Discontinued Operations

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

We previously accounted for our investment in SIR under the equity method and had previously reported our investment in SIR as a reportable segment. As a result of the Secondary Sale and the elimination of a reportable segment, our former equity method investment in SIR is classified as discontinued operations in our condensed consolidated financial statements. See Note 4 for further information regarding the Secondary Sale. For the three and nine months ended September 30, 2018, we recorded $9,253 and $23,843, respectively, of equity in earnings of SIR which is included in income from discontinued operations in our condensed consolidated statement of comprehensive income (loss).

The following table presents a summarized income statement of SIR as reported in SIR’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, or the SIR Quarterly Report. References in our condensed consolidated financial statements to the SIR Quarterly Report are included as references to the source of the data only, and the information in the SIR Quarterly Report is not incorporated by reference into our condensed consolidated financial statements.



	Three Months Ended			Nine Months Ended
	September 30, 2018			September 30, 2018
Rental income	$	101,833		$	298,003
Tenant reimbursements and other income	20,048			60,514
Total revenues	121,881			358,517

Real estate taxes	12,518			36,748
Other operating expenses	14,814			43,714
Depreciation and amortization	35,371			105,326
Acquisition and transaction related costs	3,796			3,796
General and administrative	15,331			47,353
Write-off of straight line rent receivable, net	—			10,626
Loss on impairment of real estate assets	9,706			9,706
Total expenses	91,536			257,269

Gain on sale of real estate	4,075			4,075
Dividend income	397			1,190
Unrealized gain on equity securities	22,771			53,159
Interest income	133			753
Interest expense	(23,287		)	(69,446		)
Loss on early extinguishment of debt	—			(1,192		)
Income before income tax expense and equity in earnings of an investee	34,434			89,787
Income tax expense	(185		)	(446		)
Equity in earnings of an investee	831			882
Net income	35,080			90,223
Net income allocated to noncontrolling interest	(5,597		)	(15,841		)
Net income attributed to SIR	$	29,483		$	74,382

Weighted average common shares outstanding (basic)	89,410			89,395
Weighted average common shares outstanding (diluted)	89,437			89,411
Net income attributed to SIR per common share (basic and diluted)	$	0.33		$	0.83