Real Estate Assets, Net

3 Months Ended

Mar. 31, 2019

The net book value of real estate assets consisted of the following as of March 31, 2019, and December 31, 2018 (in thousands, except property data):



	March 31, 2019		December 31, 2018
Occupied single-family properties	$	7,628,516	$	7,448,330
Single-family properties recently acquired	99,899		212,870
Single-family properties in turnover process	231,861		294,093
Single-family properties leased, not yet occupied	80,301		65,304
Single-family properties in operation, net	8,040,577		8,020,597
Development land	140,583		97,207
Single-family properties under development	64,463		56,444
Single-family properties held for sale	297,317		318,327
Total real estate assets, net	$	8,542,940	$	8,492,575

Single-family properties in operation, net as of March 31, 2019, and December 31, 2018, included $3.9 million and $5.9 million, respectively, related to properties for which the recorded grant deed had not been received. For these properties, the trustee or seller has warranted that all legal rights of ownership have been transferred to us on the date of the sale, but there was a delay for the deeds to be recorded.

Depreciation expense related to single-family properties was $76.8 million and $75.4 million for the three months ended March 31, 2019 and 2018, respectively.

During the three months ended March 31, 2019, the Company sold 180 homes, which generated total net proceeds of $32.6 million and resulted in a net gain on sale of $5.6 million, and sold land which generated total net proceeds of $0.3 million and resulted in a net gain on sale of $0.1 million. During the three months ended March 31, 2018, the Company sold 103 homes which generated total net proceeds of $11.5 million and resulted in a net gain on sale of $2.1 million.

Rents and other single-family property revenues consisted of the following for the three months ended March 31, 2019 and 2018 (in thousands):



	For the Three Months Ended
	March 31, 2019		March 31, 2018
Rents from single-family properties (1)	$	277,694	$	218,023
Fees from single-family properties	—		2,833
Tenant charge-backs	—		35,807
Rents and other single-family property revenues	$	277,694	$	256,663


(1)	For the three months ended March 31, 2019, rents from single-family properties included $40.0 million of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, as well as $3.0 million of variable lease payments for fees from single-family properties.