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Real Estate Assets, Net | 9 Months Ended
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Sep. 30, 2021
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, 2021 and December 31, 2020 (in thousands):
| September 30, 2021 |  | December 31, 2020
Occupied single-family properties | $ | 8,369,911 |  |  | $ | 7,957,513 |
Single-family properties recently acquired or developed | 360,595 |  |  | 66,857 |
Single-family properties in turnover process | 127,221 |  |  | 149,684 |
Single-family properties leased, not yet occupied | 97,373 |  |  | 71,334 |
Single-family properties in operation, net | 8,955,100 |  |  | 8,245,388 |
Development land | 395,385 |  |  | 270,767 |
Single-family properties under development | 337,875 |  |  | 239,598 |
Single-family properties held for sale, net | 106,232 |  |  | 129,026 |
Total real estate assets, net | $ | 9,794,592 |  |  | $ | 8,884,779 |
Depreciation expense related to single-family properties was $90.6 million and $83.7 million for the three months ended September 30, 2021 and 2020, respectively, and $264.3 million and $245.1 million for the nine months ended September 30, 2021 and 2020, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2021 and 2020 (in thousands, except property data):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Single-family properties: |  |  |  |  |  |  |
Properties sold | 90 |  |  | 233 |  |  | 367 |  |  | 859 |
Net proceeds (1) | $ | 26,683 |  |  | $ | 56,150 |  |  | $ | 100,815 |  |  | $ | 184,962 |
Net gain on sale | $ | 10,073 |  |  | $ | 12,422 |  |  | $ | 36,845 |  |  | $ | 36,831 |
Land: |  |  |  |  |  |  |
Net proceeds | $ | 277 |  |  | $ | — |  |  | $ | 596 |  |  | $ | 71 |
Net gain (loss) on sale | $ | 42 |  |  | $ | — |  |  | $ | (97) |  |  | $ | 7 |
(1)Net proceeds are net of deductions for working capital prorations.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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