Dispositions, Assets Held for Sale and Discontinued Operations

9 Months Ended

Sep. 30, 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):

		Nine Months Ended
		September 30, 2013			September 30, 2012
Real property dispositions:
	Seniors housing triple-net		$	138,650		$	149,984
	Medical facilities			201,845			106,347
	Total dispositions			340,495			256,331
Gain (loss) on sales of real property, net				57,202			46,046
Non-cash disposition activity(1)				(12,204)			0
Proceeds from real property sales			$	385,493		$	302,377
(1) Represents non-cash consideration surrendered in an asset swap transaction. Please see Note 3 for additional information.

We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at September 30, 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				Nine Months Ended
			September 30,				September 30,
		2013		2012		2013		2012
Revenues:
	Rental income	$	810	$	20,747	$	5,972	$	70,166
Expenses:
	Interest expense		12		4,328		1,535		15,504
	Property operating expenses		68		281		346		1,469
	Provision for depreciation		313		5,014		1,879		19,899
	Total expenses		393		9,623		3,760		36,872
Income (loss) from discontinued operations, net		$	417	$	11,124	$	2,212	$	33,294