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ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS
Assets Held for Sale
As of March 31, 2024, the Company determined that four skilled nursing/transitional care facilities with an aggregate net book value of $4.4 million met the criteria to be classified as assets held for sale, and this balance is included in accounts receivable, prepaid expenses and other assets, net on the consolidated balance sheets. Subsequent to March 31, 2024, the Company completed the sale of three of these facilities for an aggregate gross sales price of $6.2 million.
Impairment of Real Estate
During the three months ended March 31, 2024 and 2023, the Company recognized real estate impairment of $3.1 million related to three skilled nursing/transitional care facilities that are held for sale and $7.1 million related to one skilled nursing/transitional care facility that has sold, respectively.
To estimate the fair value of the impaired facilities, the Company utilized a market approach which considered binding sale agreements, non-binding offers from unrelated third parties or model-derived valuations with significant unobservable inputs (Level 3 measurements), as applicable.
The Company continues to evaluate additional assets for sale as part of its initiative to recycle capital and further improve its portfolio quality. This could lead to a shorter hold period and could result in the determination that the full amount of the Company’s investment is not recoverable, resulting in an impairment charge or loss on sale which could be material.
Dispositions
No dispositions were completed during the three months ended March 31, 2024. The following table summarizes the Company’s dispositions for the period presented (dollars in millions):
Three Months Ended
March 31, 2023
Number of facilities8 
Consideration, net of closing costs$160.3 
Net carrying value181.8 
Net loss on sale$(21.5)
The Company recognized net loss of $22.1 million during the three months ended March 31, 2023, which includes net loss on sale from these facilities.
The sale of the disposition 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.