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Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended |  |  | 1 Months Ended | 6 Months Ended |  |  | 6 Months Ended
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Jun. 30, 2014 property | Jun. 30, 2014 property | Dec. 31, 2013 property | Jun. 30, 2014 Fair Value | May 31, 2014 Single family homes property | Jun. 30, 2014 Single family homes | Jun. 30, 2014 Senior Secured Revolving Credit Facility | Sep. 30, 2013 Senior Secured Revolving Credit Facility | Mar. 07, 2013 Senior Secured Revolving Credit Facility | Jun. 30, 2014 Senior Secured Revolving Credit Facility Until March 2017 LIBOR | Jun. 30, 2014 Senior Secured Revolving Credit Facility March 2017 and Thereafter LIBOR
Proforma Debt Instrument |  |  |  |  |  |  |  |  |  |  |
Gross proceeds from the sale of certificates |  | $ 480,970,000 |  |  | $ 481,000,000 |  |  |  |  |  |
Issuance costs for the sale of certificates |  |  |  |  | 14,900,000 |  |  |  |  |  |
Number of properties | 27,173 | 27,173 | 23,268 |  | 3,852 |  |  |  |  |  |
Debt instrument initial term |  |  |  |  | 2 years |  |  |  |  |  |
Number of extension options |  |  |  |  | 3 |  |  |  |  |  |
Period of extension options |  |  |  |  | 12 months |  |  |  |  |  |
Monthly Principal payment (as a percent) |  |  |  |  | 1.00% |  |  |  |  |  |
LIBOR floor rate (as a percent) |  |  |  |  | 0.25% |  |  |  |  |  |
Interest rate cap agreement initial period |  | 2 years |  |  |  |  |  |  |  |  |
Interest rate cap agreement strike rate | 3.85% | 3.85% |  |  |  |  |  |  |  |  |
Effective percentage of interest rate cap agreements hedged as cash flow derivative | 100.00% |  |  |  |  |  |  |  |  |  |
Estimated amount of loss to be reclassified as increase to interest expense over next 12 months | 50,000 | 50,000 |  |  |  |  |  |  |  |  |
Interest rate cap agreement | 33,000 | 33,000 |  | 30,000 |  |  |  |  |  |  |
Reference rate |  |  |  |  |  | LIBOR |  |  |  |  |
Interest margin on reference rate (as a percent) |  |  |  |  |  | 1.54% |  |  |  |  |
Credit facility amount, maximum |  |  |  |  |  |  |  | 800,000,000 | 500,000,000 |  |
Percentage of properties used to calculate borrowing base |  |  |  |  |  |  | 50.00% |  |  |  |
Debt instrument, description of variable rate |  |  |  |  |  |  |  |  |  | 30 day LIBOR | 30 day LIBOR
Debt instrument, basis spread on variable rate (as a percent) |  |  |  |  |  |  |  |  |  | 2.75% | 3.125%
Debt covenant, minimum liquidity requirement |  |  |  |  |  |  | 15,000,000 |  |  |  |
Debt covenant, minimum liquidity requirement for cash and cash equivalents |  |  |  |  |  |  | 7,500,000 |  |  |  |
Maximum leverage ratio |  |  |  |  |  |  | 1.0 |  |  |  |
Debt covenant, minimum required tangible net worth (as a percent) |  |  |  |  |  |  | 85.00% |  |  |  |
Debt covenant, percentage of additional equity capital raised on or after September 30, 2013 that is used in calculation of tangible net worth |  |  |  |  |  |  | 85.00% |  |  |  |
Borrowings outstanding |  |  |  |  |  |  | $ 481,000,000 |  |  |  |

X
- Definition Represents the minimum required amount of liquidity in the form of cash and cash equivalents, as defined, pursuant to the financial covenants contained in the debt agreement. + References No definition available. + Details
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- Definition Represents the minimum required amount of liquidity, as defined, pursuant to the financial covenants contained in the debt agreement. + References No definition available. + Details
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- Definition Represents the minimum required percentage of tangible net worth, as defined, pursuant to the financial covenants contained in the debt agreement. + References No definition available. + Details
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- Definition Represents the percentage of capital raised subsequent to a specified date which is used to compute the required tangible net worth pursuant to the covenants contained in the debt agreement. + References No definition available. + Details
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- Definition Represents the maximum permitted leverage ratio, as defined, pursuant to the financial covenants contained in the debt agreement. + References No definition available. + Details
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- Definition Represents the number of extension options for debt instrument. + References No definition available. + Details
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- Definition Represents the percentage of periodic principal payment for debt instrument. + References No definition available. + Details
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- Definition Represents the period of extension options for debt instrument. + References No definition available. + Details
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- Definition Represents the effective percentage of interest rate cap agreements hedged as cash flow derivative. + References No definition available. + Details
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- Definition The percentage of the lower of cost or fair value of the reporting entity's leased and un-leased properties which is used to compute the borrowing base under the line of credit. + References No definition available. + Details
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- Definition Represents the London interbank offered rate, floor. + References No definition available. + Details
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- Details
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- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
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- Definition The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. + References No definition available. + Details
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- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References No definition available. + Details
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- Definition Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees). + References No definition available. + Details
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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13495-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=20225523&loc=SL20225862-175312 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=28370219&loc=SL20226008-175313 + Details
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- Definition Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. + References No definition available. + Details
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- Definition Period the derivative contract is outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References No definition available. + Details
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- Definition The estimated net amount of unrealized gains or losses on interest rate cash flow hedges as of the balance sheet date expected to be reclassified to earnings within the next twelve months. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994 + Details
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- Definition Amount borrowed under the credit facility as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
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- Definition The percentage points (also referred to as 'margin') added to the reference rate as stated in the loan agreement and used to compute the variable rate on the loans receivable. For instance, the loan agreement might state that the interest rate the borrower is obligated to pay is the London Interbank Offered Rate (LIBOR) plus three quarters (3/4) of a percentage point adjusted quarterly (each three months). LIBOR in this example is the index or reference rate, 3/4 percentage point is the margin, the reference rate plus the margin is the fully indexed rate. This element would be used to report separately the margin. + References No definition available. + Details
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- Definition The reference rate for the variable rate of the loans receivable, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. + References No definition available. + Details
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- Definition The number of real estate properties owned as of the balance sheet date. + References No definition available. + Details
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- Definition Proceeds from securitizations of receivables treated as collateralized borrowings, which are classified as financing transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3255-108585 + Details
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