The net book values of real estate assets consisted of the following as of June 30, 2026 and December 31, 2025 (amounts in thousands):


	June 30, 2026		December 31, 2025
Occupied single-family properties	$	10,628,677	$	10,305,764
Single-family properties leased, not yet occupied	175,936		117,861
Single-family properties in turnover process	288,690		511,535
Single-family properties recently renovated or developed	34,764		74,940
Single-family properties newly acquired and under renovation	—		1,533
Single-family properties in operation, net	11,128,067		11,011,633
Development land	431,483		559,174
Single-family properties under development	558,128		674,412
Single-family properties and land held for sale, net	208,376		225,861
Total real estate assets, net	$	12,326,054	$	12,471,080