DISPOSITIONS

2014 Activity

During the three months ended March 31, 2014, we sold two seniors housing communities, one skilled nursing facility (all part of our triple-net leased properties reportable business segment), and three MOBs for aggregate consideration of $26.2 million and recognized a net gain on the sales of these assets of $2.9 million, of which $1.7 million is reported within discontinued operations in our Consolidated Statements of Income.

2013 Activity

During the three months ended March 31, 2013, we sold four seniors housing communities, two skilled nursing facilities (all part of our triple-net leased properties reportable business segment), and one MOB for aggregate consideration of $11.5 million, including lease termination fees of $0.3 million, and recognized a net gain on the sales of these assets of $0.3 million, which is reported within discontinued operations in our Consolidated Statements of Income.

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 March 31, 2014, and all assets disposed of during the period from January 1, 2013 through March 31, 2014, that meet the criteria of discontinued operations.

The table below summarizes our real estate assets classified as held for sale as of March 31, 2014 and December 31, 2013, including the amounts reported within other assets and accounts payable and other liabilities on our Consolidated Balance Sheets.



	March 31, 2014					December 31, 2013
	Number of Properties Held for Sale (1)	Other Assets		Accounts Payable and Other Liabilities		Number of Properties Held for Sale (2)	Other Assets		Accounts Payable and Other Liabilities
	(Dollars in thousands)

Triple-net leased properties	14	$	110,440	$	48,823	15	$	125,981	$	50,456
MOB operations	2	13,075		82		4	29,359		14,044
Total	16	$	123,515	$	48,905	19	$	155,340	$	64,500

(1) The operations for ten triple-net leased properties and two MOBs are reported in discontinued operations in our Consolidated Statements of Income.

(2) The operations for all properties listed are reported in discontinued operations in our Consolidated Statements of Income.

We recognized impairments of $4.8 million and $8.6 million for the three months ended March 31, 2014 and 2013, respectively, which are recorded primarily as a component of depreciation and amortization. $0.4 million and $7.3 million of these impairments were recorded in discontinued operations for the three months ended March 31, 2014 and 2013, respectively.

Set forth below is a summary of our results of operations for properties within discontinued operations for the three months ended March 31, 2014 and 2013.



	For the Three Months Ended March 31,
	2014		2013
	(In thousands)
Revenues:
Rental income	$	2,200	$	4,032
Resident fees and services	—		618
Interest and other income	750		—
	2,950		4,650
Expenses:
Interest	678		1,695
Depreciation and amortization	281		11,475
Property-level operating expenses	281		912
Other	116		(524		)
	1,356		13,558
Income (loss) before gain on real estate dispositions, net	1,594		(8,908		)
Gain on real estate dispositions, net	1,437		477
Discontinued operations	$	3,031	$	(8,431	)