v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance. The Company is organized as a REIT with activities related to developing, renovating, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment. Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants. The Company’s CODM is our Chief Executive Officer and Chief Operating Officer.

The accounting policies of our one reportable segment are the same as those described in Note 2. Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Net income and its components, as
presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure. The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for development of new properties. Property disposition decisions are made at the individual property level and development decisions are made at the community level. Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

In addition to the revenues and significant segment expenses included within the condensed consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses 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
Property operating expenses
Property tax expense$68,107 $66,119 $136,287 $133,059 
HOA fees7,245 7,349 14,078 14,163 
Repairs and maintenance and turnover costs82,319 82,007 171,464 170,852 
Insurance4,272 4,614 8,823 9,545 
Total property operating expenses$161,943 $160,089 $330,652 $327,619 
The table below summarizes the components and significant expense categories included in Core NOI and regularly provided to the CODM 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
Core revenues$415,990 $405,046 $822,114 $800,461 
  
Core property operating expenses
Property tax expense68,107 66,119 136,287 133,059 
HOA fees, net of tenant charge-backs7,245 7,349 14,078 14,163 
Repairs and maintenance and turnover costs, net of tenant charge-backs30,553 31,808 56,142 59,089 
Insurance4,272 4,614 8,823 9,545 
Property management expenses, net of tenant charge-backs and excluding noncash share-based compensation30,429 31,017 60,248 61,655 
Total core property operating expenses140,606 140,907 275,578 277,511 
   
Core NOI$275,384 $264,139 $546,536 $522,950 
   
Reconciliation of core revenues to rents and other single-family property revenues
   
Core revenues$415,990 $405,046 $822,114 $800,461 
Tenant charge-backs54,114 52,457 120,014 116,318 
Rents and other single-family property revenues$470,104 $457,503 $942,128 $916,779 
   
Reconciliation of Core NOI to net income
   
Core NOI$275,384 $264,139 $546,536 $522,950 
Noncash share-based compensation - property management(1,067)(1,137)(2,188)(2,383)
General and administrative expense(21,659)(20,008)(42,991)(39,679)
Interest expense(49,527)(46,303)(97,749)(91,729)
Acquisition, disposition and other transaction costs(3,195)(2,655)(6,255)(5,716)
Depreciation and amortization(127,606)(126,939)(254,950)(251,867)
Loss on early extinguishment of debt— — — (216)
Gain on sale and impairment of single-family properties and other, net59,432 51,908 137,876 113,924 
Other income and expense, net1,157 4,619 1,484 7,053 
Net income$132,919 $123,624 $281,763 $252,337