−Removed: The following table summarizes certain key single-family properties metrics as of December 31, 2024:
−Removed: Market Number of Single-Family Properties (1)
−Removed: % of Total Single-Family Properties Gross Book Value (millions) % of Gross Book Value Total Avg.
−Removed: Gross Book Value per Property Avg.
−Removed: Property Age (years) Avg.
−Removed: Purchased or Delivered
−Removed: Atlanta, GA 6,027 10.0 % $ 1,419.8 10.2 % $ 235,586 2,196 17.3 2017
−Removed: Charlotte, NC 4,258 7.0 % 978.7 7.0 % 229,833 2,119 18.3 2016
−Removed: Dallas-Fort Worth, TX 3,870 6.4 % 689.9 5.0 % 178,281 2,086 20.5 2014
−Removed: Phoenix, AZ 3,311 5.5 % 731.5 5.3 % 220,968 1,848 19.6 2016
−Removed: Nashville, TN 3,370 5.6 % 863.2 6.2 % 256,144 2,122 16.4 2016
−Removed: Jacksonville, FL 3,297 5.4 % 751.9 5.4 % 228,092 1,925 14.4 2016
−Removed: Tampa, FL 2,964 4.9 % 720.8 5.2 % 243,244 1,949 15.1 2016
−Removed: Indianapolis, IN 3,054 5.0 % 555.8 4.0 % 181,981 1,937 21.6 2015
−Removed: Houston, TX 2,421 4.0 % 442.2 3.2 % 182,667 2,068 19.0 2015
−Removed: Las Vegas, NV 2,550 4.2 % 784.2 5.6 % 307,535 1,960 10.9 2018
−Removed: Raleigh, NC 2,223 3.7 % 453.1 3.3 % 203,831 1,893 18.3 2015
−Removed: Columbus, OH 2,181 3.6 % 441.6 3.2 % 202,517 1,890 21.5 2015
−Removed: Cincinnati, OH 2,107 3.5 % 421.0 3.0 % 199,826 1,843 21.9 2014
−Removed: Orlando, FL 2,126 3.5 % 505.8 3.6 % 237,928 1,928 17.0 2016
−Removed: Salt Lake City, UT 1,937 3.2 % 596.4 4.3 % 307,912 2,244 17.8 2016
−Removed: Charleston, SC 1,616 2.7 % 388.0 2.8 % 240,168 1,964 13.2 2017
−Removed: Greater Chicago area, IL and IN 1,523 2.5 % 295.3 2.1 % 193,875 1,868 23.3 2013
−Removed: San Antonio, TX 1,222 2.0 % 246.9 1.8 % 202,129 1,914 15.8 2016
−Removed: Savannah/Hilton Head, SC 1,056 1.7 % 228.1 1.6 % 216,039 1,886 16.1 2017
−Removed: Seattle, WA 1,014 1.7 % 344.6 2.5 % 339,864 2,010 14.4 2017
−Removed: All Other (2)
−Removed: 8,404 13.9 % 2,070.7 14.7 % 246,395 1,922 17.3 2016
−Removed: Total/Average 60,531 100.0 % $ 13,929.5 100.0 % $ 230,121 1,996 17.7 2016
−Removed: (1) Excludes 805 single-family properties held for sale as of December 31, 2024.
−Removed: (2) Represents 17 markets in 16 states.
−Removed: For details on material encumbrances on our properties, see “Schedule III—Real Estate and Accumulated Depreciation” included in Part IV, “Item 15.
−Removed: Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K.
−Removed: Property and Management
+Added: Refer to Part II, “Item 7.
+Added: Management’s Discussion And Analysis of Financial Condition and Results of Operations—Key Single-Family Property and Leasing Metrics” below for a summary of certain key metrics for our single-family home portfolio as of December 31, 2025.
+Added: There were no encumbrances on any of our properties as of December 31, 2025.
We own commercial real estate in Las Vegas, Nevada, which serves as our principal executive offices.
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