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Real Estate Assets, Net
 6 Months Ended
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, 2025December 31, 2024
Occupied single-family properties$10,485,414 $10,174,136 
Single-family properties leased, not yet occupied87,939 81,154 
Single-family properties in turnover process324,623 397,850 
Single-family properties recently renovated or developed49,018 226,199 
Single-family properties newly acquired and under renovation702 1,260 
Single-family properties in operation, net10,947,696 10,880,599 
Development land624,444 602,147 
Single-family properties under development685,380 670,137 
Single-family properties and land held for sale, net242,402 212,808 
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.