Invitation Homes (INVH) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 10, 2018
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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period focus	Q1
Amendment Flag	false
Entity Common Stock, Stock Outstanding (in shares)		520,411,307

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments in single-family residential properties:
Land	$ 4,637,540	$ 4,646,917
Building and improvements	13,759,959	13,740,981
Total gross investments in the properties	18,397,499	18,387,898
Less: accumulated depreciation	(1,197,520)	(1,075,634)
Investments in single-family residential properties, net	17,199,979	17,312,264
Cash and cash equivalents	134,893	179,878
Restricted cash	255,855	236,684
Goodwill	258,207	258,207
Other assets, net	847,511	696,605
Total assets	18,696,445	18,683,638
Liabilities:
Mortgage loans, net	7,614,460	7,580,153
Term loan facility, net	1,488,695	1,487,973
Revolving facility	15,000	35,000
Convertible senior notes, net	550,695	548,536
Accounts payable and accrued expenses	199,317	193,413
Resident security deposits	150,202	146,689
Other liabilities	41,179	41,999
Total liabilities	10,059,548	10,033,763
Equity:
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding at March 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 520,364,636 and 519,173,142 outstanding at March 31, 2018 and December 31, 2017, respectively	5,204	5,192
Additional paid-in capital	8,612,110	8,602,603
Accumulated deficit	(232,296)	(157,595)
Accumulated other comprehensive income	106,918	47,885
Total shareholders' equity	8,491,936	8,498,085
Non-controlling interests	144,961	151,790
Total equity	8,636,897	8,649,875
Total liabilities and equity	$ 18,696,445	$ 18,683,638

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Feb. 06, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	900,000,000	900,000,000	900,000,000
Preferred shares, shares outstanding (in shares)	0	0
Common stock shares, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	9,000,000,000	9,000,000,000	9,000,000,000
Common stock, shares outstanding (in shares)	520,364,636	519,173,142

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental revenues	$ 395,792	$ 226,096
Other property income	27,877	12,654
Total revenues	423,669	238,750
Operating expenses:
Property operating and maintenance	160,767	88,168
Property management expense	17,164	11,449
General and administrative	27,636	58,266
Depreciation and amortization	144,500	67,577
Impairment and other	6,121	1,204
Total operating expenses	356,188	226,664
Operating income	67,481	12,086
Other expenses:
Interest expense	(92,299)	(68,572)
Other, net	1,736	(226)
Total other expenses	(90,563)	(68,798)
Loss from continuing operations	(23,082)	(56,712)
Gain on sale of property, net of tax	5,502	14,321
Net loss	(17,580)	(42,391)
Net loss attributable to non-controlling interests	311	0
Net loss attributable to common shareholders	(17,269)	$ (42,391)
Net loss available to common shareholders — basic	(17,491)
Net loss available to common shareholders — diluted	$ (17,491)
Weighted average common shares outstanding — basic (in shares)	519,660,998
Weighted average common shares outstanding — diluted (in shares)	519,660,998
Net loss per common share — basic (in dollars per share)	$ (0.03)
Net loss per common share — diluted (in dollars per share)	(0.03)
Dividends declared per common share (in dollars per share)	$ 0.11

CONSOLIDATED STATEMENTS OF OTHE

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (17,580)	$ (42,391)
Other comprehensive income
Unrealized gains on interest rate swaps	59,900	10,561
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive income	271	2,711
Other comprehensive income	60,171	13,272
Comprehensive income (loss)	42,591	(29,119)
Comprehensive income attributable to non-controlling interests	(753)	0
Comprehensive income (loss) attributable to common shareholders	$ 41,838	$ (29,119)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total Shareholders' Equity	Non-Controlling Interests
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2017	519,173,142	519,173,142
Beginning Balance at Dec. 31, 2017	$ 8,649,875	$ 5,192	$ 8,602,603	$ (157,595)	$ 47,885	$ 8,498,085	$ 151,790
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	(1,037)						(1,037)
Net loss	(17,580)			(17,269)		(17,269)	(311)
Dividends and dividend equivalents declared ($0.11 per share)	$ (57,432)			(57,432)		(57,432)
Issuance of common stock — settlement of RSUs, net of tax (in shares)	786,086	786,457
Issuance of common stock — settlement of RSUs, net of tax	$ (6,598)	$ 8	(6,606)			(6,598)
Share-based compensation expense	9,498		9,498			9,498
Total other comprehensive income	$ 60,171				59,107	59,107	1,064
Redemption of OP Units for common stock (in shares)	405,037	405,037
Redemption of OP Units for common stock	$ 0	$ 4	6,615		(74)	6,545	(6,545)
Ending Balance, common stock, shares outstanding (in shares) at Mar. 31, 2018	520,364,636	520,364,636
Ending Balance at Mar. 31, 2018	$ 8,636,897	$ 5,204	$ 8,612,110	$ (232,296)	$ 106,918	$ 8,491,936	$ 144,961

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Feb. 13, 2018	Oct. 24, 2017	Aug. 15, 2017	May 15, 2017	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.11	$ 0.08	$ 0.08	$ 0.06	$ 0.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities:
Net loss	$ (17,580)	$ (42,391)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	144,500	67,577
Share-based compensation expense	9,498	44,244
Amortization of deferred leasing costs	2,844	3,139
Amortization of deferred financing costs	3,995	11,327
Amortization of debt discounts	2,254	55
Provisions for impairment	603	1,037
Gain on sale of property, net of tax	(5,502)	(14,321)
Change in fair value of derivative instruments	2,246	3,752
Other noncash amounts included in net loss	(1,153)	(337)
Changes in operating assets and liabilities:
Other assets, net	(23,390)	(15,906)
Accounts payable and accrued expenses	10,920	16,207
Resident security deposits	3,513	1,279
Other liabilities	(2,668)	412
Net cash provided by operating activities	130,080	76,074
Investing Activities:
Change in amounts deposited and held by others	(1,557)	484
Acquisition of single-family residential properties	(48,486)	(27,813)
Initial renovations to single-family residential properties	(16,820)	(6,855)
Other capital expenditures for single-family residential properties	(31,233)	(10,800)
Corporate capital expenditures	(29)	(270)
Proceeds from sale of residential properties	51,105	73,652
Purchases of investments in debt securities	(45,832)	0
Repayment proceeds from retained debt securities	114	0
Other investing activities	(9,260)	0
Net cash (used in) provided by investing activities	(101,998)	28,398
Financing Activities:
Proceeds from IPO, net of underwriting discounts	0	1,692,058
IPO costs paid	0	(2,457)
Payment of dividends and dividend equivalents	(57,432)	0
Distributions to non-controlling interests	(1,037)	0
Payment of taxes related to net share settlement of RSUs	(6,598)	0
Redemption of Series A Preferred Stock	0	(1,153)
Payments on credit facilities	0	(2,321,585)
Proceeds from mortgage loans	916,571	0
Payments on mortgage loans	(873,269)	(1,030,471)
Proceeds from term loan facility	0	1,500,000
Payments on revolving facility	(20,000)	0
Deferred financing costs paid	(11,770)	(24,456)
Other financing activities	(361)	0
Net cash used in financing activities	(53,896)	(188,064)
Change in cash, cash equivalents, and restricted cash	(25,814)	(83,592)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)	416,562	420,211
Cash, cash equivalents, and restricted cash, end of period (Note 4)	390,748	336,619
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	87,797	53,645
Cash paid for income taxes	671	0
Noncash investing and financing activities:
Accrued renovation improvements at period end	5,747	3,620
Accrued residential property capital improvements at period end	5,849	2,277
Transfer of residential property, net to other assets, net for held for sale assets	59,173	32,862
Reclassification of IPO costs from other assets to additional paid-in capital	0	2,629
Change in other comprehensive income from cash flow hedges	57,516	13,272
Capital leases	$ 2,209	$ 0

Organization and Formation

Organization and Formation	3 Months Ended
	Mar. 31, 2018
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) on January 31, 2017. On November 16, 2017, INVH merged with Starwood Waypoint Homes (“SWH”) as more fully described below resulting in the issuance of an additional 207,448,958 shares of common stock. 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 prior to the IPO are referred to as the “Pre-IPO Owners.” Invitation Homes Operating Partnership LP (“INVH LP”) 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. INVH LP 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 INVH LP 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 INVH LP 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 INVH LP), and the remaining Invitation Homes Partnerships became wholly-owned subsidiaries of INVH through INVH LP. 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 may be 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, INVH LP, and the consolidated subsidiaries of INVH LP, including the Manager. References to “SWH” refer to Starwood Waypoint Homes and its subsidiaries. Pre-IPO Transactions On January 31, 2017, we effected certain transactions (the “Pre-IPO Transactions”) that resulted in INVH LP 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, INVH LP was 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 INVH LP all of the interests in the Invitation Homes Partnerships (other than IH2, the assets, liabilities and operations of which were contributed to INVH LP). The Pre-IPO Transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis. Merger with Starwood Waypoint Homes On November 16, 2017 (the “Merger Date”), pursuant to an Agreement and Plan of Merger, dated as of August 9, 2017 (the “Merger Agreement”), by and among INVH, INVH LP, IH Merger Sub, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of INVH (“REIT Merger Sub”), SWH and Starwood Waypoint Homes Partnership, L.P., a Delaware limited partnership and a subsidiary of SWH (“SWH Partnership”), SWH merged with and into REIT Merger Sub, with REIT Merger Sub surviving as our subsidiary (the “REIT Merger”). Immediately after the REIT Merger, SWH Partnership merged with and into INVH LP, with INVH LP surviving as our subsidiary (the “Partnership Merger,” and together with the REIT Merger, the “Mergers”). Under the terms of the Merger Agreement, each outstanding SWH common share was converted into 1.6140 shares of our common stock (the “Exchange Ratio”), and each outstanding unit of SWH Partnership was converted into 1.6140 common units, representing limited partner interests, in INVH LP. Further, each outstanding restricted share unit of SWH (an “SWH RSU”) that vested as a result of the Mergers was automatically converted into the right to receive our common stock based on the Exchange Ratio, plus any accrued but unpaid dividends (if any) and less certain taxes (if any). After giving effect to the Mergers, as of March 31, 2018 , INVH owns a 98.3% partnership interest in INVH LP and has the full, exclusive and complete responsibility for and discretion over the day to day management and control of INVH LP. See Note 15 for additional information regarding the accounting treatment for the Mergers. The REIT Merger is intended to qualify as a reorganization for United States federal income tax purposes, and the Partnership Merger is intended to be treated as a transaction that is generally tax free to the holders of units of SWH Partnership for United States federal income tax purposes.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2—Significant Accounting Policies Basis of Presentation The accompanying interim 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 (“SEC”) 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 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017 . Subsequent to the date of the Pre-IPO Transactions, these condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. Prior to the date of the Pre-IPO Transactions, these condensed consolidated financial statements include the combined accounts of INVH LP 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 that 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 three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018 . 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. As described in Note 5 , as a result of the Mergers we acquired an investment in a joint venture with the Federal National Mortgage Association (“FNMA”), which is a voting interest entity. We do not hold a controlling financial interest in the joint venture but have significant influence over its operating and financial policies. Additionally, FNMA held certain substantive participating rights that preclude the presumption of control by us; as such, we account for our investment using the equity method. In connection with the Mergers, we initially recorded this investment at fair value in connection with purchase accounting as described in Note 15 and have subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint venture are reported as part of operating cash flows while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Non-controlling interests primarily represent the interests in INVH LP held by a third party as a result of the Partnership Merger. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 and the condensed consolidated statement of operations for the three months ended March 31, 2018 includes an allocation of the net loss attributable to the non-controlling interest holders. Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), 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. ASU 2014-09 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. We adopted ASU 2014-09 effective January 1, 2018 using the modified retrospective transition method. This adoption did not have a significant impact on our condensed consolidated financial statements, as more than 90% of our total revenues consist of rental income from leasing arrangements, and such revenue is specifically excluded from the standard. We analyzed our remaining revenue streams included within other property income and concluded there was no change to the timing and pattern of revenue recognition for these revenue streams under the new guidance. As such, adoption of the standard did not result in a change to our revenue recognition policies, require recognition of a cumulative adjustment as of January 1, 2018, or have a material impact on our condensed consolidated financial statements . In September 2017, the FASB issued ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. The purpose of this pronouncement is to update the guidance in the SEC paragraphs of the ASC to align with ASU No. 2014-09. We adopted ASU 2017-03 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In M ay 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. We adopted ASU 2017-09 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Ass ets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The new guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets and in substance nonfinancial assets unless other specific guidance applies. As a result, it will not apply to the derecognition of businesses, nonprofit activities, or financial assets (including equity method investments), or to revenue transactions (contracts with customers). The new guidance also clarifies that an in substance nonfinancial asset is an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. In addition, transfers of nonfinancial assets to another entity in exchange for a non-controlling ownership interest in that entity will be accounted for under ASC 610-20, removing specific guidance on such partial exchanges from ASC 845, Nonmonetary Transactions. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20, Real Estate Sales, will be eliminated. As such, sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. We adopted ASU 2017-05 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing step two of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. We adopted ASU 2017-04 effective January 1, 2018, which will impact our goodwill impairment testing process; however, it did not have a material impact 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 flows. 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. We adopted ASU 2016-18 effective January 1, 2018, using a retrospective transition method. As a result, on our condensed consolidated statements of cash flow, changes in restricted cash related to security deposits (previously included in the operating activities section) and changes in the restricted cash line (previously included in the investing activities section) have been eliminated. C hanges in restricted cash are now included in the beginning of period and end of period total cash, cash equivalents and restricted cash amounts. Additionally, Note 4 includes expanded disclosures regarding the components of the beginning and ending balances on our condensed consolidated statements of cash flows. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This new guidance will require the current and deferred tax effects of intercompany transactions, except for those involving inventory, to be recognized currently. Under current GAAP, the tax effects of intra-entity asset transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use. We adopted ASU 2016-16 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which 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. We adopted ASU 2016-15 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): 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. We adopted ASU 2016-01 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. 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 consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 . Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how companies will measure credit losses for certain financial assets. This guidance requires an entity to estimate its expected credit loss and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. This new standard will be effective for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period, with early adoption permitted beginning after December 15, 2018 and interim periods within that reporting period. We do not anticipate that the adoption of this standard will have a material impact 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 expect that the adoption of this standard will result in an increase in assets and liabilities on our condensed consolidated balance sheets related to our leased office space and vehicles.

