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Real Estate Assets, Net (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Summary of Single-Family Properties

The net book values of real estate assets consisted of the following as of June 30, 2025 and December 31, 2024 (amounts in thousands):

			June 30, 2025						December 31, 2024
Occupied single-family properties			$	10,485,414					$	10,174,136
Single-family properties leased, not yet occupied			87,939						81,154
Single-family properties in turnover process			324,623						397,850
Single-family properties recently renovated or developed			49,018						226,199
Single-family properties newly acquired and under renovation			702						1,260
Single-family properties in operation, net			10,947,696						10,880,599
Development land			624,444						602,147
Single-family properties under development			685,380						670,137
Single-family properties and land held for sale, net			242,402						212,808
Total real estate assets, net			$	12,499,922					$	12,365,691

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Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

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