7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 
      
    		                                         
      operating activities
    		                                         
      net income
    		116,801,000 123,624,000 128,713,000 143,873,000 87,640,000 108,534,000 128,095,000 90,937,000 88,092,000 115,414,000 137,699,000 103,791,000 61,665,000 74,555,000 70,014,000 61,323,000 48,501,000 51,814,000 48,921,000 45,342,000 40,153,000 31,807,000 37,527,000 41,464,000 41,401,000 40,304,000 33,091,000 34,734,000 30,281,000 25,898,000 21,525,000 30,533,000 19,097,000 15,066,000 11,796,000 9,338,000 -167,000 -3,753,000 5,028,000 -11,347,000 -19,938,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                         
      depreciation and amortization
    		126,656,000 126,939,000 124,928,000 123,990,000 119,691,000 117,603,000 115,726,000 115,771,000 114,863,000 113,199,000 112,717,000 112,843,000 109,319,000 104,415,000 99,954,000 97,166,000 94,494,000 91,117,000 90,071,000 88,500,000 86,996,000 84,836,000 82,821,000 83,219,000 82,073,000 82,840,000 81,161,000 81,123,000 79,940,000 78,319,000 79,303,000 75,831,000 74,790,000 72,716,000 73,953,000 74,164,000 75,392,000 79,604,000 69,517,000 62,163,000 67,800,000 
      noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments
    		2,670,000 2,463,000 2,485,000 2,523,000 3,006,000 2,904,000 3,056,000 3,086,000 3,085,000 3,065,000 3,043,000 3,085,000 3,086,000 3,049,000 2,453,000                           
      noncash share-based compensation
    		6,225,000 6,473,000 7,661,000 4,832,000 5,743,000 10,484,000 9,925,000 4,622,000 6,416,000 8,508,000 5,824,000 3,580,000 5,680,000 10,643,000 7,405,000 3,473,000 3,058,000 3,151,000 8,110,000 3,766,000 2,170,000 2,090,000 1,808,000 1,299,000 1,288,000 1,269,000 952,000 683,000 832,000 943,000 975,000 1,037,000 1,116,000 1,121,000 938,000 892,000 891,000 983,000 870,000 782,000 913,000 
      loss on early extinguishment of debt
    		180,000 0 216,000 0 5,306,000 63,000 954,000                 0 0   0 0   0 0   0      
      equity in net (income) loss of unconsolidated entities
    		10,000                                         
      return on investment from unconsolidated joint ventures
    		1,300,000 0 1,659,000 0 942,000   1,557,000 0   934,000 791,000 1,388,000 2,598,000                           
      gain on sale and impairment of single-family properties and other
    		-47,620,000 -51,908,000 -62,016,000 -80,266,000 -32,697,000 -43,892,000 -68,901,000 -29,082,000 -33,335,000 -62,758,000 -84,659,000 -57,407,000 -24,197,000 -32,811,000 -22,044,000 -13,295,000 -9,572,000 -10,760,000 -16,069,000                       
      other changes in operating assets and liabilities:
    		                                         
