Gain on Sales of Real Estate

6 Months Ended

Jun. 30, 2015

Gain on Sales of Real Estate

Gain on Sales of Real Estate

12.Gain on Sales of Real Estate

During the second quarter of 2015, we sold five properties for $8.2 million, which resulted in a gain of $3.7 million. During the first six months of 2015, we sold 14 investment properties for $30.5 million, which resulted in a gain of $10.9 million.  The results of operations for these properties are presented within continuing operations.

During the second quarter of 2014, we sold six properties for $7.0 million, which resulted in a gain of $2.0 million. During the first six months of 2014, we sold 17 properties for $19.7 million, which resulted in a gain of $5.8 million. Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during the first six months of 2014 have been reclassified as discontinued operations, which was $2.6 million for the six months ended June 30, 2014.

During the first six months of 2015, Crest Net Lease, Inc., or Crest, did not sell any properties.  During the first six months of 2014, Crest sold one property for $820,000, which did not result in a gain. The results of operations for this property were reclassified as discontinued operations.