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Real Estate Assets, Net
 12 Months Ended
Dec. 31, 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 December 31, 2021 and 2020 (in thousands):
December 31, 2021December 31, 2020
Occupied single-family properties$8,522,080 $7,957,513 
Single-family properties leased, not yet occupied77,221 71,334 
Single-family properties in turnover process184,170 150,032 
Single-family properties recently renovated or developed126,379 26,102 
Single-family properties newly acquired and under renovation337,643 40,407 
Single-family properties in operation, net9,247,493 8,245,388 
Development land549,653 270,767 
Single-family properties under development332,506 239,598 
Single-family properties held for sale, net114,907 129,026 
Total real estate assets, net$10,244,559 $8,884,779 

    Depreciation expense related to single-family properties was $357.8 million, $330.2 million and $313.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.
    The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2021, 2020 and 2019 (in thousands, except property data):
For the Years Ended December 31,
202120202019
Single-family properties:
Properties sold481 1,047 1,330 
Net proceeds (1)(2)
$130,825 $228,495 $248,199 
Net gain on sale$50,543 $47,187 $43,507 
Land:
Net proceeds$1,247 $71 $3,205 
Net gain on sale$136 $7 $366 
(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.