      rent and other receivables
    		-8,481,000 1,591,000 -3,583,000 5,194,000 -6,271,000 1,296,000 -1,929,000 9,085,000 -10,047,000 3,513,000 -1,672,000 2,643,000 -12,394,000 5,416,000 -3,811,000 8,978,000 -4,491,000 -1,202,000 -8,170,000 5,364,000 -14,577,000 -2,674,000 -3,746,000 6,684,000 -2,984,000 -915,000 -5,569,000 4,142,000 -10,792,000 -1,636,000 -3,886,000 909,000 -7,432,000 -1,840,000 -2,657,000 2,406,000 -5,133,000 -3,700,000 -3,277,000 2,529,000  
      prepaid expenses and other assets
    		13,440,000 -6,576,000 12,739,000 -6,721,000 9,222,000 16,025,000 -7,325,000 -17,939,000 -1,489,000 -6,426,000 4,309,000 -10,716,000 7,496,000 2,606,000 -6,530,000 -10,782,000 4,377,000 1,128,000 5,742,000 -5,227,000 10,009,000 3,850,000 -5,980,000 -7,429,000 5,399,000 -7,044,000 -1,096,000 -10,020,000 4,740,000 1,309,000 -13,476,000 -5,605,000 1,750,000 916,000 -8,356,000 -5,567,000 -4,236,000 3,148,000 659,000 -3,072,000 -7,686,000 
      deferred leasing costs
    		-765,000 -1,098,000 -1,239,000 -1,134,000 -995,000 -1,042,000 -795,000 -745,000 -792,000 -768,000 -808,000 -718,000 -689,000 -644,000 -535,000 -750,000 -792,000 -905,000 -975,000 -1,011,000 -1,157,000 -992,000 -910,000 -851,000 -1,115,000 -1,130,000 -999,000 -3,047,000 -3,722,000 -3,111,000 -2,723,000 -2,029,000 -1,960,000 -1,919,000 -1,482,000 -1,806,000 -2,119,000 -2,151,000 -1,929,000 -1,844,000  
      accounts payable and accrued expenses
    		13,193,000 70,911,000 9,906,000 -91,426,000 42,653,000 60,217,000 22,918,000 -60,406,000 42,159,000 38,585,000 23,926,000 -90,622,000 60,350,000 62,642,000 11,245,000 -50,959,000 29,132,000 43,097,000 23,242,000 -82,208,000 35,624,000 42,380,000 18,397,000 -78,094,000 21,009,000 32,483,000 42,010,000 -75,666,000 26,377,000 31,911,000 29,150,000 -61,511,000 30,358,000 18,917,000 22,050,000 -61,211,000 35,849,000 16,082,000 -4,011,000 -21,557,000 20,917,000 
      amounts due from related parties
    		-355,000 394,000 1,019,000 1,770,000 -192,000 754,000 -828,000 -1,925,000 -384,000 460,000 1,428,000 1,248,000 7,363,000 -10,026,000 -529,000 88,000 -548,000 645,000 -338,000 736,000 -545,000                     
      net cash from operating activities
    		223,254,000 271,858,000 223,403,000 102,187,000 233,568,000 274,000,000 201,780,000 115,315,000 207,698,000 215,209,000 200,467,000 68,730,000 217,792,000 220,254,000 158,742,000 97,007,000 166,406,000 179,790,000 151,997,000 46,689,000 148,207,000 152,708,000 126,496,000 37,472,000 132,923,000 139,556,000 147,936,000 34,419,000 126,498,000 137,474,000 112,491,000 36,586,000 124,169,000 115,169,000 110,037,000 35,946,000 93,538,000 93,980,000 55,403,000 45,416,000 52,122,000 
      investing activities
    		                                         
