Invitation Homes (INVH) 10-K 28 Feb 19 2018 Q4 Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 25, 2019	Jun. 29, 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	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period focus	Q4
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Stock Outstanding (in shares)		521,190,091
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Public Float			$ 6.9

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments in single-family residential properties:
Land	$ 4,561,441	$ 4,646,917
Building and improvements	13,668,533	13,740,981
Total gross investments in the properties	18,229,974	18,387,898
Less: accumulated depreciation	(1,543,914)	(1,075,634)
Investments in single-family residential properties, net	16,686,060	17,312,264
Cash and cash equivalents	144,940	179,878
Restricted cash	215,051	236,684
Goodwill	258,207	258,207
Other assets, net	759,170	696,605
Total assets	18,063,428	18,683,638
Liabilities:
Mortgage loans, net	7,201,654	7,580,153
Term loan facility, net	1,490,860	1,487,973
Revolving facility	0	35,000
Convertible senior notes, net	557,301	548,536
Accounts payable and accrued expenses	169,603	193,413
Resident security deposits	148,995	146,689
Other liabilities	125,829	41,999
Total liabilities	9,694,242	10,033,763
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of December 31, 2018 and 2017	0	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 520,647,977 and 519,173,142 outstanding as of December 31, 2018 and 2017, respectively	5,206	5,192
Additional paid-in capital	8,629,462	8,602,603
Accumulated deficit	(392,594)	(157,595)
Accumulated other comprehensive income	(12,963)	47,885
Total stockholders' equity	8,229,111	8,498,085
Non-controlling interests	140,075	151,790
Total equity	8,369,186	8,649,875
Total liabilities and equity	$ 18,063,428	$ 18,683,638

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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 stock, 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)	520,647,977	519,173,142

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Rental revenues and other property income	$ 1,722,962	$ 1,054,456	$ 922,587
Expenses:
Property operating and maintenance	655,411	391,495	360,327
Property management expense	65,485	43,344	30,493
General and administrative	98,764	167,739	69,102
Interest expense	383,595	256,970	286,048
Depreciation and amortization	560,541	309,578	267,681
Impairment and other	20,819	24,093	4,207
Total expenses	1,784,615	1,193,219	1,017,858
Other, net	6,958	(959)	(1,558)
Gain on sale of property, net of tax	49,682	33,896	18,590
Net loss	(5,013)	(105,826)	(78,239)
Net loss attributable to non-controlling interests	86	489	0
Net loss attributable to common stockholders	(4,927)	$ (105,337)	$ (78,239)
Net loss available to common stockholders — basic and diluted (Note 12)	$ (5,744)
Weighted average common shares outstanding — basic and diluted	520,376,928.69
Net loss per common share — basic and diluted	$ (0.01)

CONSOLIDATED STATEMENTS OF OTHE

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,013)	$ (105,826)	$ (78,239)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate swaps	(43,211)	31,636	0
(Gains) losses from interest rate swaps reclassified into earnings from accumulated other comprehensive income	(18,627)	16,708	0
Other comprehensive income (loss)	(61,838)	48,344	0
Comprehensive loss	(66,851)	(57,482)	(78,239)
Comprehensive loss attributable to non-controlling interests	1,150	30	0
Comprehensive loss attributable to common stockholders	$ (65,701)	$ (57,452)	$ (78,239)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total Stockholders' Equity	Non-Controlling Interests
Beginning Balance at Dec. 31, 2015	$ 1,887,031	$ 0	$ 0	$ 0	$ 0	$ 1,887,031	$ 0
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2015		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(78,239)					(78,239)	0
Contributions	138,002					138,002
Notes receivable repaid by Class B unitholders	1,527					1,527
Accrued interest on Class B notes	(972)					(972)
Series A Preferred Stock dividends	(136)					(136)
Share-based compensation expense	10,210					10,210
Total other comprehensive income	0
Ending Balance, common stock, shares outstanding (in shares) at Dec. 31, 2016		0
Ending Balance at Dec. 31, 2016	1,957,423	$ 0	0	0	0	1,957,423	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,879)					(16,879)	0
Accrued interest on Class B notes	15					15
Distribution of Class B notes receivable	(19,686)					(19,686)
Redemption of Series A Preferred Stock	(1,153)					(1,153)
Cancellation/distribution of Class B notes receivable	19,686					19,686
Share-based compensation expense	12,001					12,001
Ending Balance, common stock, shares outstanding (in shares) at Jan. 31, 2017		0
Ending Balance at Jan. 31, 2017	1,951,407	$ 0	0	0	0	1,951,407	0
Beginning Balance at Dec. 31, 2016	1,957,423	$ 0	0	0	0	1,957,423	0
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2016		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(105,826)
Total other comprehensive income	$ 48,344
Ending Balance, common stock, shares outstanding (in shares) at Dec. 31, 2017	519,173,142	519,173,142
Ending Balance at Dec. 31, 2017	$ 8,649,875	$ 5,192	8,602,603	(157,595)	47,885	8,498,085	151,790
Beginning Balance at Jan. 31, 2017	1,951,407	$ 0	0	0	0	1,951,407	0
Beginning Balance, common stock, shares outstanding (in shares) at Jan. 31, 2017		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(88,947)			(88,458)		(88,458)	(489)
Issuance of common stock — IPO (in shares)		88,550,000
Issuance of common stock — IPO	1,692,058	$ 886	1,691,172			1,692,058
Share-based compensation expense	69,202		69,202			69,202
Pre-IPO Transactions (Note 1) (in shares)		221,826,634
Pre-IPO Transactions (Note 1)	(1,951,407)	$ 2,218	1,949,189			0
Stock issuance costs — IPO	(5,726)		(5,726)			(5,726)
Issuance of common stock and INVH LP units — Mergers (in shares)		207,448,958
Issuance of common stock and INVH LP units — Mergers	5,072,415	$ 2,075	4,918,459			4,920,534	151,881
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(15,884)	$ 13	(15,897)			(15,884)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (In shares)		1,347,550
Stock issuance costs — Mergers	(3,796)		(3,796)			(3,796)
Capital distributions	(61)						(61)
Dividends and dividend equivalents declared	(69,137)			(69,137)		(69,137)
Total other comprehensive income	$ 48,344				47,885	47,885	459
Ending Balance, common stock, shares outstanding (in shares) at Dec. 31, 2017	519,173,142	519,173,142
Ending 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]
Net loss	$ (5,013)			(4,927)		(4,927)	(86)
Issuance of common stock — IPO (in shares)	1,474,835
Share-based compensation expense	$ 29,499		29,499			29,499
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(9,245)	$ 10	(9,255)			(9,245)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (In shares)		1,069,798
Capital distributions	(4,020)						(4,020)
Dividends and dividend equivalents declared	(230,072)			(230,072)		(230,072)
Total other comprehensive income	(61,838)				(60,774)	(60,774)	(1,064)
Redemption of OP Units for common stock (in shares)		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 Dec. 31, 2018	520,647,977	520,647,977
Ending Balance at Dec. 31, 2018	$ 8,369,186	$ 5,206	$ 8,629,462	$ (392,594)	$ (12,963)	$ 8,229,111	$ 140,075

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Nov. 14, 2018	Aug. 16, 2018	May 15, 2018	Feb. 13, 2018	Oct. 24, 2017	Aug. 15, 2017	May 15, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08	$ 0.06	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08	$ 0.06	$ 0	$ 0.44	$ 0.22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Net loss	$ (5,013,000)	$ (105,826,000)	$ (78,239,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	560,541,000	309,578,000	267,681,000
Share-based compensation expense	29,499,000	81,203,000	10,210,000
Amortization of deferred leasing costs	11,258,000	12,143,000	13,756,000
Amortization of deferred financing costs	27,191,000	22,271,000	45,819,000
Amortization of debt discounts	9,124,000	1,390,000	4,900,000
Provisions for impairment	6,709,000	2,231,000	2,282,000
Gain on sale of property, net of tax	(49,682,000)	(33,896,000)	(18,590,000)
Change in fair value of derivative instruments	12,039,000	5,845,000	9,260,000
Other noncash amounts included in net loss	6,342,000	(2,940,000)	(682,000)
Changes in operating assets and liabilities:
Other assets, net	(14,083,000)	(10,605,000)	(14,531,000)
Accounts payable and accrued expenses	(26,643,000)	(10,294,000)	6,936,000
Resident security deposits	2,306,000	3,281,000	5,344,000
Other liabilities	(8,347,000)	(11,411,000)	1,908,000
Net cash provided by operating activities	561,241,000	262,970,000	256,054,000
Investing Activities:
Cash and restricted cash acquired in the Mergers (Note 15)	0	203,508,000	0
Amounts deposited and held by others	9,074,000	2,513,000	5,718,000
Acquisition of single-family residential properties	(252,391,000)	(228,499,000)	(284,224,000)
Initial renovations to single-family residential properties	(45,733,000)	(42,625,000)	(56,802,000)
Other capital expenditures for single-family residential properties	(141,688,000)	(58,456,000)	(45,936,000)
Corporate capital expenditures	(4,027,000)	(4,086,000)	(3,857,000)
Proceeds from sale of residential properties	490,699,000	205,980,000	143,090,000
Purchases of investments in debt securities	(211,737,000)	(95,174,000)	(16,036,000)
Repayment proceeds from retained debt securities	224,035,000	79,292,000	0
Other investing activities	(5,239,000)	2,240,000	0
Net cash provided by (used in) investing activities	62,993,000	64,693,000	(258,047,000)
Financing Activities:
Proceeds from IPO, net of underwriting discounts	0	1,692,058,000	0
IPO costs paid	0	(2,757,000)	(2,969,000)
Merger costs paid	0	(3,796,000)	0
Payment of dividends and dividend equivalents	(230,072,000)	(68,997,000)	0
Distributions to non-controlling interests	(4,020,000)	(61,000)	0
Payment of taxes related to net share settlement of RSUs	(9,245,000)	(15,884,000)	0
Contributions	0	0	138,002,000
Proceeds from credit facilities	0	0	184,682,000
Payments on credit facilities	0	(2,321,585,000)	(219,045,000)
Proceeds from mortgage loans	4,234,483,000	1,861,447,000	0
Payments on mortgage loans	(4,579,594,000)	(2,951,008,000)	(46,817,000)
Proceeds from term loan facility	0	1,500,000,000	0
Proceeds from revolving facility	285,000,000	135,000,000	0
Payments on revolving facility	(320,000,000)	(100,000,000)	0
Payments on warehouse loans	0	0	(115,261,000)
Deferred financing costs paid	(55,681,000)	(54,576,000)	(11,194,000)
Other financing activities	(1,676,000)	(1,153,000)	814,000
Net cash used in financing activities	(680,805,000)	(331,312,000)	(71,788,000)
Change in cash, cash equivalents, and restricted cash	(56,571,000)	(3,649,000)	(73,781,000)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)	416,562,000	420,211,000	493,992,000
Cash, cash equivalents, and restricted cash, end of period (Note 4)	359,991,000	416,562,000	420,211,000
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	335,973,000	226,306,000	223,237,000
Cash paid for income taxes	2,069,000	2,525,000	0
Noncash investing and financing activities (see Note 15 for noncash activity related to the Mergers):
Accrued renovation improvements at period end	7,189,000	8,715,000	4,962,000
Accrued residential property capital improvements at period end	7,189,000	7,282,000	3,847,000
Transfer of residential property, net to other assets, net for held for sale assets	441,005,000	76,801,000	45,062,000
Reclassification of IPO costs from other assets to additional paid-in capital	0	2,969,000	0
Change in other comprehensive income (loss) from cash flow hedges	(73,242,000)	46,624,000	0
Capital leases	$ 2,209,000	$ 0	$ 0

