X0306 4 2015-05-28 0 0001548981 American Residential Properties, Inc. ARPI 0001275331 BENHAM DOUGLAS N 7047 EAST GREENWAY PARKWAY SUITE 350 SCOTTSDALE AZ 85254 1 0 0 0 LTIP Units 2015-05-28 4 A 0 2632 0.00 A Common Stock 2632 10756 D Represents units of limited partnership interest ("LTIP Units") in American Residential Properties OP, L.P. (the "OP"), the operating partnership of the Issuer. As described in the OP's partnership agreement, vested LTIP Units, after achieving parity with Common Units of the OP, may be exchanged at any time for cash or, at the election of the Issuer, for shares of Common Stock on a one-for-one basis. LTIP Units have no expiration date. Payment of LTIP units having a value of $50,000 for serving on the Board of Directors until the 2016 annual meeting of stockholders. These LTIP units will vest on May 28, 2016. Per-unit value deemed to be the average of the closing prices for the Company's common stock on the New York Stock Exchange for the ten trading days preceding the date of grant. /s/ Patricia B. Dietz, as Attorney-in-Fact 2015-06-01