Real Estate Assets, Net

6 Months Ended

Jun. 30, 2023

The net book values of real estate assets consisted of the following as of June 30, 2023 and December 31, 2022 (amounts in thousands):


	June 30, 2023		December 31, 2022
Occupied single-family properties	$	9,583,609	$	9,419,098
Single-family properties leased, not yet occupied	80,120		52,325
Single-family properties in turnover process	264,493		281,356
Single-family properties recently renovated or developed	79,068		182,336
Single-family properties newly acquired and under renovation	—		3,557
Single-family properties in operation, net	10,007,290		9,938,672
Development land	588,510		631,539
Single-family properties under development	750,998		555,682
Single-family properties and land held for sale, net	154,190		198,716
Total real estate assets, net	$	11,500,988	$	11,324,609

Depreciation expense related to single-family properties was $108.3 million and $100.6 million for the three months ended June 30, 2023 and 2022, respectively, and $216.1 million and $196.8 million for the six months ended June 30, 2023 and 2022, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2023 and 2022 (amounts in thousands, except property data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Single-family properties:
Properties sold	415		197		1,081		366
Net proceeds (1)	$	126,795	$	60,801	$	310,379	$	111,060
Net gain on sale	$	62,622	$	33,147	$	148,325	$	57,692
Land:
Net proceeds	$	573	$	794	$	1,499	$	1,942
Net gain on sale	$	135	$	148	$	169	$	426

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