XML 27 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Real Estate Assets, Net
 6 Months Ended
Jun. 30, 2020
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, 2020 and December 31, 2019 (in thousands):
June 30, 2020December 31, 2019
Occupied single-family properties$7,775,254  $7,534,627  
Single-family properties recently acquired31,669  88,181  
Single-family properties in turnover process188,299  308,008  
Single-family properties leased, not yet occupied101,001  55,460  
Single-family properties in operation, net8,096,223  7,986,276  
Development land237,169  224,041  
Single-family properties under development215,958  131,386  
Single-family properties held for sale, net171,622  209,828  
Total real estate assets, net$8,720,972  $8,551,531  

        Depreciation expense related to single-family properties was $81.6 million and $78.6 million for the three months ended June 30, 2020 and 2019, respectively, and $161.4 million and $155.4 million for the six months ended June 30, 2020 and 2019, respectively.

        The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2020 and 2019 (in thousands, except property data):

For the Three Months EndedFor the Six Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Single-family properties:
Properties sold216  433  626  613  
Net proceeds (1)
$47,626  $82,828  $128,812  $115,451  
Net gain on sale$10,651  $13,569  $24,409  $19,149  
Land:
Net proceeds$—  $899  $71  $1,195  
Net gain on sale$—  $156  $7  $225  
(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. Escrow Deposits, Prepaid Expenses and Other Assets).