DISPOSITIONS

2013 Dispositions

During the three months ended March 31, 2013, we sold seven properties 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 $0.5 million.

2012 Dispositions

Triple-Net Leased Properties

During 2012, we sold 36 seniors housing communities (ten of which were pursuant to the exercise of tenant purchase options) and two skilled nursing facilities for aggregate consideration of $318.9 million, including fees of $5.0 million, and recognized a net gain on the sales of these assets of $81.0 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

In June 2012, we declined to exercise our renewal option on the operating leases (in which we were the lessee) related to two seniors housing communities we acquired as part of our 2011 acquisition of the real estate assets of Atria Senior Living Group, Inc. that expired on June 30, 2012.

MOB Operations

During 2012, we sold five MOBs for aggregate consideration of $27.2 million and recognized a gain on the sales of these assets of $4.5 million.

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, 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 March 31, 2013. Set forth below is a summary of our results of operations for properties within discontinued operations for the three months ended March 31, 2013 and 2012. As of March 31, 2013, we classified 22 properties as assets held for sale, included within other assets on our Consolidated Balance Sheets.



	For the Three Months Ended March 31,
	2013			2012
	(In thousands)
Revenues:
Rental income	$	2,073		$	9,458
Resident fees and services	618			2,611
Interest and other income	—			1,822
	2,691			13,891
Expenses:
Interest	729			3,520
Depreciation and amortization	7,926			4,215
Property-level operating expenses	664			2,475
General, administrative and professional fees	—			3
Other	(524		)	580
	8,795			10,793
(Loss) income before income taxes and gain on sale of real estate assets	(6,104		)	3,098
Income tax benefit	—			33
Gain on real estate dispositions, net	477			40,233
Discontinued operations	$	(5,627	)	$	43,364