ASSET HELD FOR SALE AND DISPOSITIONS

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

ASSET HELD FOR SALE AND DISPOSITIONS

ASSET HELD FOR SALE AND DISPOSITIONS

Asset Held for Sale

As of March 31, 2017, the Company determined that one skilled nursing/transitional care facility, with a net book value of $2.1 million, met the criteria to be classified as held for sale. On April 1, 2017, the facility was sold for aggregate consideration of $6.1 million.

Dispositions

During the three months ended March 31, 2016, the Company completed the sale of one skilled nursing/transitional care facility for aggregate consideration of $0.4 million after selling expenses of $0.1 million. The net book value of this facility was $5.0 million, which resulted in a $4.6 million loss on sale. The Company sold no facilities during the three months ended March 31, 2017.

Excluding the net loss on sale, the Company recognized $0.1 million of net income from the asset held for sale and the sold facility during each of the three months ended March 31, 2017 and 2016. 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 this facility have remained in continuing operations.