Real Estate Assets, Net

9 Months Ended

Sep. 30, 2023

The net book values of real estate assets consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands):


	September 30, 2023		December 31, 2022
Occupied single-family properties	$	9,627,171	$	9,419,098
Single-family properties leased, not yet occupied	60,392		52,325
Single-family properties in turnover process	320,204		281,356
Single-family properties recently renovated or developed	121,775		182,336
Single-family properties newly acquired and under renovation	2,643		3,557
Single-family properties in operation, net	10,132,185		9,938,672
Development land	575,514		631,539
Single-family properties under development	759,478		555,682
Single-family properties and land held for sale, net	160,328		198,716
Total real estate assets, net	$	11,627,505	$	11,324,609

Depreciation expense related to single-family properties was $109.6 million and $105.1 million for the three months ended September 30, 2023 and 2022, respectively, and $325.7 million and $301.9 million for the nine months ended September 30, 2023 and 2022, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except property data):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Single-family properties:
Properties sold	224		164		1,305		530
Net proceeds (1)	$	71,664	$	49,096	$	382,043	$	160,156
Net gain on sale	$	35,453	$	24,501	$	183,778	$	82,193
Land:
Net proceeds	$	801	$	1,197	$	2,300	$	3,139
Net gain on sale	$	195	$	70	$	364	$	496

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