498 $ 234,413 $ 209,337 $ 209,390 Liabilities carried at historical cost on the consolidated balance sheets Mortgage loans (1) Level 2 $ 4,177,516 $ 4,195,249 $ 5,263,994 $ 5,265,180 Term loan facility (2) Level 3 1,500,000 1,501,248 — — Credit facilities (3) Level 3 — — 2,321,585 2,329,551 (1) The carrying values of the mortgage loans are shown net of discount and exclude $18,850 and $9,256 of deferred financing costs as of June 30, 2017 and December 31, 2016 , respectively. (2) The carrying value of the term loan facility excludes $13,471 of deferred financing costs as of June 30, 2017 . (3) The carrying values of the credit facilities exclude $6,044 of deferred financing costs as of December 31, 2016 .
Schedule of impaired assets, measured at fair value on a nonrecurring basis	The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below: Three Months Ended June 30, Six Months Ended 2017 2016 2017 2016 Investments in single-family residential properties, net held for use (Level 3) Pre-impairment amount $ — $ 1,057 $ 496 $ 1,057 Total impairments — (229 ) (267 ) (229 ) Fair value $ — $ 828 $ 229 $ 828 Three Months Ended June 30, Six Months Ended 2017 2016 2017 2016 Investments in single-family residential properties, net held for sale (Level 3) Pre-impairment amount $ 885 $ 3,959 $ 8,127 $ 3,959 Total impairments (95 ) (290 ) (865 ) (290 ) Fair value $ 790 $ 3,669 $ 7,262 $ 3,669

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share Calculation	Basic and diluted EPS are calculated as follows: (in thousands, except share and per share data) Three Months Ended June 30, 2017 February 1, 2017 Numerator: Net income (loss) available to common shareholders — basic and diluted $ 5,420 $ (20,092 ) Denominator: Weighted average common shares outstanding — basic 311,771,221 311,723,463 Weighted average common shares outstanding — diluted 312,271,578 311,723,463 Net income (loss) per common share — basic $ 0.02 $ (0.06 ) Net income (loss) per common share — diluted $ 0.02 $ (0.06 )

Organization and Formation (Det

Organization and Formation (Details) - $ / shares	Feb. 06, 2017	Jun. 30, 2017
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Sale of common stock (in shares)	310,376,634
Common stock, shares authorized (in shares)		9,000,000,000
Preferred shares, shares authorized (in shares)		900,000,000
Preferred shares, par value (in dollars per share)		$ 0.01
Common stock shares, par value (in dollars per share)		$ 0.01
IPO
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Sale of common stock (in shares)	88,550,000
Sale of common stock, price per share (in dollars per share)	$ 20
Pre-IPO Owner Issuances
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Sale of common stock (in shares)	221,826,634

Investments in Single-Family 33

Investments in Single-Family Residential Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 2,716,934	$ 2,703,388
Single-family residential property	6,856,390	6,829,579
Capital improvements	228,419	229,890
Equipment	31,778	31,988
Investments in single-family residential properties, gross	9,833,521	9,794,845
Less: accumulated depreciation	(917,961)	(792,330)
Investments in single-family residential properties, net	$ 8,915,560	$ 9,002,515

Investments in Single-Family 34

Investments in Single-Family Residential Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Capitalized acquisition costs, net	$ 121,831		$ 121,831		$ 122,009
Accumulated capitalized interest costs	61,970		61,970		62,169
Capitalized property taxes, net	25,907		25,907		26,050
Capitalized insurance, net	4,729		4,729		4,764
Capitalized HOA Fees, net	2,879		2,879		$ 2,890
Depreciation	66,699	$ 64,775	133,352	$ 129,184
Depreciation and amortization	67,515	66,079	135,092	131,781
Impairment and other	95	519	1,132	519
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 816	$ 1,304	$ 1,740	$ 2,597

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 138,264	$ 222,092
Resident security deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	88,871	86,239
Collections
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	12,281	42,767
Property taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	32,449	52,256
Insurance premium and deductible
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	4,432
Standing and capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	1,754	24,409
Special reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	34
Eligibility reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	398	9,274
Letters of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,511	$ 2,681

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments in debt securities, net	$ 230,498	$ 209,337
Held for sale assets	11,191	45,062
Prepaid expenses	25,418	21,883
Deferred leasing costs, net	7,327	7,710
Rent and other receivables, net	9,847	11,604
Deferred financing costs, net	8,689	0
Interest rate swap hedges	2,955	0
Corporate fixed assets, net	6,001	6,247
Other	4,642	7,782
Total Other Assets	$ 306,568	$ 309,625

