7Baggers

Invitation Homes Inc
(NYSE:INVH) 

INVH stock logo

Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, Together with you, we make a hous...

Founded: 2012
Full Time Employees: 1,140
Sector: Real Estate
Industry: REIT-Residential
Real Estate
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 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 
                                          
      revenues:
    		                                      
      rental revenues and other property income
    		670,515,000 663,588,000 666,191,000 659,107,000 653,071,000 638,050,000 641,342,000 637,475,000 632,097,000 620,901,000 614,291,000 596,924,000 586,515,000 576,510,000 565,391,000 554,541,000 530,199,000 518,472,000 508,178,000 490,618,000 474,454,000 464,100,000 459,184,000 449,755,000 449,789,000 444,277,000 443,326,000 441,582,000 435,500,000          
      management fee revenues
    		19,852,000 21,662,000 21,975,000 22,294,000 21,408,000 21,080,000 18,980,000 15,976,000 13,942,000 3,420,000 3,404,000 3,448,000 3,375,000 3,326,000 3,284,000 2,759,000                       
      homebuilding revenues
    		43,745,000                                      
      total revenues
    		734,112,000 685,250,000 688,166,000 681,401,000 674,479,000 659,130,000 660,322,000 653,451,000 646,039,000 624,321,000 617,695,000 600,372,000 589,890,000 579,836,000 568,675,000 557,300,000 532,310,000 520,225,000 509,532,000 491,633,000 475,225,000         322,586,500 434,251,000 432,426,000 423,669,000 329,954,000 243,536,000 242,216,000 238,750,000  
      yoy
    		8.84% 3.96% 4.22% 4.28% 4.40% 5.58% 6.90% 8.84% 9.52% 7.67% 8.62% 7.73% 10.82% 11.46% 11.61% 13.36% 12.01%             -2.23% 78.31% 78.53% 77.45%      
      qoq
    		7.13% -0.42% 0.99% 1.03% 2.33% -0.18% 1.05% 1.15% 3.48% 1.07% 2.89% 1.78% 1.73% 1.96% 2.04% 4.69% 2.32% 2.10% 3.64% 3.45%          -25.71% 0.42% 2.07% 28.40% 35.48% 0.54% 1.45%   
      expenses:
    		                                      
