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IMPAIRMENT OF REAL ESTATE, ASSETS HELD FOR SALE AND DISPOSITIONS
3 Months Ended
Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE, ASSETS HELD FOR SALE AND DISPOSITIONS
IMPAIRMENT OF REAL ESTATE, ASSETS HELD FOR SALE AND DISPOSITIONS
2019
Impairment of Real Estate
During the three months ended March 31, 2019, the Company recognized a $103.1 million real estate impairment, of which amount $92.2 million related to the 28 Senior Care Centers facilities sold on April 1, 2019 and the three Senior Care Centers facilities that the Company expects to sell, and the remaining $10.9 million related to four additional skilled nursing/transitional care facilities.
Assets Held for Sale
As of March 31, 2019, the Company determined that 28 skilled nursing/transitional care facilities and two senior housing communities, with an aggregate net book value of $270.8 million, met the criteria to be classified as assets held for sale. Subsequent to March 31, 2019, the Company completed the sale of 29 of the facilities for an aggregate gross sales price of $282.6 million.
Dispositions
During the three months ended March 31, 2019, the Company completed the sale of three skilled nursing/transitional care facilities for aggregate consideration, net of closing costs, of $6.9 million. The net carrying value of the assets and liabilities of these facilities was $8.4 million, which resulted in an aggregate $1.5 million net loss on sale.
Excluding the net loss on sale, the Company recognized $0.5 million and $17,000 of net income during the three months ended March 31, 2019 and 2018, 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.
2018
Impairment of Real Estate
During the three months ended March 31, 2018, the Company recognized a $0.5 million real estate impairment related to one senior housing community sold during the second quarter of 2018.
Dispositions
During the three months ended March 31, 2018, the Company completed the sale of one skilled nursing/transitional care facility for consideration, net of closing costs, of $6.8 million. The net carrying value of the assets and liabilities of this facility was $7.2 million, which resulted in a $0.4 million net loss on sale. The Company also recognized an additional $0.1 million of selling expenses for sales completed in 2017.
Excluding the net loss on sale, the Company recognized $0.1 million of net income during the three months ended March 31, 2018 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.