Dispositions, Assets Held for Sale and Discontinued Operations

3 Months Ended

Mar. 31, 2013

Disclosure Dispositions, Assets Held for Sale and Discontinued Operations [Abstract]

Dispositions, Assets Held for Sale and Discontinued Operations

5. Dispositions, Assets Held for Sale and Discontinued Operations

The following is a summary of our real property disposition activity for the periods presented (in thousands):

		Three Months Ended
		March 31, 2013			March 31, 2012
Real property dispositions:
	Seniors housing triple-net		$	76,331		$	0
	Medical facilities			135,784			31,815
	Total dispositions			212,115			31,815
Add: Gain (loss) on sales of real property, net				82,492			769
Proceeds from real property sales			$	294,607		$	32,584

At March 31, 2013, $139,758,000 of sales proceeds is on deposit in an Internal Revenue Code Section 1031 exchange escrow account with a qualified intermediary. We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at March 31, 2013 to discontinued operations. Expenses include an allocation of interest expense based on property carrying values and our weighted-average cost of debt. The following illustrates the reclassification impact as a result of classifying properties as discontinued operations for the periods presented (in thousands):

			Three Months Ended
			March 31,
		2013		2012
Revenues:
	Rental income	$	2,597	$	23,354
Expenses:
	Interest expense		445		4,908
	Property operating expenses		334		893
	Provision for depreciation		23		6,515
Income (loss) from discontinued operations, net		$	1,795	$	11,038