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Single-Family Properties | 6 Months Ended
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Jun. 30, 2015
Single-Family Properties |
Single-Family Properties | Note 3. Single-Family Properties Single-family properties, net, consists of the following as of June 30, 2015, and December 31, 2014 (dollars in thousands):
|  | June 30, 2015 |
|  | Number of properties |  | Net book value |
Leased single-family properties |  | 34,903 |  | $ | 5,746,687 |
Single-family properties being renovated |  | 686 |  | 98,435 |
Single-family properties being prepared for re-lease |  | 355 |  | 56,788 |
Vacant single-family properties available for lease |  | 1,503 |  | 253,851 |
Single-family properties held for sale |  | 44 |  | 6,387 |
Total |  | 37,491 |  | $ | 6,162,148 |
|  | December 31, 2014 |
|  | Number of properties |  | Net book value |
Leased single-family properties |  | 28,250 |  | $ | 4,631,797 |
Single-family properties being renovated |  | 2,886 |  | 476,120 |
Single-family properties being prepared for re-lease |  | 630 |  | 104,974 |
Vacant single-family properties available for lease |  | 2,807 |  | 493,962 |
Single-family properties held for sale |  | 26 |  | 3,818 |
Total |  | 34,599 |  | $ | 5,710,671 |
Single-family properties, net at June 30, 2015, and December 31, 2014, included $21.7 million and $114.6 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 $53.2 million and $34.8 million for the three months ended June 30, 2015 and 2014, respectively, and $101.9 million and $65.8 million for the six months ended June 30, 2015 and 2014, respectively.

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