Discontinued Operations (Notes)

3 Months Ended

Mar. 31, 2020

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Discontinued Operations

During the year ended December 31, 2019, the Company completed the sale of its public charter school portfolio with the largest disposition occurring on November 22, 2019 consisting of 47 public charter school related assets, for net proceeds of approximately $449.6 million. The Company determined the dispositions of the remaining public charter school portfolio in 2019 represented a strategic shift that had a major effect on the Company's operations and financial results. Therefore, all public charter school investments disposed of by the Company during the year ended December 31, 2019 qualified as discontinued operations. Accordingly, the historical financial results of these public charter school investments are reflected in the Company's consolidated financial statements as discontinued operations for the three months ended March 31, 2019.

The operating results relating to discontinued operations are as follows (in thousands):

	Three Months Ended March 31,
	2019
Rental revenue	$	10,431
Mortgage and other financing income	3,584
Total revenue	14,015
Property operating expense	242
Interest expense, net	(137		)
Depreciation and amortization	3,741
Income from discontinued operations before other items	10,169
Gain on sale of real estate	6,716
Income from discontinued operations	$	16,885

The cash flow information relating to discontinued operations are as follows (in thousands):

	Three Months Ended March 31,
	2019
Depreciation and amortization	$	3,741
Acquisition of and investments in real estate and other assets	(1,573		)
Proceeds from sale of real estate	28,004
Investment in mortgage notes receivable	(3,280		)
Proceeds from mortgage notes receivable paydowns	889
Additions to properties under development	(5,790		)
Non-cash activity:
Transfer of property under development to real estate investments	$	48
Interest cost capitalized	137