Investments in Single-Family Re

Investments in Single-Family Residential Properties	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, Land $ 4,637,540 $ 4,646,917 Single-family residential property 13,103,690 13,084,156 Capital improvements 536,314 536,297 Equipment 119,955 120,528 Total gross investments in the properties 18,397,499 18,387,898 Less: accumulated depreciation (1,197,520 ) (1,075,634 ) Investments in single-family residential properties, net $ 17,199,979 $ 17,312,264 As of March 31, 2018 and December 31, 2017 , the carrying amount of the residential properties above includes $122,011 and $125,903 , respectively, of capitalized acquisition costs (excluding purchase price), along with $64,687 and $62,938 , respectively, of capitalized interest, $25,976 and $25,966 , respectively, of capitalized property taxes, $4,731 and $4,727 , respectively, of capitalized insurance, and $2,794 and $2,818 , respectively, of capitalized homeowners’ association (“HOA”) fees. During the three months ended March 31, 2018 and 2017 , we recognized $126,661 and $66,653 , respectively, of depreciation expense related to the components of the properties, $16,447 and $0 , respectively, of amortization related to in-place lease intangible assets, and $1,392 and $924 , respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended March 31, 2018 and 2017 , impairments totaling $603 and $1,037 , respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Note 4—Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows: As of As of 2018 2017 2017 2016 Cash and cash equivalents $ 134,893 $ 192,450 $ 179,878 $ 198,119 Restricted cash 255,855 144,169 236,684 222,092 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 390,748 $ 336,619 $ 416,562 $ 420,211 Pursuant to the terms of 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) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. 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. We also are required to post collateral related to certain of our interest rate swap agreements and to hold letters of credit as required by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash. The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan agreements and are to be released to us subject to certain conditions specified in the mortgage loan agreements being met. To the extent that an event of default were to occur, the loan servicer 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. The balances of our restricted cash accounts, as of March 31, 2018 and December 31, 2017 , are set forth in the table below. As of March 31, 2018 and December 31, 2017 , no amounts were funded to the insurance and HOA reserve accounts as the conditions specified in the mortgage loan agreements that require such funding did not exist. March 31, December 31, Resident security deposits $ 150,583 $ 147,098 Property taxes 46,931 20,785 Collections 34,700 40,607 Derivative collateral 11,680 15,120 Insurance premium and deductible 4,487 4,250 Capital expenditure reserves 3,461 5,257 Letters of credit 3,440 2,994 Eligibility reserves 573 573 Total $ 255,855 $ 236,684

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 5—Other Assets As of March 31, 2018 and December 31, 2017 , the balances in other assets, net are as follows: March 31, December 31, Investments in debt securities, net $ 424,351 $ 378,545 Interest rate swaps (Note 7) 115,127 57,612 Held for sale assets (1) 76,951 46,814 Investment in unconsolidated joint venture 56,940 57,078 Prepaid expenses 54,364 37,869 Rent and other receivables, net 28,686 24,525 In-place leases, net 21,070 37,517 Corporate fixed assets, net 15,415 16,595 Amounts deposited and held by others 14,155 12,598 Deferred leasing costs, net 7,358 7,018 Deferred financing costs, net 6,911 7,504 Other 26,183 12,930 Total $ 847,511 $ 696,605 (1) As of March 31, 2018 and December 31, 2017 , 402 and 236 properties, respectively, are classified as held for sale. Investments in Debt Securities, net As of March 31, 2018 , in connection with certain of our Securitizations (as defined in Note 6 ), we have retained and purchased certificates totaling $424,351 , net of unamortized discounts of $3,257 . These investments in debt securities are classified as held to maturity investments. As of March 31, 2018 and December 31, 2017 , there were no gross unrecognized holding gains or losses, and there were no other than temporary impairments recognized in accumulated other comprehensive income. As of March 31, 2018 , our retained certificates are scheduled to mature over the next three months to nine years. Investment in Unconsolidated Joint Venture In connection with the Mergers, we acquired a 10% interest in a joint venture with FNMA to operate, lease, and manage a portfolio of properties primarily located in Arizona, California, and Nevada. A wholly-owned subsidiary of INVH LP is the managing member of the joint venture and is responsible for the operation and management of the properties, subject to FNMA’s approval on major decisions. As of March 31, 2018 and December 31, 2017 , the joint venture owned 768 and 776 properties, respectively. 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 on the condensed consolidated balance sheets, is an allowance for doubtful accounts of $3,331 and $4,094 , as of March 31, 2018 and December 31, 2017 , respectively. In-Place Leases, net In connection with the Mergers, we acquired in-place leases with a fair value of $45,740 . The amortization period assigned at the Merger Date was approximately eight months, which represents the weighted average remaining lease period, and amortization expense of $16,447 is included in depreciation and amortization expense in the condensed consolidated statement of operations for the three months ended March 31, 2018 . As of March 31, 2018 and December 31, 2017 , the unamortized balances of the in-place lease intangible asset are $21,070 and $37,517 , respectively, and the balance will be fully amortized during the year ended December 31, 2018. Deferred Financing Costs, net In connection with our Revolving Facility (as defined in Note 6 ), we incurred $9,673 of financing costs during the year ended December 31, 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. As of March 31, 2018 and December 31, 2017 , the unamortized balances of these deferred financing costs are $6,911 and $7,504 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Note 6—Debt Mortgage Loans Our securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain homes owned by the respective Borrower Entities. We utilize the proceeds from our securitizations to fund (i) repayments of then-outstanding indebtedness, (ii) initial deposits into Securitization reserve accounts, (iii) closing costs in connection with the mortgage loans, (iv) general costs associated with our operations, and (v) distributions and dividends. In addition to the Securitization transactions we initiated, we assumed certain mortgage loans from SWH in connection with the Mergers. The following table sets forth a summary of our mortgage loan indebtedness as of March 31, 2018 and December 31, 2017 : Outstanding Principal Balance (2) Origination Date Maturity Date Interest Rate (1) Range of Spreads March 31, December 31, CAH 2014-1 (3) N/A N/A —% N/A $ — $ 473,384 CAH 2014-2 (3) N/A N/A —% N/A — 385,401 IH 2015-1, net (4)(5) January 29, 2015 March 9, 2019 4.31% 152-437 bps 527,826 528,795 IH 2015-2 (4)(5) April 10, 2015 June 9, 2018 3.89% 142-377 bps 627,106 627,259 CAH 2015-1 (4)(6) June 11, 2015 July 9, 2018 3.76% 128-373 bps 655,455 656,551 IH 2015-3 (4)(7) June 25, 2015 August 9, 2018 4.13% 136-481 bps 1,162,225 1,165,886 CSH 2016-1 (4)(6) June 7, 2016 July 9, 2018 4.19% 158-508 bps 529,827 531,517 CSH 2016-2 (4) November 3, 2016 December 9, 2018 3.73% 133-423 bps 605,357 609,815 IH 2017-1 (8) April 28, 2017 June 9, 2027 4.23% N/A 996,371 996,453 SWH 2017-1 (4) September 29, 2017 October 9, 2019 3.43% 102-347 bps 769,754 769,754 IH 2017-2 (4) November 9, 2017 December 9, 2019 3.38% 91-306 bps 863,263 863,413 IH 2018-1 (3)(4) February 8, 2018 March 9, 2020 3.12% 76-256 bps 914,441 — Total Securitizations 7,651,625 7,608,228 Less deferred financing costs, net (37,165 ) (28,075 ) Total $ 7,614,460 $ 7,580,153 (1) Except for IH 2017-1, interest rates are based on a weighted average spread over the London Interbank Offered Rate (“LIBOR”) , plus applicable servicing fees; as of March 31, 2018 , LIBOR was 1.88% . Our IH 2017-1 mortgage loan bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. (2) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (3) On February 8, 2018, the outstanding balances of CAH 2014-1 and CAH 2014-2 were repaid in full with proceeds from IH 2018-1, a new securitization transaction. (4) The initial maturity term of each of these mortgage loans is two to three years, individually subject to two to five , one -year extension options at the borrower’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender). Our IH 2015-2, IH 2015-3 and CAH 2015-1 mortgage loans have exercised the first extension option, and IH 2015-1 has exercised the second extension option. The maturity dates above are reflective of all extensions that have been exercised. (5) On May 8, 2018, the outstanding balances of IH 2015-1 and IH 2015-2 were repaid in full with proceeds from IH 2018-2, a new securitization transaction (see Note 16 ). (6) On April 9, 2018, we submitted a notification to request an extension of the maturity of the CAH 2015-1 and CS H 2016-1 mortgage loans from July 9, 2018 to July 9, 2019 upon approval. (7) On May 9, 2018, we submitted a notification to request an extension of the maturity of the IH 2015-3 mortgage loan from August 9, 2018 to August 9, 2019 upon approval. (8) Net of unamortized discount of $3,257 and $3,345 as of March 31, 2018 and December 31, 2017 , respectively. Securitization Transactions For each Securitization transaction, the Borrower Entity executed a loan agreement with a third‑party lender. Except for IH 2017-1, each mortgage loan consists of five to seven components. The components are floating rate except with respect to certain components we were required to retain in connection with risk retention rules. The two to three year initial terms are individually subject to two to five , one -year extension options at the Borrower Entity’s discretion. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains a replacement interest rate cap agreement in a form reasonably acceptable the lender. IH 2017-1 is a 10 -year, fixed rate mortgage loan comprised of two components. Certificates issued by the trust in connection with Component A of IH 2017-1 benefit from FNMA’s guaranty of timely payment of principal and interest. Certain components were sold at a discount, and $3,257 and $3,345 of unamortized discount are included in mortgage loans, net on our condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 , respectively. Each mortgage loan is secured by a pledge of the equity in the assets of the respective Borrower Entities, as well as first-priority mortgages on the underlying properties and a grant of security interests in all of the related personal property. As of March 31, 2018 and December 31, 2017 , a total of 45,005 and 47,616 homes, respectively, were pledged pursuant to the mortgage loans. We are obligated to make monthly payments of interest for each mortgage loan, and IH 2013-1 and CAH 2014-1 also required monthly payments of principal. Transactions with Trusts Concurrent with the execution of each mortgage loan agreement, the respective third-party lender sold each loan it originated to individual depositor entities (the “Depositor Entities”) who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”). The Depositor Entities for our Securitizations currently outstanding are wholly-owned subsidiaries. We accounted for the transfer of the individual Securitizations from the wholly-owned Depositor Entities to the respective Trusts as sales under ASC Topic 860, Transfers and Servicing , with no resulting gain or loss as the Securitizations were both 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 Certificates we retained in connection with Securitizations or purchased at a later date. The Trusts are structured as pass-through entities that receive interest, and in the case of IH 2013-1 and CAH 2014-1 principal payments, 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 certain certificates of the Trusts held by us (discussed below) and determined that they do not create a more than insignificant variable interest in the Trusts. Additionally, the retained 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. Retained Certificates Beginning in April 2014 , the Trusts made Certificates available for sale to both domestic and foreign investors. With the introduction of foreign investment, sponsors of the mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each loan. These requirements were further refined in December 2016 pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended. As such, loan sponsors are now 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. To fulfill these requirements, Class G certificates for IH 2015-1, IH 2015-2, IH 2015-3, CAH 2015-1, CSH 2016-1, and CSH 2016-2 are equal to 5% of the original principal amount of the loans. Per the terms of the mortgage loan agreements, the Class G certificates are restricted certificates that were made available exclusively to the sponsor, as applicable. We retained these Class G certificates at the time of the related Securitizations, and they are principal only, bearing a stated interest rate of 0.0005% . Additionally, in certain instances, we have elected to purchase certain Class F certificates, which bear a stated annual interest rate of LIBOR plus a spread ranging from 4.80% to 5.08% . For IH 2017-1, the Class B certificates are restricted certificates that were made available exclusively to INVH LP in order to comply with the Risk Retention Rules. The Class B certificates bear a stated annual interest rate of 4.23% , including applicable servicing fees. For IH 2017-2, SWH 2017-1, and IH 2018-1, we retained a portion of each certificate class to meet the Risk Retention Rules. These retained certificates accrue interest at a floating rate of LIBOR plus a spread ranging from 0.76% to 3.47% . The retained certificates total $424,351 and $378,545 as of March 31, 2018 and December 31, 2017 , respectively, are classified as held to maturity investments, and are recorded in other assets, net on the condensed consolidated balance sheets (see Note 5 ). Loan Covenants 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 mortgage loan agreements, (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 mortgage 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. As of March 31, 2018 , and through the date our condensed consolidated financial statements were issued, we believe we are in compliance with all affirmative and negative covenants. Prepayments For the mortgage loans, prepayments of amounts owed by us are generally not permitted by us under the terms of the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or 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 or two year anniversary of the closing dates of each of the mortgage loans except for IH 2017-1. For IH 2017-1, prepayments on or before December 2026 will require a yield maintenance premium. For the three months ended March 31, 2018 and 2017 , we made voluntary and mandatory prepayments of $873,269 and $1,030,471 , respectively, under the terms of the mortgage loan agreements. Term Loan Facility and Revolving Facility On February 6, 2017, we entered into a credit agreement with a syndicate of banks, financial institutions and institutional lenders for a credit facility (the “Credit Facility”), which was amended on December 18, 2017 to include entities and homes acquired in the Mergers. The 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 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. Proceeds from the Revolving Facility were used for general corporate purposes. The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of March 31, 2018 and December 31, 2017 : Maturity Interest (1) March 31, December 31, Term loan facility February 6, 2022 3.58% $ 1,500,000 $ 1,500,000 Deferred financing costs, net (11,305 ) (12,027 ) Term Loan Facility, net $ 1,488,695 $ 1,487,973 Revolving Facility February 6, 2021 3.63% $ 15,000 $ 35,000 (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin of 1.70% and 1.75% , respectively; as of March 31, 2018 , LIBOR was 1.88% . Interest Rate and Fees Borrowings under the 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 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 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 0.35% or 0.20% 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 principal reductions are required under the 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. Loan Covenants The 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 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 Credit Facility. The 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 Credit Facility are entitled to take various actions, including the acceleration of amounts due under the Credit Facility and all actions permitted to be taken by a secured creditor. As of March 31, 2018 , and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants. Guarantees and Security The obligations under the 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 Credit Facility. In addition, INVH may be required to provide a guarantee of the Credit Facility under certain circumstances, including if INVH does not maintain its qualification as a real estate investment trust (“REIT”). The 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 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. Convertible Senior Notes In connection with the Mergers, we assumed SWH’s convertible senior notes. In July 2014, SWH issued $230,000 in aggregate principal amount of 3.00% convertible senior notes due 2019 (the “2019 Convertible Notes”). Interest on the 2019 Convertible Notes is payable semiannually in arrears on January 1st and July 1st of each year. The 2019 Convertible Notes will mature on July 1, 2019. In January 2017, SWH issued $345,000 in aggregate principal amount of 3.50% convertible senior notes due 2022 (the “2022 Convertible Notes” and together with the 2019 Convertible Notes, the “Convertible Senior Notes”). Interest on the 2022 Convertible Notes is payable semiannually in arrears on January 15th and July 15th of each year. The 2022 Convertible Notes will mature on January 15, 2022. The following table summarizes the terms of the Convertible Senior Notes outstanding as of March 31, 2018 and December 31, 2017 : Principal Amount Coupon Effective (1) Conversion (2) Maturity Amortization March 31, December 31, 2019 Convertible Notes 3.00 % 4.92 % 53.0969 7/1/2019 1.25 years $ 229,993 $ 230,000 2022 Convertible Notes 3.50 % 5.12 % 43.7694 1/15/2022 3.80 years 345,000 345,000 Total 574,993 575,000 Net unamortized fair value adjustment (24,298 ) (26,464 ) Total $ 550,695 $ 548,536 (1) Effective rate includes the effect of the adjustment to the fair value of the debt as of the Merger Date, the value of which reduced the initial liability recorded to $223,185 and $324,252 for each of the 2019 Convertible Notes and 2022 Convertible Notes, respectively. (2) We generally have the option to settle any conversions in cash, common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount (actual $) of Convertible Senior Notes converted at March 31, 2018 , as adjusted in accordance with the applicable indentures as a result of cash dividend payments and the effects of the Mergers. The Convertible Senior Notes do not meet the criteria for conversion as of March 31, 2018 . Terms of Conversion As of March 31, 2018 , the conversion rate applicable to the 2019 Convertible Notes is 53.0969 shares of our common stock per $1,000 principal amount (actual $) of the 2019 Convertible Notes (equivalent to a conversion price of approximately $18.83 per common share – actual $). The conversion rate for the 2019 Convertible Notes is subject to adjustment in some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date, we will increase the conversion rate for a holder who elects to convert its 2019 Convertible Notes in connection with such an event in certain circumstances. At any time prior to January 1, 2019, holders may convert the 2019 Convertible Notes at their option only under specific circumstances as defined in the indenture agreement, dated as of July 7, 2014, between us and our trustee, Wilmington Trust, National Association (“the Convertible Notes Trustee”). As a result of the completion of the Mergers, the 2019 Convertible Notes were convertible for a 35 trading day period, which expired January 8, 2018. On or after January 1, 2019 and until maturity, holders may convert all or any portion of the 2019 Convertible Notes at any time. Upon conversion, we will pay or deliver, as the case may be, cash, common stock, or a combination of cash and common stock, at our election. As of March 31, 2018 , the conversion rate applicable to the 2022 Convertible Notes is 43.7694 shares of our common stock per $1,000 principal amount (actual $) of the 2022 Convertible Notes (equivalent to a conversion price of approximately $22.85 per common share – actual $). The conversion rate for the 2022 Convertible Notes is subject to adjustment in some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date, we will increase the conversion rate for a holder who elects to convert its 2022 Convertible Notes in connection with such an event in certain circumstances. At any time prior to July 15, 2021, holders may convert the 2022 Convertible Notes at their option only under specific circumstances as defined in the indenture agreement, dated as of January 10, 2017, between us and the Convertible Notes Trustee. As a result of the completion of the Mergers, the 2022 Convertible Notes were convertible for a 35 trading day period, which expired January 8, 2018. On or after July 15, 2021 and until maturity, holders may convert all or any portion of the 2022 Convertible Notes at any time. Upon conversion, we will pay or deliver, as the case may be, cash, common stock, or a combination of cash and common stock, at our election. General Terms We may not redeem the Convertible Senior Notes prior to their maturity dates except to the extent necessary to preserve our status as a REIT for United States federal income tax purposes, as further described in the indentures. If we undergo a fundamental change as defined in the indentures, holders may require us to repurchase for cash all or any portion of their Convertible Senior Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The indentures contain customary terms and covenants and events of default. If an event of default occurs and is continuing, the Convertible Notes Trustee, by notice to us, or the holders of at least 25% in aggregate principal amount of the outstanding Convertible Senior Notes, by notice to us and the Convertible Notes Trustee, may, and the Convertible Notes Trustee at the request of such holders shall, declare 100% of the principal of and accrued and unpaid interest on all the Convertible Senior Notes to be due and payable. In the case of an event of default arising out of certain events of bankruptcy, insolvency or reorganization in respect to us (as set forth in the indentures), 100% of the principal of and accrued and unpaid interest on the Convertible Senior Notes will automatically become due and payable. Debt Maturities Schedule The following table summarizes the contractual maturities of our debt as of March 31, 2018 : Year Mortgage Loans (1)(2) Term Loan Facility Revolving Facility Convertible Senior Notes Total 2018 $ 3,579,970 $ — $ — $ — $ 3,579,970 2019 2,160,843 — — 229,993 2,390,836 2020 914,441 — — — 914,441 2021 — — 15,000 — 15,000 2022 — 1,500,000 — 345,000 1,845,000 2023 and thereafter 996,371 — — — 996,371 Total 7,651,625 1,500,000 15,000 574,993 9,741,618 Less deferred financing costs, net (37,165 ) (11,305 ) — — (48,470 ) Less unamortized fair value adjustment — — — (24,298 ) (24,298 ) Total $ 7,614,460 $ 1,488,695 $ 15,000 $ 550,695 $ 9,668,850 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised. (2) On May 8, 2018, IH 2015-1 and IH 2015-2 were repaid in full with the proceeds from IH 2018-2, a new securitization transaction (see Note 16 ). The net result of the repayments and new securitization will be to reduce 2018 and 2019 obligations by $627,106 and $527,826 , respectively, to be replaced with obligations totaling $1,057,225 due on June 9, 2020 .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7—Derivative Instruments From time to time, we enter into derivative instruments 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 which we did not elect to designate as accounting hedges. Designated Hedges We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments. 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. Subsequent to that date, changes in the fair value of these swaps are recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings. In addition, in connection with the Mergers, we acquired various interest rate swap instruments, which we designated for hedge accounting purposes. On the Merger Date, we recorded these interest rate swaps at their aggregate estimated fair value of $21,135 (see Note 15 ) . Over the terms of each swap, an amount equal to the Merger Date fair value will be amortized and recorded as an increase in interest expense and accumulated other comprehensive income. The table below summarizes our interest rate swap instruments as of March 31, 2018 : Agreement Date Forward Maturity Strike Index Notional 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 June 3, 2016 July 15, 2017 July 15, 2018 0.93% One-month LIBOR 450,000 January 10, 2017 January 15, 2018 January 15, 2019 1.58% One-month LIBOR 550,000 February 23, 2016 March 15, 2018 March 15, 2019 1.10% One-month LIBOR 800,000 February 23, 2016 March 15, 2018 March 15, 2019 1.06% One-month LIBOR 800,000 June 3, 2016 July 15, 2018 July 15, 2019 1.12% One-month LIBOR 450,000 January 10, 2017 January 15, 2019 January 15, 2020 1.93% One-month LIBOR 550,000 March 29, 2017 March 15, 2019 March 15, 2022 2.21% One-month LIBOR 800,000 June 3, 2016 July 15, 2019 July 15, 2020 1.30% One-month LIBOR 450,000 January 10, 2017 January 15, 2020 January 15, 2021 2.13% One-month LIBOR 550,000 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One-month LIBOR 450,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One-month LIBOR 550,000 During the three months ended March 31, 2018 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate interest payments. 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 12 months, we estimate that $25,678 will be reclassified to earnings as a decrease in interest expense. Non-Designated Hedges Concurrent with entering into certain of the mortgage loan agreements and in connection with the Mergers, we entered into or acquired and maintain interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the mortgage loans made by the third-party lenders and with strike prices ranging from approximately 2.83% to 3.74% (collectively, the “Strike Prices”). To the extent that the maturity date of one or more of the mortgage 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 counterparties and all other rights, have been pledged as additional collateral for the mortgage loans. 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 March 31, 2018 and December 31, 2017 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance March 31, December 31, Balance March 31, December 31, Derivatives designated as Interest rate swaps Other $ 115,127 $ 57,612 Other $ — $ — Derivatives not designated as Interest rate caps Other 496 27 Other — — Interest rate swaps Other — — Other liabilities — — Total $ 115,623 $ 57,639 $ — $ — 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 in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 : Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations Three Months Ended Three Months Ended Three Months Ended 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships: Interest rate swaps $ 59,900 $ 10,561 Interest $ (271 ) $ (2,711 ) $ 92,299 $ 68,572 Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative Three Months Ended 2018 2017 Derivatives not designated as hedging instruments: Interest rate swaps Interest expense $ — $ (3,674 ) Interest rate caps Interest expense 253 (78 ) Total $ 253 $ (3,752 ) Credit-Risk-Related Contingent Features We have agreements with certain of 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 March 31, 2018 , we had no interest rate swap derivatives with a fair value in a net liability position. As of March 31, 2018 , we have posted collateral amounting to $ 11,680 related to certain of these agreements (see Note 4 ).

