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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | 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 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 + Details
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