Single-Family Properties

9 Months Ended

Sep. 30, 2018

Single-family properties, net, consisted of the following as of September 30, 2018, and December 31, 2017 (in thousands, except property data):



	September 30, 2018
	Number of properties	Net book value
Leased single-family properties	47,776	$	7,458,840
Single-family properties being renovated	345	90,485
Single-family properties being prepared for re-lease	430	66,730
Vacant single-family properties available for lease	1,647	284,279
Single-family properties held for sale, net	1,865	299,551
Single-family properties identified for future sale	401	58,672
Total	52,464	$	8,258,557



	December 31, 2017
	Number of properties	Net book value
Leased single-family properties	46,996	$	7,284,708
Single-family properties being renovated	980	225,194
Single-family properties being prepared for re-lease	372	47,994
Vacant single-family properties available for lease	2,581	471,281
Single-family properties held for sale, net	310	35,803
Total	51,239	$	8,064,980

Single-family properties, net as of September 30, 2018, and December 31, 2017, included $4.0 million and $44.2 million, respectively, related to properties for which the recorded grant deed had 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 was a delay for the deeds to be recorded.

Depreciation expense related to single-family properties was $75.2 million and $71.2 million for the three months ended September 30, 2018 and 2017, respectively, and $224.7 million and $208.9 million for the nine months ended September 30, 2018 and 2017, respectively.

During the three months ended September 30, 2018, the Company sold 95 homes, which generated total net proceeds of $17.4 million and resulted in a net gain on sale of $3.4 million, and sold land which generated total net proceeds of $0.3 million and resulted in a net gain on sale of $0.1 million. During the nine months ended September 30, 2018, the Company sold 311 homes, which generated total net proceeds of $47.0 million and resulted in a net gain on sale of $8.8 million, and sold land which generated total net proceeds of $0.8 million and resulted in a net gain on sale of $0.2 million. During the three and nine months ended September 30, 2017, the Company sold 107 and 738 homes, respectively, which generated total net proceeds of $14.4 million and $54.2 million, respectively, and resulted in a net gain on sale of $1.9 million and $3.1 million, respectively. Total net proceeds for the nine months ended September 30, 2017, included a $7.0 million note receivable, before a $1.5 million discount, that was recorded during the first quarter of 2017.