      cash paid for single-family properties
    		-13,471,000 -1,549,000 -4,009,000 -483,899,000 -5,047,000 -2,483,000 -4,483,000 -6,922,000 -2,681,000 -258,000 -2,923,000 -12,729,000 -51,193,000 -242,530,000 -288,719,000 -216,277,000 -354,778,000 -196,898,000 -82,118,000 -98,640,000 -33,861,000 -34,197,000 -102,575,000 -42,604,000 -6,522,000 -13,621,000 -57,740,000 -156,543,000 -126,945,000 -56,463,000 -149,674,000 -321,791,000 -235,938,000 -153,315,000 -73,622,000 -64,955,000 -125,920,000 -27,785,000 -34,181,000 -56,008,000  
      change in escrow deposits for purchase of single-family properties
    		-248,000 350,000 -3,241,000 11,352,000 -11,486,000 -68,000 5,684,000 2,120,000 2,250,000 -430,000 988,000 11,939,000 2,267,000 -10,000 6,235,000 -6,187,000 -17,659,000 -3,818,000 -5,341,000 -2,978,000 -740,000 1,085,000 2,259,000 -2,628,000 -4,345,000 672,000 -870,000 4,012,000 2,163,000 -242,000 -4,115,000 -6,227,000 -1,002,000 -636,000 -1,072,000 509,000      
      net proceeds received from sales of single-family properties and other
    		141,945,000 138,165,000 142,128,000 190,261,000 103,101,000 123,718,000 156,102,000 85,120,000 72,465,000 127,368,000 184,510,000 129,214,000 50,293,000 61,595,000 51,407,000 30,661,000 26,960,000 28,147,000 46,304,000 43,533,000 56,150,000 47,626,000 81,257,000 70,428,000 64,330,000 54,253,000 32,919,000 58,400,000 17,615,000 18,175,000 11,967,000 18,445,000 14,386,000 22,926,000 31,306,000       
      proceeds received from storm-related insurance claims
    		       1,865,000    0 0 452,000 1,529,000                           
      proceeds from notes receivable related to the sale of properties
    		81,000 115,000 19,000 170,000 72,000 168,000 130,000 35,000 314,000 325,000 24,000 76,000 828,000                             
      investment in unconsolidated joint ventures
    		-4,401,000 -4,841,000 -3,336,000 -4,142,000 -5,826,000 -8,596,000 -1,116,000 -95,000 -8,241,000   -8,005,000 -4,549,000 -7,465,000 -5,294,000 -8,518,000 -6,146,000 -6,606,000 -7,990,000 -14,167,000 -10,512,000 -4,155,000 -1,000,000 -8,346,000 -2,503,000               -9,997,000  
      distributions from unconsolidated entities
    		45,310,000 17,583,000 963,000                                       
      renovations to single-family properties
    		-8,725,000 -14,117,000 -7,456,000 -4,281,000 -8,241,000 -10,726,000 -10,804,000 -16,251,000 -8,995,000 -6,156,000 -8,735,000 -17,407,000 -25,651,000 -33,240,000 -21,721,000 -19,447,000 -14,924,000 -4,241,000 -9,069,000 -5,946,000 -2,976,000 -7,188,000 -858,000 -2,551,000         -12,857,000 -10,674,000 -7,677,000 -18,202,000 -4,181,000 -5,411,000 -12,118,000   
      recurring and other capital expenditures for single-family properties
    		-32,145,000 -30,747,000 -30,942,000 -40,554,000 -31,180,000 -26,213,000 -23,804,000 -27,804,000 -38,808,000 -35,859,000 -31,705,000 -40,016,000 -44,993,000 -29,585,000 -24,185,000 -32,138,000 -33,834,000 -30,546,000 -26,033,000 -25,742,000 -32,642,000 -25,211,000 -21,224,000 -19,414,000 -18,736,000 -17,628,000 -15,703,000 -13,995,000 -17,139,000 -12,164,000 -11,167,000           
      cash paid for development activity
    		-175,405,000 -218,755,000 -193,696,000 -194,083,000 -218,873,000 -223,418,000 -209,477,000 -271,025,000 -255,856,000 -239,369,000 -213,598,000 -213,659,000 -234,127,000 -229,016,000 -244,621,000 -299,363,000 -215,178,000 -168,088,000 -141,618,000 -143,745,000 -148,826,000 -132,713,000 -138,957,000 -146,873,000 -96,676,000 -59,732,000 -79,990,000               
      cash paid for deposits on land option contracts
    		   0    0    -3,862,000                              
      proceeds from asset-backed securitization certificates
    		   0 0 0 25,666,000                                   
      other investing activities
    		-7,599,000 -6,920,000 -8,119,000 -8,554,000 -6,999,000 -7,448,000 -6,157,000 -7,689,000 -10,182,000 -8,465,000 -12,416,000 -13,549,000                              
      net cash from investing activities
    		-52,226,000 -120,716,000 -107,689,000 -532,828,000 -184,736,000 -40,166,000 -68,146,000 -227,262,000 -227,494,000 -164,910,000 -72,912,000 -157,848,000 -314,143,000 -440,747,000 -512,764,000 -542,004,000 -606,303,000 -376,928,000 -208,230,000 -205,833,000 -114,626,000 -143,252,000 -179,214,000 -152,770,000 -54,063,000 -39,164,000 -130,869,000 -192,497,000 -156,284,000 -103,996,000 -221,631,000 -350,583,000 -264,380,000 -152,519,000 -69,997,000 -70,363,000 -41,847,000 -33,868,000 -376,320,000 -141,016,000  
      financing activities
    		                                         