      property operating and maintenance
    		251,134,000 244,823,000 259,037,000 244,278,000 237,449,000 228,464,000 242,228,000 234,184,000 230,397,000 228,542,000 229,488,000 213,808,000 208,497,000 209,615,000 203,787,000 190,680,000 182,269,000 177,883,000 184,484,000 175,422,000 168,373,000 168,628,000 177,997,000 167,002,000 166,916,000 167,576,000 175,491,000 166,574,000 160,346,000 159,200,000 170,021,000 165,423,000 160,767,000 117,220,000 93,267,000 92,840,000 88,168,000  
      property management expense
    		39,325,000 39,485,000 37,073,000 35,833,000 36,739,000 39,238,000 34,382,000 32,633,000 31,237,000 25,246,000 23,399,000 23,580,000 23,584,000 22,770,000 22,385,000 21,814,000 20,967,000 20,173,000 17,886,000 17,696,000 15,842,000 14,888,000 14,824,000 14,529,000 14,372,000 14,561,000 15,872,000 16,021,000 15,160,000 17,281,000 16,692,000 14,348,000 17,164,000 11,908,000 10,852,000 9,135,000 11,449,000  
      homebuilding cost of sales
    		39,134,000                                      
      general and administrative
    		32,319,000 23,697,000 18,444,000 23,591,000 29,518,000 23,939,000 21,727,000 21,498,000 23,448,000 22,387,000 22,714,000 19,791,000 17,452,000 16,921,000 20,123,000 19,342,000 17,639,000 19,668,000 19,369,000 19,828,000 16,950,000 16,679,000 17,972,000 14,426,000 14,228,000 15,375,000 16,405,000 15,956,000 26,538,000 25,340,000 21,152,000 24,636,000 27,636,000 63,585,000 27,462,000 18,426,000 58,266,000  
      interest expense
    		95,313,000 90,878,000 90,781,000 87,414,000 84,254,000 95,158,000 91,060,000 90,007,000 89,845,000 90,049,000 86,736,000 78,625,000 78,047,000 78,409,000 76,454,000 74,840,000 74,389,000 79,121,000 79,370,000 80,764,000 83,406,000 95,382,000 87,713,000 86,071,000 84,757,000 88,417,000 89,067,000 95,706,000 93,983,000 670,684,000 -97,564,000 -97,226,000 -92,299,000 -74,244,000 -56,796,000 -57,358,000 -68,572,000  
      depreciation and amortization
    		193,142,000 189,875,000 188,457,000 185,455,000 183,146,000 181,912,000 180,479,000 176,622,000 175,313,000 173,159,000 170,696,000 165,759,000 164,673,000 163,318,000 160,428,000 158,572,000 155,796,000 151,660,000 150,694,000 145,280,000 144,501,000 142,090,000 138,147,000 137,266,000 135,027,000 133,764,000 133,315,000 133,031,000 133,609,000 130,220,000 139,371,000 146,450,000 144,500,000 107,020,000 67,466,000 67,515,000 67,577,000  
      casualty losses, impairment, and other
    		4,345,000 311,000 3,420,000 3,029,000 4,683,000 47,563,000 20,872,000                                
      total expenses
    		654,712,000 589,069,000 597,212,000 579,600,000 575,789,000 616,274,000 590,748,000 565,297,000 554,377,000 542,452,000 535,529,000 503,431,000 493,416,000 496,856,000 503,181,000 466,603,000 452,575,000 451,551,000 456,097,000 439,970,000 429,428,000 433,693,000 438,376,000 419,114,000 418,427,000 426,633,000 434,890,000 428,959,000 435,028,000          
      gain on sale of property, net of tax
    		87,094,000 54,463,000 45,515,000 46,591,000 71,666,000 103,019,000 47,766,000 43,267,000 50,498,000 49,092,000 57,989,000 46,788,000 29,671,000 21,213,000 23,952,000 27,508,000 18,026,000 14,558,000 13,047,000 17,919,000 14,484,000 13,121,000 15,106,000 11,167,000 15,200,000 31,780,000 20,812,000 26,172,000 17,572,000 28,727,000 11,512,000 3,941,000 5,502,000 5,657,000 3,756,000 10,162,000 14,321,000  
      losses from investments in unconsolidated joint ventures
    		-3,085,000   -4,802,000 -5,218,000 -5,665,000 -12,160,000 -5,482,000 -5,138,000 -6,790,000 -4,902,000 -2,030,000 -4,155,000                          
      other
    		-2,344,000 -1,808,000 -1,769,000 -2,133,000 1,365,000 3,352,000 -9,345,000 -54,012,000 5,973,000 5,533,000 -2,533,000 -3,941,000 -1,494,000 344,000 -8,372,000 -3,827,000 594,000 -2,654,000 -1,508,000 -1,903,000 230,000 -2,121,000 -3,049,000 1,370,000 3,714,000 3,130,000 4,735,000 610,000 3,125,000 261,000 3,330,000 1,631,000 1,736,000 -477,000 613,000 -869,000 -226,000  
      net income
    		161,065,000 145,050,000 137,210,000 141,367,000 166,282,000 143,570,000 95,578,000 73,431,000 142,786,000 129,941,000 132,221,000 138,282,000 120,584,000 100,862,000 79,429,000 111,505,000 93,003,000 74,871,000 69,495,000 60,688,000 57,722,000 71,130,000 32,865,000 43,178,000 50,276,000 52,554,000 33,983,000 39,405,000 21,169,000 25,714,000 1,041,000 -14,188,000 -17,580,000 -46,454,000 -22,510,000 5,529,000 -42,391,000  
      yoy
    		-3.14% 1.03% 43.56% 92.52% 16.46% 10.49% -27.71% -46.90% 18.41% 28.83% 66.46% 24.01% 29.66% 34.71% 14.29% 83.73% 61.12% 5.26% 111.46% 40.55% 14.81% 35.35% -3.29% 9.57% 137.50% 104.38% 3164.46% -377.73% -220.42% -155.35% -104.62% -356.61% -58.53%      
      qoq
    		11.04% 5.71% -2.94% -14.98% 15.82% 50.21% 30.16% -48.57% 9.89% -1.72% -4.38% 14.68% 19.55% 26.98% -28.77% 19.89% 24.22% 7.74% 14.51% 5.14% -18.85% 116.43% -23.88% -14.12% -4.33% 54.65% -13.76% 86.14% -17.68% 2370.12% -107.34% -19.29% -62.16% 106.37% -507.13% -113.04%   
      net income margin %
    		21.94% 21.17% 19.94% 20.75% 24.65% 21.78% 14.47% 11.24% 22.10% 20.81% 21.41% 23.03% 20.44% 17.39% 13.97% 20.01% 17.47% 14.39% 13.64% 12.34% 12.15% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% Infinity% 7.97% 0.24% -3.28% -4.15% -14.08% -9.24% 2.28% -17.76%  
      net income attributable to non-controlling interests
    		-557,000 -496,000 -472,000 -480,000 -537,000 -460,000 -309,000 -243,000 -436,000 -395,000 -403,000 -418,000 -342,000 -290,000 -250,000 -542,000 -388,000 -328,000 -318,000 -350,000 -355,000 -201,500 -211,000 -275,000 -320,000       242,000 311,000      
      net income attributable to common stockholders
    		160,508,000 144,554,000 136,738,000 140,887,000 165,745,000 143,110,000 95,269,000 73,188,000 142,350,000 129,546,000 131,818,000 137,864,000 120,242,000 100,572,000 79,179,000 110,963,000 92,615,000 74,543,000 69,177,000 60,338,000 57,367,000 70,699,000 32,654,000 42,903,000 49,956,000 51,992,000 33,707,000 38,942,000 20,822,000          
      net income available to participating securities
    		-708,000 -246,000 -264,000 -222,000 -228,000 -169,000 -185,000 -207,000 -192,000 -178,000 -181,000 -166,000 -171,000 -146,000 -147,000 -148,000 -220,000 -67,000 -69,000 -96,000 -95,000 -113,000 -114,000 -119,000 -102,000 -76,500 -91,000 -109,000 -106,000          
      net income available to common stockholders — basic and diluted
    		159,800,000 144,308,000 136,474,000 140,665,000 165,517,000 142,941,000 95,084,000 72,981,000 142,158,000 129,368,000 131,637,000 137,698,000 120,071,000 100,426,000 79,032,000 110,815,000 92,395,000 74,476,000 69,108,000 60,242,000 57,272,000 70,586,000 32,540,000 42,784,000 49,854,000 51,903,000 33,616,000 38,833,000 20,716,000          
      weighted-average common shares outstanding — basic
    		605,997,344,000 612,948,321,000 613,084,571,000 613,048,193,000 612,777,606,000 612,551,317,000 612,674,802,000 612,628,758,000 612,219,520,000 611,893,784,000 612,000,811,000 611,954,347,000 611,588,465,000 609,770,610,000 610,845,820,000 610,331,643,000 606,410,225,000 577,681,070,000 577,011,178,000 567,931,472,000 567,375,502,000 553,993,321,000 560,598,995,000 548,811,968,000 542,549,512,000 531,235,962,000 537,771,245,000 525,070,036,000 521,440,822,000  520,620,519,000 520,509,058,000    311,771,221,000   
      weighted-average common shares outstanding — diluted
    		606,233,573,000 613,177,806,000 613,084,571,000 613,261,904,000 613,361,880,000 613,631,617,000 613,645,188,000 613,823,339,000 613,807,166,000 613,288,708,000 613,580,042,000 613,316,499,000 612,564,298,000 611,112,396,000 612,647,588,000 611,620,475,000 607,908,398,000 579,209,523,000 578,571,392,000 569,283,166,000 568,826,104,000 555,458,607,000 561,871,373,000 549,920,213,000 543,904,420,000 532,499,787,000 538,644,888,000 525,933,643,000 521,817,494,000  521,761,076,000 520,509,058,000    312,271,578,000   
      net income per common share — basic
    		260 240 220 230 270 230 160 120 230 210 220 230 200 170 130 180 150 120 120 110 100 120 60 80 90 90 60 70 40 -15  -30    20   
      net income per common share — diluted
    		260 240 220 230 270 230 150 120 230 210 210 220 200 170 130 180 150 120 120 110 100 120 60 80 90 90 60 70 40 -15  -30    20   
      gains on investments in equity and other securities
    		 17,250 380,000 -90,000  8,000 -257,000 1,504,000                               
      income (losses) from investments in unconsolidated joint ventures
    		 -1,972,500 2,130,000                                    
      losses on investments in equity and other securities
    		    -221,000                                  
      impairment and other
    		       10,353,000 4,137,000 3,069,000 2,496,000 1,868,000 1,163,000 5,823,000 20,004,000 1,355,000 1,515,000 3,046,000 4,294,000 980,000 356,000 -3,974,000 1,723,000 -180,000 3,127,000 6,940,000 4,740,000 1,671,000 5,392,000 7,343,000 3,252,000 4,103,000 6,121,000 7,611,000 14,572,000 706,000 1,204,000  
      gains on investments in equity securities
    		        -209,000 237,000 -499,000 524,000 88,000 61,000 -796,000 -172,000 -3,032,000 -3,597,000 4,319,000 -7,002,000                   
      income from investments in unconsolidated joint ventures
    		             -1,467,500 -849,000 -2,701,000 -2,320,000 -2,110,000 202,000 11,000 351,000                  
      joint venture management fees
    		                2,111,000 1,753,000 1,354,000 1,015,000 771,000                  
      unrealized gains on investments in equity securities
    		                    -3,140,000                  
      net (income) loss attributable to non-controlling interests
    		                         -562,000 -276,000  -347,000 133,000 -21,000        
      net loss attributable to non-controlling interests
    		                           -463,000           
      rental revenues
    		                             300,945,000 404,140,000 403,848,000 395,792,000 310,946,000 229,375,000 228,504,000 226,096,000  
      other property income
    		                             21,641,500 30,111,000 28,578,000 27,877,000 19,008,000 14,161,000 13,712,000 12,654,000  
      operating expenses:
    		                                      
      total operating expenses
    		                             265,409,000 350,488,000 354,960,000 356,188,000 307,344,000 213,619,000 188,622,000 226,664,000  
      operating income
    		                             57,177,500 83,763,000 77,466,000 67,481,000 22,610,000 29,917,000 53,594,000 12,086,000  
      yoy
    		                             152.89% 179.98% 44.54% 458.34%      
      qoq
    		                             -31.74% 8.13% 14.80% 198.46% -24.42% -44.18% 343.44%   
      operating margin %
    		0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% NaN% NaN% NaN% NaN% NaN% NaN% NaN% NaN% 17.72% 19.29% 17.91% 15.93% 6.85% 12.28% 22.13% 5.06%  
      net income attributable to common shareholders
    		                             -7,548,750 1,020,000 -13,946,000 -17,269,000      
      net income available to common shareholders — basic and diluted
    		                             -7,705,500 824,000 -14,155,000 -17,491,000 -46,236,000 -22,745,000 5,420,000   
      other incomes:
    		                                      
      total other incomes
    		                               -95,595,000 -90,563,000      
      income from continuing operations
    		                               -18,129,000 -23,082,000 -52,111,000 -26,266,000 -4,633,000 -56,712,000  
      dividends declared per common share
    		                               110 110 80 80 60   
      weighted-average common shares outstanding — basic and diluted
    		                             520,376,929,000   519,660,998,000 339,423,442,000 311,559,780,000  311,651,082,000  
      net income per common share — basic and diluted
    		                                -30 -120 -70  -80  
      other income
    		                                      
