Dispositions of Real Estate and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Summary of Assets and Liabilities

The following summarizes the assets and liabilities classified as held for sale or as discontinued operations at June 30, 2022 and December 31, 2021, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the Consolidated Balance Sheets (in thousands):

	June 30, 2022		December 31, 2021
ASSETS
Accounts receivable, net of allowance of $990 and $4,138	$	761	$	2,446
Cash and cash equivalents	8,070		7,707
Right-of-use asset, net	19		26
Other assets, net	1,400		3,237
Total assets of discontinued operations, net	10,250		13,416
Assets held for sale, net(1)	56,397		23,774
Assets held for sale and discontinued operations, net	$	66,647	$	37,190
LIABILITIES
Lease liability	$	19	$	26
Accounts payable, accrued liabilities, and other liabilities	11,479		14,843
Deferred revenue	102		92
Total liabilities of discontinued operations, net	11,600		14,961
Liabilities related to assets held for sale, net(1)	4,269		95
Liabilities related to assets held for sale and discontinued operations, net	$	15,869	$	15,056

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(1)As of June 30, 2022, includes two life science assets and two MOBs primarily comprised of net real estate assets of $51 million. As of December 31, 2021, includes four MOBs and one life science facility primarily comprised of net real estate assets of $23 million.

The results of discontinued operations during the three and six months ended June 30, 2022 and 2021, or through the disposal date of each asset or portfolio of assets held within discontinued operations if sold during such periods, as applicable, are included in the consolidated results of operations for the three and six months ended June 30, 2022 and 2021. Summarized financial information for discontinued operations for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Rental and related revenues	$	—	$	1,613	$	—	$	6,841
Resident fees and services	2,825		30,273		5,480		103,270
Total revenues	2,825		31,886		5,480		110,111
Costs and expenses:
Interest expense	—		1,177		—		3,853
Operating	2,442		33,647		5,116		105,165
Transaction costs	—		—		—		76
Impairments and loan loss reserves (recoveries), net	—		10,995		—		10,995
Total costs and expenses	2,442		45,819		5,116		120,089
Other income (expense):
Gain (loss) on sales of real estate, net	2,563		122,238		2,492		381,900
Other income (expense), net	16		128		19		6,012
Total other income (expense), net	2,579		122,366		2,511		387,912
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	2,962		108,433		2,875		377,934
Income tax benefit (expense)	30		302		370		1,124
Equity income (loss) from unconsolidated joint ventures	—		5,225		64		4,910
Income (loss) from discontinued operations	$	2,992	$	113,960	$	3,309	$	383,968