XML 28 R14.htm IDEA: XBRL DOCUMENT v3.24.0.1
Real Estate Assets, net
12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Real Estate Assets, net Real Estate Assets, net
The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2023 and 2022 are as follows (in thousands):
December 31,
20232022
Land and land improvements$137,393 $136,416 
Building and building improvements1,502,579 1,495,552 
Furniture, fixtures and equipment113,034 105,784 
Less: accumulated depreciation(473,869)(424,314)
Real estate investment properties, net$1,279,137 $1,313,438 
In July 2022, the Company entered into a purchase and sale agreement (the “Fieldstone Sale Agreement”) for the sale of its Fieldstone Memory Care and Fieldstone at Pear Orchard properties (the “Fieldstone Properties”) with an unrelated third party buyer. The Fieldstone at Pear Orchard property was indirectly owned through a consolidated joint venture. The Company completed the sale of the Fieldstone Properties in August 2022 and recorded a gain of approximately $6.3 million, of which approximately $5.4 million was attributable to common stockholders. Additionally, the Company paid a disposition fee of approximately $0.1 million to the Advisor for the sale of these properties. The sale of the Fieldstone Properties did not cause a strategic shift in the Company’s operations, and was not considered significant; therefore, these properties did not qualify as discontinued operations.
Depreciation expense on the Company’s real estate investment properties, net was approximately $50.1 million, $50.7 million and $50.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.