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Single-Family Properties
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Single-Family Properties
Single-Family Properties
 
Single-family properties, net, consisted of the following as of March 31, 2017, and December 31, 2016 (dollars in thousands):
 
March 31, 2017
 
Number of
properties
 
Net book
value
Leased single-family properties
45,285

 
$
7,077,008

Single-family properties being renovated
367

 
64,973

Single-family properties being prepared for re-lease
121

 
18,630

Vacant single-family properties available for lease
1,859

 
302,663

Single-family properties held for sale, net
704

 
78,922

Total
48,336

 
$
7,542,196

 
December 31, 2016
 
Number of
properties
 
Net book
value
Leased single-family properties
44,798

 
$
7,040,000

Single-family properties being renovated
312

 
57,200

Single-family properties being prepared for re-lease
91

 
14,453

Vacant single-family properties available for lease
2,102

 
348,773

Single-family properties held for sale, net
1,119

 
87,430

Total
48,422

 
$
7,547,856



Single-family properties, net as of March 31, 2017, and December 31, 2016, included $13.9 million and $14.3 million, respectively, related to properties for which the recorded grant deed had 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 was a delay for the deeds to be recorded.
 
Depreciation expense related to single-family properties was $68.7 million and $60.8 million for the three months ended March 31, 2017 and 2016, respectively.

During the three months ended March 31, 2017, the Company sold 504 homes, which generated total net proceeds of $24.0 million, which includes a $7.0 million note receivable, before a $1.5 million discount, and resulted in a net loss on sale of $1.0 million. During the three months ended March 31, 2016, the Company sold 66 homes, which generated total net proceeds of $7.6 million and resulted in a net gain on sale of $0.2 million.