Other Assets - Narrative (Detai

Other Assets - Narrative (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)property
Schedule of Investments [Line Items]
Number of real estate properties classified as held-for-sale | property	74		391
Investments in debt securities, net	$ 230,498,000		$ 209,337,000
Repayment proceeds from retained debt securities	30,916,000	$ 0
Other than temporary impairment recognized in other comprehensive income	0		0
Allowance for doubtful accounts receivable	1,359,000		1,183,000
Debt issuance costs, line of credit arrangements incurred	9,673,000
Residential Mortgage Backed Securities | Class G Certificates
Schedule of Investments [Line Items]
Investments in debt securities, net	193,045,000
Residential Mortgage Backed Securities | Class F Certificates
Schedule of Investments [Line Items]
Investments in debt securities, net			16,423,000
Marketable securities, unamortized discount	33,000		$ 131,000
Residential Mortgage Backed Securities | Class B Certificates
Schedule of Investments [Line Items]
Investments in debt securities, net	55,500,000
Marketable securities, unamortized discount	$ 3,521,000
Minimum
Schedule of Investments [Line Items]
Lessor leasing arrangements, operating leases, term of contract	12 months
Minimum | Residential Mortgage Backed Securities | Class F Certificates
Schedule of Investments [Line Items]
Marketable securities, expected maturity term	3 months
Minimum | Residential Mortgage Backed Securities | Class B Certificates
Schedule of Investments [Line Items]
Marketable securities, expected maturity term	10 years
Maximum | Residential Mortgage Backed Securities | Class G Certificates
Schedule of Investments [Line Items]
Marketable securities, expected maturity term	14 months

Debt - Narrative (Details)

Debt - Narrative (Details)	Jun. 30, 2017security
Debt Disclosure [Abstract]
Number of securitizations	8

Debt - Mortgage Loan Indebtedn

Debt - Mortgage Loan Indebtedness (Details) $ in Thousands

Aug. 03, 2017

Jul. 12, 2017

Jun. 09, 2017USD ($)

May 09, 2017USD ($)

Mar. 09, 2017USD ($)

Feb. 06, 2017USD ($)

Aug. 07, 2017USD ($)

Apr. 30, 2017USD ($)

Jun. 30, 2017USD ($)extension

Dec. 31, 2016USD ($)

Jan. 31, 2015USD ($)

Nov. 30, 2014USD ($)

Aug. 31, 2014USD ($)

Debt Instrument [Line Items]

Less deferred financing costs, net

$ (8,689)

$ 0

Secured Debt

Debt Instrument [Line Items]

Long-term debt

4,177,516

5,263,994

Less deferred financing costs, net

(18,850)

(9,256)

Long-term debt

4,158,666

5,254,738

Debt instrument, unamortized discount

3,521

IH1 2013-1 | Secured Debt

Debt Instrument [Line Items]

Long-term debt

0

462,431

IH1 2014-1 | Secured Debt

Debt Instrument [Line Items]

Long-term debt

$ 0

978,231

Repayments of long-term debt

$ 260,000

$ 291,500

IH1 2014-2 | Secured Debt

Debt Instrument [Line Items]

Interest rate

3.13%

Long-term debt

$ 704,523

710,664

Debt instrument, unamortized discount

$ 3,970

IH1 2014-3 | Secured Debt

Debt Instrument [Line Items]

Interest rate

3.56%

Long-term debt

$ 147,634

766,753

Repayments of long-term debt

$ 100,000

$ 510,000

Debt instrument, unamortized discount

$ 7,235

IH2 2015-1 | Secured Debt

Debt Instrument [Line Items]

Interest rate

3.60%

Long-term debt

$ 529,497

531,318

Debt instrument, unamortized discount

$ 0

55

$ 622

IH2 2015-2 | Secured Debt

Debt Instrument [Line Items]

Interest rate

3.18%

Long-term debt

$ 628,988

630,283

IH2 2015-3 | Secured Debt

Debt Instrument [Line Items]

Interest rate

3.41%

Long-term debt

$ 1,170,395

1,184,314

IH1 2017-1 | Secured Debt

Debt Instrument [Line Items]

Debt instrument, interest rate, stated percentage

4.17%

Long-term debt

$ 996,479

$ 0

Debt instrument, term

10 years

Debt instrument, unamortized discount

$ 3,580

$ 3,521

IH1 2014-2, IH2014-3, IH2015-1, IH2015-2, and IH2015-3 | Secured Debt

Debt Instrument [Line Items]

Debt instrument, term

2 years

Debt instrument, number of extensions | extension

3

Debt instrument, extended term

1 year

London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt instrument, variable rate

1.23%

London Interbank Offered Rate (LIBOR) | Minimum | IH1 2013-1 | Secured Debt

Debt Instrument [Line Items]

Basis spread

1.15%

London Interbank Offered Rate (LIBOR) | Minimum | IH1 2014-1 | Secured Debt

Debt Instrument [Line Items]

Basis spread

1.00%

London Interbank Offered Rate (LIBOR) | Minimum | IH1 2014-2 | Secured Debt

Debt Instrument [Line Items]

Basis spread

1.10%

London Interbank Offered Rate (LIBOR) | Minimum | IH1 2014-3 | Secured Debt

Debt Instrument [Line Items]

Basis spread

1.20%

London Interbank Offered Rate (LIBOR) | Minimum | IH2 2015-1 | Secured Debt

Debt Instrument [Line Items]

Basis spread

1.45%

London Interbank Offered Rate (LIBOR) | Minimum | IH2 2015-2 | Secured Debt

Debt Instrument [Line Items]

