(5) Dispositions of Real Estate and Discontinued Operations
During the year ended December 31, 2013, the Company sold the following: (i) eight post-acute/skilled nursing facilities for $68 million, (ii) two senior housing facilities for $22 million and (iii) two medical office buildings for $6 million. In addition, in September 2013, the Company sold a 62-bed hospital located in Greenfield, Wisconsin in exchange for a 60-bed hospital located in Webster, Texas and recognized a gain of $8 million based on the fair value of the hospital acquired in excess of the carrying value of the hospital sold. During the year ended December 31, 2012, the Company sold the following: (i) two senior housing facilities for $111 million, (ii) a skilled nursing facility for $15 million, (iii) a medical office building for $7 million and (iv) a parcel of land in the life science segment for $18 million.
At December 31, 2013, one hospital and two post-acute/skilled nursing facilities were classified as held for sale, with a carrying value of $10 million. At December 31, 2012, properties classified as held for sale included 12 senior housing facilities, two hospitals and two medical office buildings with a combined aggregate carrying value of $56 million.
The following table summarizes income from discontinued operations, impairments and gain on sales of real estate included in discontinued operations (dollars in thousands):
| |
Year Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| |
2013 | 2012 | 2011 | |||||||
|
Rental and related revenues |
$ | 16,649 | $ | 33,777 | $ | 32,555 | ||||
|
Depreciation and amortization expenses |
5,862 | 12,808 | 11,340 | |||||||
|
Operating expenses |
3,929 | 3,304 | 1,472 | |||||||
|
Other expense, net |
979 | 3,467 | 4,486 | |||||||
|
Income before impairments and gain on sales of real estate, net of income taxes |
$ | 5,879 | $ | 14,198 | $ | 15,257 | ||||
|
Impairments |
$ | 1,372 | $ | — | $ | — | ||||
|
Gain on sales of real estate, net of income taxes |
$ | 69,866 | $ | 31,454 | $ | 3,107 | ||||
|
Number of properties included in discontinued operations |
16 | 20 | 23 | |||||||