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Real Estate Assets, Net
 12 Months Ended
Dec. 31, 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 December 31, 2020 and 2019 (in thousands):
December 31, 2020December 31, 2019
Occupied single-family properties$7,957,513 $7,534,627 
Single-family properties recently acquired or developed66,857 88,181 
Single-family properties in turnover process149,684 308,008 
Single-family properties leased, not yet occupied71,334 55,460 
Single-family properties in operation, net8,245,388 7,986,276 
Development land270,767 224,041 
Single-family properties under development239,598 131,386 
Single-family properties held for sale, net129,026 209,828 
Total real estate assets, net$8,884,779 $8,551,531 

    Depreciation expense related to single-family properties was $330.2 million, $313.7 million and $300.7 million for the years ended December 31, 2020, 2019 and 2018, respectively.

    The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2020, 2019 and 2018 (in thousands, except property data):
For the Years Ended December 31,
202020192018
Single-family properties:
Properties sold1,047 1,330 691 
Net proceeds (1)(2)
$228,495 $248,199 $105,394 
Net gain on sale (3)
$47,187 $43,507 $16,313 
Land:
Net proceeds$71 $3,205 $763 
Net gain on sale$7 $366 $220 
(1)Total net proceeds for the year ended December 31, 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 5. Escrow Deposits, Prepaid Expenses and Other Assets).
(2)Net proceeds are net of deductions for working capital prorations.
(3)Includes gain or loss on transfers to unconsolidated joint ventures.