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Real Estate Assets, Net
 9 Months Ended
Sep. 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 September 30, 2020 and December 31, 2019 (in thousands):
September 30, 2020December 31, 2019
Occupied single-family properties$7,935,286 $7,534,627 
Single-family properties recently acquired or developed22,830 88,181 
Single-family properties in turnover process139,100 308,008 
Single-family properties leased, not yet occupied61,721 55,460 
Single-family properties in operation, net8,158,937 7,986,276 
Development land241,147 224,041 
Single-family properties under development208,720 131,386 
Single-family properties held for sale, net146,447 209,828 
Total real estate assets, net$8,755,251 $8,551,531 

    Depreciation expense related to single-family properties was $83.7 million and $78.3 million for the three months ended September 30, 2020 and 2019, respectively, and $245.1 million and $233.7 million for the nine months ended September 30, 2020 and 2019, respectively.

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

For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2020201920202019
Single-family properties:
Properties sold233 341 859 954 
Net proceeds (1)
$56,150 $64,014 $184,962 $179,465 
Net gain on sale (2)
$12,422 $13,506 $36,831 $32,655 
Land:
Net proceeds$— $316 $71 $1,511 
Net gain on sale$— $15 $7 $240 
(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. Escrow Deposits, Prepaid Expenses and Other Assets).
(2)Includes gain or loss on transfers to unconsolidated joint ventures.