      total other income
    		                                 -45,802,000 -56,183,000 -58,227,000 -68,798,000  
      net income available to common shares — basic and diluted
    		                                    -25,512,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 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 
                                            
        assets:
      		                                      
        investments in single-family residential properties:
      		                                      
        land
      		4,964,675,000 4,986,353,000 4,970,685,000 4,960,486,000 4,919,918,000 4,901,192,000 4,888,815,000 4,867,893,000 4,869,884,000 4,881,890,000 4,907,452,000 4,774,295,000 4,789,118,000 4,800,110,000 4,810,449,000 4,802,144,000 4,769,620,000 4,737,938,000 4,664,892,000 4,578,219,000 4,551,870,000 4,539,796,000 4,501,831,000 4,487,945,000 4,498,591,000 4,499,346,000 4,491,148,000 4,522,979,000 4,532,848,000 4,561,441,000 4,575,697,000 4,635,181,000 4,637,540,000 4,646,917,000 2,733,834,000 2,716,934,000 2,701,437,000 2,703,388,000 
        building and improvements
      		17,794,164,000 17,789,827,000 17,731,477,000 17,588,206,000 17,305,856,000 17,180,308,000 17,121,848,000 16,874,787,000 16,735,151,000 16,670,006,000 16,605,269,000 15,978,921,000 15,943,278,000 15,900,825,000 15,817,725,000 15,692,603,000 15,477,060,000 15,270,443,000 14,919,417,000 14,540,813,000 14,381,231,000 14,261,954,000 14,011,329,000 13,882,606,000 13,844,299,000 13,747,818,000 13,610,784,000 13,718,005,000 13,639,736,000 13,668,533,000 13,650,475,000 13,808,251,000 13,759,959,000 13,740,981,000 7,169,872,000 7,116,587,000 7,078,678,000 7,091,457,000 
        investments in single-family residential properties: - sum
      		22,758,839,000 22,776,180,000 22,702,162,000 22,548,692,000 22,225,774,000 22,081,500,000 22,010,663,000 21,742,680,000 21,605,035,000 21,551,896,000 21,512,721,000 20,753,216,000 20,732,396,000 20,700,935,000 20,628,174,000 20,494,747,000 20,246,680,000 20,008,381,000 19,584,309,000 19,119,032,000 18,933,101,000 18,801,750,000      18,240,984,000           
        less: accumulated depreciation
      		-5,643,977,000 -5,501,558,000 -5,345,858,000 -5,186,763,000 -5,022,452,000 -4,869,374,000 -4,726,032,000 -4,577,872,000 -4,418,164,000 -4,262,682,000 -4,112,685,000 -3,963,575,000 -3,818,228,000 -3,670,561,000 -3,519,211,000 -3,369,562,000 -3,221,040,000 -3,073,059,000 -2,930,862,000 -2,785,708,000 -2,648,052,000 -2,513,057,000 -2,381,059,000 -2,252,814,000 -2,126,400,000 -2,003,972,000 -1,883,231,000 -1,777,457,000 -1,662,708,000 -1,543,914,000 -1,423,820,000 -1,321,346,000 -1,197,520,000 -1,075,634,000 -982,463,000 -917,961,000 -853,399,000 -792,330,000 
        investments in single-family residential properties
      		17,114,862,000 17,274,622,000 17,356,304,000 17,361,929,000 17,203,322,000 17,212,126,000 17,284,631,000 17,164,808,000 17,186,871,000 17,289,214,000 17,400,036,000 16,789,641,000 16,914,168,000 17,030,374,000 17,108,963,000 17,125,185,000 17,025,640,000 16,935,322,000 16,653,447,000 16,333,324,000 16,285,049,000 16,288,693,000 16,132,101,000 16,117,737,000 16,216,490,000 16,243,192,000 16,218,701,000 16,463,527,000 16,509,876,000 16,686,060,000 16,802,352,000 17,122,086,000 17,199,979,000 17,312,264,000 8,921,243,000 8,915,560,000 8,926,716,000 9,002,515,000 
        cash and cash equivalents
      		114,129,000 129,971,000 155,370,000 65,112,000 84,387,000 174,491,000 1,027,199,000 749,398,000 738,125,000 700,618,000 762,638,000 414,292,000 325,277,000 262,870,000 300,312,000 272,708,000 467,457,000 610,166,000 569,663,000 126,168,000 187,310,000 213,422,000 559,567,000 571,719,000 297,060,000 92,258,000 81,531,000 77,046,000 130,896,000 144,940,000 130,037,000 166,874,000 134,893,000 179,878,000 134,441,000 158,934,000 192,450,000 198,119,000 
        restricted cash
      		258,850,000 224,894,000 240,298,000 218,612,000 234,243,000 245,202,000 218,273,000 213,780,000 209,281,000 196,866,000 217,253,000 205,241,000 203,019,000 191,057,000 215,584,000 206,888,000 215,692,000 208,692,000 251,487,000 241,976,000 223,511,000 198,346,000 249,341,000 223,894,000 218,735,000 193,987,000 244,882,000 242,409,000 220,522,000 215,051,000 253,603,000 243,048,000 255,855,000 236,684,000 153,781,000 138,264,000 144,169,000 222,092,000 
        goodwill
      		314,154,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000 258,207,000     
        investments in unconsolidated joint ventures
      		250,572,000 254,561,000 255,867,000 232,614,000 241,882,000 241,605,000 244,647,000 268,808,000 238,330,000 247,166,000 258,030,000 267,446,000 272,906,000 280,571,000 286,897,000 244,730,000 162,433,000 130,395,000 93,096,000 77,523,000 73,849,000 69,267,000                 
        other assets
      		648,574,000 538,035,000 516,730,000 525,531,000 556,051,000 569,320,000 599,891,000 584,442,000 579,124,000 528,896,000 570,034,000 607,428,000 529,629,000 513,629,000 508,451,000 399,266,000 414,793,000 395,064,000 424,666,000 447,413,000 462,493,000 478,287,000 551,571,000 574,759,000 602,853,000 605,266,000 856,697,000 672,964,000 734,118,000 759,170,000 1,032,449,000 875,147,000 847,511,000 696,605,000 315,059,000 306,568,000 324,826,000 309,625,000 
        total assets
      		18,701,141,000 18,680,290,000 18,782,776,000 18,662,005,000 18,578,092,000 18,700,951,000 19,632,848,000 19,239,443,000 19,209,938,000 19,220,967,000 19,466,198,000 18,542,255,000 18,503,206,000 18,536,708,000 18,678,414,000 18,506,984,000 18,544,222,000 18,537,846,000 18,250,566,000 17,484,611,000 17,490,419,000 17,506,222,000 17,750,787,000 17,746,316,000 17,593,345,000 17,392,910,000 17,660,018,000 17,714,153,000 17,853,619,000 18,063,428,000 18,476,648,000 18,665,362,000 18,696,445,000 18,683,638,000 9,524,524,000 9,519,326,000 9,588,161,000 9,732,351,000 
        liabilities:
      		                                      
