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DISPOSITIONS | 9 Months Ended
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Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS | NOTE 4—DISPOSITIONS AND IMPAIRMENTS 2020 Activity In March 2020, we formed the Ventas Life Science and Healthcare Real Estate Fund, L.P. (the “Fund”), a perpetual life vehicle that focuses on investments in research and innovation centers, medical office buildings and senior housing communities in North America. To seed the Fund, we contributed six (two of which are on the same campus) stabilized research and innovation and medical office properties. We received cash consideration of $620 million and a 21% interest in the Fund. We recognized a gain on the transactions of $224.6 million. Also, during the nine months ended September 30, 2020, we sold one MOB, three senior housing communities, ten triple-net leased properties and one land parcel for aggregate consideration of $67.7 million and we recognized a gain on the sale of these assets of $15.5 million. JV Transaction In October 2020, we formed a joint venture (the “JV”) with GIC. To seed the JV, we contributed our controlling ownership interest in four in-progress university-based research and innovation development projects (the “Initial R&I JV Projects”). At closing, GIC reimbursed us for its share of costs incurred to-date. We will own an over 50 percent interest and GIC will own a 45 percent interest in the Initial R&I JV Projects. We will act as manager of the JV, with customary rights and obligations, and will receive customary fees and incentives. Our exclusive development partner, Wexford Science & Technology, remains the developer of, and a minority partner in, all of the projects. We will account for our investment in the JV under the equity method of accounting. Real Estate Impairment We recognized impairments of $129.5 million and $22.6 million, respectively, for the nine months ended September 30, 2020 and 2019, which are recorded in depreciation and amortization in our Consolidated Statements of Income. Other than charges relating to properties directly impacted by COVID-19 (See “Note 1 - Description Of Business - COVID-19 Update”), our recorded impairments were primarily the result of a change in our intent to hold the impaired assets. In most cases, we recognize an impairment in the periods in which our change in intent is made. Assets Held for Sale The table below summarizes our real estate assets classified as held for sale, including the amounts reported on our Consolidated Balance Sheets, which may include anticipated post-closing settlements of working capital for disposed properties.
|  | As of September 30, 2020 |  | As of December 31, 2019
|  | Number of Properties Held for Sale |  | Assets Held for Sale |  | Liabilities Related to Assets Held for Sale |  | Number of Properties Held for Sale |  | Assets Held for Sale |  | Liabilities Related to Assets Held for Sale
|  | (Dollars in thousands)
Triple-Net Leased Properties |  | — |  |  | $ | — |  |  | $ | — |  |  | 8 |  |  | $ | 62,098 |  |  | $ | 1,623 |
Office Operations |  | 2 |  |  | 7,441 |  |  | 785 |  |  | 1 |  |  | 5,177 |  |  | 499 |
Senior Living Operations |  | 2 |  |  | 8,307 |  |  | 1,202 |  |  | 5 |  |  | 18,252 |  |  | 3,102 |
Total |  | 4 |  |  | $ | 15,748 |  |  | $ | 1,987 |  |  | 14 |  |  | $ | 85,527 |  |  | $ | 5,224 |
In September 2020, one senior housing community no longer met the criteria as being classified as held for sale. As a result, we adjusted the carrying amount of the asset by recognizing depreciation expense of $0.1 million and classified the asset within net real estate investments on our Consolidated Balance Sheets for all periods presented.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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