Related party transactions	12 Months Ended
Dec. 31, 2014
Related party transactions
Related party transactions	Note 9. Related party transactions As of December 31, 2014 and 2013, AH LLC owned approximately 3.3% and 3.7% of our outstanding Class A common shares, respectively. On a fully-diluted basis, AH LLC held (including consideration of 635,075 Class B common shares as of December 31, 2014 and 2013, 14,440,670 and 13,787,292 Class A common units as of December 31, 2014 and 2013, respectively, 31,085,974 Series C convertible units as of December 31, 2014 and 2013, 4,375,000 Series D units as of December 31, 2014 and 2013, 4,375,000 Series E units as of December 31, 2014 and 2013) an approximate 21.8% and 24.6% interest at December 31, 2014 and 2013, respectively. As of December 31, 2014, the Company had a net receivable of $4.0 million due from AH LLC, which has been included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. This amount primarily consists of receivables due from AH LLC related to working capital settlement items. As of December 31, 2013, the Company had a net receivable of $4.5 million due from AH LLC, which has been included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. This amount consists of receivables due from AH LLC related to the estimated net monetary asset reconciliations associated with the Management Internalization and Alaska Joint Venture Acquisition (see Note 11) and other expense reimbursements, offset by amounts payable to AH LLC related to accrued and unpaid acquisition fees and declared and unpaid distributions on the Series C convertible units (see Note 8). Advisory management agreement In November 2012, the Company entered into an advisory management agreement with the Advisor under which the Advisor was responsible for designing and implementing our business strategy and administering our business activities and day-to-day operations, subject to the oversight by our board of trustees. For performing these services, we paid the Advisor an advisory management fee equal to 1.75% per year of adjusted shareholders' equity, as defined, calculated and paid quarterly in arrears. Additionally, concurrently with the contribution of a portfolio of 2,770 single-family properties on February 28, 2013, the Advisor agreed to a permanent reduction in the advisory management fee equal to $9.8 million per year (see Note 10). Upon completion of the Management Internalization on June 10, 2013 (see Note 11), the Advisor became a wholly owned subsidiary of our Operating Partnership and accordingly, there will be no future advisory management fees in our consolidated statements of operations. For the year ended December 31, 2013, advisory management fees incurred to the Advisor prior to the Management Internalization were $6.4 million. As of December 31, 2012, accrued advisory management fees were $0.9 million, which have been included in amounts payable to affiliates in the consolidated balance sheets. Property Management Agreement In November 2012, the Company entered into a property management agreement with the Property Manager under which the Property Manager generally oversaw and directed the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. We paid our Property Manager a property management fee equal to 6% of collected rents and a leasing fee equal to one-half month of each lease's annual rent. Upon completion of the Management Internalization on June 10, 2013 (see Note 11), the Property Manager became a wholly owned subsidiary of our Operating Partnership and accordingly, there will be no future property management fees incurred to the Property Manager in our consolidated statements of operations. For the years ended December 31, 2013 and 2012, property management fees incurred to the Property Manager prior to the Management Internalization were $1.3 million and $12,000, respectively, which have been included in property operating expenses in the consolidated statements of operations. For the years ended December 31, 2013 and 2012, leasing fees incurred to the Property Manager prior to the Management Internalization were $2.9 million and $0.1 million, respectively, which have been included in deferred costs and other intangibles, net in the consolidated balance sheets. Agreement on Investment Opportunities In November 2012, the Company entered into an Agreement on Investment Opportunities with AH LLC under which we paid an acquisition and renovation fee equal to 5% of all costs and expenses we incur in connection with the initial acquisition, repair and renovation of single-family properties (net of any broker fees received by the Property Manager) for its services in identifying, evaluating, acquiring and overseeing the renovation of the properties we purchase. In connection with the Management Internalization on June 10, 2013, (see Note 11), we entered into an Amended and Restated Agreement on Investment Opportunities. Under the terms of the Amended and Restated Agreement on Investment Opportunities, on December 10, 2014, AH LLC ceased providing acquisition and renovation services for us, we stopped paying AH LLC an acquisition and renovation fee, we hired all of AH LLC's acquisition and renovation personnel necessary for our operations and AH LLC ceased paying the Company a monthly fee of $0.1 million for the maintenance and use of certain intellectual property transferred to us in the Management Internalization. During the years ended December 31, 2014, 2013 and 2012, we incurred $86.0 million, $113.7 million and $4.6 million in aggregate acquisition and renovation fees to AH LLC prior to the termination of the Amended and Restated Agreement on Investment Opportunities, $67.5 million, $108.9 million and $4.2 million of which has been capitalized related to asset acquisitions and included in the cost of the single-family properties, and $22.1 million, $4.8 million and $0.4 million has been expensed related to property acquisitions with in-place leases, respectively. As of December 31, 2013, accrued and unpaid acquisition and renovation fees were $2.6 million, which have been included net of certain amounts due from AH LLC, and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Employee Administration Agreement In connection with the Management Internalization on June 10, 2013 (see Note 11), we entered into an employee administration agreement with Malibu Management, Inc. ("MMI"), an affiliate of AH LLC, to obtain the exclusive services of personnel of the Advisor and the Property Manager, who were previously employees of MMI under the direction of AH LLC. Under the terms of the agreement, we obtained the exclusive service of the employees dedicated to us for all management and other personnel dedicated to our business and were able to direct MMI to implement employment decisions with respect to the employees dedicated to us. We were required to reimburse MMI for all compensation and benefits and costs associated with the employees dedicated to us. We did not pay any fee or any other form of compensation to MMI. The agreement with MMI terminated on December 31, 2014. Effective January 1, 2015, all employees previously employed by MMI and performing services on our behalf became our employees. Total compensation and benefit costs paid by MMI and passed through to us under the agreement during the years ended December 31, 2014 and 2013, were $41.9 million and $17.0 million, respectively. Allocated general and administrative expenses Prior to February 28, 2013, the Company received an allocation of general and administrative expenses from AH LLC that were either clearly applicable to or were reasonably allocated to the operations of the properties prior to contribution by AH LLC in connection with the 2012 Offering and the 2,770 Property Contribution (see Note 10). Allocated general and administrative expenses prior to the date of the contribution were $1.0 million and $6.9 million for the years ended December 31, 2013 and 2012, respectively, and have been included in general and administrative expense in the consolidated statements of operations.

