Properties

12 Months Ended

Dec. 31, 2021

Our properties are held within the following portfolios:

Medical Office Portfolio

The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $763.1 million and debt of $594.4 million as of December 31, 2021.

Master Lease Portfolio

The Master Lease Portfolio is comprised of 16 retail properties geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. These properties, which we acquired in September 2017, collectively comprise 1.9 million square feet and were leased back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. The Master Lease Portfolio includes total gross properties of $343.8 million and debt of $193.0 million as of December 31, 2021.

Investing and Servicing Segment Property Portfolio

The REIS Equity Portfolio is comprised of 13 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property which were acquired from CMBS trusts during the previous five years. The REIS Equity Portfolio includes total gross properties and lease intangibles of $226.7 million and debt of $160.8 million as of December 31, 2021.

Woodstar Portfolios

As of December 31, 2020, our properties also reflected the carrying values of our Woodstar I and Woodstar II Portfolios, which are now carried at fair value on an unconsolidated basis within “Investments of affordable housing fund” on our consolidated balance sheet as of December 31, 2021. Refer to Notes 2 and 8 for further details.

The table below summarizes our properties held as of December 31, 2021 and December 31, 2020 (dollars in thousands):


	Depreciable Life	December 31, 2021		December 31, 2020
Property Segment
Land and land improvements	0 - 15 years	$	175,810	$	484,846
Buildings and building improvements	0 - 45 years	851,274		1,690,701
Furniture & fixtures	3 - 5 years	260		59,632
Investing and Servicing Segment
Land and land improvements	0 - 15 years	41,771		50,585
Buildings and building improvements	3 - 40 years	149,399		179,014
Furniture & fixtures	2 - 5 years	3,143		2,606
Commercial and Residential Lending Segment (1)
Land and land improvements	0 - 7 years	9,691		11,416
Buildings and building improvements	10 - 20 years	12,408		19,251
Construction in progress	N/A	104,088		75,245
Properties, cost		1,347,844		2,573,296
Less: accumulated depreciation		(181,457)		(302,143)
Properties, net		$	1,166,387	$	2,271,153

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(1)Represents properties acquired through loan foreclosure. Refer to Note 5 with respect to the construction in progress properties relating to a residential conversion project.

During the year ended December 31, 2021, we sold two operating properties within the REIS Equity Portfolio for $68.7 million and recognized a total gain of $22.2 million within gain on sale of investments and other assets in our consolidated statement of operations. Also during the year ended December 31, 2021, we sold an operating property within the Commercial and Residential Lending Segment for $31.2 million and recognized a gain of $17.7 million within gain on sale of investments and other assets in our consolidated statement of operations. Refer to Note 3 for further discussion.

During the year ended December 31, 2020, we sold an operating property and an outparcel within the REIS Equity Portfolio for $25.0 million and recognized a gain of $7.9 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $0.1 million was attributable to non-controlling interests.

During the year ended December 31, 2019, we sold $407.2 million of net property assets relating to the Ireland Portfolio. Refer to Note 3 for further discussion. Also during the year ended December 31, 2019, we sold four operating properties within the REIS Equity Portfolio for $145.9 million. In connection with these REIS Equity Portfolio sales, we recognized a total gain of $59.7 million within gain on sale of investments and other assets in our consolidated statement of operations, of which $5.3 million was attributable to non-controlling interests.

Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands):


2022	$	75,549
2023	64,886
2024	58,806
2025	53,890
2026	42,118
Thereafter	202,756
Total	$	498,005