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SINGLE-FAMILY RENTAL PROPERTIES (Tables) | 6 Months Ended
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Jun. 30, 2024
Real Estate [Abstract] |
Schedule of Net Carrying Value of Investments in SFR Properties | 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 |
Schedule of Activity Related to the Net Carrying Value of Investments in SFR Properties and by Units | 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 |
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 |
Schedule of Future Minimum Rental Revenues Under Existing Leases on SFR Properties | 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 |

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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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