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IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES
Impairment of Real Estate Investments Held for Sale
During the three months ended March 31, 2024, the Company recognized aggregate impairment charges of $2.7 million related to properties held for sale, which is reported in impairment of real estate investments in the condensed consolidated income statements. During the three months ended March 31, 2023, the Company recognized aggregate impairment charges of $1.9 million related to properties held for sale, which is reported in impairment of real estate investments in the condensed consolidated income statements.
As of March 31, 2024, there were 13 facilities classified as held for sale, all of which have been marked down to fair value less estimated costs to sell.
The fair values of the assets held for sale were based on estimated sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. Estimated sales prices were determined using a market approach (comparable sales model), which relies on certain assumptions by management, including: (i) comparable market transactions, (ii) estimated prices per unit, and (iii) binding agreements for sales and non-binding offers to purchase from unrelated third-parties. There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations during the three months ended March 31, 2024, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $12,000 to $36,000, with a weighted average price per unit of $16,000. One property, with no bed rights, was reclassified to held for sale during the three months ended March 31, 2024. The Company plans to dispose of this facility and does not expect to receive a material amount upon disposition. For the Company’s impairment calculations during the three months ended March 31, 2023, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $20,000 to $85,000, with a weighted average price per unit of $32,000.
Asset Sales and Held for Sale Reclassifications
The following table summarizes the Company’s dispositions for the three months ended March 31, 2024 and 2023 (dollars in thousands):
Three Months Ended March 31,
20242023
Number of facilities 2 1 
Net sales proceeds(1)
$1,046 $3,230 
Net carrying value1,035 3,300 
Net gain (loss) on sale$11 $(70)
(1) Net sales proceeds includes $1.0 million of seller financing in connection with the sale of one ALF in January 2024.
The following table summarizes the Company’s assets held for sale activity for the periods presented (dollars in thousands):
Net Carrying ValueNumber of Facilities
December 31, 2023$15,011 14
Additions to assets held for sale1,251 1 
Assets sold(1,035)(2)
Impairment of real estate held for sale(2,744)— 
March 31, 2024$12,483 13 
December 31, 2022$12,291 5 
Additions to assets held for sale10,374 2 
Assets sold(3,300)(1)
Impairment of real estate held for sale(1,886)— 
March 31, 2023$17,479 6