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Dispositions of Real Estate and Discontinued Operations (Tables) | 3 Months Ended
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Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Assets and Liabilities Transferred to Qcp at the Spin-off Date | The following summarizes the assets and liabilities classified as discontinued operations at March 31, 2021 and December 31, 2020, 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):
| March 31, 2021 |  | December 31, 2020
ASSETS |  |  |
Real estate: |  |  |
Buildings and improvements | $ | 1,174,263 |  |  | $ | 2,553,254 |
Development costs and construction in progress | 11,136 |  |  | 21,509 |
Land | 201,699 |  |  | 355,803 |
Accumulated depreciation and amortization | (221,246) |  |  | (615,708) |
Net real estate | 1,165,852 |  |  | 2,314,858 |
Investments in and advances to unconsolidated joint ventures | 5,776 |  |  | 5,842 |
Accounts receivable, net of allowance of $5,132 and $5,873 | 13,976 |  |  | 20,500 |
Cash and cash equivalents | 40,161 |  |  | 53,085 |
Restricted cash | 5,817 |  |  | 17,168 |
Intangible assets, net | 8,539 |  |  | 24,541 |
Right-of-use asset, net | 937 |  |  | 4,109 |
Other assets, net(1) | 43,224 |  |  | 103,965 |
Total assets of discontinued operations, net | 1,284,282 |  | 2,544,068
Total medical office assets held for sale, net(2) | 90,225 |  |  | 82,238 |
Assets held for sale and discontinued operations, net | $ | 1,374,507 |  |  | $ | 2,626,306 |
LIABILITIES |  |  |
Mortgage debt | 278,172 |  |  | 318,876 |
Lease liability | 935 |  |  | 3,189 |
Accounts payable, accrued liabilities, and other liabilities | 41,977 |  |  | 79,411 |
Deferred revenue | 3,985 |  |  | 11,442 |
Total liabilities of discontinued operations, net | 325,069 |  |  | 412,918 |
Total liabilities related to medical office assets held for sale, net(2) | 3,098 |  |  | 2,819 |
Liabilities related to assets held for sale and discontinued operations, net | $ | 328,167 |  |  | $ | 415,737 |
_______________________________________ (1)Includes goodwill of $29 million as of March 31, 2021 and December 31, 2020. (2)Primarily comprised of eight MOBs with net real estate assets of $81 million and deferred revenue of $2 million as of March 31, 2021 and six MOBs with net estate assets of $73 million and deferred revenue of $2 million as of December 31, 2020. The results of discontinued operations through March 31, 2021, or the disposal date of each asset or portfolio of assets if they have been sold, are included in the consolidated results for the three months ended March 31, 2021 and 2020. Summarized financial information for discontinued operations for the three months ended March 31, 2021 and 2020 are as follows (in thousands):
| Three Months Ended March 31,
| 2021 |  | 2020
Revenues: |  |  |
Rental and related revenues | $ | 5,228 |  |  | $ | 32,371 |
Resident fees and services | 72,998 |  |  | 171,726 |
Total revenues | 78,226 |  |  | 204,097 |
Costs and expenses: |  |  |
Interest expense | 2,676 |  |  | 2,685 |
Depreciation and amortization | — |  |  | 64,164 |
Operating | 71,519 |  |  | 138,637 |
Transaction costs | 76 |  |  | 285 |
Impairments and loan loss reserves (recoveries), net | — |  |  | 28,016 |
Total costs and expenses | 74,271 |  |  | 233,787 |
Other income (expense): |  |  |
Gain (loss) on sales of real estate, net | 259,662 |  |  | 162,800 |
Other income (expense), net | 5,885 |  |  | (45) |
Total other income (expense), net | 265,547 |  |  | 162,755 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 269,502 |  |  | 133,065 |
Income tax benefit (expense) | 821 |  |  | 3,176 |
Equity income (loss) from unconsolidated joint ventures | (315) |  |  | (833) |
Income (loss) from discontinued operations | $ | 270,008 |  |  | $ | 135,408 |

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