Basis spread

1.35%

London Interbank Offered Rate (LIBOR) | Minimum | IH2 2015-3 | Secured Debt

Debt Instrument [Line Items]

Basis spread

1.30%

London Interbank Offered Rate (LIBOR) | Maximum | IH1 2013-1 | Secured Debt

Debt Instrument [Line Items]

Basis spread

3.65%

London Interbank Offered Rate (LIBOR) | Maximum | IH1 2014-1 | Secured Debt

Debt Instrument [Line Items]

Basis spread

3.75%

London Interbank Offered Rate (LIBOR) | Maximum | IH1 2014-2 | Secured Debt

Debt Instrument [Line Items]

Basis spread

4.00%

London Interbank Offered Rate (LIBOR) | Maximum | IH1 2014-3 | Secured Debt

Debt Instrument [Line Items]

Basis spread

5.00%

London Interbank Offered Rate (LIBOR) | Maximum | IH2 2015-1 | Secured Debt

Debt Instrument [Line Items]

Basis spread

4.30%

London Interbank Offered Rate (LIBOR) | Maximum | IH2 2015-2 | Secured Debt

Debt Instrument [Line Items]

Basis spread

3.70%

London Interbank Offered Rate (LIBOR) | Maximum | IH2 2015-3 | Secured Debt

Debt Instrument [Line Items]

Basis spread

4.75%

Subsequent Event

Debt Instrument [Line Items]

Repayments of long-term debt

$ 848

Subsequent Event | Secured Debt

Debt Instrument [Line Items]

Repayments of long-term debt

$ 848

Subsequent Event | IH1 2014-2 | Secured Debt

Debt Instrument [Line Items]

Debt instrument, extended term exercised

1 year

Subsequent Event | IH2 2015-3 | Secured Debt

Debt Instrument [Line Items]

Debt instrument, extended term exercised

1 year

Debt - Securitization Transact

Debt - Securitization Transactions (Details)

Jun. 09, 2017USD ($)

May 09, 2017USD ($)

Mar. 09, 2017USD ($)

Feb. 06, 2017USD ($)

Apr. 30, 2017USD ($)propertyloan

Jun. 30, 2017USD ($)

Jun. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Jun. 30, 2015USD ($)loan

Apr. 30, 2015USD ($)loan

Jan. 31, 2015USD ($)loan

Nov. 30, 2014USD ($)loan

Aug. 31, 2014USD ($)loan

May 30, 2014USD ($)loan

Nov. 30, 2013USD ($)loan

Debt Instrument [Line Items]

Repayments of secured debt

$ 2,083,012,000

$ 30,738,000

Secured Debt

Debt Instrument [Line Items]

Debt instrument, unamortized discount

3,521,000

Repayments of secured debt

2,083,012,000

$ 30,738,000

Secured Debt | IH1 2013-1

Debt Instrument [Line Items]

Debt instrument, number of loans | loan

6

Debt instrument, face amount

$ 479,137,000

Debt instrument, number of loans sold at par | loan

6

Secured Debt | IH1 2014-1

Debt Instrument [Line Items]

Debt instrument, number of loans | loan

6

Debt instrument, face amount

$ 993,738,000

Debt instrument, number of loans sold at par | loan

6

Repayments of long-term debt

$ 260,000,000

$ 291,500,000

Secured Debt | IH1 2014-2

Debt Instrument [Line Items]

Debt instrument, face amount

$ 719,935,000

Debt instrument, number of loans sold at par | loan

7

Debt instrument, number of loans bearing variable interest rate | loan

6

Debt instrument, number of loans bearing fixed interest rate | loan

1

Debt instrument, unamortized discount

$ 3,970,000

Secured Debt | IH1 2014-3

Debt Instrument [Line Items]

Debt instrument, face amount

$ 769,322,000

Debt instrument, number of loans sold at par | loan

7

Repayments of long-term debt

$ 100,000,000

$ 510,000,000

Debt instrument, number of loans bearing variable interest rate | loan

6

Debt instrument, number of loans bearing fixed interest rate | loan

1

Debt instrument, unamortized discount

$ 7,235,000

Secured Debt | IH2 2015-1

Debt Instrument [Line Items]

Debt instrument, number of loans | loan

7

Debt instrument, face amount

$ 540,854,000

Debt instrument, number of loans sold at par | loan

6

Debt instrument, unamortized discount

0

$ 55,000

$ 622,000

Secured Debt | IH2 2015-2

Debt Instrument [Line Items]

Debt instrument, number of loans | loan

7

Debt instrument, face amount

$ 636,686,000

Secured Debt | IH2 2015-3

Debt Instrument [Line Items]

Debt instrument, number of loans | loan

7

Debt instrument, face amount

$ 1,193,950,000

Secured Debt | IH1 2017-1

Debt Instrument [Line Items]

Debt instrument, number of loans | loan

2

Debt instrument, face amount

$ 1,000,000,000

Debt instrument, unamortized discount

$ 3,580,000

$ 3,521,000

Debt instrument, term

10 years

Number of real estate properties collateralized | property

7,204

Debt instrument, interest rate, stated percentage

4.17%

Secured Debt | Class G Certificates

Debt Instrument [Line Items]

