Dispositions and Real Property Held for Sale

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Real Property Held for Sale

Dispositions, Real Property Held for Sale and Impairment

We periodically sell properties for various reasons, including favorable market conditions, the exercise of tenant purchase options or reduction of concentrations (e.g. property type, relationship or geography). At December 31, 2020, four Seniors Housing Operating, one Triple-net and ten Outpatient Medical properties with an aggregate net real estate balance of $216,613,000 were classified as held for sale for which we expect gross sales proceeds of approximately $276,363,000. In addition to the real property balances held for sale, net other assets and (liabilities) of $35,811,000 are included in the Consolidated Balance Sheets related to held for sale properties.

During the year ended December 31, 2020, we recorded impairment charges of $87,873,000 related to 15 Seniors Housing Operating and one Triple-net properties which were disposed of or classified as held for sale for which the carrying value exceeded the fair values, less estimated costs to sell. Additionally, during the year ended December 31, 2020, we recorded $47,735,000 of impairment charges related to six Seniors Housing Operating and four Triple-net properties that were held for use in which the carrying value exceed the fair value. The following is a summary of our real property disposition activity for the periods presented (in thousands):

	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Real estate dispositions:
Seniors Housing Operating	$	1,289,769	$	1,232,816	$	36,627
Triple-net	51,666		667,632		835,093
Outpatient Medical	1,755,864		482		253,397
Total dispositions	3,097,299		1,900,930		1,125,117
Gain (loss) on real estate dispositions, net	1,088,455		748,041		415,575
Net other assets (liabilities) disposed	114,274		1,679		1,178
Proceeds from real estate dispositions	$	4,300,028	$	2,650,650	$	1,541,870

Operating results attributable to properties sold or classified as held for sale which do not meet the definition of discontinued operations, are not reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):

	Year Ended December 31,
	2020		2019		2018
Revenues:
Total revenues	$	257,089	$	712,529	$	916,896
Expenses:
Interest expense	6,665		18,506		18,801
Property operating expenses	134,119		375,327		495,770
Provision for depreciation	55,114		138,041		189,909
Total expenses	195,898		531,874		704,480
Income (loss) from real estate dispositions, net	$	61,191	$	180,655	$	212,416