Single-Family Properties

12 Months Ended

Dec. 31, 2015

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



	December 31, 2015
	Number of properties	Net book value
Leased single-family properties	36,403	$	5,895,482
Single-family properties being renovated	476	75,055
Single-family properties being prepared for re-lease	178	28,525
Vacant single-family properties available for lease	1,678	283,444
Single-family properties held for sale	45	7,432
Total	38,780	$	6,289,938



	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 December 31, 2015 and 2014, included $8.5 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 $223.9 million, $150.5 million and $60.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. Included in single-family properties, net at December 31, 2015 and 2014, are certain single-family properties contributed by AH LLC (see Note 10).