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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 253,113 $ 144,569
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 225,916 204,369
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments 6,108 5,502
Noncash share-based compensation 14,332 18,048
Equity in net income of unconsolidated joint ventures (711) (2,457)
Return on investment from unconsolidated joint ventures 1,788 3,986
Gain on sale and impairment of single-family properties and other, net (147,417) (54,855)
Other changes in operating assets and liabilities:    
Rent and other receivables 1,841 1,605
Prepaid expenses and other assets (2,117) (3,924)
Deferred leasing costs (1,576) (1,179)
Accounts payable and accrued expenses 62,511 73,887
Amounts due from related parties 1,888 (10,555)
Net cash provided by operating activities 415,676 378,996
Investing activities    
Cash paid for single-family properties (3,181) (531,249)
Change in escrow deposits for purchase of single-family properties 558 6,225
Net proceeds received from sales of single-family properties and other 311,878 113,002
Proceeds received from storm-related insurance claims 0 1,981
Proceeds from notes receivable related to the sale of properties 349 33,186
Investment in unconsolidated joint ventures (4,278) (12,759)
Distributions from joint ventures 13,155 38,347
Renovations to single-family properties (14,891) (54,961)
Recurring and other capital expenditures for single-family properties (67,564) (53,770)
Cash paid for development activity (452,967) (473,637)
Other investing activities (20,881) (19,876)
Net cash used for investing activities (237,822) (953,511)
Financing activities    
Redemption of perpetual preferred shares 0 (155,000)
Proceeds from issuances under share-based compensation plans 3,580 1,516
Payments related to tax withholding for share-based compensation (3,814) (4,080)
Payments on asset-backed securitizations (12,999) (11,277)
Proceeds from unsecured senior notes, net of discount 0 876,813
Proceeds from liabilities related to consolidated land not owned 0 33,821
Distributions to noncontrolling interests (22,511) (18,394)
Distributions to common shareholders (159,700) (125,781)
Distributions to preferred shareholders (6,972) (10,109)
Deferred financing costs paid 0 (8,236)
Net cash (used for) provided by financing activities (34,044) 604,913
Net increase in cash, cash equivalents and restricted cash 143,810 30,398
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 217,960 191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3) 361,770 222,165
Supplemental cash flow information    
Cash payments for interest, net of amounts capitalized (64,872) (49,323)
Supplemental schedule of noncash investing and financing activities    
Accrued property renovations and development expenditures 94,592 79,596
Transfers of completed homebuilding deliveries to properties 286,060 226,993
Property and land contributions to unconsolidated joint ventures (11,647) (25,053)
Property and land distributions from unconsolidated joint ventures 0 8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities 0 3,679
Accrued distributions to affiliates 841 241
Accrued distributions to non-affiliates 139 112
Revolving Credit Facility    
Financing activities    
Proceeds from revolving credit facility 0 420,000
Payments on revolving credit facility (130,000) (770,000)
Class A common shares    
Financing activities    
Proceeds from issuance of Class A common shares 298,372 375,840
Payments of Class A common share issuance costs $ 0 $ (200)