SINGLE-FAMILY RENTAL PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Single-Family Rental Properties

The following table summarizes the net carrying value of investments in SFR properties:

	December 31,
	2023		2022
Land	$	183,359	$	175,607
Building	733,437		702,427
Capital improvements	138,869		118,999
Total gross investment in SFR properties	1,055,665		997,033
Accumulated depreciation	(53,737)		(25,720)
Investment in SFR properties, net	$	1,001,928	$	971,313

Schedule of Activity in Single-Family Rental Properties

The following table summarizes the activity related to the net carrying value of investments in SFR properties:

	SFR Properties Held- for-Investment		SFR Properties Held- for-Sale		Total
Balance at December 31, 2021	$	579,607	$	—	$	579,607
Acquisitions and capital improvements	415,858		—		415,858
Dispositions	(5,242)		—		(5,242)
Accumulated depreciation	(18,910)		—		(18,910)
Balance at December 31, 2022	$	971,313	$	—	$	971,313
Acquisitions and capital improvements	67,013		—		67,013
Transfers to held-for-sale	(9,747)		9,747		—
Dispositions	(250)		(7,990)		(8,240)
Accumulated depreciation	(27,972)		(186)		(28,158)
Balance at December 31, 2023	$	1,000,357	$	1,571	$	1,001,928

The following table summarizes the activity of the SFR portfolio by units:

	SFR Properties Held- for-Investment	SFR Properties Held- for-Sale	Total
Balance at December 31, 2021	2,551	—	2,551
Acquisition of SFR units	1,196	—	1,196
Disposition of SFR units	(16)	—	(16)
Balance at December 31, 2022	3,731	—	3,731
Acquisition of SFR units	182	—	182
Transfer to held-for-sale	(30)	30	—
Disposition of SFR units	(1)	(24)	(25)
Balance at December 31, 2023	3,882	6	3,888

Schedule of Future Minimum Rental Revenues

The following table summarizes our future minimum rental revenues under existing leases on SFR properties:

2024	$	39,942
2025 and thereafter	$	2,399
Total	$	42,341