v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Single-family properties:    
Land $ 2,446,061 $ 2,406,467
Buildings and improvements 12,222,317 11,971,961
Single-family properties in operation 14,668,378 14,378,428
Less: accumulated depreciation (3,540,311) (3,366,795)
Single-family properties in operation, net 11,128,067 11,011,633
Single-family properties under development and development land 989,611 1,233,586
Single-family properties and land held for sale, net 208,376 225,861
Total real estate assets, net 12,326,054 12,471,080
Cash and cash equivalents 83,670 108,516
Restricted cash 174,029 122,174
Rent and other receivables 45,369 43,119
Escrow deposits, prepaid expenses and other assets 224,414 228,017
Investments in unconsolidated joint ventures 147,283 148,935
Goodwill 120,279 120,279
Total assets 13,121,098 13,242,120
Liabilities    
Revolving credit facility 390,000 360,000
Unsecured senior notes, net 4,740,117 4,735,735
Accounts payable and accrued expenses 511,966 436,879
Total liabilities 5,642,083 5,532,614
Commitments and contingencies (see Note 15)
Shareholders’ equity:    
Preferred shares 92 92
Additional paid-in capital 7,183,780 7,411,003
Accumulated deficit (385,896) (387,643)
Accumulated other comprehensive income 6,005 6,630
Total shareholders’ equity 6,807,579 7,033,748
Noncontrolling interest 671,436 675,758
Total equity 7,479,015 7,709,506
Total liabilities and equity/capital 13,121,098 13,242,120
Class A common shares    
Shareholders’ equity:    
Common stock value 3,592 3,660
Class B common shares    
Shareholders’ equity:    
Common stock value $ 6 $ 6