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Single-family properties
 12 Months Ended
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