Equity

Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	Note 8—Equity Shareholders’ Equity In connection with our IPO (see Note 1 ), we issued 310,376,634 shares of common stock to the public and the Pre-IPO Owners and 3,290,126 restricted stock units (“RSUs”) (see Note 10 ), and our IPO raised $1,692,058 , net of underwriting discount, and before IPO costs of $5,726 . During the three months ended March 31, 2018 , we issued 1,191,494 shares of common stock, comprised of 786,086 shares of common stock in net settlement of 1,086,288 fully vested RSUs and 405,037 shares of common stock in exchange for the redemption of the same number of units of partnership interests in INVH LP (the “OP Units”). Starwood Waypoint Homes Merger In connection with the Mergers (see Note 1), SWH stockholders received an aggregate of 207,448,958 shares of our common stock in exchange for all outstanding SWH common shares. In addition, we issued 9,441,615 OP Units which are redeemable for shares of our common stock on a one -for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets. As of March 31, 2018 , 9,036,578 redeemable OP Units remain outstanding. Dividends To qualify as a REIT, we are required to distribute annually to our stockholders 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 stockholders, which in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The following table summarizes our dividends declared from January 1, 2017 through March 31, 2018 : Record Amount per Share (1) Pay Total Amount Q1-2018 February 13, 2018 $ 0.11 February 28, 2018 $ 57,432 Q4-2017 October 24, 2017 0.08 November 7, 2017 25,139 Q3-2017 August 15, 2017 0.08 August 31, 2017 25,200 Q2-2017 May 15, 2017 0.06 May 31, 2017 18,800 (1) Amounts are displayed in actual dollars and are paid on a per share basis. On May 3, 2018 , our board of directors declared a dividend of $0.11 per share to stockholders of record on May 15, 2018 , which is payable on May 31, 2018 . 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 stockholders. The same board of directors was responsible for directing the significant activities of the Invitation Homes Partnerships and INVH LP 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. Profits and losses, and cash distributions were allocated in accordance with the terms of the respective entity’s organizational documents. As further described in Note 10 , we granted certain individuals incentive compensation units in IH1, IH2, IH3, IH4, IH5, and IH6 (the “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 and funded notes receivables with certain Class B unitholders (the “Class B Notes”). 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. As such, the Class B Notes were recorded as a component of combined equity on our condensed consolidated balance sheet prior to the transactions described above.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 9—Related Party Transactions Management Services One of our wholly-owned subsidiaries, as the managing member of a joint venture with FNMA (see Note 5 ), earns a management fee based upon the venture’s gross receipts. For the three months ended March 31, 2018 , we earned $707 of management fees which are included in other, net in the accompanying condensed consolidated statement of operations. There were no such management fees earned during the three months ended March 31, 2017 .

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Compensation Units	Note 10—Share-Based Compensation INVH RSAs and RSUs Prior to completion of the IPO, our board of directors adopted, and our stockholders 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 to align their interests with those of our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares, and as of March 31, 2018 , we have awarded 5,530,937 RSUs thereunder. Time-vesting RSUs are participating securities for earnings per share (“EPS”) purposes, and performance or market based vesting RSUs are not. We refer to RSUs with performance or market based vesting conditions as “PRSUs.” Additionally, in connection with the IPO, we granted 62,529 restricted shares of common stock of INVH (“RSAs”) in conversion of the Class B Units. These RSAs are all time-vesting awards, and they are not part of the Omnibus Incentive Plan. For detailed discussion of RSUs and RSAs issued prior to January 1, 2018, refer to our Annual Report on Form 10-K for the year ended December 31, 2017 . • 2018 Annual Long Term Incentive (“LTIP”) Awards: During the three months ended March 31, 2018 , we granted 598,468 RSUs pursuant to LTIP awards. Each award is divided into three tranches, portions of which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions. The time-vesting RSUs vest in three equal annual installments based on an anniversary date of March 1, 2018 subject to continued employment through the applicable vesting date. The PRSUs may be earned based on the achievement of certain measures over a three -year performance period. The number of PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the LTIP PRSUs are earned on the date after the end of the performance period on which the performance results are certified (a “Certification Date”) by our compensation and management development committee (the “Compensation Committee”). The 2018 LTIP PRSUs are eligible to vest on the related Certification Date subject to continued employment through such date. All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules. • Other Awards: During the three months ended March 31, 2018 , we granted 132,376 RSUs (the “2018 Bonus Awards”) each of which award is a time-vesting award which vests in three equal annual installments based on an anniversary date of March 1, 2018. During the three months ended March 31, 2018 , the grant date was established for 168,184 PRSUs issued in connection with the Mergers. These Merger-related PRSUs may be earned based on the achievement of certain measures over a three -year performance period that began on the Merger Date. The number of Merger-related PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the Merger-related LTIP PRSUs are earned on the related Certification Date by our Compensation Committee. The Merger-related PRSUs will vest on the related Certification Date subject to continued employment through such date. During the three months ended March 31, 2018 , certain PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 39,871 shares of common stock. Such awards are reflected as an increase in the number of awards granted and vested in the table below. The following table summarizes the status of non-vested time-vesting RSUs (including RSAs) and PRSUs as of March 31, 2018 and changes during the three months ended March 31, 2018 : Time-Vesting Awards PRSUs Total Share-Based Awards Number Weighted Number Weighted Average Grant Date Fair Value (Actual $) Number Weighted Balance, December 31, 2017 2,695,902 $ 21.51 408,102 $ 22.25 3,104,004 $ 20.79 Granted 318,121 21.91 620,778 22.11 938,899 22.05 Vested (946,834 ) (21.14 ) (111,062 ) (23.28 ) (1,057,896 ) (21.36 ) Forfeited (99,719 ) (22.97 ) (9,813 ) (22.15 ) (109,532 ) (22.90 ) Balance, March 31, 2018 1,967,470 $ 21.68 908,005 $ 22.03 2,875,475 $ 21.79 (1) All vested RSUs, RSAs and PRSUs are included in basic EPS for the period during which they are outstanding. During the three months ended March 31, 2018 , 946,834 time-vesting RSUs and 111,062 PRSUs with an estimated fair value of $23,669 fully vested. As of March 31, 2018 , there were 908,005 PRSUs outstanding. The grant-date fair value of the RSAs, time-vesting RSUs, and PRSUs with performance condition vesting criteria 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 PRSUs with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models at the grant date for awards issued during the three months ended March 31, 2018 : March 1, 2018 Expected volatility (1) 14.5%-17.3% Risk-free rate 2.38% Expected holding period (years) 2.71-2.84 (1) Expected volatility is estimated based on the historical volatility of realized returns of the Company and the applicable index. Summary of Total Share-Based Compensation Expense During the three months ended March 31, 2018 and 2017 , we recognized $9,498 , and $44,244 respectively, of share-based compensation expense, comprised of the following: Share-Based Compensation 2018 2017 General and administrative $ 7,554 $ 40,271 Property management expense 1,944 3,973 Total $ 9,498 $ 44,244 As of March 31, 2018 , there is $42,407 of unrecognized share-based compensation expense related to non-vested RSUs which is expected to be recognized over a weighted average period of 2.02 years.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Assets carried at historical cost on the condensed consolidated balance sheets: Investments in debt securities (1) Level 2 $ 424,351 $ 422,162 $ 378,545 $ 379,500 Liabilities carried at historical cost on the condensed consolidated balance sheets: Mortgage loans (2) Level 2 $ 7,651,625 $ 7,612,163 $ 7,608,228 $ 7,627,423 Term loan facility (3) Level 3 1,500,000 1,495,193 1,500,000 1,494,494 Revolving facility Level 3 15,000 15,006 35,000 35,007 Convertible senior notes (4) Level 3 550,695 534,101 548,536 557,179 (1) The carrying values of debt securities are shown net of discounts. (2) The carrying values of the mortgage loans are shown net of discount and exclude $37,165 and $28,075 of deferred financing costs as of March 31, 2018 and December 31, 2017 , respectively. (3) The carrying value of the Term Loan Facility excludes $11,305 and $12,027 of deferred financing costs as of March 31, 2018 and December 31, 2017 , respectively . (4) The carrying values of the Convertible Senior Notes include unamortized discounts of $24,298 and $26,464 as of March 31, 2018 and December 31, 2017 , respectively. The fair values of our investment in debt securities and 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 Term Loan Facility and Revolving 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. Fair value of convertible notes are estimated by discounting contractual cash flows at the interest rate we estimate the notes would bear if sold in the current market. 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 2018 2017 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ — $ 496 Total impairments — (267 ) Fair value $ — $ 229 Three Months Ended 2018 2017 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 3,225 $ 7,242 Total impairments (603 ) (770 ) Fair value $ 2,622 $ 6,472 For additional information related to our single-family residential properties as of the three months ended March 31, 2018 and 2017 , refer to Note 3 .

