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Real Estate Assets, Net | 9 Months Ended
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Sep. 30, 2023
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, 2023 and December 31, 2022 (amounts in thousands):
| September 30, 2023 |  | December 31, 2022
Occupied single-family properties | $ | 9,627,171 |  |  | $ | 9,419,098 |
Single-family properties leased, not yet occupied | 60,392 |  |  | 52,325 |
Single-family properties in turnover process | 320,204 |  |  | 281,356 |
Single-family properties recently renovated or developed | 121,775 |  |  | 182,336 |
Single-family properties newly acquired and under renovation | 2,643 |  |  | 3,557 |
Single-family properties in operation, net | 10,132,185 |  |  | 9,938,672 |
Development land | 575,514 |  |  | 631,539 |
Single-family properties under development | 759,478 |  |  | 555,682 |
Single-family properties and land held for sale, net | 160,328 |  |  | 198,716 |
Total real estate assets, net | $ | 11,627,505 |  |  | $ | 11,324,609 |
Depreciation expense related to single-family properties was $109.6 million and $105.1 million for the three months ended September 30, 2023 and 2022, respectively, and $325.7 million and $301.9 million for the nine months ended September 30, 2023 and 2022, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except property data):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Single-family properties: |  |  |  |  |  |  |
Properties sold | 224 |  |  | 164 |  |  | 1,305 |  |  | 530 |
Net proceeds (1) | $ | 71,664 |  |  | $ | 49,096 |  |  | $ | 382,043 |  |  | $ | 160,156 |
Net gain on sale | $ | 35,453 |  |  | $ | 24,501 |  |  | $ | 183,778 |  |  | $ | 82,193 |
Land: |  |  |  |  |  |  |
Net proceeds | $ | 801 |  |  | $ | 1,197 |  |  | $ | 2,300 |  |  | $ | 3,139 |
Net gain on sale | $ | 195 |  |  | $ | 70 |  |  | $ | 364 |  |  | $ | 496 |
(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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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