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Dispositions of Real Estate and Discontinued Operations
 6 Months Ended
Jun. 30, 2015
Dispositions of Real Estate and Discontinued Operations  
Dispositions of Real Estate and Discontinued Operations

NOTE 5.  Dispositions of Real Estate and Discontinued Operations

During the six months ended June 30, 2015, the Company sold nine senior housing facilities for $60 million resulting from Brookdale’s exercise of its purchase option received as part of the Brookdale Transaction.

 

During the six months ended June 30, 2014, the Company sold two post-acute/skilled nursing facilities for $22 million, a hospital for $17 million and a MOB for $145,000.  

 

The Company separately presented as discontinued operations the results of operations for all consolidated assets disposed of and all properties held for sale, if any, prior to the adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, on April 1, 2014 (the “adoption date”). The amounts included in discontinued operations, for the six months June 30, 2014, represent the activity for properties sold prior to the adoption date. No properties sold subsequent to the adoption date met the new criteria for reporting discontinued operations.

 

The following table summarizes operating income from discontinued operations and gain on sales of real estate included in discontinued operations (dollars in thousands):

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

June 30, 2014

 

Rental and related revenues

 

$
1,810

 

 

 

 

 

 

Operating expenses

 

 
54

 

Other expenses, net

 

 
20

 

Income before gain on sales of real estate, net of income taxes

 

$
1,736

 

Gain on sales of real estate, net of income taxes

 

$
28,010

 

 

 

 

 

 

Number of properties included in discontinued operations

 

 
2

 

 

Subsequent Disposition.  On July 16, 2015, the Company sold a parcel of land in its life science segment for $11 million.