DISPOSITIONS

2015 Activity

During the three months ended March 31, 2015, we sold 21 triple-net leased properties and 22 MOBs for aggregate consideration of $336.7 million, including a $5.0 million lease termination fee (included within triple-net leased rental income in our Consolidated Statements of Income). As of March 31, 2015, $153.9 million of the proceeds received from these sales was held in an Internal Revenue Code Section 1031 exchange escrow account with a qualified intermediary and is intended to be used for qualifying acquisitions during 2015. We recognized a gain on the sales of these assets of $28.2 million (net of taxes), of which $21.4 million is being deferred due to an unsecured loan we made to the buyer in connection with the sale of certain assets. The gain will be deferred and subsequently recognized into income as principal payments are made on the loan over its five-year term. In April 2015, we sold two MOBs for aggregate consideration of $46.0 million.

2014 Activity

During the three months ended March 31, 2014, we sold three triple-net leased properties and three MOBs for aggregate consideration of $26.2 million and recognized a net gain on the sales of these assets of $2.9 million, of which $1.7 million is reported within discontinued operations in our Consolidated Statements of Income.

Discontinued Operations and Assets Held for Sale

We present separately, as discontinued operations in all periods presented, the results of operations for all real estate assets classified as held for sale as of March 31, 2015, and all real estate assets disposed of during the period from January 1, 2013 through March 31, 2015, that meet the criteria of discontinued operations.

The table below summarizes our real estate assets classified as held for sale as of March 31, 2015 and December 31, 2014, including the amounts reported within other assets and accounts payable and other liabilities on our Consolidated Balance Sheets.



	March 31, 2015					December 31, 2014
	Number of Properties Held for Sale (1)	Other Assets		Accounts Payable and Other Liabilities		Number of Properties Held for Sale (1)	Other Assets		Accounts Payable and Other Liabilities
	(Dollars in thousands)
Triple-net leased properties	14	$	46,519	$	1,346	14	$	34,097	$	1,330
MOB operations	14	127,706		36,917		36	176,366		48,895
Total	28	$	174,225	$	38,263	50	$	210,463	$	50,225


(1)	The operations for three triple-net leased properties and two MOBs are reported in discontinued operations in our Consolidated Statements of Income.

We recognized impairments of $19.2 million and $4.8 million for the three months ended March 31, 2015 and 2014, respectively, which are recorded primarily as a component of depreciation and amortization. For the three months ended March 31, 2014, $0.4 million of impairments were recorded in discontinued operations in our Consolidated Statements of Income.

Set forth below is a summary of our results of operations for properties within discontinued operations for the three months ended March 31, 2015 and 2014.



	For the Three Months Ended March 31,
	2015			2014
	(In thousands)
Revenues:
Rental income	$	72		$	2,200
Interest and other income	—			750
	72			2,950
Expenses:
Interest	252			678
Depreciation and amortization	12			281
Property-level operating expenses	88			281
Other	143			116
	495			1,356
(Loss) income before gain on real estate dispositions	(423		)	1,594
Gain on real estate dispositions	—			1,437
Discontinued operations	$	(423	)	$	3,031