INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables)

12 Months Ended

Dec. 31, 2019

Investment in Unconsolidated Joint Venture [Abstract]

Schedule of equity method investments

The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands):

							Carrying Amount
	Ownership	Initial Investment		Initial	Facility	Facilities at	December 31,
Entity (1)	%	Date		Investment(2)	Type	12/31/2019	2019		2018
Second Spring Healthcare Investments (3)	15%	11/1/2016	$	50,032	SNF	37	$	22,504	$	31,045
Lakeway Realty, L.L.C. (4)	51%	5/17/2019		73,834	Specialty facility	1		73,273		—
Cindat Joint Venture (5)	49%	12/18/2019		103,810	ALF	67		103,976		—
OMG Senior Housing, LLC	50%	12/6/2019		—	ILF	1		—		—
OH CHS SNP, Inc.	9%	12/20/2019		153	N/A	N/A		131		—
			$	227,829			$	199,884	$	31,045

(1) These entities and their subsidiaries are not consolidated by the Company because it does not control, through voting rights or other means, the joint venture.

(2) Our initial investment includes our transaction costs, if any.

(3) During 2019, this joint venture sold 14 SNFs subject to an operating lease for approximately $311.8 million in net cash proceeds and recognized a gain on sale of approximately $64.0 million. During 2018, this joint venture sold 13 SNFs subject to an operating lease for approximately $164.0 million in net cash proceeds and recognized a loss on sale of approximately $4.6 million.  During 2018, this joint venture also recorded $4.2 million of impairment expense on these real estate properties.

(4) We acquired an interest in a joint venture that owns the Lakeway Regional Medical Center (the “Lakeway Hospital”) in Lakeway, Texas.

(5) We acquired a 49% interest in Cindat Ice Portfolio JV, GP Limited, Cindat Ice Portfolio Holdings, LP and Cindat Ice Portfolio Lender, LP.  Cindat Ice Portfolio Holdings, LP owns 67 care homes leased to two operators in the U.K. pursuant to operating leases.  Cindat Ice Portfolio Lender, LP holds loans to a third-party operator.  Our investment in Cindat Joint Venture consists primarily of real estate.  Our initial basis difference of approximately $35 million will be amortized on a straight-line basis over approximately 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations.          

The following table reflects our income (loss) from unconsolidated joint ventures for the years ended December 31, 2019, 2018 and 2017:

	Year Ended December 31,
Entity	2019		2018		2017
	(in thousands)
Second Spring Healthcare Investments	$	9,490	$	381	$	2,237
Lakeway Realty, L.L.C.		1,479		—		—
OMG Senior Housing, LLC		(22)		—		—
Total	$	10,947	$	381	$	2,237