Real Estate (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018
Land, at cost	$	218,261		$	212,782		$	431,043
Buildings and improvements, at cost	888,058			340,550			1,228,608
Less: accumulated depreciation	(297,881		)	(59,627		)	(357,508		)
Real estate, net	808,438			493,705			1,302,143
Real estate available and held for sale (2)	—			41,857			41,857
Total real estate	$	808,438		$	535,562		$	1,344,000
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

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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 offer 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 in exchange for a promote and management fee.

(2) As of March 31, 2018 and December 31, 2017, the Company had $40.9 million and $48.5 million, respectively, of residential condominiums available for sale in its operating properties portfolio.

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 three months ended March 31, 2017 ($ in thousands)⁽¹⁾⁽²⁾:

Revenues	$	5,244
Expenses	(986		)
Income from sales of real estate	508
Income from discontinued operations	$	4,766

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(1) The transactions closed on April 14, 2017. Revenues primarily consisted of operating lease income and expenses primarily consisted of depreciation and amortization and real estate expense.

(2) For the three months ended March 31, 2017, cash flows provided by operating activities and cash flows used in investing activities from discontinued operations was $6.3 million and $0.5 million, respectively.

Schedule of other dispositions

Other Dispositions—The following table presents the net proceeds and income recognized for properties sold, by property type ($ in millions):

	Three Months Ended March 31,
	2018		2017
Operating Properties
Proceeds	$	41.9	$	10.2
Income from sales of real estate	16.6		1.9
Net Lease
Proceeds	$	2.3	$	19.5
Income from sales of real estate	0.4		6.2
Total
Proceeds	$	44.2	$	29.7
Income from sales of real estate	17.0		8.1