CareTrust REIT (CTRE) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	CTRE
Entity Registrant Name	CareTrust REIT, Inc.
Entity Central Index Key	1,590,717
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		48,148,269

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Real estate investments, net	$ 651,554	$ 436,215
Other real estate investments	8,229	7,532
Cash and cash equivalents	12,098	25,320
Accounts receivable (related party receivables of $0 at September 30, 2015 and $2,275 at December 31, 2014)	2,961	2,291
Prepaid expenses and other assets	337	809
Deferred financing costs, net	9,793	10,405
Total assets	684,972	482,572
Liabilities and Equity:
Senior unsecured notes payable	260,000	260,000
Unsecured revolving credit facility	45,000	0
Mortgage notes payable	95,696	98,205
Accounts payable and accrued liabilities	12,010	6,959
Dividends payable	7,704	3,946
Total liabilities	$ 420,410	$ 369,110
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2015 and December 31, 2014	$ 0	$ 0
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 and 31,251,157 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	477	313
Additional paid-in capital	409,790	246,041
Cumulative distributions in excess of earnings	(145,705)	(132,892)
Total equity	264,562	113,462
Total liabilities and equity	$ 684,972	$ 482,572

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Related party receivables	$ 0	$ 2,275
Preferred stock, Par Value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, Shares Authorized	100,000,000	100,000,000
Preferred stock, Shares Issued	0	0
Preferred stock, Shares Outstanding	0	0
Common Stock, Par Value (in usd per share)	$ 0.01	$ 0.01
Common Stock, Shares authorized	500,000,000	500,000,000
Common Stock, Shares Issued	47,650,952	31,251,157
Common Stock, Shares Outstanding	47,650,952	31,251,157

Condensed Consolidated and Comb

Condensed Consolidated and Combined Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues:
Rental income (related party rental income of $0 and $14,000 for the three months ended September 30, 2015 and 2014, respectively and $16,308 and $18,667 for the nine months ended September 30, 2015 and 2014, respectively – Note 6)	$ 15,778			$ 14,000	$ 45,869	$ 37,228
Tenant reimbursements (related party tenant reimbursements of $0 and $1,228 for the three months ended September 30, 2015 and 2014, respectively and $1,406 and $1,624 for the nine months ended September 30, 2015 and 2014, respectively – Note 6)	1,320			1,228	3,866	3,726
Independent living facilities	626			646	1,868	1,856
Interest and other income	261			10	716	10
Total revenues	17,985			15,884	52,319	42,820
Expenses:
Depreciation and amortization	5,815			5,362	17,093	17,631
Interest expense	7,221			5,943	19,111	15,722
Loss on extinguishment of debt	0			0	0	4,067
Property taxes	1,320			1,228	3,866	3,726
Independent living facilities	610			586	1,778	1,684
General and administrative	2,292			798	5,440	8,710
Total expenses	17,258			13,917	47,288	51,540
Income (loss) before provision for income taxes	727			1,967	5,031	(8,720)
Provision for income taxes	0			0	0	53
Net income (loss)	$ 727			$ 1,967	$ 5,031	$ (8,773)	$ (8,143)
Earnings (loss) per common share:
Basic (in usd per share)	$ 0.02			$ 0.09	$ 0.14	$ (0.39)
Diluted (in usd per share)	$ 0.02			$ 0.09	$ 0.14	$ (0.39)
Weighted-average number of common shares:
Basic (in shares)	39,125			22,255	33,916	22,238
Diluted (in shares)	39,125			22,436	33,916	22,238
Dividends declared per common share (in usd per share)	$ 0.16	$ 0.16	$ 0.16	$ 0	$ 0.48	$ 0	$ 0.125

Condensed Consolidated and Com5

Condensed Consolidated and Combined Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Related party rental income	$ 0	$ 14,000	$ 16,308	$ 18,667
Related party tenant reimbursements	$ 0	$ 1,228	$ 1,406	$ 1,624

Condensed Consolidated and Com6

Condensed Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 727	$ 1,967	$ 5,031	$ (8,773)	$ (8,143)
Other comprehensive income:
Unrealized gain on interest rate swap	0	0	0	167	167
Reclassification adjustment on interest rate swap	0	0	0	1,661	$ 1,661
Comprehensive income (loss)	$ 727	$ 1,967	$ 5,031	$ (6,945)

Condensed Consolidated and Com7

Condensed Consolidated and Combined Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions in Excess of Earnings [Member]	Invested Equity [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2013	$ 162,689				$ 164,517	$ (1,828)
Beginning balance, shares at Dec. 31, 2013		1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net capital contribution from Ensign	4,356				4,356
Unrealized gain on interest rate swap	167					167
Reclassification adjustment on interest rate swap	1,661					$ 1,661
Net capital distribution to Ensign	(10,475)				(10,475)
Reclassification of invested equity to common stock and additional paid-in capital in conjunction with the Spin-Off	0	$ 222	$ 146,980		(147,202)
Reclassification of invested equity to common stock and additional paid in capital in conjunction with the Spin-Off, shares		22,227,358
Vesting of restricted common stock	0	$ 1	(1)
Vesting of restricted common stock, shares		48,550
Amortization of stock-based compensation	154		154
Special dividend at $5.88 per share	(33,001)	$ 90	98,908	$ (131,999)
Special dividend, shares		8,974,249
Common dividend ($0.125 and $0.48 per share for the twelve months ended 12/31/2014 and nine months ended 9/30/2015, respectively)	(3,946)			(3,946)
Net income (loss)	(8,143)			3,053	$ (11,196)
Ending balance at Dec. 31, 2014	113,462	$ 313	246,041	(132,892)
Ending balance, shares at Dec. 31, 2014		31,251,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	162,963	$ 163	162,800
Vesting of restricted common stock, net of shares withheld for employee taxes	(145)	$ 1	(146)
Vesting of restricted common stock, net of shares withheld for employee taxes, shares		69,795
Issuance of common stock, net, shares		16,330,000
Unrealized gain on interest rate swap	0
Reclassification adjustment on interest rate swap	0
Amortization of stock-based compensation	1,095		1,095
Common dividend ($0.125 and $0.48 per share for the twelve months ended 12/31/2014 and nine months ended 9/30/2015, respectively)	(17,844)			(17,844)
Net income (loss)	5,031			5,031
Ending balance at Sep. 30, 2015	$ 264,562	$ 477	$ 409,790	$ (145,705)
Ending balance, shares at Sep. 30, 2015		47,650,952

Condensed Consolidated and Com8

Condensed Consolidated and Combined Statements of Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2014$ / shares
Statement of Stockholders' Equity [Abstract]
Special dividend per share	$ 5.88
Common dividend (in usd per share)	$ 0.125

Condensed Consolidated and Com9

Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ 5,031	$ (8,773)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	17,093	17,631
Amortization of deferred financing costs and debt discount	1,649	1,050
Write-off of deferred financing costs	1,208	0
Amortization of stock-based compensation	1,095	0
Noncash interest income adjustments	(697)	0
Loss on extinguishment of debt	0	1,998
Loss on settlement of interest rate swap	0	1,661
Change in operating assets and liabilities:
Accounts receivable	(2,945)	(10)
Accounts receivable due from related party	2,275	(2,876)
Prepaid expenses and other assets	(90)	387
Interest rate swap	0	(1,661)
Accounts payable and accrued liabilities	4,416	7,944
Net cash provided by operating activities	29,035	17,351
Cash flows from investing activities:
Acquisition of real estate	(231,501)	0
Improvements to real estate	(143)	(254)
Purchases of equipment, furniture and fixtures	(256)	(19,079)
Net proceeds from the sale of vacant land	30	0
Net cash used in investing activities	(231,870)	(19,333)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	163,466	0
Proceeds from the issuance of senior unsecured notes payable	0	260,000
Borrowings under unsecured credit facility	45,000	0
Borrowings under senior secured revolving credit facility	35,000	10,000
Proceeds from the issuance of mortgage notes payable	0	50,676
Repayments of borrowings under senior secured revolving credit facility	(35,000)	(88,701)
Payments on the mortgage notes payable	(2,509)	(67,493)
Payments on senior secured term loan	0	(65,624)
Payments of deferred financing costs	(2,113)	(13,282)
Net-settle adjustment on restricted stock	(145)	0
Dividends paid on common stock	(14,086)	0
Net contribution from Ensign	0	4,356
Net cash provided by financing activities	189,613	89,932
Net (decrease) increase in cash and cash equivalents	(13,222)	87,950
Cash and cash equivalents beginning of period	25,320	895
Cash and cash equivalents end of period	12,098	88,845
Supplemental disclosures of cash flow information:
Interest paid	12,338	8,004
Income taxes paid	0	104
Supplemental schedule of noncash operating, investing and financing activities:
Increase in dividends payable	3,758	0
Increase in offering costs payable	503	0
Application of escrow deposit to acquisition of real estate	500	0
Operating assets and liabilities that were not transferred to CareTrust	0	1,042
Equipment, furniture and fixtures that were not transferred to CareTrust	0	(11,684)
Net capital distribution to Ensign	$ 0	$ 10,475