      proceeds from issuance of class a common shares
    		   109,825,000 0 0 33,249,000 100,228,000 0 0 298,372,000 0 185,632,000 0 375,840,000 135,770,000 399,000,000   0            0 339,176,000 4,977,000 350,612,000       
      payments of class a common share issuance costs
    		   -223,000 0 0 -34,000     0 0 0 -200,000 0 0   0            -193,000 -10,094,000 -114,000 -236,000       
      proceeds from issuances under share-based compensation plans
    		30,000 3,603,000 445,000 2,547,000 424,000 2,028,000 1,423,000 2,086,000 873,000 3,549,000 31,000 1,612,000 1,807,000 77,000 1,439,000                           
      payments related to tax withholding for share-based compensation
    		-187,000 -828,000 -10,815,000 -174,000 -33,000 -873,000 -7,936,000 -124,000 -28,000 -41,000 -3,773,000 -1,000 -731,000 -22,000 -4,058,000 -16,000 -10,000 -14,000 -2,642,000 -13,000 -12,000 -14,000 -1,612,000 0 1,909,000                 
      payments on asset-backed securitizations
    		-427,708,000 -1,486,000 -496,593,000 -3,379,000 -476,773,000 -5,894,000 -466,145,000 -5,937,000 -5,534,000 -6,234,000 -6,765,000 -5,699,000 -5,607,000 -5,401,000 -5,876,000 -6,250,000 -5,783,000 -6,160,000 -6,118,000 -5,391,000 -5,347,000 -6,328,000 -5,435,000 -5,230,000 -5,551,000 -5,180,000 -5,556,000 -5,178,000 -5,179,000 -5,178,000 -5,312,000 -5,409,000 -5,677,000 -460,562,000 -6,231,000 -7,086,000 -361,269,000 -6,381,000 -6,381,000 -5,982,000  
      proceeds from revolving credit facility
    		110,000,000 0 410,000,000         130,000,000 70,000,000 0 420,000,000 350,000,000 270,000,000 710,000,000 80,000,000 0 0 25,000,000 105,000,000     250,000,000 55,000,000 0 100,000,000  0         
      payments on revolving credit facility
    		0   -400,000,000 0 0 -90,000,000 -110,000,000 0 0 -130,000,000 0 -70,000,000 -410,000,000 -360,000,000 0 -890,000,000   0    0 0 0 -250,000,000 0 -55,000,000 0 -240,000,000  -92,000,000         
      proceeds from unsecured senior notes, net of discount
    		0   497,419,000 0 497,275,000 599,358,000     0 0   0        0 0 0 397,944,000 0 0 0 497,210,000           
      settlement of cash flow hedging instruments
    		0                                         
      payments related to liabilities to repurchase consolidated land not owned
    		-13,560,000 -5,746,000 -18,868,000 -34,138,000 -11,481,000 -12,200,000 -24,182,000                                   
      distributions to noncontrolling interests
    		-15,176,000 -15,231,000 -15,383,000 -13,322,000 -13,329,000 -13,318,000 -13,318,000 -11,297,000 -11,263,000 -11,263,000 -11,248,000 -9,241,000 -9,218,000 -9,088,000 -9,306,000 -5,137,000 -5,137,000 -5,138,000 -7,758,000 0 -2,602,000 -2,601,000 -5,178,000 0 -5,212,000 -2,741,000 -2,748,000 -2,768,000 -2,767,000 -79,000 -5,457,000 0 -2,778,000 -2,776,000 -2,779,000 -2,778,000 -2,677,000 -2,914,000 -2,991,000 -5,420,000  
      distributions to common shareholders
    		-111,651,000 -111,604,000 -112,372,000 -96,409,000 -95,608,000 -95,604,000 -95,914,000 -79,909,000 -79,889,000 -79,869,000 -79,831,000 -63,817,000 -62,908,000 -63,146,000 -62,635,000 -33,965,000 -32,397,000 -32,320,000 -47,561,000 -32,000 -15,814,000 -15,107,000 -30,114,000 0 -30,111,000 -14,889,000 -14,832,000 -14,846,000 -14,822,000 -14,365,000 -14,337,000 -11,000 -13,718,000 -12,958,000 -12,214,000 -12,174,000 -11,959,000 -11,916,000 -12,122,000 -10,403,000  
