Dispositions, Real Property Held for Sale and Impairment

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

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, 2021, two Seniors Housing Operating, 14 Triple-net and one Outpatient Medical properties, with an aggregate net real estate balance of $134,097,000, were classified as held for sale. In addition to the real property balances held for sale, net other assets and (liabilities) of $9,876,000 were included in the Consolidated Balance Sheets related to the held for sale properties. Expected gross sales proceeds related to the held for sale properties are approximately $171,184,000.

During the year ended December 31, 2021, we recorded impairment charges of $19,567,000 related to four Triple-net properties and one Outpatient Medical property, 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, we recorded $31,540,000 of impairment charges related to two Seniors Housing Operating properties and two Triple-net properties that were held for use in which the carrying value exceed the estimated fair value. 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 as 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, 2021		December 31, 2020		December 31, 2019
Real estate dispositions:
Seniors Housing Operating	$	112,837	$	1,289,769	$	1,232,816
Triple-net	486,369		51,666		667,632
Outpatient Medical	229,660		1,755,864		482
Total dispositions	828,866		3,097,299		1,900,930
Gain (loss) on real estate dispositions, net	235,375		1,088,455		748,041
Net other assets (liabilities) disposed	6,081		114,274		1,679
Proceeds from real estate dispositions	$	1,070,322	$	4,300,028	$	2,650,650

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,
	2021		2020		2019
Revenues:
Total revenues	$	63,114	$	303,791	$	827,961
Expenses:
Interest expense	1,479		11,241		23,186
Property operating expenses	8,490		163,800		403,010
Provision for depreciation	8,665		82,330		162,761
Total expenses	18,634		257,371		588,957
Income (loss) from real estate dispositions, net	$	44,480	$	46,420	$	239,004