Dispositions and Real Property Held for Sale

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Real Property Held for Sale

We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (e.g. property type, relationship or geography). During the year ended December 31, 2019, we disposed of our Benchmark Senior Living portfolio for a gross sale price of $1.8 billion and a gain on sale of $520 million.

At December 31, 2019, 18 Seniors Housing Operating, 11 Triple-net and 42 Outpatient Medical properties with an aggregate net real estate balance of $1,253,008,000 were classified as held for sale for which we expect gross sales proceeds of approximately $1,960,685,000. In addition to the real property balances held for sale, secured debt of $112,589,000 and net other assets and liabilities of $25,194,000 are included in the Consolidated Balance Sheet related to held for sale properties. During the year ended December 31, 2019, we recorded net impairment charges of $13,130,000 related to certain held for sale properties for which the carrying value exceeded the fair values, less estimated costs to sell, and $15,003,000 related to five held for use properties for which the carrying value exceeded the sum of the future undiscounted cash flows. The following is a summary of our real property disposition activity for the periods presented (in thousands):



	Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Real property dispositions:
Seniors Housing Operating	$	1,232,816	$	36,627	$	74,832
Triple-net	667,632		835,093		916,689
Outpatient Medical	482		253,397		19,697
Total dispositions	1,900,930		1,125,117		1,011,218
Gain (loss) on sales of real property, net	748,041		415,575		344,250
Net other assets (liabilities) disposed	1,679		1,178		22,546
Proceeds from real property sales	$	2,650,650	$	1,541,870	$	1,378,014

Dispositions and Assets Held for Sale

Pursuant to our adoption of ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08”), operating results attributable to properties sold subsequent to or classified as held for sale after January 1, 2014 and which do not meet the definition of discontinued operations are no longer reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):



	Year Ended December 31,
	2019		2018		2017
Revenues:
Total revenues	$	449,080	$	665,384	$	769,835
Expenses:
Interest expense	4,924		6,617		12,458
Property operating expenses	257,510		383,907		374,370
Provision for depreciation	65,698		109,674		153,009
Total expenses	328,132		500,198		539,837
Income (loss) from real estate dispositions, net	$	120,948	$	165,186	$	229,998