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Separation from Ensign— Prior to June 1, 2014, CareTrust REIT, Inc. (“CareTrust” or the “Company”) was a wholly owned subsidiary of The Ensign Group, Inc. (“Ensign”). On June 1, 2014, Ensign completed the separation of its healthcare business and its real estate business into two separate and independent publicly traded companies through the distribution of all of the outstanding shares of common stock of CareTrust to Ensign stockholders on a pro rata basis (the “Spin-Off”). Ensign stockholders received one share of CareTrust common stock for each share of Ensign common stock held at the close of business on May 22, 2014, the record date for the Spin-Off. The Spin-Off was effective from and after June 1, 2014, with shares of CareTrust common stock distributed by Ensign on June 2, 2014. The Company was formed on October 29, 2013 and had minimal activity prior to the Spin-Off. Prior to the Spin-Off, the Company and Ensign entered into a Separation and Distribution Agreement, setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of the Company and Ensign. The Company and Ensign or their respective subsidiaries, as applicable, also entered into a number of other agreements to govern the relationship between Ensign and the Company after the Spin-Off, including eight long-term leases (the “Ensign Master Leases”), under which Ensign leases 94 healthcare facilities on a triple-net basis. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 505-60, Equity—Spinoffs and Reverse Spinoffs , the accounting for the separation of the Company follows its legal form, with Ensign as the legal and accounting spinnor and the Company as the legal and accounting spinnee, due to the relative significance of Ensign’s healthcare business, the relative fair values of the respective companies, the retention of all senior management (except Mr. Gregory K. Stapley) by Ensign, and other relevant indicators. The assets and liabilities contributed to the Company from Ensign, or incurred in connection with the Spin-Off in the case of certain debt, were as follows (dollars in thousands): Real estate investments, net $ 421,846 Cash 78,731 Accounts receivable and prepaid assets and other current assets 1,900 Deferred financing costs, net 11,088 Debt (359,512 ) Other liabilities (6,838 ) Net contribution $ 147,215 Description of Business— The Company’s primary business consists of acquiring, financing and owning real property to be leased to third-party tenants in the healthcare sector. As of September 30, 2015 , the Company owned and leased to independent operators, including Ensign, 105 skilled nursing, assisted living and independent living facilities which had a total of 10,886 operational beds and units located in Arizona, California, Colorado, Florida, Georgia, Idaho, Iowa, Minnesota, Nebraska, Nevada, Texas, Utah, Virginia and Washington. The Company also owns and operates three independent living facilities which had a total of 264 units located in Texas and Utah. As of September 30, 2015 , the Company also had one other real estate investment, consisting of an $8.2 million preferred equity investment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —The accompanying condensed consolidated and combined financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of (i) the skilled nursing, assisted living and independent living facilities that Ensign contributed to the Company immediately prior to the Spin-Off and (ii) the operations of the three independent living facilities that the Company operated immediately following the Spin-Off. The condensed consolidated and combined financial statements included in this report also reflect the new investments that the Company has made after the Spin-Off. For the periods prior to the Spin-Off, the Company’s financial statements have been prepared on a “carve-out” basis from Ensign’s consolidated financial statements using the historical results of operations, cash flows, assets and liabilities attributable to such skilled nursing, assisted living and independent living facilities (the “Ensign Properties”). For the periods prior to the Spin-Off, the condensed combined statements of operations reflect allocations of general corporate expenses from Ensign including, but not limited to, executive management, finance, legal, information technology, human resources, employee benefits administration, treasury, risk management, procurement, and other shared services. See further discussion in Note 6, Related Party Transactions . Management believes that the assumptions and estimates used in preparation of the underlying condensed consolidated and combined financial statements are reasonable. However, the condensed consolidated and combined financial statements for the period January 1, 2014 through May 31, 2014 do not necessarily reflect what the Company’s financial position, results of operations or cash flows would have been if the Company had been a stand-alone company during the period presented. The historical financial information is not necessarily indicative of the Company’s future results of operations, financial position or cash flows. The accompanying condensed consolidated and combined financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, the condensed consolidated and combined financial statements do not include all of the disclosures required by GAAP for a complete set of annual audited financial statements. The condensed consolidated and combined financial statements should be read in conjunction with the audited consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . In the opinion of management, all adjustments which are of a normal and recurring nature and considered necessary for a fair presentation of the results of the interim periods presented have been included. The results of operations for the interim periods are not necessarily indicative of results for the full year. All intercompany transactions and account balances within the Company have been eliminated. Estimates and Assumptions —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications —Certain amounts in the Company’s condensed consolidated and combined financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. Real Estate Depreciation and Amortization —Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Integral equipment, furniture and fixtures 5 years Real Estate Acquisition Valuation — In accordance with ASC 805, Business Combinations , the Company records the acquisition of income-producing real estate as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions that are business combinations, acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date. For transactions that are asset acquisitions, acquisition costs are capitalized as incurred. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income. Impairment of Long-Lived Assets —At least annually, management evaluates the Company’s real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. Management also assesses the carrying value of the Company’s real estate investments whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. If the Company decides to sell real estate properties, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. In the event of impairment, the fair value of the real estate investment is determined by market research, which includes valuing the property in its current use as well as other alternative uses, and involves significant judgment. The Company’s estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results. Other Real Estate Investments — Preferred equity investments are accounted for at unpaid principal balance, plus accrued return, net of reserves. The Company recognizes return income on a quarterly basis based on the outstanding investment including any accrued and unpaid return. The Company periodically evaluates each of its other real estate investments for indicators of impairment. An investment is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. A reserve is established for the excess of the carrying value of the investment over its fair value. Cash and Cash Equivalents —Cash and cash equivalents consist of bank term deposits and money market funds with original maturities of three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and short-term investments with high credit quality financial institutions. The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. Deferred Financing Costs —External costs incurred from placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings, which approximates the effective interest method. Amortization of deferred financing costs is classified as interest expense in our condensed consolidated and combined statements of operations. Accumulated amortization of deferred financing costs was $2.8 million and $2.2 million at September 30, 2015 and December 31, 2014 , respectively. When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within income from continuing operations in our condensed consolidated and combined statements of operations. Revenue Recognition —The Company recognizes rental revenue, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight-line basis over the non-cancellable term of the related leases when collectability is reasonably assured. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For the three and nine months ended September 30, 2015 and 2014 , such tenant reimbursement revenues consist of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, the operations, the asset type and current economic conditions. If our evaluation of these factors indicates we may not recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. This analysis requires us to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected. We did not reserve any receivables as of September 30, 2015 or December 31, 2014 . Income Taxes —The Company’s operations prior to the Spin-Off were historically included in Ensign’s U.S. federal and state income tax returns and all income taxes for periods prior to the Spin-Off were paid by Ensign. Income tax expense and other income tax related information contained in these condensed consolidated and combined financial statements are presented on a separate tax return basis as if the Company filed its own tax returns for all periods. Management believes that the assumptions and estimates used to determine these tax amounts are reasonable. However, the condensed consolidated and combined financial statements herein may not necessarily reflect the Company’s income tax expense or tax payments in the future, or what its tax amounts would have been if the Company had been a stand-alone company prior to the Spin-Off. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ending December 31, 2014 . The Company believes it has been organized and has operated, and the Company intends to continue to operate, in a manner to qualify for taxation as a REIT under the Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. In connection with the Company’s intention to qualify as a real estate investment trust in 2014, on October 17, 2014 , the Company’s board of directors declared a special dividend (the “Special Dividend”) of $132.0 million , or approximately $5.88 per common share, which represents the amount of accumulated earnings and profits, or “E&P,” allocated to the Company as a result of the Spin-Off. The Special Dividend was intended to purge the Company of accumulated E&P attributable to the period prior to the Company’s first taxable year as a REIT. The Special Dividend was paid on December 10, 2014 , to stockholders of record on October 31, 2014 , in a combination of both cash and stock. The cash portion totaled $33.0 million and the stock portion totaled $99.0 million . The Company issued 8,974,249 shares of common stock in connection with the stock portion of the Special Dividend. Derivatives and Hedging Activities —The Company evaluates variable and fixed interest rate risk exposure on a routine basis and to the extent the Company believes that it is appropriate, it will offset most of its variable rate risk exposure by entering into interest rate swap agreements. It is the Company’s policy to only utilize derivative instruments for hedging purposes (i.e., not for speculation). The Company formally designates its interest rate swap agreements as hedges and documents all relationships between hedging instruments and hedged items. The Company formally assesses effectiveness of its hedging relationships, both at the hedge inception and on an ongoing basis, then measures and records ineffectiveness. The Company would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated or exercised, (iii) if it is no longer probable that the forecasted transaction will occur, or (iv) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. Effective May 30, 2014, the Company de-designated its interest rate swap contract that historically qualified for cash flow hedge accounting. This was due to the termination of the interest rate swap agreement related to the early retirement of the senior credit facility in place prior to the Spin-Off. As a result, the loss previously recorded in accumulated other comprehensive loss related to the interest rate swap was recognized in interest expense in the condensed consolidated and combined statements of operations during the three month period ended June 30, 2014. There was no outstanding interest rate swap contract as of September 30, 2015 . Stock-Based Compensation —The Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with directors, officers and employees except for equity instruments held by employee share ownership plans. Net income reflects stock-based compensation expense of $0.4 million and $1.1 million for the three and nine months ended September 30, 2015 , respectively. Concentration of Credit Risk —The Company is subject to concentrations of credit risk consisting primarily of operating leases on our owned properties. See Note 12, Concentration of Risk , for a discussion of major operator concentration. Segment Disclosures —The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Company has one reportable segment consisting of investments in healthcare-related real estate assets. Earnings (Loss) Per Share —The Company calculates earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings Per Share . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. Basic and diluted EPS for the three and nine months ended September 30, 2014 were retroactively restated for the number of basic and diluted shares outstanding immediately following the Spin-Off. Recently Issued Accounting Standards Update — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of its new revenue recognition standard by one year. The standard will be effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company is currently assessing the impact of adopting ASU No. 2014-09 but does not believe it will have a material effect on income from operations or the Company’s financial position. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU No. 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU No. 2015-02 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of ASU No. 2015-02 to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Upon adoption, we will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. ASU No. 2015-03 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of ASU No. 2015-03 to have a significant impact on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) (“ASU No. 2015-15”). ASU No. 2015-15 was issued by the FASB in response to questions that arose after the issuance of ASU No. 2015-03, to incorporate an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. ASU No. 2015-15 was effective upon announcement. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU No. 2015-16”). ASU No. 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU No. 2015-16 to have a significant impact on its consolidated financial statements.