Debt instrument, loan principal as a percentage of mortgage pool

5.00%

Debt instrument, interest rate, stated percentage

0.0005%

Secured Debt | Class A Certificates | IH1 2017-1

Debt Instrument [Line Items]

Debt instrument, loan principal as a percentage of mortgage pool

5.00%

Debt - Prepayments (Details)

Debt - Prepayments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Repayments of secured debt	$ 2,083,012	$ 30,738
Secured Debt
Debt Instrument [Line Items]
Repayments of secured debt	$ 2,083,012	$ 30,738

Debt - Collateral (Details)

Debt - Collateral (Details) $ in Thousands	Jun. 30, 2017USD ($)property	Dec. 31, 2016USD ($)property
Debt Instrument [Line Items]
Real estate investment property, net	$ 8,915,560	$ 9,002,515
Residential Real Estate
Debt Instrument [Line Items]
Number of real estate properties | property	28,229	30,900
Real estate investment property, net	$ 5,576,033	$ 6,013,497
Residential Real Estate | IH1 2013-1
Debt Instrument [Line Items]
Number of real estate properties | property	0
Real estate investment property, net	$ 0	533,005
Residential Real Estate | IH1 2014-1
Debt Instrument [Line Items]
Number of real estate properties | property	0
Real estate investment property, net	$ 0	1,124,069
Residential Real Estate | IH1 2014-2
Debt Instrument [Line Items]
Number of real estate properties | property	3,619
Real estate investment property, net	$ 784,024	785,459
Residential Real Estate | IH1 2014-3
Debt Instrument [Line Items]
Number of real estate properties | property	3,915
Real estate investment property, net	$ 844,870	850,056
Residential Real Estate | IH2 2015-1
Debt Instrument [Line Items]
Number of real estate properties | property	2,999
Real estate investment property, net	$ 593,546	594,155
Residential Real Estate | IH2 2015-2
Debt Instrument [Line Items]
Number of real estate properties | property	3,507
Real estate investment property, net	$ 744,001	744,070
Residential Real Estate | IH2 2015-3
Debt Instrument [Line Items]
Number of real estate properties | property	6,985
Real estate investment property, net	$ 1,368,310	1,382,683
Residential Real Estate | IH1 2017-1
Debt Instrument [Line Items]
Number of real estate properties | property	7,204
Real estate investment property, net	$ 1,241,282	$ 0

Debt - Mortgage Loans Maturity

Debt - Mortgage Loans Maturity Schedule (Details) - Secured Debt - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Maturities of Long-term Debt [Abstract]
2,017	$ 147,634
2,018	3,033,403
2019 and thereafter	1,000,000
Total payments	4,181,037
Less discounts	(3,521)
Total mortgage loans, net	$ 4,177,516	$ 5,263,994

Debt - New Credit Facility (De

Debt - New Credit Facility (Details)	Feb. 06, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 2,500,000,000
Line of credit facility, additional borrowing capacity	1,500,000,000
Deferred financing costs, net		$ (8,689,000)	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 1,000,000,000
Line of Credit
Line of Credit Facility [Line Items]
Long-term debt		$ 1,486,529,000
Ratio of indebtedness to net capital		8
Long-term debt maturities, repayments of principal		$ 1,500,000,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, number of maturity date extensions	1 year
Long-term line of credit		0
Line of Credit | Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 1,500,000,000
Long-term line of credit		$ 1,500,000,000
Line of credit facility, interest rate at period end		3.03%
Unsecured Debt
Line of Credit Facility [Line Items]
Deferred financing costs, net		$ (13,471,000)
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument, variable rate		1.23%
London Interbank Offered Rate (LIBOR) | Line of Credit
Line of Credit Facility [Line Items]
Basis spread		1.00%
London Interbank Offered Rate (LIBOR) | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		1.80%
Federal Funds Effective Swap Rate | Line of Credit
Line of Credit Facility [Line Items]
Basis spread		0.50%
Minimum | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.35%
Line of credit facility, facility fee percentage		0.125%
Minimum | London Interbank Offered Rate (LIBOR) | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		1.75%
Minimum | London Interbank Offered Rate (LIBOR) | Line of Credit | Unsecured Debt
Line of Credit Facility [Line Items]
Basis spread		1.70%
Minimum | Base Rate | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		0.75%
Minimum | Base Rate | Line of Credit | Unsecured Debt
Line of Credit Facility [Line Items]
Basis spread		0.70%
Maximum | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.20%
Line of credit facility, facility fee percentage		0.30%
Maximum | London Interbank Offered Rate (LIBOR) | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		2.30%
Maximum | London Interbank Offered Rate (LIBOR) | Line of Credit | Unsecured Debt
Line of Credit Facility [Line Items]
Basis spread		2.30%
Maximum | Base Rate | Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		1.30%
Maximum | Base Rate | Line of Credit | Unsecured Debt
Line of Credit Facility [Line Items]
Basis spread		1.30%

