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SINGLE-FAMILY RENTAL PROPERTIES | 6 Months Ended
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Jun. 30, 2024
Real Estate [Abstract] |
SINGLE-FAMILY RENTAL PROPERTIES | SINGLE-FAMILY RENTAL PROPERTIES Rithm Capital invests in its SFR portfolio by acquiring and maintaining a geographically diversified portfolio of high-quality single-family homes and leasing them to high-quality residents. SFR properties HFI are carried at cost less accumulated depreciation and impairment and are presented within Single-family rental properties on the Consolidated Balance Sheets. SFR properties HFS are managed for near term sale and disposition. They are measured at the lower of cost less accumulated depreciation and impairment or fair value less estimated cost to sell and presented within Single-family rental properties on the Consolidated Balance Sheets. For the six months ended June 30, 2024, Rithm Capital transferred ten SFR properties to HFS. The following table summarizes the net carrying value of investments in SFR properties:
| June 30, 2024 |  | December 31, 2023
Land | $ | 189,694 |  |  | $ | 183,359 |
Building | 758,777 |  |  | 733,437 |
Capital improvements | 145,465 |  |  | 138,869 |
Total gross investment in SFR properties | 1,093,936 |  |  | 1,055,665 |
Accumulated depreciation | (68,612) |  |  | (53,737) |
Investment in SFR properties, net | $ | 1,025,324 |  |  | $ | 1,001,928 |
Depreciation expense for the six months ended June 30, 2024 and 2023 totaled $15.0 million and $13.9 million, respectively, and is included in other income (loss), net in the Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, the carrying amount of the SFR properties includes capitalized acquisition costs of $7.3 million and $7.5 million, respectively. The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
|  | SFR Properties HFI |  | SFR Properties HFS |  | Total
Balance at December 31, 2023 |  | $ | 1,000,357 |  |  | $ | 1,571 |  |  | $ | 1,001,928 |
Acquisitions and capital improvements |  | 41,955 |  |  | — |  |  | 41,955 |
Transfers to HFS |  | (3,270) |  |  | 3,270 |  |  | — |
Dispositions |  | (1,140) |  |  | (2,372) |  |  | (3,512) |
Accumulated depreciation |  | (14,895) |  |  | (152) |  |  | (15,047) |
Balance at June 30, 2024 |  | $ | 1,023,007 |  |  | $ | 2,317 |  |  | $ | 1,025,324 |
Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one to two years. The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
Remainder of 2024 |  | $ | 32,296 |
2025 and thereafter |  | 20,171 |
Total |  | $ | 52,467 |
The following table summarizes the activity for the period of the SFR portfolio by units:
|  | SFR Properties HFI |  | SFR Properties HFS |  | Total
Balance at December 31, 2023 |  | 3,882 |  |  | 6 |  |  | 3,888 |
Acquisition of SFR units |  | 132 |  |  | — |  |  | 132 |
Transfer to HFS |  | (10) |  |  | 10 |  |  | — |
Disposition of SFR units |  | (4) |  |  | (8) |  |  | (12) |
Balance at June 30, 2024 |  | 4,000 |  |  | 8 |  |  | 4,008 |
See Note 18 regarding the financing of SFR Properties.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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