ASSETS HELD FOR SALE AND DISPOSITIONS

3 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE AND DISPOSITIONS

ASSETS HELD FOR SALE AND DISPOSITIONS

Asset Held for Sale

As of March 31, 2016, the Company determined that one acute care hospital met the criteria to be classified as held for sale. As a result of this determination, the Company adjusted the net book value of this investment to its fair value less costs to sell of $75.1 million, resulting in an impairment loss of $29.8 million. 

Dispositions

During the three months ended March 31, 2016, the Company completed the sale of one skilled nursing facility for consideration of $0.4 million after selling expenses of $0.1 million. The carrying value of the assets and liabilities of this facility was $5.0 million, which resulted in a $4.6 million loss. The Company sold no facilities during the three months ended March 31, 2015.

During the three months ended March 31, 2016 and 2015, the Company recognized $(1.2) million (excluding the loss on sale and real estate impairment charge) and $1.0 million of net (loss) income, respectively, from these facilities. Neither the determination of the held for sale classification nor the sale of the facility above represent a strategic shift that has or will have a major effect on the Company's operations and financial results and therefore the results of operations attributable to these facilities have remained in continuing operations.