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Single-Family Properties
 6 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
Single-Family Properties
Single-Family Properties
 
Single-family properties, net, consisted of the following as of June 30, 2017, and December 31, 2016 (dollars in thousands):
 
June 30, 2017
 
Number of
properties
 
Net book
value
Leased single-family properties
46,089

 
$
7,173,352

Single-family properties being renovated
508

 
97,976

Single-family properties being prepared for re-lease
161

 
26,510

Vacant single-family properties available for lease
1,642

 
270,709

Single-family properties held for sale
582

 
65,237

Total
48,982

 
$
7,633,784

 
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
1,119

 
87,430

Total
48,422

 
$
7,547,856



Single-family properties, net as of June 30, 2017, and December 31, 2016, included $30.0 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 $69.0 million and $66.2 million for the three months ended June 30, 2017 and 2016, respectively, and $137.8 million and $127.0 million for the six months ended June 30, 2017 and 2016, respectively.

During the three and six months ended June 30, 2017, the Company sold 127 and 631 homes, respectively, which generated total net proceeds of $15.7 million and $39.8 million, respectively, and resulted in a net gain on sale of $2.2 million and $1.2 million, respectively. Total net proceeds for the six months ended June 30, 2017 included a $7.0 million note receivable, before a $1.5 million discount, that was recorded during the first quarter of 2017. During the three and six months ended June 30, 2016, the Company sold 68 and 134 homes, respectively, which generated total net proceeds of $7.9 million and $15.5 million, respectively, and resulted in a net gain on sale of $0.7 million and $0.9 million, respectively.