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Single-Family Properties
 3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Single-Family Properties
Single-Family Properties
 
Single-family properties, net, consisted of the following as of March 31, 2018, and December 31, 2017 (in thousands, except property data):
 
March 31, 2018
 
Number of
properties
 
Net book
value
Leased single-family properties
47,677

 
$
7,455,093

Single-family properties being renovated
503

 
124,233

Single-family properties being prepared for re-lease
289

 
37,630

Vacant single-family properties available for lease
1,479

 
262,429

Single-family properties held for sale, net
1,318

 
201,693

Single-family properties identified for future sale
574

 
88,002

Total
51,840

 
$
8,169,080

 
December 31, 2017
 
Number of
properties
 
Net book
value
Leased single-family properties
46,996

 
$
7,284,708

Single-family properties being renovated
980

 
225,194

Single-family properties being prepared for re-lease
372

 
47,994

Vacant single-family properties available for lease
2,581

 
471,281

Single-family properties held for sale, net
310

 
35,803

Total
51,239

 
$
8,064,980



Single-family properties, net as of March 31, 2018, and December 31, 2017, included $4.7 million and $44.2 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 $75.4 million and $68.7 million for the three months ended March 31, 2018 and 2017, respectively.

During the three months ended March 31, 2018, the Company sold 103 homes, which generated total net proceeds of $11.5 million and resulted in a net gain on sale of $2.1 million, and sold land, which generated total net proceeds of $0.5 million and resulted in a net gain on sale of $0.1 million. 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.