Single-Family Properties

9 Months Ended

Sep. 30, 2015

Single-family properties, net, consists of the following as of September 30, 2015, and December 31, 2014 (dollars in thousands):



	September 30, 2015
	Number of properties	Net book value
Leased single-family properties	35,617	$	5,815,458
Single-family properties being renovated	810	127,734
Single-family properties being prepared for re-lease	283	45,756
Vacant single-family properties available for lease	1,621	272,044
Single-family properties held for sale	46	6,472
Total	38,377	$	6,267,464



	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 September 30, 2015, and December 31, 2014, included $34.0 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 $63.9 million and $40.8 million for the three months ended September 30, 2015 and 2014, respectively, and $165.8 million and $106.6 million for the nine months ended September 30, 2015 and 2014, respectively.