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Real Estate Assets, Net | 6 Months Ended
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Jun. 30, 2019
Real Estate [Abstract] |
Real Estate Assets, Net | Real Estate Assets, Net The net book value of real estate assets consisted of the following as of June 30, 2019 and December 31, 2018 (in thousands):
| June 30, 2019 |  | December 31, 2018
Occupied single-family properties | $ | 7,674,364 |  |  | $ | 7,448,330 |
Single-family properties recently acquired | 19,074 |  |  | 212,870 |
Single-family properties in turnover process | 218,600 |  |  | 294,093 |
Single-family properties leased, not yet occupied | 65,480 |  |  | 65,304 |
Single-family properties in operation, net (1) | 7,977,518 |  |  | 8,020,597 |
Development land | 144,052 |  |  | 97,207 |
Single-family properties under development | 91,456 |  |  | 56,444 |
Single-family properties held for sale | 276,581 |  |  | 318,327 |
Total real estate assets, net | $ | 8,489,607 |  |  | $ | 8,492,575 |
(1) | Single-family properties in operation, net as of June 30, 2019 and December 31, 2018 included $0.2 million and $5.9 million, respectively, related to properties for which the recorded grant deed had not been received. For these properties, the trustee or seller has warranted that all legal rights of ownership have been transferred to us on the date of the sale, but there was a delay for the deeds to be recorded.
Depreciation expense related to single-family properties was $78.6 million and $74.1 million for the three months ended June 30, 2019 and 2018, respectively, and $155.4 million and $149.5 million for the six months ended June 30, 2019 and 2018, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2019 and 2018 (in thousands, except property data):
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2019 |  | June 30, 2018 |  | June 30, 2019 |  | June 30, 2018
Single-family properties: |  |  |  |  |  |  |
Properties sold | 433 |  |  | 113 |  |  | 613 |  |  | 216 |
Net proceeds (1) | $ | 82,828 |  |  | $ | 18,175 |  |  | $ | 115,451 |  |  | $ | 29,642 |
Net gain on sale | $ | 13,569 |  |  | $ | 3,240 |  |  | $ | 19,149 |  |  | $ | 5,358 |
Land: |  |  |  |  |  |  |
Net proceeds | $ | 899 |  |  | $ | — |  |  | $ | 1,195 |  |  | $ | 500 |
Net gain on sale | $ | 156 |  |  | $ | — |  |  | $ | 225 |  |  | $ | 138 |
(1) Total net proceeds for the three and six months ended June 30, 2019 included a $30.7 million note receivable, before a $1.2 million discount, which is presented in escrow deposits, prepaid expenses and other assets (see Note 6).

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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