      distributions to preferred shareholders
    		-3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -3,486,000 -4,346,000 -5,763,000 -5,763,000 -5,763,000 -12,615,000 -13,782,000 -13,782,000 -13,782,000 -13,782,000 -13,782,000 -13,782,000 -27,564,000   -26,005,000 -11,984,000 -14,597,000 -14,597,000 0 -17,253,000 -15,282,000 -13,587,000 -13,587,000 -13,669,000 -7,412,000 -5,569,000 -5,569,000  
      deferred financing costs paid
    		-155,000   -4,247,000 -12,343,000 -3,407,000 -5,219,000     -10,000 21,000   0 -6,815,000       0 0 0 -3,572,000 0 0 -75,000 -5,025,000 0 -44,000   -51,000 -10,035,000 -350,000 -40,000 -172,000  
      net cash from financing activities
    		-461,893,000 96,600,000 -247,072,000 463,008,000 -612,629,000 364,521,000 -72,204,000 91,161,000 -99,327,000 -97,344,000 63,300,000 49,358,000 131,906,000 235,678,000 369,235,000 434,770,000 458,355,000 168,570,000 3,260,000 -17,806,000 247,201,000 -9,940,000 50,328,000 -18,593,000 -65,760,000 -128,229,000 120,466,000 67,128,000 83,436,000 -181,119,000 286,472,000 133,699,000 307,483,000 -397,660,000 340,578,000 67,068,000 -215,752,000 138,819,000 334,669,000 -85,131,000 262,032,000 
      net increase in cash, cash equivalents and restricted cash
    		-290,865,000 247,742,000 -131,358,000 32,367,000 -563,797,000 598,355,000 61,430,000 -20,786,000 -119,123,000 -47,045,000 190,855,000 -39,760,000 35,555,000 15,185,000 15,213,000 -10,227,000    -176,950,000 280,782,000 -484,000 -2,390,000  13,100,000 -27,837,000 137,533,000 -90,950,000 53,650,000 -147,641,000 177,332,000 -180,298,000 167,272,000 -435,010,000 380,618,000       
      cash, cash equivalents and restricted cash, beginning of period
    		0 0 350,216,000 0 0 0 221,861,000 0 0 0 217,960,000 0 0 0 191,767,000 0 0 0 265,077,000 0 0 0 164,119,000 0 0 0 175,214,000 0 0 0 182,823,000 0 0 0 250,241,000       
      cash, cash equivalents and restricted cash, end of period
    		-290,865,000 247,742,000 218,858,000 32,367,000 -563,797,000 598,355,000 283,291,000 -20,786,000 -119,123,000 -47,045,000 408,815,000 -39,760,000 35,555,000 15,185,000 206,980,000 -10,227,000 18,458,000 -28,568,000 212,104,000 -176,950,000 280,782,000 -484,000 161,729,000 -133,891,000 13,100,000 -27,837,000 312,747,000 -90,950,000 53,650,000 -147,641,000 360,155,000 -180,298,000 167,272,000 -435,010,000 630,859,000       
      equity in net income of unconsolidated entities
    		  915,000                                       
      equity in net income (income) of unconsolidated entities
    		   -448,000 -480,000                                     
      distributions from joint ventures
    		   902,000 396,000 114,900,000 113,000 13,384,000 21,197,000 2,212,000 10,943,000 10,150,000 19,813,000 15,760,000 22,587,000 10,623,000 12,555,000 8,479,000 25,893,000 47,854,000 63,914,000 16,352,000 887,000 5,168,000 11,079,000 6,032,000 282,000 666,000 33,811,000 1,210,000 1,230,000           
      redemption of perpetual preferred shares
    		           0 0   0 0                         
      proceeds from liabilities related to consolidated land not owned
    		           0 26,396,000 14,027,000 19,794,000                           
