DISPOSITIONS

2016 Activity

During the three months ended March 31, 2016, we sold two triple-net leased properties, one seniors housing community included in our senior living operations reportable business segment and one MOB for aggregate consideration of $54.5 million. We recognized a gain on the sales of these assets of $26.2 million. In April 2016, we sold one triple-net leased property for aggregate consideration of $8.0 million and we estimate recognizing a gain on sale of real estate of $4.5 million during the second quarter of 2016.

2015 Activity

During the three months ended March 31, 2015, we sold 21 triple-net leased properties and 22 MOBs for aggregate consideration of $337.2 million, including $5.5 million of lease termination fees (included within triple-net leased rental income in our Consolidated Statements of Income). For three months ended March 31, 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.

Real Estate Impairment

We recognized impairments of $10.3 million and $19.2 million for the three months ended March 31, 2016 and 2015, respectively, which are recorded in depreciation and amortization. Of these impairments, $0 and $5.2 million for the three months ended March 31, 2016 and 2015, respectively, were reported in discontinued operations in our Consolidated Statements of Income.

Discontinued Operations and Assets Held for Sale

The table below summarizes our real estate assets classified as held for sale as of March 31, 2016 and December 31, 2015, including the amounts reported on our Consolidated Balance Sheets.



	March 31, 2016					December 31, 2015
	Number of Properties Held for Sale	Assets Held for Sale		Liabilities Held for Sale		Number of Properties Held for Sale	Assets Held for Sale		Liabilities Held for Sale
	(Dollars in thousands)
Triple-net leased properties	1	$	2,393	$	—	2	$	4,488	$	44
MOB operations	7	51,870		12,625		8	68,619		24,759
Senior Living Operations	—	$	—	$	—	1	$	19,953	$	9,537
Total	8	$	54,263	$	12,625	11	$	93,060	$	34,340

Set forth below is a summary of our results of operations for properties within discontinued operations for the three months ended March 31, 2016 and 2015.



	For the Three Months Ended March 31,
	2016			2015
	(In thousands)
Revenues:
Rental income	$	—		$	77,651
Income from loans and investments	—			846
Interest and other income	—			1
	—			78,498
Expenses:
Interest	—			24,514
Depreciation and amortization	—			31,234
Property-level operating expenses	—			—
General, administrative and professional fees	—			4
Merger-related expenses and deal costs	489			4,559
Other	—			565
	489			60,876
(Loss) income before real estate dispositions and noncontrolling interest	(489		)	17,622
Gain (loss) on real estate dispositions	—			—
Net (loss) income from discontinued operations	(489		)	17,622
Net income attributable to noncontrolling interest	—			48
Net (loss) income from discontinued operations attributable to common stockholders	$	(489	)	$	17,574

Substantially all of the amounts reported for 2015 as discontinued operations in the table above reflect the historical results of operations of the CCP properties prior to the CCP Spin-Off. All merger-related expenses and deal costs presented above reflect separation costs relating to the CCP Spin-Off .

Transition Services Agreement

We and CCP entered into a transition services agreement prior to the CCP Spin-Off pursuant to which we and our subsidiaries provide to CCP, on an interim, transitional basis, various services. The services provided include information technology, accounting and tax services. The overall fee charged by us for such services (the "Service Fee") is $2.5 million for one year. For the three months ended March 31, 2016, we recognized income of $0.6 million relating to the Service Fee, which is payable in four quarterly installments. The transition services agreement will terminate on the expiration of the term of the last service provided under the agreement, which will be on or prior to August 31, 2016.