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Real Estate | 9 Months Ended
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Sep. 30, 2013
Real Estate [Abstract] |
Real Estate | Real Estate The Company's real estate assets were comprised of the following ($ in thousands):
| Net Lease |  | Operating Properties |  | Land |  | Total
As of September 30, 2013 |  |  |  |  |  |  |
Land and land improvements | $ | 335,598 |  |  | $ | 132,608 |  |  | $ | 815,302 |  |  | $ | 1,283,508 |
Buildings and improvements | 1,295,419 |  |  | 645,240 |  |  | — |  |  | 1,940,659 |
Less: accumulated depreciation and amortization | (335,301 | ) |  | (100,325 | ) |  | (3,106 | ) |  | (438,732 | )
Real estate, net | $ | 1,295,716 |  |  | $ | 677,523 |  |  | $ | 812,196 |  |  | $ | 2,785,435 |
Real estate available and held for sale | — |  |  | 262,332 |  |  | 147,748 |  |  | 410,080 |
Total real estate | $ | 1,295,716 |  |  | $ | 939,855 |  |  | $ | 959,944 |  |  | $ | 3,195,515 |
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 September 30, 2013 and December 31, 2012, the Company had $252.9 million and $374.1 million, respectively, of residential properties available for sale in its operating properties portfolio. During the nine months ended September 30, 2013, the Company reclassified two land properties with a carrying value of $49.7 million from held for sale to held for investment due to changes in the Company's business plan for the properties. These assets are included in "Real estate, net" on the Company's Consolidated Balance Sheets. During the same period, the Company reclassified two land properties with a carrying value of $19.8 million and net lease assets with a carrying value of $18.5 million to held for sale due to executed contracts with third parties. The net lease assets were disposed of for a gain of $3.6 million during the nine months ended September 30, 2013. The results of operations for the net lease assets that were reclassified are included in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations for all periods presented. The two land properties are included in "Real estate available and held for sale" on the Company's Consolidated Balance Sheets. Acquisitions—During the nine months ended September 30, 2013, the Company acquired, via foreclosure, title to a residential operating property and a land property, each of which previously served as collateral on loans receivable. The fair value of the land property was $5.2 million. The Company contributed the residential operating property, which had a fair value of $25.5 million, to an entity, of which it owns 63%. Based on the control provisions in the partnership agreement, the Company consolidates the entity and reflects its partner's 37% share of equity in "Noncontrolling interests" on the Company's Consolidated Balance Sheets. The acquisition was accounted for at fair value and reflects adjustments made to finalize the initial accounting of the purchase price allocation of the assets and noncontrolling interest. No gain or loss was recorded in conjunction with this transaction. During the nine months ended September 30, 2012, the Company acquired title to properties previously serving as collateral on its loan receivables with a total fair value of $212.0 million at the time of foreclosure. These properties included $172.4 million of residential operating properties, $15.6 million of commercial operating properties and $24.0 million of land. Dispositions—During the three months ended September 30, 2013 and 2012, the Company sold 107 and 131 condominium units, respectively, and recorded income from sales of residential properties totaling $14.1 million and $15.6 million, respectively. During the nine months ended September 30, 2013 and 2012, the Company sold 347 and 393 condominium units, respectively, and recorded income from sales of residential properties totaling $68.7 million and $35.6 million, respectively. During the nine months ended September 30, 2013, the Company sold land for net proceeds of $21.4 million to an unconsolidated entity in which the Company also received a preferred partnership interest and a 47.5% equity interest. The Company recognized a gain of $3.4 million, reflecting the proportionate share of our sold interest, which was recorded as "Income from sales of residential property" on the Company's Consolidated Statements of Operations. Additionally, during the nine months ended September 30, 2013, the Company sold four net lease assets with a carrying value of $15.7 million resulting in a net gain of $2.9 million. During the same period the Company sold five commercial operating properties with a carrying value of $70.5 million resulting in a net gain of $19.1 million. These gains were recorded as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. The Company also sold other land assets with a carrying value of $8.6 million for proceeds that approximated carrying value. Additionally, during the nine months ended September 30, 2013, the Company transferred title of net lease assets with a carrying value of $8.7 million to its tenant for consideration that approximated our carrying value. On April 30, 2012, the Company sold a portfolio of 12 net lease assets with a carrying value of $105.7 million and recorded a gain of $24.9 million resulting from the transaction, which is recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. Additionally, during the nine months ended September 30, 2012, the Company sold two net lease assets with a carrying value of $9.8 million, resulting in a net gain of $2.4 million, which is recorded in "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. During 2012, the Company also sold six commercial operating properties with a carrying value of $13.1 million resulting in a net loss of $1.4 million which is included in "Income (loss) from discontinued operations," on the Company's Consolidated Statements of Operations, and a land asset with a carrying value of $64.5 million for proceeds that approximated carrying value. Discontinued operations—The following table summarizes income (loss) from discontinued operations for the three and nine months ended September 30, 2013 and 2012 ($ in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Revenues | $ | 1,483 |  |  | $ | 2,248 |  |  | $ | 4,955 |  |  | $ | 10,851 |
Total expenses | (745 | ) |  | (1,974 | ) |  | $ | (2,779 | ) |  | (7,516 | )
Impairment of assets | (524 | ) |  | (4,808 | ) |  | (920 | ) |  | (21,429 | )
Income (loss) from discontinued operations | $ | 214 |  |  | $ | (4,534 | ) |  | $ | 1,256 |  |  | $ | (18,094 | )
Impairments—During the three and nine months ended September 30, 2013, the Company recorded $6.8 million and $7.2 million of impairments on real estate assets, respectively. Of these amounts, $0.5 million and $0.9 million, respectively, have been recorded in "Income (loss) from discontinued operations" on the Company's Consolidated Statements of Operations. During the three and nine months ended September 30, 2012, the Company recorded impairments on real estate assets totaling $5.0 million and $29.1 million, respectively. Of these amounts, $4.8 million and $21.4 million, respectively, have been reclassified to discontinued operations as the assets were sold or classified as held for sale as of September 30, 2013. Intangible assets—As of September 30, 2013 and December 31, 2012 the Company had $58.7 million and $59.9 million, respectively, of finite lived intangible assets, net of accumulated amortization of $29.3 million and $49.3 million, respectively, primarily related to the acquisition of real estate assets. The total amortization expense for these intangible assets was $2.3 million and $8.3 million for the three and nine months ended September 30, 2013, respectively, and $2.7 million and $8.7 million for the three and nine months ended September 30, 2012, respectively. These amounts are included in “Depreciation and amortization” on the Company's Consolidated Statements of Operations. 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 were $9.1 million and $24.8 million for the three and nine months ended September 30, 2013, respectively, and $6.5 million and $21.4 million for the three and nine months ended September 30, 2012, respectively. These amounts are included in “Operating lease income” on the Company's Consolidated Statements of Operations. Allowance for doubtful accounts—As of September 30, 2013 and December 31, 2012, the total allowance for doubtful accounts related to real estate tenant receivables, including deferred operating lease income receivable, was $5.7 million and $5.6 million, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 7, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Section 563c.102 -Paragraph 11 -Chapter V -Subsection I -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy. Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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