      equity in net income (income) of unconsolidated joint ventures
    		      884,000                                   
      equity in net income of unconsolidated joint ventures
    		       354,000 -870,000 629,000 -1,340,000  -678,000 -979,000 -1,478,000                           
      settlement of cash flow hedging instrument
    		               0            0 0 0 9,628,000           
      equity in net (income) losses of unconsolidated joint ventures
    		               -735,000 -215,000 -294,000 -366,000                       
      other purchases of productive assets
    		             -9,492,000 -10,384,000 -5,460,000 -5,292,000 -3,357,000 -8,258,000 -6,002,000 -5,133,000 -5,148,000 -2,411,000 -5,950,000 -42,000 -89,000 -40,000 146,319,000 -54,121,000 -41,882,000 -53,472,000 -16,988,000 -21,124,000 -3,226,000 -13,710,000       
      payments received on notes for sale of properties
    		              402,000                           
      proceeds received from hurricane-related insurance claims
    		               2,849,000    0 0 297,000 3,408,000 0    522,000 0 0 4,000,000           
      proceeds from exercise of stock options
    		               131,000 2,064,000 909,000 1,121,000 1,412,000 1,258,000 2,892,000 1,449,000 419,000 769,000        -870,000 1,600,000 258,000 394,000 1,095,000 1,345,000 337,000 26,000  
      payments on term loan facility
    		                       0 0   0 0   0 0         
      noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument
    		                2,462,000 1,999,000 1,829,000 1,867,000 1,867,000 1,848,000 1,849,000                   
      net decrease in cash, cash equivalents and restricted cash
    		                 -28,568,000 -52,973,000                       
      benefit from bad debt
    		                         1,740,000 1,768,000 2,367,000 2,749,000 1,616,000 2,000,000 2,186,000 2,299,000 1,333,000 1,510,000 1,877,000 2,609,000 1,414,000 1,069,000 972,000 2,220,000 
      remeasurement of participating preferred shares
    		                           0 0 0 -1,212,000 -1,500,000 -8,391,000 1,640,000 5,410,000       
      equity in net incomees (income) of unconsolidated joint ventures
    		                   -189,000                      
      net gain on sale of single-family properties and other
    		                   -10,356,000 -12,422,000 -10,651,000 -10,765,000 -10,978,000 -13,521,000 -13,725,000 -5,649,000 -7,497,000 -4,953,000 -3,240,000 -2,256,000 -451,000 -1,895,000 -2,454,000 -2,026,000       
      loss on impairment of single-family properties and other
    		                   105,000 216,000 654,000 4,446,000                   
      proceeds from issuance of perpetual preferred shares
    		                           0    0 115,000,000   0      
      payments of perpetual preferred share issuance costs
    		                           -272,000    0 -4,020,000         
      repurchase of class a common shares
    		                           0 0 0 -34,969,000     0 0 -20,053,000 -76,045,000   
      payments on secured note payable
    		                           0 0 -49,172,000 -255,000 -248,000 -239,000 -237,000 -245,000 -237,000 -230,000 -227,000 -230,000   
      payments on exchangeable senior notes
    		                                         
