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IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES
 3 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES
Impairment of Real Estate Investments Held for Sale
The Company did not recognize any impairment during the three months ended March 31, 2025. 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.
As of March 31, 2025, there were six facilities classified as held for sale, all of which have been recorded at the lesser of their carrying value or 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 (as defined below) 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.
Asset Sales and Held for Sale Reclassifications
The following table summarizes the Company’s dispositions for the three months ended March 31, 2025 and 2024 (dollars in thousands):
Three Months Ended March 31,
20252024
Number of facilities(1)
5 2 
Net sales proceeds(2)
$44,401 $1,046 
Net carrying value40,525 1,035 
Net gain on sale$3,876 $11 
(1) One non-operational previously impaired facility sold during the three months ended March 31, 2025 was not classified as held for sale as of December 31, 2024.
(2) Net sales proceeds for the three months ended March 31, 2024 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, 2024$57,261 10
Assets sold(40,525)(4)
March 31, 2025
$16,736 6 
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