Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The sales of these properties, as presented in the table below, do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift in our business. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our condensed consolidated statements of comprehensive income (loss).

Date of Sale	Number of Properties	Location	Rentable Square Feet	Gross  Sales Price (1)
Feb 2019 (2)	34	Northern Virginia and Maryland	1,635,868	$	198,500
Mar 2019 (3)	1	Washington, D.C.	129,035	70,000
May 2019 (4)	1	Buffalo, NY	121,711	16,900
May 2019	1	Maynard, MA	287,037	5,000
June 2019	1	Kapolei, HI	416,956	7,100
July 2019	1	San Jose, CA	71,750	14,000
July 2019 (5)	1	Nashua, NH	321,800	25,000
August 2019	1	Arlington, TX	182,630	14,900
August 2019	1	Rochester, NY	94,800	4,765
August 2019	1	Hanover, PA	502,300	5,500
August 2019	1	San Antonio, TX	618,017	198,000
September 2019	1	Topeka, KS	143,934	15,600
September 2019 (6)	1	Falling Waters, WV	40,348	650
September 2019 (7)	1	San Diego, CA	43,918	8,950
	47		4,610,104	$	584,865

(1) Gross sales price includes purchase price adjustments, if any, and excludes closing costs.

(2) We recorded a $447 loss on impairment of real estate during 2019 as a result of this sale.

(3) We recorded a $22,075 gain on sale of real estate during 2019 as a result of this sale.

(4) We recorded a $5,137 loss on impairment of real estate during 2019 as a result of this sale.

(5) We recorded a $8,401 gain on sale of real estate during 2019 as a result of this sale.

(6) We recorded a $2,179 loss on impairment of real estate during 2019 as a result of this sale.

(7)

We recorded a $3,062 gain on sale of real estate during 2019 as a result of this sale.

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