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ACQUISITIONS AND DISPOSITIONS | 6 Months Ended
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Jun. 30, 2013
Business Combinations and Dispositions [Abstract] |
ACQUISITIONS AND DISPOSITIONS | DISPOSITIONS 2013 Activity Triple-Net Leased Properties During the six months ended June 30, 2013, we acquired one seniors housing community for approximately $60.5 million through a joint venture. Additionally, during the six months ended June 30, 2013, we sold six seniors housing communities and eight skilled nursing facilities for aggregate consideration of $21.1 million, including lease termination fees of $0.3 million, and recognized a net gain on the sales of these assets of $1.9 million. Senior Living Operations During the six months ended June 30, 2013, we acquired 15 seniors housing communities, eight of which we were previously the tenant under a capital lease (see “Note 9—Senior Notes Payable and Other Debt”), for approximately $384.0 million. Additionally, during the six months ended June 30, 2013, we sold one seniors housing community for consideration of $1.6 million and recognized no gain or loss from the sale of this asset. MOB Operations During the six months ended June 30, 2013, we acquired the controlling interests in two MOBs, which we previously accounted for as an equity method investment, for approximately $57.1 million (see “Note 6—Investments in Unconsolidated Entities”). Additionally, during the six months ended June 30, 2013, we sold two MOBs for aggregate consideration of $1.8 million and recognized a net gain on the sales of these assets of $0.5 million. 2012 Activity Triple-Net Leased Properties During the six months ended June 30, 2012, we acquired seven seniors housing communities for approximately $98.1 million. Additionally, during the six months ended June 30, 2012, we sold 22 seniors housing communities (including ten properties pursuant to the exercise of tenant purchase options) and one skilled nursing facility for aggregate consideration of $244.0 million, including fees of $4.8 million, and recognized a net gain on the sales of these assets of $83.8 million. We deposited a majority of the proceeds from the sale of 21 seniors housing communities in an Internal Revenue Code of 1986, as amended (the “Code”), Section 1031 exchange escrow account with a qualified intermediary, and we used approximately $134.5 million of these proceeds for certain of our seniors housing communities and MOB acquisitions during 2012. As of December 31, 2012, no proceeds remained in the Section 1031 exchange escrow account related to these sales. Senior Living Operations During the six months ended June 30, 2012, we acquired 17 seniors housing communities for approximately $390.0 million. In June 2012, we declined to exercise our renewal option with respect to the operating leases (in which we were the lessee) for two seniors housing communities we acquired as part of our 2011 acquisition of the real estate assets of Atria Senior Living Group, Inc., which leases expired on June 30, 2012. MOB Operations During the six months ended June 30, 2012, we acquired 72 MOBs and other real estate assets, including certain assets owned through joint ventures, for approximately $790 million, primarily through our acquisition of Cogdell Spencer Inc. in April 2012. Discontinued Operations We present separately, as discontinued operations in all periods presented, the results of operations for all assets classified as held for sale as of June 30, 2013, and all assets disposed of and all operating leases (under which we were the lessee) not renewed during the period from January 1, 2012 through June 30, 2013. Set forth below is a summary of our results of operations for properties within discontinued operations for the three and six months ended June 30, 2013 and 2012. As of June 30, 2013, we classified 13 properties as assets held for sale, included within other assets on our Consolidated Balance Sheets. For the six months ended June 30, 2013, we recognized impairments of $23.9 million, representing our estimated aggregate loss on the expected sales of these assets. These charges are primarily recorded as a component of depreciation and amortization in the table below.
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
| (In thousands)
Revenues: |  |  |  |  |  |  |
Rental income | $ | 2,116 |  |  | $ | 8,564 |  |  | $ | 4,431 |  |  | $ | 18,360 |
Resident fees and services | 141 |  |  | 2,655 |  |  | 759 |  |  | 5,266 |
Interest and other income | — |  |  | 3,002 |  |  | — |  |  | 4,824 |
| 2,257 |  |  | 14,221 |  |  | 5,190 |  |  | 28,450 |
Expenses: |  |  |  |  |  |  |
Interest | 650 |  |  | 3,498 |  |  | 1,573 |  |  | 7,237 |
Depreciation and amortization | 21,284 |  |  | 14,402 |  |  | 29,438 |  |  | 18,842 |
Property-level operating expenses | 220 |  |  | 2,633 |  |  | 884 |  |  | 5,108 |
General, administrative and professional fees | — |  |  | 289 |  |  | — |  |  | 292 |
Gain on extinguishment of debt, net | (153 | ) |  | — |  |  | (153 | ) |  | — |
Other | 29 |  |  | 650 |  |  | (495 | ) |  | 1,230 |
| 22,030 |  |  | 21,472 |  |  | 31,247 |  |  | 32,709 |
Loss before income taxes and gain on real estate dispositions, net | (19,773 | ) |  | (7,251 | ) |  | (26,057 | ) |  | (4,259 | )
Income tax (expense) benefit | — |  |  | (13 | ) |  | — |  |  | 20 |
Gain on real estate dispositions, net | 1,718 |  |  | 38,558 |  |  | 2,195 |  |  | 78,791 |
Discontinued operations | $ | (18,055 | ) |  | $ | 31,294 |  |  | $ | (23,862 | ) |  | $ | 74,552 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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