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Dispositions of Real Estate and Discontinued Operations | 9 Months Ended
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Sep. 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 nine months ended September 30, 2015, the Company sold the following: (i) nine senior housing facilities for $60 million resulting from Brookdale’s exercise of its purchase option received as part of the Brookdale Transaction, (ii) a parcel of land in its life science segment for $11 million and (iii) a MOB for $400,000. During the nine months ended September 30, 2014, the Company sold the following: (i) two post-acute/skilled nursing facilities for $22 million, (ii) a hospital for $17 million and (iii) a MOB for $145,000. On August 29, 2014, in conjunction with the Brookdale Transaction, the Company contributed three senior housing facilities with a carrying value of $92 million into the CCRC JV (an unconsolidated joint venture with Brookdale discussed in Note s 3 and 8). The Company recorded its investment in the CCRC JV for the contribution of these properties at their carrying value (carryover basis) and therefore did not recognize either a gain or loss upon the contribution. 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 nine months ended September 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 and gain on sales of real estate included in discontinued operations (dollars in thousands):
|  | Nine Months Ended |
|  | September 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 |  |  | 3 |
Subsequent Disposition. On October 6, 2015, the Company sold a parcel of land in its life science segment for $40 million.

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