Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment

In addition to the revenues and significant segment expenses included within the consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the years ended December 31, 2024, 2023 and 2022:


	For the Years Ended December 31,
	2024		2023		2022
Property operating expenses
Property tax expense	$	252,406	$	239,425	$	217,584
HOA fees	26,911		25,768		23,949
Repairs and maintenance and turnover costs	326,745		316,318		296,464
Insurance	19,821		17,948		14,094
Total property operating expenses	$	625,883	$	599,459	$	552,091

The table below summarizes the significant expense categories included in Core NOI and regularly provided to the CODM for the years ended December 31, 2024, 2023 and 2022:


	For the Years Ended December 31,
(Amounts in thousands)	2024		2023		2022
Core revenues	$	1,507,266	$	1,408,050	$	1,287,928

Core property operating expenses
Property tax expense	252,406		239,425		217,584
HOA fees, net of tenant charge-backs	26,911		25,768		23,949
Repairs and maintenance and turnover costs, net of tenant charge-backs	113,206		108,373		100,213
Insurance	19,821		17,948		14,094
Property management expenses, net of tenant charge-backs and excluding share-based compensation	116,615		111,723		102,482
Total core property operating expenses	528,959		503,237		458,322

Core NOI	$	978,307	$	904,813	$	829,606

Reconciliation of core revenues to rents and other single-family property revenues

Core revenues	$	1,507,266	$	1,408,050	$	1,287,928
Tenant charge-backs	221,431		215,555		202,606
Rents and other single-family property revenues	$	1,728,697	$	1,623,605	$	1,490,534

Reconciliation of Core NOI to net income

Core NOI	$	978,307	$	904,813	$	829,606
Noncash share-based compensation - property management	(4,814)		(4,030)		(3,861)
General and administrative expense	(83,590)		(74,615)		(68,057)
Interest expense	(165,351)		(140,198)		(134,871)
Acquisition and other transaction costs	(12,192)		(16,910)		(23,452)
Depreciation and amortization	(477,010)		(456,550)		(426,531)
Hurricane-related charges, net	(8,884)		—		(6,133)
Loss on early extinguishment of debt	(6,323)		—		—
Gain on sale and impairment of single-family properties and other, net	225,756		209,834		136,459
Other income and expense, net	22,243		9,798		6,865
Net income	$	468,142	$	432,142	$	310,025