Dispositions, Assets Held for Sale and Discontinued Operations

3 Months Ended

Mar. 31, 2018

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, the exercise of tenant purchase options or reduction of concentrations (e.g., property type, relationship or geography). At March 31, 2018, 36 triple-net, seven seniors housing operating and two outpatient medical properties with an aggregate real estate balance of $368,249,000 were classified as held for sale. During the three months ended March 31, 2018, we recorded impairment charges of $28,185,000 on certain heldforsale seniors housing operating, triple-net and outpatient medical properties for which the carrying values exceeded the fair values, less estimated costs to sell if applicable. The following is a summary of our real property disposition activity for the periods presented (in thousands):

		Three Months Ended
		March 31, 2018			March 31, 2017
Real estate dispositions:
	Triple-net		$	323,667		$	808,204
	Seniors housing operating			2,200			13,845
	Outpatient medical			223,069			-
	Total dispositions			548,936			822,049
Gain (loss) on real estate dispositions, net				338,184			244,092
	Net other assets/liabilities disposed			5,089			20,933
Proceeds from real estate dispositions			$	892,209		$	1,087,074

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”, 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):

			Three Months Ended
			March 31,
		2018		2017
Revenues:
	Rental income	$	13,886	$	43,787
Expenses:
	Interest expense		127		2,707
	Property operating expenses		7,256		8,521
	Provision for depreciation		1,741		9,813
	Total expenses		9,124		21,041
Income (loss) from real estate dispositions, net		$	4,762	$	22,746