Organization and Formation

Organization and Formation	12 Months Ended
	Dec. 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 formation 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 certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for certain of our 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 December 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 was treated as a reorganization for United States federal income tax purposes, and the Partnership Merger was treated as a tax free transaction to the holders of units of SWH Partnership for United States federal income tax purposes.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2—Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements 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”). Subsequent to the date of the Pre-IPO Transactions, these consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. Prior to the date of the Pre-IPO Transactions, these 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 consolidated financial statements. 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 holds 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 consolidated balance sheets as of December 31, 2018 and 2017 , and the consolidated statements of operations for the years ended December 31, 2018 and 2017 include an allocation of the net loss attributable to the non-controlling interest holders. Reclassification Certain reclassifications have been made to prior periods to conform with current reporting on the consolidated statements of operations. We combined other property income of $59,535 and $44,596 for the years ended December 31, 2017 and 2016 , respectively, into rental revenues and other property income . Additionally we reclassified interest expense of $256,970 and $286,048 for the years ended December 31, 2017 and 2016 , respectively, into total expenses. These reclassifications had no effect on the total reported net loss for the years ended December 31, 2017 and 2016 . 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 consolidated financial statements, as rental income from leasing arrangements comprises more than 90% of our rental revenues and other property income , and such revenue is specifically excluded from the standard. We analyzed our remaining revenue streams included within rental revenues and other property income and other, net 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 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 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 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 does 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 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, and performed our October 31, 2018 impairment test in accordance with ASU 2017-04. This did not have a material impact on our 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 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 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 prior 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 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 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 consolidated financial statements. In August 2018, the SEC issued Securities Act Release No. 33-10532, Disclosure Update and Simplification , which amends certain of its disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. The amendments were generally effective for filings on or after November 5, 2018. The Disclosure Update and Simplification eliminated SEC Regulation S-X, 3-15(a)(1) which previously required REITs to present separately all gains and losses on the sale of properties outside of continuing operations in the statement of operations. Accordingly, we have conformed the presentation of our consolidated statement of operations with this amendment for all periods presented. The Disclosure Update and Simplification also extends to interim periods the annual requirement in SEC Regulation S-X, Rule 3-04, 2 to disclose and analyze changes in stockholders’ equity for the current quarter and year to date interim periods as well as the comparative periods of the prior year (either in a separate statement or footnote). The additional disclosure requirements for the changes in stockholders’ equity are required in the Form 10-Q for the quarter that begins after the effective date of the amendments. We anticipate our first presentation of changes in stockholders’ equity will be included in our Quarterly Report on Form 10-Q for the quarter ending March 31, 2019. Use of Estimates The preparation of the 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 consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates. Investments in Single-Family Residential Properties The following significant accounting policies affect the acquisition, disposition, recognition, classification, and fair value measurements (on a nonrecurring basis) related to our portfolio of approximately 80,000 single-family residential properties in 17 markets across the United States : • Acquisition of Real Estate Assets: Upon acquisition, we evaluate our acquired single-family residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Upon adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , our purchases of homes are treated as asset acquisitions and are recorded at their purchase price, which is allocated between land, building and improvements, and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, bidding service and title fees, payments made to cure tax, utility, homeowners’ association (“ HOA ”) , and other mechanic’s and miscellaneous liens, as well as other closing costs. Properties acquired in the Mergers were recorded at fair value (see Note 15 ). The fair values of acquired in-place lease intangibles, if any, are based on the costs to execute similar leases, including commissions and other related costs. The origination value of in-place lease intangibles also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease the property. The in-place lease intangibles are amortized over the life of the leases and are recorded in other assets, net in our consolidated balance sheets (see Note 5 ). Prior to our adoption of ASU 2017-01 effective January 1, 2017, acquisition costs for transactions accounted for as business combinations were expensed in the period in which they were incurred and were reflected in other expenses in the consolidated statements of operations. • Cost Capitalization: We incur costs to acquire, stabilize, and prepare our single-family residential properties to be leased. We capitalize these costs as a component of our investment in each single-family residential property, using specific identification and relative allocation methodologies , including renovation costs and other costs associated with activities that are directly related to preparing our properties for use as rental real estate. Other costs include interest costs, property taxes, property insurance, utilities, HOA fees, and the salaries and benefits of the Manager’s employees who are directly responsible for the execution of our stabilization activities. The capitalization period associated with our stabilization activities begins at the time that such activities commence and concludes at the time that a single-family residential property is available to be leased. Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home and for certain furniture and fixtures additions. The determination of which costs to capitalize requires significant judgment. Accordingly, many factors are considered as part of our evaluation processes with no one factor necessarily determinative. • Depreciation: Costs capitalized in connection with single-family residential property acquisitions, stabilization activities, and on an ongoing basis are depreciated over their estimated useful lives on a straight-line basis. The depreciation period commences upon the completion of stabilization-related activities or upon the completion of improvements made on an ongoing basis. For those costs capitalized in connection with residential property acquisitions and stabilization activities and those capitalized on an ongoing basis, the weighted average useful lives range from 7 years to 28.5 years. • Provisions for Impairment: We continuously evaluate, by property, whether there are any events or changes in circumstances indicating that the carrying amount of our single-family residential properties may not be recoverable. Examples of such events and changes in circumstances that we consider include significant and persistent declines in an individual property’s net operating income, regional changes in home price appreciation as measured by certain independently developed indices, change in expected use of the property, significant adverse legal factors, substantive damage to the individual property as a result of natural disasters and other risks inherent in our business not covered by insurance proceeds, or a current expectation that a property will be disposed of prior to the end of its estimated useful life. To the extent an event or change in circumstance is identified, a residential property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. Cash flow projections are prepared using internal analyses based on current rental, renewal, and occupancy rates, operating expenses, and inputs from our annual planning process that give consideration to each property’s historical results, current operating trends, and current market conditions. To the extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value. To determine the estimated fair value, we consider local broker price opinions (“BPOs”) and automated valuation model (“AVM”) data, each of which are important components of our process with no one information source being necessarily determinative. In order to validate the BPOs and AVM data received and used in our assessment of fair value of real estate, we perform an internal review to determine if an acceptable valuation approach was used to estimate fair value in compliance with guidance provided by ASC 820, Fair Value Measurements . Additionally, we undertake an internal review to assess the relevance and appropriateness of comparable transactions that have been used, and any adjustments to comparable transactions made, in reaching the value opinions. The process whereby we assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no one information source or analysis being necessarily determinative. • Single-Family Residential Properties Held for Sale: From time to time, we may identify single-family residential properties to be sold. At the time that any such properties are identified, we perform an evaluation to determine whether or not such properties should be classified as held for sale in accordance with GAAP. Factors considered as part of our held for sale evaluation process include whether the following conditions have been met: (i) we have committed to a plan to sell a property that is immediately available for sale in its present condition; (ii) an active program to locate a buyer and other actions required to complete the plan to sell a property have been initiated; (iii) the sale of a property is probable within one year (generally determined based upon listing for sale); (iv) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (v) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. To the extent that these factors are all present, we cease depreciating the property, measure the property at the lower of its carrying amount or its fair value less estimated costs to sell, and present the property separately within other assets, net on our consolidated balance sheets. As of December 31, 2018 and 2017 , we classified $154,077 and $46,814 , respectively, as held for sale assets in our consolidated balance sheets (see Note 5 ). Cash and Cash Equivalents For purposes of presentation on both the consolidated balance sheets and statements of cash flows, we consider financial instruments with an original maturity of three months or less to be cash and cash equivalents. We maintain our cash and cash equivalents in multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institution at which our cash balances are held. Restricted Cash Restricted cash represents cash deposited in accounts related to rent deposits and collections, security deposits, property taxes, insurance premiums and deductibles, capital expenditures, prepayments, and cash collateral held by the counterparties to certain of our interest rate swap contracts (see Note 4 ). Amounts deposited in the reserve accounts associated with the mortgage loans can only be used as provided for in the mortgage loan agreements (see Note 6 ), and security deposits held pursuant to lease agreements are required to be segregated. Additionally, if certain conditions are met, we may be required to post collateral related to certain of our interest rate swap agreements. Accordingly, these items are separately presented within our consolidated balance sheets. Held to Maturity Investments Investments in debt securities that we have a positive intent and ability to hold to maturity are classified as held to maturity and are presented within other assets, net on our consolidated balance sheets (see Note 5 ). These investments are recorded at amortized cost. Investments are reviewed at each reporting period for declines in fair value below the amortized cost basis that are other than temporary. Interest income, including amortization of any premium or discount, is classified as other in the consolidated statements of operations. For purposes of classification within the consolidated statements of cash flows, purchases of and repayments from these securities are classified as investing activities. Deferred Financing Costs Costs incurred that are directly attributable to procuring external financing are deferred and amortized over the term of the related financing arrangement as interest expense in the consolidated statements of operations. Costs that are deferred for the procurement of such financing are presented either as an asset in other assets, net when associated with a revolving debt instrument and prior to funding of a loan or as a liability in term loan facility, net, mortgage loans, net, or credit facilities, net when associated with other indebtedness. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Convertible Senior Notes ASC Topic 470-20, Debt with Conversion and Other Options , requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the issuance of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measure the fair value of the debt component of our convertible senior notes as of the issuance date based on our nonconvertible debt borrowing rate. In connection with Mergers, we assumed convertible senior notes that were recorded at their estimated fair value based on our nonconvertible debt borrowing rate as of the Merger Date (see Note 6 ). The resulting discount from the outstanding principal balance of the convertible senior notes is being amortized using the effective interest rate method over the periods to maturity. Amortization of this discount is recorded as interest expense in the consolidated statement of operations for the years ended December 31, 2018 and 2017 . Revenue Recognition and Resident Receivables Rental revenues and other property income , net of any concessions and uncollectible amounts, primarily consist of rents collected under lease agreements related to our single-family residential properties. We enter into leases directly with our residents, and our leases typically have a term of one to two years. F or the years ended December 31, 2018, 2017, and 2016, r ental income from these leasing arrangements comprised $1,607,545 , $994,921 , and $877,991 , respectively, of our rental revenues and other property income and is recognized monthly as it is earned on a straight-line basis over the term of the lease, net of any concessions. As rental income is specifically excluded from the scope of ASC 606 , Revenue from Contracts with Customers , we account for rental income in accordance with ASC 840 , Leases . Our remaining revenue streams included within rental revenues and other property income and other, net are recognized when the performance obligations have been satisfied. Sales taxes and other similar taxes assessed by governmental authorities that we collect from lessees are excluded from our rental revenues and other property income . We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of residents to make required rent or other payments. This allowance is estimated based on, among other considerations, payment histories and overall delinquencies. The provision for doubtful accounts is recorded as a reduction of rental revenues and other property income in our consolidated statements of operations. Deferred Leasing Costs Costs associated with leasing our single-family residential properties, which consist primarily of commissions paid to leasing agents, are deferred in the period in which they are incurred as a component of deferred leasing costs and are subsequently amortized over the lease term. Deferred leasing costs are included as a component of other assets, net within our consolidated balance sheets and their amortization is classified as property operating and maintenance within the consolidated statements of operations (see Note 5 ). Costs incurred in connection with our leasing activities that do not result in the execution of a lease are expensed in the period incurred. Goodwill In connection with the Mergers, we recorded goodwill (see Note 15 ), which is not amortized as it has an indefinite life. We test goodwill for impairment annually, on October 31, or more frequently if circumstances indicate that the goodwill carrying value may exceed its fair value. As of December 31, 2018 , no impairment of goodwill has been recorded. Fair Value Measurements The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. This amount is determined based on an exit price approach, which contemplates the price that would be received to sell an asset (or paid to transfer a liability) in an orderly transaction between market participants at the measurement date. GAAP has established a valuation hierarchy based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2—Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement. See Note 11 for further information related to our fair value measurements. Earnings Per Share We present both basic and diluted earnings (loss) per common share (“EPS”) in our consolidated financial statements. Basic EPS excludes dilution and is computed by dividing net loss available to common stockholders for the period by the weighted-average number of shares of common stock outstanding for the period, excluding non-vested restricted stock units (“RSUs”) and restricted shares of our common stock (“RSAs”) (see Share-Based Compensation Expense below). Diluted EPS reflects the maximum potential dilution that could occur from non-vested RSUs and RSAs and the convertible senior notes using the “if-converted” method. For diluted EPS, the numerator is adjusted for any changes in net income (loss) that would result from the assumed conversion of these potential shares of common stock. Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. All outstanding non-vested RSUs and RSAs with nonforfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities, as identified in Note 10. As such, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating se

Investments in Single-Family Re

Investments in Single-Family Residential Properties	12 Months Ended
	Dec. 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: December 31, December 31, Land $ 4,561,441 $ 4,646,917 Single-family residential property 13,026,317 13,084,156 Capital improvements 525,670 536,297 Equipment 116,546 120,528 Total gross investments in the properties 18,229,974 18,387,898 Less: accumulated depreciation (1,543,914 ) (1,075,634 ) Investments in single-family residential properties, net $ 16,686,060 $ 17,312,264 As of December 31, 2018 and 2017 , the carrying amount of the residential properties above includes $120,438 and $125,903 , respectively, of capitalized acquisition costs (excluding purchase price), along with $66,449 and $62,938 , respectively, of capitalized interest, $25,670 and $25,966 , respectively, of capitalized property taxes, $4,694 and $4,727 , respectively, of capitalized insurance, and $2,779 and $2,818 , respectively, of capitalized HOA fees. During the years ended December 31, 2018, 2017, and 2016 , we recognized $511,988 , $297,627 , and $263,093 , respectively, of depreciation expense related to the components of the properties, $37,517 , $8,223 , and $0 , respectively, of amortization related to in-place lease intangible assets, and $11,036 , $3,728 , and, $4,588 , respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the consolidated statements of operations. Further, during the years ended December 31, 2018, 2017, and 2016 , impairments totaling $6,709 , $2,231 , and $2,282 , respectively, have been recognized and are included in impairment and other in the consolidated statements of operations.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	12 Months Ended
	Dec. 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 consolidated balance sheets that sum to the total of such amounts shown in the consolidated statements of cash flows: December 31, 2018 December 31, 2017 Cash and cash equivalents $ 144,940 $ 179,878 Restricted cash 215,051 236,684 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 359,991 $ 416,562 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. If certain conditions are met, we may also be required to post collateral related to certain of our interest rate swap agreements. We are also required 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 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 December 31, 2018 and 2017 , are set forth in the table below. As of December 31, 2018 and 2017 , no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan agreements that require such funding did not exist. Also, as of December 31, 2018 , no amounts were funded to derivative collateral accounts as the conditions specified in the derivative agreements that require such funding did not exist. December 31, December 31, Resident security deposits $ 150,346 $ 147,098 Collections 26,677 40,607 Property taxes 26,163 20,785 Standing and capital expenditure reserves 5,269 5,257 Letters of credit 3,444 3,567 Special and other reserves 3,152 4,250 Derivative collateral — 15,120 Total $ 215,051 $ 236,684

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 5—Other Assets As of December 31, 2018 and 2017 , the balances in other assets, net are as follows: December 31, December 31, Investments in debt securities, net $ 366,599 $ 378,545 Held for sale assets (1) 154,077 46,814 Derivative instruments (Note 7) 75,405 57,612 Investment in unconsolidated joint venture 56,622 57,078 Rent and other receivables, net 33,117 24,525 Prepaid expenses 30,970 37,869 Corporate fixed assets, net 11,792 16,595 Deferred leasing costs, net 6,316 7,018 Deferred financing costs, net 5,134 7,504 Amounts deposited and held by others 1,010 12,598 In-place leases, net — 37,517 Other 18,128 12,930 Total $ 759,170 $ 696,605 (1) As of December 31, 2018 and 2017 , 738 and 236 properties, respectively, are classified as held for sale. Investments in Debt Securities, net In connection with certain of our Securitizations (as defined in Note 6 ), we have retained and purchased certificates totaling $366,599 , net of unamortized discounts of $2,993 , as of December 31, 2018 . These investments in debt securities are classified as held to maturity investments. As of December 31, 2018 and 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 December 31, 2018 , our retained certificates are scheduled to mature over the next nine months to eight 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 December 31, 2018 and 2017 , the joint venture owned 754 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 consolidated balance sheets, is an allowance for doubtful accounts of $2,998 and $4,094 , as of December 31, 2018 and 2017 , respectively. Deferred Financing Costs, net In connection with our Revolving Facility (as defined in Note 6 ), we incurred $9,673 of financing costs during the year ended December 31, 2017 , which have been deferred as other assets, net on our consolidated balance sheets. These deferred financing costs are being amortized as interest expense on a straight-line basis over the term of the Revolving Facility. As of December 31, 2018 and 2017 , the unamortized balances of these deferred financing costs are $5,134 and $7,504 , 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 $37,517 and $8,223 is included in depreciation and amortization expense in the consolidated statements of operations for the years ended December 31, 2018 and 2017 , respectively. As of December 31, 2018 and 2017 , the unamortized balances of the in-place lease intangible asset are $0 and $37,517 , respectively. The balance was fully amortized during the year ended December 31, 2018 .

Debt

Debt	12 Months Ended
	Dec. 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 December 31, 2018 and 2017 : Outstanding Principal Balance (3) Origination Date Maturity Date (1) Interest (2) Range of Spreads December 31, December 31, CAH 2014-1 N/A February 8, 2018 —% N/A $ — $ 473,384 CAH 2014-2 N/A February 8, 2018 —% N/A — 385,401 IH 2015-1, net N/A May 8, 2018 —% N/A — 528,795 IH 2015-2 N/A May 8, 2018 —% N/A — 627,259 IH 2015-3 N/A June 28, 2018 —% N/A — 1,165,886 CAH 2015-1 N/A November 7, 2018 —% N/A — 656,551 CSH 2016-1 N/A November 7, 2018 —% N/A — 531,517 CSH 2016-2 (4)(5) November 3, 2016 December 9, 2019 4.38% 133-423 bps 442,614 609,815 IH 2017-1 (6) April 28, 2017 June 9, 2027 4.23% N/A 995,826 996,453 SWH 2017-1 (4) September 29, 2017 October 9, 2019 4.07% 102-347 bps 764,685 769,754 IH 2017-2 (4) November 9, 2017 December 9, 2019 4.03% 91-306 bps 856,238 863,413 IH 2018-1 (4) February 8, 2018 March 9, 2020 3.76% 76-256 bps 911,827 — IH 2018-2 (4) May 8, 2018 June 9, 2020 3.91% 95-230 bps 1,035,749 — IH 2018-3 (4) June 28, 2018 July 9, 2020 3.94% 105-230 bps 1,296,959 — IH 2018-4 (4) November 7, 2018 January 9, 2021 3.93% 115-225 bps 959,578 — Total Securitizations 7,263,476 7,608,228 Less: deferred financing costs, net (61,822 ) (28,075 ) Total $ 7,201,654 $ 7,580,153 (1) Maturity date represents repayment date for mortgage loans which have been repaid in full prior to December 31, 2018 . For all other mortgage loans, the maturity dates above are reflective of all extensions that have been exercised. (2) Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR , plus applicable servicing fees; as of December 31, 2018 , LIBOR was 2.52% . 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. (3) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (4) The initial maturity term of each of these mortgage loans is two years, individually subject to three to five , one -year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender ). Our CSH 2016-2 mortgage loan has exercised the first extension option. The maturity dates above are reflective of all extensions that have been exercised. (5) On January 9, 2019, we made a voluntary prepayment of $70,000 against the outstanding balance of CSH 2016-2 with unrestricted cash on hand (see Note 17). (6) Net of unamortized discount of $2,993 and $3,345 as of December 31, 2018 and 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 year initial terms are individually subject to three 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 and delivers a replacement interest rate cap agreement from an approved counterparty within the required timeframe to 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 of our mortgage loans were sold at a discount, and $2,993 and $3,345 of unamortized discount are included in mortgage loans, net on our consolidated balance sheets as of December 31, 2018 and 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 December 31, 2018 and 2017 , a total of 41,644 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 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 and used the proceeds as consideration for the loans sold to the Depositor Entities by the lenders. These transactions had no effect on our 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 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 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 were issued in an amount equal to 5% of the original principal amount of the loans. Per the terms of the mortgage loan agreements, the Class G certificates were restricted certificates that were made available exclusively to the sponsor, as applicable. We retained these Class G certificates during the time the related Securitizations were outstanding, and they were principal only, bearing a stated interest rate of 0.0005% . Additionally, in certain instances, we elected to purchase certain Class F certificates, which bore a stated annual interest rate of LIBOR plus a spread ranging from 3.73% 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 SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, and IH 2018-4, we retained 5% 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 $366,599 and $378,545 as of December 31, 2018 and 2017 , respectively, and are classified as held to maturity investments and recorded in other assets, net on the 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 December 31, 2018 , and through the date our 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 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 years ended December 31, 2018, 2017, and 2016 , we made voluntary and mandatory prepayments of $4,579,594 , $2,951,008 , and $42,099 , 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 then-outstanding indebtedness and for general corporate purposes. Proceeds from the Revolving Facility are used for general corporate purposes. The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of December 31, 2018 and 2017 : Maturity Interest (1) December 31, December 31, Term Loan Facility February 6, 2022 4.22% $ 1,500,000 $ 1,500,000 Deferred financing costs, net (9,140 ) (12,027 ) Term Loan Facility, net $ 1,490,860 $ 1,487,973 Revolving Facility February 6, 2021 4.27% $ — $ 35,000 (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of December 31, 2018 , the applicable margins were 1.70% and 1.75% , respectively, and LIBOR was 2.52% . 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 December 31, 2018 , and through the date our 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 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. On December 28, 2018, we notified note holders of our intent to settle conversions of the 2019 Convertible Notes in shares of common stock. 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 December 31, 2018 and 2017 : Principal Amount Coupon Effective (1) Conversion (2) Maturity Remaining Amortization December 31, December 31, 2019 Convertible Notes 3.00 % 4.92 % 54.0017 7/1/2019 0.50 years $ 229,993 $ 230,000 2022 Convertible Notes 3.50 % 5.12 % 43.7694 1/15/2022 3.04 years 345,000 345,000 Total 574,993 575,000 Net unamortized fair value adjustment (17,692 ) (26,464 ) Total $ 557,301 $ 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 as of December 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 December 31, 2018 . Terms of Conversion As of December 31, 2018 , the conversion rate applicable to the 2019 Convertible Notes is 54.0017 shares of our common stock per $1,000 principal amount (actual $) of the 2019 Convertible Notes (equivalent to a conversion price of approximately $18.52 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 adjust 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 were able to 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. On December 28, 2018, we notified note holders of our intent to settle conversions of the 2019 Convertible Notes in shares of common stock. The “if-converted” value of the 2019 Convertible Notes exceeded their principal amount by $19,401 as of December 31, 2018 as the closing market price of the Company’s common stock of $20.08 per share exceeded the implicit conversion price. For the years ended December 31, 2018 and 2017 , interest expense for the 2019 Convertible Notes, including non-cash amortization of discounts, was $11,057 and $1,384 , respectively. As of December 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 adjust 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. The “if-converted” value of the 2022 Convertible Notes was less than their principal amount by $41,783 as of December 31, 2018 as the closing market price of the Company’s common stock of $20.08 per share was less than the implicit conversion price. For the years ended December 31, 2018 and 2017 , interest expense for the 2022 Convertible Notes, including non-cash amortization of discounts, was $16,690 and $2,088 , respectively. 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 December 31, 2018 : Year Mortgage Loans (1) Term Loan Facility Convertible Senior Notes Total 2019 $ 2,063,537 $ — $ 229,993 $ 2,293,530 2020 3,244,535 — — 3,244,535 2021 959,578 — — 959,578 2022 — 1,500,000 345,000 1,845,000 2023 — — — — 2024 and thereafter 995,826 — — 995,826 Total 7,263,476 1,500,000 574,993 9,338,469 Less: deferred financing costs, net (61,822 ) (9,140 ) — (70,962 ) Less: unamortized fair value adjustment — — (17,692 ) (17,692 ) Total $ 7,201,654 $ 1,490,860 $ 557,301 $ 9,249,815 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 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 of these swaps, 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 December 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 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 April 19, 2018 January 31, 2019 January 31, 2025 2.86% One-month LIBOR 400,000 March 29, 2017 March 15, 2019 March 15, 2022 2.21% One-month LIBOR 800,000 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 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 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 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One-month LIBOR 450,000 June 28, 2018 August 7, 2020 July 9, 2025 2.90% One-month LIBOR 1,100,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One-month LIBOR 550,000 November 7, 2018 March 15, 2022 July 31, 2025 3.14% One-month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.16% One-month LIBOR 400,000 During the years ended December 31, 2018 and 2017 , 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 $38,710 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 . 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 interest rate cap strike price 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. Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we simultaneously sold interest rate caps (which have identical terms and notional amounts) such that the purchase price and sale proceeds of the related interest rate caps are intended to offset each other. The purchased and sold interest rates caps have strike prices ranging from approximately 3.00% to 5.12% . Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance December 31, December 31, Balance December 31, December 31, Derivatives designated as Interest rate swaps Other $ 74,929 $ 57,612 Other $ 90,527 $ — Derivatives not designated as Interest rate caps Other 476 27 Other 440 — Total $ 75,405 $ 57,639 $ 90,967 $ — Offsetting Derivatives The Company enters into master netting arrangements, which reduce risk by permitting net settlement of transactions with the same counterparty. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018 . As of December 31, 2017 , there were no derivatives classified as liabilities. As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 75,405 $ — $ 75,405 $ (30,374 ) $ — $ 45,031 Offsetting liabilities: Derivatives $ 90,967 $ — $ 90,967 $ (30,374 ) $ — $ 60,593 Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of our derivative financial instruments in the consolidated statements of operations for the years ended December 31, 2018, 2017, and 2016 : 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 Consolidated Statements of Operations For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Derivatives in cash flow hedging relationships: Interest rate swaps $ (43,211 ) $ 31,636 $ — Interest $ 18,627 $ (16,708 ) $ — $ 383,595 $ 256,970 $ 286,048 Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative For the Years Ended December 31, 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaps Interest expense $ — $ (3,674 ) $ (8,683 ) Interest rate caps Interest expense (641 ) (364 ) (577 ) Total $ (641 ) $ (4,038 ) $ (9,260 ) 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 December 31, 2018 , the fair value of certain derivatives in a net liability position was $60,593 . If we have breached any of these provisions at December 31, 2018 , we could have been required to settle the obligations under the agreements at their termination value, which includes accrued interest and excludes the nonperformance risk related to these agreements, of $66,575 . If certain conditions are met, we may also be required to post collateral related to certain of our interest rate swap agreements. As of December 31, 2017, we had posted collateral amounting to $15,120 related to certain of these agreements (see Note 4 ). As of December 31, 2018 , we have not posted any collateral for our interest rate swap agreements as the conditions specified in the derivative agreements that require such funding did not exist.

