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Real Estate Assets, Net | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Real Estate Assets, Net | Real Estate Assets, Net The net book values of real estate assets consisted of the following as of December 31, 2023 and 2022 (amounts in thousands):
| December 31, 2023 |  | December 31, 2022
Occupied single-family properties | $ | 9,595,421 |  |  | $ | 9,419,098 |
Single-family properties leased, not yet occupied | 54,481 |  |  | 52,325 |
Single-family properties in turnover process | 370,856 |  |  | 281,356 |
Single-family properties recently renovated or developed | 140,962 |  |  | 182,336 |
Single-family properties newly acquired and under renovation | 3,999 |  |  | 3,557 |
Single-family properties in operation, net | 10,165,719 |  |  | 9,938,672 |
Development land | 563,718 |  |  | 631,539 |
Single-family properties under development | 845,706 |  |  | 555,682 |
Single-family properties and land held for sale, net | 182,082 |  |  | 198,716 |
Total real estate assets, net | $ | 11,757,225 |  |  | $ | 11,324,609 |
Depreciation expense related to single-family properties was $436.1 million, $410.4 million and $357.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the year ended December 31, 2022. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the year ended December 31, 2022, the Company recognized $8.9 million in gross charges primarily related to minor repair and remediation costs, partially offset by $2.8 million of related insurance claims. The $6.1 million of net charges are included in hurricane-related charges, net within the consolidated statement of operations for year ended December 31, 2022. The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands, except property data):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Single-family properties: |  |  |  |  |
Properties sold | 1,546 |  |  | 987 |  |  | 481 |
Net proceeds (1) | $ | 459,580 |  |  | $ | 288,030 |  |  | $ | 130,825 |
Net gain on sale | $ | 217,598 |  |  | $ | 140,537 |  |  | $ | 50,543 |
Land: |  |  |  |  |
Net proceeds | $ | 9,883 |  |  | $ | 4,479 |  |  | $ | 1,247 |
Net (loss) gain on sale | $ | (2,017) |  |  | $ | 777 |  |  | $ | 136 |
(1)Net proceeds are net of deductions for working capital prorations.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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