PART II Note 10.
Debt Bank Line of Credit and Term Loans The Company’s $2.0 billion unsecured revolving line of credit facility (the “Facility”) matures on October 19, 2021 and contains two, six-month extension options.
Borrowings under the Facility accrue interest at LIBOR plus a margin that depends upon the Company’s credit ratings.
The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings.
Based on the Company’s credit ratings at December?31, 2018, the margin on the Facility was 0.875%, and the facility fee was 0.15%.
The Facility also includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments.
At December?31, 2018, the Company had $80 million, including ￡55 million ($70 million), outstanding under the Facility with a weighted average effective interest rate of 2.12%.
In March 2017, the Company repaid a ￡137 million unsecured term loan.
?On June 30, 2017, the Company repaid ￡51 million of its four-year unsecured term loan entered into in January 2015 (the “2015 Term Loan”).
Concurrently, the Company terminated its three-year interest rate swap which fixed the interest of the 2015 Term Loan and therefore, beginning June 30, 2017, the 2015 Term Loan accrued interest at a rate of GBP LIBOR plus 1.15%, subject to adjustments based on the Company’s credit ratings.
On July 3, 2018, the Company exercised its one-time right to repay the outstanding GBP balance and re-borrow in USD with all other key terms unchanged, which resulted in repayment of the ￡169 million balance and re-borrowing of $224 million.
In November 2018, the Company repaid the $224 million unsecured term loan, bringing the total term loan balance to zero as of December?31, 2018.
The Facility contains certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness.
Among other things, these covenants, using terms defined in the agreements: (i)?limit the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value to 60%, (ii)?limit the ratio of Secured Debt to Consolidated Total Asset Value to 30%, (iii)?limit the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value to 60%; (iv)?require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a Minimum Consolidated Tangible Net Worth of $6.5 billion at December?31, 2018.
At December?31, 2018, the Company believes it was in compliance with each of these restrictions and requirements of the Facility.
Senior Unsecured Notes At December?31, 2018, the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.3 billion.
The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms.
The Company believes it was in compliance with these covenants at December?31, 2018.
The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands):
## Table 0 ##
(1) The Company recorded a $44 million loss on debt extinguishment related to the repurchase of senior notes.
(2) The Company recorded a $54 million loss on debt extinguishment related to the repurchase of senior notes.
(3) The Company recorded a $46 million loss on debt extinguishment related to the repurchase of senior notes.
There were no senior unsecured notes issuances for the years ended December?31, 2018, 2017, and 2016.
PART II 2017 and 2016 On October 31, 2016, we completed the Spin-Off of QCP.
The Spin-Off included 338 properties, primarily comprised of the HCR ManorCare, Inc.  (“HCRMC”) DFL investments and an equity investment in HCRMC.
The following table summarizes results for the years ended December 31, 2017 and 2016 (dollars in thousands):
## Table 1 ##
Net income (loss) decreased primarily as a result of the following: ?
a reduction in net income from discontinued operations due to the Spin-Off of QCP on October 31, 2016; ?
a loss on debt extinguishment in July 2017, representing a premium for early payment on the repurchase of our senior notes; ?
a reduction in rental and related revenues primarily as a result of assets sold during 2017, including the sale of 64 senior housing triple-net assets in the first quarter of 2017; ?
a reduction in NOI primarily related to the net impact of the 2017 Brookdale Transactions; ?
a reduction in earnings due to the partial sale and deconsolidation of RIDEA II during the first quarter of 2017; ?
impairments related to: (i) the Tandem Mezzanine Loan and (ii) 11 underperforming senior housing triple-net facilities in the third quarter of 2017; ?
increased litigation-related costs, including costs from securities class action litigation, and a one-time legal settlement in 2017; ?
casualty-related charges due to hurricanes in the third quarter of 2017; and ?
a reduction in interest income due to: (i) the payoffs of our HC-One Facility in June 2017 and a participating development loan during the third quarter of 2016 and (ii) decreased interest received from our Tandem Mezzanine Loan during the fourth quarter of 2017, partially offset by additional interest income in 2017 from our U. K.  Bridge Loan.
