Dispositions

12 Months Ended

Dec. 31, 2015

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:

	Year ended December 31,
(in thousands)	2015		2014	2013
Net proceeds from sale of real estate investments	$	108,822	118,787	212,632
Gain on sale of real estate	$	35,606	55,077	59,656
Number of operating properties sold	5		11	12
Number of land out-parcels sold	2		6	10

As a result of adopting ASU No. 2014-08, there were no discontinued operations for the years ended December 31, 2015 and 2014 as none of the sales during those years represented a strategic shift that would qualify as discontinued operations. Therefore, the following table provides a summary of revenues and expenses from properties included in discontinued operations for 2013 only:

	Year ended December 31,
(in thousands)		2013
Revenues		$	14,924
Operating expenses		7,592
Operating income from discontinued operations		$	7,332