Assets Held for Sale, Net and Discontinued Operations:

Assets Held for Sale, net — The Company did not have any properties classified as held for sale as of December 31, 2016 as the sale of the remaining properties requires the approval of the Sale Agreement by stockholders. However, as of December 31, 2015 the Company had six properties classified as assets held for sale (all of which were sold in 2016). The following table presents the net carrying value of the properties classified as held for sale (in thousands) as of December 31:



	2015
Land and land improvements	$	5,673
Leasehold interests and improvements	27,184
Building and building improvements	6,352
Equipment, net	1,378
Other assets	25
Restricted cash	1,408
Accounts and other receivables	699
Total	$	42,719


4.	Assets Held for Sale, Net and Discontinued Operations (continued):

Effective January 1, 2015, the Company adopted ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)" which impacted the Company's determination of which property disposals qualify as discontinued operations, as well as required disclosures about discontinued operations.

During the year ended December 31, 2016, the Company sold its remaining five marina properties and its unimproved land. The Company received aggregate sales proceeds net of closing costs for the sale of these properties of approximately $50.4 million, which resulted in aggregate gains of approximately $10.6 million for financial reporting purposes, of which approximately $0.9 million and $9.7 million was recorded in continuing operations and discontinued operations, respectively. No disposition fee was payable to the Advisor on the sale of the five marina properties or the unimproved land.

On April 1, 2016, as described in Note 7, "Variable Interests and Unconsolidated Entities," the Company acquired the remaining 20% interest in the Intrawest Venture, from its co-venture partner, resulting in a combined 100% controlling interest in the Intrawest Venture entities that owned seven ski and mountain lifestyle properties. In addition, upon acquisition the Company agreed to sell these seven properties to a third party buyer and in October 2016, the Company sold the seven properties. The net sales proceeds, after the payment of closing costs, for these properties was approximately $97.9 million, which resulted in an aggregate loss on sale of real estate from continuing operations of approximately $0.8 million for financial reporting purposes. No disposition fee was payable to the Advisor on the sale of these seven properties.

During the year ended December 31, 2015, the Company sold 55 properties, including 38 senior housing properties, 12 of its 17 marinas properties, four attractions properties and one ski and mountain lifestyle property. No disposition fee was payable to the Advisor on the sale of these properties. The third party buyer of the properties assumed approximately $151.5 million of outstanding principal indebtedness collateralized by the senior housing properties that were sold. In connection with these transactions, the Company received aggregate net sales proceeds of approximately $992.7 million and recorded net gains of approximately $246.8 million for financial reporting purposes. Of the net gains recorded, approximately $46.6 million related to the sale of four attractions properties and one ski and mountain lifestyle property were recorded as gain on sale of real estate from continuing operations, and $200.2 million related to the sale of the 38 senior housing properties and 12 marinas were recorded in income (loss) from discontinued operations.

The Company accounted for the revenues and expenses related to seven ski and mountain lifestyle properties and one unimproved land property sold in 2016, and five of the 55 properties described above sold in 2015, including net gains of approximately $0.1 million and $46.6 million for the sale of real estate, during the years ended December 31, 2016 and 2015, respectively, as income from continuing operations because the sale of these properties did not cause a strategic shift in the Company and they did not have a major impact on the Company’s business. Therefore, they did not qualify as discontinued operations under ASU 2014-08, which the Company adopted on January 1, 2015. However, the disposition of the one ski and mountain lifestyle property represented an individually significant component. The Company recorded net income (loss) from continuing operations of approximately $19.8 million (which includes approximately $13.5 million of gain on sale of real estate) and $(1.2) million for the years ended December 31, 2015 and 2014, respectively, related to the one ski and mountain lifestyle property classified as held for sale.

The Company recorded approximately $1.8 million and $30.4 million in impairment provisions during the years ended December 31, 2015 and 2014, respectively, related to its unimproved land classified as held for sale and one attractions property, to adjust their net carrying values to revised estimated sale prices, less closing costs. Impairment provisions related to its unimproved land and one attractions property were recorded in net income (loss) from continuing operations.

During the year ended December 31, 2014, the Company sold its golf portfolio (consisting of 48 properties) and one multi-family residential property. In connection with these transactions, the Company received aggregate net sales proceeds of approximately $384.3 million and recorded a net gain of approximately $4.1 million. The Company determined that the carrying values of these properties were not recoverable based on expected sales proceeds, less costs to sell, and recorded approximately $4.5 million in impairment provisions during the year ended December 31, 2014.

During the year ended December 31, 2014, the Company approved a plan to market and sell the Company’s marinas portfolio (consisting of 17 marinas properties) and entered into a purchase and sale agreement during the year ended December 31, 2015 for the sale of these properties. The Company determined that the carrying values of these properties were not recoverable based on expected sales proceeds, less costs to sell, and recorded approximately $7.7 million and $33.4 million in impairment provisions during the years ended December 31, 2015 and 2014, respectively.


4.	Assets Held for Sale, Net and Discontinued Operations (continued):

Discontinued Operations — The Company classified the revenues and expenses related to all real estate properties sold in 2014, the 38 senior housing properties sold in 2015, and 17 marinas properties sold between 2016 and 2015, which were not accounted for under the equity method of accounting, as discontinued operations in the accompanying consolidated statements of operations. The following table is a summary of loss from discontinued operations for the years ended December 31, (in thousands):



	2016			2015			2014
Revenues	$	3,838		$	65,796		$	178,887
Expenses	(3,189		)	(49,251		)	(115,773		)
Depreciation and amortization	—			—			(36,709		)
Impairment provision	—			(7,749		)	(37,867		)
Operating income (loss)	649			8,796			(11,462		)
Net gain from sale of real estate	9,687			200,243			4,144
Loss on extinguishment of debt⁽¹⁾	(308		)	(2,042		)	(4,818		)
Gain on insurance and retirements	(412		)	2,816			4,791
Other income (expense) ⁽²⁾	75			(5,142		)	(24,361		)
Income (loss) from discontinued operations	$	9,691		$	204,671		$	(31,706	)

FOOTNOTES:

(1)

During the year ended December 31, 2016, the Company recorded loss on extinguishment of debt from the sale of its five remaining marina properties. During the year ended December 31, 2015, the Company recorded loss on extinguishment of debt from the sale of the 38 senior housing properties. During the year ended December 31, 2014, the Company recorded loss on extinguishment of debt from the sale of its 48 golf properties and its multi-family residential property.


(2)	Amounts include amortization of loss and loss on termination of cash flow hedge of approximately $3.0 million for the year ended December 31, 2014. There was no amortization of loss and loss on termination of cash flow hedge for the years ended December 31, 2016 and 2015.