Dispositions, Assets Held for Sale and Discontinued Operations

6 Months Ended

Jun. 30, 2015

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

We periodically sell properties for various reasons, including favorable market conditions or the exercise of tenant purchase options. The following is a summary of our real property disposition activity for the periods presented (in thousands):

		Six Months Ended
		June 30, 2015			June 30, 2014
Real estate dispositions:
	Triple-net		$	105,274		$	41,124
	Outpatient medical(1)			165,221			86,616
	Land parcels			5,724			-
	Total dispositions			276,219			127,740
Gain (loss) on real estate dispositions, net				246,956			13,079
Proceeds from real estate dispositions			$	523,175		$	140,819
(1) Primarily related to the disposition of an unconsolidated equity investment with Forest City Enterprises.

Dispositions and Assets Held for Sale

Pursuant to our adoption of ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”), operating results attributable to properties sold subsequent to or classified as held for sale after January 1, 2014 and which do not meet the definition of discontinued operations are no longer reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):

			Three Months Ended				Six Months Ended
			June 30,				June 30,
		2015		2014		2015		2014
Revenues:
	Rental income	$	7,463	$	30,857	$	15,944	$	62,817
Expenses:
	Interest expense		1,463		6,020		2,744		13,875
	Property operating expenses		1,482		2,257		3,009		4,422
	Provision for depreciation		2,394		9,316		4,277		19,059
	Total expenses		5,339		17,593		10,030		37,356
Income (loss) from real estate dispositions, net		$	2,124	$	13,264	$	5,914	$	25,461

Discontinued Operations

We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at January 1, 2014 to discontinued operations in accordance with ASU 2014-08. The following illustrates the reclassification impact as reported in our Consolidated Statements of Comprehensive Income as a result of classifying these properties as discontinued operations for the periods presented (in thousands):

			Three Months Ended				Six Months Ended
			June 30,				June 30,
		2015		2014		2015		2014
Revenues:
	Rental income	$	-	$	298	$	-	$	881
Expenses:
	Interest expense		-		34		-		157
	Total expenses		-		34		-		157
Income (loss) from discontinued operations, net		$	-	$	264	$	-	$	724