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	Note 12—Earnings per Share We compute EPS only for the period after February 1, 2017, the date on which our common stock began trading on the New York Stock Exchange. Basic EPS is computed by dividing the net loss available to common shareholders for the period during which common stock was outstanding by the weighted average number of shares outstanding during such 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 the computation of 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 equivalents and participation rights in undistributed earnings in periods when we have net income. Certain of our non-vested RSUs and RSAs, as identified in Note 10 , are considered participating securities, as are our redeemable INVH LP units. Basic and diluted EPS are calculated as follows: (in thousands, except share and per share data) For the Three February 1, 2017 Numerator: Net loss $ (17,580 ) $ (42,391 ) Net loss for the period January 1, 2017 through January 31, 2017 — 16,879 Net loss attributable to non-controlling interests 311 — Net loss attributable to common shareholders (17,269 ) (25,512 ) Less net loss available to participating securities (222 ) — Net loss available to common shareholders — basic and diluted $ (17,491 ) $ (25,512 ) Denominator: Weighted average common shares outstanding — basic and diluted 519,660,998 311,651,082 Net loss per common share — basic and diluted $ (0.03 ) $ (0.08 ) For the three months ended March 31, 2018 and the period from February 1, 2017 through March 31, 2017 , incremental shares attributed to non-vested RSUs and RSAs of 1,335,768 and 297,176 , respectively, are excluded from the computation of diluted EPS because we had a net loss for the period. For the three months ended March 31, 2018 , the redeemable INVH LP units have been excluded from the computation of EPS because all income (loss) attributable to the INVH LP units has been recorded as non-controlling interest and thus excluded from net loss available to common shareholders. For the three months ended March 31, 2018 , the potential shares of common stock contingently issuable upon the conversion of the Convertible Senior Notes are also excluded from the computation of diluted EPS as we have the intent and ability to settle the obligations in cash.

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax	Note 13—Income Tax We account for income taxes under the asset and liability method. For the taxable REIT subsidiaries (“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 March 31, 2018 and December 31, 2017, we have 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 three months ended March 31, 2018 and 2017 , we sold assets that were either subject to Section 337(d) of the Code (see additional discussion in Note 2 ) or were held by TRSs. These transactions resulted in $394 and $1,134 of current income tax expense for the three months ended March 31, 2018 and 2017 , respectively, which has been recorded in gain on sale of property, net of tax in the condensed consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14—Commitments and Contingencies Insurance Policies Pursuant to the terms of our Credit Facility and the 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 three months ended March 31, 2018 and 2017 , no material uninsured losses have been incurred with respect to our properties except as described below. Hurricane-Related Charges During the third quarter of 2017, hurricanes Harvey and Irma damaged certain of our properties in Texas and the Southeast United States. As of March 31, 2018 , we have recorded $8,128 of receivables for the portion of the damages we believe will be recoverable through our property and casualty insurance policies which provide coverage for wind and flood damage, as well as business interruption costs during the period of remediation and repairs, subject to specified deductibles and limits. Additionally, as of March 31, 2018 , the accounts payable and accrued expenses balance on our condensed consolidated balance sheet includes an estimated $3,588 of unrepaired damages caused by the hurricanes. Purchase Commitments As of March 31, 2018 , we had executed multiple agreements to purchase a total of 326 properties for an aggregate purchase price of $81,814 . Subsequent to March 31, 2018 , we amended certain of these purchase agreements and canceled the purchase of a total of 196 properties with an aggregate purchase price of $45,442 . 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 proceeding or matters will have a material adverse effect on our condensed consolidated financial statements. Other Matters SEC Investigation “In the Matter of Certain Single Family Rental Securitizations” Radian Group Inc. (“Radian”), the indirect parent company of Green River Capital LLC (“GRC”), which is a service provider that provides certain broker price opinions (“BPO”) to the Company, disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017 that GRC had received a letter in March 2017 from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations” and requesting information from market participants. Radian disclosed that the letter asked GRC to provide information regarding BPOs that GRC provided on properties included in single family rental securitization transactions. In September 2017, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations.” The letter enclosed a subpoena that requests the production of certain documents and communications related to our Securitizations, including, without limitation, those related to BPOs provided on our properties included in our Securitizations. The SEC letter indicates that its investigation is a fact-finding inquiry and does not mean that the SEC has a negative opinion of any person or security. We are cooperating with the SEC and have provided information requested in the subpoena. We understand that other transaction parties in securitizations have received requests in this matter. As the SEC’s investigation is ongoing, we cannot currently predict the timing, outcome or scope of such investigation. Severance and Retention In June 2017, our board of directors, upon recommendation of our Compensation Committee, approved and adopted our Invitation Homes Inc. Executive Severance Plan, as amended (the “Executive Severance Plan”); and, in September 2017, adopted severance guidelines for those not covered by the Executive Severance Plan (the “Severance Guidelines” and, together with the Executive Severance Plan, the “Severance Plans”). The Severance Plans provide all qualified employees specified benefits following such person’s qualifying termination of employment.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Business Combinations	Note 15—Business Combinations On November 16, 2017, we completed the Mergers with SWH. We believe that the Mergers provide a number of significant potential strategic benefits and opportunities that will be in the best interests of our stockholders. More specifically, we believe that the Mergers created a diversified and high-quality portfolio of homes in high-growth markets. Potential benefits from economies of scale and the market overlap of INVH’s and SWH’s complementary portfolios may be derived from optimization of operations, reduction of operating costs, and other anticipated synergies. The Mergers were accounted for as a business combination in accordance with ASC Topic 805, Business Combinations . INVH was designated as the accounting acquirer. The assets (including identifiable intangible assets) and liabilities (including executory contracts and other commitments) of SWH were recorded at their respective fair values at the Merger Date. The estimated fair value of the consideration transferred was $ 4,920,534 , which was based upon (i) the observable public closing share price of $23.01 on November 15, 2017 for the 207,448,958 shares of INVH common stock issued to SWH stockholders in exchange for their SWH common shares, (ii) the equity component of the Convertible Senior Notes, which was valued at $135,520 , and (iii) the recognition of $11,614 of precombination service related to the exchange of SWH RSUs for INVH RSUs. Subsequent to the Merger Date, our condensed consolidated financial statements reflect these fair value adjustments and include the combined results of operations. Because INVH was designated as the accounting acquirer, our historical financial statements for periods prior to November 16, 2017 represent only the historical financial information of INVH and its consolidated subsidiaries. Purchase Price Allocation The total purchase price has been allocated based upon (1) the amounts reported in the SWH historical financial statements for any assets that were reported at fair value in accordance with SWH’s historical accounting policies or (2) management’s estimates of fair value. Management’s preliminary estimates of fair value for SWH’s investments in real estate properties were based upon a progressive method that incorporated three value sources: automated valuation model data, BPOs and internal desktop valuations (Level 3 measurements). The fair value of our investment in the unconsolidated joint venture represents the estimated fair value of our equity interest in the joint venture with FNMA. We determined the fair value based on the estimated fair value of the underlying investments in single-family residential properties after giving consideration to the terms and conditions of the related joint venture agreement (Level 3 measurement). The fair value of other assets includes the estimated fair value of in-place leases in the amount of $45,740 , which was estimated based on lost rent and avoidable costs over an assumed vacancy period (Level 3 measurements). Also included in other assets is the estimated fair value of interest rate swap agreements in the aggregate amount of $21,135 . The fair value of SWH’s debt was determined by comparison of contractual terms of SWH’s existing debt obligations to the current market rates on a risk-adjusted basis as of the Merger Date. The associated future debt cash flows were then discounted back to present value to arrive at an estimated fair value of SWH’s debt (Level 3 measurements). The allocation of the total purchase price to SWH’s tangible and intangible assets and liabilities under this methodology is as follows: Consideration transferred $ 4,920,534 Assets acquired: Land 1,920,400 Buildings and improvements 6,487,505 Cash and cash equivalents 84,952 Restricted cash 118,556 Other assets 389,449 Liabilities assumed: Mortgage loans, net (3,433,506 ) Convertible senior notes, net (547,437 ) Accounts payable and accrued expenses (112,505 ) Resident security deposits (56,895 ) Other liabilities (36,311 ) Non-controlling interests (151,881 ) Net assets acquired 4,662,327 Goodwill $ 258,207 These allocations are management’s estimates of fair value, which are preliminary as of March 31, 2018 and are subject to change. The goodwill recorded is primarily attributable to the value of the synergies expected to arise after the Mergers. Merger and Transaction-Related Expenses We incurred $4,367 of merger and transaction-related expenses related to the Mergers during the three months ended March 31, 2018 , included in general and administrative expenses in the condensed consolidated statement of operations. Merger and transaction-related expenses are expensed as incurred and are comprised primarily of transaction fees and direct acquisition costs, including legal, finance, consulting, professional fees, and other third-party costs. The costs that were obligations of SWH and expensed by SWH prior to the Merger Date are not included in our condensed consolidated financial statements. In addition, and in connection with the Mergers and the resulting integration, we have incurred severance costs for terminated and transitional employees, and such costs are accrued over the related remaining service periods. More specifically, in August 2017, we entered into agreements with several of our executives, which provide the executives, as applicable, with benefits upon the consummation of the Mergers and/or where the executive experiences a qualifying termination within a specified period of time following such consummation. After the consummation of the Mergers, if a participant under either a Severance Plan or an executive agreement experiences a qualifying termination, such person will be entitled to specified benefits. For the three months ended March 31, 2018 , we accrued a total of $2,659 of employee severance pursuant to the Severance Plans and the executive agreements, and these costs are included in general and administrative expenses in the condensed consolidated statement of operations. Pro Forma Information The following table provides the pro forma consolidated operational data as if the Mergers had occurred on January 1, 2017 (unaudited): Three Months Ended Total revenue $ 387,722 Net loss (188,400 ) Pro forma net loss includes transaction costs related to the Mergers of $54,340 . The pro forma consolidated operational data is based on assumptions and estimates considered appropriate by our management; however, these pro forma results are not necessarily indicative of the results of operations that would have been obtained had the Mergers occurred at the beginning of the period presented, nor do they purport to represent the consolidated results of operations for future periods. The pro forma consolidated operational data does not include the impact of any synergies that may be achieved from the Mergers or any strategies that management may consider in order to continue to efficiently manage operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 16—Subsequent Events In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2018 , for potential recognition or disclosure. IH 2018-2 Securitization On May 8, 2018, we completed a securitization transaction pursuant to which we entered into a loan agreement with a third-party lender, providing for a new mortgage loan comprised of six components with a total principal balance of $1,057,225 (“IH 2018-2”). IH 2018-2 has a stated maturity of June 9, 2020, with five one -year extension options, and is secured by first priority mortgages on a portfolio of homes. Each of the six components of IH 2018-2 bears interest at a floating rate equal to LIBOR plus an applicable spread (inclusive of servicing fees) that ranges from 95 to 230 bps, with a weighted average spread to LIBOR (inclusive of servicing fees) of 138 bps. IH 2018-2 was subsequently transferred to a trust in exchange for pass-through certificates issued by the trust. In connection with IH 2018-2, we purchased and will retain 5% of each class of certificates for risk-retention purposes, totaling $52,865 . We used proceeds from IH 2018-2 to repay the outstanding balances under IH 2015-1 and IH 2015-2, to fund certain reserves, and for general corporate purposes. Extensions of Existing Mortgage Loans On April 9, 2018, we submitted a notification to request an extension of the maturity of the CAH 2015-1 and CS H 2016-1 mortgage loans from July 9, 2018 to July 9, 2019 upon approval. On May 9, 2018, we submitted a notification to request an extension of the maturity of the IH 2015-3 mortgage loan from August 9, 2018 to August 9, 2019 upon approval. Dividend Declaration On May 3, 2018 , our board of directors declared a dividend of $0.11 per share to stockholders of record on May 15, 2018 , which is payable on May 31, 2018 . Interest Rate Swap Agreements On April 19, 2018, we entered into four interest rate swap agreements that effectively convert $1,600,000 of existing floating rate debt to fixed rate debt. On May 8, 2018, we entered into two additional interest rate swap agreements that effectively convert $920,000 of existing floating rate debt to fixed rate debt. The table below summarizes the terms and conditions of these interest rate swap agreements : Agreement Date Forward Maturity Strike Index Notional April 19, 2018 January 31, 2019 January 31, 2025 2.86% One-month LIBOR $ 400,000 April 19, 2018 March 15, 2019 November 30, 2024 2.85% One-month LIBOR 400,000 April 19, 2018 March 15, 2019 February 28, 2025 2.86% One-month LIBOR 400,000 April 19, 2018 January 31, 2020 November 30, 2024 2.90% One-month LIBOR 400,000 May 8, 2018 March 9, 2020 June 9, 2025 2.99% One-month LIBOR 325,000 May 8, 2018 June 9, 2020 June 9, 2025 2.99% One-month LIBOR 595,000