      supplemental cash flow information
    		                                         
      cash payments for interest, net of amounts capitalized
    		                           -24,114,000 -33,279,000             
      supplemental schedule of noncash investing and financing activities
    		                                         
      accrued property renovations and development expenditures
    		                                         
      transfers of completed homebuilding deliveries to properties
    		                           29,345,000 27,326,000             
      property and land contributions to unconsolidated joint ventures
    		                                         
      note receivable related to a bulk sale of properties, net of discount
    		                                         
      redemption of participating preferred shares
    		                           0 0             
      noncash right-of-use assets obtained in exchange for operating lease liabilities
    		                                         
      accrued distributions to affiliates
    		                           200,000 20,000             
      accrued distributions to non-affiliates
    		                           15,946,000 222,000             
      equity in net incomees of unconsolidated joint ventures
    		                     -141,000 1,231,000                   
      amounts payable to affiliates
    		                      -182,000 -553,000 273,000 123,000 -73,000 2,388,000 -2,430,000 2,000 -10,000 182,000 -38,000 167,000 4,880,000 -3,859,000 -175,000 -304,000 -4,946,000 10,162,000 -7,932,000 
      hurricane-related charges
    		                               -6,418,000          
      equity in earnings of unconsolidated joint ventures
    		                                         
      loss on impairment of single-family properties
    		                       580,000 1,650,000 929,000 504,000 3,062,000 560,000 1,536,000 700,000 894,000 1,299,000 1,558,000 929,000 3,503,000      
      net gain on resolutions of mortgage loans
    		                               0 -1,000 -1,000 -15,000 -921,000      
      collections from mortgage financing receivables
    		                               185,000 5,000 8,000 70,000 1,738,000      
      redemptions of class a common units
    		                                         
      proceeds from term loan facility
    		                               0 0 0 25,000,000 75,000,000      
      transfer of term loan borrowings to revolving credit facility
    		                                         
      transfer of deferred financing costs from term loan to revolving credit facility
    		                                         
      property and land contributions to an unconsolidated joint venture
    		                           0              
      noncash amortization of deferred financing costs
    		                        1,989,000 2,020,000 1,956,000 1,950,000 1,950,000 1,988,000 1,900,000 1,878,000 1,875,000 1,848,000 2,562,000 2,563,000 2,633,000 2,441,000 2,838,000 2,536,000 2,269,000 
      noncash amortization of discounts on debt instruments
    		                        128,000 122,000 95,000 563,000 1,043,000 1,006,000 935,000           
      noncash amortization of cash flow hedging instrument
    		                        -241,000 -240,000 -241,000 -240,000 -241,000 -241,000 -120,000           
      equity in net earnings of unconsolidated joint ventures
    		                                         
      equity in net incomees (earnings) of unconsolidated joint ventures
    		                                         
      initial renovations to single-family properties
    		                         -6,786,000 -9,727,000 -11,481,000 -7,868,000 -12,630,000 -20,400,000         -22,425,000  
      equity in net earnings of unconsolidated ventures
    		                          26,000 -123,000 164,000 -273,000 -314,000 -275,000          
      share-based compensation (payments) proceeds
    		                          -770,000    -414,000           
      gain on conversion of series e units to series d units
    		                                   0 0 0 -11,463,000   
      cash acquired in noncash business combinations
    		                                         
      payoff of credit facility in connection with arpi merger
    		                                   0      
      net proceeds received from sales of non-performing loans
    		                                   2,648,000 28,133,000     
      purchase of commercial office buildings
    		                                   0      
      share-based compensation proceeds
    		                           1,290,000 6,938,000             
      redemptions of class a units
    		                               0 0   0 -108,000 0 -291,000   
      accounts payable and accrued expenses related to property acquisitions, renovations and construction
    		                           2,028,000 -1,086,000             
      conversion of nonperforming loans to properties
    		                                         
      merger with arpi
    		                                         
      single-family properties
    		                                         
      escrow deposits, prepaid expenses and other assets
    		                                         
      deferred costs and other intangibles
    		                                         
      asset-backed securitization
    		                                         
      exchangeable senior notes
    		                                         
      class a common shares and units issued
    		                                         
      investment in unconsolidated joint venture
    		                                         
      noncash amortization of discount on exchangeable senior notes
    		                               925,000 910,000 874,000 840,000 865,000 849,000 816,000 290,000   
      noncash amortization of discount on arp 2014-sfr1 securitization
    		                                   0 625,000 833,000 286,000   
      remeasurement of series e units
    		                                       1,356,000  
      purchase of outside interests in rj joint ventures
    		                                         
      investments in mortgage financing receivables
    		                                       -1,146,000  
      distributions from unconsolidated joint ventures
    		                               3,311,000 3,837,000 952,000 1,192,000 1,947,000 630,000     
      proceeds from exercise of stock options, net of tax withholding
    		                                         
      proceeds from asset-backed securitizations
    		                                       0 477,729,000 
      proceeds from revolving credit facilities
    		                                   0      
      payments on revolving credit facilities
    		                                   -75,000,000      
      accounts payable and accrued expenses related to property acquisitions and renovations
    		                                         