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Equity	Note 8—Equity Stockholders’ 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 RSUs (see Note 10 ), and our IPO raised $1,692,058 , net of underwriting discount, and before IPO costs of $5,726 . During the year ended December 31, 2018 , we issued 1,474,835 shares of common stock, comprised of 1,069,798 shares of common stock in net settlement of 1,488,175 fully vested RSUs and 405,037 shares of common stock in exchange for the redemption of the same number of units of limited partnership interests in INVH LP (the “OP Units”). During the year ended December 31, 2017 , we issued 1,347,550 shares of common stock in net settlement of 2,072,716 fully vested RSUs. 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 consolidated balance sheets. As of December 31, 2018 and 2017 , the remaining redeemable OP Units outstanding were 9,036,578 and 9,441,615 , respectively. 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 timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors. The following table summarizes our dividends declared from January 1, 2017 through December 31, 2018 : Record Date Amount per Share (1) Pay Date Total Amount Declared Q4-2018 November 14, 2018 $ 0.11 November 30, 2018 $ 57,518 Q3-2018 August 16, 2018 0.11 August 31, 2018 57,563 Q2-2018 May 15, 2018 0.11 May 31, 2018 57,559 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 January 31, 2019 , our board of directors declared a dividend of $0.13 per share to stockholders of record on February 13, 2019 , which is payable on February 28, 2019 . 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, 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. As of December 31, 2017, there were no dividend amounts declared and outstanding related to the 12.0% per annum dividend requirements of the Series A Preferred Stock. Profits and losses, and cash distributions were allocated in accordance with the terms of the respective entity’s organizational documents. We made no distributions to our equity investors, and we received $138,002 of contributions during the year ended December 31, 2016. 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”) and funded $20,228 pursuant to those note agreements, of which $1,527 , including accrued interest had been repaid as of December 31, 2016. On January 5, 2017, $7,723 of Class B Notes, including accrued interest, were canceled, and the transaction was accounted for as a distribution to the underlying unitholder. As part of the Pre-IPO Transactions, IH1 assigned $11,963 , including accrued interest, of Class B Notes to a wholly owned subsidiary of the Pre-IPO Owners that was formed in connection with the reorganization described in Note 1, and the transaction was accounted for as a distribution. The Class B Notes were secured by certain of the Class B Units of the makers of the Class B Notes and were otherwise non-recourse to the makers. The Class B Notes matured at the earlier of a liquidation event or defined dates in 2024 and bore interest of 1.57% to 1.97% per annum. As such, the Class B Notes were recorded as a component of combined equity on our consolidated balance sheet prior to the transactions described above.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 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 years ended December 31, 2018 and 2017 , we earned $2,834 and $385 , respectively, of management fees which are included in other, net in the accompanying consolidated statements of operations.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 10—Share-Based Compensation 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 December 31, 2018 , we have awarded 5,633,921 RSUs thereunder. Time-vesting RSUs are participating securities for EPS purposes, and performance or market based vesting RSUs (“PRSUs”) are not. Additionally, in connection with the IPO, we granted 62,529 RSAs in conversion of Class B Units that had been granted in the form of profits interests in the Invitation Homes Partnerships prior to January 31, 2017 (see further description below). These RSAs are all time-vesting awards, and they are not part of the Omnibus Incentive Plan. Share-Based Awards The following summarizes our share-based award activity since the IPO, including annual and other award activity, RSUs and RSAs issued in connection with the IPO, and RSUs issued and assumed in connection with the Mergers. Annual Long Term Incentive Plan (“LTIP”): • Annual LTIP Awards Granted: During the years ended December 31, 2018 and 2017 , we granted 644,773 and 874,410 RSUs, respectively, pursuant to LTIP awards. Each award includes components which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions, each of which is s ubject to continued employment through the applicable vesting date . The LTIP awards issued during the year ended December 31, 2017 are divided into three tranches (“Tranche 1,” “Tranche 2,” and “Tranche 3”), which vest over periods ranging from one to four years. The time-vesting RSUs granted during the year ended December 31, 2018 vest in three equal annual installments based on an anniversary date of March 1, 2018. The time-vesting RSUs granted during the year ended December 31, 2017 vest in installments based on an anniversary date of March 1, 2017 as follows: Tranche 1 on the first anniversary; Tranche 2 in two equal installments on each of the first and second anniversaries; and Tranche 3 in four equal installments on each of the first four anniversaries. The PRSUs granted during the year ended December 31, 2018 may be earned based on the achievement of certain measures over a three -year performance period. The PRSUs granted during the year ended December 31, 2017 may be earned based on the achievement of certain measures over an approximate one -, two -, or three -year performance period, correlated to Tranche 1, Tranche 2, and Tranche 3, respectively. 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 after the end of the performance period on the date on which the performance results are certified (a “Certification Date”) by our compensation and management development committee (the “Compensation Committee”). All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules. • PRSU Results: During the year ended December 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. Other Awards: • Director Awards: During the year ended December 31, 2018 , we granted 52,114 time-vesting RSUs to members of our board of directors, which awards will fully vest on the date scheduled for INVH’s 2019 annual stockholders meeting, subject to continued service on the board of directors through such date. D uring the year ended December 31, 2017 , INVH issued 69,875 time-vesting RSUs, which awards fully vested on the date of INVH’s 2018 annual stockholders meeting. • Merger-Related Awards: During the year ended December 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 PRSUs are earned and will vest on the applicable Certification Date subject to continued employment through such date. D uring the year ended December 31, 2017 , in connection with the Mergers , INVH issued 150,927 time-vesting awards which vest over a three year service period or in accordance with the terms of the agreements. Merger-related awards are subject to certain change in control provisions that may impact these vesting schedules. • Bonus and Retention Awards: During the year ended December 31, 2018 , we granted 136,941 RSUs to employees (the “2018 Bonus Awards”) . E ach of the 2018 Bonus Awards is a time-vesting award which vests in three equal annual installments based on an anniversary date of March 1, 2018, subject to continued employment through the applicable vesting date. During the year ended December 31, 2017 , we granted 307,327 RSUs (the “Retention Awards”) each of which award is a time-vesting award with service periods, as amended, ranging from two to four years. IPO Related: In connection with the IPO, we issued the following RSAs and RSUs: • Conversion of Pre-IPO Awards: In January 2017, as more fully described below, the Class B Units were converted into 62,529 RSAs, of which 149 remain outstanding as of December 31, 2018 and will vest in accordance with the original terms of the Class B Unit award agreements. Recipients of the Class B Units granted by IH6 to certain individuals were also granted bonus awards (the “IH6 Bonus Awards”) entitling the recipients to receive bonus payments in connection with an IPO or exit event. Upon completion of the INVH IPO, the $4,825 of IH6 Bonus Awards were settled in the form of 241,250 RSUs that were fully vested upon issuance. • Supplemental Bonus Plan: In October 2016, we established a supplemental bonus plan for certain key executives and employees (the “Supplemental Bonus Plan”). Pursuant to the Supplemental Bonus Plan, the awards became payable and the payment amount became determinable upon the completion of the IPO. In January 2017, the $59,797 of awards were converted into 2,988,120 time-vesting RSUs that generally vest in three equal annual installments, commencing on the completion of the INVH IPO and on the first and second anniversaries thereafter, unless modified in connection with the Mergers or the resulting integration. As of December 31, 2018 , 451,325 Supplemental Bonus Plan awards remain outstanding. Assumed Awards In connection with the Mergers, we assumed the terms of award agreements governing 949,698 non-vested RSUs (as converted pursuant to the Exchange Ratio) granted prior to the Mergers under SWH’s equity incentive plans. Each assumed award is a time-vesting award that was issued with service periods ranging from three to four years, unless accelerated pursuant to the original agreement or otherwise modified in connection with the Mergers or the resulting integration. As of December 31, 2018 , 306,332 awards remain outstanding. Summary of Total Share-Based Awards The following table summarizes the status of non-vested time-vesting RSUs (including RSAs) and PRSUs as of December 31, 2018 and 2017 and changes during the year ended December 31, 2018 and the period from January 31, 2017 through December 31, 2017: Time-Vesting Awards PRSUs Total Share-Based Awards Number Weighted Number Weighted Average Grant Date Fair Value (Actual $) Number Weighted Balance, January 31, 2017 — $ — — $ — — $ — Granted 4,042,601 20.28 651,837 22.25 4,694,438 20.56 Assumed in the Mergers 949,698 23.01 — — 949,698 23.01 Vested (1) (2,147,554 ) (19.93 ) (101,448 ) (22.34 ) (2,249,002 ) (20.04 ) Forfeited (148,843 ) (20.42 ) (142,287 ) (22.18 ) (291,130 ) (21.28 ) Balance, December 31, 2017 2,695,902 21.51 408,102 22.25 3,104,004 20.79 Granted 387,746 21.94 654,137 22.22 1,041,883 22.12 Vested (1) (1,351,019 ) (21.38 ) (133,496 ) (23.11 ) (1,484,515 ) (21.54 ) Forfeited (136,985 ) (22.69 ) (40,010 ) (22.44 ) (176,995 ) (22.63 ) Balance, December 31, 2018 1,595,644 $ 21.63 888,733 $ 22.09 2,484,377 $ 21.79 (1) All time-vesting vested RSUs, RSAs, and PRSUs are included in basic EPS for the periods during which they are outstanding. During the year ended December 31, 2018 , 1,351,019 time-vesting RSUs and RSAs and 133,496 PRSUs with an estimated fair value of $33,106 fully vested. During the year ended December 31, 2017 , 2,147,554 time-vesting RSUs and RSAs and 101,448 PRSUs with an estimated fair value of $45,528 fully vested. Grant-Date Fair Values The grant-date fair values of the RSAs, time-vesting RSUs, and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair value of awards granted in connection with the IPO is the opening offering price per common share, the grant-date fair value of awards assumed in connection with the Mergers is the price per common share on the date of the Mergers, 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 PRSUs with market condition vesting criteria issued during the years ended December 31, 2018 and 2017 : For the Years Ended December 31, 2018 2017 Expected volatility (1) 14.5%-17.3% 25% Risk-free rate 2.38% 1.40% Expected holding period (years) 2.71-2.84 0.52-2.52 (1) Expected volatility for awards granted during the year ended December 31, 2018 was estimated based on the historical volatility of realized returns of the Company and the applicable index. Expected volatility for awards granted during the year ended December 31, 2017 was estimated based on the leverage adjusted historical volatility of certain of our peer companies over a historical term commensurate with the remaining expected holding period. Profits Interests — Class B Units Prior to the IPO, the Invitation Homes Partnerships granted incentive compensation units to certain key employees and directors, which were profits interests for United States federal income tax purposes. The Class B Units were accounted for as a substantive class of equity and contained both service based and performance based vesting criteria. Recognition of compensation expense was recorded based on whether or not the award recipient was an employee of the Manager, a wholly owned subsidiary of IH1, resulting in some awards being recognized based on grant-date fair value and others being remeasured at each reporting period until the actual vesting date as required for non-employee awards. Prior to the IPO, none of the performance based vesting criteria had been achieved, and as such through the date of the IPO, no compensation expense had been recorded for performance based Class B Units. However, the IPO triggered achievement of the performance based criteria and effectively converted all such awards into service based awards. 2017 New Class B Unit Awards : Pursuant to an amended and restated partnership agreement, on January 5, 2017, IH6 issued certain individuals a total of 9,650 Class B Units that were expected to vest based on terms and conditions similar to all other Class B Units. In January 2017, an additional 188 Class B Units in total were issued from IH1, IH2, and IH3. 2017 Class B Unit Conversion : The Pre-IPO Transactions described in Note 1 resulted in accelerated vesting of 7,520 Class B Units held by certain unitholders which resulted in additional share-based compensation expense of $11,601 as of the date of the IPO. On January 31, 2017, in connection with the IPO, all of the Class B Units held by current employees of the Manager and certain directors (except for 3,878 fully vested Class B Units awarded to a certain unitholder) were either converted into shares of INVH common stock or canceled based on the value of the Class B Units implied by the per share price of common stock sold to the public in the IPO. As such, a total of 730 Class B Units were converted into 62,529 RSAs, and 17,669 Class B Units were canceled for no consideration. For the Class B Units converted into RSAs, vesting and other terms of the RSAs delivered in the conversion have the same vesting and other terms applicable to the corresponding Class B Units converted. Additionally, the obligations under the remaining 40,992 fully vested Class B Units, including those of the unitholders who are not current employees of the Manager, certain directors, and the one employee unitholder noted above that did not convert, were converted into similar fully vested units of newly formed subsidiaries of the Pre-IPO Owners. The following table summarizes the activity related to the Class B Units for the period from December 31, 2016 through January 31, 2017, the date at which they were all canceled or converted: Class B Units Employee Non-employee Total Class B Units Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Balance, December 31, 2016 9,915 $ 4.2 39,638 $ 2.5 49,553 $ 2.9 Granted 85 14.0 9,753 — 9,838 0.1 Converted to RSAs (245 ) (3.4 ) (485 ) (0.8 ) (730 ) (1.7 ) Canceled (555 ) (8.2 ) (17,114 ) (0.4 ) (17,669 ) (0.6 ) Converted to units of affiliated entities (9,200 ) (4.0 ) (31,792 ) (2.9 ) (40,992 ) (3.2 ) Balance, January 31, 2017 — $ — — $ — — $ — As of January 31, 2017, no Class B Units were outstanding. Summary of Total Share-Based Compensation Expense During the years ended December 31, 2018, 2017, and 2016 , we recognized share-based compensation expense as follows: For the Years Ended December 31, 2018 2017 2016 General and administrative $ 23,999 $ 70,906 $ 10,014 Property management expense 5,500 10,297 196 Total $ 29,499 $ 81,203 $ 10,210 As of December 31, 2018 , there is $18,500 of unrecognized share-based compensation expense related to non-vested RSUs which is expected to be recognized over a weighted average period of 1.70 years.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 and interest rate cap agreements are the only financial instruments recorded at fair value on a recurring basis within our 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 December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Assets carried at historical cost on the consolidated balance sheets: Investments in debt securities (1) Level 2 $ 366,599 $ 365,196 $ 378,545 $ 379,500 Liabilities carried at historical cost on the consolidated balance sheets: Mortgage loans (2) Level 2 $ 7,263,476 $ 7,235,685 $ 7,608,228 $ 7,627,423 Term Loan Facility (3) Level 3 1,500,000 1,500,773 1,500,000 1,494,494 Revolving Facility Level 3 — — 35,000 35,007 Convertible Senior Notes (4) Level 3 557,301 544,249 548,536 557,179 (1) The carrying values of debt securities are shown net of discount. (2) The carrying values of the mortgage loans are shown net of discount and exclude $61,822 and $28,075 of deferred financing costs as of December 31, 2018 and 2017 , respectively. (3) The carrying value of the Term Loan Facility excludes $9,140 and $12,027 of deferred financing costs as of December 31, 2018 and 2017 , respectively . (4) The carrying values of the Convertible Senior Notes include unamortized discounts of $17,692 and $26,464 as of December 31, 2018 and 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. The fair values 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: For the Years Ended December 31, 2018 2017 2016 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ 2,179 $ 2,942 $ 3,066 Total impairments (507 ) (861 ) (955 ) Fair value $ 1,672 $ 2,081 $ 2,111 For the Years Ended December 31, 2018 2017 2016 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 33,609 $ 13,112 $ 6,938 Total impairments (6,202 ) (1,370 ) (1,327 ) Fair value $ 27,407 $ 11,742 $ 5,611 For additional information related to our single-family residential properties as of the years ended December 31, 2018 and 2017 , refer to Note 3 .

