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Real Estate Assets, Net | 9 Months Ended
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Sep. 30, 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 September 30, 2022 and December 31, 2021 (amounts in thousands):
| September 30, 2022 |  | December 31, 2021
Occupied single-family properties | $ | 9,328,228 |  |  | $ | 8,522,080 |
Single-family properties leased, not yet occupied | 71,963 |  |  | 77,221 |
Single-family properties in turnover process | 284,230 |  |  | 184,170 |
Single-family properties recently renovated or developed | 160,481 |  |  | 126,379 |
Single-family properties newly acquired and under renovation | 60,508 |  |  | 337,643 |
Single-family properties in operation, net | 9,905,410 |  |  | 9,247,493 |
Development land | 641,514 |  |  | 549,653 |
Single-family properties under development | 481,669 |  |  | 332,506 |
Single-family properties held for sale, net | 189,991 |  |  | 114,907 |
Total real estate assets, net | $ | 11,218,584 |  |  | $ | 10,244,559 |
Depreciation expense related to single-family properties was $105.1 million and $90.6 million for the three months ended September 30, 2022 and 2021, respectively, and $301.9 million and $264.3 million for the nine months ended September 30, 2022 and 2021, respectively. Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the three months ended September 30, 2022. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the three months ended September 30, 2022, the Company recognized $8.4 million in gross charges primarily related to an estimated accrual for minor repair and remediation costs, partially offset by an estimated $2.3 million of related insurance claims that we believe is probable we will recover. The $6.1 million of net charges were included in hurricane-related charges, net within the condensed consolidated statement of operations for the three and nine months ended September 30, 2022. The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands, except property data):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Single-family properties: |  |  |  |  |  |  |
Properties sold | 164 |  |  | 90 |  |  | 530 |  |  | 367 |
Net proceeds (1) | $ | 49,096 |  |  | $ | 26,683 |  |  | $ | 160,156 |  |  | $ | 100,815 |
Net gain on sale | $ | 24,501 |  |  | $ | 10,073 |  |  | $ | 82,193 |  |  | $ | 36,845 |
Land: |  |  |  |  |  |  |
Net proceeds | $ | 1,197 |  |  | $ | 277 |  |  | $ | 3,139 |  |  | $ | 596 |
Net gain (loss) on sale | $ | 70 |  |  | $ | 42 |  |  | $ | 496 |  |  | $ | (97) |
(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 https://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 https://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 https://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 https://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 https://asc.fasb.org/topic&trid=2134617 + Details
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