      other capital expenditures for single-family properties
    		                                -11,687,000 -8,554,000 -6,484,000 -5,781,000 -9,351,000 -8,149,000 -4,526,000 -4,361,000  
      equity in net (earnings) loss of unconsolidated ventures
    		                                 -1,328,000 -295,000       
      remeasurement of preferred shares
    		                                   4,080,000 2,490,000 150,000 300,000 2,530,000  
      net gain on sale of single-family properties
    		                                   -1,995,000      
      beazer rental homes portfolio acquisition
    		                                         
      ellington portfolio acquisition
    		                                         
      net proceeds received from sales of single-family properties
    		                                   16,696,000 56,401,000 7,911,000 7,582,000   
      payments of class a common share offering costs
    		                                         
      proceeds from issuance of participating preferred shares
    		                                         
      payments of perpetual preferred shares issuance costs
    		                                         
      amounts payable to affiliates related to property acquisitions
    		                                         
      accrued distribution to series c convertible units
    		                                         
      contribution of properties
    		                                         
      issuance of class a units
    		                                         
      acquisitions for equity
    		                                         
      cash and cash equivalents
    		                                         
      other net assets and liabilities
    		                                         
      class a common shares issued
    		                                         
      restricted cash
    		                                         
      equity in net income of unconsolidated ventures
    		                                    -679,000 29,000 232,000 206,000  
      restricted cash for resident security deposits
    		                                    335,000 776,000 -13,170,000 -703,000  
      change in other restricted cash
    		                                         
      cash acquired in arpi merger
    		                                    0 0 15,499,000   
      net increase in cash and cash equivalents
    		                                    -164,061,000 198,931,000 13,752,000   
      cash and cash equivalents, beginning of period
    		                                    0 0 57,686,000 0 0 
      cash and cash equivalents, end of period
    		                                    -164,061,000 198,931,000 71,438,000 -180,731,000 147,760,000 
      net income on sale / impairment of single-family properties
    		                                         
      net gain on sale of non-performing loans
    		                                         
      resident security deposit liability
    		                                     -800,000 13,170,000 703,000 1,016,000 
      escrow deposits for purchase of single-family properties
    		                                     137,000 -467,000 935,000  
      increase in other restricted cash
    		                                         
      payoff of credit facility assumed in arpi merger
    		                                     0 -350,000,000   
      purchase of commercial office building
    		                                         
      net proceeds from issuance of class a common shares
    		                                     1,000 1,000   
      net proceeds from issuance of perpetual preferred shares
    		                                         
      proceeds from credit facility
    		                                     105,000,000 521,000,000 28,000,000 171,000,000 
      payments on credit facility
    		                                     -401,000,000 -83,000,000 -28,000,000  
      net (gain) loss on sale / impairment of single-family properties
    		                                      -60,000   
      decrease (increase) in restricted cash related to lender requirements
    		                                      1,891,000   
      gain on remeasurement of equity method investment
    		                                         
      gain on disposition of discontinued operations
    		                                         
      increase in restricted cash related to lender requirements
    		                                       -3,606,000  
      cash acquired in non-cash business combinations
    		                                         
      beazer rental homes acquisition
    		                                         
      settlement of net monetary assets related to management internalization
    		                                         
      net proceeds received from sale of discontinued operations
    		                                         
      purchase of outside interest in rj joint venture
    		                                         
      distributions from unconsolidated joint venture
    		                                         
      implied contribution by ah llc for historical operations
    		                                         
      net proceeds from issuance of preferred shares
    		                                         
      proceeds from bridge loan
    		                                         
      payments on bridge loan
    		                                         
      extinguishment of rj1 note payable
    		                                         
      contributions to noncontrolling interests
    		                                         
      net decrease in cash and cash equivalents
    		                                         
      payments on secured note
    		                                         
      equity in net income (income) of unconsolidated ventures
    		                                         
      cash payments for interest
    		                                         
      accounts payable and accrued expenses related to property acquisitions
    		                                         
      accrued distribution to common shareholders
    		                                         
      resident security deposits
    		                                         
      improvements to single-family properties
    		                                         
      implied contribution by sponsor for historical operations
    		                                         
      contributions from noncontrolling interests
    		                                         
      deferred financing costs
    		                                         
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.