Discontinued Operations (Notes)

9 Months Ended

Sep. 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 nine months ended September 30, 2019.

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

	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Rental revenue	$	10,300	$	31,058
Mortgage and other financing income	5,206		12,421
Total revenue	15,506		43,479
Property operating expense	169		585
Costs associated with loan refinancing or payoff	138		138
Interest expense, net	(27)		(344)
Depreciation and amortization	3,490		10,796
Income from discontinued operations before other items	11,736		32,304
Gain on sale of real estate	13,458		29,948
Income from discontinued operations	$	25,194	$	62,252

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

	Nine Months Ended September 30, 2019
Depreciation and amortization	$	10,796
Acquisition of and investments in real estate and other assets	(4,702)
Proceeds from sale of real estate	165,014
Investment in mortgage notes receivable	(4,966)
Proceeds from mortgage notes receivable paydowns	18,419
Additions to properties under development	(21,498)
Non-cash activity:
Transfer of property under development to real estate investments	$	28,099
Interest cost capitalized	344