DISPOSITIONS

2016 Activity

During the six months ended June 30, 2016, we sold three triple-net leased properties, one seniors housing community included in our senior living operations reportable business segment and one MOB for aggregate consideration of $63.8 million. We recognized a gain on the sales of these assets of $32.0 million.

2015 Activity

During the six months ended June 30, 2015, we sold 30 triple-net leased properties and 25 MOBs for aggregate consideration of $423.3 million, including $5.5 million of lease termination fees (included within triple-net leased rental income in our Consolidated Statements of Income). For the six months ended June 30, 2015, we recognized a gain on the sales of these assets of $32.6 million (net of taxes), of which $18.1 million was deferred due to an unsecured loan we made to the buyer in connection with the sale of certain assets. The gain is being recognized into income as principal payments are made on the loan over its five-year term.

Real Estate Impairment

We recognized impairments of $14.5 million and $28.7 million for the six months ended June 30, 2016 and 2015, respectively, which are recorded in depreciation and amortization. Of these impairments, $0 and $13.0 million for the six months ended June 30, 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 June 30, 2016 and December 31, 2015, including the amounts reported on our Consolidated Balance Sheets.



	June 30, 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	25	$	141,084	$	76,758	2	$	4,488	$	44
MOB operations	7	52,369		12,188		8	68,619		24,759
Senior Living Operations*	—	1,818		21		1	19,953		9,537
Total	32	$	195,271	$	88,967	11	$	93,060	$	34,340

* As of June 30, 2016 there is one vacant land parcel classified as held for sale.

Set forth below is a summary of our results of operations for properties within discontinued operations for the three and six months ended June 30, 2016 and 2015.



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2016			2015		2016			2015
	(In thousands)
Revenues:
Rental income	$	—		$	78,556	$	—		$	156,207
Income from loans and investments	—			853		—			1,699
Interest and other income	—			62		—			63
	—			79,471		—			157,969
Expenses:
Interest	—			23,742		—			48,256
Depreciation and amortization	—			34,496		—			65,730
General, administrative and professional fees	—			3		—			7
Merger-related expenses and deal costs	147			2,320		636			6,879
Other	—			880		—			1,445
	147			61,441		636			122,317
(Loss) income before real estate dispositions and noncontrolling interest	(147		)	18,030		(636		)	35,652
(Loss) gain on real estate dispositions	(1		)	277		(1		)	277
Net (loss) income from discontinued operations	(148		)	18,307		(637		)	35,929
Net income attributable to noncontrolling interest	—			64		—			112
Net (loss) income from discontinued operations attributable to common stockholders	$	(148	)	$	18,243	$	(637	)	$	35,817

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 and six months ended June 30, 2016, we recognized income of $0.6 million and $1.2 million, respectively, 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.