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SINGLE-FAMILY RENTAL PROPERTIES (Tables) | 3 Months Ended
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Mar. 31, 2025
Real Estate [Abstract] |
Schedule of Single-Family Rental Properties | The following table summarizes the net carrying value of investments in SFR properties:
| March 31, 2025 |  | December 31, 2024
Land | $ | 189,549 |  |  | $ | 191,992 |
Building | 758,198 |  |  | 767,966 |
Capital improvements | 152,761 |  |  | 150,811 |
Total gross investment in SFR properties | 1,100,508 |  |  | 1,110,769 |
Accumulated depreciation | (88,522) |  |  | (82,474) |
Investment in SFR Properties, Net | $ | 1,011,986 |  |  | $ | 1,028,295 |
Schedule of Activity in Single-Family Rental Properties | 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, 2024 |  | $ | 989,002 |  |  | $ | 39,293 |  |  | $ | 1,028,295 |
Acquisitions and capital improvements |  | 3,237 |  |  | — |  |  | 3,237 |
Transfers to (from) HFS/HFI |  | 10,864 |  |  | (10,864) |  |  | — |
Dispositions |  | — |  |  | (12,136) |  |  | (12,136) |
Depreciation expense |  | (7,410) |  |  | — |  |  | (7,410) |
Balance at March 31, 2025 |  | $ | 995,693 |  |  | $ | 16,293 |  |  | $ | 1,011,986 |
The following table summarizes the activity for the period of the SFR portfolio by properties:
|  | SFR Properties HFI |  | SFR Properties HFS |  | Total
Balance at December 31, 2024 |  | 3,891 |  |  | 158 |  |  | 4,049 |
Acquisition of SFR properties |  | — |  |  | — |  |  | — |
Transfer to (from) HFS/HFI |  | 45 |  |  | (45) |  |  | — |
Disposition of SFR properties |  | — |  |  | (42) |  |  | (42) |
Balance at March 31, 2025 |  | 3,936 |  |  | 71 |  |  | 4,007 |
Schedule Of Rental And Variable Revenue | The following table summarizes rental revenue and other variable revenue included in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Rental revenue | $ | 19,402 |  |  | $ | 18,949 |  |  |  |  |  |  |
Other variable revenue | 2,330 |  |  | 593 |  |  |  |  |  |  |
Total Revenue | $ | 21,732 |  |  | $ | 19,542 |  |  |  |  |  |  |
Schedule of Future Minimum Rental Revenues | The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026 |  | $ | 37,664 |
2027 and thereafter |  | 12,385 |
Total |  | $ | 50,049 |

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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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