        secured debt
      		1,384,686,000 1,384,114,000 1,383,541,000 1,382,965,000 1,383,383,000                                  
        unsecured notes
      		4,400,877,000 4,398,921,000 4,396,973,000 3,803,985,000 3,802,333,000 3,800,688,000 3,799,034,000 3,308,276,000 3,306,873,000 3,305,467,000 3,304,082,000 2,520,017,000 2,519,100,000 2,518,185,000 2,517,272,000 2,516,359,000 1,922,716,000 1,921,974,000 931,889,000 298,399,000                   
        term loan facilities
      		2,456,807,000 2,451,985,000 2,449,770,000 2,447,555,000 2,447,764,000 2,446,041,000 2,444,054,000 3,215,993,000 3,213,904,000 3,211,814,000 3,209,725,000 3,207,635,000 3,205,643,000 3,203,567,000 2,626,491,000 2,624,412,000                       
        revolving facility
      		560,000,000 145,000,000  540,000,000 470,000,000 570,000,000 750,000,000                  270,000,000        15,000,000 35,000,000     
        accounts payable and accrued expenses
      		257,455,000 230,350,000 407,288,000 308,347,000 250,501,000 247,709,000 398,894,000 354,307,000 240,538,000 200,590,000 368,065,000 241,129,000 226,412,000 198,423,000 325,967,000 237,915,000 175,553,000 193,633,000 297,073,000 217,394,000 180,423,000 149,299,000 261,355,000 190,344,000 180,222,000 186,110,000 278,272,000 227,983,000 193,495,000 169,603,000 275,203,000 221,535,000 199,317,000 193,413,000 160,674,000 110,919,000 101,347,000 88,052,000 
        resident security deposits
      		187,066,000 184,536,000 184,315,000 184,656,000 183,684,000 180,866,000 180,484,000 179,833,000 180,197,000 180,455,000 180,111,000 177,008,000 176,697,000 175,552,000 173,280,000 171,413,000 168,008,000 165,167,000 163,663,000 162,225,000 160,205,000 157,936,000 155,871,000 154,200,000 150,160,000 147,787,000 149,023,000 151,995,000 150,672,000 148,995,000 151,305,000 152,075,000 150,202,000 146,689,000 88,976,000 88,781,000 87,792,000 86,513,000 
        other liabilities
      		325,587,000 317,492,000 297,939,000 289,201,000 285,413,000 277,565,000 92,905,000 94,818,000 74,732,000 103,435,000 101,236,000 75,847,000 79,541,000 70,025,000 79,787,000 61,736,000 119,921,000 341,583,000 453,448,000 470,879,000 494,749,000 611,410,000 672,139,000 706,327,000 666,031,000 325,450,000 400,319,000 331,742,000 207,159,000 125,829,000 30,573,000 45,410,000 41,179,000 41,999,000 28,586,000 30,460,000 26,589,000 30,084,000 
        total liabilities
      		9,572,478,000 9,112,398,000 9,119,826,000 8,956,709,000 8,823,078,000 8,908,442,000 9,681,186,000 9,172,734,000 9,039,849,000 9,030,532,000 9,196,652,000 8,259,547,000 8,250,703,000 8,213,077,000 8,332,065,000 8,224,995,000 8,319,090,000 8,699,042,000 8,727,321,000 8,864,935,000 8,858,059,000 8,950,149,000 9,419,410,000 9,402,443,000 9,635,218,000 9,126,832,000 9,483,507,000 9,676,685,000 9,632,251,000 9,694,242,000 9,912,000,000 10,081,785,000 10,059,548,000 10,033,763,000 5,922,511,000 5,875,355,000 5,930,119,000 7,774,928,000 
        commitments and contingencies
      		                                      
        equity:
      		                                      
        stockholders’ equity
      		                                      
        preferred stock, 0.01 par value per share...
      		                                      
        common stock, 0.01 par value per share...
      		5,940,000 6,108,000 6,130,000 6,130,000 6,129,000 6,126,000 6,126,000 6,126,000 6,125,000 6,120,000 6,120,000 6,120,000 6,119,000 6,114,000 6,114,000 6,104,000 6,098,000 6,010,000 5,949,000 5,687,000 5,677,000 5,671,000 5,605,000 5,605,000 5,438,000 5,416,000 5,384,000 5,251,000 5,250,000 5,206,000 5,206,000 5,205,000 5,204,000 5,192,000 3,114,000 3,104,000 3,104,000  
        additional paid-in capital
      		10,696,063,000 11,128,590,000 11,183,482,000 11,181,950,000 11,174,953,000 11,170,597,000 11,164,240,000 11,159,835,000 11,153,703,000 11,156,736,000 11,149,732,000 11,141,829,000 11,136,457,000 11,138,463,000 11,133,258,000 11,113,146,000 11,093,786,000 10,873,539,000 10,622,691,000 9,725,480,000 9,705,122,000 9,707,258,000 9,521,179,000 9,515,625,000 9,066,512,000 9,010,194,000 8,938,487,000 8,686,927,000 8,685,058,000 8,629,462,000 8,624,380,000 8,619,302,000 8,612,110,000 8,602,603,000 3,677,182,000 3,675,094,000 3,667,178,000  
        accumulated deficit
      		-1,629,420,000 -1,610,981,000 -1,571,463,000 -1,531,350,000 -1,493,971,000 -1,480,928,000 -1,275,601,000 -1,198,481,000 -1,099,957,000 -1,070,586,000 -1,039,782,000 -1,011,060,000 -989,431,000 -951,220,000 -916,138,000 -860,275,000 -836,494,000 -794,869,000 -767,232,000 -737,444,000 -700,728,000 -661,162,000 -646,950,000 -595,318,000 -556,305,000 -524,588,000 -505,887,000 -469,129,000 -439,737,000 -392,594,000 -360,344,000 -303,801,000 -232,296,000 -157,595,000 -86,450,000 -38,799,000 -25,512,000  
        accumulated other comprehensive income
      		18,451,000 6,415,000 7,795,000 11,556,000 31,320,000 60,969,000 21,310,000 63,981,000 74,826,000 63,701,000 119,728,000 112,984,000 66,326,000 97,985,000 91,892,000               -12,963,000 151,886,000 118,954,000 106,918,000 47,885,000 8,167,000 4,572,000 13,272,000  
        total stockholders’ equity
      		9,091,034,000 9,530,132,000 9,625,944,000 9,668,286,000 9,718,431,000 9,756,764,000 9,916,075,000 10,031,461,000 10,134,697,000                              
        non-controlling interests
      		37,629,000 37,760,000 37,006,000 37,010,000 36,583,000 35,745,000 35,587,000 35,248,000 35,392,000 34,464,000 33,748,000 32,835,000 33,032,000 32,289,000 31,223,000 43,299,000 42,276,000 41,062,000 40,265,000 39,637,000 52,247,000 51,248,000 50,509,000 50,109,000 49,884,000 51,656,000 79,251,000 79,789,000 81,452,000 140,075,000 143,520,000 143,917,000 144,961,000 151,790,000     
        total equity
      		9,128,663,000 9,567,892,000 9,662,950,000 9,705,296,000 9,755,014,000 9,792,509,000 9,951,662,000 10,066,709,000 10,170,089,000 10,190,435,000 10,269,546,000 10,282,708,000 10,252,503,000 10,323,631,000 10,346,349,000 10,281,989,000 10,225,132,000 9,838,804,000 9,523,245,000 8,619,676,000 8,632,360,000 8,556,073,000 8,331,377,000 8,343,873,000 7,958,127,000 8,266,078,000 8,176,511,000 8,037,468,000 8,221,368,000 8,369,186,000 8,564,648,000 8,583,577,000 8,636,897,000 8,649,875,000 3,602,013,000 3,643,971,000 3,658,042,000 1,957,423,000 
        total liabilities and equity
      		18,701,141,000 18,680,290,000 18,782,776,000 18,662,005,000 18,578,092,000 18,700,951,000 19,632,848,000 19,239,443,000 19,209,938,000 19,220,967,000 19,466,198,000 18,542,255,000 18,503,206,000 18,536,708,000 18,678,414,000 18,506,984,000 18,544,222,000 18,537,846,000 18,250,566,000 17,484,611,000 17,490,419,000 17,506,222,000 17,750,787,000 17,746,316,000 17,593,345,000 17,392,910,000 17,660,018,000 17,714,153,000 17,853,619,000 18,063,428,000 18,476,648,000 18,665,362,000 18,696,445,000 18,683,638,000 9,524,524,000 9,519,326,000 9,588,161,000 9,732,351,000 
        mortgage loans
      		     983,924,000 1,614,220,000 1,617,967,000 1,622,036,000 1,627,256,000 1,631,973,000 1,636,505,000 1,641,959,000 1,645,795,000 2,207,792,000 2,211,739,000 3,051,590,000 3,055,853,000 3,857,863,000 4,498,289,000 4,808,085,000 4,820,098,000 6,094,980,000 6,118,575,000 6,137,744,000 6,238,461,000 6,428,874,000 6,509,962,000 7,029,768,000 7,201,654,000 7,409,700,000 7,620,487,000 7,614,460,000 7,580,153,000 4,157,024,000 4,158,666,000 4,228,525,000 5,254,738,000 
        secured term loan
      		     401,649,000 401,595,000 401,540,000 401,569,000 401,515,000 401,460,000 401,406,000 401,351,000 401,530,000 401,476,000 401,421,000 401,367,000 401,313,000 401,258,000 401,204,000 401,149,000 401,095,000 401,040,000 400,986,000 401,033,000 400,978,000 400,924,000 400,869,000           
        stockholders' equity
      		                                      
