Disposed Properties
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Mar. 31, 2015
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Disposed Properties The Company sold no operating properties and one land parcel during the three months ended March 31, 2015 for a gross disposition price of $1,410. The Company sold 223 properties and surrendered one property to the lender for the three months ended March 31, 2014 for a gross disposition price of $1,112,300. For the three months ended March 31, 2015 and 2014, the Company had generated net proceeds from the sale of properties of $1,454 and $462,178, respectively. During the three months ended March 31, 2015 and 2014, the Company recorded a gain on sale of investment properties of $728 and $1,244, respectively, in continuing operations. In line with the Company's adoption of the new accounting standard governing discontinued operations during the year ended December 31, 2014, only disposals representing a strategic shift that have (or will have) a major effect on results and operations would qualify as discontinued operations. On February 3, 2015, the Company completed the previously announced spin-off of its lodging subsidiary, Xenia. The 46 assets included in the Spin-Off have been classified as discontinued operations as the Spin-Off represents a strategic shift that has had a major effect on the Company's operations and financial results. The assets and liabilities of these 46 assets are classified as assets and liabilities of discontinued operations on the consolidated balance sheet at December 31, 2014. The operations of these 46 assets have been classified as income from discontinued operations on the consolidated statement of operations and comprehensive income for the three months ended March 31, 2015 and 2014. The major classes of assets and liabilities of discontinued operations as of March 31, 2015 and December 31, 2014 were as follows:
(a) Deferred costs and other assets at March 31, 2015 include receivables from Xenia related to hotel reserve escrows and property insurance proceeds. (b) Other liabilities at March 31, 2015 include tax liabilities related to hotel properties payable by the Company. For the three months ended March 31, 2015, the operations reflected in discontinued operations, shown in the table below, reflect the operations of the 46 lodging properties associated with the Spin-Off. For the three months ended March 31, 2014, the operations reflected in discontinued operations, shown in the table below, reflect the operations of the 46 lodging properties associated with the Spin-Off, the 52 select service lodging properties sold on November 17, 2014, the 3 stand-alone lodging properties sold in 2014, and the portfolio of 223 net lease properties sold in 2014. All other property disposals are now included as a component of income from continuing operations, consistent with the Company's adoption of ASU No. 2014-08.
Net cash (used in) provided by operating activities from the properties classified as discontinued operations was $(4,010) and $45,670 for the three months ended March 31, 2015 and 2014, respectively. Net cash (used in) provided by investing activities from the properties classified as discontinued operations was $(14,877) and $229,719 for the three months ended March 31, 2015 and 2014, respectively. |