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Real Estate | 9 Months Ended
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Sep. 30, 2016
Real Estate [Abstract] |
Real Estate | Real Estate The Company's real estate assets were comprised of the following ($ in thousands):
| Net Lease |  | Operating Properties |  | Total
As of September 30, 2016 |  |  |  |  |
Land and land improvements, at cost | $ | 272,227 |  |  | $ | 114,354 |  |  | $ | 386,581 |
Buildings and improvements, at cost | 1,091,842 |  |  | 301,396 |  |  | 1,393,238 |
Less: accumulated depreciation | (362,293 | ) |  | (42,916 | ) |  | (405,209 | )
Real estate, net | 1,001,776 |  |  | 372,834 |  |  | 1,374,610 |
Real estate available and held for sale (1) | — |  |  | 101,488 |  |  | 101,488 |
Total real estate | $ | 1,001,776 |  |  | $ | 474,322 |  |  | $ | 1,476,098 |
As of December 31, 2015 |  |  |  |  |
Land and land improvements, at cost | $ | 306,172 |  |  | $ | 133,275 |  |  | $ | 439,447 |
Buildings and improvements, at cost | 1,183,723 |  |  | 427,371 |  |  | 1,611,094 |
Less: accumulated depreciation | (377,416 | ) |  | (79,142 | ) |  | (456,558 | )
Real estate, net | 1,112,479 |  |  | 481,504 |  |  | 1,593,983 |
Real estate available and held for sale (1) | — |  |  | 137,274 |  |  | 137,274 |
Total real estate | $ | 1,112,479 |  |  | $ | 618,778 |  |  | $ | 1,731,257 |
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(1) | As of September 30, 2016 and December 31, 2015, the Company had $101.5 million and $137.3 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, 2016, the Company transferred one net lease asset with a carrying value of $0.7 million and one commercial operating property with a carrying value of $16.1 million to held for sale due to executed contracts with third parties. The Company also acquired a residential operating property for $0.8 million that is held for sale and had no operations as of September 30, 2016. During the nine months ended September 30, 2015, the Company transferred net lease assets with a carrying value of $8.2 million to held for sale due to executed contracts with third parties and a commercial operating property with a carrying value of $2.9 million to held for investment due to a change in business strategy. Acquisitions—During the nine months ended September 30, 2016, the Company acquired land for $3.9 million and simultaneously entered into a 99 year ground lease with the seller. During the nine months ended September 30, 2015, the Company acquired, via deed-in-lieu, title to a residential operating 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. Dispositions—During the nine months ended September 30, 2016 and 2015, the Company sold residential condominiums for total net proceeds of $74.9 million and $113.4 million, respectively, and recorded income from sales of real estate totaling $23.3 million and $36.8 million, respectively. During the nine months ended September 30, 2016 and 2015, the Company sold net lease assets for net proceeds of $108.5 million and $39.4 million, respectively, resulting in gains of $15.9 million and $15.6 million, respectively. During the nine months ended September 30, 2016, the Company also sold commercial operating properties for net proceeds of $229.1 million resulting in gains of $49.2 million. The gains are 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, through a consolidated entity, 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. In December 2015, the Company acquired the noncontrolling interest in the entity for $6.4 million. Impairments—During the nine months ended September 30, 2016, the Company recorded $7.9 million in impairments comprised of $3.0 million on a residential operating property resulting from unfavorable local market conditions and $4.9 million on the sale of net lease assets. During the nine months ended September 30, 2015, the Company recorded impairments of $5.6 million resulting from a change in business strategy on two commercial operating properties and unfavorable local market conditions for one residential operating property. 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 $6.2 million and $18.4 million for the three and nine months ended September 30, 2016, respectively, and $6.8 million and $20.4 million for the three and nine months ended September 30, 2015, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts—As of September 30, 2016 and December 31, 2015, the allowance for doubtful accounts related to real estate tenant receivables was $1.4 million and $1.9 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million and $1.5 million as of September 30, 2016 and December 31, 2015, respectively. 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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