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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Single-family properties:    
Land $ 2,383,321 $ 2,370,006
Buildings and improvements 11,689,380 11,559,461
Single-family properties in operation 14,072,701 13,929,467
Less: accumulated depreciation (3,139,741) (3,048,868)
Single-family properties in operation, net 10,932,960 10,880,599
Single-family properties under development and development land 1,253,962 1,272,284
Single-family properties and land held for sale, net 247,375 212,808
Total real estate assets, net 12,434,297 12,365,691
Cash and cash equivalents 69,698 199,413
Restricted cash 149,160 150,803
Rent and other receivables 52,035 48,452
Escrow deposits, prepaid expenses and other assets 302,990 337,379
Investments in unconsolidated joint ventures 160,764 159,134
Goodwill 120,279 120,279
Total assets 13,289,223 13,381,151
Liabilities    
Revolving credit facility 410,000 0
Asset-backed securitizations, net 428,479 924,344
Unsecured senior notes, net 4,088,223 4,086,418
Accounts payable and accrued expenses 520,410 521,759
Total liabilities 5,447,112 5,532,521
Commitments and contingencies (see Note 15)
Shareholders’ equity:    
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2025 and December 31, 2024) 92 92
Additional paid-in capital 7,526,294 7,529,008
Accumulated deficit (382,384) (380,632)
Accumulated other comprehensive income 6,186 7,852
Total shareholders’ equity 7,153,889 7,160,016
Noncontrolling interest 688,222 688,614
Total equity 7,842,111 7,848,630
Total liabilities and equity/capital 13,289,223 13,381,151
Class A common shares    
Shareholders’ equity:    
Common stock issued 3,695 3,690
Class B common shares    
Shareholders’ equity:    
Common stock issued $ 6 $ 6