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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2017
Real Estate [Abstract] |
Schedule of real estate assets | The Company's real estate assets were comprised of the following ($ in thousands):
| Net Lease(1) |  | Operating Properties |  | Total
As of December 31, 2017 |  |  |  |  |
Land, at cost | $ | 219,092 |  |  | $ | 203,278 |  |  | $ | 422,370 |
Buildings and improvements, at cost | 888,959 |  |  | 318,107 |  |  | 1,207,066 |
Less: accumulated depreciation | (292,268 | ) |  | (55,137 | ) |  | (347,405 | )
Real estate, net | 815,783 |  |  | 466,248 |  |  | 1,282,031 |
Real estate available and held for sale (2) | — |  |  | 68,588 |  |  | 68,588 |
Total real estate | $ | 815,783 |  |  | $ | 534,836 |  |  | $ | 1,350,619 |
As of December 31, 2016 |  |  |  |  |
Land, at cost | $ | 231,506 |  |  | $ | 211,054 |  |  | $ | 442,560 |
Buildings and improvements, at cost | 987,050 |  |  | 311,283 |  |  | 1,298,333 |
Less: accumulated depreciation | (307,444 | ) |  | (46,175 | ) |  | (353,619 | )
Real estate, net | 911,112 |  |  | 476,162 |  |  | 1,387,274 |
Real estate available and held for sale (2) | 155,051 |  |  | 82,480 |  |  | 237,531 |
Total real estate | $ | 1,066,163 |  |  | $ | 558,642 |  |  | $ | 1,624,805 |
_______________________________________________________________________________
(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 December 31, 2017 and 2016 the Company had $48.5 million and $82.5 million, respectively, of residential properties available for sale in its operating properties portfolio. As of December 31, 2016, net lease includes the Company's ground lease ("Ground Lease") assets that were reclassified to "Real estate available and held for sale" (refer to "Disposition of Ground Lease Business" below). As of December 31, 2016, the carrying value of the Company's Ground Lease assets were previously classified as $104.5 million in "Real estate, net," $37.5 million in "Deferred expenses and other assets, net," $8.2 million in "Deferred operating lease income receivable, net" and $3.5 million in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheet.
Disclosure of real estate available and held for sale | The following table presents the carrying value of properties transferred to held for sale, by segment ($ in millions)(1):
|  | Year Ended December 31,
Property Type |  | 2017 |  | 2016 |  | 2015
Operating Properties(2) |  | $ | 20.1 |  |  | $ | 16.1 |  |  | $ | 2.9 |
Net Lease |  | 0.9 |  |  | 1.8 |  |  | 8.2 |
Total |  | $ | 21.0 |  |  | $ | 17.9 |  |  | $ | 11.1 |
_______________________________________________________________________________
(1) | Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy.
(2) | During the year ended December 31, 2015, the Company transferred a commercial operating property with a carrying value of $2.9 million to held for investment due to a change in business strategy.
Income (loss) from discontinued operations | The transactions described above involving the Company's Ground Lease business qualified for discontinued operations and the following table summarizes income from discontinued operations for the years ended December 31, 2017, 2016 and 2015 ($ in thousands)(1):
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Revenues |  | $ | 6,430 |  |  | $ | 21,839 |  |  | $ | 18,520 |
Expenses |  | (1,491 | ) |  | (3,569 | ) |  | (3,443 | )
Income from discontinued operations |  | $ | 4,939 |  |  | $ | 18,270 |  |  | $ | 15,077 |
_______________________________________________________________________________
(1) | Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense. For the year ended December 31, 2017, revenues also includes income from sales of real estate.
The following table presents cash flows provided by operating activities and cash flows used in investing activities from discontinued operations for the years ended December 31, 2017, 2016 and 2015 ($ in thousands).
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Cash flows provided by operating activities |  | $ | 5,702 |  |  | $ | 16,662 |  |  | $ | 14,446 |
Cash flows used in investing activities |  | (534 | ) |  | (7,972 | ) |  | — |
Schedule of future minimum rental payments for operating leases | Future minimum operating lease payments to be collected under non-cancelable leases, excluding customer reimbursements of expenses, in effect as of December 31, 2017, are as follows ($ in thousands):
Year |  | Net Lease Assets |  | Operating Properties
2018 |  | $ | 101,135 |  |  | $ | 37,009 |
2019 |  | 101,448 |  |  | 33,748 |
2020 |  | 100,894 |  |  | 31,952 |
2021 |  | 101,288 |  |  | 30,075 |
2022 |  | 100,040 |  |  | 20,187 |
Future minimum lease obligations under non-cancelable operating leases are as follows ($ in thousands):
2018 | $ | 4,970 |
2019 | 3,919 |
2020 | 3,812 |
2021 | 1,439 |
2022 | 837 |
Thereafter | 2,914 |
Schedule of proceeds from other dispositions | The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions)(1):
|  | Year Ended December 31,
|  | 2017(1) |  | 2016 |  | 2015(2)
Operating Properties |  |  |  |  |  |
Proceeds |  | $ | 41.3 |  |  | $ | 326.9 |  |  | $ | 294.9 |
Income from sales of real estate |  | 4.5 |  |  | 75.4 |  |  | 53.7 |
Net Lease |  |  |  |  |  |
Proceeds |  | $ | 175.4 |  |  | $ | 117.2 |  |  | $ | 100.8 |
Income from sales of real estate |  | 87.5 |  |  | 21.1 |  |  | 40.1 |
Total |  |  |  |  |  |
Proceeds |  | $ | 216.7 |  |  | $ | 444.1 |  |  | $ | 395.7 |
Income from sales of real estate |  | 92.0 |  |  | 96.5 |  |  | 93.8 |
_______________________________________________________________________________
(1) | During the year ended December 31, 2017, the Company sold a net lease property and recognized a gain on sale of $62.5 million. Prior to the sale, the Company acquired the noncontrolling interest with a carrying value of $3.5 million for $12.0 million.
(2) | During the year ended December 31, 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 7). The Company recognized a gain on sale of $13.6 million, reflecting the Company's share of the interest sold to a third party, which was recorded as "Income from sales of real estate" in the Company's consolidated statements of operations. During the year ended December 31, 2015, the Company, through a consolidated entity, sold a leasehold interest in a commercial operating property with a carrying value of $126.3 million for net proceeds of $93.5 million and simultaneously entered into a ground lease with the buyer with an initial term of 99 years. The Company sold the leasehold interest at below fair value to incentivize the buyer to enter into an above market ground lease. As a result, the Company recorded no gain or loss on the sale and recorded a lease incentive asset of $32.8 million, which is included in "Real estate available and held for sale" on the Company's consolidated balance sheets. In December 2015, the Company acquired the noncontrolling interest in the entity for $6.4 million.

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- Definition Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230 + Details
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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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