v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments in single-family residential properties:    
Land $ 4,919,362 $ 4,986,353
Building and improvements 17,730,129 17,789,827
Total gross investments in the properties 22,649,491 22,776,180
Less: accumulated depreciation (5,764,848) (5,501,558)
Investments in single-family residential properties, net 16,884,643 17,274,622
Cash and cash equivalents 75,786 129,971
Restricted cash 251,497 224,894
Goodwill 314,154 258,207
Investments in unconsolidated joint ventures 252,049 254,561
Other assets, net 670,181 538,035
Total assets 18,448,310 18,680,290
Liabilities:    
Secured debt, net 1,385,098 1,384,114
Unsecured notes, net 4,402,839 4,398,921
Term loan facilities, net 2,458,754 2,451,985
Revolving facility 280,000 145,000
Accounts payable and accrued expenses 325,118 230,350
Resident security deposits 186,916 184,536
Other liabilities 316,974 317,492
Total liabilities 9,355,699 9,112,398
Commitments and contingencies (Note 14)
Stockholders’ equity    
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 590,613,522 and 610,788,732 outstanding as of June 30, 2026 and December 31, 2025, respectively 5,906 6,108
Additional paid-in capital 10,604,456 11,128,590
Accumulated deficit (1,588,885) (1,610,981)
Accumulated other comprehensive income 32,940 6,415
Total stockholders’ equity 9,054,417 9,530,132
Non-controlling interests 38,194 37,760
Total equity 9,092,611 9,567,892
Total liabilities and equity $ 18,448,310 $ 18,680,290