Real Estate Assets, Net

3 Months Ended

Mar. 31, 2022

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.