v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
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