Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Summary of Acquisitions

The following table details the Company's acquisitions for the nine months ended September 30, 2015:

(Dollars in millions)	Date Acquired	Purchase Price		Purchase Price Credits			Mortgage Notes Payable Assumed (1)			Cash Consideration (2)		Real Estate		Other (3)			Square Footage
Real estate acquisitions
California	1/15/15	$	39.3	$	(0.3	)	$	—		$	39.0	$	39.2	$	(0.2	)	110,679
Washington	6/26/15	14.0		(0.1		)	(9.5		)	4.4		13.8		0.1			35,558
Washington	9/1/15	28.0		—			(9.4		)	18.6		27.8		0.2			52,813
Colorado	9/14/15	6.5		(0.2		)	—			6.3		6.3		—			47,508
		$	87.8	$	(0.6	)	$	(18.9	)	$	68.3	$	87.1	$	0.1		246,558

______

(1) The mortgage notes payable assumed in the acquisitions do not reflect the fair value adjustment of $0.5 million recorded by the Company upon acquisition (included in Other).

(2) Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.

(3) Includes assets acquired, liabilities assumed, intangibles recognized at acquisition and fair value adjustments on debt assumed.

Summary of Dispositions

The following table details the Company's dispositions for the nine months ended September 30, 2015:

(Dollars in millions)	Date Disposed	Sales Price		Closing Adjustments			Company-financed Mortgage Notes		Net Proceeds		Net Real Estate Investment		Other (including receivables)		Gain/ (Impairment)			Square Footage
Real estate dispositions
Virginia	5/21/2015	$	1.0	$	—		$	—	$	1.0	$	0.3	$	—	$	0.7		5,323
Indiana (1)	6/30/2015	97.0		(3.7		)	—		93.3		50.5		1.9		40.9			175,999
Pennsylvania (2)	7/17/2015	18.4		—			—		18.4		7.4		0.4		10.6			63,914
Florida	9/16/2015	16.3		(0.5		)	—		15.8		10.5		0.2		5.1			119,903
Arizona	9/25/2015	3.0		—			—		3.0		2.0		0.2		0.8			40,782
Missouri	9/30/2015	3.0		(0.2		)	—		2.8		2.9		0.2		(0.3		)	13,478
Total dispositions		138.7		(4.4		)	—		134.3		73.6		2.9		57.8			419,399
Mortgage note repayments		—		—			1.9		1.9		—		—		—			—
		$	138.7	$	(4.4	)	$	1.9	$	136.2	$	73.6	$	2.9	$	57.8		419,399

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(1) Includes two properties.

(2) Previously included in assets held for sale.

Discontinued Operations and Assets Held for Sale

The table below reflects the assets and liabilities of the properties classified as held for sale as of September 30, 2015 and December 31, 2014.

(Dollars in thousands)	September 30, 2015			December 31, 2014
Balance Sheet data:
Land	$	2,524		$	422
Buildings, improvements and lease intangibles	10,728			12,822
Personal property	7			13
	13,259			13,257
Accumulated depreciation	(6,928		)	(4,464		)
Assets held for sale, net	6,331			8,793
Other assets, net (including receivables)	49			353
Assets of discontinued operations, net	49			353
Assets held for sale and discontinued operations, net	$	6,380		$	9,146
Accounts payable and accrued liabilities	$	175		$	86
Other liabilities	41			286
Liabilities of discontinued operations	$	216		$	372

Discontinued Operations

The Company adopted Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” ("ASU 2014-08") during the first quarter of 2015. As of December 31, 2014, the Company had two properties classified as held for sale and recorded in discontinued operations. One of the properties, which is located in Pennsylvania, was sold in July 2015 and the other property, which is located in Georgia, will remain classified as discontinued operations until the property is sold. See "2015 Dispositions" above. During the nine months ended September 30, 2015, the Company reclassified a property to held for sale upon management's decision to sell the property that did not meet the amended criteria under ASU 2014-08 as a discontinued operation. Therefore, the operating results of the property are not included in the table below which reflects the results of operations of the properties included in discontinued operations on the Company's Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014.

	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands)	2015			2014			2015			2014
Statements of Operations data:
Revenues
Rental income	$	62		$	1,357		$	752		$	4,326
Other operating	—			1			—			4
	62			1,358			752			4,330
Expenses
Property operating	2			724			48			2,631
General and administrative	—			6			—			18
Depreciation	—			419			—			1,449
Bad debts, net of recoveries	(1		)	(4		)	(1		)	3
	1			1,145			47			4,101
Other Income (Expense)
Interest and other income, net	—			8			20			9
	—			8			20			9
Discontinued Operations
Income from discontinued operations	61			221			725			238
Impairments of real estate assets	—			(4,505		)	—			(11,034		)
Gain on sale of properties	10,571			—			10,571			3
Income (Loss) from Discontinued Operations	$	10,632		$	(4,284	)	$	11,296		$	(10,793	)