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Real estate
 3 Months Ended
Mar. 31, 2013
Real Estate [Abstract]  
Real estate
Real estate
The Company's real estate assets were comprised of the following ($ in thousands):
 
Net Lease
Assets
 
Operating
Properties
 
Land
 
Total
As of March 31, 2013
 
 
 
 
 
 
 
Land and land improvements
$
342,221

 
$
132,028

 
$
793,356

 
$
1,267,605

Buildings and improvements
1,285,058

 
637,680

 
—

 
1,922,738

Less: accumulated depreciation and amortization
(318,479
)
 
(84,504
)
 
(2,556
)
 
(405,539
)
Real estate, net
$
1,308,800

 
$
685,204

 
$
790,800

 
$
2,784,804

Real estate available and held for sale
9,766

 
409,579

 
179,716

 
599,061

Total real estate
$
1,318,566

 
$
1,094,783

 
$
970,516

 
$
3,383,865

As of December 31, 2012
 
 
 
 
 
 
 
Land and land improvements
$
344,239

 
$
132,028

 
$
786,114

 
$
1,262,381

Buildings and improvements
1,295,081

 
669,186

 
—

 
1,964,267

Less: accumulated depreciation and amortization
(315,699
)
 
(109,634
)
 
(2,292
)
 
(427,625
)
Real estate, net
$
1,323,621

 
$
691,580

 
$
783,822

 
$
2,799,023

Real estate available and held for sale
—

 
454,587

 
181,278

 
635,865

Total real estate
$
1,323,621

 
$
1,146,167

 
$
965,100

 
$
3,434,888


Real estate available and held for sale—As of March 31, 2013 and December 31, 2012, the Company had $353.2 million and $374.1 million, respectively, of residential properties available for sale in its operating properties portfolio. The Company is actively marketing and selling condominium units in these projects. During the three months ended March 31, 2013 and 2012, the Company sold condominium units for total net proceeds of $75.2 million and $49.5 million, respectively, and recorded income from sales of residential properties totaling $23.7 million and $6.7 million, respectively.
Real estate assets held for sale included $179.7 million of land assets, $56.4 million of commercial operating properties and $9.8 million of net lease assets as of March 31, 2013 and $181.3 million of land assets and $80.5 million of commercial operating properties as of December 31, 2012.
Acquisitions—During the three months ended March 31, 2013, through a newly formed joint venture, the Company acquired, via foreclosure, title to a property previously serving as collateral on a loan receivable. The Company owns 63% of the newly formed joint venture and based on the control provisions in the partnership agreement consolidates the joint venture and reflects the partner's share of the equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value whereby the assets acquired were $27.2 million which approximated the Company's previous loan balance and non-controlling partner's interest in the venture. No gain or loss was recorded in conjunction with this transaction.
During the three months ended March 31, 2012, the Company acquired title to properties previously serving as collateral on its loan receivables with a total fair value of $140.4 million at the time of foreclosure. These properties included $139.1 million of residential operating properties and $1.3 million of commercial operating properties.
Dispositions—During the three months ended March 31, 2013, the Company sold a net lease asset with a carrying value of $0.9 million for proceeds that approximated carrying value. During the same period the Company sold a commercial operating property with a carrying value of $24.1 million resulting in a net gain of $5.0 million and land assets with a carrying value of $1.9 million for proceeds that approximated carrying value.
During the three months ended March 31, 2012, the Company sold a net lease asset with a carrying value of $4.1 million, resulting in a net gain of $2.4 million. During 2012, the Company also sold a commercial operating property with a carrying value of $1.2 million and land assets with a carrying value of $0.9 million for proceeds that approximated carrying value.
Discontinued Operations—The following table summarizes income (loss) from discontinued operations for the three months ended March 31, 2013 and 2012 ($ in thousands):
 
For the
Three Months Ended
March 31,
 
2013
 
2012
Revenues
$
1,938

 
$
4,903

Total expenses
(1,009
)
 
(2,989
)
Impairment of assets
32

 
(15,275
)
Income (loss) from discontinued operations
$
961


$
(13,361
)

Impairments—During the three months ended March 31, 2013, the Company recorded no impairments on real estate assets. During the three months ended March 31, 2012, the Company recorded impairments on real estate assets totaling $16.1 million. Of this amount, $15.3 million has been reclassified to discontinued operations due to the assets being sold or classified as held for sale as of March 31, 2013.
Intangible assets—As of March 31, 2013 and December 31, 2012 the Company had $56.9 million and $59.9 million, respectively, of unamortized finite lived intangible assets primarily related to the acquisition of real estate assets. The total amortization expense for these intangible assets was $3.0 million and $3.1 million for the three months ended March 31, 2013 and 2012, respectively.
Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements for the three months ended March 31, 2013 and 2012 were $7.7 million and $7.5 million, respectively, and are included in “Operating lease income” on the Company's Consolidated Statements of Operations.