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ASSETS HELD FOR SALE

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract]

NOTE 7 – ASSETS HELD FOR SALE

The following is a summary of our assets held for sale:

	Properties Held For Sale
	Number of Properties			Net Book Value (in thousands)

December 31, 2016		20		$	52,868
Properties sold/other ⁽¹⁾		(12	)		(30,023	)
Properties added ⁽²⁾		1			400
March 31, 2017⁽³⁾		9		$	23,245

⁽¹⁾

In the first quarter of 2017, we sold nine SNFs and two ALFs for approximately $29.4 million in net proceeds recognizing a gain on sale of approximately $3.6 million. One SNF classified as an asset held for sale at December 31, 2016 was no longer considered held for sale during the first quarter of 2017 and was reclassified back to leased properties at approximately $5.1 million which represents the facility’s then carrying value adjusted for depreciation that was not recognized while classified as held for sale.

	⁽²⁾	In the first quarter of 2017, we recorded a $3.5 million impairment to reduce one ALF’s net book value to its estimated fair value less costs to sell before it was reclassified to assets held for sale.
	⁽³⁾	We plan to sell the nine facilities classified as held for sale at March 31, 2017 over the next several quarters.