Dispositions, Assets Held for Sale and Discontinued Operations

6 Months Ended

Jun. 30, 2011

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

     During the six months ended June 30, 2011, we sold 38 properties for net gains of $56,380,000. At June 30, 2011, we had one medical facility and three senior housing triple-net facilities that satisfied the requirements for held for sale treatment and such properties were properly recorded at the lesser of their estimated fair values less costs to sell or carrying values. During the six months ended June 30, 2011, we recorded an impairment charge of $202,000 related to two senior housing triple-net facilities to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. The following is a summary of our real property disposition activity for the periods presented (in thousands):

	Six Months Ended
	June 30, 2011		June 30, 2010
Real property dispositions:
Senior housing triple-net	$	117,074	$	38,361
Medical facilities		35,238		7,568
Total dispositions		152,312		45,929
Add: Gain on sales of real property		56,380		10,033
Seller financing on sales of real property		—		(1,470	)
Proceeds from real property sales	$	208,692	$	54,492

     We have reclassified the income and expenses attributable to all properties sold and attributable to properties held for sale at June 30, 2011 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				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Revenues:
Rental income	$	4,486	$	10,030	$	9,403	$	21,139
Expenses:
Interest expense		812		2,072		1,756		4,132
Property operating expenses		830		1,033		2,215		2,961
Provision for depreciation		671		3,414		2,635		6,990
Income (loss) from discontinued operations, net	$	2,173	$	3,511	$	2,797	$	7,056