Dispositions

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3.    Property Dispositions

Dispositions

The following table provides a summary of shopping centers and land out-parcels disposed of ($ in thousands):

	Year ended December 31,
	2014		2013		2012
Proceeds from sale of real estate investments	$	118,787	212,632	(1)	352,707
Gain on sale of real estate, net of tax	$	55,077	59,656		24,013
Number of operating properties sold	11		12		20	(2)
Number of land out-parcels sold	6		10		7

⁽¹⁾ One of the properties sold during 2013 was financed by the Company issuing a note receivable for the entire purchase price, which was subsequently collected during 2013.

⁽²⁾ On July 25, 2012, the Company sold a 15-property portfolio for total consideration of $321.0 million. As a result of entering into this agreement, the Company recognized a net impairment loss of $18.1 million. As of December 31, 2012, this asset group did not meet the definition of discontinued operations, in accordance with FASB ASC Topic 205-20, Presentation of Financial Statements - Discontinued Operations, based on its continuing cash flows as further discussed in note 4. The remaining five operating properties sold met the definition of discontinued operations and are included in income from discontinued operations in the Consolidated Statements of Operations.

As a result of adopting ASU No. 2014-08, there were no discontinued operations for the year ended December 31, 2014 as none of the current year sales represented a strategic shift that would qualify as discontinued operations. The following table provides a summary of revenues and expenses from properties included in discontinued operations (in thousands):

	Year ended December 31,
	2013		2012
Revenues	$	14,924	26,413
Operating expenses	7,592		15,514
Provision for impairment	—		54,500
Income tax expense (benefit) (1)	—		(18	)
Operating income (loss) from discontinued operations	$	7,332	(43,583	)

⁽¹⁾ The operating income and gain on sales of properties included in discontinued operations are reported net of income taxes, if the property is sold by Regency Realty Group, Inc. ("RRG"), a wholly owned subsidiary of the Operating Partnership, which is a Taxable REIT subsidiary as defined by in Section 856(1) of the Internal Revenue Code.