        total stockholders' equity
      		         10,155,971,000 10,235,798,000 10,249,873,000 10,219,471,000 10,291,342,000 10,315,126,000 10,238,690,000 10,182,856,000 9,797,742,000 9,482,980,000 8,580,039,000 8,580,113,000 8,504,825,000 8,280,868,000 8,293,764,000 7,908,243,000 8,214,422,000 8,097,260,000 7,957,679,000 8,139,916,000 8,229,111,000         
        convertible senior notes
      		                 141,397,000 145,818,000 342,050,000 340,730,000 339,404,000 338,112,000 336,820,000 335,559,000 334,299,000 333,070,000 561,830,000 559,575,000 557,301,000 555,081,000 552,861,000 550,695,000 548,536,000     
        accumulated other comprehensive loss
      		               -20,285,000 -80,534,000 -286,938,000 -378,428,000 -413,684,000 -429,958,000 -546,942,000 -598,966,000 -632,148,000 -607,402,000 -276,600,000 -340,724,000 -265,370,000 -110,655,000          
        term loan facility
      		                2,479,935,000 2,478,122,000 2,476,309,000 2,474,495,000 2,472,718,000 2,470,907,000 1,495,913,000 1,495,191,000 1,494,469,000 1,493,747,000 1,493,025,000 1,492,304,000 1,491,582,000 1,490,860,000 1,490,138,000 1,489,417,000 1,488,695,000 1,487,973,000 1,487,251,000 1,486,529,000 1,485,866,000  
        shareholders' equity
      		                                      
        total shareholders' equity
      		                              8,421,128,000 8,439,660,000 8,491,936,000 8,498,085,000 3,602,013,000 3,643,971,000 3,658,042,000  
        credit facilities
      		                                     2,315,541,000 
        combined equity
      		                                     1,957,423,000 
        warehouse loans
      		                                      
        revenues:
      		                                      
        rental revenues
      		                                     877,991,000 
        other property income
      		                                     44,596,000 
        total revenues
      		                                     922,587,000 
        operating expenses:
      		                                      
        property operating and maintenance
      		                                     360,327,000 
        property management expense
      		                                     30,493,000 
        general and administrative
      		                                     69,102,000 
        depreciation and amortization
      		                                     267,681,000 
        impairment and other
      		                                     4,207,000 
        total operating expenses
      		                                     731,810,000 
        operating income
      		                                     190,777,000 
        other income
      		                                      
        interest expense
      		                                     -286,048,000 
        other
      		                                     -1,558,000 
        total other income
      		                                     -287,606,000 
        income from continuing operations
      		                                     -96,829,000 
        gain on sale of property
      		                                     18,590,000 
        net income
      		                                     -78,239,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 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 
                                             
          operating activities:
        		                                     
          net income
        		161,065,000 145,050,000 137,210,000 141,367,000 166,282,000 143,570,000 95,578,000 73,431,000 142,786,000 129,941,000 132,221,000 138,282,000 120,584,000 100,862,000 79,429,000 111,505,000 93,003,000 74,871,000 69,495,000 60,688,000 57,722,000 71,130,000 32,865,000 43,178,000 50,276,000 52,554,000 33,983,000 39,405,000 21,169,000 25,714,000 1,041,000 -14,188,000 -17,580,000 -46,454,000 -22,510,000 5,529,000 -42,391,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                                     
          depreciation and amortization
        		193,142,000 189,875,000 188,457,000 185,455,000 183,146,000 181,912,000 180,479,000 176,622,000 175,313,000 173,159,000 170,696,000 165,759,000 164,673,000 163,318,000 160,428,000 158,572,000 155,796,000 151,660,000 150,694,000 145,280,000 144,501,000 142,090,000 138,147,000 137,266,000 135,027,000 133,764,000 133,315,000 133,031,000 133,609,000 130,220,000 139,371,000 146,450,000 144,500,000 107,020,000 67,466,000 67,515,000 67,577,000 
          share-based compensation expense
        		10,700,000 7,293,000 1,916,000 8,464,000 10,157,000 7,109,000 5,417,000 7,492,000 7,900,000 8,010,000 8,929,000 6,066,000 6,498,000 6,397,000 7,930,000 7,989,000 6,646,000 6,098,000 6,052,000 9,206,000 5,814,000 4,797,000 6,086,000 2,106,000 4,101,000 4,311,000 4,625,000 3,615,000 5,607,000 5,917,000 6,068,000 8,016,000 9,498,000 16,739,000 12,004,000 8,216,000 44,244,000 
          amortization of deferred financing costs
        		8,052,000 5,444,000 5,354,000 5,723,000 4,982,000 5,188,000 5,010,000 4,200,000 4,200,000 4,200,000 4,131,000 3,961,000 3,911,000 3,909,000 3,910,000 3,657,000 3,538,000 3,387,000 3,172,000 3,057,000 3,510,000 7,675,000 3,800,000 6,401,000 7,952,000 9,873,000 9,228,000 10,008,000 10,150,000 9,366,000 8,147,000 5,683,000 3,995,000 2,721,000 3,195,000 5,028,000 11,327,000 
          amortization of debt discounts
        		900,000 893,000 840,000 789,000 781,000 764,000 684,000 657,000 660,000 663,000 532,000 403,000 400,000 399,000 399,000 393,000 462,000 935,000 2,481,000 1,414,000 1,414,000 1,381,000 1,380,000 1,349,000 1,348,000 1,317,000 1,317,000 2,345,000 2,364,000 2,308,000 2,308,000 2,254,000 2,254,000     
          provisions for impairment
        		469,000 223,000 335,000 36,000 63,000 176,000 270,000 0 60,000 85,000 83,000 81,000 178,000 72,000 101,000 36,000 101,000 0 126,000 93,000 431,000 376,000 289,000 1,442,000 2,471,000 2,921,000 3,960,000 4,076,000 3,253,000 3,139,000 1,296,000 1,671,000 603,000 675,000 424,000 95,000 1,037,000 
          gain on sale of property, net of tax
        		-87,094,000  -45,515,000 -46,591,000 -71,666,000  -47,766,000 -43,267,000 -50,498,000  -57,989,000 -46,788,000 -29,671,000 -21,213,000 -23,952,000 -27,508,000 -18,026,000 -14,558,000 -13,047,000 -17,919,000 -14,484,000 -13,121,000 -15,106,000 -11,167,000 -15,200,000 -31,780,000 -20,812,000 -26,172,000 -17,572,000 -28,727,000 -11,512,000 -3,941,000 -5,502,000 -5,657,000 -3,756,000 -10,162,000 -14,321,000 
          change in fair value of derivative instruments
        		541,000 553,000 611,000 -2,421,000 -3,731,000 5,252,000 2,524,000 2,321,000 2,322,000 2,364,000 2,341,000 2,375,000 2,295,000 2,351,000 2,360,000 2,375,000 2,400,000 4,269,000 3,212,000 3,557,000 3,622,000 4,719,000 1,703,000 1,616,000 1,091,000 -97,000 -160,000 -181,000 2,351,000 3,241,000 2,946,000 3,606,000 2,246,000 1,853,000 190,000 50,000 3,752,000 
          losses from investments in unconsolidated joint ventures, net of operating distributions
        		5,257,000 4,032,000 -1,388,000 5,434,000 5,880,000 6,419,000 12,818,000                               
          other non-cash amounts included in net income
        		4,499,000 -711,000 6,312,000 1,327,000 841,000 20,077,000 12,119,000 10,184,000 1,169,000 1,336,000 2,128,000 1,052,000 1,056,000 30,448,000 -66,000 123,000 458,000 862,000 991,000 1,042,000 1,103,000 1,474,000 2,163,000               
          changes in operating assets and liabilities:
        		                                     