The decrease in net income (loss) was partially offset by: ?
a reduction in interest expense as a result of debt repayments in the fourth quarter of 2016 and throughout 2017; ?
a reduction in severance and related charges primarily related to the departure of our former President and Chief Executive Officer (“CEO”) in 2016 compared to severance and related charges primarily related to the departure of our former CAO in 2017; ?
a larger net gain on sales of real estate during 2017 compared to 2016, primarily related to the sale of 64?senior housing triple-net assets and the partial sale of?RIDEA II during 2017; ?
an increase in income tax benefit primarily from real estate dispositions during 2017, partially offset by an income tax expense related to the impact of tax rate legislation during the fourth quarter of 2017; and ?
an increase in other income primarily related to the gain?on sale of our Four Seasons Notes during 2017.
NAREIT FFO decreased primarily as a result of the aforementioned events impacting net income (loss), except for gain on sales of real estate and impairments of real estate, which are excluded from NAREIT FFO.
FFO as adjusted decreased primarily as a result of the following: ?
a reduction in net income from discontinued operations due to the Spin-Off of QCP on October 31, 2016; ?
a reduction in rental and related revenues primarily as a result of assets sold during 2017, including the sale of 64?senior housing triple-net assets; ?
a reduction in earnings due to the partial sale and deconsolidation of RIDEA II during the first quarter of?2017; and ?
a reduction in interest income due to: (i) the payoffs of our HC-One Facility in June 2017 and a participating development loan during the third quarter of 2016 and (ii) decreased interest received from our Tandem Mezzanine Loan during the fourth quarter of 2017, partially offset by additional interest income in 2017 from our U. K.  Bridge Loan.
The decrease in FFO as adjusted was partially offset by a reduction in interest expense as a result of debt repayments in the fourth quarter of 2016 and throughout 2017.
FAD decreased primarily as a result of the aforementioned events impacting FFO as adjusted, (i) increased leasing costs and tenant capital improvements and (ii) decreased installment payments received from Brookdale for 2014 lease terminations that were paid over a period of three years and concluded in 2017.
Other Income and Expense Items The following table summarizes results for the years ended December 31, 2018, 2017 and 2016 (in thousands):
## Table 2 ##
Interest income.
The decrease in interest income for the year ended December 31, 2018 was primarily the result of: (i) the sale of our Tandem Mezzanine Loan during the first quarter of 2018, (ii) the payoff of our HC-One Facility in June 2017, and (iii) the conversion of the U. K.  Bridge Loan into real estate during the first quarter of 2018.
The decrease in interest income for the year ended December 31, 2017 was primarily the result of: (i) the payoff of our HC-One Facility in June 2017, (ii) incremental interest income received during the second quarter of 2016 due to the payoff of three participating development loans, and (iii)?decreased interest received from our Tandem Mezzanine Loan during the fourth quarter of 2017.
Interest expense.
The decrease in interest expense for the year ended December 31, 2018 was primarily the result of senior unsecured notes repayments during 2017 and 2018, partially offset by an increased average balance under our revolving credit facility during 2018.
The decrease in interest expense for the year ended December 31, 2017 was primarily the result of senior unsecured notes and mortgage debt repayments, which occurred primarily in the second half of 2016 and throughout 2017.
Depreciation and amortization.
The increase in depreciation and amortization expense for the year ended December 31, 2018 was primarily as a result of: (i) assets acquired during 2017 and 2018 (primarily in our life science and medical office segments) and (ii) development and redevelopment projects placed into operations during 2017 and 2018 (primarily in our life science and medical office segments), partially offset by dispositions of real estate throughout 2017 and 2018.
The decrease in depreciation and amortization expense for the year ended December 31, 2017 was primarily as a result of the sale of 64 senior housing triple-net assets and the deconsolidation of RIDEA II during the first quarter of 2017, partially offset by depreciation and amortization of assets acquired and placed in service during 2016 and 2017.
General and administrative expenses.
The increase in general and administrative expenses for the year ended December 31, 2018 was primarily as a result of increased severance and related charges, primarily resulting from the departure of our former Executive Chairman in March 2018, which exceeded severance and related charges in 2017, which were primarily related to the departure of our former CAO in the third quarter of 2017.
The decrease in general and administrative expenses for the year ended December 31, 2017 was primarily as a result of severance and related charges, primarily resulting from the departure of our former President and CEO in the third quarter of 2016, which exceeded severance and related charges in 2017, primarily related to the departure of our former CAO in the third quarter of 2017.
Impairments (recoveries), net.
During the year ended December 31, 2018, we recognized $55 million of impairments, primarily related to the following real estate assets: (i) 20 SHOP assets (including 17 classified as held for sale at the time they were impaired) and (ii) an undeveloped life science land parcel classified as held for sale.
