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Quarterly Financial Information (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Financial Data
The following table presents the Operating Partnership's summarized quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except per unit data):
 
Quarter
 
First
 
Second
 
Third
 
Fourth
2017
 

 
 

 
 

 
 

Rents from single-family properties
$
201,107

 
$
204,648

 
$
207,490

 
$
210,778

Net income
$
11,796

 
$
15,066

 
$
19,097

 
$
30,533

Net (loss) income attributable to common unitholders
$
(1,829
)
 
$
(217
)
 
$
1,875

 
$
(26,612
)
Net (loss) income attributable to common unitholders per unit–basic
$
(0.01
)
 
$
—

 
$
0.01

 
$
(0.08
)
Net loss attributable to common unitholders per unit–diluted
$
(0.01
)
 
$
—

 
$
—

 
$
(0.08
)
 
Quarter
 
First
 
Second
 
Third
 
Fourth
2016
 

 
 

 
 

 
 

Rents from single-family properties
$
167,995

 
$
193,491

 
$
197,137

 
$
198,980

Net income (loss)
$
5,028

 
$
(3,753
)
 
$
(167
)
 
$
9,338

Net loss attributable to common unitholders
$
(3,627
)
 
$
(11,020
)
 
$
(21,179
)
 
$
(4,133
)
Net loss attributable to common unitholders per unit–basic and diluted
$
(0.01
)
 
$
(0.04
)
 
$
(0.07
)
 
$
(0.01
)
The following table presents the Company's summarized quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except per share data):
 
Quarter
 
First
 
Second
 
Third
 
Fourth
2017
 

 
 

 
 

 
 

Rents from single-family properties
$
201,107

 
$
204,648

 
$
207,490

 
$
210,778

Net income
$
11,796

 
$
15,066

 
$
19,097

 
$
30,533

Net (loss) income attributable to common shareholders
$
(1,490
)
 
$
(186
)
 
$
1,535

 
$
(21,994
)
Net (loss) income attributable to common shareholders per share–basic
$
(0.01
)
 
$
—

 
$
0.01

 
$
(0.08
)
Net loss attributable to common shareholders per share–diluted
$
(0.01
)
 
$
—

 
$
—

 
$
(0.08
)
 
Quarter
 
First
 
Second
 
Third
 
Fourth (1)
2016
 

 
 

 
 

 
 

Rents from single-family properties
$
167,995

 
$
193,491

 
$
197,137

 
$
198,980

Net income (loss)
$
5,028

 
$
(3,753
)
 
$
(167
)
 
$
9,338

Net (loss) income attributable to common shareholders
$
(4,377
)
 
$
(10,404
)
 
$
(21,152
)
 
$
2,391

Net (loss) income attributable to common shareholders per share–basic
$
(0.02
)
 
$
(0.04
)
 
$
(0.09
)
 
$
0.01

Net loss attributable to common shareholders per share─diluted
$
(0.02
)
 
$
(0.04
)
 
$
(0.09
)
 
$
(0.01
)


(1)
In the fourth quarter of 2016, the Company corrected our allocation of income and loss between Operating Partnership unitholders, which resulted in an adjustment to net income (loss) attributable to noncontrolling interest. In accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 and SAB No. 108, the Company assessed the materiality of this adjustment on our financial statements for the years ended December 31, 2016, 2015 and 2014, as well as the quarters within those annual periods. As a result, the Company recorded a $5.7 million reduction to noncontrolling interest in the consolidated balance sheet as of December 31, 2016, as well as a corresponding reduction to net income attributable to noncontrolling interest in the consolidated statement of operations for the three months ended December 31, 2016. Prior quarter and prior year amounts have not been revised as the effect was immaterial.