Real Estate Assets, Net (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Schedule of Single-Family Properties

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

	December 31, 2019		December 31, 2018
Occupied single-family properties	$	7,534,627	$	7,448,330
Single-family properties recently acquired	88,181		212,870
Single-family properties in turnover process	308,008		294,093
Single-family properties leased, not yet occupied	55,460		65,304
Single-family properties in operation, net	7,986,276		8,020,597
Development land	224,041		97,207
Single-family properties under development	131,386		56,444
Single-family properties held for sale, net	209,828		318,327
Total real estate assets, net	$	8,551,531	$	8,492,575

 

The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2019, 2018 and 2017 (in thousands, except property data):

	For the Year Ended December 31,
	2019		2018		2017
Single-family properties:
Properties sold	1,330		691		923
Net proceeds (1)	$	248,199	$	105,394	$	72,611
Net gain on sale	$	43,507	$	16,313	$	3,573
Land:
Net proceeds	$	3,205	$	763	$	—
Net gain on sale	$	366	$	220	$	—

(1)

Total net proceeds for the years ended December 31, 2019, 2018 and 2017 included $30.7 million, zero and $7.0 million, respectively, of notes receivable, before $1.2 million, zero and $1.5 million, respectively, of discounts, which are presented in escrow deposits, prepaid expenses and other assets (see Note 5).