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SINGLE-FAMILY RENTAL PROPERTIES (Tables)

9 Months Ended

Sep. 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:

			September 30, 2024						December 31, 2023
Land			$	193,402					$	183,359
Building			773,609						733,437
Capital improvements			149,434						138,869
Total gross investment in SFR properties			1,116,445						1,055,665
Accumulated depreciation			(75,800)						(53,737)
Investment in SFR Properties, Net			$	1,040,645					$	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						64,925						—						64,925
Transfers to HFS						(50,615)						50,615						—
Dispositions						(1,140)						(2,738)						(3,878)
Accumulated depreciation						(22,247)						(83)						(22,330)
Balance at September 30, 2024						$	991,280					$	49,365					$	1,040,645

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						204						—						204
Transfer to HFS						(199)						199						—
Disposition of SFR units						(4)						(9)						(13)
Balance at September 30, 2024						3,883						196						4,079

Schedule of Rental and Variable Revenue

The following table summarizes rental revenue and other variable revenue based on the specific lease terms for the period:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Rental revenue			$	19,348					$	18,297					$	57,216					$	54,163
Other variable revenue			833						683						2,492						1,901
Total Revenue			$	20,181					$	18,980					$	59,708					$	56,064

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						$	18,374
2025 and thereafter						29,237
Total						$	47,611

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Schedule Of Activity In Single-Family Rental Properties

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Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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-SubTopic 10
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