Note 9. Related party transactions

As of December 31, 2014 and 2013, AH LLC owned approximately 3.3% and 3.7% of our outstanding Class A common shares, respectively. On a fully-diluted basis, AH LLC held (including consideration of 635,075 Class B common shares as of December 31, 2014 and 2013, 14,440,670 and 13,787,292 Class A common units as of December 31, 2014 and 2013, respectively, 31,085,974 Series C convertible units as of December 31, 2014 and 2013, 4,375,000 Series D units as of December 31, 2014 and 2013, 4,375,000 Series E units as of December 31, 2014 and 2013) an approximate 21.8% and 24.6% interest at December 31, 2014 and 2013, respectively.

As of December 31, 2014, the Company had a net receivable of $4.0 million due from AH LLC, which has been included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. This amount primarily consists of receivables due from AH LLC related to working capital settlement items.

As of December 31, 2013, the Company had a net receivable of $4.5 million due from AH LLC, which has been included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. This amount consists of receivables due from AH LLC related to the estimated net monetary asset reconciliations associated with the Management Internalization and Alaska Joint Venture Acquisition (see Note 11) and other expense reimbursements, offset by amounts payable to AH LLC related to accrued and unpaid acquisition fees and declared and unpaid distributions on the Series C convertible units (see Note 8).

Advisory management agreement

In November 2012, the Company entered into an advisory management agreement with the Advisor under which the Advisor was responsible for designing and implementing our business strategy and administering our business activities and day-to-day operations, subject to the oversight by our board of trustees. For performing these services, we paid the Advisor an advisory management fee equal to 1.75% per year of adjusted shareholders' equity, as defined, calculated and paid quarterly in arrears. Additionally, concurrently with the contribution of a portfolio of 2,770 single-family properties on February 28, 2013, the Advisor agreed to a permanent reduction in the advisory management fee equal to $9.8 million per year (see Note 10). Upon completion of the Management Internalization on June 10, 2013 (see Note 11), the Advisor became a wholly owned subsidiary of our Operating Partnership and accordingly, there will be no future advisory management fees in our consolidated statements of operations.