Significant Accounting Polici25

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim 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 (“SEC”) 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 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2017 . Subsequent to the date of the Pre-IPO Transactions, these condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. Prior to the date of the Pre-IPO Transactions, these condensed consolidated financial statements include the combined accounts of INVH LP 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 that 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 three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018 . 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. As described in Note 5 , as a result of the Mergers we acquired an investment in a joint venture with the Federal National Mortgage Association (“FNMA”), which is a voting interest entity. We do not hold a controlling financial interest in the joint venture but have significant influence over its operating and financial policies. Additionally, FNMA held certain substantive participating rights that preclude the presumption of control by us; as such, we account for our investment using the equity method. In connection with the Mergers, we initially recorded this investment at fair value in connection with purchase accounting as described in Note 15 and have subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint venture are reported as part of operating cash flows while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Non-controlling interests primarily represent the interests in INVH LP held by a third party as a result of the Partnership Merger. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 and the condensed consolidated statement of operations for the three months ended March 31, 2018 includes an allocation of the net loss attributable to the non-controlling interest holders.
Adoption of New Accounting Standards and Recent Accounting Pronouncements	Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), 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. ASU 2014-09 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. We adopted ASU 2014-09 effective January 1, 2018 using the modified retrospective transition method. This adoption did not have a significant impact on our condensed consolidated financial statements, as more than 90% of our total revenues consist of rental income from leasing arrangements, and such revenue is specifically excluded from the standard. We analyzed our remaining revenue streams included within other property income and concluded there was no change to the timing and pattern of revenue recognition for these revenue streams under the new guidance. As such, adoption of the standard did not result in a change to our revenue recognition policies, require recognition of a cumulative adjustment as of January 1, 2018, or have a material impact on our condensed consolidated financial statements . In September 2017, the FASB issued ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. The purpose of this pronouncement is to update the guidance in the SEC paragraphs of the ASC to align with ASU No. 2014-09. We adopted ASU 2017-03 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In M ay 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. We adopted ASU 2017-09 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Ass ets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The new guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets and in substance nonfinancial assets unless other specific guidance applies. As a result, it will not apply to the derecognition of businesses, nonprofit activities, or financial assets (including equity method investments), or to revenue transactions (contracts with customers). The new guidance also clarifies that an in substance nonfinancial asset is an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. In addition, transfers of nonfinancial assets to another entity in exchange for a non-controlling ownership interest in that entity will be accounted for under ASC 610-20, removing specific guidance on such partial exchanges from ASC 845, Nonmonetary Transactions. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20, Real Estate Sales, will be eliminated. As such, sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. We adopted ASU 2017-05 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify the accounting for goodwill impairment by removing step two of the goodwill impairment test, which had involved determining the fair value of individual assets and liabilities of a reporting unit to measure goodwill. Instead, goodwill impairment will be determined as the excess of a reporting unit’s carrying value over its fair value, not to exceed the carrying amount of goodwill. We adopted ASU 2017-04 effective January 1, 2018, which will impact our goodwill impairment testing process; however, it did not have a material impact 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 flows. 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. We adopted ASU 2016-18 effective January 1, 2018, using a retrospective transition method. As a result, on our condensed consolidated statements of cash flow, changes in restricted cash related to security deposits (previously included in the operating activities section) and changes in the restricted cash line (previously included in the investing activities section) have been eliminated. C hanges in restricted cash are now included in the beginning of period and end of period total cash, cash equivalents and restricted cash amounts. Additionally, Note 4 includes expanded disclosures regarding the components of the beginning and ending balances on our condensed consolidated statements of cash flows. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This new guidance will require the current and deferred tax effects of intercompany transactions, except for those involving inventory, to be recognized currently. Under current GAAP, the tax effects of intra-entity asset transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use. We adopted ASU 2016-16 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which 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. We adopted ASU 2016-15 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments — Overall (Subtopic 825-10): 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. We adopted ASU 2016-01 effective January 1, 2018, and it did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how companies will measure credit losses for certain financial assets. This guidance requires an entity to estimate its expected credit loss and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. This new standard will be effective for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period, with early adoption permitted beginning after December 15, 2018 and interim periods within that reporting period. We do not anticipate that the adoption of this standard will have a material impact 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 expect that the adoption of this standard will result in an increase in assets and liabilities on our condensed consolidated balance sheets related to our leased office space and vehicles.
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 26

Investments in Single-Family Residential Properties (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Schedule of Properties Carrying Amount	The following table sets forth the net carrying amount associated with our properties by component: March 31, December 31, Land $ 4,637,540 $ 4,646,917 Single-family residential property 13,103,690 13,084,156 Capital improvements 536,314 536,297 Equipment 119,955 120,528 Total gross investments in the properties 18,397,499 18,387,898 Less: accumulated depreciation (1,197,520 ) (1,075,634 ) Investments in single-family residential properties, net $ 17,199,979 $ 17,312,264

Cash, Cash Equivalents, and R27

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2018
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows: As of As of 2018 2017 2017 2016 Cash and cash equivalents $ 134,893 $ 192,450 $ 179,878 $ 198,119 Restricted cash 255,855 144,169 236,684 222,092 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 390,748 $ 336,619 $ 416,562 $ 420,211
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows: As of As of 2018 2017 2017 2016 Cash and cash equivalents $ 134,893 $ 192,450 $ 179,878 $ 198,119 Restricted cash 255,855 144,169 236,684 222,092 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 390,748 $ 336,619 $ 416,562 $ 420,211 The balances of our restricted cash accounts, as of March 31, 2018 and December 31, 2017 , are set forth in the table below. As of March 31, 2018 and December 31, 2017 , no amounts were funded to the insurance and HOA reserve accounts as the conditions specified in the mortgage loan agreements that require such funding did not exist. March 31, December 31, Resident security deposits $ 150,583 $ 147,098 Property taxes 46,931 20,785 Collections 34,700 40,607 Derivative collateral 11,680 15,120 Insurance premium and deductible 4,487 4,250 Capital expenditure reserves 3,461 5,257 Letters of credit 3,440 2,994 Eligibility reserves 573 573 Total $ 255,855 $ 236,684

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	As of March 31, 2018 and December 31, 2017 , the balances in other assets, net are as follows: March 31, December 31, Investments in debt securities, net $ 424,351 $ 378,545 Interest rate swaps (Note 7) 115,127 57,612 Held for sale assets (1) 76,951 46,814 Investment in unconsolidated joint venture 56,940 57,078 Prepaid expenses 54,364 37,869 Rent and other receivables, net 28,686 24,525 In-place leases, net 21,070 37,517 Corporate fixed assets, net 15,415 16,595 Amounts deposited and held by others 14,155 12,598 Deferred leasing costs, net 7,358 7,018 Deferred financing costs, net 6,911 7,504 Other 26,183 12,930 Total $ 847,511 $ 696,605 (1) As of March 31, 2018 and December 31, 2017 , 402 and 236 properties, respectively, are classified as held for sale.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of line of credit facility	The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of March 31, 2018 and December 31, 2017 : Maturity Interest (1) March 31, December 31, Term loan facility February 6, 2022 3.58% $ 1,500,000 $ 1,500,000 Deferred financing costs, net (11,305 ) (12,027 ) Term Loan Facility, net $ 1,488,695 $ 1,487,973 Revolving Facility February 6, 2021 3.63% $ 15,000 $ 35,000 (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin of 1.70% and 1.75% , respectively; as of March 31, 2018 , LIBOR was 1.88% .
Schedule of long-term debt instruments	The following table sets forth a summary of our mortgage loan indebtedness as of March 31, 2018 and December 31, 2017 : Outstanding Principal Balance (2) Origination Date Maturity Date Interest Rate (1) Range of Spreads March 31, December 31, CAH 2014-1 (3) N/A N/A —% N/A $ — $ 473,384 CAH 2014-2 (3) N/A N/A —% N/A — 385,401 IH 2015-1, net (4)(5) January 29, 2015 March 9, 2019 4.31% 152-437 bps 527,826 528,795 IH 2015-2 (4)(5) April 10, 2015 June 9, 2018 3.89% 142-377 bps 627,106 627,259 CAH 2015-1 (4)(6) June 11, 2015 July 9, 2018 3.76% 128-373 bps 655,455 656,551 IH 2015-3 (4)(7) June 25, 2015 August 9, 2018 4.13% 136-481 bps 1,162,225 1,165,886 CSH 2016-1 (4)(6) June 7, 2016 July 9, 2018 4.19% 158-508 bps 529,827 531,517 CSH 2016-2 (4) November 3, 2016 December 9, 2018 3.73% 133-423 bps 605,357 609,815 IH 2017-1 (8) April 28, 2017 June 9, 2027 4.23% N/A 996,371 996,453 SWH 2017-1 (4) September 29, 2017 October 9, 2019 3.43% 102-347 bps 769,754 769,754 IH 2017-2 (4) November 9, 2017 December 9, 2019 3.38% 91-306 bps 863,263 863,413 IH 2018-1 (3)(4) February 8, 2018 March 9, 2020 3.12% 76-256 bps 914,441 — Total Securitizations 7,651,625 7,608,228 Less deferred financing costs, net (37,165 ) (28,075 ) Total $ 7,614,460 $ 7,580,153 (1) Except for IH 2017-1, interest rates are based on a weighted average spread over the London Interbank Offered Rate (“LIBOR”) , plus applicable servicing fees; as of March 31, 2018 , LIBOR was 1.88% . Our IH 2017-1 mortgage loan bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. (2) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (3) On February 8, 2018, the outstanding balances of CAH 2014-1 and CAH 2014-2 were repaid in full with proceeds from IH 2018-1, a new securitization transaction. (4) The initial maturity term of each of these mortgage loans is two to three years, individually subject to two to five , one -year extension options at the borrower’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender). Our IH 2015-2, IH 2015-3 and CAH 2015-1 mortgage loans have exercised the first extension option, and IH 2015-1 has exercised the second extension option. The maturity dates above are reflective of all extensions that have been exercised. (5) On May 8, 2018, the outstanding balances of IH 2015-1 and IH 2015-2 were repaid in full with proceeds from IH 2018-2, a new securitization transaction (see Note 16 ). (6) On April 9, 2018, we submitted a notification to request an extension of the maturity of the CAH 2015-1 and CS H 2016-1 mortgage loans from July 9, 2018 to July 9, 2019 upon approval. (7) On May 9, 2018, we submitted a notification to request an extension of the maturity of the IH 2015-3 mortgage loan from August 9, 2018 to August 9, 2019 upon approval. (8) Net of unamortized discount of $3,257 and $3,345 as of March 31, 2018 and December 31, 2017 , respectively. The following table summarizes the terms of the Convertible Senior Notes outstanding as of March 31, 2018 and December 31, 2017 : Principal Amount Coupon Effective (1) Conversion (2) Maturity Amortization March 31, December 31, 2019 Convertible Notes 3.00 % 4.92 % 53.0969 7/1/2019 1.25 years $ 229,993 $ 230,000 2022 Convertible Notes 3.50 % 5.12 % 43.7694 1/15/2022 3.80 years 345,000 345,000 Total 574,993 575,000 Net unamortized fair value adjustment (24,298 ) (26,464 ) Total $ 550,695 $ 548,536 (1) Effective rate includes the effect of the adjustment to the fair value of the debt as of the Merger Date, the value of which reduced the initial liability recorded to $223,185 and $324,252 for each of the 2019 Convertible Notes and 2022 Convertible Notes, respectively. (2) We generally have the option to settle any conversions in cash, common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount (actual $) of Convertible Senior Notes converted at March 31, 2018 , as adjusted in accordance with the applicable indentures as a result of cash dividend payments and the effects of the Mergers. The Convertible Senior Notes do not meet the criteria for conversion as of March 31, 2018 .
Schedule of maturities of long-term debt	The following table summarizes the contractual maturities of our debt as of March 31, 2018 : Year Mortgage Loans (1)(2) Term Loan Facility Revolving Facility Convertible Senior Notes Total 2018 $ 3,579,970 $ — $ — $ — $ 3,579,970 2019 2,160,843 — — 229,993 2,390,836 2020 914,441 — — — 914,441 2021 — — 15,000 — 15,000 2022 — 1,500,000 — 345,000 1,845,000 2023 and thereafter 996,371 — — — 996,371 Total 7,651,625 1,500,000 15,000 574,993 9,741,618 Less deferred financing costs, net (37,165 ) (11,305 ) — — (48,470 ) Less unamortized fair value adjustment — — — (24,298 ) (24,298 ) Total $ 7,614,460 $ 1,488,695 $ 15,000 $ 550,695 $ 9,668,850 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised. (2) On May 8, 2018, IH 2015-1 and IH 2015-2 were repaid in full with the proceeds from IH 2018-2, a new securitization transaction (see Note 16 ). The net result of the repayments and new securitization will be to reduce 2018 and 2019 obligations by $627,106 and $527,826 , respectively, to be replaced with obligations totaling $1,057,225 due on June 9, 2020 .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of interest rate swap instruments	The table below summarizes our interest rate swap instruments as of March 31, 2018 : Agreement Date Forward Maturity Strike Index Notional 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 June 3, 2016 July 15, 2017 July 15, 2018 0.93% One-month LIBOR 450,000 January 10, 2017 January 15, 2018 January 15, 2019 1.58% One-month LIBOR 550,000 February 23, 2016 March 15, 2018 March 15, 2019 1.10% One-month LIBOR 800,000 February 23, 2016 March 15, 2018 March 15, 2019 1.06% One-month LIBOR 800,000 June 3, 2016 July 15, 2018 July 15, 2019 1.12% One-month LIBOR 450,000 January 10, 2017 January 15, 2019 January 15, 2020 1.93% One-month LIBOR 550,000 March 29, 2017 March 15, 2019 March 15, 2022 2.21% One-month LIBOR 800,000 June 3, 2016 July 15, 2019 July 15, 2020 1.30% One-month LIBOR 450,000 January 10, 2017 January 15, 2020 January 15, 2021 2.13% One-month LIBOR 550,000 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One-month LIBOR 450,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One-month LIBOR 550,000 Agreement Date Forward Maturity Strike Index Notional April 19, 2018 January 31, 2019 January 31, 2025 2.86% One-month LIBOR $ 400,000 April 19, 2018 March 15, 2019 November 30, 2024 2.85% One-month LIBOR 400,000 April 19, 2018 March 15, 2019 February 28, 2025 2.86% One-month LIBOR 400,000 April 19, 2018 January 31, 2020 November 30, 2024 2.90% One-month LIBOR 400,000 May 8, 2018 March 9, 2020 June 9, 2025 2.99% One-month LIBOR 325,000 May 8, 2018 June 9, 2020 June 9, 2025 2.99% One-month LIBOR 595,000 The table below summarizes the terms and conditions of these interest rate swap agreements:
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 March 31, 2018 and December 31, 2017 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance March 31, December 31, Balance March 31, December 31, Derivatives designated as Interest rate swaps Other $ 115,127 $ 57,612 Other $ — $ — Derivatives not designated as Interest rate caps Other 496 27 Other — — Interest rate swaps Other — — Other liabilities — — Total $ 115,623 $ 57,639 $ — $ —
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 in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 : Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations Three Months Ended Three Months Ended Three Months Ended 2018 2017 2018 2017 2018 2017 Derivatives in cash flow hedging relationships: Interest rate swaps $ 59,900 $ 10,561 Interest $ (271 ) $ (2,711 ) $ 92,299 $ 68,572 Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative Three Months Ended 2018 2017 Derivatives not designated as hedging instruments: Interest rate swaps Interest expense $ — $ (3,674 ) Interest rate caps Interest expense 253 (78 ) Total $ 253 $ (3,752 )

