Real Estate Assets, Net

9 Months Ended

Sep. 30, 2022

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.