During the year ended December 31, 2017, we recognized: (i) $144 million of impairments on our Tandem Mezzanine Loan (see Note 7 to the Consolidated Financial Statements) and (ii) $23 million of impairments on 11 underperforming senior housing triple-net facilities.54 http://www.
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com
We operated the following factory stores as of March 29, 2014:

Tables referenced above, in order (Table 0 first):
<table><tr><td>Period</td><td>Amount</td><td>Coupon Rate</td></tr><tr><td>Year ended December 31, 2018:</td><td></td><td></td></tr><tr><td>July 16, 2018<sup>-1</sup></td><td>$700,000</td><td>5.375%</td></tr><tr><td>November 8, 2018</td><td>$450,000</td><td>3.750%</td></tr><tr><td>Year ended December 31, 2017:</td><td></td><td></td></tr><tr><td>May 1, 2017</td><td>$250,000</td><td>5.625%</td></tr><tr><td>July 27, 2017<sup>-2</sup></td><td>$500,000</td><td>5.375%</td></tr><tr><td>Year ended December 31, 2016:</td><td></td><td></td></tr><tr><td>February 1, 2016</td><td>$500,000</td><td>3.750%</td></tr><tr><td>September 15, 2016</td><td>$400,000</td><td>6.300%</td></tr><tr><td>November 30, 2016<sup>-3</sup></td><td>$500,000</td><td>6.000%</td></tr><tr><td>November 30, 2016<sup>-3</sup></td><td>$600,000</td><td>6.700%</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31,</td><td></td></tr><tr><td></td><td>2017</td><td>2016</td><td>Change</td></tr><tr><td>Net income (loss) applicable to common shares</td><td>$413,013</td><td>$626,549</td><td>$-213,536</td></tr><tr><td>NAREIT FFO</td><td>661,113</td><td>1,119,153</td><td>-458,040</td></tr><tr><td>FFO as adjusted</td><td>918,402</td><td>1,282,390</td><td>-363,988</td></tr><tr><td>FAD</td><td>803,720</td><td>1,215,696</td><td>-411,976</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td><td rowspan="2">2018 vs. 2017</td><td rowspan="2">2017 vs. 2016</td></tr><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Interest income</td><td>$10,406</td><td>$56,237</td><td>$88,808</td><td>$-45,831</td><td>$-32,571</td></tr><tr><td>Interest expense</td><td>266,343</td><td>307,716</td><td>464,403</td><td>-41,373</td><td>-156,687</td></tr><tr><td>Depreciation and amortization</td><td>549,499</td><td>534,726</td><td>568,108</td><td>14,773</td><td>-33,382</td></tr><tr><td>General and administrative</td><td>96,702</td><td>88,772</td><td>103,611</td><td>7,930</td><td>-14,839</td></tr><tr><td>Transaction costs</td><td>10,772</td><td>7,963</td><td>9,821</td><td>2,809</td><td>-1,858</td></tr><tr><td>Impairments (recoveries), net</td><td>55,260</td><td>166,384</td><td>—</td><td>-111,124</td><td>166,384</td></tr><tr><td>Gain (loss) on sales of real estate, net</td><td>925,985</td><td>356,641</td><td>164,698</td><td>569,344</td><td>191,943</td></tr><tr><td>Loss on debt extinguishments</td><td>-44,162</td><td>-54,227</td><td>-46,020</td><td>10,065</td><td>-8,207</td></tr><tr><td>Other income (expense), net</td><td>13,316</td><td>31,420</td><td>3,654</td><td>-18,104</td><td>27,766</td></tr><tr><td>Income tax benefit (expense)</td><td>17,854</td><td>1,333</td><td>-4,473</td><td>16,521</td><td>5,806</td></tr><tr><td>Equity income (loss) from unconsolidated joint ventures</td><td>-2,594</td><td>10,901</td><td>11,360</td><td>-13,495</td><td>-459</td></tr><tr><td>Total discontinued operations</td><td>—</td><td>—</td><td>265,755</td><td>—</td><td>-265,755</td></tr><tr><td>Noncontrolling interests’ share in earnings</td><td>-12,381</td><td>-8,465</td><td>-12,179</td><td>-3,916</td><td>3,714</td></tr></table>

Question: What's the average of the Gain (loss) on sales of real estate, net in the years where NAREIT FFO is positive?
Answer: 260670
Reasoning program: add(356641,164698), divide(#0,2)