Real Estate Investments, Net

Real Estate Investments, Net	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Investments, Net	REAL ESTATE INVESTMENTS, NET The following tables summarize our investment in owned properties at September 30, 2015 , and December 31, 2014 (dollars in thousands): September 30, 2015 December 31, 2014 Land $ 80,882 $ 75,072 Buildings and improvements 465,561 417,414 Integral equipment, furniture and fixtures 50,048 47,134 Escrowed cash for October 1, 2015 acquisition (Note 14) 175,561 — Real estate investments 772,052 539,620 Accumulated depreciation (120,498 ) (103,405 ) Real estate investments, net $ 651,554 $ 436,215 As of September 30, 2015 , all but 14 of the Company’s facilities were leased to subsidiaries of Ensign under the Ensign Master Leases which commenced on June 1, 2014. The obligations under the Ensign Master Leases are guaranteed by Ensign. A default by any subsidiary of Ensign with regard to any facility leased pursuant to an Ensign Master Lease will result in a default under all of the Ensign Master Leases. The annual revenues from the Ensign Master Leases are $56.0 million during each of the first two years of the Ensign Master Leases. Commencing on June 1, 2016, the annual revenues from the Ensign Master Leases will be escalated annually by an amount equal to the product of (1) the lesser of the percentage change in the Consumer Price Index (“CPI”) (but not less than zero ) or 2.5% , and (2) the prior year’s rent. In addition to rent, the subsidiaries of Ensign that are tenants under the Ensign Master Leases are solely responsible for the costs related to the leased properties (including property taxes, insurance, and maintenance and repair costs). Escrowed cash represents cash in escrow for an asset acquisition that was effective on October 1, 2015 and includes $0.5 million of capitalized acquisition costs. See further discussion in Note 14, Subsequent Events. As of September 30, 2015 , our total future minimum rental revenues for all of our tenants were (dollars in thousands): Year Amount Remaining 2015 $ 15,854 2016 63,416 2017 63,416 2018 63,416 2019 63,416 Thereafter 651,062 $ 920,580 Recent Real Estate Acquisitions The following recent real estate acquisitions were accounted for as asset acquisitions: Bethany Rehabilitation Center In January 2015, the Company acquired the Bethany Rehabilitation Center, a skilled nursing facility located in Lakewood, Colorado, for $18.1 million , which includes capitalized acquisition costs of $0.1 million . In connection with the acquisition, the Company entered into a triple-net master lease with Eduro Healthcare LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $1.7 million . Mira Vista Care Center In April 2015, the Company acquired the Mira Vista Care Center, a skilled nursing facility located in Mount Vernon, Washington, for $9.3 million , which includes capitalized acquisition costs of $0.2 million . In connection with the acquisition, the Company entered into a triple-net master lease with Five Oaks Healthcare, LLC (the "Five Oaks Master Lease"). The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $ 0.9 million . Shoreline Health & Rehabilitation Center In June 2015, the Company acquired the Shoreline Health & Rehabilitation Center, a skilled nursing facility located in Shoreline, Washington, for $6.8 million , which includes capitalized acquisition costs of $0.2 million . In connection with the acquisition, the Company amended the Five Oaks Master Lease to include the Shoreline Health & Rehabilitation Center and anticipates additional annual lease revenues of $0.7 million as a result of the amendment. Bristol Court Assisted Living In July 2015, the Company acquired Bristol Court Assisted Living, a memory care facility located in St. Petersburg, Florida, for $8.5 million , which includes capitalized acquisition costs of $72,000 . In connection with the acquisition, the Company entered into a triple-net master lease with Better Senior Living Consulting, LLC (the "BSLC Master Lease"). The BSLC Master Lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $0.7 million . Shamrock Nursing and Rehabilitation Center In July 2015, the Company acquired the Shamrock Nursing and Rehabilitation Center, a skilled nursing facility located in Dublin, Georgia, for $8.3 million , which includes capitalized acquisition costs of $49,000 . In connection with the acquisition, the Company entered into a triple-net master lease with Trillium Healthcare Group, LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $0.8 million . Asbury Place Assisted Living In September 2015, the Company acquired Asbury Place Assisted Living, an assisted living and memory care facility located in Pensacola, Florida, for $5.4 million , which includes capitalized acquisition costs of $49,000 . In connection with the acquisition, the Company amended the BSLC Master Lease to include Asbury Place Assisted Living and anticipates additional annual lease revenues of $0.5 million as a result of the amendment.

