DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.

We determined that our strategic decision to exit our healthcare segment met the criteria for discontinued operations, and we consequently classified 27 property dispositions as discontinued operations during the fiscal year ended April 30, 2018. We classified no dispositions as discontinued operations during the year ended December 31, 2019, the transition period ended December 31, 2018 and the fiscal year ended April 30, 2017. During the fiscal year ended April 30, 2017, we determined that our strategic plan to exit the office and retail segments met the criteria for discontinued operations. Accordingly, 48 office properties, 17 retail properties, and 1 healthcare property were classified as discontinued operations and subsequently sold during the fiscal year ended April 30, 2017. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the year ended December 31, 2019, the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017.



	(in thousands)
	Year Ended		Eight Months Ended		Year Ended
	December 31, 2019		December 31, 2018		April 30, 2018			April 30, 2017
REVENUE
Real estate rentals	$	—	$	—	$	19,744		$	43,984
Tenant reimbursement	—		—		11,650			16,110
TRS senior housing revenue	—		—		—			3,218
TOTAL REVENUE	—		—		31,394			63,312
EXPENSES
Property operating expenses, excluding real estate taxes	—		—		6,350			9,051
Real estate taxes	—		—		5,191			6,848
Property management expense	—		—		206			574
Depreciation and amortization	—		—		8,445			10,772
TRS senior housing expenses	—		—		—			3,113
TOTAL EXPENSES	—		—		20,192			30,358
Operating income (loss)	—		—		11,202			32,954
Interest expense⁽¹⁾	—		—		(4,172		)	(11,628		)
Gain (loss) on extinguishment of debt⁽¹⁾	—		—		(6,508		)	(3,238		)
Interest income	—		—		661			2,179
Other income	—		—		73			340
Income (loss) from discontinued operations before gain on sale	—		—		1,256			20,607
Gain (loss) on sale of discontinued operations	—		570		163,567			56,146
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$	—	$	570	$	164,823		$	76,753
Segment Data
All other	$	—	$	570	$	164,823		$	76,753
Total	$	—	$	570	$	164,823		$	76,753



	(in thousands)
	Year Ended	Eight Months Ended		Year Ended
	December 31, 2019	December 31, 2018		April 30, 2018			April 30, 2017
Property Sale Data
Sales price	—	$	—	$	437,652		$	239,436
Net book value and sales costs	—	—		(274,085		)	(183,290		)
Gain on sale of discontinued operations	—	$	—	$	163,567		$	56,146

As of December 31, 2019, December 31, 2018, and April 30, 2018, we had no assets or liabilities classified as held for sale.