Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Discontinued Operations

During the year ended December 31, 2019, the Company completed the sale of all of its public charter school portfolio with the largest disposition occurring on November 22, 2019 consisting of 47 public charter school related assets, for net proceeds of approximately $449.6 million. The Company determined the dispositions of the remaining public charter school portfolio in 2019 represented a strategic shift that had a major effect on the Company's operations and financial results. Therefore, all public charter school investments disposed of by the Company during the year ended December 31, 2019 qualified as discontinued operations. Accordingly, the historical financial results of these public charter school investments are reflected in the Company's consolidated financial statements as discontinued operations for the year ended December 31, 2019.

The operating results relating to discontinued operations are as follows (in thousands):

	Year Ended December 31,
	2019
Rental revenue	$	36,289
Other income	—
Mortgage and other financing income	14,284
Total revenue	50,573
Property operating expense	573
Costs associated with loan refinancing or payoff	181
Interest expense, net	(351)
Depreciation and amortization	12,929
Income from discontinued operations before other items	37,241
Impairment on public charter school portfolio sale	(21,433)
Gain on sale of real estate	31,879
Income from discontinued operations	$	47,687

The cash flow information relating to discontinued operations are as follows (in thousands):

	Year Ended December 31,
	2019
Depreciation and amortization	$	12,929
Acquisition of and investments in real estate and other assets	(6,968)
Proceeds from sale of real estate	182,934
Proceeds from sale of public charter school portfolio	449,555
Investment in mortgage notes receivable	(5,115)
Proceeds from mortgage notes receivable paydowns	28,662
Additions to properties under development	(22,981)
Non-cash activity:
Transfer of property under development to real estate investments	$	28,099
Interest cost capitalized	351