Other Real Estate Investments

Other Real Estate Investments	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Other Real Estate Investments	OTHER REAL ESTATE INVESTMENTS In December 2014, the Company completed a $7.5 million preferred equity investment with Signature Senior Living, LLC and Milestone Retirement Communities. The preferred equity investment yields 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. The investment will be used to develop Signature Senior Living at Arvada, a planned 134 -unit upscale assisted living and memory care community in Arvada, Colorado that will be constructed on a five -acre site. In connection with its investment, CareTrust obtained an option to purchase the Arvada development at a fixed-formula price upon stabilization, with an initial lease yield of at least 8.0% . The project is expected to be completed in mid 2016 . During the three and nine months ended September 30, 2015 , the Company recognized $0.2 million and $0.7 million of interest income and this unpaid amount was added to the outstanding carrying value of the investment.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired long-lived assets). Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. Financial Instruments: Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of September 30, 2015 and December 31, 2014 using Level 2 inputs, for the senior unsecured notes payable, and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands): September 30, 2015 December 31, 2014 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investment $ 7,500 $ 8,229 $ 8,229 $ 7,500 $ 7,532 $ 7,532 Financial liabilities: Senior unsecured notes payable $ 260,000 $ 260,000 $ 266,500 $ 260,000 $ 260,000 $ 265,200 Mortgage notes payable $ 95,696 $ 95,696 $ 98,128 $ 98,205 $ 98,205 $ 101,822 Cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short-term nature of these instruments. Preferred equity investment : The fair value of the preferred equity investment is estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value and other credit enhancements. Senior unsecured notes payable : The fair value of the senior unsecured notes payable was determined using third-party quotes derived from orderly trades. Unsecured revolving credit facility: The fair value approximates its carrying value as the interest rate is variable and approximates prevailing market interest rates for similar debt arrangements. Mortgage notes payable: The fair value of the Company’s notes payable is estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classifies these inputs as Level 3 inputs.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Allocation of corporate expenses —For the nine months ended September 30, 2014 , the condensed consolidated and combined statements of operations of the Company include Ensign revenues and expenses that are specifically identifiable or otherwise attributable to the Company. The specific identification methodology was utilized for all of the items on the condensed statements of operations excluding general corporate expenses. For the periods prior to the Spin-Off, Ensign Properties’ operations were fully integrated with Ensign, including executive management, finance, treasury, corporate income tax, human resources, legal services and other shared services. These costs were allocated to the Company on a systematic basis utilizing a direct usage basis when identifiable, with the remainder allocated on time study, or percentage of the total revenues. The primary allocation method was a time study based on time devoted to Ensign Properties’ activities. Allocated expenses for these general and administrative services of $7.4 million for the nine months ended September 30, 2014 are reflected in general and administrative expense, in addition to direct expenses which are included in total expenses. There was no allocation for the three and nine months ended September 30, 2015 or the three months ended September 30, 2014. The Company’s financial statements may not be indicative of future performance and do not necessarily reflect what the results of operations, financial position and cash flows would have been had the Company operated as an independent, publicly-traded company during the nine months ended September 30, 2014 . Rental income from Ensign —The Company derives a majority of its rental income through operating lease agreements with Ensign. Ensign is a holding company with no direct operating assets, employees or revenue. All of Ensign’s operations are conducted by separate independent subsidiaries, each of which has its own management, employees and assets. See Note 12, Concentration of Risk , for a discussion of major operator concentration. Christopher R. Christensen, one of the Company’s directors from June 1, 2014 through April 15, 2015, serves as the chief executive officer of Ensign as well as a member of Ensign’s board of directors. As such, all rental income and tenant reimbursements earned related to the Ensign Master Leases during Mr. Christensen's tenure on our board are considered related party in nature. For the three and nine months ended September 30, 2015 , the Company recognized $0 million and $16.3 million in rental income, respectively, from Ensign while Mr. Christensen sat on the Board of the Company as well as $0 million and $1.4 million of tenant reimbursements, respectively. For the three and nine months ended September 30, 2014, the Company recognized $14.0 million and $18.7 million in rental income, respectively, as well as $1.2 million and $1.6 million of tenant reimbursements, respectively, while Mr. Christensen sat on the Board of the Company. As of December 31, 2014 , the Company also had accounts receivable totaling $2.3 million due from Ensign for tenant reimbursements. After April 15, 2015, the effective date of Mr. Christensen's resignation from our board of directors, rental income and tenant reimbursements related to the Ensign Master Leases, and any related accounts receivable, are not considered earned or due from a related party. Centralized cash management system —Prior to the Spin-Off, the Company participated in Ensign’s centralized cash management system. In conjunction therewith, the intercompany transactions between the Company and Ensign had been considered to be effectively settled in cash in these financial statements. The net effect of the settlement of these intercompany transactions, in addition to cash transfers to and from Ensign, are reflected in “Net contribution from Ensign” on the condensed consolidated and combined statements of cash flows. The “Net contribution from Ensign” was $4.4 million for the nine months ended September 30, 2014.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	DEBT The Company had debt outstanding of $400.7 million as of September 30, 2015 , and $358.2 million as of December 31, 2014 . Senior Unsecured Notes Payable On May 30, 2014, the Company’s wholly owned subsidiary, CTR Partnership, L.P. (the “Operating Partnership”), and its wholly owned subsidiary, CareTrust Capital Corp. (together with the Operating Partnership, the “Issuers”), completed a private offering of $260.0 million aggregate principal amount of 5.875% Senior Notes due 2021 (the “Notes”). The Notes were issued at par, resulting in gross proceeds of $260.0 million and net proceeds of approximately $253.0 million after deducting underwriting fees and other offering expenses. We transferred approximately $220.8 million of the net proceeds of the offering of the Notes to Ensign, and used the remaining portion of the net proceeds of the offering to pay the cash portion of the Special Dividend. The Notes mature on June 1, 2021 and bear interest at a rate of 5.875% per year. Interest on the Notes is payable on June 1 and December 1 of each year, beginning on December 1, 2014. The Issuers may redeem the Notes any time prior to June 1, 2017 at a redemption price of 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, plus a “make whole” premium described in the indenture governing the Notes and, at any time on or after June 1, 2017, at the redemption prices set forth in the indenture. In addition, at any time on or prior to June 1, 2017, up to 35% of the aggregate principal amount of the Notes may be redeemed with the net proceeds of certain equity offerings if at least 65% of the originally issued aggregate principal amount of the Notes remains outstanding. If certain changes of control of the Company occur, holders of the Notes will have the right to require the Issuers to repurchase their Notes at 101% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by the Company and certain of the Company’s wholly owned existing and, subject to certain exceptions, future material subsidiaries (other than the Issuers); provided, however, that such guarantees are subject to automatic release under certain customary circumstances, including if the subsidiary guarantor is sold or sells all or substantially all of its assets, the subsidiary guarantor is designated “unrestricted” for covenant purposes under the indenture, the subsidiary guarantor’s guarantee of other indebtedness which resulted in the creation of the guarantee of the Notes is terminated or released, or the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied. See Note 13, Summarized Condensed Consolidating and Combining Information . The indenture contains covenants limiting the ability of the Company and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. The indenture also requires the Company and its restricted subsidiaries to maintain a specified ratio of unencumbered assets to unsecured indebtedness. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indenture also contains customary events of default. As of September 30, 2015 , the Company was in compliance with all applicable financial covenants under the indenture. Unsecured Revolving Credit Facility On August 5, 2015, the Company, CareTrust GP, LLC, the Operating Partnership, as the borrower, and certain of its wholly owned subsidiaries entered into a credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender, and the lenders party thereto (the “Credit Agreement”). The Credit Agreement provides for an unsecured asset-based revolving credit facility (the “Credit Facility”) with commitments in an aggregate principal amount of $300.0 million from a syndicate of banks and other financial institutions. A portion of the proceeds of the Credit Facility were used to payoff and terminate the Company’s existing secured asset-based revolving credit facility under a credit agreement dated May 30, 2014, with SunTrust Bank, as administrative agent, and the lenders party thereto (the “Refinancing”). As of September 30, 2015, there was $45.0 million outstanding under the Credit Facility. The Credit Facility has a maturity date of August 5, 2019, and includes two , six -month extension options. The Credit Agreement also provides that, subject to customary conditions, including obtaining lender commitments and pro forma compliance with financial maintenance covenants under the Credit Agreement, the Operating Partnership may seek to increase the aggregate principal amount of the revolving commitments and/or establish one or more new tranches of incremental revolving or term loans under the Credit Facility in an aggregate amount not to exceed $200.0 million . The Company does not currently have any commitments for such increased loans. The interest rates applicable to loans under the Credit Facility are, at the Company’s option, equal to either a base rate plus a margin ranging from 0.75% to 1.40% per annum or applicable LIBOR plus a margin ranging from 1.75% to 2.40% per annum based on the debt to asset value ratio of the Company and its subsidiaries (subject to decrease at the Company’s election if the Company obtains certain specified investment grade ratings on its senior long term unsecured debt). In addition, the Company will pay a commitment fee on the unused portion of the commitments under the Credit Facility of 0.15% or 0.25% per annum, based upon usage of the Credit Facility (unless the Company obtains certain specified investment grade ratings on its senior long term unsecured debt and elects to decrease the applicable margin as described above, in which case the Company will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based upon the credit ratings of its senior long term unsecured debt). The Credit Facility is guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Credit Agreement (other than the Operating Partnership). The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend certain material agreements and pay certain dividends and other restricted payments. The Credit Agreement requires the Company to comply with financial maintenance covenants to be tested