The company acquired 2,072 single-family rental homes during the year, indicating continued growth through acquisitions and strategic relationships with homebuilders.

The company refinanced existing secured debt with unsecured debt, indicating a strategic shift towards a more flexible capital structure. The company issued $494.3 million of unsecured notes and used the proceeds to repay secured debt.

The company continues to invest in joint ventures and provide property and asset management services to these ventures, indicating a strategy to expand its management platform. Management fee revenues increased significantly to $70.0 million.

The company emphasizes a resident-centric model and focuses on providing high-quality living solutions. This is reflected in their operational focus and management commentary.

ProCare service, the company's proactive property management service platform, includes several touchpoints over the term of a resident's lease designed to enhance their satisfaction with our service model, improve the efficiency of our service and our homes' systems, and ensure that each resident is properly educated regarding the home and their responsibilities.

The company is committed to incorporating sustainability and corporate responsibility considerations into our strategy, processes, and operations. Our board of directors maintains ultimate oversight of our sustainability strategy.

The company's operating results are subject to general economic conditions and risks associated with real estate assets, including fluctuating economic conditions, political dissension, inflation, higher interest rates, and geopolitical tensions.

The company's financial results may be negatively affected by increasing property taxes, insurance costs, and HOA fees, which are significant components of expenses.

The company's business, results of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease.

The company faces competition from different sources in each of our primary activities: acquiring and leasing our properties and providing property and asset management services for single-family homes.

The company faces significant competition in the leasing market for quality residents, which may limit our ability to lease the single-family homes we own and manage on favorable terms.

The company believes that our acquisition platform, our extensive in-market property operations infrastructure, and local expertise in our markets provide us with competitive advantages.

The company's vertically integrated, scalable platform allows greater influence over the experience of our residents while enabling us to better control operating costs and continuously share best practices across functional areas of the business.

In-market managers oversee the operations of local leasing, property management, and maintenance teams, enabling us to provide outstanding resident service, leverage local expertise in managing rental, occupancy, and turnover rates, and improve cost and oversight of renovations and ongoing maintenance of our homes.

We support local market operations with national strategy, infrastructure, workflows enabled by technology, and standards to drive efficiency, consistency, and cost savings.

The company supports local market operations with national strategy, infrastructure, workflows enabled by technology, and standards to drive efficiency, consistency, and cost savings.

We offer choice and control to our prospective and existing residents by providing a mobile-responsive website, an iOS app, and an Android app to engage with us.

Our associates are able to support and manage requests for critical functions such as leasing and maintenance through easy-to-use digital tools.

The company used proceeds from the 2024 Term Loan Facility, a $750.0 million borrowing on the Revolving Facility on the date of effectiveness of the Credit Facility, and excess cash on hand were used to fully repay the 2020 Term Loan Facility and to pay costs associated with the transaction.

On September 26, 2024, in a public offering under our existing shelf registration statement, we issued $500.0 million aggregate principal amount of 4.88% Senior Notes which mature on February 1, 2035.

The company's goal is to maintain or improve our credit ratings, and, over time, we generally intend to be a predominantly unsecured borrower with a target net debt of approximately 5.5 to 6.0 times trailing twelve months Adjusted EBITDAre

As one of the nation's premier home leasing companies, we have an opportunity to make a profound impact through sustainability and corporate responsibility initiatives.

Our efforts aim to foster a workplace culture that values respect, opportunity, and belonging. We support fair access to opportunities through our hiring practices and are committed to fair practices that ensure a level playing field for all associates.

We strive every day to ensure that our actions result in value for the individuals and organizations that have chosen to invest in our company, and we take that responsibility very seriously.

General economic conditions in the United States have fluctuated in recent quarters, and concerns persist regarding adverse macroeconomic conditions, such as inflation, elevated interest rates, political dissension, and labor shortfalls.

Potential consequences of global climate change may range from more frequent extreme weather events to governmental policy developments and shifts in consumer preferences, which have the potential individually or collectively to disrupt our business as well as negatively affect our suppliers, contractors, and residents.

Our business operations and properties are subject to various federal, state, and local laws, regulations, ordinances, and rules, as well as covenants, some of which may conflict with one another or have limited judicial or regulatory interpretations.