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Summary of Dividends Declared	The following table summarizes our dividends declared from January 1, 2017 through March 31, 2018 : Record Amount per Share (1) Pay Total Amount Q1-2018 February 13, 2018 $ 0.11 February 28, 2018 $ 57,432 Q4-2017 October 24, 2017 0.08 November 7, 2017 25,139 Q3-2017 August 15, 2017 0.08 August 31, 2017 25,200 Q2-2017 May 15, 2017 0.06 May 31, 2017 18,800 (1) Amounts are displayed in actual dollars and are paid on a per share basis.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share-based compensation, restricted stock and restricted stock units	The following table summarizes the status of non-vested time-vesting RSUs (including RSAs) and PRSUs as of March 31, 2018 and changes during the three months ended March 31, 2018 : Time-Vesting Awards PRSUs Total Share-Based Awards Number Weighted Number Weighted Average Grant Date Fair Value (Actual $) Number Weighted Balance, December 31, 2017 2,695,902 $ 21.51 408,102 $ 22.25 3,104,004 $ 20.79 Granted 318,121 21.91 620,778 22.11 938,899 22.05 Vested (946,834 ) (21.14 ) (111,062 ) (23.28 ) (1,057,896 ) (21.36 ) Forfeited (99,719 ) (22.97 ) (9,813 ) (22.15 ) (109,532 ) (22.90 ) Balance, March 31, 2018 1,967,470 $ 21.68 908,005 $ 22.03 2,875,475 $ 21.79 (1) All vested RSUs, RSAs and PRSUs are included in basic EPS for the period during which they are outstanding.
Schedule of share-based payment awards, stock options, valuation assumption	he following table summarizes the significant inputs utilized in these models at the grant date for awards issued during the three months ended March 31, 2018 : March 1, 2018 Expected volatility (1) 14.5%-17.3% Risk-free rate 2.38% Expected holding period (years) 2.71-2.84 (1) Expected volatility is estimated based on the historical volatility of realized returns of the Company and the applicable index.
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan	During the three months ended March 31, 2018 and 2017 , we recognized $9,498 , and $44,244 respectively, of share-based compensation expense, comprised of the following: Share-Based Compensation 2018 2017 General and administrative $ 7,554 $ 40,271 Property management expense 1,944 3,973 Total $ 9,498 $ 44,244

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Assets carried at historical cost on the condensed consolidated balance sheets: Investments in debt securities (1) Level 2 $ 424,351 $ 422,162 $ 378,545 $ 379,500 Liabilities carried at historical cost on the condensed consolidated balance sheets: Mortgage loans (2) Level 2 $ 7,651,625 $ 7,612,163 $ 7,608,228 $ 7,627,423 Term loan facility (3) Level 3 1,500,000 1,495,193 1,500,000 1,494,494 Revolving facility Level 3 15,000 15,006 35,000 35,007 Convertible senior notes (4) Level 3 550,695 534,101 548,536 557,179 (1) The carrying values of debt securities are shown net of discounts. (2) The carrying values of the mortgage loans are shown net of discount and exclude $37,165 and $28,075 of deferred financing costs as of March 31, 2018 and December 31, 2017 , respectively. (3) The carrying value of the Term Loan Facility excludes $11,305 and $12,027 of deferred financing costs as of March 31, 2018 and December 31, 2017 , respectively . (4) The carrying values of the Convertible Senior Notes include unamortized discounts of $24,298 and $26,464 as of March 31, 2018 and December 31, 2017 , respectively.
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 2018 2017 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ — $ 496 Total impairments — (267 ) Fair value $ — $ 229 Three Months Ended 2018 2017 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 3,225 $ 7,242 Total impairments (603 ) (770 ) Fair value $ 2,622 $ 6,472

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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) For the Three February 1, 2017 Numerator: Net loss $ (17,580 ) $ (42,391 ) Net loss for the period January 1, 2017 through January 31, 2017 — 16,879 Net loss attributable to non-controlling interests 311 — Net loss attributable to common shareholders (17,269 ) (25,512 ) Less net loss available to participating securities (222 ) — Net loss available to common shareholders — basic and diluted $ (17,491 ) $ (25,512 ) Denominator: Weighted average common shares outstanding — basic and diluted 519,660,998 311,651,082 Net loss per common share — basic and diluted $ (0.03 ) $ (0.08 )

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Allocation of the Total Purchase Price	The allocation of the total purchase price to SWH’s tangible and intangible assets and liabilities under this methodology is as follows: Consideration transferred $ 4,920,534 Assets acquired: Land 1,920,400 Buildings and improvements 6,487,505 Cash and cash equivalents 84,952 Restricted cash 118,556 Other assets 389,449 Liabilities assumed: Mortgage loans, net (3,433,506 ) Convertible senior notes, net (547,437 ) Accounts payable and accrued expenses (112,505 ) Resident security deposits (56,895 ) Other liabilities (36,311 ) Non-controlling interests (151,881 ) Net assets acquired 4,662,327 Goodwill $ 258,207
Pro Forma Consolidated Operational Data	The following table provides the pro forma consolidated operational data as if the Mergers had occurred on January 1, 2017 (unaudited): Three Months Ended Total revenue $ 387,722 Net loss (188,400 )

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Summary of interest rate swap instruments	The table below summarizes our interest rate swap instruments as of March 31, 2018 : Agreement Date Forward Maturity Strike Index Notional 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 June 3, 2016 July 15, 2017 July 15, 2018 0.93% One-month LIBOR 450,000 January 10, 2017 January 15, 2018 January 15, 2019 1.58% One-month LIBOR 550,000 February 23, 2016 March 15, 2018 March 15, 2019 1.10% One-month LIBOR 800,000 February 23, 2016 March 15, 2018 March 15, 2019 1.06% One-month LIBOR 800,000 June 3, 2016 July 15, 2018 July 15, 2019 1.12% One-month LIBOR 450,000 January 10, 2017 January 15, 2019 January 15, 2020 1.93% One-month LIBOR 550,000 March 29, 2017 March 15, 2019 March 15, 2022 2.21% One-month LIBOR 800,000 June 3, 2016 July 15, 2019 July 15, 2020 1.30% One-month LIBOR 450,000 January 10, 2017 January 15, 2020 January 15, 2021 2.13% One-month LIBOR 550,000 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One-month LIBOR 450,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One-month LIBOR 550,000 Agreement Date Forward Maturity Strike Index Notional April 19, 2018 January 31, 2019 January 31, 2025 2.86% One-month LIBOR $ 400,000 April 19, 2018 March 15, 2019 November 30, 2024 2.85% One-month LIBOR 400,000 April 19, 2018 March 15, 2019 February 28, 2025 2.86% One-month LIBOR 400,000 April 19, 2018 January 31, 2020 November 30, 2024 2.90% One-month LIBOR 400,000 May 8, 2018 March 9, 2020 June 9, 2025 2.99% One-month LIBOR 325,000 May 8, 2018 June 9, 2020 June 9, 2025 2.99% One-month LIBOR 595,000 The table below summarizes the terms and conditions of these interest rate swap agreements:

Organization and Formation (Det

Organization and Formation (Details)	Nov. 16, 2017shares	Feb. 06, 2017$ / sharesshares	Jan. 31, 2017shares	Mar. 31, 2018$ / sharesshares	Dec. 31, 2017$ / sharesshares
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Issuance of common stock (in shares)		310,376,634
Common stock, shares authorized (in shares)		9,000,000,000		9,000,000,000	9,000,000,000
Preferred stock, shares authorized (in shares)		900,000,000		900,000,000	900,000,000
Common stock shares, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01	$ 0.01
Starwood Waypoint Homes
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Partnership interest				98.30%
Common Stock | Starwood Waypoint Homes
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Exchange ratio	1.614
Common Units | Starwood Waypoint Homes
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Exchange ratio	1.6140
IPO
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Issuance of common stock (in shares)		88,550,000
Sale of common stock, price per share (in dollars per share) | $ / shares		$ 20
Pre-IPO Owner Issuances
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Issuance of common stock (in shares)			221,826,634
Merger with Starwood Waypoint Homes
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Issuance of common stock (in shares)	207,448,958

Significant Accounting Polici38

Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Percent of revenue excluded from ASU 2014-09 (more than)	90.00%

Investments in Single-Family 39

Investments in Single-Family Residential Properties - Net Carrying Amount of Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 4,637,540	$ 4,646,917
Single-family residential property	13,103,690	13,084,156
Capital improvements	536,314	536,297
Equipment	119,955	120,528
Total gross investments in the properties	18,397,499	18,387,898
Less: accumulated depreciation	(1,197,520)	(1,075,634)
Investments in single-family residential properties, net	$ 17,199,979	$ 17,312,264

Investments in Single-Family 40

Investments in Single-Family Residential Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Capitalized acquisition costs, net	$ 122,011		$ 125,903
Accumulated capitalized interest costs	64,687		62,938
Capitalized property taxes, net	25,976		25,966
Capitalized insurance, net	4,731		4,727
Capitalized HOA Fees, net	2,794		$ 2,818
Depreciation	126,661	$ 66,653
Depreciation and amortization	144,500	67,577
Provisions for impairment	603	1,037
Furniture and equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,392	924
In-place lease intangible assets
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 16,447	$ 0

Cash, Cash Equivalents, and R41

Cash, Cash Equivalents, and Restricted Cash - Reconciliation to Statements of Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 134,893	$ 179,878	$ 192,450	$ 198,119
Restricted cash	255,855	236,684	144,169	222,092
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 390,748	$ 416,562	$ 336,619	$ 420,211

Cash, Cash Equivalents, and R42

Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash Accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 255,855	$ 236,684	$ 144,169	$ 222,092
Resident security deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	150,583	147,098
Property taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	46,931	20,785
Collections
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	34,700	40,607
Derivative collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	11,680	15,120
Insurance premium and deductible
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,487	4,250
Capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,461	5,257
Letters of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,440	2,994
Eligibility reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 573	$ 573

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments in debt securities, net	$ 424,351	$ 378,545
Interest rate swaps (Note 7)	115,127	57,612
Held for sale assets	76,951	46,814
Investment in unconsolidated joint venture	56,940	57,078
Prepaid expenses	54,364	37,869
Rent and other receivables, net	28,686	24,525
In-place leases, net	21,070	37,517
Corporate fixed assets, net	15,415	16,595
Amounts deposited and held by others	14,155	12,598
Deferred leasing costs, net	7,358	7,018
Deferred financing costs, net	6,911	7,504
Other	26,183	12,930
Total Other Assets	$ 847,511	$ 696,605

Other Assets - Narrative (Detai

Other Assets - Narrative (Details)	Nov. 16, 2017USD ($)	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)property
Schedule of Investments [Line Items]
Number of real estate properties classified as held-for-sale | property		402		236
Investments in debt securities, net		$ 424,351,000		$ 378,545,000
Held-to-maturity securities, unrecognized holding gain		0		0
Held-to-maturity securities, unrecognized holding loss		0		0
Other than temporary impairment recognized in other comprehensive income		0		0
Allowance for doubtful accounts receivable		3,331,000		4,094,000
Debt issuance costs, line of credit arrangements incurred				9,673,000
Debt issuance costs, unamortized balance		6,911,000		7,504,000
Residential Mortgage Backed Securities
Schedule of Investments [Line Items]
Investments in debt securities, net		424,351,000
Marketable securities, unamortized discount		$ 3,257,000
Minimum
Schedule of Investments [Line Items]
Lessor leasing arrangements, operating leases, term of contract		12 months
Minimum | Residential Mortgage Backed Securities
Schedule of Investments [Line Items]
Marketable securities, expected maturity term		3 months
Maximum | Residential Mortgage Backed Securities
Schedule of Investments [Line Items]
Marketable securities, expected maturity term		9 years
In-place lease intangible assets
Schedule of Investments [Line Items]
Amortization of intangible assets		$ 16,447,000	$ 0
In-place lease intangible assets | Merger with Starwood Waypoint Homes
Schedule of Investments [Line Items]
Finite-lived intangible assets acquired, in-place leases	$ 45,740,000
Acquired finite-lived intangible assets, weighted-average remaining lease period	8 months
Amortization of intangible assets		16,447,000
In-place leases, net		$ 21,070,000		$ 37,517,000
Joint venture with FNMA | Merger with Starwood Waypoint Homes
Schedule of Investments [Line Items]
Interest joint venture	10.00%
Number of real estate properties owned by joint venture | property		768		776

Debt - Schedule of Mortgage Loa

Debt - Schedule of Mortgage Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)extension	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Less deferred financing costs, net	$ (48,470)
Long-term debt	9,668,850
Debt instrument, unamortized discount	$ 24,298	$ 26,464
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, variable rate	1.88%
Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 7,651,625	7,608,228
Less deferred financing costs, net	(37,165)	(28,075)
Long-term debt	7,614,460	7,580,153
Debt instrument, unamortized discount	0
CAH 2014-1 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	0	473,384
CAH 2014-2 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 0	385,401
IH 2015-1 | Secured Debt
Debt Instrument [Line Items]
Interest rate	4.31%
Long-term debt	$ 527,826	528,795
IH 2015-1 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	1.52%
IH 2015-1 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	4.37%
IH 2015-2 | Secured Debt
Debt Instrument [Line Items]
Interest rate	3.89%
Long-term debt	$ 627,106	627,259
IH 2015-2 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	1.42%
IH 2015-2 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	3.77%
CAH 2015-1 | Secured Debt
Debt Instrument [Line Items]
Interest rate	3.76%
Long-term debt	$ 655,455	656,551
CAH 2015-1 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	1.28%
CAH 2015-1 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	3.73%
IH 2015-3 | Secured Debt
Debt Instrument [Line Items]
Interest rate	4.13%
Long-term debt	$ 1,162,225	1,165,886
IH 2015-3 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	1.36%
IH 2015-3 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	4.81%
CSH 2016-1 | Secured Debt
Debt Instrument [Line Items]
Interest rate	4.19%
Long-term debt	$ 529,827	531,517
CSH 2016-1 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	1.58%
CSH 2016-1 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	5.08%
CSH 2016-2 | Secured Debt
Debt Instrument [Line Items]
Interest rate	3.73%
Long-term debt	$ 605,357	609,815
CSH 2016-2 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	1.33%
CSH 2016-2 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	4.23%
IH 2017-1 | Secured Debt
Debt Instrument [Line Items]
Interest rate	4.23%
Long-term debt	$ 996,371	996,453
Debt instrument, term	10 years
Debt instrument, unamortized discount	$ 3,257	3,345
SWH 2017-1 | Secured Debt
Debt Instrument [Line Items]
Interest rate	3.43%
Long-term debt	$ 769,754	769,754
SWH 2017-1 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	1.02%
SWH 2017-1 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	3.47%
IH 2017-2 | Secured Debt
Debt Instrument [Line Items]
Interest rate	3.38%
Long-term debt	$ 863,263	863,413
IH 2017-2 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	0.91%
IH 2017-2 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	3.06%
IH 2018-1 | Secured Debt
Debt Instrument [Line Items]
Interest rate	3.12%
Long-term debt	$ 914,441	$ 0
IH 2018-1 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread	0.76%
IH 2018-1 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread	2.56%
IH 2015-1, IH 2015-2, CAH 2015-1, IH 2015-3, CSH 2016-1, CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1 | Secured Debt
Debt Instrument [Line Items]
Debt instrument, extended term	1 year
IH 2015-1, IH 2015-2, CAH 2015-1, IH 2015-3, CSH 2016-1, CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1 | Secured Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, term	2 years
Debt instrument, number of extensions | extension	2
IH 2015-1, IH 2015-2, CAH 2015-1, IH 2015-3, CSH 2016-1, CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1 | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt instrument, term	3 years
Debt instrument, number of extensions | extension	5

