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IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
12 Months Ended
Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
2019
Impairment of Real Estate
During the year ended December 31, 2019, the Company recognized a $121.8 million real estate impairment, of which amount $95.2 million related to the 28 Senior Care Centers facilities sold on April 1, 2019 and three additional Senior Care Centers facilities, two of which were subsequently sold, and the remaining $26.6 million related to six skilled nursing/transitional care facilities, five of which were subsequently sold, and four senior housing communities.
Dispositions
During the year ended December 31, 2019, the Company completed the sale of 39 skilled nursing/transitional care facilities and seven senior housing communities for aggregate consideration, net of closing costs, of $323.6 million. The net carrying value of the assets and liabilities of these facilities was $321.3 million, which resulted in an aggregate $2.3 million net gain on sale.
Excluding the net gain on sale and real estate impairment, the Company recognized $2.2 million, $19.1 million and $13.0 million of net income during the years ended December 31, 2019, 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.
2018
Impairment of Real Estate
During the year ended December 31, 2018, the Company recognized a $1.4 million real estate impairment, of which $0.9 million related to one skilled nursing/transitional care facility and $0.5 million related to one senior housing community sold during the year.
Dispositions
During the year ended December 31, 2018, the Company completed the sale of 51 skilled nursing/transitional care facilities, six senior housing communities and one Senior Housing - Managed community for aggregate consideration, net of closing costs, of $382.6 million. The net carrying value of the assets and liabilities of these facilities was $254.4 million, resulting in an aggregate $128.2 million net gain on sale.
Excluding the net gain on sale and real estate impairment to one senior housing community sold during the year, the Company recognized $23.6 million and $47.1 million of net income during the years ended December 31, 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
Impairment of Real Estate
During the year ended December 31, 2017, the Company recognized a $1.3 million real estate impairment related to one skilled nursing/transitional care facility.
Dispositions
During the year ended December 31, 2017, the Company completed the sale of 31 skilled nursing/transitional care facilities and one senior housing community for aggregate consideration, net of closing costs, of $150.2 million. The net carrying value of the assets and liabilities of these facilities was $98.2 million, resulting in an aggregate $52.0 million net gain on sale.
Excluding the net gain on sale, the Company recognized $12.6 million of net income during the year ended December 31, 2017 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.