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Real Estate | 3 Months Ended
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Mar. 31, 2017
Real Estate [Abstract] |
Real Estate | Real Estate The Company's real estate assets were comprised of the following ($ in thousands):
| Net Lease(1) |  | Operating Properties |  | Total
As of March 31, 2017 |  |  |  |  |
Land, at cost | $ | 271,433 |  |  | $ | 211,054 |  |  | $ | 482,487 |
Buildings and improvements, at cost | 1,097,049 |  |  | 316,726 |  |  | 1,413,775 |
Less: accumulated depreciation | (370,168 | ) |  | (49,503 | ) |  | (419,671 | )
Real estate, net | 998,314 |  |  | 478,277 |  |  | 1,476,591 |
Real estate available and held for sale (2) | — |  |  | 71,934 |  |  | 71,934 |
Total real estate | $ | 998,314 |  |  | $ | 550,211 |  |  | $ | 1,548,525 |
As of December 31, 2016 |  |  |  |  |
Land, at cost | $ | 272,666 |  |  | $ | 211,054 |  |  | $ | 483,720 |
Buildings and improvements, at cost | 1,111,589 |  |  | 311,283 |  |  | 1,422,872 |
Less: accumulated depreciation | (368,665 | ) |  | (46,175 | ) |  | (414,840 | )
Real estate, net | 1,015,590 |  |  | 476,162 |  |  | 1,491,752 |
Real estate available and held for sale (2) | 1,284 |  |  | 82,480 |  |  | 83,764 |
Total real estate | $ | 1,016,874 |  |  | $ | 558,642 |  |  | $ | 1,575,516 |
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(1) | In 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the "Net Lease Venture") and gave a right of first refusal to the Net Lease Venture on all new net lease investments (refer to Note 7 for more information on the Net Lease Venture). The Company is responsible for sourcing new opportunities and managing the Net Lease Venture and its assets in exchange for a promote and management fee.
(2) | As of March 31, 2017 and December 31, 2016, the Company had $71.9 million and $82.5 million, respectively, of residential properties available for sale in its operating properties portfolio.
Real Estate Available and Held for Sale— During the three months ended March 31, 2016, the Company transferred one net lease asset with a carrying value of $0.7 million to held for sale due to an executed contract with a third party. Dispositions—During the three months ended March 31, 2017 and 2016, the Company sold residential condominiums for total net proceeds of $10.2 million and $19.7 million, respectively, and recorded income from sales of real estate totaling $1.9 million and $4.9 million, respectively. During the three months ended March 31, 2017 and 2016, the Company sold net lease assets for net proceeds of $20.0 million and $10.0 million, respectively, resulting in gains of $6.7 million and $4.9 million, respectively. During the three months ended March 31, 2016, the Company also sold a commercial operating property for net proceeds of $5.9 million resulting in a gain of $0.7 million. The gains are recorded in "Income from sales of real estate" in the Company's consolidated statements of operations. Impairments—During the three months ended March 31, 2017, the Company recorded an impairment of $4.4 million on a real estate asset held for sale due to shifting demand in the local condominium market along with a change in the Company's exit strategy. 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 $5.7 million and $6.3 million for the three months ended March 31, 2017 and 2016, respectively. These amounts are included in "Operating lease income" in the Company's consolidated statements of operations. Allowance for Doubtful Accounts—As of March 31, 2017 and December 31, 2016, the allowance for doubtful accounts related to real estate tenant receivables was $1.4 million and $1.3 million, respectively, and the allowance for doubtful accounts related to deferred operating lease income was $1.3 million as of March 31, 2017 and December 31, 2016. 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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