          other assets
        		-24,450,000 1,652,000 7,149,000 10,447,000 -28,033,000 4,091,000 7,455,000 20,013,000 -60,793,000 -5,058,000 3,335,000 -11,768,000 -11,033,000 -8,934,000 5,466,000 -6,360,000 -1,059,000 -5,145,000 3,893,000 -11,040,000 -2,803,000 -15,712,000 -8,012,000 -3,501,000 -10,787,000 -6,672,000 5,605,000 -10,127,000 304,000 -2,388,000 -4,027,000 15,722,000 -23,390,000 4,006,000 -6,047,000 7,342,000 -15,906,000 
          accounts payable and accrued expenses
        		20,047,000 -173,777,000 96,097,000 73,599,000 23,689,000 -146,978,000 43,247,000 108,454,000 41,779,000 -161,451,000 119,867,000 20,872,000 45,087,000 -145,873,000 89,821,000 65,354,000 -15,291,000 -104,097,000 69,930,000 32,762,000 34,297,000 -110,011,000 65,359,000 22,146,000 -4,534,000 -90,541,000 46,977,000 23,769,000 25,002,000 -109,998,000 53,667,000 18,768,000 10,920,000 -81,711,000 47,363,000 7,847,000 16,207,000 
          resident security deposits
        		2,530,000 221,000 -341,000 972,000 2,818,000 382,000 651,000 -364,000 -258,000 344,000 3,103,000 311,000 1,145,000 2,272,000 1,867,000 3,405,000 2,841,000 1,504,000 1,438,000 2,020,000 2,269,000 2,065,000 1,671,000 4,040,000 2,373,000 -1,236,000 -2,972,000 1,323,000 1,677,000 -2,310,000 -770,000 1,873,000 3,513,000 818,000 195,000 989,000 1,279,000 
          other liabilities
        		-2,611,000 2,296,000 -2,055,000 -2,229,000 5,086,000 7,873,000 -5,128,000 5,472,000 -5,004,000 -23,970,000 25,245,000 -1,871,000 7,807,000 -13,053,000 20,419,000 -7,765,000 -3,497,000 -2,752,000 15,492,000 -10,577,000 -2,430,000 997,000 -3,610,000 10,530,000 932,000 1,407,000 -2,306,000 -1,780,000 2,271,000 6,559,000 -4,075,000 -8,163,000 -2,668,000 -10,526,000 -71,000 -1,226,000 412,000 
          net cash from operating activities
        		293,047,000 128,650,000 394,602,000 382,462,000 300,516,000 132,808,000 313,615,000 369,797,000 265,585,000 87,544,000 420,803,000 280,950,000 317,791,000 119,641,000 351,889,000 317,023,000 235,034,000 125,346,000 312,213,000 229,513,000 240,588,000 71,040,000 229,737,000 218,214,000 177,721,000 71,282,000 215,506,000 182,159,000 193,183,000 48,160,000 202,746,000 180,255,000 130,080,000 -7,478,000 100,041,000 96,365,000 70,861,000 
          capital expenditures
        		0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 
          free cash flows
        		293,047,000 128,650,000 394,602,000 382,462,000 300,516,000 132,808,000 313,615,000 369,797,000 265,585,000 87,544,000 420,803,000 280,950,000 317,791,000 119,641,000 351,889,000 317,023,000 235,034,000 125,346,000 312,213,000 229,513,000 240,588,000 71,040,000 229,737,000 218,214,000 177,721,000 71,282,000 215,506,000 182,159,000 193,183,000 48,160,000 202,746,000 180,255,000 130,080,000 -7,478,000 100,041,000 96,365,000 70,861,000 
          investing activities:
        		                                     
          acquisition and initial renovations of single-family residential properties
        		-71,552,000                                     
          other capital expenditures for single-family residential properties
        		-57,045,000 -58,788,000 -73,101,000 -59,951,000 -50,912,000 -51,717,000 -68,545,000 -54,646,000 -44,486,000 -58,704,000 -59,594,000 -52,792,000 -50,012,000 -56,108,000 -60,691,000 -50,421,000 -40,850,000 -45,508,000 -45,264,000 -37,205,000 -34,855,000 -44,582,000 -43,677,000 -43,805,000 -40,220,000 -45,821,000 -48,262,000 -40,669,000 -29,492,000 -36,888,000 -43,884,000 -29,683,000 -31,233,000 -24,446,000 -12,877,000 -10,333,000 -10,800,000 
          proceeds from sale of single-family residential properties
        		185,161,000 124,300,000 106,114,000 105,020,000 162,672,000 279,327,000 87,098,000 86,806,000 131,945,000 133,646,000 138,667,000 127,887,000 87,855,000 58,465,000 66,713,000 66,492,000 48,364,000 44,446,000 50,279,000 67,622,000 69,329,000 76,441,000 109,758,000 105,410,000 123,318,000 362,359,000 156,701,000           
          acquisition of homebuilding platform
        		-91,076,000                                     
          investments in land and construction in progress
        		-8,879,000                                     
          investments in unconsolidated joint ventures
        		-3,677,000 -5,903,000 -26,906,000 -2,413,000 -10,460,000 -4,640,000 -618,000 -38,181,000 -747,000 0 -192,000 0 -250,000 -1,140,000 -45,000,000 -86,888,000 -34,700,000 -40,000,000 -16,000,000 -4,000,000 -5,000,000                 
          non-operating distributions from unconsolidated joint ventures
        		2,409,000 3,177,000 5,041,000 7,057,000 4,303,000 1,263,000 11,961,000 1,617,000 3,843,000 3,614,000 3,926,000 2,721,000 2,966,000 3,185,000 1,292,000 1,412,000 230,000 505,000 505,000 209,000 671,000                 
          fundings of construction loans
        		-10,063,000                                     
          other investing activities
        		2,438,000 -15,663,000 -7,957,000 -28,503,000 -25,380,000 -25,535,000 -14,067,000 -24,154,000 -1,336,000 -8,880,000 302,000 -5,321,000 -13,163,000 -15,908,000 -6,422,000 -3,650,000 -12,559,000 -5,760,000 -11,237,000 -3,703,000 -143,000 -2,023,000 38,000 -110,000 -93,000 509,000 1,162,000 3,372,000 -209,000 2,914,000 161,000 946,000 -9,260,000     
          net cash from investing activities
        		-52,284,000 -81,574,000 -154,078,000 -302,691,000 -114,224,000 26,827,000 -292,497,000 -175,304,000 -24,896,000 -3,956,000 -677,611,000 -22,144,000 -69,841,000 -58,324,000 -175,405,000 -291,458,000 -289,226,000 -431,248,000 -445,435,000 -160,319,000 -122,556,000 -230,781,000 -104,871,000 -8,762,000 -80,742,000 128,797,000 -65,762,000 -15,836,000 55,027,000 204,027,000 48,340,000 -87,376,000 -101,998,000 64,711,000 -85,928,000 -37,035,000 111,534,000 
          financing activities:
        		                                     
