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IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
9 Months Ended
Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
2020
Asset Held for Sale
As of September 30, 2020, the Company determined that one skilled nursing/transitional care facility with a net book value of $8.9 million met the criteria to be classified as an asset held for sale, and this balance is included in accounts receivable, prepaid expenses and other assets, net on the condensed consolidated balance sheets. Subsequent to September 30, 2020, the Company completed the sale of the facility for a gross sales price of $9.0 million.
Impairment of Real Estate
During the nine months ended September 30, 2020, the Company recognized a $3.2 million real estate impairment related to three senior housing communities and one skilled nursing/transitional care facility.
Dispositions
During the nine months ended September 30, 2020, the Company completed the sale of seven skilled nursing/transitional care facilities for aggregate consideration, net of closing costs, of $41.1 million. The net carrying value of the assets and liabilities of these facilities was $38.3 million, which resulted in an aggregate $2.8 million net gain on sale.
During the nine months ended September 30, 2020, the Company recognized $3.9 million of net income, which includes the $2.8 million net gain on sale, and during the nine months ended September 30, 2019, recognized $11.0 million of net loss, which includes $12.8 million of real estate impairment, in each case 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.
2019
Impairment of Real Estate
During the nine months ended September 30, 2019, the Company recognized a $119.1 million real estate impairment, of which $95.2 million related to the 30 Senior Care Centers facilities that the Company sold and one additional Senior Care Centers facility that the Company transitioned to another operator, and the remaining $23.9 million related to five additional skilled nursing/transitional care facilities that were subsequently sold and four senior housing communities.
Dispositions
During the nine months ended September 30, 2019, the Company completed the sale of 31 skilled nursing/transitional care facilities and seven senior housing communities for aggregate consideration, net of closing costs, of $315.0 million. The net carrying value of the assets and liabilities of these facilities was $313.8 million, which resulted in an aggregate $1.2 million net gain on sale.
During the nine months ended September 30, 2019, the Company recognized $65.1 million of net loss, which includes the $1.2 million net gain on sale and $69.1 million of real estate impairment, 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.