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Impairments of Real Estate | 12 Months Ended
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Dec. 31, 2024
Asset Impairment Charges [Abstract] |
Impairments of Real Estate | Impairments of Real Estate Impairment Charges During the year ended December 31, 2024, the Company recognized an impairment charge of $13 million, which is reported in impairments and loan loss reserves (recoveries), net, on the Consolidated Statements of Operations related to one outpatient medical building that met the held for sale criteria. Upon classifying the asset as held for sale, the Company recognized an impairment charge to write down the building’s carrying value of $21 million to its fair value, less estimated costs to sell, of $8 million. The fair value of the impaired asset was based on the forecasted sales price which is considered to be a Level 3 measurement within the fair value hierarchy. The Company’s fair value estimates primarily relied on a market approach, which utilized comparable market transactions and negotiations with prospective buyers. During the years ended December 31, 2023 and 2022, the Company did not recognize any impairment charges. Casualty-Related Charges During the years ended December 31, 2024, 2023, and 2022, the Company recognized $30 million, $(3) million, and $6 million, respectively, of net casualty-related charges (recoveries). During the year ended December 31, 2024, such charges were primarily related to damages as a result of Hurricane Milton, partially offset by recoveries from proceeds received for water damage at an outpatient medical building during the year then ended. During the year ended December 31, 2023, such recoveries were primarily attributable to proceeds received for water damage at an outpatient medical building. During the year ended December 31, 2022, such charges were primarily attributable to damages as a result of Hurricane Ian. Casualty-related charges are recognized in other income (expense), net and equity income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. Also during the years ended December 31, 2024, 2023, and 2022, the Company collected business interruption proceeds of $0.7 million, $4 million, and $3 million, respectively, which are recognized in rental and related revenues and resident fees and services on the Consolidated Statements of Operations. Other Losses During the year ended December 31, 2022, the Company recognized $14 million of expenses within other income (expense), net on the Consolidated Statements of Operations for tenant relocation and other costs associated with the demolition of an outpatient medical building. See Note 8 for information related to the Company’s reserve for loan losses.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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