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 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 and diluted EPS are calculated as follows: (in thousands, except share and per share data) For the Year Ended December 31, 2018 February 1, 2017 Numerator: Net loss $ (5,013 ) $ (105,826 ) Net loss for the period January 1, 2017 through January 31, 2017 — 16,879 Net loss attributable to non-controlling interests 86 489 Net loss attributable to common stockholders (4,927 ) (88,458 ) Less: net income available to participating securities (817 ) (615 ) Net loss available to common stockholders — basic and diluted $ (5,744 ) $ (89,073 ) Denominator: Weighted average common shares outstanding — basic and diluted 520,376,929 339,423,442 Net loss per common share — basic and diluted $ (0.01 ) $ (0.26 ) Incremental shares attributed to non-vested RSUs and RSAs are excluded from the computation of diluted EPS when they are anti-dilutive. For the year ended December 31, 2018 and the period from February 1, 2017 through December 31, 2017 , 1,267,175 and 896,993 , incremental shares attributed to non-vested RSUs and RSAs, respectively, have been excluded from diluted EPS because they are anti-dilutive. For the year ended December 31, 2018 and the period from February 1, 2017 through December 31, 2017, the OP Units have been excluded from the computation of EPS because all loss attributable to the OP Units has been recorded as non-controlling interest and thus excluded from net loss available to common stockholders. For the year ended December 31, 2018 , 12,420,013 potential shares of common stock contingently issuable upon the conversion of the 2019 Convertible Notes, calculated using the “if-converted” method, are excluded from the computation of diluted EPS as they would be anti-dilutive. For the year ended December 31, 2018 , 15,100,443 potential shares of common stock contingently issuable upon the conversion of the 2022 Convertible Notes are also excluded from the computation of diluted EPS. For the period from February 1, 2017 through December 31, 2017 we asserted our intent and ability to fully settle the Convertible Senior Notes in cash and as a result, the Convertible Senior Notes did not impact diluted EPS during that period. Additionally, no adjustment is included to the numerator for the interest expense related to the Convertible Senior Notes for the year ended December 31, 2018 . See Note 6 for further discussion about the Convertible Senior Notes.

Income Tax

Income Tax	12 Months Ended
	Dec. 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 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 December 31, 2018 and 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. We have 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 $1,241 and $3,195 of current income tax expense for the years ended December 31, 2018 and 2017 , respectively, which has been recorded in gain on sale of property, net of tax in the consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14—Commitments and Contingencies Leasing Commitments From time to time, the Manager enters into lease agreements with third parties for purposes of obtaining office and other administrative space. During the years ended December 31, 2018, 2017, and 2016 , we incurred rent and other related occupancy expenses of $6,306 , $5,203 , and $4,883 , respectively. Annual base rental commitments associated with these leases, excluding operating expense reimbursements, month-to-month lease payments and other related fees and expenses during the remaining lease terms are as follows: Year Payments 2019 $ 4,251 2020 4,463 2021 4,237 2022 2,747 2023 1,583 Thereafter 1,803 Total $ 19,084 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. As of December 31, 2018 , there are no material contingent liabilities related to uninsured losses with respect to our properties. Legal Matters We are subject to various legal proceedings and claims that arise in the ordinary course of our business. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our consolidated financial statements. 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	12 Months Ended
	Dec. 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 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 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 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 $16,895 and $29,802 of merger and transaction-related expenses related to the Mergers during the years ended December 31, 2018 and 2017 , respectively, included in general and administrative expenses in the consolidated statements 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 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. During the years ended December 31, 2018 and 2017 , we incurred $8,238 and $11,631 , respectively, of employee severance pursuant to the Severance Plans and the executive agreements, and these costs are included in general and administrative expenses in the consolidated statements of operations. Pro Forma Information SWH contributed rental revenues and other property income of $84,702 and net loss of $8,262 for the period from November 16, 2017 to December 31, 2017. The following table provides the pro forma consolidated operational data as if the Mergers had occurred on January 1, 2016 (unaudited): For the Years Ended December 31, 2017 2016 Rental revenues and other property income $ 1,608,574 $ 1,489,196 Net loss (142,816 ) (293,121 ) Pro forma net loss includes transaction costs related to the Mergers of $49,973 for the year ended December 31, 2016. 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.

Summarized Quarterly Financial

Summarized Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Data (Unaudited)	Note 16—Summarized Quarterly Financial Data (Unaudited) On November 16, 2017, we added 34,670 homes to our portfolio and issued 207,448,958 shares of common stock in connection with the Mergers. As a result, the Mergers have contributed to growth in results of operations and the increase in the diluted number of shares outstanding beginning in the fourth quarter of 2017. The following tables present summarized consolidated quarterly financial data for each of the eight quarters in the two year period ended December 31, 2018 : (in thousands, except share and per share data) Quarter 2018 First Second Third Fourth Rental revenues and other property income $ 423,669 $ 432,426 $ 434,251 $ 432,616 Net income (loss) (17,580 ) (14,188 ) 1,041 25,714 Net income (loss) available to common stockholders (17,491 ) (14,155 ) 824 25,078 Net income (loss) per share — basic (0.03 ) (0.03 ) — 0.05 Net income (loss) per share — diluted (0.03 ) (0.03 ) — 0.05 Dividends declared per common share 0.11 0.11 0.11 0.11 Shares used in calculation — basic 519,660,998 520,509,058 520,620,519 520,703,045 Shares used in calculation — diluted 519,660,998 520,509,058 521,761,076 520,844,475 (in thousands, except share and per share data) Quarter 2017 First Second Third Fourth Rental revenues and other property income $ 238,750 $ 242,216 $ 243,536 $ 329,954 Net income (loss) (42,391 ) 5,529 (22,510 ) (46,454 ) Net income (loss) available to common stockholders (25,512 ) 5,420 (22,745 ) (46,236 ) Net income (loss) per share — basic (0.08 ) 0.02 (0.07 ) (0.11 ) Net income (loss) per share — diluted (0.08 ) 0.02 (0.07 ) (0.11 ) Dividends declared per common share — 0.06 0.08 0.08 Shares used in calculation — basic 311,651,082 311,771,221 311,559,780 415,276,026 Shares used in calculation — diluted 311,651,082 312,271,578 311,559,780 415,276,026

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 17—Subsequent Events In connection with the preparation of the accompanying consolidated financial statements, we have evaluated events and transactions occurring after December 31, 2018 , for potential recognition or disclosure. Dividend Declaration On January 31, 2019 , our board of directors declared a dividend of $0.13 per share to stockholders of record on February 13, 2019 , which is payable on February 28, 2019 . CSH 2016-2 Securitization On January 9, 2019, we made a voluntary prepayment of $70,000 against the outstanding balance of CSH 2016-2 with unrestricted cash on hand. CEO Departure As previously disclosed, Frederick C. Tuomi resigned from his positions as the Company’s President and Chief Executive Officer and as a member of the Company’s Board, effective August 27, 2018, and took a leave of absence to care for a family member’s medical issue. On January 16, 2019, the Company announced that Mr. Tuomi would be leaving the Company, effective immediately. In connection with Mr. Tuomi’s departure, we entered into a separation agreement with Mr. Tuomi that documents the payment of benefits and settlement of RSUs pursuant to the terms and conditions of the Executive Severance Plan and Mr. Tuomi’s RSU award agreements. During the first quarter of 2019, we will incur approximately $4,400 of severance cost with respect to Mr. Tuomi. With respect to his non-vested RSUs and PRSUs, including PRSUs issued in connection with the Mergers and awards assumed in connection with the Mergers, the vesting of 286,156 time-vesting RSUs was accelerated, 208,846 RSUs and PRSUs were forfeited, and 133,673 PRSUs remain outstanding and are eligible for vesting depending on achievement of the performance measures. Issuance of RSU Awards As part of its February 27, 2019 meeting and the annual compensation review and award process, the Compensation Committee approved the grant of approximately 550,000 RSUs pursuant to the Omnibus Incentive Plan. Each of these awards vest over a three year period.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	INVITATION HOMES INC. Schedule III Real Estate and Accumulated Depreciation As of December 31, 2018 (dollar amounts in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Close of Period Market Number of Properties (1) Number of Encumbered Properties (2) Encumbrances (2) Land Depreciable Properties Land Depreciable Properties Land Depreciable Properties Total (3) Accumulated Depreciation Date of Construction Date Acquired Depreciable Period Atlanta 12,212 6,720 $ 865,471 $ 316,407 $ 1,537,837 $ — $ 213,466 $ 316,407 $ 1,751,303 $ 2,067,710 $ (201,012 ) 1920-2017 2012-2018 7 - 28.5 years Carolinas 4,690 2,615 386,584 164,443 686,576 — 76,347 164,443 762,923 927,366 (76,192 ) 1900-2018 2012-2018 7 - 28.5 years Chicago 3,206 355 51,032 168,866 403,470 — 128,535 168,866 532,005 700,871 (80,201 ) 1869-2015 2012-2017 7 - 28.5 years Dallas 2,181 1,481 200,291 96,596 384,051 — 7,078 96,596 391,129 487,725 (15,295 ) 1952-2017 2017-2018 7 - 28.5 years Denver 2,215 1,593 305,082 176,115 502,285 — 8,893 176,115 511,178 687,293 (19,634 ) 1885-2012 2017-2018 7 - 28.5 years Houston 2,339 806 87,997 70,517 341,675 — 5,431 70,517 347,106 417,623 (13,908 ) 1951-2015 2017 7 - 28.5 years Jacksonville 1,887 1,001 161,915 87,595 221,635 — 48,833 87,595 270,468 358,063 (49,572 ) 1955-2014 2012-2016 7 - 28.5 years Las Vegas 2,682 2,040 384,725 113,221 496,042 — 24,862 113,221 520,904 634,125 (41,082 ) 1953-2013 2012-2018 7 - 28.5 years Minneapolis 1,160 69 9,503 69,821 143,752 — 50,823 69,821 194,575 264,396 (35,624 ) 1886-2015 2013-2015 7 - 28.5 years Nashville 797 387 70,840 34,972 193,216 — 2,556 34,972 195,772 230,744 (7,499 ) 1986-2018 2017-2018 7 - 28.5 years Northern California 4,511 2,818 646,093 364,054 768,493 — 91,708 364,054 860,201 1,224,255 (104,070 ) 1900-2012 2012-2017 7 - 28.5 years Orlando 5,870 3,303 466,968 200,644 777,365 — 113,770 200,644 891,135 1,091,779 (108,441 ) 1947-2016 2012-2018 7 - 28.5 years Phoenix 7,541 5,008 688,127 268,192 838,319 — 130,398 268,192 968,717 1,236,909 (132,783 ) 1925-2018 2012-2018 7 - 28.5 years Seattle 3,375 1,436 344,213 267,031 477,728 — 130,132 267,031 607,860 874,891 (87,857 ) 1890-2017 2012-2018 7 - 28.5 years South Florida 8,860 2,526 537,967 761,932 1,579,655 — 189,288 761,932 1,768,943 2,530,875 (213,260 ) 1922-2014 2012-2018 7 - 28.5 years Southern California 8,261 5,141 1,429,495 1,070,977 1,582,102 — 198,237 1,070,977 1,780,339 2,851,316 (203,225 ) 1887-2014 2012-2018 7 - 28.5 years Tampa 8,282 4,195 603,320 330,058 1,172,231 — 141,744 330,058 1,313,975 1,644,033 (154,259 ) 1923-2016 2012-2018 7 - 28.5 years Total 80,069 41,494 $ 7,239,623 $ 4,561,441 $ 12,106,432 $ — $ 1,562,101 $ 4,561,441 $ 13,668,533 $ 18,229,974 $ (1,543,914 ) (1) Number of properties represents 80,807 total properties owned less 738 properties classified as held for sale and recorded in other assets, net on the consolidated balance sheet as of December 31, 2018 . (2) Number of encumbered properties and encumbrances include the number of properties secured by first priority mortgages under the mortgage loans, as well as the aggregate value of outstanding debt attributable to such properties. Excluded from this is the original issue discount, deferred financing costs, and 150 held for sale properties with an encumbered balance of $26,846 . (3) The gross aggregate cost of total real estate in the table above for federal income tax purposes was approximately $16,260,930 (unaudited) as of December 31, 2018 .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements 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”). Subsequent to the date of the Pre-IPO Transactions, these consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. Prior to the date of the Pre-IPO Transactions, these 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 consolidated financial statements. 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 holds 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 consolidated balance sheets as of December 31, 2018 and 2017 , and the consolidated statements of operations for the years ended December 31, 2018 and 2017 include an allocation of the net loss attributable to the non-controlling interest holders.
Adoption of New Accounting Standards and Recent Accounting Pronouncements	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, excluding receivables arising from operating leases. 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. The 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 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. We will adopt the new standard on January 1, 2019 using the optional transition approach. Consequently, financial information will not be updated and the new disclosures required under the standard will not be provided for periods before January 1, 2019. We estimate that adoption of this standard will result in an increase of less than $20,000 in both other assets, net and other liabilities on our consolidated balance sheet to record right-of-use assets and related liabilities, respectively, for our leased office space and vehicles. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which changes the fair value disclosure requirements for certain financial instruments. This guidance reduces the need for certain disclosure language related to our financial instruments and adds additional support for unobservable inputs used in the calculation of fair values. This new standard will be effective for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period. We do not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements. 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 consolidated financial statements, as rental income from leasing arrangements comprises more than 90% of our rental revenues and other property income , and such revenue is specifically excluded from the standard. We analyzed our remaining revenue streams included within rental revenues and other property income and other, net 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 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 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 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 does 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 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, and performed our October 31, 2018 impairment test in accordance with ASU 2017-04. This did not have a material impact on our 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 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 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 prior 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 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 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 consolidated financial statements. In August 2018, the SEC issued Securities Act Release No. 33-10532, Disclosure Update and Simplification , which amends certain of its disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. The amendments were generally effective for filings on or after November 5, 2018. The Disclosure Update and Simplification eliminated SEC Regulation S-X, 3-15(a)(1) which previously required REITs to present separately all gains and losses on the sale of properties outside of continuing operations in the statement of operations. Accordingly, we have conformed the presentation of our consolidated statement of operations with this amendment for all periods presented. The Disclosure Update and Simplification also extends to interim periods the annual requirement in SEC Regulation S-X, Rule 3-04, 2 to disclose and analyze changes in stockholders’ equity for the current quarter and year to date interim periods as well as the comparative periods of the prior year (either in a separate statement or footnote). The additional disclosure requirements for the changes in stockholders’ equity are required in the Form 10-Q for the quarter that begins after the effective date of the amendments. We anticipate our first presentation of changes in stockholders’ equity will be included in our Quarterly Report on Form 10-Q for the quarter ending March 31, 2019.
Use of Estimates	Use of Estimates The preparation of the 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 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 _2

Investments in Single-Family Residential Properties (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of property carrying amount	The following table sets forth the net carrying amount associated with our properties by component: December 31, December 31, Land $ 4,561,441 $ 4,646,917 Single-family residential property 13,026,317 13,084,156 Capital improvements 525,670 536,297 Equipment 116,546 120,528 Total gross investments in the properties 18,229,974 18,387,898 Less: accumulated depreciation (1,543,914 ) (1,075,634 ) Investments in single-family residential properties, net $ 16,686,060 $ 17,312,264

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	12 Months Ended
	Dec. 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 consolidated balance sheets that sum to the total of such amounts shown in the consolidated statements of cash flows: December 31, 2018 December 31, 2017 Cash and cash equivalents $ 144,940 $ 179,878 Restricted cash 215,051 236,684 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 359,991 $ 416,562
Schedule of restricted cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated balance sheets that sum to the total of such amounts shown in the consolidated statements of cash flows: December 31, 2018 December 31, 2017 Cash and cash equivalents $ 144,940 $ 179,878 Restricted cash 215,051 236,684 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 359,991 $ 416,562 The balances of our restricted cash accounts, as of December 31, 2018 and 2017 , are set forth in the table below. As of December 31, 2018 and 2017 , no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan agreements that require such funding did not exist. Also, as of December 31, 2018 , no amounts were funded to derivative collateral accounts as the conditions specified in the derivative agreements that require such funding did not exist. December 31, December 31, Resident security deposits $ 150,346 $ 147,098 Collections 26,677 40,607 Property taxes 26,163 20,785 Standing and capital expenditure reserves 5,269 5,257 Letters of credit 3,444 3,567 Special and other reserves 3,152 4,250 Derivative collateral — 15,120 Total $ 215,051 $ 236,684

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	As of December 31, 2018 and 2017 , the balances in other assets, net are as follows: December 31, December 31, Investments in debt securities, net $ 366,599 $ 378,545 Held for sale assets (1) 154,077 46,814 Derivative instruments (Note 7) 75,405 57,612 Investment in unconsolidated joint venture 56,622 57,078 Rent and other receivables, net 33,117 24,525 Prepaid expenses 30,970 37,869 Corporate fixed assets, net 11,792 16,595 Deferred leasing costs, net 6,316 7,018 Deferred financing costs, net 5,134 7,504 Amounts deposited and held by others 1,010 12,598 In-place leases, net — 37,517 Other 18,128 12,930 Total $ 759,170 $ 696,605 (1) As of December 31, 2018 and 2017 , 738 and 236 properties, respectively, are classified as held for sale.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The following table sets forth a summary of our mortgage loan indebtedness as of December 31, 2018 and 2017 : Outstanding Principal Balance (3) Origination Date Maturity Date (1) Interest (2) Range of Spreads December 31, December 31, CAH 2014-1 N/A February 8, 2018 —% N/A $ — $ 473,384 CAH 2014-2 N/A February 8, 2018 —% N/A — 385,401 IH 2015-1, net N/A May 8, 2018 —% N/A — 528,795 IH 2015-2 N/A May 8, 2018 —% N/A — 627,259 IH 2015-3 N/A June 28, 2018 —% N/A — 1,165,886 CAH 2015-1 N/A November 7, 2018 —% N/A — 656,551 CSH 2016-1 N/A November 7, 2018 —% N/A — 531,517 CSH 2016-2 (4)(5) November 3, 2016 December 9, 2019 4.38% 133-423 bps 442,614 609,815 IH 2017-1 (6) April 28, 2017 June 9, 2027 4.23% N/A 995,826 996,453 SWH 2017-1 (4) September 29, 2017 October 9, 2019 4.07% 102-347 bps 764,685 769,754 IH 2017-2 (4) November 9, 2017 December 9, 2019 4.03% 91-306 bps 856,238 863,413 IH 2018-1 (4) February 8, 2018 March 9, 2020 3.76% 76-256 bps 911,827 — IH 2018-2 (4) May 8, 2018 June 9, 2020 3.91% 95-230 bps 1,035,749 — IH 2018-3 (4) June 28, 2018 July 9, 2020 3.94% 105-230 bps 1,296,959 — IH 2018-4 (4) November 7, 2018 January 9, 2021 3.93% 115-225 bps 959,578 — Total Securitizations 7,263,476 7,608,228 Less: deferred financing costs, net (61,822 ) (28,075 ) Total $ 7,201,654 $ 7,580,153 (1) Maturity date represents repayment date for mortgage loans which have been repaid in full prior to December 31, 2018 . For all other mortgage loans, the maturity dates above are reflective of all extensions that have been exercised. (2) Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR , plus applicable servicing fees; as of December 31, 2018 , LIBOR was 2.52% . 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. (3) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (4) The initial maturity term of each of these mortgage loans is two years, individually subject to three to five , one -year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender ). Our CSH 2016-2 mortgage loan has exercised the first extension option. The maturity dates above are reflective of all extensions that have been exercised. (5) On January 9, 2019, we made a voluntary prepayment of $70,000 against the outstanding balance of CSH 2016-2 with unrestricted cash on hand (see Note 17). (6) Net of unamortized discount of $2,993 and $3,345 as of December 31, 2018 and 2017 , respectively. The following table summarizes the terms of the Convertible Senior Notes outstanding as of December 31, 2018 and 2017 : Principal Amount Coupon Effective (1) Conversion (2) Maturity Remaining Amortization December 31, December 31, 2019 Convertible Notes 3.00 % 4.92 % 54.0017 7/1/2019 0.50 years $ 229,993 $ 230,000 2022 Convertible Notes 3.50 % 5.12 % 43.7694 1/15/2022 3.04 years 345,000 345,000 Total 574,993 575,000 Net unamortized fair value adjustment (17,692 ) (26,464 ) Total $ 557,301 $ 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 as of December 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 December 31, 2018 .
Schedule of line of credit facility	The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of December 31, 2018 and 2017 : Maturity Interest (1) December 31, December 31, Term Loan Facility February 6, 2022 4.22% $ 1,500,000 $ 1,500,000 Deferred financing costs, net (9,140 ) (12,027 ) Term Loan Facility, net $ 1,490,860 $ 1,487,973 Revolving Facility February 6, 2021 4.27% $ — $ 35,000 (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of December 31, 2018 , the applicable margins were 1.70% and 1.75% , respectively, and LIBOR was 2.52% .
Schedule of maturities of long-term debt	The following table summarizes the contractual maturities of our debt as of December 31, 2018 : Year Mortgage Loans (1) Term Loan Facility Convertible Senior Notes Total 2019 $ 2,063,537 $ — $ 229,993 $ 2,293,530 2020 3,244,535 — — 3,244,535 2021 959,578 — — 959,578 2022 — 1,500,000 345,000 1,845,000 2023 — — — — 2024 and thereafter 995,826 — — 995,826 Total 7,263,476 1,500,000 574,993 9,338,469 Less: deferred financing costs, net (61,822 ) (9,140 ) — (70,962 ) Less: unamortized fair value adjustment — — (17,692 ) (17,692 ) Total $ 7,201,654 $ 1,490,860 $ 557,301 $ 9,249,815 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 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 December 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 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 April 19, 2018 January 31, 2019 January 31, 2025 2.86% One-month LIBOR 400,000 March 29, 2017 March 15, 2019 March 15, 2022 2.21% One-month LIBOR 800,000 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 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 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 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One-month LIBOR 450,000 June 28, 2018 August 7, 2020 July 9, 2025 2.90% One-month LIBOR 1,100,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One-month LIBOR 550,000 November 7, 2018 March 15, 2022 July 31, 2025 3.14% One-month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.16% One-month LIBOR 400,000
Summary of derivative financial instruments, fair value and location in condensed consolidated balance sheets	The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance December 31, December 31, Balance December 31, December 31, Derivatives designated as Interest rate swaps Other $ 74,929 $ 57,612 Other $ 90,527 $ — Derivatives not designated as Interest rate caps Other 476 27 Other 440 — Total $ 75,405 $ 57,639 $ 90,967 $ —
Summary of offsetting derivative assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018 . As of December 31, 2017 , there were no derivatives classified as liabilities. As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 75,405 $ — $ 75,405 $ (30,374 ) $ — $ 45,031 Offsetting liabilities: Derivatives $ 90,967 $ — $ 90,967 $ (30,374 ) $ — $ 60,593
Summary of offsetting derivative liabilities	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018 . As of December 31, 2017 , there were no derivatives classified as liabilities. As of December 31, 2018 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 75,405 $ — $ 75,405 $ (30,374 ) $ — $ 45,031 Offsetting liabilities: Derivatives $ 90,967 $ — $ 90,967 $ (30,374 ) $ — $ 60,593
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 consolidated statements of operations for the years ended December 31, 2018, 2017, and 2016 : 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 Consolidated Statements of Operations For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Derivatives in cash flow hedging relationships: Interest rate swaps $ (43,211 ) $ 31,636 $ — Interest $ 18,627 $ (16,708 ) $ — $ 383,595 $ 256,970 $ 286,048 Location of Amount of Gain (Loss) Recognized in Net Loss on Derivative For the Years Ended December 31, 2018 2017 2016 Derivatives not designated as hedging instruments: Interest rate swaps Interest expense $ — $ (3,674 ) $ (8,683 ) Interest rate caps Interest expense (641 ) (364 ) (577 ) Total $ (641 ) $ (4,038 ) $ (9,260 )

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Summary of dividends declared	The following table summarizes our dividends declared from January 1, 2017 through December 31, 2018 : Record Date Amount per Share (1) Pay Date Total Amount Declared Q4-2018 November 14, 2018 $ 0.11 November 30, 2018 $ 57,518 Q3-2018 August 16, 2018 0.11 August 31, 2018 57,563 Q2-2018 May 15, 2018 0.11 May 31, 2018 57,559 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)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]	The following table summarizes the activity related to the Class B Units for the period from December 31, 2016 through January 31, 2017, the date at which they were all canceled or converted: Class B Units Employee Non-employee Total Class B Units Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Number of Units Weighted Average Fair Value Balance, December 31, 2016 9,915 $ 4.2 39,638 $ 2.5 49,553 $ 2.9 Granted 85 14.0 9,753 — 9,838 0.1 Converted to RSAs (245 ) (3.4 ) (485 ) (0.8 ) (730 ) (1.7 ) Canceled (555 ) (8.2 ) (17,114 ) (0.4 ) (17,669 ) (0.6 ) Converted to units of affiliated entities (9,200 ) (4.0 ) (31,792 ) (2.9 ) (40,992 ) (3.2 ) Balance, January 31, 2017 — $ — — $ — — $ —
Schedule of share-based compensation, restricted stock and restricted stock units	The following table summarizes the status of non-vested time-vesting RSUs (including RSAs) and PRSUs as of December 31, 2018 and 2017 and changes during the year ended December 31, 2018 and the period from January 31, 2017 through December 31, 2017: Time-Vesting Awards PRSUs Total Share-Based Awards Number Weighted Number Weighted Average Grant Date Fair Value (Actual $) Number Weighted Balance, January 31, 2017 — $ — — $ — — $ — Granted 4,042,601 20.28 651,837 22.25 4,694,438 20.56 Assumed in the Mergers 949,698 23.01 — — 949,698 23.01 Vested (1) (2,147,554 ) (19.93 ) (101,448 ) (22.34 ) (2,249,002 ) (20.04 ) Forfeited (148,843 ) (20.42 ) (142,287 ) (22.18 ) (291,130 ) (21.28 ) Balance, December 31, 2017 2,695,902 21.51 408,102 22.25 3,104,004 20.79 Granted 387,746 21.94 654,137 22.22 1,041,883 22.12 Vested (1) (1,351,019 ) (21.38 ) (133,496 ) (23.11 ) (1,484,515 ) (21.54 ) Forfeited (136,985 ) (22.69 ) (40,010 ) (22.44 ) (176,995 ) (22.63 ) Balance, December 31, 2018 1,595,644 $ 21.63 888,733 $ 22.09 2,484,377 $ 21.79 (1) All time-vesting vested RSUs, RSAs, and PRSUs are included in basic EPS for the periods during which they are outstanding. During the year ended December 31, 2018 , 1,351,019 time-vesting RSUs and RSAs and 133,496 PRSUs with an estimated fair value of $33,106 fully vested. During the year ended December 31, 2017 , 2,147,554 time-vesting RSUs and RSAs and 101,448 PRSUs with an estimated fair value of $45,528 fully vested.
Schedule of share-based payment awards, stock options, valuation assumption	The following table summarizes the significant inputs utilized in these models at the grant date for PRSUs with market condition vesting criteria issued during the years ended December 31, 2018 and 2017 : For the Years Ended December 31, 2018 2017 Expected volatility (1) 14.5%-17.3% 25% Risk-free rate 2.38% 1.40% Expected holding period (years) 2.71-2.84 0.52-2.52 (1) Expected volatility for awards granted during the year ended December 31, 2018 was estimated based on the historical volatility of realized returns of the Company and the applicable index. Expected volatility for awards granted during the year ended December 31, 2017 was estimated based on the leverage adjusted historical volatility of certain of our peer companies over a historical term commensurate with the remaining expected holding period.
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan	During the years ended December 31, 2018, 2017, and 2016 , we recognized share-based compensation expense as follows: For the Years Ended December 31, 2018 2017 2016 General and administrative $ 23,999 $ 70,906 $ 10,014 Property management expense 5,500 10,297 196 Total $ 29,499 $ 81,203 $ 10,210

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Carrying Fair Carrying Fair Assets carried at historical cost on the consolidated balance sheets: Investments in debt securities (1) Level 2 $ 366,599 $ 365,196 $ 378,545 $ 379,500 Liabilities carried at historical cost on the consolidated balance sheets: Mortgage loans (2) Level 2 $ 7,263,476 $ 7,235,685 $ 7,608,228 $ 7,627,423 Term Loan Facility (3) Level 3 1,500,000 1,500,773 1,500,000 1,494,494 Revolving Facility Level 3 — — 35,000 35,007 Convertible Senior Notes (4) Level 3 557,301 544,249 548,536 557,179 (1) The carrying values of debt securities are shown net of discount. (2) The carrying values of the mortgage loans are shown net of discount and exclude $61,822 and $28,075 of deferred financing costs as of December 31, 2018 and 2017 , respectively. (3) The carrying value of the Term Loan Facility excludes $9,140 and $12,027 of deferred financing costs as of December 31, 2018 and 2017 , respectively . (4) The carrying values of the Convertible Senior Notes include unamortized discounts of $17,692 and $26,464 as of December 31, 2018 and 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: For the Years Ended December 31, 2018 2017 2016 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ 2,179 $ 2,942 $ 3,066 Total impairments (507 ) (861 ) (955 ) Fair value $ 1,672 $ 2,081 $ 2,111 For the Years Ended December 31, 2018 2017 2016 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 33,609 $ 13,112 $ 6,938 Total impairments (6,202 ) (1,370 ) (1,327 ) Fair value $ 27,407 $ 11,742 $ 5,611

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 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 Year Ended December 31, 2018 February 1, 2017 Numerator: Net loss $ (5,013 ) $ (105,826 ) Net loss for the period January 1, 2017 through January 31, 2017 — 16,879 Net loss attributable to non-controlling interests 86 489 Net loss attributable to common stockholders (4,927 ) (88,458 ) Less: net income available to participating securities (817 ) (615 ) Net loss available to common stockholders — basic and diluted $ (5,744 ) $ (89,073 ) Denominator: Weighted average common shares outstanding — basic and diluted 520,376,929 339,423,442 Net loss per common share — basic and diluted $ (0.01 ) $ (0.26 )

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 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, 2016 (unaudited): For the Years Ended December 31, 2017 2016 Rental revenues and other property income $ 1,608,574 $ 1,489,196 Net loss (142,816 ) (293,121 )

Summarized Quarterly Financia_2

Summarized Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Data	The following tables present summarized consolidated quarterly financial data for each of the eight quarters in the two year period ended December 31, 2018 : (in thousands, except share and per share data) Quarter 2018 First Second Third Fourth Rental revenues and other property income $ 423,669 $ 432,426 $ 434,251 $ 432,616 Net income (loss) (17,580 ) (14,188 ) 1,041 25,714 Net income (loss) available to common stockholders (17,491 ) (14,155 ) 824 25,078 Net income (loss) per share — basic (0.03 ) (0.03 ) — 0.05 Net income (loss) per share — diluted (0.03 ) (0.03 ) — 0.05 Dividends declared per common share 0.11 0.11 0.11 0.11 Shares used in calculation — basic 519,660,998 520,509,058 520,620,519 520,703,045 Shares used in calculation — diluted 519,660,998 520,509,058 521,761,076 520,844,475 (in thousands, except share and per share data) Quarter 2017 First Second Third Fourth Rental revenues and other property income $ 238,750 $ 242,216 $ 243,536 $ 329,954 Net income (loss) (42,391 ) 5,529 (22,510 ) (46,454 ) Net income (loss) available to common stockholders (25,512 ) 5,420 (22,745 ) (46,236 ) Net income (loss) per share — basic (0.08 ) 0.02 (0.07 ) (0.11 ) Net income (loss) per share — diluted (0.08 ) 0.02 (0.07 ) (0.11 ) Dividends declared per common share — 0.06 0.08 0.08 Shares used in calculation — basic 311,651,082 311,771,221 311,559,780 415,276,026 Shares used in calculation — diluted 311,651,082 312,271,578 311,559,780 415,276,026

