Disposition of Real Estate and Real Estate Investments and Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations And Disposal Groups [Abstract]

Disposition of Real Estate and Real Estate Investments and Discontinued Operations

13. Disposition of Real Estate and Real Estate Investments and Discontinued Operations

Effective January 1, 2015, the Company adopted guidance from the FASB that changed the criteria for determining which disposals are presented as discontinued operations.  As a result, most individual property disposals do not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold since January 1, 2015, remain in Income from Continuing Operations, and any associated gains or losses from the disposition are included in Gain on Disposition of Real Estate.  

Disposition of Real Estate

During the years ended December 31, 2016 and 2015, the Company sold 33 properties and 29 properties, respectively, and various land parcels.  These sales have not been classified as discontinued operations in the Company’s consolidated financial statements, as these sales do not represent a strategic shift in the Company’s business plan (Note 1).  

Discontinued Operations

The Company sold 35 properties in 2014 that are included in discontinued operations. The following table provides a summary of revenues and expenses from the properties included in discontinued operations (Note 1) (in thousands):

	For the Year Ended December 31, 2014
Revenues	$	39,537
Expenses:
Operating expenses		11,070
Impairment charges		8,877
Interest, net		9,947
Depreciation and amortization		16,254
		46,148
Loss from discontinued operations		(6,611	)
Gain on disposition of real estate		96,009
Income from discontinued operations	$	89,398