Dispositions of Real Estate and Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Summary of Assets and Liabilities

The following summarizes the assets and liabilities classified as held for sale or as discontinued operations at March 31, 2022 and December 31, 2021, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the Consolidated Balance Sheets (in thousands):

	March 31, 2022		December 31, 2021
ASSETS
Accounts receivable, net of allowance of $4,146 and $4,138	$	2,764	$	2,446
Cash and cash equivalents	7,989		7,707
Right-of-use asset, net	23		26
Other assets, net	1,976		3,237
Total assets of discontinued operations, net	12,752		13,416
Assets held for sale, net(1)	21,060		23,774
Assets held for sale and discontinued operations, net	$	33,812	$	37,190
LIABILITIES
Lease liability	$	23	$	26
Accounts payable, accrued liabilities, and other liabilities	14,072		14,843
Deferred revenue	139		92
Total liabilities of discontinued operations, net	14,234		14,961
Liabilities related to assets held for sale, net(1)	84		95
Liabilities related to assets held for sale and discontinued operations, net	$	14,318	$	15,056

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(1)As of March 31, 2022, primarily comprised of five MOBs with net real estate assets of $20 million and right-of-use asset, net of $1 million. As of December 31, 2021, primarily comprised of four MOBs and one life science facility with net real estate assets of $23 million and right-of-use asset, net of $1 million.

The results of discontinued operations during the three months ended March 31, 2022 and 2021, or through the disposal date of each asset or portfolio of assets if they have been sold during such periods, as applicable, are included in the consolidated results of operations for the three months ended March 31, 2022 and 2021. Summarized financial information for discontinued operations for the three months ended March 31, 2022 and 2021 are as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Revenues:
Rental and related revenues	$	—	$	5,228
Resident fees and services	2,655		72,998
Total revenues	2,655		78,226
Costs and expenses:
Interest expense	—		2,676
Operating	2,674		71,519
Transaction costs	—		76
Total costs and expenses	2,674		74,271
Other income (expense):
Gain (loss) on sales of real estate, net	(71)		259,662
Other income (expense), net	3		5,885
Total other income (expense), net	(68)		265,547
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(87)		269,502
Income tax benefit (expense)	340		821
Equity income (loss) from unconsolidated joint ventures	64		(315)
Income (loss) from discontinued operations	$	317	$	270,008