v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income $ 380,716 $ 307,649
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 387,441 368,601
Share-based compensation expense 20,046 18,621
Amortization of deferred financing costs 13,231 10,705
Amortization of debt discounts 1,806 1,570
Provisions for impairment 1,430 99
Gain on sale of property, net of tax (219,402) (118,257)
Change in fair value of derivative instruments 1,087 (6,152)
Losses from investments in unconsolidated joint ventures, net of operating distributions 8,160 11,314
Other non-cash amounts included in net income 8,968 2,479
Changes in operating assets and liabilities:    
Other assets, net (893) (17,586)
Accounts payable and accrued expenses 85,145 97,288
Resident security deposits 2,380 3,790
Other liabilities (13,452) 2,857
Net cash provided by operating activities 676,663 682,978
Investing Activities:    
Acquisition and initial renovations of single-family residential properties (133,943) (517,213)
Other capital expenditures for single-family residential properties (111,304) (110,863)
Proceeds from sale of single-family residential properties 469,114 267,692
Acquisition of homebuilding platform (Note 16) (91,076) 0
Investments in land and construction in progress (15,235) 0
Investments in unconsolidated joint ventures (11,152) (12,873)
Non-operating distributions from unconsolidated joint ventures 5,504 11,360
Fundings of construction loans (24,252) 0
Other investing activities (6,580) (55,018)
Net cash provided by (used in) investing activities 81,076 (416,915)
Financing Activities:    
Payment of dividends and dividend equivalents (363,840) (356,806)
Distributions to non-controlling interests (1,697) (1,330)
Repurchases of common stock (547,279) 0
Payment of taxes related to net share settlement of RSUs (4,498) (5,529)
Payments on secured debt (161) (3,799)
Proceeds from revolving facility 535,000 270,000
Payments on revolving facility (400,000) (300,000)
Deferred financing costs paid 0 (3,128)
Other financing activities (2,846) (1,440)
Net cash used in financing activities (785,321) (402,032)
Change in cash, cash equivalents, and restricted cash (27,582) (135,969)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4) 354,865 419,693
Cash, cash equivalents, and restricted cash, end of period (Note 4) 327,283 283,724
Supplemental cash flow disclosures:    
Interest paid, net of amounts capitalized 171,306 163,289
Interest capitalized as investments in single-family residential properties, net 747 1,064
Cash paid for income taxes 221 67
Operating cash flows from operating leases 2,097 1,991
Financing cash flows from finance leases 2,846 1,443
Non-cash investing and financing activities:    
Transfer of residential property, net to other assets, net for held for sale assets 188,730 56,792
Accrued residential property capital improvements at period end 8,055 10,799
Accrued renovation improvements at period end 699 1,121
Reclassification of construction in progress to residential property 8,340 0
Contingent consideration recognized for acquisition of homebuilding platform (Note 16) 8,500 0
Dividends declared but not paid at period end 177,858 178,020
Change in other comprehensive income (loss) from cash flow hedges 25,538 (43,418)
ROU assets obtained in exchange for operating lease liabilities 6,202 4,881
ROU assets obtained in exchange for finance lease liabilities $ 7,987 $ 2,907