Real Estate Assets, Net

3 Months Ended

Mar. 31, 2021

The net book values of real estate assets consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Occupied single-family properties	$	8,100,087	$	7,957,513
Single-family properties recently acquired or developed	43,333		66,857
Single-family properties in turnover process	111,806		149,684
Single-family properties leased, not yet occupied	74,940		71,334
Single-family properties in operation, net	8,330,166		8,245,388
Development land	303,653		270,767
Single-family properties under development	251,112		239,598
Single-family properties held for sale, net	115,994		129,026
Total real estate assets, net	$	9,000,925	$	8,884,779

Depreciation expense related to single-family properties was $86.3 million and $79.8 million for the three months ended March 31, 2021 and 2020, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2021 and 2020 (in thousands, except property data):


	For the Three Months Ended March 31,
	2021		2020
Single-family properties:
Properties sold	180		410
Net proceeds (1)	$	46,040	$	81,186
Net gain on sale	$	15,350	$	13,758
Land:
Net proceeds	$	264	$	71
Net (loss) gain on sale	$	(77)	$	7

(1)Net proceeds are net of deductions for working capital prorations.