quarterly, consisting of a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum cash distributions to operating income ratio, a maximum secured debt to asset value ratio and a maximum secured recourse debt to asset value ratio. The Credit Agreement also contains certain customary events of default, including that the Company is required to operate in conformity with the requirements for qualification and taxation as a REIT. Senior Secured Revolving Credit Facility On May 30, 2014, the Operating Partnership entered into a credit and guaranty agreement (the “Secured Credit Agreement”), which governed our senior secured revolving credit facility (the “Secured Credit Facility”), with several banks and other financial institutions and lenders (the “Lenders”) and Suntrust Bank, in its capacity as administrative agent for the Lenders, as an issuing bank and swingline lender. The Secured Credit Agreement provided for a borrowing capacity of $150.0 million and included an accordion feature that allowed the Operating Partnership to increase the borrowing availability by up to an additional $75.0 million , subject to terms and conditions. The Secured Credit Facility was secured by mortgages on certain of the real properties owned by the Company’s subsidiaries and the amount available to be borrowed under the Secured Credit Agreement was based on a borrowing base calculation relating to the mortgaged properties, determined according to, among other factors, the mortgageability cash flow as such term is defined in the Secured Credit Agreement. The Secured Credit Facility was also secured by certain personal property of the Company’s subsidiaries that have provided mortgages, the Company’s interests in the Operating Partnership and the Company’s and its subsidiaries’ equity interests in the Company’s subsidiaries that have guaranteed the Operating Partnership’s obligations under the Secured Credit Agreement. The Secured Credit Agreement was paid off and terminated as a part of the Refinancing. GECC Loan Ten of our properties are subject to secured mortgage indebtedness to General Electric Capital Corporation (the “GECC Loan”), which we assumed in connection with the Spin-Off. The outstanding amount of this mortgage indebtedness was approximately $95.7 million as of September 30, 2015 , including an advance of approximately $50.7 million that was made on May 30, 2014. This advance bears interest at a floating rate equal to three-month LIBOR plus 3.35% , reset monthly and subject to a LIBOR floor of 0.50% , with monthly principal and interest payments based on a 25 year amortization. The remaining indebtedness under the GECC Loan bears interest at a blended rate of 7.25% per annum until, but not including, June 29, 2016, and then converts to the floating rate described above. The GECC Loan matures on May 30, 2017 , subject to two 12 -month extension options, the exercise of which is conditioned, in each case, on the absence of any then-existing default and the payment of an extension fee equal to 0.25% of the then-outstanding principal balance. Provided there is no then-existing default and upon 30 days written notice, the original portion of the GECC Loan, approximately $46.5 million as of September 30, 2015 , is prepayable without penalty, in whole but not in part, after January 31, 2016. The new portion of the GECC Loan, approximately $49.2 million as of September 30, 2015 , is prepayable without penalty, in whole but not in part, after January 31, 2016. The GECC Loan is guaranteed by the Company, contains customary affirmative and negative covenants, as well as customary events of default, and requires us to comply with specified financial maintenance covenants. As of September 30, 2015 , the Company was in compliance with all applicable financial covenants under the GECC Loan. Promissory Notes with Johnson Land Enterprises, LLC On October 1, 2009, Ensign entered into four separate promissory notes with Johnson Land Enterprises, LLC, for an aggregate of $10.0 million . On May 30, 2014, in connection with the Spin-Off, three of the promissory notes were paid in full and the remaining promissory note was assumed by the Company. This promissory note was paid off in July 2015. Interest Expense During the three and nine months ended September 30, 2015 , the Company incurred $7.2 million and $19.1 million of interest expense, respectively. Included in interest expense for the three and nine months ended September 30, 2015 was $0.5 million and $1.6 million of amortization of deferred financing costs, respectively, and a $1.2 million write-off of deferred financing fees associated with the Refinancing. During the three and nine months ended September 30, 2014, the Company incurred $5.9 million and $15.7 million of interest expense, respectively. Included in interest expense for the three and nine months ended September 30, 2014 was $0.5 million and $1.0 million of amortization of deferred financing costs, respectively, and $0 and $51,000 of amortization of debt discount, respectively, and a $1.7 million loss on settlement of interest rate swap for both periods. As of September 30, 2015 and December 31, 2014 , the Company’s interest payable was $5.7 million and $1.7 million , respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	EQUITY Common Stock Offering of Common Stock - On August 18, 2015, the Company completed an underwritten public offering of 16.33 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $163.7 million from the offering, after giving effect to the issuance and sale of all 16.33 million shares of common stock (which included 2.13 million shares sold to the underwriters upon exercise of their option to purchase additional shares), at a price to the public of $10.50 per share. Dividends on Common Stock — During the first quarter of 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on April 15, 2015 to stockholders of record as of March 31, 2015 . During the second quarter of 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on July 15, 2015 to stockholders of record as of June 30, 2015. During the third quarter of 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on October 15, 2015 to stockholders of record as of September 30, 2015.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION All stock-based awards are subject to the terms of the CareTrust REIT, Inc. and CTR Partnership, L.P. Incentive Award Plan (the “Plan”). The Plan provides for the granting of stock-based compensation, including stock options, restricted stock, performance awards, restricted stock units and other incentive awards to officers, employees and directors in connection with their employment with or services provided to the Company. Restricted Stock Awards — In connection with the Spin-Off, employees of Ensign who had unvested shares of restricted stock were given one share of CareTrust unvested restricted stock totaling 207,580 shares at the Spin-Off. These restricted shares are subject to a time vesting provision only and the Company does not recognize any stock compensation expense associated with these awards. During the nine months ended September 30, 2015 , 56,410 shares vested or were forfeited. At September 30, 2015 , there were 102,620 unvested restricted stock awards outstanding. In December 2014, the Compensation Committee of the Company’s Board of Directors granted 12,270 shares of restricted stock to members of the Board of Directors. Each share had a fair market value on the date of grant of $12.23 per share, based on the market price of the Company’s common stock on that date, and the shares vest ratably over three years beginning on May 31, 2015 . Additionally, in December 2014, the Compensation Committee granted 142,770 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $12.23 per share, based on the market price of the Company’s common stock on that date, and the shares vest ratably over five years beginning on May 31, 2015 . In June 2015, in separate grants, the Compensation Committee of the Company’s Board of Directors granted 15,680 shares and 13,240 shares of restricted stock to members of the Board of Directors, with each share having a fair market value on the date of grant of $12.76 and $12.67 per share, respectively, based on the market price of the Company’s common stock on those dates. The shares vest over one year . Also in June 2015, the Compensation Committee granted 235,880 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $12.76 per share, based on the market price of the Company’s common stock on that date, and the shares vest ratably over four years beginning on June 30, 2016. In September 2015, the Compensation Committee granted 7,500 shares of stock to an employee. Each share had a fair market value on the date of grant of $ 10.87 per share, based on the market price of the Company’s common stock on that date, and the shares vest ratably over four years beginning on June 30, 2016. During the nine months ended September 30, 2015 , 32,643 shares vested and none were forfeited. The Company recognized $0.4 million and $1.1 million of compensation expense associated with all grants for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2015 , there was $4.2 million of unamortized stock-based compensation expense related to these unvested awards and the weighted-average remaining vesting period of such awards was 3.5 years.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2015 and 2014 , and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income (loss) $ 727 $ 1,967 $ 5,031 $ (8,773 ) Less: Net income allocated to participating securities (80 ) — (209 ) — Numerator for basic and diluted earnings (loss) available to common stockholders $ 647 $ 1,967 $ 4,822 $ (8,773 ) Denominator: Weighted-average basic common shares outstanding 39,125 22,255 33,916 22,238 Weighted-average diluted common shares outstanding 39,125 22,436 33,916 22,238 Earnings (loss) per common share, basic $ 0.02 $ 0.09 $ 0.14 $ (0.39 ) Earnings (loss) per common share, diluted $ 0.02 $ 0.09 $ 0.14 $ (0.39 ) The Company’s unvested restricted shares associated with its incentive award plan and unvested restricted shares issued to employees of Ensign at the Spin-Off have been excluded from the above calculation of earnings (loss) per share for the three and nine months ended September 30, 2015 and the nine months ended September 30, 2014 , as their inclusion would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES U.S. Government Settlement —In October 2013, Ensign completed and executed a settlement agreement (the “Settlement Agreement”) with the U.S. Department of Justice (“DOJ”). This settlement agreement fully and finally resolved a DOJ investigation of Ensign related primarily to claims submitted to the Medicare program for rehabilitation services provided at skilled nursing facilities in California and certain ancillary claims. Pursuant to the Settlement Agreement, Ensign made a single lump-sum remittance to the government in the amount of $48.0 million in October 2013. Ensign denied engaging in any illegal conduct and agreed to the settlement amount without any admission of wrongdoing in order to resolve the allegations and avoid the uncertainty and expense of protracted litigation. In connection with the settlement and effective as of October 1, 2013, Ensign entered into a five -year corporate integrity agreement with the Office of Inspector General-HHS (the “CIA”). The CIA acknowledges the existence of Ensign’s current compliance program, and requires that Ensign continue during the term of the CIA to maintain a compliance program designed to promote compliance with the statutes, regulations, and written directives of Medicare, Medicaid, and all other Federal health care programs. Ensign is also required to maintain several elements of its existing program during the term of the CIA, including maintaining a compliance officer, a compliance committee of the board of directors, and a code of conduct. The CIA requires that Ensign conduct certain additional compliance-related activities during the term of the CIA, including various training and monitoring procedures, and maintaining a disciplinary process for compliance obligations. Participation in federal healthcare programs by Ensign is not affected by the Settlement Agreement or the CIA. In the event of an uncured material breach of the CIA, Ensign could be excluded from participation in federal healthcare programs and/or subject to prosecution. The Company is subject to certain continuing operational obligations as part of Ensign’s compliance program pursuant to the CIA, but otherwise has no liability related to the DOJ investigation. Legal Matters —None of the Company or any of its subsidiaries is a party to, and none of their respective properties are the subject of, any material legal proceedings.

