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ASSET HELD FOR SALE DISPOSITIONS
6 Months Ended
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
ASSET HELD FOR SALE DISPOSITIONS
ASSET HELD FOR SALE AND DISPOSITIONS
Asset Held for Sale
As of June 30, 2018, the Company determined that one skilled nursing/transitional care facility, with a net book value of $6.0 million, met the criteria to be classified as held for sale. The net book value is included in accounts receivable, prepaid expenses and other assets, net on the condensed consolidated balance sheets. The facility was sold on July 2, 2018 for a gross sales price of $7.0 million.
2018 Dispositions
During the six months ended June 30, 2018, the Company completed the sale of 33 skilled nursing/transitional care facilities and four senior housing communities for aggregate consideration, net of closing costs, of $278.3 million. The net carrying value of the assets and liabilities of these facilities was $135.8 million, which resulted in an aggregate $142.5 million net gain on sale. The Company also recognized $0.1 million of additional selling expenses for sales completed in 2017.
During the six months ended June 30, 2018, the Company recognized a $1.4 million real estate impairment, of which $0.5 million related to one senior housing community sold during the period.
Excluding the net gain on sale and real estate impairment, the Company recognized $11.6 million and $15.4 million of net income during the six months ended June 30, 2018 and 2017, respectively, from these facilities. The sale of these facilities does not 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.
2017 Disposition
During the six months ended June 30, 2017, the Company completed the sale of one skilled nursing/transitional care facility for consideration, net of closing costs, of $6.1 million. The net carrying value of the assets and liabilities of this facility was $2.1 million, which resulted in a $4.0 million net gain on sale.
Excluding the net gain on sale, the Company recognized $0.1 million of net income during the six months ended June 30, 2017 from this facility. The sale of this facility does not 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.