Organization and Formation (Det

Organization and Formation (Details)	Nov. 16, 2017shares	Feb. 06, 2017$ / sharesshares	Jan. 31, 2017shares	Dec. 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 Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Other property income			$ 44,596	$ 59,535
Rental revenues	$ 1,607,545	$ 994,921	877,991
Interest expense	383,595	256,970	$ 286,048
Real Estate Held-for-sale	$ 154,077	$ 46,814
Revenue Recognition, Percentage Of Revenue Excluded From Accounting Standard Update 2014-09	90.00%
Operating Lease, Right-of-Use Asset					$ 20,000
Operating Lease, Lease Liability					$ 20,000
Minimum | Single Family [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Maximum | Single Family [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	28 years 6 months

Investments in Single-Family _3

Investments in Single-Family Residential Properties - Net Carrying Amount of Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 4,561,441	$ 4,646,917
Single-family residential property	13,026,317	13,084,156
Capital improvements	525,670	536,297
Equipment	116,546	120,528
Total gross investments in the properties	18,229,974	18,387,898
Less: accumulated depreciation	(1,543,914)	(1,075,634)
Investments in single-family residential properties, net	$ 16,686,060	$ 17,312,264

Investments in Single-Family _4

Investments in Single-Family Residential Properties - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Capitalized acquisition costs, net	$ 120,438	$ 125,903
Accumulated capitalized interest costs	66,449	62,938
Capitalized property taxes, net	25,670	25,966
Capitalized insurance, net	4,694	4,727
Capitalized HOA Fees, net	2,779	2,818
Depreciation and amortization	560,541	309,578	$ 267,681
Provisions for impairment	6,709	2,231	2,282
Real Estate Properties [Domain]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	511,988	297,627	263,093
Furniture and equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	11,036	3,728	4,588
In-place lease intangible assets
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 37,517	$ 8,223	$ 0

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Reconciliation to Statements of Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 144,940	$ 179,878
Restricted cash	215,051	236,684
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 359,991	$ 416,562	$ 420,211	$ 493,992

Cash, Cash Equivalents, and R_4

Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash Accounts (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 215,051	$ 236,684
Resident security deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	150,346	147,098
Collections
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	26,677	40,607
Property taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	26,163	20,785
Standing and capital expenditure reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,269	5,257
Letters of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,444	3,567
Special and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,152	4,250
Derivative collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0	$ 15,120

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments in debt securities, net	$ 366,599	$ 378,545
Held for sale assets(1)	154,077	46,814
Derivative instruments (Note 7)	75,405	57,612
Investment in unconsolidated joint venture	56,622	57,078
Rent and other receivables, net	33,117	24,525
Prepaid expenses	30,970	37,869
Corporate fixed assets, net	11,792	16,595
Deferred leasing costs, net	1,010	12,598
Deferred financing costs, net	6,316	7,018
Amounts deposited and held by others	5,134	7,504
In-place leases, net	0	37,517
Other	18,128	12,930
Total	$ 759,170	$ 696,605

Other Assets - Narrative (Detai

Other Assets - Narrative (Details)	Nov. 16, 2017USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Schedule of Investments [Line Items]
Number of real estate properties classified as held-for-sale | property		738	236
Investments in debt securities, net		$ 366,599,000	$ 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
Allowance for doubtful accounts receivable		2,998,000	4,094,000
Debt issuance costs, line of credit arrangements incurred			9,673,000
Debt issuance costs, unamortized balance		5,134,000	7,504,000
In-place lease intangible assets
Schedule of Investments [Line Items]
Amortization of intangible assets		37,517,000	8,223,000	$ 0
In-place lease intangible assets | Merger with Starwood Waypoint Homes
Schedule of Investments [Line Items]
Amortization of intangible assets		(37,517,000)	(8,223,000)
Finite-lived intangible assets acquired, in-place leases	$ 45,740,000
Acquired finite-lived intangible assets, weighted-average remaining lease period	8 months
In-place leases, net		$ 0	$ 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		754	776
Minimum
Schedule of Investments [Line Items]
Lessor leasing arrangements, operating leases, term of contract		12 months
Residential Mortgage Backed Securities
Schedule of Investments [Line Items]
Investments in debt securities, net		$ 366,599,000
Marketable securities, unamortized discount		$ 2,993,000
Residential Mortgage Backed Securities | Minimum
Schedule of Investments [Line Items]
Marketable securities, expected maturity term		9 months
Residential Mortgage Backed Securities | Maximum
Schedule of Investments [Line Items]
Marketable securities, expected maturity term		8 years

Debt - Schedule of Mortgage Loa

Debt - Schedule of Mortgage Loans (Details) $ in Thousands	Jan. 09, 2019USD ($)	Dec. 31, 2018USD ($)extension	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Less: deferred financing costs, net		$ (70,962)
Long-term debt		9,249,815
Payments on mortgage loans		4,579,594	$ 2,951,008	$ 46,817
Debt instrument, unamortized discount		$ 17,692	26,464
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, variable rate		2.52%
Secured Debt
Debt Instrument [Line Items]
Total Securitizations		$ 7,263,476	7,608,228
Less: deferred financing costs, net		(61,822)	(28,075)
Long-term debt		7,201,654	7,580,153
Payments on mortgage loans		4,579,594	2,951,008	$ 42,099
Debt instrument, unamortized discount		0
CAH 2014-1 | Secured Debt
Debt Instrument [Line Items]
Total Securitizations		0	473,384
CAH 2014-2 | Secured Debt
Debt Instrument [Line Items]
Total Securitizations		0	385,401
IH 2015-1 | Secured Debt
Debt Instrument [Line Items]
Total Securitizations		0	528,795
IH 2015-2 | Secured Debt
Debt Instrument [Line Items]
Total Securitizations		0	627,259
IH 2015-3 | Secured Debt
Debt Instrument [Line Items]
Total Securitizations		0	1,165,886
CAH 2015-1 | Secured Debt
Debt Instrument [Line Items]
Total Securitizations		0	656,551
CSH 2016-1 | Secured Debt
Debt Instrument [Line Items]
Total Securitizations		$ 0	531,517
CSH 2016-2 | Secured Debt
Debt Instrument [Line Items]
Interest Rate		4.38%
Total Securitizations		$ 442,614	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%
CSH 2016-2 | Subsequent Event | Secured Debt
Debt Instrument [Line Items]
Payments on mortgage loans	$ 70,000
IH 2017-1 | Secured Debt
Debt Instrument [Line Items]
Interest Rate		4.23%
Total Securitizations		$ 995,826	996,453
Stated interest rate		4.23%
Debt Instrument, Term		10 years
Debt instrument, unamortized discount		$ 2,993	3,345
CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Term		2 years
Debt Instrument, Extended Term		1 year
CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Secured Debt | Minimum
Debt Instrument [Line Items]
Debt Instrument, Term		2 years
Debt Instrument, Number Of Extensions | extension		3
CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Secured Debt | Maximum
Debt Instrument [Line Items]
Debt Instrument, Number Of Extensions | extension		5
SWH 2017-1 | Secured Debt
Debt Instrument [Line Items]
Interest Rate		4.07%
Total Securitizations		$ 764,685	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		4.03%
Total Securitizations		$ 856,238	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		3.76%
Total Securitizations		$ 911,827	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 2018-2 | Secured Debt
Debt Instrument [Line Items]
Interest Rate		3.91%
Total Securitizations		$ 1,035,749	0
IH 2018-2 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread		0.95%
IH 2018-2 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread		2.30%
IH 2018-3 | Secured Debt
Debt Instrument [Line Items]
Interest Rate		3.94%
Total Securitizations		$ 1,296,959	0
IH 2018-3 | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread		1.05%
IH 2018-3 | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread		2.30%
IH 2018-4 [Member] | Secured Debt
Debt Instrument [Line Items]
Interest Rate		3.93%
Total Securitizations		$ 959,578	$ 0
IH 2018-4 [Member] | Secured Debt | Minimum
Debt Instrument [Line Items]
Basis spread		1.15%
IH 2018-4 [Member] | Secured Debt | Maximum
Debt Instrument [Line Items]
Basis spread		2.25%

Debt - Mortgage Loans Narrative

Debt - Mortgage Loans Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)propertyextensionloan	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Apr. 30, 2014
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 17,692	$ 26,464
Investments in debt securities, net	366,599	378,545
Payments on mortgage loans	$ 4,579,594	$ 2,951,008	$ 46,817
Residential Real Estate
Debt Instrument [Line Items]
Number of Real Estate Properties | property	41,644	47,616
Secured Debt
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 0
Payments on mortgage loans	$ 4,579,594	$ 2,951,008	$ 42,099
Secured Debt | Class G Certificates
Debt Instrument [Line Items]
Debt instrument, loan principal as a percentage of mortgage pool	5.00%			5.00%
Stated interest rate	0.0005%
Secured Debt | IH 2017-1
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 2,993	$ 3,345
Number of loans | loan	2
Debt Instrument, Term	10 years
Stated interest rate	4.23%
Secured Debt | IH 2017-1 | Class B Certificates
Debt Instrument [Line Items]
Stated interest rate	4.23%
Secured Debt | CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	2 years
Debt Instrument, Extended Term	1 year
Secured Debt | Minimum | Class F Certificates
Debt Instrument [Line Items]
Stated interest rate	3.73%
Secured Debt | Minimum | CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member]
Debt Instrument [Line Items]
Number of loans | loan	5
Debt Instrument, Term	2 years
Debt Instrument, Number Of Extensions | extension	3
Secured Debt | Minimum | SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4
Debt Instrument [Line Items]
Basis spread	0.76%
Secured Debt | Maximum | Class F Certificates
Debt Instrument [Line Items]
Stated interest rate	5.08%
Secured Debt | Maximum | CSH 2016-2, SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member]
Debt Instrument [Line Items]
Number of loans | loan	7
Debt Instrument, Number Of Extensions | extension	5
Secured Debt | Maximum | SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4
Debt Instrument [Line Items]
Basis spread	3.47%

Debt - Term Loan Facility and R

Debt - Term Loan Facility and Revolving Facility (Details)	Feb. 06, 2017USD ($)	Dec. 31, 2018USD ($)	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		$ 9,338,469,000
Less: deferred financing costs, net		(70,962,000)
Long-term debt		$ 9,249,815,000
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument, variable rate		2.52%
Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, additional borrowing capacity	$ 1,500,000,000
Debt covenant, net leverage ratio		8
Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.00%
Revolving Facility | Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread		0.50%
Revolving Facility | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.20%
Line of credit facility, facility fee percentage		0.125%
Revolving Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.35%
Line of credit facility, facility fee percentage		0.30%
Revolving Facility | Revolving 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		4.27%
Long-term line of credit		$ 0	$ 35,000,000
Revolving Facility | Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.75%
Revolving Facility | Revolving Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.75%
Revolving Facility | Revolving Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.75%
Revolving Facility | Revolving Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		2.30%
Revolving Facility | Revolving Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		1.30%
Term Loan Facility | Revolving 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		4.22%
Long-term line of credit		$ 1,500,000,000	1,500,000,000
Less: deferred financing costs, net		(9,140,000)	(12,027,000)
Long-term debt		$ 1,490,860,000	$ 1,487,973,000
Term Loan Facility | Revolving Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.70%
Term Loan Facility | Revolving Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.70%
Term Loan Facility | Revolving Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.70%
Term Loan Facility | Revolving Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		2.30%
Term Loan Facility | Revolving Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		1.30%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes Narrative (Details)	Dec. 31, 2018USD ($)$ / shares	Nov. 16, 2017	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 31, 2017USD ($)	Jul. 31, 2014USD ($)
Debt Instrument [Line Items]
Convertible senior notes	$ 574,993,000		$ 574,993,000	$ 575,000,000
Debt Instrument, Principal Amount Used For Conversion	$ 1,000		1,000
Amortization of debt discounts			$ 9,124,000	1,390,000	$ 4,900,000
Share Price | $ / shares	$ 20.08		$ 20.08
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%
3.00% Convertible Senior Note | 2019 Convertible Notes
Debt Instrument [Line Items]
Convertible senior notes				230,000,000			$ 230,000,000
Stated interest rate	3.00%		3.00%				3.00%
Debt instrument, convertible, conversion ratio	0.0540017
Debt Instrument, Principal Amount Used For Conversion	$ 1,000		$ 1,000
Debt instrument, convertible conversion price (in dollars per share) | $ / shares	$ 18.51793553000		$ 18.51793553000
Debt instrument, convertible trading days following effective date of mergers		35 days
3.50% Convertible Senior Note | 2022 Convertible Notes
Debt Instrument [Line Items]
Convertible senior notes				345,000,000		$ 345,000,000
Stated interest rate	3.50%		3.50%			3.50%
Debt instrument, convertible, conversion ratio	0.0437694
Debt Instrument, Principal Amount Used For Conversion	$ 1,000		$ 1,000
Debt instrument, convertible conversion price (in dollars per share) | $ / shares	$ 22.84701184000		$ 22.84701184000
Debt instrument, convertible trading days following effective date of mergers		35 days
Convertible Debt [Member]
Debt Instrument [Line Items]
Amortization of debt discounts			$ 11,057,000	1,384,000
Debt Instrument, Convertible, If-converted Value in Excess of Principal			19,401,000
2022 Convertible Notes [Member]
Debt Instrument [Line Items]
Amortization of debt discounts			16,690,000	$ 2,088,000
Debt Instrument, Convertible, If-converted Value in Excess of Principal			$ (41,783,000)

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Details)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 16, 2017USD ($)	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	(17,692,000)	(17,692,000)	(26,464,000)
Total	557,301,000	557,301,000	548,536,000
Debt Instrument, Principal Amount Used For Conversion	$ 1,000	$ 1,000
2019 Convertible Notes | 3.00% Convertible Senior Note
Convertible Notes Payable [Abstract]
Coupon Rate	3.00%	3.00%				3.00%
Effective Rate	4.92%	4.92%
Conversion Rate	0.0540017
Remaining Amortization Period		6 months
Principal Amount			230,000,000			$ 230,000,000
Convertible debt, fair value disclosures				$ 223,185,000
Debt Instrument, Principal Amount Used For Conversion	$ 1,000	$ 1,000
2022 Convertible Notes | 3.50% Convertible Senior Note
Convertible Notes Payable [Abstract]
Coupon Rate	3.50%	3.50%			3.50%
Effective Rate	5.12%	5.12%
Conversion Rate	0.0437694
Remaining Amortization Period		3 years 15 days
Principal Amount			$ 345,000,000		$ 345,000,000
Convertible debt, fair value disclosures				$ 324,252,000
Debt Instrument, Principal Amount Used For Conversion	$ 1,000	$ 1,000

Debt - Debt Maturities Schedule

Debt - Debt Maturities Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Year
2,019	$ 2,293,530
2,020	3,244,535
2,021	959,578
2,022	1,845,000
2,023	0
2024 and thereafter	995,826
Total	9,338,469
Less: deferred financing costs, net	(70,962)
Less: unamortized fair value adjustment	(17,692)	$ (26,464)
Long-term debt	9,249,815
Mortgage Loans
Year
2,019	2,063,537
2,020	3,244,535
2,021	959,578
2,022	0
2,023	0
2024 and thereafter	995,826
Total	7,263,476
Less: deferred financing costs, net	(61,822)	(28,075)
Less: unamortized fair value adjustment	0
Long-term debt	7,201,654	7,580,153
Term Loan Facility
Year
2,019	0
2,020	0
2,021	0
2,022	1,500,000
2,023	0
2024 and thereafter	0
Total	1,500,000
Less: deferred financing costs, net	(9,140)
Less: unamortized fair value adjustment	0
Long-term debt	1,490,860
Convertible Senior Notes
Year
2,019	229,993
2,020	0
2,021	0
2,022	345,000
2,023	0
2024 and thereafter	0
Total	574,993
Less: deferred financing costs, net	0
Less: unamortized fair value adjustment	(17,692)	$ (26,464)
Long-term debt	$ 557,301

