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Real Estate | 9 Months Ended
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Sep. 30, 2015
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 & Development |  | Total
As of September 30, 2015 |  |  |  |  |  |  |
Land and land improvements, at cost | $ | 309,522 |  |  | $ | 134,490 |  |  | $ | 874,543 |  |  | $ | 1,318,555 |
Buildings and improvements, at cost | 1,227,500 |  |  | 423,058 |  |  | — |  |  | 1,650,558 |
Less: accumulated depreciation | (386,225 | ) |  | (82,821 | ) |  | (9,529 | ) |  | (478,575 | )
Real estate, net | 1,150,797 |  |  | 474,727 |  |  | 865,014 |  |  | 2,490,538 |
Real estate available and held for sale (1) | 1,953 |  |  | 136,945 |  |  | 157,693 |  |  | 296,591 |
Total real estate | $ | 1,152,750 |  |  | $ | 611,672 |  |  | $ | 1,022,707 |  |  | $ | 2,787,129 |
As of December 31, 2014 |  |  |  |  |  |  |
Land and land improvements, at cost | $ | 311,890 |  |  | $ | 146,417 |  |  | $ | 868,650 |  |  | $ | 1,326,957 |
Buildings and improvements, at cost | 1,240,593 |  |  | 578,013 |  |  | — |  |  | 1,818,606 |
Less: accumulated depreciation | (364,323 | ) |  | (96,159 | ) |  | (8,367 | ) |  | (468,849 | )
Real estate, net | 1,188,160 |  |  | 628,271 |  |  | 860,283 |  |  | 2,676,714 |
Real estate available and held for sale (1) | 4,521 |  |  | 162,782 |  |  | 118,679 |  |  | 285,982 |
Total real estate | $ | 1,192,681 |  |  | $ | 791,053 |  |  | $ | 978,962 |  |  | $ | 2,962,696 |
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(1) | As of September 30, 2015 and December 31, 2014, the Company had $132.8 million and $155.8 million, respectively, of residential properties available for sale in its operating properties portfolio.
Real Estate Available and Held for Sale—During the nine months ended September 30, 2015, the Company reclassified residential units and lots with a carrying value of $55.5 million and net lease assets with a carrying value of $8.2 million to held for sale due to substantial completion of construction and active marketing for sale. During the nine months ended September 30, 2015, the Company reclassified a commercial operating property with a carrying value of $2.9 million to held for investment due to a change in business strategy. Acquisitions—The following acquisitions of real estate were reflected in the Company's consolidated statements of cash flows for the nine months ended September 30, 2015 and 2014 ($ in thousands):
| For the Nine Months Ended September 30, |
| 2015 |  | 2014 |
Acquisitions of real estate assets | — |  |  | 2,964 |  | (1)
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(1) | During the nine months ended September 30, 2014, the Company purchased two condominium units for $3.0 million.
During the nine months ended September 30, 2015, the Company acquired, via deed-in-lieu, title to a residential property, which had a total fair value of $13.4 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. During the nine months ended September 30, 2014, the Company acquired, via deed-in-lieu, title to three commercial operating properties and a land asset, which had a total fair value of $77.9 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction. The following table summarizes the Company's pro forma revenues and net income for the nine months ended September 30, 2014, as if the acquisition of the properties acquired during the nine months ended September 30, 2014 was completed on January 1, 2013 ($ in thousands):
Pro forma total revenues |  | 356,378 |
Pro forma net income (loss) |  | 17,306 |
From the date of acquisition through September 30, 2014, $5.3 million in total revenues and $1.7 million in net loss of the acquiree are included in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2014. The pro forma revenues and net income are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2013, nor do they purport to represent the Company’s results of operations for future periods. Dispositions—During the nine months ended September 30, 2015 and 2014, the Company sold residential condominiums for total net proceeds of $113.4 million and $165.6 million, respectively, and recorded income from sales of real estate totaling $36.8 million and $56.9 million, respectively. During the nine months ended September 30, 2015, the Company sold net lease assets for net proceeds of $39.4 million resulting in a gain of $15.6 million. The gain was recorded in "Income from sales of real estate" in the Company's consolidated statements of operations. During the nine months ended September 30, 2015, the Company sold a commercial operating property for $68.5 million to a newly formed unconsolidated entity in which the Company owns a 50.0% equity interest (refer to Note 6). The Company recognized a gain on sale of $13.6 million, reflecting the Company's share of the interest sold, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. During the nine months ended September 30, 2015, the Company sold residential lots and units for proceeds of $29.1 million which had associated cost of sales of $22.8 million. In April 2015, the Company transferred a land asset to a purchaser at a stated price of $16.1 million, as part of an agreement to construct an amphitheater, for which the Company received proceeds of $5.3 million, with the remainder to be received upon completion of the development project. Due to the Company's continuing involvement in the project, no sale was recognized and the proceeds were recorded in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets (refer to Note 7). During the nine months ended September 30, 2014, the Company sold residential lots and units for proceeds of $11.9 million which had associated cost of sales of $10.0 million. During the nine months ended September 30, 2015, the Company, through a consolidated entity for which it has a 90% ownership interest, sold a leasehold interest in a commercial operating property for net proceeds of $93.5 million and simultaneously entered into a ground lease with an initial term of 99 years. In connection with this transaction, the Company recorded a lease incentive asset of $38.1 million, which is included in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets, and deferred a gain of $5.3 million, which is included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. During the nine months ended September 30, 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% and contributed land with a carrying value of $9.5 million to newly formed unconsolidated entities (refer to Note 6). The Company also sold its 72% interest in a previously consolidated entity, which owns a net lease asset subject to a non-recourse mortgage of $26.0 million, for net proceeds of $10.1 million that approximated carrying value (refer to Note 6). During the nine months ended September 30, 2014, the Company sold properties with a carrying value of $6.8 million for proceeds that approximated carrying value and sold a commercial operating property with a carrying value of $29.4 million resulting in a gain of $4.6 million. The gain was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. During the same period, the Company also 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. Impairments—During the nine months ended September 30, 2015 and September 30, 2014, the Company recorded impairments on real estate assets totaling $5.6 million and $21.7 million, respectively. The impairment recorded in 2015 resulted from a change in business strategy for two commercial operating properties and unfavorable local market conditions for one residential property. Of the impairment recorded in 2014, $15.4 million resulted from unfavorable local market conditions for two real estate properties, $3.3 million resulted from a change in business strategy for a residential property and $3.0 million resulted from the sale of a net lease asset. 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 $6.8 million and $20.4 million for the three and nine months ended September 30, 2015, respectively, and $7.6 million and $23.1 million for the three and nine months ended September 30, 2014. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Redeemable Noncontrolling Interest—As of September 30, 2015 and December 31, 2014, the Company had a redeemable noncontrolling interest of $7.8 million and $9.9 million, respectively, which is not currently redeemable, for which the Company records changes in the fair value over the redemption periods. As of September 30, 2015 and December 31, 2014, this interest had an estimated redemption value of $11.1 million and $23.6 million, respectively. Allowance for Doubtful Accounts—As of September 30, 2015 and December 31, 2014, the allowance for doubtful accounts related to real estate tenant receivables was $2.0 million and $1.3 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $2.4 million at both dates. These amounts are included in "Accrued interest and operating lease income receivable, net" and "Deferred operating lease income receivable, net", respectively, on the Company's consolidated balance sheets.

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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 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 3: 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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 + Details
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