Real Estate Assets, Net

9 Months Ended

Sep. 30, 2021

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.