Real Estate Assets, Net

12 Months Ended

Dec. 31, 2022

The net book values of real estate assets consisted of the following as of December 31, 2022 and 2021 (amounts in thousands):


	December 31, 2022		December 31, 2021
Occupied single-family properties	$	9,419,098	$	8,522,080
Single-family properties leased, not yet occupied	52,325		77,221
Single-family properties in turnover process	281,356		184,170
Single-family properties recently renovated or developed	182,336		126,379
Single-family properties newly acquired and under renovation	3,557		337,643
Single-family properties in operation, net	9,938,672		9,247,493
Development land	631,539		549,653
Single-family properties under development	555,682		332,506
Single-family properties held for sale, net	198,716		114,907
Total real estate assets, net	$	11,324,609	$	10,244,559

Depreciation expense related to single-family properties was $410.4 million, $357.8 million and $330.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the year ended December 31, 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 year ended December 31, 2022, the Company recognized $8.9 million in gross charges primarily related to an estimated accrual for minor repair and remediation costs, partially offset by an estimated $2.8 million of related insurance claims that we believe is probable we will recover. The $6.1 million of net charges are included in hurricane-related charges, net within the consolidated statement of operations for year ended December 31, 2022.

The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands, except property data):


	For the Years Ended December 31,
	2022		2021		2020
Single-family properties:
Properties sold	987		481		1,047
Net proceeds (1)	$	288,030	$	130,825	$	228,495
Net gain on sale	$	140,537	$	50,543	$	47,187
Land:
Net proceeds	$	4,479	$	1,247	$	71
Net gain on sale	$	777	$	136	$	7

(1)Net proceeds are net of deductions for working capital prorations.