Real Estate Assets, Net (Tables)

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

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.