Single-family properties

6 Months Ended

Jun. 30, 2014

Single-family properties

Single-family properties

Note 3. Single-family properties

        Single-family properties, net, consists of the following as of June 30, 2014 and December 31, 2013 (dollars in thousands):

	June 30, 2014
	Number of properties		Net book value
Leased single-family properties		23,364	$	3,879,445
Single-family properties being renovated		1,756		262,977
Single-family properties being prepared for re-lease		656		111,370
Vacant single-family properties available for lease		1,361		224,696
Single-family properties held for sale		36		5,306
Total		27,173	$	4,483,794

	December 31, 2013
	Number of properties		Net book value
Leased single-family properties		17,328	$	2,914,947
Single-family properties being renovated		2,463		348,571
Single-family properties being prepared for re-lease		281		45,404
Vacant single-family properties available for lease		3,152		545,931
Single-family properties held for sale		44		6,569
Total		23,268	$	3,861,422

        Single-family properties, net at June 30, 2014 and December 31, 2013 include $92.3 million and $120.6 million, respectively, related to properties for which the recorded grant deed has not been received. For these properties, the trustee or seller has warranted that all legal rights of ownership have been transferred to us on the date of the sale, but there is a delay for the deeds to be recorded.

        Depreciation expense related to single-family properties was $34.8 million and $9.0 million for the three months ended June 30, 2014 and 2013, respectively. Depreciation expense related to single-family properties was $65.8 million and $11.9 million for the six months ended June 30, 2014 and 2013, respectively. Included in single-family properties, net at June 30, 2014 and December 31, 2013 are certain single-family properties contributed by the Sponsor (see Note 10).