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 16, 2017USD ($)
Derivative [Line Items]
Assets Needed for Immediate Settlement, Aggregate Fair Value	$ 66,575
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 38,710
Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Interest rate cap	3.00%
Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Interest rate cap	5.12%
Interest rate swaps
Derivative [Line Items]
Posted collateral	$ 60,593	$ 15,120
Interest rate swaps | Designated as Hedging Instrument
Derivative [Line Items]
Fair value of swaps acquired in merger			$ 21,135
Interest rate caps | 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 $ in Thousands	Dec. 31, 2018USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Notional Amount	$ 750,000
Interest Rate Swap 2
Derivative [Line Items]
Notional Amount	750,000
Interest Rate Swap 3
Derivative [Line Items]
Notional Amount	1,100,000
Interest Rate Swap 4
Derivative [Line Items]
Notional Amount	595,000
Interest Rate Swap 5
Derivative [Line Items]
Notional Amount	325,000
Interest Rate Swap 6
Derivative [Line Items]
Notional Amount	550,000
Interest Rate Swap 7
Derivative [Line Items]
Notional Amount	800,000
Interest Rate Swap 8
Derivative [Line Items]
Notional Amount	800,000
Interest Rate Swap 9
Derivative [Line Items]
Notional Amount	450,000
Interest Rate Swap 10
Derivative [Line Items]
Notional Amount	550,000
Interest Rate Swap 11
Derivative [Line Items]
Notional Amount	400,000
Interest Rate Swap 12
Derivative [Line Items]
Notional Amount	800,000
Interest Rate Swap 13
Derivative [Line Items]
Notional Amount	400,000
Interest Rate Swap 14
Derivative [Line Items]
Notional Amount	400,000
Interest Rate Swap 15
Derivative [Line Items]
Notional Amount	450,000
Interest Rate Swap 16
Derivative [Line Items]
Notional Amount	550,000
Interest Rate Swap 17
Derivative [Line Items]
Notional Amount	400,000
Interest Rate Swap 18
Derivative [Line Items]
Notional Amount	325,000
Interest Rate Swap 19
Derivative [Line Items]
Notional Amount	595,000
Interest Rate Swap 20
Derivative [Line Items]
Notional Amount	450,000
Interest Rate Swap 21
Derivative [Line Items]
Notional Amount	1,100,000
Interest Rate Swap 22
Derivative [Line Items]
Notional Amount	$ 550,000
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	1.58%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 7
Derivative [Line Items]
Strike Rate	1.10%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 8
Derivative [Line Items]
Strike Rate	1.06%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 9
Derivative [Line Items]
Strike Rate	1.12%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 10
Derivative [Line Items]
Strike Rate	1.93%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 11
Derivative [Line Items]
Strike Rate	2.86%
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	2.85%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 14
Derivative [Line Items]
Strike Rate	2.86%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 15
Derivative [Line Items]
Strike Rate	1.30%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 16
Derivative [Line Items]
Strike Rate	2.13%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 17
Derivative [Line Items]
Strike Rate	2.90%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 18
Derivative [Line Items]
Strike Rate	2.99%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 19
Derivative [Line Items]
Strike Rate	2.99%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 20
Derivative [Line Items]
Strike Rate	1.47%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 21
Derivative [Line Items]
Strike Rate	2.90%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 22
Derivative [Line Items]
Strike Rate	2.23%
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 23 [Member]
Derivative [Line Items]
Strike Rate	3.14%
Notional Amount	$ 400,000
London Interbank Offered Rate (LIBOR) | Interest Rate Swap 24 [Member]
Derivative [Line Items]
Strike Rate	3.16%
Notional Amount	$ 400,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 75,405
Liability Derivatives	90,967
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	75,405	$ 57,639
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	90,967	0
Interest rate swaps | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	74,929	57,612
Interest rate swaps | Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	90,527	0
Interest rate caps | Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	476	27
Interest rate caps | Not Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 440	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting of Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Offsetting assets:
Gross Amounts of Recognized Assets	$ 75,405
Gross Amounts Offset in the Statement of Financial Position	0
Net Amounts of Assets presented in the Statement of Financial Position	75,405	$ 57,612
Gross Amounts not Offset in the Statement of Financial Position, Financial Instruments	(30,374)
Gross Amounts not Offset in the Statement of Financial Position, Cash Collateral Received	0
Net Amount	45,031
Offsetting liabilities:
Gross Amounts of Recognized Liabilities	90,967
Gross Amounts Offset in the Statement of Financial Position	0
Net Amounts of Liabilities presented in the Statement of Financial Position	90,967
Gross Amounts not Offset in the Statement of Financial Position, Financial Instruments	(30,374)
Gross Amounts not Offset in the Statement of Financial Position, Cash Collateral Received	0
Net Amount	$ 60,593

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 383,595	$ 256,970	$ 286,048
Amount of Gain (Loss) Recognized in Net Loss on Derivative	(641)	(4,038)	(9,260)
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Net Loss on Derivative	0	(3,674)	(8,683)
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in Net Loss on Derivative	(641)	(364)	(577)
AOCI into Net Loss | Reclassified from AOCI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	18,627	(16,708)	0
Cash Flow Hedging | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	$ (43,211)	$ 31,636	$ 0

Equity - Narrative (Details)

Equity - Narrative (Details)	Feb. 28, 2019$ / shares	Jan. 31, 2019$ / shares	Nov. 30, 2018$ / shares	Nov. 14, 2018$ / shares	Aug. 31, 2018$ / shares	Aug. 16, 2018$ / shares	May 31, 2018$ / shares	May 15, 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, 2017USD ($)shares	Jan. 31, 2017USD ($)	Jan. 05, 2017USD ($)	Jan. 31, 2017USD ($)	Dec. 31, 2018$ / sharesshares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017$ / sharesshares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2017shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2018shares
Class of Stock [Line Items]
Contributions | $																															$ 0	$ 0	$ 138,002,000
Issuance of common stock (in shares)																		310,376,634
Proceeds from initial offering | $																		$ 1,692,058,000													0	1,692,058,000	0
Offering costs paid | $																		$ 5,726,000													$ 0	$ 2,757,000	2,969,000
Issuance of common stock — IPO (in shares)																															1,474,835
Redeemable OP Units outstanding (in units)																						9,036,578				9,441,615				9,441,615	9,036,578	9,441,615		9,036,578
Dividends declared per common share (in dollars per share) | $ / shares				$ 0.11		$ 0.11		$ 0.11		$ 0.11			$ 0.08		$ 0.08		$ 0.06					$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08	$ 0.06	$ 0		$ 0.44	$ 0.22
Common stock, dividends per share paid (in dollars per share) | $ / shares			$ 0.11		$ 0.11		$ 0.11		$ 0.11			$ 0.08		$ 0.08		$ 0.06
Preferred stock, shares outstanding (in shares)																						0				0				0	0	0		0
Payments of Dividends | $																															$ 230,072,000	$ 68,997,000	0
Contributions by investors | $																			$ 1,153,000
Profit interests, cancellations | $																					$ 19,686,000
Profit interests, distributions | $																					19,686,000
Profit Interests, Notes Receivable Issued | $																																	(1,527,000)
Class B Units
Class of Stock [Line Items]
Profit interests, notes receivable distributed | $																					$ 11,023,000
Profit interests, cancellations | $																				$ 7,723,000
Profit Interests, Notes Receivable Issued | $																																	20,228,000
Profit Interests, Notes Receivable Accrued Interest | $																																	$ 1,527,000
Time-Vesting Awards
Class of Stock [Line Items]
Granted (in shares)																														4,042,601	387,746
Fully vested RSUs (in shares)																														2,147,554	1,351,019
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Granted (in shares)																		3,290,126
Fully vested RSUs (in shares)																																		1,488,175
IH2
Class of Stock [Line Items]
Common stock, shares issued (in shares)																																	1,000
Preferred stock, shares outstanding (in shares)																																	113
Preferred Stock, Dividend Rate, Percentage																																	12.00%
Preferred shares, shares issued (in shares)																																	113
Dividends, Preferred Stock, Cash | $																																$ 0
IH1 | Class B Units
Class of Stock [Line Items]
Profit interests, distributions | $																				$ 11,963,000
Subsequent Event
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share) | $ / shares		$ 0.13
IPO
Class of Stock [Line Items]
Issuance of common stock (in shares)																		88,550,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures																														1,347,550
IPO | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Fully vested RSUs (in shares)																														2,072,716
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	$ 0.13
Minimum | Class B Units
Class of Stock [Line Items]
Profit Interests, Notes Receivable Applicable Interest Rate																																	1.57%
Maximum | Class B Units
Class of Stock [Line Items]
Profit Interests, Notes Receivable Applicable Interest Rate																																	1.97%
Common Stock
Class of Stock [Line Items]
Issuance of common stock — IPO (in shares)																														88,550,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures																														1,347,550	1,069,798
Issuance of common stock and INVH LP units — Mergers (in shares)																														207,448,958
Redemption of OP Units for common stock (in shares)																															405,037

Equity - Summary of Dividends D

Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2018	Nov. 14, 2018	Aug. 31, 2018	Aug. 16, 2018	May 31, 2018	May 15, 2018	Feb. 28, 2018	Feb. 13, 2018	Nov. 07, 2017	Oct. 24, 2017	Aug. 31, 2017	Aug. 15, 2017	May 31, 2017	May 15, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Dividends declared per common share		$ 0.11		$ 0.11		$ 0.11		$ 0.11		$ 0.08		$ 0.08		$ 0.06	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08	$ 0.06	$ 0	$ 0.44	$ 0.22
Dividends, total amount paid	$ 57,518		$ 57,563		$ 57,559		$ 57,432		$ 25,139		$ 25,200		$ 18,800

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transactions [Abstract]
Management fees earned	$ 2,834,000	$ 385,000	$ 0

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details)	Dec. 31, 2018shares	Nov. 16, 2017shares	Feb. 06, 2017shares	Feb. 01, 2017shares	Jan. 31, 2017USD ($)employeeshares	Jan. 31, 2017shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2018shares	Dec. 31, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Number of Employees That Elected Not to Convert Shares | employee					1
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			3,290,126
Restricted Stock Units (RSUs) | Merger with Starwood Waypoint Homes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period									3 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted									150,927
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Nonvested, Assumed In Business Combination	306,332	949,698
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)	149							149
Granted (in shares)					62,529
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)	888,733				0	0	408,102	888,733	408,102
Granted (in shares)							651,837	654,137
Share based compensation arrangement, performance units granted and vested in period (in shares)								39,871
PRSUs | Merger with Starwood Waypoint Homes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								168,184
Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $									$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted						9,838
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number						7,520
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $					$ 11,601,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Vested and Excluded From Conversion or Cancellation					3,878
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Units Converted					(730)	730
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures					17,669	17,669
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments Other than Options, Vested, Number					(40,992)	(40,992)
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							16,000,000
Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)	5,633,921							5,633,921
LTIP Agreement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								644,773	874,410
LTIP Agreement | Restricted Stock Units (RSUs) | Time-vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage								33.33%
LTIP Agreement | Restricted Stock Units (RSUs) | Market based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage								33.33%
LTIP Agreement | Restricted Stock Units (RSUs) | Performance based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage								33.33%
LTIP Agreement | PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period								3 years
LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based and Market-Based [Member] | Time-vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period								1 year
LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based and Market-Based [Member] | Market based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period								2 years
LTIP Agreement | Restricted Stock Units (RSUs) - Performance-Based and Market-Based [Member] | Performance based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period								3 years
2018 Bonus Awards | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								136,941
2018 Bonus Awards | Restricted Stock Units (RSUs) | Time-vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage								33.33%
2018 Bonus Awards | Restricted Stock Units (RSUs) | Market based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage								33.33%
2018 Bonus Awards | Restricted Stock Units (RSUs) | Performance based vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting percentage								33.33%
Retention Award Agreement [Member] | Restricted Stock Units (RSUs) - Service-Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted									307,327
Invitation Homes 6 L.P. Bonus Awards [Member] | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Fair Value Granted During Period | $							$ 4,825,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments Other than Options, Vested, Number				241,250
Supplemental Bonus Plan [Member] | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)	451,325							451,325
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Fair Value Granted During Period | $							$ 59,797,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted				2,988,120
Invitation Homes 6 L.P. [Member] | Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted						9,650
Invitation Homes L.P., Preeminent Holdings, Inc., Invitation Homes 3 L.P. [Member] | Class B Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted						188
Minimum | Restricted Stock Units (RSUs) | Merger with Starwood Waypoint Homes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Nonvested, Assumed In Business Combination, Award Vesting Period								3 years
Minimum | Retention Award Agreement [Member] | Restricted Stock Units (RSUs) - Service-Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period								2 years
Maximum | Restricted Stock Units (RSUs) | Merger with Starwood Waypoint Homes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Nonvested, Assumed In Business Combination, Award Vesting Period								4 years
Maximum | Retention Award Agreement [Member] | Restricted Stock Units (RSUs) - Service-Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period								4 years
Director [Member] | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								52,114
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted									69,875

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Total Share-Based Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Time-Vesting Awards
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	0	2,695,902
Granted (in shares)	4,042,601	387,746
Assumed in Merger (in shares)	949,698
Vested (in shares)	(2,147,554)	(1,351,019)
Forfeited (in shares)	(148,843)	(136,985)
Balance, Ending of period (in shares)	2,695,902	1,595,644
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share)	$ 0	$ 21.51
Granted (in dollars per share)	20.28	21.94
Assumed in Mergers (in dollars per share)	23.01
Vested (in dollars per share)	(19.93)	(21.38)
Forfeited (in dollars per share)	(20.42)	(22.69)
Balance, Ending of period (in dollars per share)	$ 21.51	$ 21.63
PRSUs
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	0	408,102
Granted (in shares)	651,837	654,137
Assumed in Merger (in shares)	0
Vested (in shares)	(101,448)	(133,496)
Forfeited (in shares)	(142,287)	(40,010)
Balance, Ending of period (in shares)	408,102	888,733
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share)	$ 0	$ 22.25
Granted (in dollars per share)	22.25	22.22
Assumed in Mergers (in dollars per share)	0
Vested (in dollars per share)	(22.34)	(23.11)
Forfeited (in dollars per share)	(22.18)	(22.44)
Balance, Ending of period (in dollars per share)	$ 22.25	$ 22.09
Restricted Stock and Restricted Stock Units [Member]
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	0	3,104,004
Granted (in shares)	4,694,438	1,041,883
Assumed in Merger (in shares)	949,698
Vested (in shares)	(2,249,002)	(1,484,515)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 45,528	$ 33,106
Forfeited (in shares)	(291,130)	(176,995)
Balance, Ending of period (in shares)	3,104,004	2,484,377
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share)	$ 0	$ 20.79
Granted (in dollars per share)	20.56	22.12
Assumed in Mergers (in dollars per share)	23.01
Vested (in dollars per share)	(20.04)	(21.54)
Forfeited (in dollars per share)	(21.28)	(22.63)
Balance, Ending of period (in dollars per share)	$ 20.79	$ 21.79

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Inputs (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		25.00%
Fair Value Assumptions
Expected volatility, minimum	14.50%
Expected volatility, maximum	17.30%
Risk-free rate	2.38%	1.40%
Minimum
Fair Value Assumptions
Expected holding period (years)	2 years 8 months 15 days	6 months 7 days
Maximum
Fair Value Assumptions
Expected holding period (years)	2 years 10 months 2 days	2 years 6 months 7 days

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 29,499	$ 81,203	$ 10,210
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	23,999	70,906	10,014
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	5,500	$ 10,297	$ 196
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	$ 18,500
Share-based compensation arrangement, weighted average remaining contractual terms	1 year 8 months 11 days

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Class B Unit Activity (Details) - Class B Units - $ / shares	Jan. 31, 2017	Jan. 31, 2017
Class B Units Activity
Units outstanding, beginning balance (in shares)		49,553
Granted (in shares)		9,838
Units converted (in shares)	730	(730)
Canceled (in shares)	(17,669)	(17,669)
Units outstanding, ending balance (in shares)	0	0
Class B Units Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 2,900
Granted (in dollars per share)		100
Units converted (in dollars per share)		(1,700)
Canceled (in dollars per share)		(600)
Ending balance (in dollars per share)	$ 0	$ 0
Affiliated Entity
Class B Units Activity
Units converted (in shares)		(40,992)
Class B Units Weighted Average Grant Date Fair Value
Units converted (in dollars per share)		$ (3,200)
Employee
Class B Units Activity
Units outstanding, beginning balance (in shares)		9,915
Granted (in shares)		85
Units converted (in shares)		(245)
Canceled (in shares)		(555)
Units outstanding, ending balance (in shares)	0	0
Class B Units Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 4,200
Granted (in dollars per share)		14,000
Units converted (in dollars per share)		(3,400)
Canceled (in dollars per share)		(8,200)
Ending balance (in dollars per share)	$ 0	$ 0
Employee | Affiliated Entity
Class B Units Activity
Units converted (in shares)		(9,200)
Class B Units Weighted Average Grant Date Fair Value
Units converted (in dollars per share)		$ (4,000)
Non-employee
Class B Units Activity
Units outstanding, beginning balance (in shares)		39,638
Granted (in shares)		9,753
Units converted (in shares)		(485)
Canceled (in shares)		(17,114)
Units outstanding, ending balance (in shares)	0	0
Class B Units Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 2,500
Granted (in dollars per share)		0
Units converted (in dollars per share)		(800)
Canceled (in dollars per share)		(400)
Ending balance (in dollars per share)	$ 0	$ 0
Non-employee | Affiliated Entity
Class B Units Activity
Units converted (in shares)		(31,792)
Class B Units Weighted Average Grant Date Fair Value
Units converted (in dollars per share)		$ (2,900)

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	$ 70,962
Debt instrument, unamortized discount	17,692	$ 26,464
Mortgage Loans
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	61,822	28,075
Debt instrument, unamortized discount	0
Term Loan Facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	9,140
Debt instrument, unamortized discount	0
Convertible Senior Notes
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	0
Debt instrument, unamortized discount	17,692	26,464
Term Loan Facility | Revolving Facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	9,140	12,027
Carrying Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	366,599	378,545
Carrying Value | Mortgage Loans | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	7,263,476	7,608,228
Carrying Value | Term Loan Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	1,500,000	1,500,000
Carrying Value | Revolving Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	0	35,000
Carrying Value | Convertible Senior Notes | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	557,301	548,536
Fair Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	365,196	379,500
Fair Value | Mortgage Loans | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	7,235,685	7,627,423
Fair Value | Term Loan Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	1,500,773	1,494,494
Fair Value | Revolving Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	0	35,007
Fair Value | Convertible Senior Notes | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	$ 544,249	$ 557,179

Fair Value Measurements - Impai

Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Total impairments	$ (6,709)	$ (2,231)	$ (2,282)
Fair Value, Measurements, Nonrecurring | Level 3 | Rental Properties
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Pre-impairment amount	33,609	13,112	6,938
Total impairments	(6,202)	(1,370)	(1,327)
Fair value	27,407	11,742	5,611
Fair Value, Measurements, Nonrecurring | Level 3 | Rental Properties
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Pre-impairment amount	2,179	2,942	3,066
Total impairments	(507)	(861)	(955)
Fair value	$ 1,672	$ 2,081	$ 2,111

