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Single-family properties
 9 Months Ended
Sep. 30, 2014
Single-family properties  
Single-family properties

Note 3. Single-family properties

        Single-family properties, net, consists of the following as of September 30, 2014 and December 31, 2013 (dollars in thousands):

 
   September 30, 2014  
 
   Number of
properties		   Net book value  

Leased single-family properties

     26,161   $ 4,338,250  

Single-family properties being renovated

     2,330     371,096  

Single-family properties being prepared for re-lease

     295     49,672  

Vacant single-family properties available for lease

     2,052     352,489  

Single-family properties held for sale

     39     6,236  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

     30,877   $ 5,117,743  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           


 

 
   December 31, 2013  
 
   Number of properties   Net book value  

Leased single-family properties

     17,328   $ 2,914,947  

Single-family properties being renovated

     2,463     348,571  

Single-family properties being prepared for re-lease

     281     45,404  

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 September 30, 2014 and December 31, 2013, include $138.8 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 $40.8 million and $20.8 million for the three months ended September 30, 2014 and 2013, respectively, and $106.6 million and $32.7 million for the nine months ended September 30, 2014 and 2013, respectively. Included in single-family properties, net at September 30, 2014 and December 31, 2013, are certain single-family properties contributed by the Sponsor (see Note 10).