Dispositions of Real Estate and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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):

	September 30, 2022		December 31, 2021
ASSETS
Accounts receivable, net of allowance of $260 and $4,138	$	367	$	2,446
Cash and cash equivalents	2,172		7,707
Right-of-use asset, net	—		26
Other assets, net	285		3,237
Total assets of discontinued operations, net	2,824		13,416
Assets held for sale, net(1)	48,671		23,774
Assets held for sale and discontinued operations, net	$	51,495	$	37,190
LIABILITIES
Lease liability	$	—	$	26
Accounts payable, accrued liabilities, and other liabilities	8,668		14,843
Deferred revenue	—		92
Total liabilities of discontinued operations, net	8,668		14,961
Liabilities related to assets held for sale, net(1)	4,163		95
Liabilities related to assets held for sale and discontinued operations, net	$	12,831	$	15,056

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(1)As of September 30, 2022, included two life science assets primarily comprised of net real estate assets of $43 million. As of December 31, 2021, included four MOBs and one life science facility primarily comprised of net real estate assets of $23 million.

The results of discontinued operations during the three and nine months ended September 30, 2022 and 2021, or through the disposal date of each asset or portfolio of assets held within discontinued operations if sold during such periods, as applicable, are presented below (in thousands) and are included in the consolidated results of operations for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Rental and related revenues	$	—	$	694	$	—	$	7,535
Resident fees and services	1,284		8,507		6,765		111,777
Total revenues	1,284		9,201		6,765		119,312
Costs and expenses:
Interest expense	—		47		—		3,900
Operating	1,334		13,010		6,451		118,175
Transaction costs	—		—		—		76
Impairments and loan loss reserves (recoveries), net	—		21,740		—		32,736
Total costs and expenses	1,334		34,797		6,451		154,887
Other income (expense):
Gain (loss) on sales of real estate, net	(1,131)		26,758		1,361		408,658
Other income (expense), net	(7)		(863)		12		5,150
Total other income (expense), net	(1,138)		25,895		1,373		413,808
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(1,188)		299		1,687		378,233
Income tax benefit (expense)	(110)		221		260		1,345
Equity income (loss) from unconsolidated joint ventures	—		81		64		4,991
Income (loss) from discontinued operations	$	(1,298)	$	601	$	2,011	$	384,569