Dispositions, Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2015

Disclosure Dispositions, Assets Held for Sale and Discontinued Operations [Abstract]

Dispositions, Assets Held for Sale and Discontinued Operations

5. Dispositions, Assets Held for Sale and Discontinued Operations

We periodically sell properties for various reasons, including favorable market conditions or the exercise of tenant purchase options. Impairment of assets as reflected in our consolidated statements of comprehensive income relate to properties designated as held for sale and represent the charges necessary to adjust the carrying values to estimated fair values less costs to sell based on current sales price expectations. The following is a summary of our real property disposition activity for the periods presented (in thousands):

		Year Ended
		December 31, 2015		December 31, 2014		December 31, 2013
Real property dispositions:
	Triple-net	$	356,300	$	747,720	$	189,572
	Outpatient medical(1)		181,553		45,695		259,367
	Land parcels		5,724		-		-
	Total dispositions		543,577		793,415		448,939
Gain (loss) on sales of real property, net			280,387		153,522		49,138
Seller financing on sales of real property			-		-		(3,850)
Non-cash disposition activity			-		(35,872)		(12,204)
Proceeds from real property sales		$	823,964	$	911,065	$	482,023
	(1) Dispositions occurring in the year ended December 31, 2015 primarily relate to the disposition of an unconsolidated equity investment with Forest City Enterprises.

Dispositions and Assets Held for Sale

Pursuant to our adoption of ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08”), operating results attributable to properties sold subsequent to or classified as held for sale after January 1, 2014 and which do not meet the definition of discontinued operations are no longer reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the periods presented (in thousands):

		Year Ended
		December 31,
		2015		2014		2013
Revenues:
	Rental income	$	35,241	$	115,759	$	132,797
Expenses:
	Interest expense		5,503		24,046		26,660
	Property operating expenses		6,102		7,669		8,970
	Provision for depreciation		6,342		35,239		41,494
	Total expenses		17,947		66,954		77,124
Income (loss) from real estate dispositions, net		$	17,294	$	48,805	$	55,673

Discontinued Operations

We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at January 1, 2014 to discontinued operations in accordance with ASU 2014-08. The following illustrates the reclassification impact as reported in our Consolidated Statements of Comprehensive Income as a result of classifying these properties as discontinued operations for the years presented (in thousands):

			Year Ended December 31,
		2015		2014		2013
Revenues:
	Rental income	$	-	$	881	$	18,377
Expenses:
	Interest expense		-		157		4,246
	Property operating expenses		-		-		3,396
	Provision for depreciation		-		-		8,160
Income (loss) from discontinued operations, net		$	-	$	724	$	2,575