Real Estate Assets, Net

6 Months Ended

Jun. 30, 2022

The net book values of real estate assets consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):


	June 30, 2022		December 31, 2021
Occupied single-family properties	$	9,162,103	$	8,522,080
Single-family properties leased, not yet occupied	122,427		77,221
Single-family properties in turnover process	204,736		184,170
Single-family properties recently renovated or developed	157,253		126,379
Single-family properties newly acquired and under renovation	190,762		337,643
Single-family properties in operation, net	9,837,281		9,247,493
Development land	646,855		549,653
Single-family properties under development	417,051		332,506
Single-family properties held for sale, net	159,243		114,907
Total real estate assets, net	$	11,060,430	$	10,244,559

Depreciation expense related to single-family properties was $100.6 million and $87.4 million for the three months ended June 30, 2022 and 2021, respectively, and $196.8 million and $173.7 million for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except property data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Single-family properties:
Properties sold	197		97		366		277
Net proceeds (1)	$	60,801	$	28,092	$	111,060	$	74,132
Net gain on sale	$	33,147	$	11,422	$	57,692	$	26,772
Land:
Net proceeds	$	794	$	55	$	1,942	$	319
Net gain (loss) on sale	$	148	$	(62)	$	426	$	(139)

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