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

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