Dispositions, Real Property Held for Sale and Impairment

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Dispositions, Real Property Held for Sale and Impairment

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). At December 31, 2022, three Seniors Housing Operating, seven Triple-net and one Outpatient Medical properties, with an aggregate net real estate balance of $133,058,000, were classified as held for sale. In addition to the real property balances, lease liabilities of $66,711,000 and net other assets and (liabilities) of $(4,136,000) were included in the Consolidated Balance Sheets related to the held for sale properties. Expected gross sales proceeds related to the held for sale properties are approximately $198,954,000.

During the year ended December 31, 2022, we recorded impairment charges of $13,146,000 related to one Seniors Housing Operating property which was classified as held for sale for which the carrying value exceeded the estimated fair values less costs to sell. Additionally, during 2022 we recorded impairment charges of $4,356,000 related to two Triple-net properties and one Outpatient Medical property, which were held for use for which the carrying value exceeded the fair values. During the year ended December 31, 2021, we recorded impairment charges of $19,567,000 related to four Triple-net properties and one Outpatient Medical property, which were disposed of or classified as held for sale. Additionally, we recorded $31,540,000 of impairment charges related to two Seniors Housing Operating properties and two Triple-net properties that were held for use. During the year ended December 31, 2020, we recorded impairment charges of $87,873,000 related to 15 Seniors Housing Operating and one Triple-net properties, which were disposed of or classified as held for sale. Additionally, during the year ended December 31, 2020, we recorded $47,735,000 of impairment charges related to six Seniors Housing Operating and four Triple-net properties that were held for use.

The following is a summary of our real property disposition activity for the periods presented (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Real estate dispositions:
Seniors Housing Operating	$	85,413	$	112,837	$	1,289,769
Triple-net	89,827		486,369		51,666
Outpatient Medical	393		229,660		1,755,864
Total net book value of dispositions	175,633		828,866		3,097,299
Gain (loss) on real estate dispositions, net	16,043		235,375		1,088,455
Net other assets (liabilities) disposed	7,820		6,081		114,274
Proceeds from real estate dispositions	$	199,496	$	1,070,322	$	4,300,028

Operating results attributable to properties sold or classified as held for sale which do not meet the definition of discontinued operations, are not 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,
	2022		2021		2020
Revenues:
Total revenues	$	19,892	$	78,277	$	302,719
Expenses:
Interest expense	3,409		3,595		11,061
Property operating expenses	12,713		17,740		148,702
Provision for depreciation	1,285		25,575		104,960
Total expenses	17,407		46,910		264,723
Income (loss) from real estate dispositions, net	$	2,485	$	31,367	$	37,996