Real Estate Assets, Net

3 Months Ended

Mar. 31, 2024

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.