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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Single-family properties:    
Land $ 2,387,155 $ 2,370,006
Buildings and improvements 11,778,460 11,559,461
Single-family properties in operation 14,165,615 13,929,467
Less: accumulated depreciation (3,217,919) (3,048,868)
Single-family properties in operation, net 10,947,696 10,880,599
Single-family properties under development and development land 1,309,824 1,272,284
Single-family properties and land held for sale, net 242,402 212,808
Total real estate assets, net 12,499,922 12,365,691
Cash and cash equivalents 323,258 199,413
Restricted cash 143,342 150,803
Rent and other receivables 50,444 48,452
Escrow deposits, prepaid expenses and other assets 307,238 337,379
Investments in unconsolidated joint ventures 147,835 159,134
Goodwill 120,279 120,279
Total assets 13,592,318 13,381,151
Liabilities    
Revolving credit facility 0 0
Asset-backed securitizations, net 427,275 924,344
Unsecured senior notes, net 4,731,334 4,086,418
Accounts payable and accrued expenses 588,166 521,759
Total liabilities 5,746,775 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 June 30, 2025 and December 31, 2024) 92 92
Additional paid-in capital 7,542,892 7,529,008
Accumulated deficit (388,735) (380,632)
Accumulated other comprehensive income 7,249 7,852
Total shareholders’ equity 7,165,206 7,160,016
Noncontrolling interest 680,337 688,614
Total equity 7,845,543 7,848,630
Total liabilities and equity/capital 13,592,318 13,381,151
Class A common shares    
Shareholders’ equity:    
Common stock issued 3,702 3,690
Class B common shares    
Shareholders’ equity:    
Common stock issued $ 6 $ 6