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Real Estate Assets, Net

12 Months Ended

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.

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