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Single-family properties | 12 Months Ended
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Dec. 31, 2013
Real Estate [Abstract] |
Single-family properties | Note 3. Single-family properties Single-family properties, net, consists of the following as of December 31, 2013 and 2012 (dollars in thousands):
|  | December 31, 2013 |
|  | Number of properties |  |  | Net book value |
Leased single-family properties |  |  | 17,328 |  |  | $ | 2,914,947 |
Single-family properties being renovated |  |  | 2,744 |  |  |  | 393,975 |
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 |
|  | 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, net at December 31, 2013 and 2012 include $120,645,000 and $131,819,000, 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 $60,254,000, $2,111,000, and $21,000, for the years ended December 31, 2013, 2012, and the period from June 23, 2011 to December 31, 2011, respectively. Included in single-family properties, net at December 31, 2013 and 2012 are certain single-family properties contributed by the Sponsor (see Note 9). We generally rent our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties as of December 31, 2013 are as follows (in thousands):
Year |  | December 31, 2013 |
2014 |  | $ | 174,319 |
2015 |  |  | 7,802 |
2016 |  |  | 35 |
Total |  | $ | 182,156 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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