Single-family properties

9 Months Ended

Sep. 30, 2013

Real Estate [Abstract]

Single-family properties

Note 3. Single-family properties

Single-family properties, net, consists of the following as of September 30, 2013 and December 31, 2012 (dollars in thousands):

	September 30, 2013
	Number of properties		Net book value
Leased single-family properties		14,384	$	2,426,434
Single-family properties being renovated		4,147		615,568
Vacant single-family properties available for lease		2,736		488,120
Total		21,267	$	3,530,122

	December 31, 2012
	Number of properties		Net book value
Leased single-family properties		1,164	$	158,068
Single-family properties being renovated		1,857		261,136
Vacant single-family properties available for lease		623		86,509
Total		3,644	$	505,713

Single-family properties at September 30, 2013 and December 31, 2012 include $95,447,000 and $131,819,000, respectively, related to properties for which the recorded deed of trust 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 approximately $20,841,000 and $490,000 for the three months ended September 30, 2013 and 2012, respectively, and $32,718,000 and $592,000 for the nine months ended September 30, 2013 and 2012, respectively. Included in single-family properties at September 30, 2013 and December 31, 2012 are certain single-family properties contributed by the Sponsor (see Note 9).