Debt - Credit Facilities (Deta

Debt - Credit Facilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Less deferred financing costs, net	$ (8,689)	$ 0
Loans Payable
Line of Credit Facility [Line Items]
Long-term line of credit	0	2,321,585
Less deferred financing costs, net	0	(6,044)
Long-term debt	0	2,315,541
IH1 2015 | Loans Payable
Line of Credit Facility [Line Items]
Long-term line of credit	0	85,492
IH2 2015 | Loans Payable
Line of Credit Facility [Line Items]
Long-term line of credit	0	43,859
IH3 2013 | Loans Payable
Line of Credit Facility [Line Items]
Long-term line of credit	0	932,583
IH4 2014 | Loans Payable
Line of Credit Facility [Line Items]
Long-term line of credit	0	529,866
IH5 2014 | Loans Payable
Line of Credit Facility [Line Items]
Long-term line of credit	0	564,348
IH6 2016 | Loans Payable
Line of Credit Facility [Line Items]
Long-term line of credit	$ 0	$ 165,437
London Interbank Offered Rate (LIBOR) | IH1 2015 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	3.25%
London Interbank Offered Rate (LIBOR) | IH2 2015 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	2.75%
London Interbank Offered Rate (LIBOR) | Minimum | IH3 2013 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	3.00%
London Interbank Offered Rate (LIBOR) | Minimum | IH4 2014 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	3.00%
London Interbank Offered Rate (LIBOR) | Minimum | IH5 2014 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	2.75%
London Interbank Offered Rate (LIBOR) | Minimum | IH6 2016 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	2.50%
London Interbank Offered Rate (LIBOR) | Maximum | IH3 2013 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	4.25%
London Interbank Offered Rate (LIBOR) | Maximum | IH4 2014 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	4.25%
London Interbank Offered Rate (LIBOR) | Maximum | IH5 2014 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	4.00%
London Interbank Offered Rate (LIBOR) | Maximum | IH6 2016 | Loans Payable
Line of Credit Facility [Line Items]
Basis spread	3.75%

Derivative Instruments - Inter

Derivative Instruments - Interest Rate Swap Instruments (Details)	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016agreement
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing)	$ 38,000
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 11,452,000
Number of interest rate derivatives held | agreement		0
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 1
Derivative [Line Items]
Strike Rate	1.97%
Notional Amount	$ 750,000,000
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 2
Derivative [Line Items]
Strike Rate	1.97%
Notional Amount	$ 750,000,000
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 3
Derivative [Line Items]
Strike Rate	1.59%
Notional Amount	$ 1,100,000,000
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 4
Derivative [Line Items]
Strike Rate	1.63%
Notional Amount	$ 595,000,000
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 5
Derivative [Line Items]
Strike Rate	1.60%
Notional Amount	$ 325,000,000
Interest Rate Swap
Derivative [Line Items]
Derivative, net liability position, fair value	$ 10,445,000

Derivative Instruments - Non-D

Derivative Instruments - Non-Designated Hedges (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Derivative [Line Items]
Gain (loss) on fair value of derivative instruments	$ (50)	$ 0	$ (3,802)	$ 0
Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Cap interest rate	3.09%		3.09%
Interest Rate Cap
Derivative [Line Items]
Gain (loss) on fair value of derivative instruments	$ (50)	0	$ (128)	0
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Debt service coverage ratio	1.2		1.2
Interest Rate Cap | Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Cap interest rate	2.52%		2.52%
Interest Rate Swap
Derivative [Line Items]
Gain (loss) on fair value of derivative instruments	$ 0	$ 0	$ (3,674)	$ 0

Derivative Instruments - Fair

Derivative Instruments - Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	$ 2,955	$ 29
Derivative liability, fair value, gross liability	9,872	8,683
Interest Rate Swap | Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	2,955	0
Interest Rate Swap | Designated as Hedging Instrument | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	9,872	0
Interest Rate Swap | Not Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	0
Interest Rate Swap | Not Designated as Hedging Instrument | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	0	8,683
Interest Rate Cap | Not Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	29
Interest Rate Cap | Not Designated as Hedging Instrument | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	$ 0	$ 0

Derivative Instruments - Effec

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing)			$ 38
Gain (loss) on fair value of derivative instruments	$ (50)	$ 0	(3,802)	$ 0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on fair value of derivative instruments	0	0	(3,674)	0
Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on fair value of derivative instruments	(50)	0	(128)	0
Cash Flow Hedging | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	(14,759)	0	(4,198)	0
Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (Effective Portion)	(6,059)	0	(8,770)	0
Amount of Gain (Loss) Recognized in Net Loss on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing)	$ 37	$ 0	$ 38	$ 0

Equity (Details)