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net loss	$ 16,879	$ (25,714)	$ (1,041)	$ 14,188	$ 17,580	$ 46,454	$ 22,510	$ (5,529)	$ 42,391	$ 88,947	$ 5,013	$ 105,826	$ 78,239
Net loss attributable to non-controlling interests											86	489	0
Net loss attributable to common stockholders										(88,458)	(4,927)	$ (105,337)	$ (78,239)
Less: net income available to participating securities										(615)	(817)
Net income (loss) available to common shareholders — basic		$ 25,078	$ 824	$ (14,155)	$ (17,491)	$ (46,236)	$ (22,745)	$ 5,420	$ (25,512)	$ (89,073)	$ (5,744)
Denominator:
Weighted average common shares outstanding — basic and diluted		520,703,045	520,620,519	520,509,058	519,660,998	415,276,026	311,559,780	311,771,221	311,651,082
Weighted average common shares outstanding — basic and diluted										339,423,442	520,376,928.69
Weighted average common shares outstanding — diluted (in shares)		520,844,475	521,761,076	520,509,058	519,660,998	415,276,026	311,559,780	312,271,578	311,651,082
Net loss per common share — basic and diluted		$ 0.05	$ 0	$ (0.03)	$ (0.03)	$ (0.11)	$ (0.07)	$ 0.02	$ (0.08)
Net loss per common share — basic and diluted										$ (0.26)	$ (0.01)
Net income (loss) per share — diluted		$ 0.05	$ 0	$ (0.03)	$ (0.03)	$ (0.11)	$ (0.07)	$ 0.02	$ (0.08)
Time-Vesting Awards
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)										896,993	1,267,174.5449594
3.00% Convertible Senior Note | 2019 Convertible Notes
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)											12,420,013
3.50% Convertible Senior Note | 2022 Convertible Notes
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)											15,100,443

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Gross	$ 0	$ 0
Deferred Tax Liabilities, Gross	0	0
Income tax expense (benefit) recognized in gain on sale of property, net of tax	$ 1,241	$ 3,195

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Rent and other related occupancy expenses	$ 6,306	$ 5,203	$ 4,883
Material uninsured losses	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 4,251
2,020	4,463
2,021	4,237
2,022	2,747
2,023	1,583
Thereafter	1,803
Total	$ 19,084

Business Combinations - Narrati

Business Combinations - Narrative (Details) - Starwood Waypoint Homes - USD ($) $ / shares in Units, $ in Thousands	Nov. 16, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Nov. 15, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs						$ 49,973
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			$ (16,895)	$ (29,802)
Employee severance			$ 8,238	$ 11,631
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 84,702
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		$ (8,262)
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	Dec. 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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Rental revenues and other property income	$ 1,608,574	$ 1,489,196
Net loss	$ (142,816)	$ (293,121)

Summarized Quarterly Financia_3

Summarized Quarterly Financial Data (Unaudited) (Details) $ / shares in Units, $ in Thousands	Nov. 14, 2018$ / shares	Aug. 16, 2018$ / shares	May 15, 2018$ / shares	Feb. 13, 2018$ / shares	Oct. 24, 2017$ / shares	Aug. 15, 2017$ / shares	May 15, 2017$ / shares	Jan. 31, 2017USD ($)	Dec. 31, 2018USD ($)property$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2018USD ($)property$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)
Rental revenues and other property income | $									$ 432,616	$ 434,251	$ 432,426	$ 423,669	$ 329,954	$ 243,536	$ 242,216	$ 238,750		$ 1,722,962	$ 1,054,456	$ 922,587
Net income (loss) | $								$ (16,879)	25,714	1,041	(14,188)	(17,580)	(46,454)	(22,510)	5,529	(42,391)	$ (88,947)	(5,013)	$ (105,826)	$ (78,239)
Net income (loss) available to common stockholders | $									$ 25,078	$ 824	$ (14,155)	$ (17,491)	$ (46,236)	$ (22,745)	$ 5,420	$ (25,512)	$ (89,073)	$ (5,744)
Net income (loss) per share — basic | $ / shares									$ 0.05	$ 0	$ (0.03)	$ (0.03)	$ (0.11)	$ (0.07)	$ 0.02	$ (0.08)
Net income (loss) per share — diluted | $ / shares									0.05	0	(0.03)	(0.03)	(0.11)	(0.07)	0.02	(0.08)
Dividends declared per common share | $ / shares	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08	$ 0.06		$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08	$ 0.06	$ 0		$ 0.44	$ 0.22
Shares used in calculation — basic | shares									520,703,045	520,620,519	520,509,058	519,660,998	415,276,026	311,559,780	311,771,221	311,651,082
Shares used in calculation — diluted | shares									520,844,475	521,761,076	520,509,058	519,660,998	415,276,026	311,559,780	312,271,578	311,651,082
Common Stock
Issuance of common stock and INVH LP units — Mergers (in shares) | shares																	207,448,958
Merger with Starwood Waypoint Homes
Number of Real Estate Properties | property									34,670									34,670

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands	Feb. 28, 2019$ / shares	Feb. 27, 2019shares	Jan. 31, 2019$ / shares	Jan. 19, 2019USD ($)shares	Jan. 09, 2019USD ($)	Nov. 30, 2018$ / shares	Nov. 14, 2018$ / shares	Aug. 31, 2018$ / shares	Aug. 16, 2018$ / shares	May 31, 2018$ / shares	May 15, 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	Feb. 06, 2017shares	Dec. 31, 2018property$ / sharesshares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2017property$ / sharesshares	Sep. 30, 2017$ / shares	Jun. 30, 2017$ / shares	Mar. 31, 2017$ / shares	Dec. 31, 2017propertyshares	Dec. 31, 2018USD ($)property$ / sharesshares	Dec. 31, 2017USD ($)property$ / sharesshares	Dec. 31, 2016USD ($)	Dec. 31, 2018propertyshares	Jan. 31, 2017shares
Subsequent Event [Line Items]
Number of real estate properties classified as held-for-sale | property																					738				236				236	738	236		738
Dividends declared per common share | $ / shares							$ 0.11		$ 0.11		$ 0.11		$ 0.11		$ 0.08		$ 0.08		$ 0.06		$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.08	$ 0.08	$ 0.06	$ 0		$ 0.44	$ 0.22
Common stock, dividends per share (in dollars per share) | $ / shares						$ 0.11		$ 0.11		$ 0.11		$ 0.11		$ 0.08		$ 0.08		$ 0.06
Payments on mortgage loans | $																														$ 4,579,594	$ 2,951,008	$ 46,817
Mortgage Loans
Subsequent Event [Line Items]
Payments on mortgage loans | $																														$ 4,579,594	$ 2,951,008	$ 42,099
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per common share | $ / shares			$ 0.13
Subsequent Event | CSH 2016-2 | Mortgage Loans
Subsequent Event [Line Items]
Payments on mortgage loans | $					$ 70,000
Forecast | Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends per share (in dollars per share) | $ / shares	$ 0.13
Time-Vesting Awards
Subsequent Event [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)																					1,595,644				2,695,902				2,695,902	1,595,644	2,695,902		1,595,644	0
Granted (in shares)																													4,042,601	387,746
Fully vested RSUs (in shares)																													2,147,554	1,351,019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period																													148,843	136,985
PRSUs
Subsequent Event [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)																					888,733				408,102				408,102	888,733	408,102		888,733	0
Granted (in shares)																													651,837	654,137
Fully vested RSUs (in shares)																													101,448	133,496
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period																													142,287	40,010
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Granted (in shares)																				3,290,126
Fully vested RSUs (in shares)																																	1,488,175
Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)																					5,633,921									5,633,921			5,633,921
Omnibus Incentive Plan | Restricted Stock Units (RSUs) | Subsequent Event
Subsequent Event [Line Items]
Granted (in shares)		550,000
Share-based compensation arrangement, award vesting period		3 years
Chief Executive Officer [Member] | Subsequent Event
Subsequent Event [Line Items]
Supplemental Unemployment Benefits, Severance Benefits | $				$ 4,400
Chief Executive Officer [Member] | Time-Vesting Awards | Subsequent Event
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period				208,846
Chief Executive Officer [Member] | PRSUs | Subsequent Event
Subsequent Event [Line Items]
Share-based compensation arrangement, equity instruments other than options, nonvested, number (in shares)				133,673
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) | Subsequent Event
Subsequent Event [Line Items]
Fully vested RSUs (in shares)				286,156

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation - Summary of Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	80,069
Number of Encumbered Properties | property	41,494
Encumbrances	$ 7,239,623
Initial cost to company
Land	4,561,441
Depreciable Properties	12,106,432
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	1,562,101
Gross amount at which carried at close of period
Land	4,561,441
Depreciable Properties	13,668,533
Total	18,229,974	$ 18,387,898	$ 9,794,845	$ 9,596,399
Accumulated Depreciation	$ (1,543,914)	$ (1,075,634)	$ (792,330)	$ (543,698)
Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	12,212
Number of Encumbered Properties | property	6,720
Encumbrances	$ 865,471
Initial cost to company
Land	316,407
Depreciable Properties	1,537,837
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	213,466
Gross amount at which carried at close of period
Land	316,407
Depreciable Properties	1,751,303
Total	2,067,710
Accumulated Depreciation	$ (201,012)
Carolinas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4,690
Number of Encumbered Properties | property	2,615
Encumbrances	$ 386,584
Initial cost to company
Land	164,443
Depreciable Properties	686,576
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	76,347
Gross amount at which carried at close of period
Land	164,443
Depreciable Properties	762,923
Total	927,366
Accumulated Depreciation	$ (76,192)
Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3,206
Number of Encumbered Properties | property	355
Encumbrances	$ 51,032
Initial cost to company
Land	168,866
Depreciable Properties	403,470
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	128,535
Gross amount at which carried at close of period
Land	168,866
Depreciable Properties	532,005
Total	700,871
Accumulated Depreciation	$ (80,201)
Dallas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,181
Number of Encumbered Properties | property	1,481
Encumbrances	$ 200,291
Initial cost to company
Land	96,596
Depreciable Properties	384,051
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	7,078
Gross amount at which carried at close of period
Land	96,596
Depreciable Properties	391,129
Total	487,725
Accumulated Depreciation	$ (15,295)
Denver
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,215
Number of Encumbered Properties | property	1,593
Encumbrances	$ 305,082
Initial cost to company
Land	176,115
Depreciable Properties	502,285
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	8,893
Gross amount at which carried at close of period
Land	176,115
Depreciable Properties	511,178
Total	687,293
Accumulated Depreciation	$ (19,634)
Houston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,339
Number of Encumbered Properties | property	806
Encumbrances	$ 87,997
Initial cost to company
Land	70,517
Depreciable Properties	341,675
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	5,431
Gross amount at which carried at close of period
Land	70,517
Depreciable Properties	347,106
Total	417,623
Accumulated Depreciation	$ (13,908)
Jacksonville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,887
Number of Encumbered Properties | property	1,001
Encumbrances	$ 161,915
Initial cost to company
Land	87,595
Depreciable Properties	221,635
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	48,833
Gross amount at which carried at close of period
Land	87,595
Depreciable Properties	270,468
Total	358,063
Accumulated Depreciation	$ (49,572)
Las Vegas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	2,682
Number of Encumbered Properties | property	2,040
Encumbrances	$ 384,725
Initial cost to company
Land	113,221
Depreciable Properties	496,042
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	24,862
Gross amount at which carried at close of period
Land	113,221
Depreciable Properties	520,904
Total	634,125
Accumulated Depreciation	$ (41,082)
Minneapolis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	1,160
Number of Encumbered Properties | property	69
Encumbrances	$ 9,503
Initial cost to company
Land	69,821
Depreciable Properties	143,752
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	50,823
Gross amount at which carried at close of period
Land	69,821
Depreciable Properties	194,575
Total	264,396
Accumulated Depreciation	$ (35,624)
Nashville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	797
Number of Encumbered Properties | property	387
Encumbrances	$ 70,840
Initial cost to company
Land	34,972
Depreciable Properties	193,216
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	2,556
Gross amount at which carried at close of period
Land	34,972
Depreciable Properties	195,772
Total	230,744
Accumulated Depreciation	$ (7,499)
Northern California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	4,511
Number of Encumbered Properties | property	2,818
Encumbrances	$ 646,093
Initial cost to company
Land	364,054
Depreciable Properties	768,493
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	91,708
Gross amount at which carried at close of period
Land	364,054
Depreciable Properties	860,201
Total	1,224,255
Accumulated Depreciation	$ (104,070)
Orlando
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	5,870
Number of Encumbered Properties | property	3,303
Encumbrances	$ 466,968
Initial cost to company
Land	200,644
Depreciable Properties	777,365
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	113,770
Gross amount at which carried at close of period
Land	200,644
Depreciable Properties	891,135
Total	1,091,779
Accumulated Depreciation	$ (108,441)
Phoenix
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	7,541
Number of Encumbered Properties | property	5,008
Encumbrances	$ 688,127
Initial cost to company
Land	268,192
Depreciable Properties	838,319
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	130,398
Gross amount at which carried at close of period
Land	268,192
Depreciable Properties	968,717
Total	1,236,909
Accumulated Depreciation	$ (132,783)
Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	3,375
Number of Encumbered Properties | property	1,436
Encumbrances	$ 344,213
Initial cost to company
Land	267,031
Depreciable Properties	477,728
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	130,132
Gross amount at which carried at close of period
Land	267,031
Depreciable Properties	607,860
Total	874,891
Accumulated Depreciation	$ (87,857)
Tampa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | property	8,282
Number of Encumbered Properties | property	4,195
Encumbrances	$ 603,320
Initial cost to company
Land	330,058
Depreciable Properties	1,172,231
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	141,744
Gross amount at which carried at close of period
Land	330,058
Depreciable Properties	1,313,975
Total	1,644,033
Accumulated Depreciation	$ (154,259)
Minimum | Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1920
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Carolinas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1900
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1869
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Dallas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1952
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2017
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Denver
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1885
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2017
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Houston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1951
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2017
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Jacksonville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1955
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Las Vegas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1953
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Minneapolis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1886
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2013
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Nashville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1986
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2017
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Northern California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1900
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Orlando
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1947
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Phoenix
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1925
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1890
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Minimum | South Florida [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1922
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Number of Properties | property	8,860
Number of Encumbered Properties | property	2,526
Encumbrances	$ 537,967
Initial cost to company
Land	761,932
Depreciable Properties	1,579,655
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	189,288
Gross amount at which carried at close of period
Land	761,932
Depreciable Properties	1,768,943
Total	2,530,875
Accumulated Depreciation	$ (213,260)
Depreciable Period	7 years
Minimum | Southern California [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1887
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Number of Properties | property	8,261
Number of Encumbered Properties | property	5,141
Encumbrances	$ 1,429,495
Initial cost to company
Land	1,070,977
Depreciable Properties	1,582,102
Cost capitalized subsequent to acquisition
Land	0
Depreciable Properties	198,237
Gross amount at which carried at close of period
Land	1,070,977
Depreciable Properties	1,780,339
Total	2,851,316
Accumulated Depreciation	$ (203,225)
Depreciable Period	7 years
Minimum | Tampa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 1923
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2012
Gross amount at which carried at close of period
Depreciable Period	7 years
Maximum | Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2017
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Carolinas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2018
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2015
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2017
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Dallas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2017
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Denver
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2012
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Houston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2015
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2017
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Jacksonville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2014
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2016
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Las Vegas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2013
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Minneapolis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2015
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2015
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Nashville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2018
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Northern California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2012
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2017
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Orlando
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2016
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Phoenix
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2018
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2017
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | South Florida [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2014
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Southern California [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2014
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months
Maximum | Tampa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Date of Construction	Jan. 1, 2016
RealEstateAndAccumulatedDepreciationDateAcquired	Jan. 1, 2018
Gross amount at which carried at close of period
Depreciable Period	28 years 6 months

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - Narrative (Details) $ in Thousands	Dec. 31, 2018USD ($)property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Number of properties owned	80,807
Number of properties held-for-sale	738
Number of encumbered units held-for-sale	150
Amount of encumbrances held for sale | $	$ 26,846
Gross aggregate real estate for federal income tax purposes | $	$ 16,260,930

Schedule III Real Estate and _4

Schedule III Real Estate and Accumulated Depreciation - Residential Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Residential Real Estate
Balance at beginning of period	$ 18,387,898	$ 9,794,845	$ 9,596,399
Additions during the period
Acquisitions related to the Mergers	0	8,407,905	0
Acquisitions	252,391	228,499	284,202
Initial renovations	44,207	44,371	53,182
Other capital expenditures	141,595	59,111	47,877
Deductions during the period
Dispositions and other	(472,168)	(189,351)	(136,956)
Reclassifications
Properties held for sale, net of dispositions	(123,949)	42,518	(49,859)
Balance at close of period	18,229,974	18,387,898	9,794,845
Accumulated Depreciation
Balance at beginning of period	(1,075,634)	(792,330)	(543,698)
Depreciation expense	(511,988)	(297,627)	(263,093)
Dispositions and other	32,429	16,264	9,664
Reclassifications
Properties held for sale, net of dispositions	11,279	(1,941)	4,797
Balance at close of period	$ (1,543,914)	$ (1,075,634)	$ (792,330)