v3.26.1
Fair Value
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts.

Our revolving credit facility is a financial instrument classified as Level 3 in the fair value hierarchy as its fair value was estimated using unobservable inputs. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.

The following table displays the carrying values and fair values of our debt instruments as of June 30, 2026 and December 31, 2025 (amounts in thousands):
June 30, 2026December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
2028 unsecured senior notes, net$498,718 $496,480 $498,323 $501,385 
2029 unsecured senior notes, net398,511 401,188 398,229 406,716 
2030 unsecured senior notes, net643,118 650,676 642,250 663,436 
2031 unsecured senior notes, net444,769 397,724 444,249 402,764 
2032 unsecured senior notes, net588,491 556,932 587,497 567,708 
2034 unsecured senior notes I, net595,524 607,122 595,230 620,784 
2034 unsecured senior notes II, net494,380 505,275 494,031 517,225 
2035 unsecured senior notes, net494,197 497,445 493,863 508,475 
2051 unsecured senior notes, net292,270 201,747 292,115 203,439 
2052 unsecured senior notes, net290,139 236,475 289,948 238,782 
Total unsecured senior notes, net4,740,117 4,551,064 4,735,735 4,630,714 
Revolving credit facility390,000 390,000 360,000 360,000 
Total debt$5,130,117 $4,941,064 $5,095,735 $4,990,714 
Nonrecurring Fair Value Measurements

Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented separately in single-family properties and land held for sale, net within the condensed consolidated balance sheets. The fair values were classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs based on the estimated sales prices derived from third-party automated valuation models upon classification as held for sale. Impairment charges are included in gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations.

The following table summarizes single-family properties and land for which the Company has recorded impairments in the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2026202520262025
Pre-impairment carrying value$95,644 $59,221 $142,224 $79,784 
Previous impairments(10,973)(2,230)(5,380)(942)
Current period impairments(24,171)(5,834)(38,359)(10,296)
Fair value$60,500 $51,157 $98,485 $68,546