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Real Estate Assets, Net | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (amounts in thousands):
| March 31, 2024 |  | December 31, 2023
Occupied single-family properties | $ | 9,722,674 |  |  | $ | 9,595,421 |
Single-family properties leased, not yet occupied | 89,206 |  |  | 54,481 |
Single-family properties in turnover process | 275,613 |  |  | 370,856 |
Single-family properties recently renovated or developed | 128,177 |  |  | 140,962 |
Single-family properties newly acquired and under renovation | 1,616 |  |  | 3,999 |
Single-family properties in operation, net | 10,217,286 |  |  | 10,165,719 |
Development land | 531,641 |  |  | 563,718 |
Single-family properties under development | 827,698 |  |  | 845,706 |
Single-family properties and land held for sale, net | 229,431 |  |  | 182,082 |
Total real estate assets, net | $ | 11,806,056 |  |  | $ | 11,757,225 |
Depreciation expense related to single-family properties was $110.3 million and $107.8 million for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $156.1 million and $184.5 million, respectively, which resulted in an aggregate net gain on sale of $69.8 million and $85.7 million, respectively, as a result of submarket analysis, as well as individual asset-level review.

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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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