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Real Estate Assets, Net (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020		December 31, 2019
Occupied single-family properties	$	7,775,254	$	7,534,627
Single-family properties recently acquired	31,669		88,181
Single-family properties in turnover process	188,299		308,008
Single-family properties leased, not yet occupied	101,001		55,460
Single-family properties in operation, net	8,096,223		7,986,276
Development land	237,169		224,041
Single-family properties under development	215,958		131,386
Single-family properties held for sale, net	171,622		209,828
Total real estate assets, net	$	8,720,972	$	8,551,531

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 Ended						For the Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Single-family properties:
Properties sold	216		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).