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SINGLE-FAMILY RENTAL PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Single-Family Rental Properties
The following table summarizes the net carrying value of investments in SFR properties:
December 31,
20242023
Land$191,992 $183,359 
Building767,966 733,437 
Capital improvements150,811 138,869 
Total gross investment in SFR properties1,110,769 1,055,665 
Accumulated depreciation(82,474)(53,737)
Investment in SFR Properties, Net$1,028,295 $1,001,928 
Schedule of Activity in Single-Family Rental Properties
The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 2022$971,313 $— $971,313 
Acquisitions and capital improvements67,013 — 67,013 
Transfers to HFS(9,561)9,561 — 
Dispositions(250)(7,990)(8,240)
Depreciation expense(28,158)— (28,158)
Balance at December 31, 20231,000,357 1,571 1,001,928 
Acquisitions and capital improvements70,355 — 70,355 
Transfers to HFS(50,615)50,615 — 
Dispositions(1,140)(12,893)(14,033)
Depreciation expense(29,955)— (29,955)
Balance at December 31, 2024$989,002 $39,293 $1,028,295 
The following table summarizes the activity for the period of the SFR portfolio by properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20223,731 — 3,731 
Acquisition of SFR properties182 — 182 
Transfer to HFS(30)30 — 
Disposition of SFR properties(1)(24)(25)
Balance at December 31, 20233,882 6 3,888 
Acquisition of SFR properties219 — 219 
Transfer to HFS(206)206 — 
Disposition of SFR properties(4)(54)(58)
Balance at December 31, 20243,891 158 4,049 
Schedule Of Rental And Variable Revenue
The following table summarizes rental revenue and other variable revenue included in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
Year Ended December 31,
202420232022
Rental revenue$76,561 $73,216 $54,567 
Other variable revenue4,524 2,299 464 
Total Revenue$81,085 $75,515 $55,031 
Schedule of Future Minimum Rental Revenues
The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2025$39,067 
2026 and thereafter
3,419 
Total$42,486