Real Estate Assets, Net

9 Months Ended

Sep. 30, 2024

The net book values of real estate assets consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands):


	September 30, 2024		December 31, 2023
Occupied single-family properties	$	9,699,688	$	9,595,421
Single-family properties leased, not yet occupied	67,379		54,481
Single-family properties in turnover process	410,252		370,856
Single-family properties recently renovated or developed	217,509		140,962
Single-family properties newly acquired and under renovation	3,862		3,999
Single-family properties in operation, net	10,398,690		10,165,719
Development land	573,566		563,718
Single-family properties under development	631,806		845,706
Single-family properties and land held for sale, net	218,969		182,082
Total real estate assets, net	$	11,823,031	$	11,757,225

Depreciation expense related to single-family properties was $113.9 million and $109.6 million for the three months ended September 30, 2024 and 2023, respectively, and $336.2 million and $325.7 million for the nine months ended September 30, 2024 and 2023, respectively.

During the three months ended September 30, 2024, Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company recognized $3.9 million in hurricane related charges primarily related to actual and estimated accruals for minor repair and remediation costs which was included in hurricane-related charges, net within the condensed consolidated statement of operations for the three and nine months ended September 30, 2024.

Our properties and land are identified for disposition primarily based on individual asset-level review, as well as submarket analysis. During the three months ended September 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $103.1 million and $72.4 million, respectively, which resulted in an aggregate net gain on sale of $35.8 million and $35.6 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $382.9 million and $384.3 million, respectively, which resulted in an aggregate net gain on sale of $165.6 million and $184.1 million, respectively.