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Real Estate | 3 Months Ended
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Mar. 31, 2014
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 March 31, 2014 |  |  |  |  |  |  |
Land and land improvements | $ | 328,143 |  |  | $ | 132,934 |  |  | $ | 809,517 |  |  | $ | 1,270,594 |
Buildings and improvements | 1,283,103 |  |  | 593,422 |  |  | — |  |  | 1,876,525 |
Less: accumulated depreciation and amortization | (343,294 | ) |  | (86,173 | ) |  | (3,682 | ) |  | (433,149 | )
Real estate, net | $ | 1,267,952 |  |  | $ | 640,183 |  |  | $ | 805,835 |  |  | $ | 2,713,970 |
Real estate available and held for sale | — |  |  | 204,653 |  |  | 130,038 |  |  | 334,691 |
Total real estate | $ | 1,267,952 |  |  | $ | 844,836 |  |  | $ | 935,873 |  |  | $ | 3,048,661 |
As of December 31, 2013 |  |  |  |  |  |  |
Land and land improvements | $ | 350,817 |  |  | $ | 132,934 |  |  | $ | 803,238 |  |  | $ | 1,286,989 |
Buildings and improvements | 1,346,071 |  |  | 587,574 |  |  | — |  |  | 1,933,645 |
Less: accumulated depreciation and amortization | (338,640 | ) |  | (82,420 | ) |  | (3,393 | ) |  | (424,453 | )
Real estate, net | $ | 1,358,248 |  |  | $ | 638,088 |  |  | $ | 799,845 |  |  | $ | 2,796,181 |
Real estate available and held for sale | — |  |  | 228,328 |  |  | 132,189 |  |  | 360,517 |
Total real estate | $ | 1,358,248 |  |  | $ | 866,416 |  |  | $ | 932,034 |  |  | $ | 3,156,698 |
Real estate available and held for sale—As of March 31, 2014 and December 31, 2013, the Company had $197.7 million and $221.0 million, respectively, of residential properties available for sale in its operating properties portfolio. Acquisitions—During the three months ended March 31, 2013, the Company acquired, via foreclosure, title to a residential operating property, which previously served as collateral for a loan receivable held by the Company. 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. No gain or loss was recorded in conjunction with this transaction. Dispositions—During the three months ended March 31, 2014 and 2013, the Company sold residential condominiums for total net proceeds of $47.7 million and $75.2 million, respectively, and recorded income from sales of residential properties totaling $16.5 million and $23.7 million, respectively. During the three months ended March 31, 2014, the Company sold residential lots from two of our master planned community properties for proceeds of $4.1 million and which had cost of sales of $3.7 million. During the same period, the Company also sold properties with a carrying value of $6.7 million for proceeds that approximated carrying value. During the three months ended March 31, 2014, the Company sold a net lease asset for net proceeds of $93.7 million which approximated carrying value to a newly formed unconsolidated entity in which the Company has a noncontrolling equity interest of 51.9% (see Note 6). Additionally, during the three months ended March 31, 2014, the Company sold a net lease asset for net proceeds of $7.8 million. The Company recorded an impairment loss of $3.0 million in connection with the sale. During the three months ended March 31, 2013, the Company sold a commercial operating property with a carrying value of $24.1 million resulting in a net gain of $5.0 million. The gain was recorded as "Gain from discontinued operations" on the Company's Consolidated Statements of Operations. Discontinued Operations—The Company has elected to early adopt ASU 2014-08 beginning with disposals and classifications of assets as held for sale that occurred after December 31, 2013. During the three months ended March 31, 2014, there were no disposals or assets classified as held for sale which were individually significant or represented a strategic shift that has (or will have) a major effect on the Company's operations and financial results. For the three months ended March 31, 2013, income (loss) from discontinued operations was $1.2 million, which includes revenues of $2.4 million and expenses of $1.2 million. 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, 2014 and 2013 were $8.5 million and $7.7 million, respectively, and are included in “Operating lease income” on the Company's Consolidated Statements of Operations. Allowance for doubtful accounts—As of March 31, 2014 and December 31, 2013, the allowance for doubtful accounts related to real estate tenant receivables was $2.4 million and $3.4 million, respectively and the allowance for doubtful accounts related to deferred operating lease income was $2.1 million and $2.5 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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