          payment of dividends and dividend equivalents
        		-184,518,000 -178,016,000 -178,020,000 -178,565,000 -178,241,000 -172,595,000 -171,711,000 -171,703,000 -173,235,000 -159,288,000 -159,289,000 -159,265,000 -160,287,000 -134,656,000 -134,569,000 -134,983,000 -134,825,000 -101,702,000 -98,283,000 -96,597,000 -97,230,000 -84,500,000 -84,195,000 -81,682,000 -81,774,000 -69,917,000 -70,465,000 -68,334,000 -67,965,000 -57,518,000 -57,563,000 -57,559,000 -57,432,000     
          distributions to non-controlling interests
        		-639,000 -640,000 -621,000 -729,000 -601,000 -1,182,000 -580,000 -1,011,000 -553,000 -514,000 -514,000 -855,000 -491,000 -414,000 -488,000 -915,000 -580,000 -448,000 -448,000 -606,000 -605,000 -534,000 -535,000 -534,000 -534,000 -464,000 -724,000 -711,000 -1,175,000 -995,000 -992,000 -996,000 -1,037,000     
          repurchases of common stock
        		-447,210,000                                     
          payment of taxes related to net share settlement of rsus
        		-3,951,000 -6,000 -226,000 -729,000 -4,800,000 0 -264,000 -699,000 -9,931,000 0 -22,000 -597,000 -7,530,000 -19,000 0 -1,878,000 -10,972,000 -8,000 0 -1,990,000 -7,413,000 -1,054,000 -12,000 -190,000 -3,171,000 0 -56,000 -1,385,000 -6,723,000 -835,000 -989,000 -823,000 -6,598,000     
          payments on secured debt
        		 1,000 0 -1,012,000 -2,787,000                                 
          proceeds from revolving facility
        		415,000,000 145,000,000 130,000,000 170,000,000 100,000,000 0    0    0 0   0 100,000,000   0 0 0 320,000,000  80,000,000 115,000,000 20,000,000 75,000,000 110,000,000       
          payments on revolving facility
        		 0 -670,000,000 -100,000,000 -200,000,000     0    0 0   0 -100,000,000   0 0 -270,000,000 -50,000,000  -80,000,000 -115,000,000 -20,000,000 -75,000,000 -110,000,000 -115,000,000 -20,000,000     
          deferred financing costs paid
        		 0 -5,675,000 -2,873,000 -255,000 24,000    -26,000 -7,288,000   0 3,000   -8,988,000 -6,336,000        0   -13,189,000 -3,000 -30,719,000 -11,770,000     
          other financing activities
        		-1,331,000 -1,011,000 -900,000 -769,000 -671,000 -769,000 -1,948,000 -576,000 -1,249,000 -872,000 -754,000 -689,000 -664,000 -660,000 -643,000 -748,000 -14,264,000 -21,504,000 -761,000 -679,000 -709,000 -15,990,000 -715,000 -714,000 -484,000  -246,000 -136,000 -108,000 -305,000 -113,000 -897,000 -361,000     
          net cash from financing activities
        		-222,649,000 -87,879,000 -128,580,000 -114,677,000 -287,355,000 -985,414,000 261,176,000 -178,721,000 -190,767,000 -165,995,000 617,166,000 -167,569,000 -173,581,000 -123,286,000 -140,184,000 -229,118,000 -81,517,000 303,610,000 586,228,000 -111,871,000 -118,979,000 -237,399,000 -111,571,000 70,366,000 132,571,000  -142,786,000 -198,286,000 -256,783,000 -275,836,000 -277,368,000 -73,705,000 -53,896,000     
          change in cash, cash equivalents, and restricted cash
        		18,114,000 -40,803,000 111,944,000 -34,906,000 -101,063,000 -825,779,000 282,294,000 15,772,000 49,922,000 -82,407,000 360,358,000 91,237,000 74,369,000 -61,969,000 36,300,000 -203,553,000 -135,709,000 -2,292,000 453,006,000 -42,677,000 -947,000 -397,140,000 13,295,000 279,818,000 229,550,000  6,958,000 -31,963,000 -8,573,000 -23,649,000 -26,282,000 19,174,000 -25,814,000     
          cash, cash equivalents, and restricted cash, beginning of period
        		354,865,000 0 0 0 419,693,000 0 0 0 897,484,000 0 0 0 453,927,000 0 0 0 818,858,000 0 0 0 411,768,000 0 0 0 286,245,000  0 0 359,991,000 0 0 0 416,562,000     
          cash, cash equivalents, and restricted cash, end of period
        		372,979,000 -40,803,000 111,944,000 -34,906,000 318,630,000 -825,779,000 282,294,000 15,772,000 947,406,000 -82,407,000 360,358,000 91,237,000 528,296,000 -61,969,000 36,300,000 -203,553,000 683,149,000 -2,292,000 453,006,000 -42,677,000 410,821,000 -397,140,000 13,295,000 279,818,000 515,795,000  6,958,000 -31,963,000 351,418,000 -23,649,000 -26,282,000 19,174,000 390,748,000     
          gains on sale of property, net of tax
        		                                     
          acquisition of single-family residential properties
        		 -72,075,000 -169,982,000 -319,992,000 -190,844,000 -192,608,000 -298,702,000 -134,349,000 -109,988,000 -62,825,000 -787,826,000 -59,150,000 -59,869,000 -55,543,000 -92,875,000 -213,754,000 -202,534,000 -383,029,000 -437,821,000 -178,509,000 -127,467,000 -284,282,000 -157,514,000 -42,430,000 -137,471,000 -180,933,000 -158,836,000 -190,848,000 -55,458,000 -67,906,000 -64,336,000 -71,663,000 -48,486,000 -74,345,000 -69,522,000   
          initial renovations to single-family residential properties
        		 -6,263,000 -6,758,000 -8,102,000 -7,209,000 -7,775,000 -8,389,000 -5,972,000 -8,469,000 -11,227,000 -9,480,000 -4,181,000 -5,319,000 -17,428,000 -32,146,000 -36,478,000 -36,319,000 -24,832,000 -15,119,000 -14,968,000 -22,489,000 -27,103,000 -10,043,000 -30,581,000 -31,042,000 -22,420,000 -16,268,000 -9,105,000 -9,644,000 -9,950,000 -10,033,000 -8,930,000 -16,820,000 -21,125,000 -8,474,000 -6,171,000 -6,855,000 
          investments in land held for development
        		                                     
          repayment proceeds from retained debt securities
        		     31,564,000 199,000 215,000 226,000 234,000 292,000 177,000 158,000 28,142,000 234,000 41,968,000 202,000 40,170,000 32,035,000 15,483,000 728,000 63,973,000 1,346,000 1,248,000 5,539,000 9,926,000 4,347,000 27,246,000 8,441,000 74,367,000 90,455,000 59,099,000 114,000 48,376,000 0   
          investments in equity securities
        		 -633,000 -1,124,000 -82,000 -1,053,000 -1,270,000 -2,937,000 -123,000 -388,000 -967,000 -328,000 -1,151,000 -31,131,000                         
          proceeds from unsecured notes
        		 0    0    0    0 0   998,462,000 639,574,000                   
          proceeds from term loan facility
        		                                     
          payments on term loan facility
        		                                     
          supplemental cash flow disclosures:
        		                                     
          interest paid, net of amounts capitalized
        		 65,888,000 93,767,000 71,662,000 91,627,000 73,736,000    78,215,000 66,150,000   79,188,000 66,430,000   64,217,000 72,198,000           76,966,000 84,092,000 87,118,000 87,797,000     
          interest capitalized as investments in single-family residential properties
        		 127,000 337,000 294,000 770,000 396,000    1,025,000 741,000                           
          cash paid for income taxes
        		 14,000 3,000   51,000    159,000 60,000   37,000 390,000   202,000 106,000           500,000 196,000 702,000 671,000     
          cash paid for amounts included in the measurement of lease liabilities:
        		                                     
          operating cash flows from operating leases
        		 1,185,000 1,333,000 979,000 1,012,000 1,553,000    1,429,000 1,494,000   1,464,000 1,486,000   1,387,000 1,559,000                   
          financing cash flows from finance leases
        		 1,011,000 897,000 772,000 671,000 769,000    841,000 754,000   610,000 644,000   677,000 761,000                   
          non-cash investing and financing activities:
        		                                     