Concentration of Risk

Concentration of Risk	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Concentration of Risk	CONCENTRATION OF RISK Major operator concentration – The Company has one major tenant, Ensign , from which the Company derived the majority of its overall revenue during the three and nine months ended September 30, 2015 and 2014. As of September 30, 2015 , Ensign leased 94 skilled nursing, assisted living and independent living facilities which had a total of 10,121 licensed beds and are located in Arizona, California, Colorado, Idaho, Iowa, Nebraska, Nevada, Texas, Utah and Washington. The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona. Ensign’s financial statements can be found at Ensign’s website http://www.ensigngroup.net.

Summarized Condensed Consolidat

Summarized Condensed Consolidating and Combining Information	9 Months Ended
	Sep. 30, 2015
Summarized Condensed Consolidating And Combining Information [Abstract]
Summarized Condensed Consolidating and Combining Information	SUMMARIZED CONDENSED CONSOLIDATING AND COMBINING INFORMATION The 5.875% Senior Notes due 2021 issued by the Issuers on May 30, 2014 are jointly and severally, fully and unconditionally, guaranteed by CareTrust REIT, Inc., as the parent guarantor (the “Parent Guarantor”), and certain 100% owned subsidiaries of the Parent Guarantor other than the Issuers (collectively, the “Subsidiary Guarantors” and, together with the Parent Guarantor, the “Guarantors”), subject to automatic release under certain customary circumstances, including if the Subsidiary Guarantor is sold or sells all or substantially all of its assets, the Subsidiary Guarantor is designated “unrestricted” for covenant purposes under the indenture governing the Notes, the Subsidiary Guarantor’s guarantee of other indebtedness which resulted in the creation of the guarantee of the Notes is terminated or released, or the requirements for legal defeasance or covenant defeasance or to discharge the Indenture have been satisfied. The following provides information regarding the entity structure of the Parent Guarantor, the Issuers and the Subsidiary Guarantors: CareTrust REIT, Inc. – The Parent Guarantor was formed on October 29, 2013 in anticipation of the Spin-Off and the related transactions and was a wholly owned subsidiary of Ensign prior to the effective date of the Spin-Off on June 1, 2014. The Parent Guarantor did not conduct any operations or have any business prior to the date of issuance of the Notes and the consummation of the Spin-Off related transactions. CTR Partnership, L.P. and CareTrust Capital Corp. – The Issuers, each of which is a 100% owned subsidiary of the Parent Guarantor, were formed on May 8, 2014 and May 9, 2014 , respectively, in anticipation of the Spin-Off and the related transactions. The Issuers did not conduct any operations or have any business prior to the date of issuance of the Notes and the consummation of the Spin-Off related transactions. Subsidiary Guarantors – Each of the Subsidiary Guarantors is a 100% owned subsidiary of the Parent Guarantor. Prior to the consummation of the Spin-Off, each of the Subsidiary Guarantors was a wholly owned subsidiary of Ensign. The Ensign Properties entities consist of the Subsidiary Guarantors (other than the general partner of the Operating Partnership which was formed on May 8, 2014 in anticipation of the Spin-Off and the related transactions) and the subsidiaries of the Parent Guarantor that are not Subsidiary Guarantors or Issuers (collectively, the “Non-Guarantor Subsidiaries”). Pursuant to Rule 3-10 of Regulation S-X, the following summarized consolidating information is provided for the Parent Guarantor, the Issuers, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries with respect to the Notes. This summarized financial information has been prepared from the financial statements of the Company and Ensign Properties and the books and records maintained by the Company and Ensign Properties. As described above, the Parent Guarantor and the Issuers did not conduct any operations or have any business during the periods prior to June 1, 2014. The summarized financial information may not necessarily be indicative of the results of operations or financial position had the Parent Guarantor, the Issuers, the Subsidiary Guarantors or the Non-Guarantor Subsidiaries all been in existence or operated as independent entities during the relevant period or had the Ensign Properties entities been operated as subsidiaries of the Parent Guarantor during such period. CONDENSED CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2015 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Assets: Real estate investments, net $ — $ 257,065 $ 352,816 $ 41,673 $ — $ 651,554 Other real estate investments — — 8,229 — — 8,229 Cash and cash equivalents — 12,098 — — — 12,098 Accounts receivable — 217 2,533 211 — 2,961 Prepaid expenses and other assets — 331 6 — — 337 Deferred financing costs, net — 9,384 — 409 — 9,793 Investment in subsidiaries 272,545 357,660 — — (630,205 ) — Intercompany — — 47,722 3,464 (51,186 ) — Total assets $ 272,545 $ 636,755 $ 411,306 $ 45,757 $ (681,391 ) $ 684,972 Liabilities and Equity: Senior unsecured notes payable $ — $ 260,000 $ — $ — $ — $ 260,000 Mortgage notes payable — — — 95,696 — 95,696 Unsecured revolving credit facility — 45,000 — — — 45,000 Accounts payable and accrued liabilities 279 8,024 3,057 650 — 12,010 Dividends payable 7,704 — — — — 7,704 Intercompany — 51,186 — — (51,186 ) — Total liabilities 7,983 364,210 3,057 96,346 (51,186 ) 420,410 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 shares issued and outstanding as of September 30, 2015 477 — — — — 477 Additional paid-in capital 409,790 274,913 374,660 (52,899 ) (596,674 ) 409,790 Cumulative distributions in excess of earnings (145,705 ) (2,368 ) 33,589 2,310 (33,531 ) (145,705 ) Total equity 264,562 272,545 408,249 (50,589 ) (630,205 ) 264,562 Total liabilities and equity $ 272,545 $ 636,755 $ 411,306 $ 45,757 $ (681,391 ) $ 684,972 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2014 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Assets: Real estate investments, net $ — $ 26,104 $ 366,199 $ 43,912 $ — $ 436,215 Other real estate investments — — 7,532 — — 7,532 Cash and cash equivalents — 25,320 — — — 25,320 Accounts receivable — — 2,170 121 — 2,291 Prepaid expenses and other assets — 808 1 — — 809 Deferred financing costs, net — 9,808 — 597 — 10,405 Investment in subsidiaries 117,408 335,020 — — (452,428 ) — Intercompany — — 15,262 1,323 (16,585 ) — Total assets $ 117,408 $ 397,060 $ 391,164 $ 45,953 $ (469,013 ) $ 482,572 Liabilities and Equity: Senior unsecured notes payable $ — $ 260,000 $ — $ — $ — $ 260,000 Mortgage notes payable — — 557 97,648 — 98,205 Accounts payable and accrued liabilities — 3,067 3,308 584 — 6,959 Dividends payable 3,946 — — — — 3,946 Intercompany — 16,585 — — (16,585 ) — Total liabilities 3,946 279,652 3,865 98,232 (16,585 ) 369,110 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 31,251,157 shares issued and outstanding as of December 31, 2014 313 — — — — 313 Additional paid-in capital 246,041 125,551 374,660 (52,899 ) (447,312 ) 246,041 Cumulative distributions in excess of earnings (132,892 ) (8,143 ) 12,639 620 (5,116 ) (132,892 ) Total equity 113,462 117,408 387,299 (52,279 ) (452,428 ) 113,462 Total liabilities and equity $ 117,408 $ 397,060 $ 391,164 $ 45,953 $ (469,013 ) $ 482,572 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 1,778 $ 11,275 $ 2,725 $ — $ 15,778 Tenant reimbursements — 91 1,112 117 — 1,320 Independent living facilities — — 626 — — 626 Interest and other income — 19 242 — — 261 Total revenues — 1,888 13,255 2,842 — 17,985 Expenses: Depreciation and amortization — 600 4,483 732 — 5,815 Interest expense — 5,807 2 1,412 — 7,221 Property taxes — 91 1,112 117 — 1,320 Independent living facilities — — 610 — — 610 General and administrative 435 1,855 2 — — 2,292 Total expenses 435 8,353 6,209 2,261 — 17,258 Income in Subsidiary 1,162 7,627 — — (8,789 ) — Net income $ 727 $ 1,162 $ 7,046 $ 581 $ (8,789 ) $ 727 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ — $ 11,275 $ 2,725 $ — $ 14,000 Tenant reimbursements — — 1,110 118 — 1,228 Independent living facilities — — 646 — — 646 Interest and other income — 10 — — — 10 Total revenues — 10 13,031 2,843 — 15,884 Expenses: Depreciation and amortization — — 4,592 770 — 5,362 Interest expense — 4,482 12 1,449 — 5,943 Property taxes — — 1,110 118 — 1,228 Independent living facilities — — 586 — — 586 General and administrative — 798 — — — 798 Total expenses — 5,280 6,300 2,337 — 13,917 Income in Subsidiary 1,967 7,237 — — (9,204 ) — Loss before provision for income taxes 1,967 1,967 6,731 506 (9,204 ) 1,967 Provision for income taxes — — — — — — Net income $ 1,967 $ 1,967 $ 6,731 $ 506 $ (9,204 ) $ 1,967 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 3,869 $ 33,825 $ 8,175 $ — $ 45,869 Tenant reimbursements — 220 3,297 349 — 3,866 Independent living facilities — — 1,868 — — 1,868 Interest and other income — 19 697 — — 716 Total revenues — 4,108 39,687 8,524 — 52,319 Expenses: Depreciation and amortization — 1,308 13,546 2,239 — 17,093 Interest expense — 14,872 18 4,221 — 19,111 Property taxes — 220 3,297 349 — 3,866 Independent living facilities — — 1,778 — — 1,778 General and administrative 744 4,572 97 27 — 5,440 Total expenses 744 20,972 18,736 6,836 — 47,288 Income in Subsidiary 5,775 22,639 — — (28,414 ) — Net income $ 5,031 $ 5,775 $ 20,951 $ 1,688 $ (28,414 ) $ 5,031 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ — $ 31,062 $ 6,166 $ — $ 37,228 Tenant reimbursements — — 3,355 371 — 3,726 Independent living facilities — — 1,856 — — 1,856 Interest and other income — 10 — — — 10 Total revenues — 10 36,273 6,537 — 42,820 Expenses: Depreciation and amortization — — 15,008 2,623 — 17,631 Interest expense — 5,974 6,295 3,453 — 15,722 Loss on extinguishment of debt — — 4,067 — — 4,067 Property taxes — — 3,355 371 — 3,726 Independent living facilities — — 1,684 — — 1,684 General and administrative — 8,710 — — — 8,710 Total expenses — 14,684 30,409 6,447 — 51,540 (Loss) income in Subsidiary (8,773 ) 5,901 — — 2,872 — (Loss) income before provision for income taxes (8,773 ) (8,773 ) 5,864 90 2,872 (8,720 ) Provision for income taxes — — 53 — — 53 Net (loss) income (8,773 ) (8,773 ) 5,811 90 2,872 (8,773 ) Other comprehensive income: Unrealized gain on interest rate swap — — 167 — — 167 Reclassification adjustment on interest rate swap — — 1,661 — — 1,661 Comprehensive (loss) income $ (8,773 ) $ (8,773 ) $ 7,639 $ 90 $ 2,872 $ (6,945 ) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (239 ) $ (7,997 ) $ 33,181 $ 4,090 $ — $ 29,035 Cash flows from investing activities: Acquisition of real estate — (231,501 ) — — — (231,501 ) Improvements to real estate — (20 ) (123 ) — — (143 ) Purchases of equipment, furniture, and fixtures — (186 ) (70 ) — — (256 ) Net proceeds from sale of vacant land — — 30 — — 30 Distribution from subsidiary 14,086 — — — (14,086 ) — Intercompany financing (163,082 ) 34,599 — — 128,483 — Net cash used in investing activities (148,996 ) (197,108 ) (163 ) — 114,397 (231,870 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 163,466 — — — — 163,466 Borrowings under unsecured revolving credit facility — 45,000 — — — 45,000 Borrowings under senior secured revolving credit facility — 35,000 — — — 35,000 Repayments of borrowings under senior secured revolving credit facility — (35,000 ) — — — (35,000 ) Payments on the mortgage notes payable — — (558 ) (1,951 ) — (2,509 ) Net-settle adjustment on restricted stock (145 ) (145 ) Payments of deferred financing costs — (2,113 ) — — — (2,113 ) Dividends paid on common stock (14,086 ) — — — — (14,086 ) Distribution to Parent — (14,086 ) — — 14,086 — Intercompany financing — 163,082 (32,460 ) (2,139 ) (128,483 ) — Net cash provided by (used in) financing activities 149,235 191,883 (33,018 ) (4,090 ) (114,397 ) 189,613 Net decrease in cash and cash equivalents — (13,222 ) — — — (13,222 ) Cash and cash equivalents beginning of period — 25,320 — — — 25,320 Cash and cash equivalents end of period of period $ — $ 12,098 $ — $ — $ — $ 12,098 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ — $ (12,245 ) $ 26,839 $ 2,757 $ — $ 17,351 Cash flows from investing activities: Improvements to real estate — — (254 ) — — (254 ) Purchases of equipment, furniture, and fixtures — — (14,718 ) (4,361 ) — (19,079 ) Intercompany financing — (146,138 ) — — 146,138 — Net cash used in investing activities — (146,138 ) (14,972 ) (4,361 ) 146,138 (19,333 ) Cash flows from financing activities: Proceeds from the issuance of senior unsecured notes payable — 260,000 — — — 260,000 Borrowings under the senior secured revolving credit facility — — 10,000 — — 10,000 Proceeds from the issuance of mortgage notes payable — — — 50,676 — 50,676 Repayments of borrowings under the senior secured revolving credit facility — — (88,701 ) — — (88,701 ) Payments on the mortgage notes payable — — (66,880 ) (613 ) — (67,493 ) Payments on senior secured term loan — — (65,624 ) — — (65,624 ) Payments of deferred financing costs — (12,772 ) — (510 ) — (13,282 ) Net contribution from Ensign — — 52,385 (48,029 ) — 4,356 Intercompany financing — — 146,058 80 (146,138 ) — Net cash provided by (used in) financing activities — 247,228 (12,762 ) 1,604 (146,138 ) 89,932 Net increase (decrease) in cash and cash equivalents — 88,845 (895 ) — — 87,950 Cash and cash equivalents beginning of period — — 895 — — 895 Cash and cash equivalents end of period $ — $ 88,845 $ — $ — $ — $ 88,845

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events . The Company evaluates subsequent events up until the date the condensed consolidated and combined financial statements are issued. On October 1, 2015, the Company acquired the Liberty Healthcare Portfolio, a 14 facility skilled nursing and assisted living portfolio in Ohio, for approximately $177.0 million inclusive of estimated transaction costs that will be accounted for as an asset acquisition. The acquisition was primarily funded with the net proceeds from the Company's common stock offering of $163.0 million , with the remainder funded from a draw on the unsecured revolving credit facility. Prior to the acquisition, the Liberty Healthcare Portfolio was owner-occupied and unaffiliated with the Company or the current tenant. In connection with the acquisition, the Company entered into a triple-net master lease with Pristine Senior Living, LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $17.0 million .

