Real Estate Assets, Net

3 Months Ended

Mar. 31, 2023

The net book values of real estate assets consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):


	March 31, 2023		December 31, 2022
Occupied single-family properties	$	9,549,695	$	9,419,098
Single-family properties leased, not yet occupied	89,718		52,325
Single-family properties in turnover process	191,738		281,356
Single-family properties recently renovated or developed	85,972		182,336
Single-family properties newly acquired and under renovation	—		3,557
Single-family properties in operation, net	9,917,123		9,938,672
Development land	631,752		631,539
Single-family properties under development	647,337		555,682
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	$	11,367,660	$	11,324,609

Depreciation expense related to single-family properties was $107.8 million and $96.2 million for the three months ended March 31, 2023 and 2022, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2023 and 2022 (amounts in thousands, except property data):


	For the Three Months Ended March 31,
	2023		2022
Single-family properties:
Properties sold	666		169
Net proceeds (1)	$	183,584	$	50,259
Net gain on sale	$	85,703	$	24,545
Land:
Net proceeds	$	926	$	1,148
Net gain on sale	$	34	$	278

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