Single-Family Properties

6 Months Ended

Jun. 30, 2015

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.