For the year ended December 31, 2013, advisory management fees incurred to the Advisor prior to the Management Internalization were $6.4 million. As of December 31, 2012, accrued advisory management fees were $0.9 million, which have been included in amounts payable to affiliates in the consolidated balance sheets.

Property Management Agreement

In November 2012, the Company entered into a property management agreement with the Property Manager under which the Property Manager generally oversaw and directed the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. We paid our Property Manager a property management fee equal to 6% of collected rents and a leasing fee equal to one-half month of each lease's annual rent. Upon completion of the Management Internalization on June 10, 2013 (see Note 11), the Property Manager became a wholly owned subsidiary of our Operating Partnership and accordingly, there will be no future property management fees incurred to the Property Manager in our consolidated statements of operations.

For the years ended December 31, 2013 and 2012, property management fees incurred to the Property Manager prior to the Management Internalization were $1.3 million and $12,000, respectively, which have been included in property operating expenses in the consolidated statements of operations. For the years ended December 31, 2013 and 2012, leasing fees incurred to the Property Manager prior to the Management Internalization were $2.9 million and $0.1 million, respectively, which have been included in deferred costs and other intangibles, net in the consolidated balance sheets.

Agreement on Investment Opportunities

In November 2012, the Company entered into an Agreement on Investment Opportunities with AH LLC under which we paid an acquisition and renovation fee equal to 5% of all costs and expenses we incur in connection with the initial acquisition, repair and renovation of single-family properties (net of any broker fees received by the Property Manager) for its services in identifying, evaluating, acquiring and overseeing the renovation of the properties we purchase. In connection with the Management Internalization on June 10, 2013, (see Note 11), we entered into an Amended and Restated Agreement on Investment Opportunities. Under the terms of the Amended and Restated Agreement on Investment Opportunities, on December 10, 2014, AH LLC ceased providing acquisition and renovation services for us, we stopped paying AH LLC an acquisition and renovation fee, we hired all of AH LLC's acquisition and renovation personnel necessary for our operations and AH LLC ceased paying the Company a monthly fee of $0.1 million for the maintenance and use of certain intellectual property transferred to us in the Management Internalization.

During the years ended December 31, 2014, 2013 and 2012, we incurred $86.0 million, $113.7 million and $4.6 million in aggregate acquisition and renovation fees to AH LLC prior to the termination of the Amended and Restated Agreement on Investment Opportunities, $67.5 million, $108.9 million and $4.2 million of which has been capitalized related to asset acquisitions and included in the cost of the single-family properties, and $22.1 million, $4.8 million and $0.4 million has been expensed related to property acquisitions with in-place leases, respectively. As of December 31, 2013, accrued and unpaid acquisition and renovation fees were $2.6 million, which have been included net of certain amounts due from AH LLC, and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets.

Employee Administration Agreement

In connection with the Management Internalization on June 10, 2013 (see Note 11), we entered into an employee administration agreement with Malibu Management, Inc. ("MMI"), an affiliate of AH LLC, to obtain the exclusive services of personnel of the Advisor and the Property Manager, who were previously employees of MMI under the direction of AH LLC. Under the terms of the agreement, we obtained the exclusive service of the employees dedicated to us for all management and other personnel dedicated to our business and were able to direct MMI to implement employment decisions with respect to the employees dedicated to us. We were required to reimburse MMI for all compensation and benefits and costs associated with the employees dedicated to us. We did not pay any fee or any other form of compensation to MMI. The agreement with MMI terminated on December 31, 2014. Effective January 1, 2015, all employees previously employed by MMI and performing services on our behalf became our employees. Total compensation and benefit costs paid by MMI and passed through to us under the agreement during the years ended December 31, 2014 and 2013, were $41.9 million and $17.0 million, respectively.

Allocated general and administrative expenses

Prior to February 28, 2013, the Company received an allocation of general and administrative expenses from AH LLC that were either clearly applicable to or were reasonably allocated to the operations of the properties prior to contribution by AH LLC in connection with the 2012 Offering and the 2,770 Property Contribution (see Note 10). Allocated general and administrative expenses prior to the date of the contribution were $1.0 million and $6.9 million for the years ended December 31, 2013 and 2012, respectively, and have been included in general and administrative expense in the consolidated statements of operations.