Land and Development

The Company's land and development assets were comprised of the following ($ in thousands):



	As of December 31,
	2015			2014
Land and land improvements, at cost	$	1,007,995		$	987,329
Less: accumulated depreciation	(6,032		)	(8,367		)
Total land and development	1,001,963			978,962

Acquisitions—During the year ended December 31, 2014, the Company acquired, via deed-in-lieu, title to a land asset that previously served as collateral for loans receivable. The fair value of the land asset was $5.5 million.

During the year ended December 31, 2013, the Company acquired, via foreclosure, title to two land properties, which previously served as collateral for loans receivable held by the Company. The total fair value of the land properties was $15.6 million.

Dispositions—For the years ended December 31, 2015 and 2014, the Company sold residential lots and parcels and recognized land development revenue of $100.2 million and $15.2 million, respectively, from its land and development portfolio. For the years ended December 31, 2015 and 2014, the Company recognized land development cost of sales of $67.4 million and $12.8 million, respectively, from its land and development portfolio.

During 2015, the Company sold a land and development asset and recorded $36.9 million in land development revenue in the Company's consolidated statements of operations. In connection with the sale, the Company recorded a receivable for additional proceeds that it will receive from the buyer subject to the Company's completion of certain easement agreements resulting in deferred net revenue of $6.0 million. The receivable is included in "Deferred expenses and other assets, net" and the deferred revenue is included in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets.

During 2015, the Company sold a land and development asset and recorded $25.9 million in land development revenue in the Company's consolidated statements of operations. In addition, the Company provided financing to the buyer in the form of a loan with a fair value of $16.7 million. The loan is included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets.

During 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 8).

During the year ended December 31, 2014, the Company also sold land and development assets with a carrying value of $6.8 million for proceeds that approximated carrying value. During the same period, the Company contributed land with a carrying value of $9.5 million to a newly formed unconsolidated entity (refer to Note 7).

During the year ended December 31, 2013, the Company contributed land with carrying value of $24.1 million to a newly formed unconsolidated entity in which the Company received an equity interest of 75.6%. As a result of the transfer, the Company recognized a $7.4 million loss, which was recorded as “Loss on transfer of interest to unconsolidated subsidiary” on the Company’s consolidated statements of operations.

Impairments—During the years ended December 31, 2015, 2014 and 2013, the Company recorded impairments on land and development assets of $4.6 million, $22.8 million and $0.7 million, respectively.