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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

In addition to the revenues and significant segment expenses included within the consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three months ended March 31, 2025 and 2024:

			For the Three Months Ended March 31,
			2025						2024
Property operating expenses
Property tax expense			$	66,940					$	64,588
HOA fees			6,814						6,314
Repairs and maintenance and turnover costs			88,845						80,248
Insurance			4,931						4,777
Total property operating expenses			$	167,530					$	155,927

The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the three months ended March 31, 2025 and 2024:

			For the Three Months Ended March 31,
(Amounts in thousands)			2025						2024
Core revenues			$	395,415					$	366,218
Core property operating expenses
Property tax expense			66,940						64,588
HOA fees, net of tenant charge-backs			6,814						6,314
Repairs and maintenance and turnover costs, net of tenant charge-backs			27,281						24,846
Insurance			4,931						4,777
Property management expenses, net of tenant charge-backs and excluding share-based compensation			30,638						28,023
Total core property operating expenses			136,604						128,548
Core NOI			$	258,811					$	237,670
Reconciliation of core revenues to rents and other single-family property revenues
Core revenues			$	395,415					$	366,218
Tenant charge-backs			63,861						57,337
Rents and other single-family property revenues			$	459,276					$	423,555
Reconciliation of Core NOI to net income
Core NOI			$	258,811					$	237,670
Noncash share-based compensation - property management			(1,246)						(1,444)
General and administrative expense			(19,671)						(21,885)
Interest expense			(45,426)						(38,577)
Acquisition and other transaction costs			(3,061)						(3,324)
Depreciation and amortization			(124,928)						(115,726)
Loss on early extinguishment of debt			(216)						(954)
Gain on sale and impairment of single-family properties and other, net			62,016						68,901
Other income and expense, net			2,434						3,434
Net income			$	128,713					$	128,095

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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