Gain on Sales of Real Estate

12 Months Ended

Dec. 31, 2015

Gain on Sales of Real Estate

Gain on Sales of Real Estate

14.        Gain on Sales of Real Estate

During 2015, we sold 38 investment properties for $65.8 million, which resulted in a gain of $22.2 million.  The results of operations for these properties are presented within continuing operations.

During 2014, we sold 46 investment properties for $107.2 million, which resulted in a gain of $42.1 million.  Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during the year were reclassified as discontinued operations.

During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million.  The results of operations for these properties were reclassified as discontinued operations for all periods presented.

During 2015, Crest did not sell any properties.  Crest sold one property for $820,000 and one property for $597,000 during 2014 and 2013, respectively.  Neither of these sales resulted in a gain. The results of operations for these properties have been reclassified as discontinued operations.