Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Lease Amendment

                Trillium Lease Termination and New Master Lease—On July 15, 2019, the Company terminated its existing master lease (the “Original Trillium Lease”) with affiliates of Trillium Healthcare Group, LLC (“Trillium”), which covered ten properties in Iowa, seven properties in Ohio and one property in Georgia.  The Company subsequently entered into negotiations for a new master lease (the “New Trillium Lease”) with Trillium’s Iowa and Georgia affiliates covering the ten properties in Iowa and the one property in Georgia. Trillium will continue to operate the seven properties in Ohio under applicable post-termination terms and conditions of the Original Trillium Master Lease until the operations therein are transferred to new operators.  As a result of the termination of the Original Trillium Lease, the Company expects to write-off accounts and straight-line rent receivable by approximately $2.4 million in the third quarter.

The Company subsequently entered into negotiations with an Ohio skilled nursing operator to sell three of the seven Ohio properties currently operated by Trillium, with a target closing date of September 1, 2019. The purchase and sale agreement currently under discussion will be subject to normal diligence and other contingencies. If the sale proceeds as currently anticipated, the three Ohio properties would become classified as held for sale, and written down to fair value less costs to sell, resulting in an approximate $7.1 million impairment.