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Real Estate Assets, Net (Tables) | 9 Months Ended
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Sep. 30, 2019
Real Estate [Abstract] |
Single-Family Properties, Net | The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2019 and 2018 (in thousands, except property data):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Single-family properties: |  |  |  |  |  |  |
Properties sold | 341 |  |  | 95 |  |  | 954 |  |  | 311 |
Net proceeds (1) | $ | 64,014 |  |  | $ | 17,352 |  |  | $ | 179,465 |  |  | $ | 46,994 |
Net gain on sale | $ | 13,506 |  |  | $ | 3,458 |  |  | $ | 32,655 |  |  | $ | 8,816 |
Land: |  |  |  |  |  |  |
Net proceeds | $ | 316 |  |  | $ | 263 |  |  | $ | 1,511 |  |  | $ | 763 |
Net gain on sale | $ | 15 |  |  | $ | 82 |  |  | $ | 240 |  |  | $ | 220 |
(1) | Total net proceeds for the nine months ended September 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).
The net book value of real estate assets consisted of the following as of September 30, 2019 and December 31, 2018 (in thousands):
| September 30, 2019 |  | December 31, 2018
Occupied single-family properties | $ | 7,597,689 |  |  | $ | 7,448,330 |
Single-family properties recently acquired | 34,304 |  |  | 212,870 |
Single-family properties in turnover process | 262,979 |  |  | 294,093 |
Single-family properties leased, not yet occupied | 64,554 |  |  | 65,304 |
Single-family properties in operation, net (1) | 7,959,526 |  |  | 8,020,597 |
Development land | 155,505 |  |  | 97,207 |
Single-family properties under development | 106,633 |  |  | 56,444 |
Single-family properties held for sale | 247,529 |  |  | 318,327 |
Total real estate assets, net | $ | 8,469,193 |  |  | $ | 8,492,575 |
(1) | Single-family properties in operation, net as of September 30, 2019 and December 31, 2018 included $0.4 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.

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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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