Real Estate Assets, Net (Tables)

6 Months Ended

Jun. 30, 2019

The net book value of real estate assets consisted of the following as of June 30, 2019 and December 31, 2018 (in thousands):



	June 30, 2019		December 31, 2018
Occupied single-family properties	$	7,674,364	$	7,448,330
Single-family properties recently acquired	19,074		212,870
Single-family properties in turnover process	218,600		294,093
Single-family properties leased, not yet occupied	65,480		65,304
Single-family properties in operation, net ⁽¹⁾	7,977,518		8,020,597
Development land	144,052		97,207
Single-family properties under development	91,456		56,444
Single-family properties held for sale	276,581		318,327
Total real estate assets, net	$	8,489,607	$	8,492,575

(1)

Single-family properties in operation, net as of June 30, 2019 and December 31, 2018 included $0.2 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.

The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2019 and 2018 (in thousands, except property data):



	For the Three Months Ended				For the Six Months Ended
	June 30, 2019		June 30, 2018		June 30, 2019		June 30, 2018
Single-family properties:
Properties sold	433		113		613		216
Net proceeds ⁽¹⁾	$	82,828	$	18,175	$	115,451	$	29,642
Net gain on sale	$	13,569	$	3,240	$	19,149	$	5,358
Land:
Net proceeds	$	899	$	—	$	1,195	$	500
Net gain on sale	$	156	$	—	$	225	$	138


(1)	Total net proceeds for the three and six months ended June 30, 2019 included a $30.7 million note receivable, before a $1.2 million discount, which is presented in escrow deposits, prepaid expenses and other assets (see Note 6).