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Real Estate Assets, Net
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023 (amounts in thousands):
June 30, 2024December 31, 2023
Occupied single-family properties$9,842,364 $9,595,421 
Single-family properties leased, not yet occupied84,070 54,481 
Single-family properties in turnover process275,217 370,856 
Single-family properties recently renovated or developed93,146 140,962 
Single-family properties newly acquired and under renovation334 3,999 
Single-family properties in operation, net10,295,131 10,165,719 
Development land519,038 563,718 
Single-family properties under development709,496 845,706 
Single-family properties and land held for sale, net201,930 182,082 
Total real estate assets, net$11,725,595 $11,757,225 

Depreciation expense related to single-family properties was $112.0 million and $108.3 million for the three months ended June 30, 2024 and 2023, respectively, and $222.3 million and $216.1 million for the six months ended June 30, 2024 and 2023, 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, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $123.7 million and $127.4 million, respectively, which resulted in an aggregate net gain on sale of $60.0 million and $62.8 million, respectively. During the six months ended June 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $279.8 million and $311.9 million, respectively, which resulted in an aggregate net gain on sale of $129.8 million and $148.5 million, respectively.