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Single-family properties | 3 Months Ended
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Mar. 31, 2014
Single-family properties |
Single-family properties | Note 3. Single-family properties Single-family properties, net, consists of the following as of March 31, 2014 and December 31, 2013 (dollars in thousands):
|  | March 31, 2014 |
--- | --- | --- | ---
|  | Number of properties |  | Net book value |
Leased single-family properties |  |  | 20,666 |  | $ | 3,454,381 |
Single-family properties being renovated |  |  | 2,779 |  |  | 413,409 |
Vacant single-family properties available for lease |  |  | 2,019 |  |  | 344,573 |
Single-family properties held for sale |  |  | 41 |  |  | 6,291 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 25,505 |  | $ | 4,218,654 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | 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 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Single-family properties, net at March 31, 2014 and December 31, 2013 include $112.2 million and $120.6 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 $31.0 million and $2.9 million for the three months ended March 31, 2014 and 2013, respectively. Included in single-family properties, net at March 31, 2014 and December 31, 2013 are certain single-family properties contributed by the Sponsor (see Note 10).

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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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