Real Estate Assets, Net |
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2026 and December 31, 2025 (amounts in thousands):
Depreciation expense related to single-family properties was $121.1 million and $120.3 million for the three months ended June 30, 2026 and 2025, respectively, and $242.0 million and $238.8 million for the six months ended June 30, 2026 and 2025, 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, 2026 and 2025, the Company disposed of single-family properties and land for aggregate net proceeds of $204.7 million and $138.2 million, respectively, which resulted in an aggregate net gain on sale of $83.6 million and $57.7 million, respectively. During the six months ended June 30, 2026 and 2025, the Company disposed of single-family properties and land for aggregate net proceeds of $403.1 million and $280.3 million, respectively, which resulted in an aggregate net gain on sale of $176.1 million and $123.7 million, respectively. The Company did not identify any indicators of impairment related to single-family properties in operation or under development for the three and six months ended June 30, 2026 and 2025. See Note 13. Fair Value for details on nonrecurring fair value measurements and impairment of single-family properties and land upon classification as held for sale.
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