          accrued renovation improvements at period end
        		 -555,000 169,000 167,000 954,000 -684,000    -1,571,000 2,264,000   -3,575,000 -2,091,000   2,058,000 5,135,000           1,288,000 -313,000 467,000 5,747,000     
          accrued residential property capital improvements at period end
        		 -2,868,000 850,000 2,181,000 8,618,000 -2,415,000    -5,455,000 4,810,000   -1,906,000 -152,000   -1,887,000 3,935,000           -2,501,000 811,000 3,030,000 5,849,000     
          deferred payment for acquisition of single-family residential properties
        		                                     
          transfer of residential property, net to other assets, net for held for sale assets
        		 52,106,000 41,789,000 26,021,000 30,771,000 49,977,000    44,684,000 43,906,000   25,621,000 20,800,000   14,256,000 21,694,000           70,105,000 277,012,000 34,715,000 59,173,000     
          change in other comprehensive income from cash flow hedges
        		 -1,938,000 -4,385,000 -17,404,000 -26,014,000 34,535,000    -58,530,000 4,426,000                   -170,707,000 30,571,000 9,378,000 57,516,000     
          rou assets obtained in exchange for operating lease liabilities
        		 0 11,545,000 2,140,000 2,741,000 30,000    229,000 13,000   3,858,000 348,000   0 0                   
          rou assets obtained in exchange for finance lease liabilities
        		 4,388,000 965,000 2,729,000 178,000 231,000    1,198,000 882,000   45,000 0   0                    
          dividends declared but not paid
        		 5,946,000 -4,000 57,000 177,963,000                                 
          repurchases of common stock accrued but not paid
        		                                     
          gains on investments in equity and other securities
        		      257,000                               
          deposits for acquisition of single-family residential properties
        		  20,595,000 4,275,000 4,659,000             -26,477,000 -22,473,000                   
          proceeds from term loan facilities
        		              0                       
          payments on term loan facilities
        		                                     
          losses on investments in equity and other securities
        		   90,000 221,000                                 
          cash refund of income taxes
        		    -37,000                                 
          proceeds from sale of investments in equity securities
        		             0 0 0 5,762,000 9,237,000 19,660,000                   
          payments on mortgage loans
        		     -630,892,000 -4,326,000 -4,649,000 -5,799,000 -5,295,000 -5,111,000 -5,710,000 -4,375,000 -562,537,000 -4,487,000 -840,390,000 -4,835,000 -802,547,000 -640,963,000 -310,333,000 -13,022,000 -1,276,835,000 -26,114,000 -24,290,000 -107,387,000 -199,006,000 -89,032,000 -528,571,000 -180,812,000 -1,163,298,000 -217,708,000 -2,325,319,000 -873,269,000    -1,030,471,000 
          payments on secured term loan
        		     0 0   0 0 0 -234,000         0 0               
          proceeds from issuance of common stock
        		             0 0 14,408,000 83,959,000 240,345,000    182,925,000 0 447,877,000 55,921,000             
          net settlement of 2022 convertible notes in shares of common stock
        		             0 0   5,001,000 198,502,000                   
          amounts deposited and held by others
        		      1,503,000 -6,517,000 4,504,000  36,622,000 -30,334,000 -1,076,000  -6,510,000 -10,139,000 -16,822,000    -3,330,000 3,140,000 -4,779,000 1,506,000 -773,000 5,177,000 -4,606,000 207,000 -1,173,000 1,040,000 -1,239,000       
          losses on investments in equity securities
        		        209,000 -237,000 499,000 -524,000 -88,000 -61,000 796,000 172,000 3,032,000 3,597,000 -4,319,000                   
          loss from investments in unconsolidated joint ventures, net of operating distributions
        		        5,740,000  5,682,000 2,739,000 4,949,000  1,541,000 3,179,000 2,432,000                     
          change in other comprehensive loss from cash flow hedges
        		                                     
          amortization of deferred leasing costs
        		              1,440,000 1,896,000 2,198,000 2,519,000 2,681,000 2,811,000 2,735,000 2,903,000 3,002,000 2,972,000 2,856,000 2,913,000 2,648,000 2,481,000 2,579,000 2,709,000 2,716,000 2,989,000 2,844,000 2,894,000 3,023,000 3,087,000 3,139,000 
          proceeds from secured term loan
        		                          0           
          net settlement of 2019 convertible notes in shares of common stock
        		                                     
          income from investments in unconsolidated joint ventures, net of operating distributions
        		                  -78,000 117,000 -253,000                 
          change in other comprehensive gain from cash flow hedges
        		                  32,277,000                   
          unrealized losses on investments in equity securities
        		                    3,140,000                 
          unrealized gains on investments in equity securities
        		                                     
          purchases of investments in debt securities
        		                             -48,018,000 0 -117,887,000 -45,832,000 -43,254,000 0   
          proceeds from mortgage loans
        		                             960,304,000 0 2,357,608,000 916,571,000     
          capital leases
        		                             0 -239,000 239,000 2,209,000     
          other noncash amounts included in net income
        		                        -185,000 -7,452,000 98,000 366,000 419,000 2,410,000 5,570,000 -485,000 -1,153,000 -1,033,000 -985,000 -585,000 -337,000 
          cash and restricted cash acquired in the mergers
        		                                     
          proceeds from ipo, net of underwriting discounts
        		                                 0    
          ipo costs paid
        		                                     
          merger costs paid
        		                                     
          payments on credit facilities
        		                                    -2,321,585,000 
          proceeds from atm equity program
        		                                     
          proceeds from sale of residential properties
        		                            142,562,000 288,947,000 78,932,000 71,715,000 51,105,000 53,267,000 23,474,000 55,587,000 73,652,000 
          corporate capital expenditures
        		                             -479,000 -1,716,000 -1,803,000 -29,000 -1,277,000 -1,315,000 -1,224,000 -270,000 
          contributions
        		                                     
          proceeds from credit facilities
        		                                     
          payments on warehouse loans
        		                                     
          noncash investing and financing activities
        		                                     
          reclassification of ipo costs from other assets to additional paid-in capital
        		                                     
          redemption of series a preferred stock
        		                                  0 0 -1,153,000 
          noncash investing and financing activities:
        		                                     
          change in amounts deposited and held by others
        		                                -1,557,000     
          amortization of discount on mortgage loans
        		                                 1,188,000 88,000 59,000 55,000 
          restricted cash related to security deposits
        		                                 -1,011,000 -538,000 2,581,000 -5,213,000 
          restricted cash related to derivative collateral
        		                                     
          cash acquired in the mergers
        		                                     
          change in restricted cash
        		                                     
          payment of dividends, dividend equivalents, and distributions
        		                                     
          paid in kind interest on warehouse loan
        		                                     
          change in operating assets and liabilities:
        		                                     
          changes in amounts deposited and held by others
        		                                  -2,235,000 -395,000 484,000 
          changes in restricted cash
        		                                  -14,979,000 3,324,000 83,136,000 
          cash paid for employee taxes for settlement of rsus
        		                                     
          dividends paid
        		                                     
          proceeds from initial offering, net of underwriting discounts
        		                                   0 1,692,058,000 
          offering costs paid
        		                                   -300,000 -2,457,000 
          acquisition of residential properties
        		                                    -27,813,000 
          noncash incentive compensation expense
        		                                     
          accretion of discount on investments in debt securities
        		                                     
          benefit from (recovery of) uncollectible resident receivables
        		                                     
          (gain) loss on sale of property
        		                                     
          paid in kind interest on warehouse loans
        		                                     
          paid in kind interest on class b notes receivable
        		                                     
          straight-line rent
        		                                     
          issuance of series a preferred stock
        		                                     
          notes receivable (issued to) repaid by class b unitholders