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Single-family properties
 3 Months Ended
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).