Real Estate Assets, Net

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 (in thousands):

	March 31, 2020		December 31, 2019
Occupied single-family properties	$	7,561,775	$	7,534,627
Single-family properties recently acquired	133,141		88,181
Single-family properties in turnover process	287,079		308,008
Single-family properties leased, not yet occupied	85,380		55,460
Single-family properties in operation, net	8,067,375		7,986,276
Development land	246,438		224,041
Single-family properties under development	161,018		131,386
Single-family properties held for sale, net	172,045		209,828
Total real estate assets, net	$	8,646,876	$	8,551,531

        Depreciation expense related to single-family properties was $79.8 million and $76.8 million for the three months ended March 31, 2020 and 2019, respectively.

        The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2020 and 2019 (in thousands, except property data):

	For the Three Months Ended
	March 31, 2020		March 31, 2019
Single-family properties:
Properties sold	410		180
Net proceeds	$	81,186	$	32,623
Net gain on sale	$	13,758	$	5,579
Land:
Net proceeds	$	71	$	296
Net gain on sale	$	7	$	70