Debt - Mortgage Loans Narrative

Debt - Mortgage Loans Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)propertyextensionloan	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)property	Apr. 30, 2014
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 24,298		$ 26,464
Investments in debt securities, net	424,351		378,545
Payments on mortgage loans	873,269	$ 1,030,471
Secured Debt
Debt Instrument [Line Items]
Debt instrument, unamortized discount	0
Payments on mortgage loans	$ 873,269	$ 1,030,471
Secured Debt | Class G Certificates
Debt Instrument [Line Items]
Debt instrument, loan principal as a percentage of mortgage pool				5.00%
Coupon Rate	0.0005%
Secured Debt | IH 2015-1, IH 2015-2, IH 2015-3, IH 2017-2, IH 2018-1, CAH 2014-1, CAH 2014-2, CAH 2015-1, CSH 2016-1, CSH 2016-2, SWH 2017-1
Debt Instrument [Line Items]
Debt instrument, extended term	1 year
Secured Debt | IH 2017-1
Debt Instrument [Line Items]
Number of loans | loan	2
Debt instrument, term	10 years
Debt instrument, unamortized discount	$ 3,257		$ 3,345
Coupon Rate	4.23%
Secured Debt | IH 2017-1 | Class B Certificates
Debt Instrument [Line Items]
Coupon Rate	4.23%
Minimum | Secured Debt | Class F Certificates
Debt Instrument [Line Items]
Coupon Rate	4.80%
Minimum | Secured Debt | IH 2015-1, IH 2015-2, IH 2015-3, IH 2017-2, IH 2018-1, CAH 2014-1, CAH 2014-2, CAH 2015-1, CSH 2016-1, CSH 2016-2, SWH 2017-1
Debt Instrument [Line Items]
Number of loans | loan	5
Debt instrument, term	2 years
Debt instrument, number of extensions | extension	2
Minimum | Secured Debt | IH 2017-2, SWH 2017-1, IH2018-1
Debt Instrument [Line Items]
Basis spread	0.76%
Maximum | Secured Debt | Class F Certificates
Debt Instrument [Line Items]
Coupon Rate	5.08%
Maximum | Secured Debt | IH 2015-1, IH 2015-2, IH 2015-3, IH 2017-2, IH 2018-1, CAH 2014-1, CAH 2014-2, CAH 2015-1, CSH 2016-1, CSH 2016-2, SWH 2017-1
Debt Instrument [Line Items]
Number of loans | loan	7
Debt instrument, term	3 years
Debt instrument, number of extensions | extension	5
Maximum | Secured Debt | IH 2017-2, SWH 2017-1, IH2018-1
Debt Instrument [Line Items]
Basis spread	3.47%
Residential Real Estate
Debt Instrument [Line Items]
Number of real estate properties | property	45,005		47,616

Debt - Term Loan Facility and R

Debt - Term Loan Facility and Revolving Facility (Details)	Feb. 06, 2017USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 2,500,000,000
Debt instrument, number of maturity date extensions	1 year
Long-term line of credit		$ 9,741,618,000
Less deferred financing costs, net		(48,470,000)
Long-term debt		9,668,850,000
Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, additional borrowing capacity	$ 1,500,000,000
Long-term line of credit		15,000,000
Less deferred financing costs, net		0
Long-term debt		$ 15,000,000
Debt covenant, net leverage ratio		8
Revolving Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	1,000,000,000
Line of credit facility, interest rate at end of period		3.63%
Long-term line of credit		$ 15,000,000	$ 35,000,000
Revolving Facility | Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 1,500,000,000
Line of credit facility, interest rate at end of period		3.58%
Long-term line of credit		$ 1,500,000,000	1,500,000,000
Less deferred financing costs, net		(11,305,000)	(12,027,000)
Long-term debt		$ 1,488,695,000	$ 1,487,973,000
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument, variable rate		1.88%
London Interbank Offered Rate (LIBOR) | Revolving Facility
Line of Credit Facility [Line Items]
Basis spread		1.00%
London Interbank Offered Rate (LIBOR) | Revolving Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		1.75%
London Interbank Offered Rate (LIBOR) | Revolving Facility | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread		1.70%
Federal Funds Effective Swap Rate | Revolving Facility
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) | Revolving Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		1.75%
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Facility | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread		1.70%
Minimum | Base Rate | Revolving Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		0.75%
Minimum | Base Rate | Revolving Facility | Term Loan Facility
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) | Revolving Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		2.30%
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Facility | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread		2.30%
Maximum | Base Rate | Revolving Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread		1.30%
Maximum | Base Rate | Revolving Facility | Term Loan Facility
Line of Credit Facility [Line Items]
Basis spread		1.30%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes Narrative (Details)	Mar. 31, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Jan. 31, 2017USD ($)	Jul. 31, 2014USD ($)
Debt Instrument [Line Items]
Principal Amount	$ 574,993,000	$ 574,993,000	$ 575,000,000
Debt instrument, principal amount used for conversion	$ 1,000	$ 1,000
Debt instrument, percentage of repurchase price to principal amount if company undergoes fundamental change	100.00%	100.00%
Debt instrument, event of default minimum percentage of principal amount	25.00%	25.00%
Debt instrument, percentage of repurchase price to principal amount if company defaults	100.00%	100.00%
3.50% Convertible Senior Note | 2019 Convertible Notes
Debt Instrument [Line Items]
Principal Amount	$ 229,993,000	$ 229,993,000	230,000,000		$ 230,000,000
Coupon Rate	3.00%	3.00%			3.00%
Convertible debt, fair value disclosures					$ 223,185,000
Debt instrument, principal amount used for conversion	$ 1,000	$ 1,000
Debt instrument, convertible, conversion ratio	53.0969	53.0969
Debt instrument, convertible conversion price (in dollars per share) | $ / shares	$ 18.83	$ 18.83
Debt instrument, convertible trading days following effective date of mergers	35 days
3.00% Convertible Senior Note | 2022 Convertible Notes
Debt Instrument [Line Items]
Principal Amount	$ 345,000,000	$ 345,000,000	$ 345,000,000	$ 345,000,000
Coupon Rate	3.50%	3.50%		3.50%
Convertible debt, fair value disclosures				$ 324,252,000
Debt instrument, principal amount used for conversion	$ 1,000	$ 1,000
Debt instrument, convertible, conversion ratio	43.7694	43.7694
Debt instrument, convertible conversion price (in dollars per share) | $ / shares	$ 22.85	$ 22.85
Debt instrument, convertible trading days following effective date of mergers	35 days

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Details)	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 31, 2017USD ($)	Jul. 31, 2014USD ($)
Convertible Notes Payable [Abstract]
Principal Amount	$ 574,993,000	$ 574,993,000	$ 575,000,000
Net unamortized fair value adjustment	(24,298,000)	(24,298,000)	(26,464,000)
Total	$ 550,695,000	$ 550,695,000	548,536,000
2019 Convertible Notes | 3.50% Convertible Senior Note
Convertible Notes Payable [Abstract]
Coupon Rate	3.00%	3.00%			3.00%
Effective Rate	4.92%	4.92%
Conversion Rate	53.0969	53.0969
Amortization Period		1 year 3 months
Principal Amount	$ 229,993,000	$ 229,993,000	230,000,000		$ 230,000,000
2022 Convertible Notes | 3.00% Convertible Senior Note
Convertible Notes Payable [Abstract]
Coupon Rate	3.50%	3.50%		3.50%
Effective Rate	5.12%	5.12%
Conversion Rate	43.7694	43.7694
Amortization Period		3 years 9 months 18 days
Principal Amount	$ 345,000,000	$ 345,000,000	$ 345,000,000	$ 345,000,000

Debt - Debt Maturities Schedule

Debt - Debt Maturities Schedule (Details) - USD ($) $ in Thousands	May 08, 2018	Mar. 31, 2018	Dec. 31, 2017
Maturities of Long-term Debt [Abstract]
2,018		$ 3,579,970
2,019		2,390,836
2,020		914,441
2,021		15,000
2,022		1,845,000
2023 and thereafter		996,371
Total payments		9,741,618
Less deferred financing costs, net		(48,470)
Less unamortized fair value adjustment		(24,298)	$ (26,464)
Long-term debt		9,668,850
Mortgage Loans
Maturities of Long-term Debt [Abstract]
2,018		3,579,970
2,019		2,160,843
2,020		914,441
2,021		0
2,022		0
2023 and thereafter		996,371
Total payments		7,651,625
Less deferred financing costs, net		(37,165)	(28,075)
Less unamortized fair value adjustment		0
Long-term debt		7,614,460	$ 7,580,153
Term Loan Facility
Maturities of Long-term Debt [Abstract]
2,018		0
2,019		0
2,020		0
2,021		0
2,022		1,500,000
2023 and thereafter		0
Total payments		1,500,000
Less deferred financing costs, net		(11,305)
Less unamortized fair value adjustment		0
Long-term debt		1,488,695
Revolving Facility
Maturities of Long-term Debt [Abstract]
2,018		0
2,019		0
2,020		0
2,021		15,000
2,022		0
2023 and thereafter		0
Total payments		15,000
Less deferred financing costs, net		0
Less unamortized fair value adjustment		0
Long-term debt		15,000
Convertible Senior Notes
Maturities of Long-term Debt [Abstract]
2,018		0
2,019		229,993
2,020		0
2,021		0
2,022		345,000
2023 and thereafter		0
Total payments		574,993
Less deferred financing costs, net		0
Less unamortized fair value adjustment		(24,298)
Long-term debt		$ 550,695
Subsequent Event | Mortgage Loans | IH 2015-1 and IH 2015-2
Maturities of Long-term Debt [Abstract]
Reduction of principal obligations in 2018	$ 627,106
Reduction of principal obligations in 2019	527,826
Subsequent Event | Mortgage Loans | IH 2018-2
Maturities of Long-term Debt [Abstract]
2,020	$ 1,057,225

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	Mar. 31, 2018USD ($)	Nov. 16, 2017USD ($)
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 25,678,000
Posted collateral	$ 11,680,000
Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Interest rate cap	2.83%
Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Interest rate cap	3.74%
Interest Rate Swap
Derivative [Line Items]
Derivative, net liability position, fair value	$ 0
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Fair value of swaps acquired in merger		$ 21,135,000
Interest Rate Cap | Not Designated as Hedging Instrument
Derivative [Line Items]
Debt service coverage ratio	1.2

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap Instruments (Details) - Designated as Hedging Instrument	Mar. 31, 2018USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Notional Amount	$ 750,000,000
Interest Rate Swap 2
Derivative [Line Items]
Notional Amount	750,000,000
Interest Rate Swap 3
Derivative [Line Items]
Notional Amount	1,100,000,000
Interest Rate Swap 4
Derivative [Line Items]
Notional Amount	595,000,000
Interest Rate Swap 5
Derivative [Line Items]
Notional Amount	325,000,000
Interest Rate Swap 6
Derivative [Line Items]
Notional Amount	450,000,000
Interest Rate Swap 7
Derivative [Line Items]
Notional Amount	550,000,000
Interest Rate Swap 8
Derivative [Line Items]
Notional Amount	800,000,000
Interest Rate Swap 9
Derivative [Line Items]
Notional Amount	800,000,000
Interest Rate Swap 10
Derivative [Line Items]
Notional Amount	450,000,000
Interest Rate Swap 11
Derivative [Line Items]
Notional Amount	550,000,000
Interest Rate Swap 12
Derivative [Line Items]
Notional Amount	800,000,000
Interest Rate Swap 13
Derivative [Line Items]
Notional Amount	450,000,000
Interest Rate Swap 14
Derivative [Line Items]
Notional Amount	550,000,000
Interest Rate Swap 15
Derivative [Line Items]
Notional Amount	450,000,000
Interest Rate Swap 16
Derivative [Line Items]
Notional Amount	$ 550,000,000
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 1
Derivative [Line Items]
Strike Rate	1.97%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 2
Derivative [Line Items]
Strike Rate	1.97%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 3
Derivative [Line Items]
Strike Rate	1.59%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 4
Derivative [Line Items]
Strike Rate	1.63%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 5
Derivative [Line Items]
Strike Rate	1.60%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 6
Derivative [Line Items]
Strike Rate	0.93%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 7
Derivative [Line Items]
Strike Rate	1.58%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 8
Derivative [Line Items]
Strike Rate	1.10%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 9
Derivative [Line Items]
Strike Rate	1.06%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 10
Derivative [Line Items]
Strike Rate	1.12%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 11
Derivative [Line Items]
Strike Rate	1.93%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 12
Derivative [Line Items]
Strike Rate	2.21%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 13
Derivative [Line Items]
Strike Rate	1.30%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 14
Derivative [Line Items]
Strike Rate	2.13%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 15
Derivative [Line Items]
Strike Rate	1.47%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 16
Derivative [Line Items]
Strike Rate	2.23%

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Not Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	$ 115,623	$ 57,639
Not Designated as Hedging Instrument | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	0	0
Interest Rate Swap | Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	115,127	57,612
Interest Rate Swap | Designated as Hedging Instrument | Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	0	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	0
Interest Rate Cap | Not Designated as Hedging Instrument | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	496	27
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 - Effect

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations	$ 92,299	$ 68,572
Amount of Gain (Loss) Recognized in Net Loss on Derivative	253	(3,752)
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Net Loss on Derivative	0	(3,674)
Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Net Loss on Derivative	253	(78)
Cash Flow Hedging | Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	59,900	10,561
Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss	$ (271)	$ (2,711)

