Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

17. Discontinued Operations.

On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. These

properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. The Results of operations associated with discontinued operations for the year ended December 31, 2019 was as follows (in thousands):

	Year Ended December 31,
	2019
Lease Revenues	$	460
Cost of operations:
Depreciation, depletion and amortization		17
Operating expenses		248
Property taxes		41
Management company indirect		—
Corporate expenses		—
Total cost of operations		306
Total operating profit		154
Interest expense		—
Gain on sale of buildings		9,244
Income before income taxes		9,398
Provision for (benefit from) income taxes		2,542
Income from discontinued operations	$	6,856