Equity (Details) - USD ($)	Aug. 31, 2017	Aug. 03, 2017	May 31, 2017	Feb. 06, 2017	Jan. 31, 2017	Jan. 05, 2017	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Issuance of common stock (in shares)				310,376,634
Proceeds from initial offering									$ 1,692,058,000	$ 1,692,058,000	$ 0
Offering costs paid									$ 5,726,000	$ 2,757,000	0
Common stock, dividends, per share, declared (in dollars per share)								$ 0.06	$ 0.06
Common stock, shares outstanding (in shares)								310,376,634	310,376,634	310,376,634
Preferred shares, shares outstanding (in shares)								0	0	0
Common stock, shares issued (in shares)												1,000
Preferred stock, shares issued (in shares)												113
Preferred stock, dividend rate, percentage												12.00%
Contributions by investors					$ 1,153,000					$ 1,153,000	0
Dividends, preferred stock, cash paid											0	$ 0
Common stock, dividends per share (in dollars per share)			$ 0.06
Preferred stock, amount of preferred dividends in arrears												0
Payments of dividends										18,816,000	0
Proceeds from contributed capital										$ 0	$ 138,002,000
Profit interests, cancellations							$ 19,686,000
Profit interests, distributions							19,686,000
Class B Units
Class of Stock [Line Items]
Profit interests, notes receivable distributed							$ 11,023,000
Profit interests, notes receivable issued												20,228,000
Profit interests, notes receivable accrued interest												$ 1,527,000
Profit interests, cancellations						$ 7,723,000
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Shares granted (in shares)									3,290,126	4,467,409
IH2
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)												1,000
Preferred shares, shares outstanding (in shares)												113
IH1 | Class B Units
Class of Stock [Line Items]
Profit interests, distributions						$ 11,963,000
Minimum | Class B Units
Class of Stock [Line Items]
Profit interests, notes receivable applicable interest rate												1.57%
Maximum | Class B Units
Class of Stock [Line Items]
Profit interests, notes receivable applicable interest rate												1.97%
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.08
Scenario, forecast
Class of Stock [Line Items]
Common stock, dividends per share (in dollars per share)	$ 0.08

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Related Party Transactions [Abstract]
Repayments of amounts due to related party	$ 1,959

Share-Based Compensation (Detai

Share-Based Compensation (Details) $ in Thousands	Jan. 31, 2017employeeshares	Jan. 31, 2017shares	Jun. 30, 2017USD ($)shares	Dec. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, number of employees that elected not to convert shares | employee	1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)	62,529
Share-based compensation arrangement, vested, number (in shares)			54,729
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)			7,800	0
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)		9,838
Share-based compensation arrangement, accelerated vesting, number of shares (in shares)		7,520
Share-based compensation arrangement, accelerated compensation cost | $			$ 11,601
Share-based compensation arrangement, vested and excluded from conversion or cancellation (in shares)	3,878
Share-based compensation arrangement, forfeited (in shares)	17,669	17,669
Share-based compensation arrangement, vested, number (in shares)	40,992	40,992
Share-based compensation arrangement, outstanding, number (in shares)	0	0		49,553
IH6 | Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)		9,650
IH1, IH2, IH3 | Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)		188
IH6 Bonus Awards | Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)		9,650
Share-based compensation arrangement by share-based payment award, non-option equity instrument, conversion multiplier	0.5	0.5

Share-Based Compensation - Sum

Share-Based Compensation - Summary of Class B Unit Activity (Details) - $ / shares	Jan. 31, 2017	Jan. 31, 2017
Class B Units
Class B Units Activity
Balance, December 31, 2016 (in shares)		49,553
Granted (in shares)		9,838
Units converted (in shares)	(730)	(730)
Forfeited (in shares)	(17,669)	(17,669)
Balance, January 31, 2017 (in shares)	0	0
Class B Units Weighted Average Grant Date Fair Value
Balance, December 31, 2016 (in dollars per share)		$ 2.9
Granted (in dollars per share)		0.1
Units converted (in dollars per share)		(1.7)
Canceled (in dollars per share)		(0.6)
Balance, January 31, 2017 (in dollars per share)	$ 0	$ 0
Class B Units | Employee
Class B Units Activity
Balance, December 31, 2016 (in shares)		9,915
Granted (in shares)		85
Units converted (in shares)		(245)
Forfeited (in shares)		(555)
Balance, January 31, 2017 (in shares)	0	0
Class B Units Weighted Average Grant Date Fair Value
Balance, December 31, 2016 (in dollars per share)		$ 4.2
Granted (in dollars per share)		14
Units converted (in dollars per share)		(3.4)
Canceled (in dollars per share)		(8.2)
Balance, January 31, 2017 (in dollars per share)	$ 0	$ 0
Class B Units | Non-employee
Class B Units Activity
Balance, December 31, 2016 (in shares)		39,638
Granted (in shares)		9,753
Units converted (in shares)		(485)
Forfeited (in shares)		(17,114)
Balance, January 31, 2017 (in shares)	0	0
Class B Units Weighted Average Grant Date Fair Value
Balance, December 31, 2016 (in dollars per share)		$ 2.5
Granted (in dollars per share)		0
Units converted (in dollars per share)		(0.8)
Canceled (in dollars per share)		(0.4)
Balance, January 31, 2017 (in dollars per share)	$ 0	$ 0
Restricted Stock
Class B Units Activity
Granted (in shares)	62,529
Affiliated Entity | Class B Units
Class B Units Activity
Units converted (in shares)		(40,992)
Class B Units Weighted Average Grant Date Fair Value
Units converted (in dollars per share)		$ (3.2)
Affiliated Entity | Class B Units | Employee
Class B Units Activity
Units converted (in shares)		(9,200)
Class B Units Weighted Average Grant Date Fair Value
Units converted (in dollars per share)		$ (4)
Affiliated Entity | Class B Units | Non-employee
Class B Units Activity
Units converted (in shares)		(31,792)
Class B Units Weighted Average Grant Date Fair Value
Units converted (in dollars per share)		$ (2.9)

