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Real Estate Assets, Net | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025 and December 31, 2024 (amounts in thousands):
| June 30, 2025 |  | December 31, 2024
Occupied single-family properties | $ | 10,485,414 |  |  | $ | 10,174,136 |
Single-family properties leased, not yet occupied | 87,939 |  |  | 81,154 |
Single-family properties in turnover process | 324,623 |  |  | 397,850 |
Single-family properties recently renovated or developed | 49,018 |  |  | 226,199 |
Single-family properties newly acquired and under renovation | 702 |  |  | 1,260 |
Single-family properties in operation, net | 10,947,696 |  |  | 10,880,599 |
Development land | 624,444 |  |  | 602,147 |
Single-family properties under development | 685,380 |  |  | 670,137 |
Single-family properties and land held for sale, net | 242,402 |  |  | 212,808 |
Total real estate assets, net | $ | 12,499,922 |  |  | $ | 12,365,691 |
Depreciation expense related to single-family properties was $120.3 million and $112.0 million for the three months ended June 30, 2025 and 2024, respectively, and $238.8 million and $222.3 million for the six months ended June 30, 2025 and 2024, respectively. 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 June 30, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $138.2 million and $123.7 million, respectively, which resulted in an aggregate net gain on sale of $57.7 million and $60.0 million, respectively. During the six months ended June 30, 2025 and 2024, the Company disposed of single-family properties and land for aggregate net proceeds of $280.3 million and $279.8 million, respectively, which resulted in an aggregate net gain on sale of $123.7 million and $129.8 million, respectively.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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