HEALTH CARE REIT INC /DE/ | 2013 | FY | 3


5. Dispositions, Assets Held for Sale and Discontinued Operations

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, 2013December 31, 2012December 31, 2011
Real property dispositions:
Seniors housing triple-net$ 189,572$ 372,378$ 150,755
Medical facilities 259,367 149,344 35,295
Total dispositions 448,939 521,722 186,050
Gain (loss) on sales of real property, net 49,138 100,549 61,160
Seller financing on sales of real property (3,850) (12,000) 0
Non-cash disposition activity (12,204) 0 0
Proceeds from real property sales$ 482,023$ 610,271$ 247,210

We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at December 31, 2013 to discontinued operations. Expenses include an allocation of interest expense based on property carrying values and our weighted-average cost of debt. The following illustrates the reclassification impact as a result of classifying properties as discontinued operations for the periods presented (in thousands):

Year Ended December 31,
201320122011
Revenues:
Rental income$ 18,377$ 96,378$ 124,113
Expenses:
Interest expense 4,246 21,735 31,018
Property operating expenses 3,396 4,482 8,806
Provision for depreciation 8,160 27,365 37,126
Income (loss) from discontinued operations, net$ 2,575$ 42,796$ 47,163

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