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Discontinued Operations and Assets Held for Sale
 9 Months Ended
Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations and Assets Held for Sale
Disposals, Discontinued Operations and Assets Held for Sale
During the nine months ended September 30, 2015, the Company disposed of four shopping centers and two outparcels for net proceeds of $41.8 million resulting in an aggregate gain of $9.2 million and an aggregate impairment of $0.8 million. The impairment charge was based upon the sales price in the signed contract with the third party buyer, adjusted to reflect associated disposition costs. These inputs are classified as Level 3 of the fair value hierarchy.
The Company had no properties held for sale as of September 30, 2015.

As a result of adopting ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” there were no discontinued operations for the three and nine months ended September 30, 2015 as none of the current year disposals represented a strategic shift in the Company’s business that would qualify as discontinued operations. The following table provides a summary of revenues and expenses from properties included in discontinued operations during the three and nine months ended September 30, 2014:

 
Three Months Ended September 30, 2014
 
Nine Months Ended September 30, 2014
Discontinued operations:
 
 
 
Revenues
$
123

 
$
637

Operating expenses
(82
)
 
(1,571
)
Other income (expense), net
—

 
5,815

Income from discontinued operating properties
41

 
4,881

Gain on disposition of operating properties
—

 
14,426

Income from discontinued operations
$
41

 
$
19,307



Discontinued operations includes the results of 34 shopping centers disposed of during the year ended December 31, 2014, including 33 shopping centers distributed to Blackstone in connection with the Company's initial public offering ("IPO").