XML 43 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

Dispositions of Real Estate and Discontinued Operations (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Assets and Liabilities | The following summarizes the assets and liabilities classified as discontinued operations at September 30, 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):
| September 30, 2021 |  | December 31, 2020
ASSETS |  |  |
Real estate: |  |  |
Buildings and improvements | $ | 98 |  |  | $ | 2,553,254 |
Development costs and construction in progress | 54 |  |  | 21,509 |
Land | — |  |  | 355,803 |
Accumulated depreciation and amortization | — |  |  | (615,708) |
Net real estate | 152 |  |  | 2,314,858 |
Investments in and advances to unconsolidated joint ventures | — |  |  | 5,842 |
Accounts receivable, net of allowance of $4,583 and $5,873 | 4,826 |  |  | 20,500 |
Cash and cash equivalents | 14,005 |  |  | 53,085 |
Restricted cash | 3 |  |  | 17,168 |
Intangible assets, net | — |  |  | 24,541 |
Right-of-use asset, net | 30 |  |  | 4,109 |
Other assets, net(1) | 3,243 |  |  | 103,965 |
Total assets of discontinued operations, net(2) | 22,259 |  | 2,544,068
Assets held for sale, net(3) | 82,750 |  |  | 82,238 |
Assets held for sale and discontinued operations, net | $ | 105,009 |  |  | $ | 2,626,306 |
LIABILITIES |  |  |
Mortgage debt(4) | $ | — |  |  | $ | 318,876 |
Lease liability | 30 |  |  | 3,189 |
Accounts payable, accrued liabilities, and other liabilities | 18,442 |  |  | 79,411 |
Deferred revenue | 84 |  |  | 11,442 |
Total liabilities of discontinued operations, net(2) | 18,556 |  |  | 412,918 |
Liabilities related to assets held for sale, net(3) | 354 |  |  | 2,819 |
Liabilities related to assets held for sale and discontinued operations, net | $ | 18,910 |  |  | $ | 415,737 |
_______________________________________ (1)Includes goodwill of zero and $29 million as of September 30, 2021 and December 31, 2020, respectively. (2)At September 30, 2021, there were no senior housing triple-net or SHOP facilities classified as held for sale and discontinued operations. At December 31, 2020, 41 senior housing triple-net facilities, 97 SHOP facilities, and 1 SHOP joint venture were classified as held for sale and discontinued operations. (3)As of September 30, 2021, primarily comprised of the following: (i) five MOBs and one life science facility with net real estate assets of $30 million and right-of-use asset, net of $0.6 million and (ii) one loan receivable with a total carrying value of $51 million. As of December 31, 2020, primarily comprised of six MOBs with net real estate assets of $73 million and deferred revenue of $2 million. (4)During the three months ended September 30, 2021 and 2020, the Company made full and partial repayments of mortgage debt classified as discontinued operations of $37 million and $1 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company made full and partial repayments of mortgage debt classified as discontinued operations of $318 million and $7 million, respectively. The results of discontinued operations through September 30, 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 and nine months ended September 30, 2021 and 2020. Summarized financial information for discontinued operations for the three and nine months ended September 30, 2021 and 2020 are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |
Rental and related revenues | $ | 694 |  |  | $ | 24,589 |  |  | $ | 7,535 |  |  | $ | 81,070 |
Resident fees and services | 8,507 |  |  | 149,585 |  |  | 111,777 |  |  | 477,081 |
Total revenues | 9,201 |  |  | 174,174 |  |  | 119,312 |  |  | 558,151 |
Costs and expenses: |  |  |  |  |  |  |
Interest expense | 47 |  |  | 2,501 |  |  | 3,900 |  |  | 7,913 |
Depreciation and amortization | — |  |  | 31,659 |  |  | — |  |  | 134,620 |
Operating | 13,010 |  |  | 131,151 |  |  | 118,175 |  |  | 407,820 |
Transaction costs | — |  |  | 602 |  |  | 76 |  |  | 1,141 |
Impairments and loan loss reserves (recoveries), net | 21,740 |  |  | 36,327 |  |  | 32,736 |  |  | 81,556 |
Total costs and expenses | 34,797 |  |  | 202,240 |  |  | 154,887 |  |  | 633,050 |
Other income (expense): |  |  |  |  |  |  |
Gain (loss) on sales of real estate, net | 26,758 |  |  | (2,134) |  |  | 408,658 |  |  | 162,245 |
Other income (expense), net | (863) |  |  | 316 |  |  | 5,150 |  |  | 2,442 |
Total other income (expense), net | 25,895 |  |  | (1,818) |  |  | 413,808 |  |  | 164,687 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 299 |  |  | (29,884) |  |  | 378,233 |  |  | 89,788 |
Income tax benefit (expense) | 221 |  |  | (1,204) |  |  | 1,345 |  |  | 9,424 |
Equity income (loss) from unconsolidated joint ventures | 81 |  |  | (731) |  |  | 4,991 |  |  | (915) |
Income (loss) from discontinued operations | $ | 601 |  |  | $ | (31,819) |  |  | $ | 384,569 |  |  | $ | 98,297 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information 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 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration