v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 281,763 $ 252,337
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 254,950 251,867
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments 4,823 4,948
Noncash share-based compensation 13,405 14,134
Loss on early extinguishment of debt 0 216
Equity in net loss (income) of unconsolidated entities 1,681 (40)
Return on investment from unconsolidated joint ventures 975 1,659
Gain on sale and impairment of single-family properties and other, net (137,876) (113,924)
Other changes in operating assets and liabilities:    
Rent and other receivables (2,490) (1,992)
Prepaid expenses and other assets 8,272 6,163
Deferred leasing costs (1,574) (2,337)
Accounts payable and accrued expenses 73,004 80,817
Amounts due from related parties (1,244) 1,413
Net cash provided by operating activities 495,689 495,261
Investing activities    
Cash paid for single-family properties 0 (5,558)
Change in escrow deposits for purchase of single-family properties and land (844) (2,891)
Net proceeds received from sales of single-family properties and other 403,139 280,293
Proceeds received from storm-related insurance claims 240 0
Proceeds from notes receivable related to the sale of properties 122 134
Investment in unconsolidated joint ventures (7,752) (8,177)
Distributions from unconsolidated entities 7,997 18,546
Renovations to single-family properties (25,074) (21,573)
Recurring and other capital expenditures for single-family properties (49,239) (61,689)
Cash paid for development activity (288,389) (412,451)
Other investing activities (13,076) (15,039)
Net cash provided by (used for) investing activities 27,124 (228,405)
Financing activities    
Proceeds from issuances under share-based compensation plans 2,642 4,048
Payments related to tax withholding for share-based compensation (9,711) (11,643)
Payments on asset-backed securitizations 0 (498,079)
Proceeds from unsecured senior notes, net of discount 0 646,385
Settlement of cash flow hedging instruments 0 31
Payments related to liabilities to repurchase consolidated land not owned 0 (24,614)
Distributions to noncontrolling interests (33,015) (30,614)
Distributions to common shareholders (240,569) (223,976)
Distributions to preferred shareholders (6,972) (6,972)
Deferred financing costs paid 0 (5,038)
Net cash used for financing activities (495,804) (150,472)
Net increase in cash, cash equivalents and restricted cash 27,009 116,384
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 230,690 350,216
Cash, cash equivalents and restricted cash, end of period (see Note 3) 257,699 466,600
Supplemental cash flow information    
Cash payments for interest, net of amounts capitalized (93,077) (79,615)
Supplemental schedule of noncash investing and financing activities    
Accrued property renovations and development expenditures 44,696 55,015
Transfers of completed homebuilding deliveries to single-family properties 424,013 382,117
Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,676 1,617
Accrued distributions to affiliates 745 1,569
Accrued distributions to non-affiliates 179 175
Revolving Credit Facility    
Financing activities    
Proceeds from revolving credit facility 110,000 410,000
Payments on revolving credit facility (80,000) (410,000)
Class A common shares    
Financing activities    
Repurchases of Class A common shares $ (238,179) $ 0