Discontinued Operations (Notes)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2019.

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

	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
Rental revenue	$	10,327		$	20,758
Mortgage and other financing income	3,631			7,215
Total revenue	13,958			27,973
Property operating expense	174			416
Interest expense, net	(180		)	(317		)
Depreciation and amortization	3,565			7,306
Income from discontinued operations before other items	10,399			20,568
Gain on sale of real estate	9,774			16,490
Income from discontinued operations	$	20,173		$	37,058

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

	Six Months Ended June 30,
	2019
Depreciation and amortization	$	7,306
Acquisition of and investments in real estate and other assets	(1,827		)
Proceeds from sale of real estate	86,154
Investment in mortgage notes receivable	(4,143		)
Proceeds from mortgage notes receivable paydowns	1,783
Additions to properties under development	(15,041		)
Non-cash activity:
Transfer of property under development to real estate investments	$	4,748
Interest cost capitalized	317