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Real Estate | 12 Months Ended
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Dec. 31, 2021
Real Estate [Abstract] |
Real Estate | Note 4—Real Estate The Company’s real estate assets were comprised of the following ($ in thousands):(1) ​
​ | ​ | ​ | ​
As of December 31, 2021 |  | ​ |
Land, at cost | ​ | $ | 6,831
Buildings and improvements, at cost | ​ |  | 106,679
Less: accumulated depreciation | ​ |  | (21,360)
Real estate, net | ​ |  | 92,150
Real estate available and held for sale(2) | ​ |  | 301
Total real estate | ​ | $ | 92,451
As of December 31, 2020 | ​ |  |
Land, at cost | ​ | $ | 103,530
Buildings and improvements, at cost | ​ |  | 106,422
Less: accumulated depreciation | ​ |  | (17,574)
Real estate, net | ​ |  | 192,378
Real estate available and held for sale(2) | ​ |  | 5,212
Total real estate | ​ | $ | 197,590
(1) | Refer to Note 3 - Net Lease Sale and Discontinued Operations.
(2) | As of December 31, 2021 and 2020, the Company had $0.3 million and $5.2 million, respectively, of residential condominiums available for sale in its operating properties portfolio.
Net Lease Venture—In February 2014, the Company partnered with a sovereign wealth fund to form a venture to acquire and develop net lease assets (the “Net Lease Venture”) and gave a right of first offer to the venture on all new net lease investments. The Company and its partner had joint decision making rights pertaining to the acquisition of new investments. Upon the expiration of the investment period on June 30, 2018, the Company obtained control of the venture through its unilateral rights of management and disposition of the assets. As a result, the expiration of the investment period resulted in a reconsideration event under GAAP and the Company determined that the Net Lease Venture is a VIE for which the Company is the primary beneficiary. Effective June 30, 2018, the Company consolidated the Net Lease Venture as an asset acquisition under ASC 810 - Consolidation. The Net Lease Venture had previously been accounted for as an equity method investment. The Company has an equity interest in the Net Lease Venture of approximately 51.9%. The Company is responsible for sourcing new opportunities and managing the venture and its assets in exchange for a management fee and incentive fee. Several of the Company’s senior executives whose time is substantially devoted to the Net Lease Venture own a total of 0.6% equity ownership in the venture via co-investment. These senior executives are also entitled to an amount equal to 50% of any incentive fee received based on the 47.5% external partner’s interest. As of December 31, 2021 and 2020, the assets and liabilities of the Net Lease Venture are recorded in “Real estate and other assets available and held for sale and classified as discontinued operations” and “Liabilities associated with real estate held for sale and classified as discontinued operations,” respectively, on the Company’s consolidated balance sheets (refer to Note 3 - Net Lease Sale and Discontinued Operations). ​ Real Estate Available and Held for Sale—The following table presents the carrying value of properties transferred to held for sale, excluding net lease assets transferred to held for sale and classified as discontinued operations (refer to Note 3 – Net Lease Sale and Discontinued Operations), by segment ($ in millions):(1) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
Property Type | ​ | 2021 |  | 2020 |  | 2019
Operating Properties | ​ | $ | 96.8 | ​ | $ | — | ​ | $ | 14.5
Total | ​ | $ | 96.8 | ​ | $ | — | ​ | $ | 14.5
(1) | Properties were transferred to held for sale due to executed contracts with third parties or changes in business strategy.
​ Dispositions—The following table presents the proceeds and income recognized for properties sold, by property type ($ in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Years Ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
Operating Properties(1) | ​ | ​ |  |  | ​ |  |  | ​ |
Proceeds | ​ | $ | 127.3 | ​ | $ | 5.9 | ​ | $ | 86.1
Income from sales of real estate | ​ |  | 26.3 | ​ |  | 0.2 | ​ |  | 11.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Lease(2) | ​ |  |  | ​ |  |  | ​ |  |
Proceeds | ​ | $ | 37.9 | ​ | $ | 42.4 | ​ | $ | 469.4
Income from sales of real estate | ​ |  | — | ​ |  | 6.1 | ​ |  | —
Net income from discontinued operations | ​ | ​ | 8.5 | ​ | ​ | — | ​ | ​ | 224.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ |  |  | ​ |  |  | ​ |  |
Proceeds | ​ | $ | 165.2 | ​ | $ | 48.3 | ​ | $ | 555.5
Income from sales of real estate | ​ |  | 26.3 | ​ |  | 6.3 | ​ |  | 11.9
Net income from discontinued operations | ​ | ​ | 8.5 | ​ | ​ | — | ​ | ​ | 224.7
(1) | During the year ended December 31, 2021, the Company sold a commercial operating property with a carrying value of $96.8 million and recognized gains of $25.6 million and sold residential operating properties and recognized gains of $0.7 million in “Income from sales of real estate” in the Company’s consolidated statements of operations. During the year ended December 31, 2019, the Company sold commercial and residential operating properties with an aggregate carrying value of $73.1 million and recognized $11.9 million of gains in “Income from sales of real estate” in the Company’s consolidated statements of operations.
(2) | During the year ended December 31, 2020, proceeds include $7.5 million of proceeds from the sale of a net lease asset for which the Company recognized an impairment of $1.7 million in connection with the sale. During the year ended December 31, 2019, the Company sold a portfolio of net lease assets with an aggregate carrying value of $220.4 million and recognized $219.7 million of gains in “Net income from discontinued operations” in the Company’s consolidated statements of operations (refer to Note 3 - Net Lease Sale and Discontinued Operations). In connection with the sale of this portfolio of assets the buyer assumed a $228.0 million non-recourse mortgage.
​ Impairments—During the years ended December 31, 2021, 2020 and 2019, the Company recorded aggregate impairments on real estate assets totaling $0.6 million, $3.1 million and $4.5 million, respectively. During the year ended December 31, 2021, the Company recorded an impairment of $0.6 million on an operating property. During the year ended December 31, 2020, the Company recorded an impairment of $3.1 million on a real estate asset held for sale. During the year ended December 31, 2019, the Company recorded an aggregate impairment of $3.9 million in connection with the sale of operating properties and residential condominium units. Tenant Reimbursements—The Company receives reimbursements from tenants for certain facility operating expenses including common area costs, insurance, utilities and real estate taxes. Tenant expense reimbursements were $2.9 million, $3.6 million and $5.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts are included in “Net income from discontinued operations” in the Company’s consolidated statements of operations. Allowance for Doubtful Accounts—As of December 31, 2021 and 2020, the allowance for doubtful accounts related to real estate tenant receivables was $0.1 million and $1.2 million, respectively. These amounts are included in “Accrued interest and operating lease income receivable, net” on the Company’s consolidated balance sheets. Future Minimum Operating Lease Payments—Future minimum operating lease payments to be collected under non-cancelable operating leases, excluding lease payments for assets that are classified as discontinued operations and customer reimbursements of expenses, in effect as of December 31, 2021, are as follows by year ($ in thousands): (1) ​
​ | ​ | ​ | ​
​ |  | Operating
Year | ​ | Properties
2022 | ​ | $ | 6,275
2023 | ​ |  | 6,017
2024 | ​ |  | 5,965
2025 | ​ |  | 5,372
2026 | ​ |  | 4,892
Thereafter | ​ |  | 3,007
(1) | Refer to Note 3 - Net Lease Sale and Discontinued Operations. .

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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