Share-Based Compensation - S54

Share-Based Compensation - Summary of RSAs and RSUs (Details) - USD ($)	Jun. 23, 2017	Feb. 01, 2017	Jan. 31, 2017	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2017
Fair Value Assumptions
Expected volatility						25.00%
Risk-free rate						1.40%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)			62,529
Share-based compensation arrangement, vested, number (in shares)					54,729	54,729
Share-based compensation expense						$ (246,000)
Restricted Stock and Restricted Stock Units Outstanding
Balance, January 1, 2017 (in shares)				0		0
Granted (in shares)						62,529
Vested (in shares)					(54,729)	(54,729)
Forfeited (in shares)						0
Balance, June 30, 2017 (in shares)					7,800	7,800
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, January 1, 2017 (in dollars per share)				$ 0		$ 0
Granted (in dollars per share)						15.50
Vested (in dollars per share)						(15.71)
Forfeited (in dollars per share)						0
Balance, June 30, 2017 (in dollars per share)					$ 14.01	$ 14.01
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)				9,838
Share-based compensation arrangement, vested, number (in shares)			40,992	40,992
Restricted Stock Units (RSUs)
Restricted Stock and Restricted Stock Units Outstanding
Balance, January 1, 2017 (in shares)				0		0
Granted (in shares)					3,290,126	4,467,409
Vested (in shares)					(1,446,351)	(1,446,351)
Forfeited (in shares)						(83,909)
Balance, June 30, 2017 (in shares)					2,937,149	2,937,149
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, January 1, 2017 (in dollars per share)				$ 0		$ 0
Granted (in dollars per share)						20.53
Vested (in dollars per share)						(20)
Forfeited (in dollars per share)						(20)
Balance, June 30, 2017 (in dollars per share)					$ 20.80	$ 20.80
Restricted Stock Units (RSUs) - Performance-Based and Market-Based
Restricted Stock and Restricted Stock Units Outstanding
Balance, June 30, 2017 (in shares)					641,719	641,719
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instrument other than options, vested in period					$ 29,845,000
Restricted Stock and Restricted Stock Units Outstanding
Balance, January 1, 2017 (in shares)				0		0
Granted (in shares)						4,529,938
Vested (in shares)						(1,501,080)
Forfeited (in shares)						(83,909)
Balance, June 30, 2017 (in shares)					2,944,949	2,944,949
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, January 1, 2017 (in dollars per share)				$ 0		$ 0
Granted (in dollars per share)						20.46
Vested (in dollars per share)						(19.85)
Forfeited (in dollars per share)						(20)
Balance, June 30, 2017 (in dollars per share)					$ 20.79	$ 20.79
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares)		16,000,000
Restricted Stock and Restricted Stock Units Outstanding
Balance, June 30, 2017 (in shares)					4,467,409	4,467,409
LTIP Agreement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, service-based component of award	25.00%
Share-based compensation arrangement, market-based component	25.00%
Share-based compensation arrangement, performance-based component of award	50.00%
Restricted Stock and Restricted Stock Units Outstanding
Granted (in shares)	860,837
Retention Award Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)	307,327
Supplemental Bonus Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)		2,988,120
Share-based compensation arrangement, aggregate fair value granted during period					$ 59,776,000
IH6 Bonus Awards | Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)				9,650
IH6 Bonus Awards | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, vested, number (in shares)		241,250
Share-based compensation arrangement, aggregate fair value granted during period					4,825,000
Tranche one | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage		33.00%
Tranche one | LTIP Agreement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	33.00%
Tranche one | LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based and Market-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period	1 year
Tranche two | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage		33.00%
Tranche two | LTIP Agreement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	33.00%
Tranche two | LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based and Market-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period	2 years
Tranche three | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage		33.00%
Tranche three | LTIP Agreement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	33.00%
Tranche three | LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based and Market-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period	3 years
Tranche two, anniversary one | LTIP Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	50.00%
Tranche two, anniversary two | LTIP Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	50.00%
Tranche three, anniversary one | LTIP Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	25.00%
Tranche three, anniversary one | LTIP Agreement | Restricted Stock Units (RSUs) - Market-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	50.00%
Tranche three, anniversary one | LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	50.00%
Tranche three, anniversary two | LTIP Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	25.00%
Tranche three, anniversary two | LTIP Agreement | Restricted Stock Units (RSUs) - Market-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	50.00%
Tranche three, anniversary two | LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	50.00%
Tranche three, anniversary three | LTIP Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	25.00%
Tranche three, anniversary four | LTIP Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights, percentage	25.00%
Director | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, non-option equity instrument, granted (in shares)						69,875
Share-based compensation arrangement, aggregate fair value granted during period					$ 1,398,000
Minimum
Fair Value Assumptions
Expected holding period (years)						6 months 7 days
Minimum | Retention Award Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, requisite service period	3 years
Maximum
Fair Value Assumptions
Expected holding period (years)						2 years 6 months 7 days
Maximum | Retention Award Agreement | Restricted Stock Units (RSUs) - Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual, requisite service period	5 years

Share-Based Compensation - S55

Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 8,216	$ 4,106	$ 52,460	$ 8,312
Employee service share-based compensation, compensation not yet recognized	47,573		47,573
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	6,880	4,008	47,151	8,059
Property Management Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	1,336	98	5,309	253
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Employee service share-based compensation, compensation not yet recognized	0		0
Class B Units | General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	0	4,008	11,998	8,059
Class B Units | Property Management Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	0	98	3	253
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Employee service share-based compensation, compensation not yet recognized	47,554		47,554
Restricted Stock Units (RSUs) | General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	6,876	0	35,339	0
Restricted Stock Units (RSUs) | Property Management Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	1,336	0	5,356	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Employee service share-based compensation, compensation not yet recognized	19		19
Restricted Stock | General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	4	0	(186)	0
Restricted Stock | Property Management Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	0	$ 0	(50)	$ 0
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Employee service share-based compensation, compensation not yet recognized	$ 47,573		$ 47,573
Share-based compensation arrangement, weighted average remaining contractual terms			1 year 9 months 2 days

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	$ 8,689	$ 0
Carrying Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	230,498	209,337
Fair Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	234,413	209,390
Mortgage loans
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	18,850	9,256
Mortgage loans | Carrying Value | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	4,177,516	5,263,994
Mortgage loans | Fair Value | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	4,195,249	5,265,180
Term loan facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	13,471
Term loan facility | Carrying Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	1,500,000	0
Term loan facility | Fair Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	1,501,248	0
Credit facilities
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	0	6,044
Credit facilities | Carrying Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	0	2,321,585
Credit facilities | Fair Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	$ 0	$ 2,329,551

Fair Value Measurements - Impai

Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Total impairments	$ (95)	$ (519)	$ (1,132)	$ (519)
Fair Value, Measurements, Nonrecurring | Level 3 | Rental Properties
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Pre-impairment amount	0	1,057	496	1,057
Total impairments	0	(229)	(267)	(229)
Fair value	0	828	229	828
Rental Properties | Fair Value, Measurements, Nonrecurring | Level 3
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Pre-impairment amount	885	3,959	8,127	3,959
Total impairments	(95)	(290)	(865)	(290)
Fair value	$ 790	$ 3,669	$ 7,262	$ 3,669

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	5 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Earnings per share, period used to compute earnings per share	91 days	150 days
Numerator:
Net income (loss) available to common shareholders, basic	$ 5,420	$ (20,092)
Net income (loss) available to common shareholders, diluted	$ 5,420	$ (20,092)
Denominator:
Weighted average common shares outstanding — basic (in shares)	311,771,221	311,723,463
Weighted average common shares outstanding — diluted (in shares)	312,271,578	311,723,463
Net income (loss) per common share — basic (in dollars per share)	$ 0.02	$ (0.06)
Net income (loss) per common share — diluted (in dollars per share)	$ 0.02	$ (0.06)
Restricted Stock and Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	35,770	445,595

Income Tax (Details)

Income Tax (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Income Tax Disclosure [Abstract]
Income tax expense recognized in gain (loss) on sale of property	$ 1,987

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Material uninsured losses	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Aug. 31, 2017$ / shares	Aug. 03, 2017$ / shares	Jul. 12, 2017	May 31, 2017$ / shares	Aug. 07, 2017USD ($)property	Jun. 30, 2017USD ($)property$ / shares	Jun. 30, 2017USD ($)property$ / shares	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)property
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share) | $ / shares						$ 0.06	$ 0.06
Common stock, dividends per share (in dollars per share) | $ / shares				$ 0.06
Real estate held-for-sale						$ 11,191	$ 11,191	$ 11,191		$ 45,062
Proceeds from sale of residential properties								$ 129,239	$ 83,940
Number of real estate properties classified as held-for-sale | property						74	74	74		391
Residential Property Dispositions, Not Discontinued Operations
Subsequent Event [Line Items]
Real estate held-for-sale						$ 7,105	$ 7,105	$ 7,105
Number of real estate properties classified as held-for-sale | property						42	42	42
Number of real estate properties held for investment | property						5	5	5
Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share) | $ / shares		$ 0.08
Repayments of long-term debt					$ 848
Subsequent Event | Residential Property Dispositions, Not Discontinued Operations
Subsequent Event [Line Items]
Number of real estate properties sold | property					47
Proceeds from sale of residential properties					$ 8,716
Secured Debt | Subsequent Event
Subsequent Event [Line Items]
Repayments of long-term debt					$ 848
IH2 2015-3 | Secured Debt | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, extended term exercised			1 year
IH1 2014-2 | Secured Debt | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, extended term exercised		1 year
Scenario, forecast
Subsequent Event [Line Items]
Common stock, dividends per share (in dollars per share) | $ / shares	$ 0.08