Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 468,142	$ 432,142	$ 310,025
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	477,010	456,550	426,531
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	11,489	12,279	11,673
Noncash share-based compensation	30,984	25,370	27,308
Loss on early extinguishment of debt	6,323	0	0
Equity in net loss (income) of unconsolidated entities	6	(1,227)	(3,066)
Return on investment from unconsolidated joint ventures	1,946	3,345	5,711
Gain on sale and impairment of single-family properties and other, net	(225,756)	(209,834)	(136,459)
Other changes in operating assets and liabilities:
Rent and other receivables	(1,710)	879	(8,146)
Prepaid expenses and other assets	11,201	(21,545)	(7,144)
Deferred leasing costs	(3,966)	(3,113)	(2,586)
Accounts payable and accrued expenses	34,362	44,264	43,615
Amounts due from related parties	1,504	(421)	(1,944)
Net cash provided by operating activities	811,535	738,689	665,518
Investing activities
Cash paid for single-family properties	(495,912)	(12,784)	(595,171)
Change in escrow deposits for purchase of single-family properties	5,482	4,928	20,431
Net proceeds received from sales of single-family properties and other	573,182	469,463	292,509
Proceeds received from storm-related insurance claims	0	4,050	1,981
Proceeds from notes receivable related to the sale of properties	540	698	34,090
Investment in unconsolidated joint ventures	(19,680)	(12,614)	(25,313)
Distributions from joint ventures	116,311	47,736	68,310
Renovations to single-family properties	(34,052)	(40,137)	(98,019)
Recurring and other capital expenditures for single-family properties	(121,751)	(134,176)	(138,779)
Cash paid for development activity	(845,851)	(979,848)	(921,423)
Cash paid for deposits on land option contracts	(653)	(1,142)	(14,548)
Proceeds from asset-backed securitization certificates	25,666	0	0
Other investing activities	(29,158)	(38,752)	(49,570)
Net cash used for investing activities	(825,876)	(692,578)	(1,425,502)
Financing activities
Redemption of perpetual preferred shares	0	0	(155,000)
Proceeds from issuances under share-based compensation plans	6,422	6,539	4,935
Payments related to tax withholding for share-based compensation	(9,016)	(3,966)	(4,812)
Payments on asset-backed securitizations	(952,191)	(24,470)	(22,583)
Proceeds from unsecured senior notes, net of discount	1,594,052	0	876,813
Settlement of cash flow hedging instruments	8,595	0	0
Proceeds from liabilities related to consolidated land not owned	0	0	60,217
Payments related to liabilities to repurchase consolidated land not owned	(82,001)	0	0
Distributions to noncontrolling interests	(53,287)	(45,071)	(36,853)
Distributions to common shareholders	(383,535)	(319,498)	(252,506)
Distributions to preferred shareholders	(13,944)	(13,944)	(17,081)
Deferred financing costs paid	(25,216)	0	(8,225)
Net cash provided by (used for) financing activities	142,696	(42,210)	786,177
Net increase in cash, cash equivalents and restricted cash	128,355	3,901	26,193
Cash, cash equivalents and restricted cash, beginning of period	221,861	217,960	191,767
Cash, cash equivalents and restricted cash, end of period	350,216	221,861	217,960
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(128,056)	(128,027)	(116,404)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	69,865	71,637	71,069
Transfers of completed homebuilding deliveries to properties	837,258	683,688	502,207
Property and land contributions to unconsolidated joint ventures	(156,934)	(46,109)	(35,843)
Property and land distributions from unconsolidated joint ventures	0	0	8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	1,625	963	5,059
Accrued distributions to affiliates	1,917	1,248	404
Accrued distributions to non-affiliates	149	142	106
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	400,000	200,000	620,000
Payments on revolving credit facility	(490,000)	(240,000)	(840,000)
Class A common shares
Financing activities
Proceeds from issuance of Class A common shares	143,074	398,600	561,472
Payments of Class A common share issuance costs	$ (257)	$ (400)	$ (200)