Single-family properties

3 Months Ended

Mar. 31, 2015

Single-family properties

Single-family properties

Note 3. Single-family properties

Single-family properties, net, consists of the following as of March 31, 2015, and December 31, 2014 (dollars in thousands):

	March 31, 2015
	Number of properties	Net book value
Leased single-family properties	31,183	$	5,112,511
Single-family properties being renovated	1,863	293,221
Single-family properties being prepared for re-lease	838	136,905
Vacant single-family properties available for lease	2,669	489,290
Single-family properties held for sale	35	5,428
Total	36,588	$	6,037,355

	December 31, 2014
	Number of properties	Net book value
Leased single-family properties	28,250	$	4,631,797
Single-family properties being renovated	2,886	476,120
Single-family properties being prepared for re-lease	630	104,974
Vacant single-family properties available for lease	2,807	493,962
Single-family properties held for sale	26	3,818
Total	34,599	$	5,710,671

Single-family properties, net at March 31, 2015, and December 31, 2014, included $40.1 million and $114.6 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 $48.7 million and $31.0 million for the three months ended March 31, 2015 and 2014, respectively.