v3.26.1
Cash, Cash Equivalents and Restricted Cash
6 Months Ended
Jun. 30, 2026
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash
Restricted cash primarily consists of funds held related to resident security deposits, funds held in the custody of our transfer agent for the payment of distributions, certain funds held for the purpose of facilitating 1031 Exchange transactions when proceeds are held prior to the completion of transactions and deposits held by our captive insurance company that are required by state insurance
regulations to remain in the captive insurance company. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year.

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):
June 30,December 31,
2026202520252024
Cash and cash equivalents$83,670 $323,258 $108,516 $199,413 
Restricted cash174,029 143,342 122,174 150,803 
Total cash, cash equivalents and restricted cash$257,699 $466,600 $230,690 $350,216