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Consolidation	In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 505-60, Equity—Spinoffs and Reverse Spinoffs , the accounting for the separation of the Company follows its legal form, with Ensign as the legal and accounting spinnor and the Company as the legal and accounting spinnee, due to the relative significance of Ensign’s healthcare business, the relative fair values of the respective companies, the retention of all senior management (except Mr. Gregory K. Stapley) by Ensign, and other relevant indicators.
Basis of Presentation	Basis of Presentation —The accompanying condensed consolidated and combined financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of (i) the skilled nursing, assisted living and independent living facilities that Ensign contributed to the Company immediately prior to the Spin-Off and (ii) the operations of the three independent living facilities that the Company operated immediately following the Spin-Off. The condensed consolidated and combined financial statements included in this report also reflect the new investments that the Company has made after the Spin-Off. For the periods prior to the Spin-Off, the Company’s financial statements have been prepared on a “carve-out” basis from Ensign’s consolidated financial statements using the historical results of operations, cash flows, assets and liabilities attributable to such skilled nursing, assisted living and independent living facilities (the “Ensign Properties”). For the periods prior to the Spin-Off, the condensed combined statements of operations reflect allocations of general corporate expenses from Ensign including, but not limited to, executive management, finance, legal, information technology, human resources, employee benefits administration, treasury, risk management, procurement, and other shared services. See further discussion in Note 6, Related Party Transactions . Management believes that the assumptions and estimates used in preparation of the underlying condensed consolidated and combined financial statements are reasonable. However, the condensed consolidated and combined financial statements for the period January 1, 2014 through May 31, 2014 do not necessarily reflect what the Company’s financial position, results of operations or cash flows would have been if the Company had been a stand-alone company during the period presented. The historical financial information is not necessarily indicative of the Company’s future results of operations, financial position or cash flows. The accompanying condensed consolidated and combined financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, the condensed consolidated and combined financial statements do not include all of the disclosures required by GAAP for a complete set of annual audited financial statements. The condensed consolidated and combined financial statements should be read in conjunction with the audited consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . In the opinion of management, all adjustments which are of a normal and recurring nature and considered necessary for a fair presentation of the results of the interim periods presented have been included. The results of operations for the interim periods are not necessarily indicative of results for the full year. All intercompany transactions and account balances within the Company have been eliminated.
Estimates and Assumptions	Estimates and Assumptions —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications	Reclassifications —Certain amounts in the Company’s condensed consolidated and combined financial statements for prior periods have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.
Real Estate Depreciation and Amortization	Real Estate Depreciation and Amortization —Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Integral equipment, furniture and fixtures 5 years
Real Estate Acquisition Valuation	Real Estate Acquisition Valuation — In accordance with ASC 805, Business Combinations , the Company records the acquisition of income-producing real estate as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions that are business combinations, acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date. For transactions that are asset acquisitions, acquisition costs are capitalized as incurred. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets —At least annually, management evaluates the Company’s real estate investments for impairment indicators, including the evaluation of our assets’ useful lives. Management also assesses the carrying value of the Company’s real estate investments whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. If the Company decides to sell real estate properties, we evaluate the recoverability of the carrying amounts of the assets. If the evaluation indicates that the carrying value is not recoverable from estimated net sales proceeds, the property is written down to estimated fair value less costs to sell. In the event of impairment, the fair value of the real estate investment is determined by market research, which includes valuing the property in its current use as well as other alternative uses, and involves significant judgment. The Company’s estimates of cash flows and fair values of the properties are based on current market conditions and consider matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results.
Other Real Estate Investments	Other Real Estate Investments — Preferred equity investments are accounted for at unpaid principal balance, plus accrued return, net of reserves. The Company recognizes return income on a quarterly basis based on the outstanding investment including any accrued and unpaid return. The Company periodically evaluates each of its other real estate investments for indicators of impairment. An investment is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. A reserve is established for the excess of the carrying value of the investment over its fair value.
Cash and Cash Equivalents	Cash and Cash Equivalents —Cash and cash equivalents consist of bank term deposits and money market funds with original maturities of three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and short-term investments with high credit quality financial institutions. The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Deferred Financing Costs	Deferred Financing Costs —External costs incurred from placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings, which approximates the effective interest method. Amortization of deferred financing costs is classified as interest expense in our condensed consolidated and combined statements of operations. Accumulated amortization of deferred financing costs was $2.8 million and $2.2 million at September 30, 2015 and December 31, 2014 , respectively. When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within income from continuing operations in our condensed consolidated and combined statements of operations.
Revenue Recognition	Revenue Recognition —The Company recognizes rental revenue, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, if any, from tenants under lease arrangements with minimum fixed and determinable increases on a straight-line basis over the non-cancellable term of the related leases when collectability is reasonably assured. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For the three and nine months ended September 30, 2015 and 2014 , such tenant reimbursement revenues consist of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, the operations, the asset type and current economic conditions. If our evaluation of these factors indicates we may not recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. This analysis requires us to determine whether there are factors indicating a receivable may not be fully collectible and to estimate the amount of the receivable that may not be collected. We did not reserve any receivables as of September 30, 2015 or December 31, 2014 .
Income Taxes	Income Taxes —The Company’s operations prior to the Spin-Off were historically included in Ensign’s U.S. federal and state income tax returns and all income taxes for periods prior to the Spin-Off were paid by Ensign. Income tax expense and other income tax related information contained in these condensed consolidated and combined financial statements are presented on a separate tax return basis as if the Company filed its own tax returns for all periods. Management believes that the assumptions and estimates used to determine these tax amounts are reasonable. However, the condensed consolidated and combined financial statements herein may not necessarily reflect the Company’s income tax expense or tax payments in the future, or what its tax amounts would have been if the Company had been a stand-alone company prior to the Spin-Off. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its taxable year ending December 31, 2014 . The Company believes it has been organized and has operated, and the Company intends to continue to operate, in a manner to qualify for taxation as a REIT under the Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. In connection with the Company’s intention to qualify as a real estate investment trust in 2014, on October 17, 2014 , the Company’s board of directors declared a special dividend (the “Special Dividend”) of $132.0 million , or approximately $5.88 per common share, which represents the amount of accumulated earnings and profits, or “E&P,” allocated to the Company as a result of the Spin-Off. The Special Dividend was intended to purge the Company of accumulated E&P attributable to the period prior to the Company’s first taxable year as a REIT. The Special Dividend was paid on December 10, 2014 , to stockholders of record on October 31, 2014 , in a combination of both cash and stock. The cash portion totaled $33.0 million and the stock portion totaled $99.0 million . The Company issued 8,974,249 shares of common stock in connection with the stock portion of the Special Dividend.
Derivatives and Hedging Activities	Derivatives and Hedging Activities —The Company evaluates variable and fixed interest rate risk exposure on a routine basis and to the extent the Company believes that it is appropriate, it will offset most of its variable rate risk exposure by entering into interest rate swap agreements. It is the Company’s policy to only utilize derivative instruments for hedging purposes (i.e., not for speculation). The Company formally designates its interest rate swap agreements as hedges and documents all relationships between hedging instruments and hedged items. The Company formally assesses effectiveness of its hedging relationships, both at the hedge inception and on an ongoing basis, then measures and records ineffectiveness. The Company would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated or exercised, (iii) if it is no longer probable that the forecasted transaction will occur, or (iv) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. Effective May 30, 2014, the Company de-designated its interest rate swap contract that historically qualified for cash flow hedge accounting. This was due to the termination of the interest rate swap agreement related to the early retirement of the senior credit facility in place prior to the Spin-Off. As a result, the loss previously recorded in accumulated other comprehensive loss related to the interest rate swap was recognized in interest expense in the condensed consolidated and combined statements of operations during the three month period ended June 30, 2014. There was no outstanding interest rate swap contract as of September 30, 2015 .
Stock-Based Compensation	Stock-Based Compensation —The Company accounts for share-based payment awards in accordance with ASC Topic 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with directors, officers and employees except for equity instruments held by employee share ownership plans. Net income reflects stock-based compensation expense of $0.4 million and $1.1 million for the three and nine months ended September 30, 2015 , respectively.
Concentration of Credit Risk	Concentration of Credit Risk —The Company is subject to concentrations of credit risk consisting primarily of operating leases on our owned properties. See Note 12, Concentration of Risk , for a discussion of major operator concentration.
Segment Disclosures	Segment Disclosures —The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. The Company has one reportable segment consisting of investments in healthcare-related real estate assets.
Earnings (Loss) Per Share	Earnings (Loss) Per Share —The Company calculates earnings (loss) per share (“EPS”) in accordance with ASC 260, Earnings Per Share . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. Basic and diluted EPS for the three and nine months ended September 30, 2014 were retroactively restated for the number of basic and diluted shares outstanding immediately following the Spin-Off.
Recently Issued Accounting Standards Update	Recently Issued Accounting Standards Update — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU No. 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU No. 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of its new revenue recognition standard by one year. The standard will be effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. The Company is currently assessing the impact of adopting ASU No. 2014-09 but does not believe it will have a material effect on income from operations or the Company’s financial position. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU No. 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU No. 2015-02 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of ASU No. 2015-02 to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected. Upon adoption, we will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. ASU No. 2015-03 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of ASU No. 2015-03 to have a significant impact on its consolidated financial statements. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) (“ASU No. 2015-15”). ASU No. 2015-15 was issued by the FASB in response to questions that arose after the issuance of ASU No. 2015-03, to incorporate an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. ASU No. 2015-15 was effective upon announcement. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU No. 2015-16”). ASU No. 2015-16 eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment, including the effect on earnings of any amounts it would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for fiscal years, and interim periods within these fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU No. 2015-16 to have a significant impact on its consolidated financial statements.

Organization (Tables)

Organization (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities Contributed to the Company from Ensign or Incurred in Connection with Spin-Off	The assets and liabilities contributed to the Company from Ensign, or incurred in connection with the Spin-Off in the case of certain debt, were as follows (dollars in thousands): Real estate investments, net $ 421,846 Cash 78,731 Accounts receivable and prepaid assets and other current assets 1,900 Deferred financing costs, net 11,088 Debt (359,512 ) Other liabilities (6,838 ) Net contribution $ 147,215

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Estimated Useful Lives	The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Integral equipment, furniture and fixtures 5 years

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Summary of Investment in Owned Properties	The following tables summarize our investment in owned properties at September 30, 2015 , and December 31, 2014 (dollars in thousands): September 30, 2015 December 31, 2014 Land $ 80,882 $ 75,072 Buildings and improvements 465,561 417,414 Integral equipment, furniture and fixtures 50,048 47,134 Escrowed cash for October 1, 2015 acquisition (Note 14) 175,561 — Real estate investments 772,052 539,620 Accumulated depreciation (120,498 ) (103,405 ) Real estate investments, net $ 651,554 $ 436,215
Schedule of Total Future Minimum Rental Revenues	As of September 30, 2015 , our total future minimum rental revenues for all of our tenants were (dollars in thousands): Year Amount Remaining 2015 $ 15,854 2016 63,416 2017 63,416 2018 63,416 2019 63,416 Thereafter 651,062 $ 920,580

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments Measured on Recurring Basis Using Unobservable Inputs	A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of September 30, 2015 and December 31, 2014 using Level 2 inputs, for the senior unsecured notes payable, and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands): September 30, 2015 December 31, 2014 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investment $ 7,500 $ 8,229 $ 8,229 $ 7,500 $ 7,532 $ 7,532 Financial liabilities: Senior unsecured notes payable $ 260,000 $ 260,000 $ 266,500 $ 260,000 $ 260,000 $ 265,200 Mortgage notes payable $ 95,696 $ 95,696 $ 98,128 $ 98,205 $ 98,205 $ 101,822

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2015 and 2014 , and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2015 and 2014 (amounts in thousands, except per share amounts): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income (loss) $ 727 $ 1,967 $ 5,031 $ (8,773 ) Less: Net income allocated to participating securities (80 ) — (209 ) — Numerator for basic and diluted earnings (loss) available to common stockholders $ 647 $ 1,967 $ 4,822 $ (8,773 ) Denominator: Weighted-average basic common shares outstanding 39,125 22,255 33,916 22,238 Weighted-average diluted common shares outstanding 39,125 22,436 33,916 22,238 Earnings (loss) per common share, basic $ 0.02 $ 0.09 $ 0.14 $ (0.39 ) Earnings (loss) per common share, diluted $ 0.02 $ 0.09 $ 0.14 $ (0.39 )

