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Real Estate Assets, Net | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (amounts in thousands):
| March 31, 2022 |  | December 31, 2021
Occupied single-family properties | $ | 8,814,850 |  |  | $ | 8,522,080 |
Single-family properties leased, not yet occupied | 110,242 |  |  | 77,221 |
Single-family properties in turnover process | 180,864 |  |  | 184,170 |
Single-family properties recently renovated or developed | 137,759 |  |  | 126,379 |
Single-family properties newly acquired and under renovation | 314,471 |  |  | 337,643 |
Single-family properties in operation, net | 9,558,186 |  |  | 9,247,493 |
Development land | 612,237 |  |  | 549,653 |
Single-family properties under development | 359,797 |  |  | 332,506 |
Single-family properties held for sale, net | 140,627 |  |  | 114,907 |
Total real estate assets, net | $ | 10,670,847 |  |  | $ | 10,244,559 |
Depreciation expense related to single-family properties was $96.2 million and $86.3 million for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2022 and 2021 (amounts in thousands, except property data):
| For the Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Single-family properties: |  |  |  |  |  |  |
Properties sold | 169 |  |  | 180 |  |  |  |  |
Net proceeds (1) | $ | 50,259 |  |  | $ | 46,040 |  |  |  |  |
Net gain on sale | $ | 24,545 |  |  | $ | 15,350 |  |  |  |  |
Land: |  |  |  |  |  |  |
Net proceeds | $ | 1,148 |  |  | $ | 264 |  |  |  |  |
Net gain (loss) on sale | $ | 278 |  |  | $ | (77) |  |  |  |  |
(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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