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	May 31, 2018$ / shares	May 03, 2018$ / shares	Feb. 28, 2018$ / shares	Feb. 13, 2018$ / shares	Nov. 16, 2017shares	Nov. 07, 2017$ / shares	Oct. 24, 2017$ / shares	Aug. 31, 2017$ / shares	Aug. 15, 2017$ / shares	May 31, 2017$ / shares	May 15, 2017$ / shares	Feb. 06, 2017shares	Jan. 31, 2017USD ($)	Jan. 05, 2017USD ($)	Jan. 31, 2017USD ($)	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016shares	Mar. 31, 2018shares
Class of Stock [Line Items]
Issuance of common stock (in shares)												310,376,634
Granted (in shares)																938,899
Proceeds from initial offering | $																$ 0	$ 1,692,058	$ 1,692,058
Offering costs paid | $																$ 0	$ 2,457	$ 5,726
Shares issued during the period (in shares)																1,191,494
Restricted share units, net of tax (in shares)																786,086
Fully vested RSUs (in shares)																1,057,896
Redemption of OP Units for common stock (in shares)																405,037
Redeemable OP Units outstanding (in units)																9,036,578				9,036,578
Dividends declared per common share (in dollars per share) | $ / shares				$ 0.11			$ 0.08		$ 0.08		$ 0.06					$ 0.11
Common stock, dividends per share paid (in dollars per share) | $ / shares			$ 0.11			$ 0.08		$ 0.08		$ 0.06
Common stock, shares outstanding (in shares)																520,364,636		519,173,142		520,364,636
Preferred shares, shares outstanding (in shares)																0		0		0
Contributions by investors | $													$ 1,153
Class B Units
Class of Stock [Line Items]
Profit interests, notes receivable distributed | $															$ 11,023
Profit interests, cancellations | $														$ 7,723
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)																		3,290,126
Fully vested RSUs (in shares)																946,834				1,086,288
IH2
Class of Stock [Line Items]
Common stock, shares issued (in shares)																			1,000
Common stock, shares outstanding (in shares)																			1,000
Preferred shares, shares issued (in shares)																			113
Preferred shares, shares outstanding (in shares)																			113
Preferred stock, dividend rate, percentage																			12.00%
IH1 | Class B Units
Class of Stock [Line Items]
Profit interests, distributions | $														$ 11,963
Subsequent Event
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share) | $ / shares		$ 0.11
IPO
Class of Stock [Line Items]
Issuance of common stock (in shares)												88,550,000
Merger with Starwood Waypoint Homes
Class of Stock [Line Items]
Issuance of common stock (in shares)					207,448,958
Units issued (in units)					9,441,615
Conversion ratio from units to shares					1
Forecast | Subsequent Event
Class of Stock [Line Items]
Common stock, dividends per share paid (in dollars per share) | $ / shares	$ 0.11

Equity - Summary of Dividends D

Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2018	Feb. 13, 2018	Nov. 07, 2017	Oct. 24, 2017	Aug. 31, 2017	Aug. 15, 2017	May 31, 2017	May 15, 2017	Mar. 31, 2018
Equity [Abstract]
Common stock, dividends per share paid (in dollars per share)	$ 0.11		$ 0.08		$ 0.08		$ 0.06
Dividends, total amount paid	$ 57,432		$ 25,139		$ 25,200		$ 18,800
Common stock, dividends, per share, declared (in dollars per share)		$ 0.11		$ 0.08		$ 0.08		$ 0.06	$ 0.11

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Management fees earned	$ 707,000	$ 0

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	11 Months Ended	14 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2018	Feb. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)	2,875,475	3,104,004	2,875,475
Share-based compensation arrangement, equity instruments other than options, grants in period (in shares)	938,899
Share-based compensation arrangement, equity instruments other than options, fully vested RSUs (in shares)	1,057,896
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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, grants in period (in shares)	62,529
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, grants in period (in shares)		3,290,126
Share-based compensation arrangement, equity instruments other than options, fully vested RSUs (in shares)	946,834		1,086,288
Restricted Stock Units (RSUs) | Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)	5,530,937		5,530,937
Restricted Stock Units (RSUs) | LTIP Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, grants in period (in shares)	598,468
Restricted Stock Units (RSUs) | 2018 Bonus Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, grants in period (in shares)	132,376
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)	908,005	408,102	908,005
Share-based compensation arrangement, equity instruments other than options, grants in period (in shares)	620,778
Share based compensation arrangement, performance units granted and vested in period (in shares)	39,871
Share-based compensation arrangement, equity instruments other than options, fully vested RSUs (in shares)	111,062
PRSU | LTIP Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period	3 years
RSUs and PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value of units vested	$ 23,669
Tranche one | Restricted Stock Units (RSUs) | LTIP Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage	33.00%
Tranche one | Restricted Stock Units (RSUs) | 2018 Bonus Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage	33.00%
Tranche two | Restricted Stock Units (RSUs) | LTIP Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage	33.00%
Tranche two | Restricted Stock Units (RSUs) | 2018 Bonus Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage	33.00%
Tranche three | Restricted Stock Units (RSUs) | LTIP Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage	33.00%
Tranche three | Restricted Stock Units (RSUs) | 2018 Bonus Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage	33.00%
Merger with Starwood Waypoint Homes | PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, grants in period (in shares)	168,184
Share-based compensation arrangement, award vesting period	3 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of RSAs and RSUs (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares) | shares	3,104,004
Granted (in shares) | shares	938,899
Vested (in shares) | shares	(1,057,896)
Forfeited (in shares) | shares	(109,532)
Balance, Ending of period (in shares) | shares	2,875,475
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share)	$ 20.79
Granted (in dollars per share)	22.05
Vested (in dollars per share)	(21.36)
Forfeited (in dollars per share)	(22.90)
Balance, Ending of period (in dollars per share)	$ 21.79
Restricted Stock and Restricted Stock Units
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares) | shares	2,695,902
Granted (in shares) | shares	318,121
Forfeited (in shares) | shares	(99,719)
Balance, Ending of period (in shares) | shares	1,967,470
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share)	$ 21.51
Granted (in dollars per share)	21.91
Vested (in dollars per share)	(21.14)
Forfeited (in dollars per share)	(22.97)
Balance, Ending of period (in dollars per share)	$ 21.68
PRSU
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares) | shares	408,102
Granted (in shares) | shares	620,778
Vested (in shares) | shares	(111,062)
Forfeited (in shares) | shares	(9,813)
Balance, Ending of period (in shares) | shares	908,005
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share)	$ 22.25
Granted (in dollars per share)	22.11
Vested (in dollars per share)	(23.28)
Forfeited (in dollars per share)	(22.15)
Balance, Ending of period (in dollars per share)	$ 22.03

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Inputs (Details)	Mar. 01, 2018
Fair Value Assumptions
Expected volatility, minimum	14.50%
Expected volatility, maximum	17.30%
Risk-free rate	2.38%
Minimum
Fair Value Assumptions
Expected holding period (years)	2 years 8 months 15 days
Maximum
Fair Value Assumptions
Expected holding period (years)	2 years 10 months 2 days

Share-Based Compensation - Su61

Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 9,498	$ 44,244
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	7,554	40,271
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	1,944	$ 3,973
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	$ 42,407
Share-based compensation arrangement, weighted average remaining contractual terms	2 years 6 days

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	$ 48,470
Debt instrument, unamortized discount	24,298	$ 26,464
Carrying Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	424,351	378,545
Fair Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	422,162	379,500
Mortgage Loans
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	37,165	28,075
Debt instrument, unamortized discount	0
Mortgage Loans | Carrying Value | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	7,651,625	7,608,228
Mortgage Loans | Fair Value | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	7,612,163	7,627,423
Term Loan Facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	11,305
Debt instrument, unamortized discount	0
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	1,500,000
Term Loan Facility | Fair Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	1,495,193	1,494,494
Revolving Credit Facility | Carrying Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	15,000	35,000
Revolving Credit Facility | Fair Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	15,006	35,007
Convertible Senior Notes
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	0
Debt instrument, unamortized discount	24,298
Convertible Senior Notes | Carrying Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	550,695	548,536
Convertible Senior Notes | Fair Value | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	534,101	557,179
Revolving Facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	0
Debt instrument, unamortized discount	0
Term Loan Facility | Revolving Facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	$ 11,305	$ 12,027

Fair Value Measurements - Impai

Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Total impairments	$ (603)	$ (1,037)
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	3,225	7,242
Total impairments	(603)	(770)
Fair value	2,622	6,472
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	0	496
Total impairments	0	(267)
Fair value	$ 0	$ 229

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net loss	$ 16,879	$ (42,391)	$ (17,580)	$ (42,391)
Net loss attributable to non-controlling interests		0	311	0
Net loss attributable to common shareholders		(25,512)	(17,269)	$ (42,391)
Less net loss available to participating securities		0	(222)
Net loss available to common shareholders — basic		(25,512)	(17,491)
Net loss available to common shareholders — diluted		$ (25,512)	$ (17,491)
Denominator:
Weighted average common shares outstanding — basic (in shares)		311,651,082	519,660,998
Weighted average common shares outstanding — diluted (in shares)		311,651,082	519,660,998
Net loss per common share — basic (in dollars per share)		$ (0.08)	$ (0.03)
Net loss per common share — diluted (in dollars per share)		$ (0.08)	$ (0.03)
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)		297,176	1,335,768

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense recognized in gain on sale of property, net of tax	$ 394	$ 1,134

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)
Loss Contingencies [Line Items]
Material uninsured losses	$ 0	$ 0
Agreement to purchase properties, number of properties | property	326
Agreement to purchase properties, total purchase price	$ 81,814
Number of properties canceled in purchase agreement | property	196
Total purchase price canceled in purchase agreement	$ 45,442
Loss from Catastrophes
Loss Contingencies [Line Items]
Insurance receivable due to hurricanes	8,128
Estimated remaining damages caused by hurricanes	$ 3,588

Business Combinations - Narrati

Business Combinations - Narrative (Details) - Starwood Waypoint Homes - USD ($) $ / shares in Units, $ in Thousands	Nov. 16, 2017	Mar. 31, 2018	Nov. 15, 2017
Business Acquisition [Line Items]
Consideration transferred	$ 4,920,534
Share price (in dollars per share)			$ 23.01
Consideration made up of the equity component of Convertible Senior Notes	135,520
Consideration made up of precombination service related to exchange of RSUs	11,614
Merger and transaction related expenses		$ 4,367
Employee severance		$ 2,659
Other Assets
Business Acquisition [Line Items]
Fair value of interest rate swaps obtained in merger	21,135
Other Assets | In-place lease intangible assets
Business Acquisition [Line Items]
Fair value of in-place leases obtained in merger	$ 45,740
Common Stock
Business Acquisition [Line Items]
Shares issued as consideration (in shares)	207,448,958

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Nov. 16, 2017	Mar. 31, 2018	Dec. 31, 2017
Liabilities assumed:
Goodwill		$ 258,207	$ 258,207
Starwood Waypoint Homes
Business Acquisition [Line Items]
Consideration transferred	$ 4,920,534
Assets acquired:
Land	1,920,400
Buildings and improvements	6,487,505
Cash and cash equivalents	84,952
Restricted cash	118,556
Other assets	389,449
Liabilities assumed:
Mortgage loans, net	(3,433,506)
Convertible senior notes, net	(547,437)
Accounts payable and accrued expenses	(112,505)
Resident security deposits	(56,895)
Other liabilities	(36,311)
Non-controlling interests	(151,881)
Net assets acquired	4,662,327
Goodwill	$ 258,207

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - Starwood Waypoint Homes $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Business Acquisition [Line Items]
Total revenue	$ 387,722
Net loss	(188,400)
Transaction costs included in pro forma net loss	$ 54,340

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands

May 31, 2018$ / shares

May 08, 2018USD ($)extensionloan

May 03, 2018$ / shares

Feb. 28, 2018$ / shares

Feb. 13, 2018$ / shares

Nov. 07, 2017$ / shares

Oct. 24, 2017$ / shares

Aug. 31, 2017$ / shares

Aug. 15, 2017$ / shares

May 31, 2017$ / shares

May 15, 2017$ / shares

Mar. 31, 2018USD ($)$ / shares

Dec. 31, 2017USD ($)

Subsequent Event [Line Items]

Principal Amount

$ 574,993

$ 575,000

Investments in debt securities, net

$ 424,351

$ 378,545

Common stock, dividends, per share, declared (in dollars per share) | $ / shares

$ 0.11

$ 0.08

$ 0.08

$ 0.06

$ 0.11

Common stock, dividends per share (in dollars per share) | $ / shares

$ 0.11

$ 0.08

$ 0.08

$ 0.06

Subsequent Event

Subsequent Event [Line Items]

Investments in debt securities, net

$ 52,865

Common stock, dividends, per share, declared (in dollars per share) | $ / shares

$ 0.11

Subsequent Event | IH 2018-2 | Secured Debt

Subsequent Event [Line Items]

Principal Amount

$ 1,057,225

Number of loans | loan

6

Debt instrument, number of extensions | extension

5

Debt instrument, extended term

1 year

Pass-Through Certificate | Subsequent Event | IH 2018-2 | Secured Debt

Subsequent Event [Line Items]

Debt instrument, loan principal as a percentage of mortgage pool

5.00%

Minimum | Subsequent Event | London Interbank Offered Rate (LIBOR) | IH 2018-2 | Secured Debt

Subsequent Event [Line Items]

Debt instrument, basis spread

0.0095%

Maximum | Subsequent Event | London Interbank Offered Rate (LIBOR) | IH 2018-2 | Secured Debt

Subsequent Event [Line Items]

Debt instrument, basis spread

0.023%

Weighted Average | Subsequent Event | London Interbank Offered Rate (LIBOR) | IH 2018-2 | Secured Debt

Subsequent Event [Line Items]

Debt instrument, basis spread

0.0138%

Forecast | Subsequent Event

Subsequent Event [Line Items]

Common stock, dividends per share (in dollars per share) | $ / shares

$ 0.11

Residential Mortgage Backed Securities

Subsequent Event [Line Items]

Investments in debt securities, net

$ 424,351

Subsequent Events - Interest Ra

Subsequent Events - Interest Rate Swap Agreements (Details) - Subsequent Event	May 08, 2018USD ($)agreement	Apr. 19, 2018USD ($)agreement
Subsequent Event [Line Items]
Amount converted from floating rate deb to fixed rate debt	$ 920,000,000	$ 1,600,000,000
Number of interest rate derivatives entered into | agreement	2	4
Interest Rate Swap 17 | Designated as Hedging Instrument
Subsequent Event [Line Items]
Notional Amount		$ 400,000,000
Interest Rate Swap 17 | London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument
Subsequent Event [Line Items]
Strike Rate		2.86%
Interest Rate Swap 18 | Designated as Hedging Instrument
Subsequent Event [Line Items]
Notional Amount		$ 400,000,000
Interest Rate Swap 18 | London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument
Subsequent Event [Line Items]
Strike Rate		2.85%
Interest Rate Swap 19 | Designated as Hedging Instrument
Subsequent Event [Line Items]
Notional Amount		$ 400,000,000
Interest Rate Swap 19 | London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument
Subsequent Event [Line Items]
Strike Rate		2.86%
Interest Rate Swap 20 | Designated as Hedging Instrument
Subsequent Event [Line Items]
Notional Amount		$ 400,000,000
Interest Rate Swap 20 | London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument
Subsequent Event [Line Items]
Strike Rate		2.90%
Interest Rate Swap 21 | Designated as Hedging Instrument
Subsequent Event [Line Items]
Notional Amount	$ 595,000,000
Interest Rate Swap 21 | London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument
Subsequent Event [Line Items]
Strike Rate	2.99%
Interest Rate Swap 22 | Designated as Hedging Instrument
Subsequent Event [Line Items]
Notional Amount	$ 325,000,000
Interest Rate Swap 22 | London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument
Subsequent Event [Line Items]
Strike Rate	2.99%