Dispositions, Assets Held for Sale and Discontinued Operations

9 Months Ended

Sep. 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 nine months ended September 30, 2011, we sold 41 properties for net gains of $56,565,000. At September 30, 2011, we had one medical facility that satisfied the requirements for held for sale treatment and such property was properly recorded at the lesser of its estimated fair value less costs to sell or carrying value. During the nine months ended September 30, 2011, we recorded an impairment charge of $202,000 related to two seniors 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):

	Nine Months Ended
	September 30, 2011		September 30, 2010
Real property dispositions:
Seniors housing triple-net	$	129,725	$	108,065
Medical facilities		35,295		7,568
Total dispositions		165,020		115,633
Add: Gain on sales of real property		56,565		20,559
Seller financing on sales of real property		—		(1,470	)
Proceeds from real property sales	$	221,585	$	134,722

We have reclassified the income and expenses attributable to all properties sold and attributable to properties held for sale at September 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 September 30,					Nine Months Ended September 30,
	2011			2010		2011		2010
Revenues:
Rental income	$	87		$	9,805	$	9,489	$	30,944
Expenses:
Interest expense		16			2,050		1,771		6,182
Property operating expenses		212			1,495		2,427		4,456
Provision for depreciation		—			3,430		2,635		10,420
Income (loss) from discontinued operations, net	$	(141	)	$	2,830	$	2,656	$	9,886