DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.

We determined that our strategic decision to exit our healthcare segment met the criteria for discontinued operations, and we consequently classified 27 property dispositions as discontinued operations during the fiscal year ended April 30, 2018. We classified no dispositions as discontinued operations during the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018. We had no gains or losses from the sale of properties classified as discontinued operations for the years ended December 31, 2020 and 2019. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018.


		(in thousands)
	Transition Period Ended	Fiscal Year Ended
		December 31, 2018		April 30, 2018
REVENUE
Real estate rentals		$	—	$	19,744
Tenant reimbursement		—		11,650

TOTAL REVENUE		—		31,394
EXPENSES
Property operating expenses, excluding real estate taxes		—		6,350
Real estate taxes		—		5,191
Property management expense		—		206
Depreciation and amortization		—		8,445

TOTAL EXPENSES		—		20,192
Operating income (loss)		—		11,202
Interest expense(1)		—		(4,172)
Gain (loss) on extinguishment of debt(1)		—		(6,508)
Interest income		—		661
Other income		—		73
Income (loss) from discontinued operations before gain on sale		—		1,256
Gain (loss) on sale of discontinued operations		570		163,567
INCOME (LOSS) FROM DISCONTINUED OPERATIONS		$	570	$	164,823
Segment Data
All other		$	570	$	164,823
Total		$	570	$	164,823


		(in thousands)
	Transition Period Ended	Fiscal Year Ended
		December 31, 2018		April 30, 2018
Property Sale Data
Sales price		$	—	$	437,652
Net book value and sales costs		—		(274,085)
Gain on sale of discontinued operations		$	—	$	163,567

As of December 31, 2020 and 2019, we had no assets or liabilities classified as held for sale.