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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance. The Company is organized as a REIT with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment. Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants. The Company’s CODM is our Chief Executive Officer and Chief Operating Officer. The accounting policies of our one reportable segment are the same as those described in Note 2. Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Net income and its components, as presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure. The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for acquisitions or development of new properties. Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level. Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. In addition to the revenues and significant segment expenses included within the condensed consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Property operating expenses |  |  |  |  |  |  |
Property tax expense | $ | 66,119 |  |  | $ | 64,026 |  |  | $ | 133,059 |  |  | $ | 128,614 |
HOA fees | 7,349 |  |  | 6,738 |  |  | 14,163 |  |  | 13,052 |
Repairs and maintenance and turnover costs | 82,007 |  |  | 73,758 |  |  | 170,852 |  |  | 154,006 |
Insurance | 4,614 |  |  | 4,948 |  |  | 9,545 |  |  | 9,725 |
Total property operating expenses | $ | 160,089 |  |  | $ | 149,470 |  |  | $ | 327,619 |  |  | $ | 305,397 |
The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Core revenues | $ | 405,046 |  |  | $ | 376,123 |  |  | $ | 800,461 |  |  | $ | 742,341 |
Core property operating expenses |  |  |  |  |  |  |
Property tax expense | 66,119 |  |  | 64,026 |  |  | 133,059 |  |  | 128,614 |
HOA fees, net of tenant charge-backs | 7,349 |  |  | 6,738 |  |  | 14,163 |  |  | 13,052 |
Repairs and maintenance and turnover costs, net of tenant charge-backs | 31,808 |  |  | 28,263 |  |  | 59,089 |  |  | 53,109 |
Insurance | 4,614 |  |  | 4,948 |  |  | 9,545 |  |  | 9,725 |
Property management expenses, net of tenant charge-backs and excluding share-based compensation | 31,017 |  |  | 29,166 |  |  | 61,655 |  |  | 57,189 |
Total core property operating expenses | 140,907 |  |  | 133,141 |  |  | 277,511 |  |  | 261,689 |
Core NOI | $ | 264,139 |  |  | $ | 242,982 |  |  | $ | 522,950 |  |  | $ | 480,652 |
Reconciliation of core revenues to rents and other single-family property revenues
Core revenues | $ | 405,046 |  |  | $ | 376,123 |  |  | $ | 800,461 |  |  | $ | 742,341 |
Tenant charge-backs | 52,457 |  |  | 47,371 |  |  | 116,318 |  |  | 104,708 |
Rents and other single-family property revenues | $ | 457,503 |  |  | $ | 423,494 |  |  | $ | 916,779 |  |  | $ | 847,049 |
Reconciliation of Core NOI to net income |  |  |  |  |  |  |
Core NOI | $ | 264,139 |  |  | $ | 242,982 |  |  | $ | 522,950 |  |  | $ | 480,652 |
Noncash share-based compensation - property management | (1,137) |  |  | (1,340) |  |  | (2,383) |  |  | (2,784) |
General and administrative expense | (20,008) |  |  | (21,693) |  |  | (39,679) |  |  | (43,578) |
Interest expense | (46,303) |  |  | (38,678) |  |  | (91,729) |  |  | (77,255) |
Acquisition and other transaction costs | (2,655) |  |  | (2,937) |  |  | (5,716) |  |  | (6,261) |
Depreciation and amortization | (126,939) |  |  | (117,603) |  |  | (251,867) |  |  | (233,329) |
Loss on early extinguishment of debt | — |  |  | (63) |  |  | (216) |  |  | (1,017) |
Gain on sale and impairment of single-family properties and other, net | 51,908 |  |  | 43,892 |  |  | 113,924 |  |  | 112,793 |
Other income and expense, net | 4,619 |  |  | 3,974 |  |  | 7,053 |  |  | 7,408 |
Net income | $ | 123,624 |  |  | $ | 108,534 |  |  | $ | 252,337 |  |  | $ | 236,629 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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