Summarized Condensed Consolid30

Summarized Condensed Consolidating and Combining Information (Tables)	9 Months Ended
	Sep. 30, 2015
Summarized Condensed Consolidating And Combining Information [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2015 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Assets: Real estate investments, net $ — $ 257,065 $ 352,816 $ 41,673 $ — $ 651,554 Other real estate investments — — 8,229 — — 8,229 Cash and cash equivalents — 12,098 — — — 12,098 Accounts receivable — 217 2,533 211 — 2,961 Prepaid expenses and other assets — 331 6 — — 337 Deferred financing costs, net — 9,384 — 409 — 9,793 Investment in subsidiaries 272,545 357,660 — — (630,205 ) — Intercompany — — 47,722 3,464 (51,186 ) — Total assets $ 272,545 $ 636,755 $ 411,306 $ 45,757 $ (681,391 ) $ 684,972 Liabilities and Equity: Senior unsecured notes payable $ — $ 260,000 $ — $ — $ — $ 260,000 Mortgage notes payable — — — 95,696 — 95,696 Unsecured revolving credit facility — 45,000 — — — 45,000 Accounts payable and accrued liabilities 279 8,024 3,057 650 — 12,010 Dividends payable 7,704 — — — — 7,704 Intercompany — 51,186 — — (51,186 ) — Total liabilities 7,983 364,210 3,057 96,346 (51,186 ) 420,410 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 shares issued and outstanding as of September 30, 2015 477 — — — — 477 Additional paid-in capital 409,790 274,913 374,660 (52,899 ) (596,674 ) 409,790 Cumulative distributions in excess of earnings (145,705 ) (2,368 ) 33,589 2,310 (33,531 ) (145,705 ) Total equity 264,562 272,545 408,249 (50,589 ) (630,205 ) 264,562 Total liabilities and equity $ 272,545 $ 636,755 $ 411,306 $ 45,757 $ (681,391 ) $ 684,972 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2014 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Assets: Real estate investments, net $ — $ 26,104 $ 366,199 $ 43,912 $ — $ 436,215 Other real estate investments — — 7,532 — — 7,532 Cash and cash equivalents — 25,320 — — — 25,320 Accounts receivable — — 2,170 121 — 2,291 Prepaid expenses and other assets — 808 1 — — 809 Deferred financing costs, net — 9,808 — 597 — 10,405 Investment in subsidiaries 117,408 335,020 — — (452,428 ) — Intercompany — — 15,262 1,323 (16,585 ) — Total assets $ 117,408 $ 397,060 $ 391,164 $ 45,953 $ (469,013 ) $ 482,572 Liabilities and Equity: Senior unsecured notes payable $ — $ 260,000 $ — $ — $ — $ 260,000 Mortgage notes payable — — 557 97,648 — 98,205 Accounts payable and accrued liabilities — 3,067 3,308 584 — 6,959 Dividends payable 3,946 — — — — 3,946 Intercompany — 16,585 — — (16,585 ) — Total liabilities 3,946 279,652 3,865 98,232 (16,585 ) 369,110 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 31,251,157 shares issued and outstanding as of December 31, 2014 313 — — — — 313 Additional paid-in capital 246,041 125,551 374,660 (52,899 ) (447,312 ) 246,041 Cumulative distributions in excess of earnings (132,892 ) (8,143 ) 12,639 620 (5,116 ) (132,892 ) Total equity 113,462 117,408 387,299 (52,279 ) (452,428 ) 113,462 Total liabilities and equity $ 117,408 $ 397,060 $ 391,164 $ 45,953 $ (469,013 ) $ 482,572
Condensed Consolidating and Combining Statements of Operations	CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 1,778 $ 11,275 $ 2,725 $ — $ 15,778 Tenant reimbursements — 91 1,112 117 — 1,320 Independent living facilities — — 626 — — 626 Interest and other income — 19 242 — — 261 Total revenues — 1,888 13,255 2,842 — 17,985 Expenses: Depreciation and amortization — 600 4,483 732 — 5,815 Interest expense — 5,807 2 1,412 — 7,221 Property taxes — 91 1,112 117 — 1,320 Independent living facilities — — 610 — — 610 General and administrative 435 1,855 2 — — 2,292 Total expenses 435 8,353 6,209 2,261 — 17,258 Income in Subsidiary 1,162 7,627 — — (8,789 ) — Net income $ 727 $ 1,162 $ 7,046 $ 581 $ (8,789 ) $ 727 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ — $ 11,275 $ 2,725 $ — $ 14,000 Tenant reimbursements — — 1,110 118 — 1,228 Independent living facilities — — 646 — — 646 Interest and other income — 10 — — — 10 Total revenues — 10 13,031 2,843 — 15,884 Expenses: Depreciation and amortization — — 4,592 770 — 5,362 Interest expense — 4,482 12 1,449 — 5,943 Property taxes — — 1,110 118 — 1,228 Independent living facilities — — 586 — — 586 General and administrative — 798 — — — 798 Total expenses — 5,280 6,300 2,337 — 13,917 Income in Subsidiary 1,967 7,237 — — (9,204 ) — Loss before provision for income taxes 1,967 1,967 6,731 506 (9,204 ) 1,967 Provision for income taxes — — — — — — Net income $ 1,967 $ 1,967 $ 6,731 $ 506 $ (9,204 ) $ 1,967 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 3,869 $ 33,825 $ 8,175 $ — $ 45,869 Tenant reimbursements — 220 3,297 349 — 3,866 Independent living facilities — — 1,868 — — 1,868 Interest and other income — 19 697 — — 716 Total revenues — 4,108 39,687 8,524 — 52,319 Expenses: Depreciation and amortization — 1,308 13,546 2,239 — 17,093 Interest expense — 14,872 18 4,221 — 19,111 Property taxes — 220 3,297 349 — 3,866 Independent living facilities — — 1,778 — — 1,778 General and administrative 744 4,572 97 27 — 5,440 Total expenses 744 20,972 18,736 6,836 — 47,288 Income in Subsidiary 5,775 22,639 — — (28,414 ) — Net income $ 5,031 $ 5,775 $ 20,951 $ 1,688 $ (28,414 ) $ 5,031 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ — $ 31,062 $ 6,166 $ — $ 37,228 Tenant reimbursements — — 3,355 371 — 3,726 Independent living facilities — — 1,856 — — 1,856 Interest and other income — 10 — — — 10 Total revenues — 10 36,273 6,537 — 42,820 Expenses: Depreciation and amortization — — 15,008 2,623 — 17,631 Interest expense — 5,974 6,295 3,453 — 15,722 Loss on extinguishment of debt — — 4,067 — — 4,067 Property taxes — — 3,355 371 — 3,726 Independent living facilities — — 1,684 — — 1,684 General and administrative — 8,710 — — — 8,710 Total expenses — 14,684 30,409 6,447 — 51,540 (Loss) income in Subsidiary (8,773 ) 5,901 — — 2,872 — (Loss) income before provision for income taxes (8,773 ) (8,773 ) 5,864 90 2,872 (8,720 ) Provision for income taxes — — 53 — — 53 Net (loss) income (8,773 ) (8,773 ) 5,811 90 2,872 (8,773 ) Other comprehensive income: Unrealized gain on interest rate swap — — 167 — — 167 Reclassification adjustment on interest rate swap — — 1,661 — — 1,661 Comprehensive (loss) income $ (8,773 ) $ (8,773 ) $ 7,639 $ 90 $ 2,872 $ (6,945 )
Condensed Consolidating and Combining Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (239 ) $ (7,997 ) $ 33,181 $ 4,090 $ — $ 29,035 Cash flows from investing activities: Acquisition of real estate — (231,501 ) — — — (231,501 ) Improvements to real estate — (20 ) (123 ) — — (143 ) Purchases of equipment, furniture, and fixtures — (186 ) (70 ) — — (256 ) Net proceeds from sale of vacant land — — 30 — — 30 Distribution from subsidiary 14,086 — — — (14,086 ) — Intercompany financing (163,082 ) 34,599 — — 128,483 — Net cash used in investing activities (148,996 ) (197,108 ) (163 ) — 114,397 (231,870 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 163,466 — — — — 163,466 Borrowings under unsecured revolving credit facility — 45,000 — — — 45,000 Borrowings under senior secured revolving credit facility — 35,000 — — — 35,000 Repayments of borrowings under senior secured revolving credit facility — (35,000 ) — — — (35,000 ) Payments on the mortgage notes payable — — (558 ) (1,951 ) — (2,509 ) Net-settle adjustment on restricted stock (145 ) (145 ) Payments of deferred financing costs — (2,113 ) — — — (2,113 ) Dividends paid on common stock (14,086 ) — — — — (14,086 ) Distribution to Parent — (14,086 ) — — 14,086 — Intercompany financing — 163,082 (32,460 ) (2,139 ) (128,483 ) — Net cash provided by (used in) financing activities 149,235 191,883 (33,018 ) (4,090 ) (114,397 ) 189,613 Net decrease in cash and cash equivalents — (13,222 ) — — — (13,222 ) Cash and cash equivalents beginning of period — 25,320 — — — 25,320 Cash and cash equivalents end of period of period $ — $ 12,098 $ — $ — $ — $ 12,098 CONDENSED CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ — $ (12,245 ) $ 26,839 $ 2,757 $ — $ 17,351 Cash flows from investing activities: Improvements to real estate — — (254 ) — — (254 ) Purchases of equipment, furniture, and fixtures — — (14,718 ) (4,361 ) — (19,079 ) Intercompany financing — (146,138 ) — — 146,138 — Net cash used in investing activities — (146,138 ) (14,972 ) (4,361 ) 146,138 (19,333 ) Cash flows from financing activities: Proceeds from the issuance of senior unsecured notes payable — 260,000 — — — 260,000 Borrowings under the senior secured revolving credit facility — — 10,000 — — 10,000 Proceeds from the issuance of mortgage notes payable — — — 50,676 — 50,676 Repayments of borrowings under the senior secured revolving credit facility — — (88,701 ) — — (88,701 ) Payments on the mortgage notes payable — — (66,880 ) (613 ) — (67,493 ) Payments on senior secured term loan — — (65,624 ) — — (65,624 ) Payments of deferred financing costs — (12,772 ) — (510 ) — (13,282 ) Net contribution from Ensign — — 52,385 (48,029 ) — 4,356 Intercompany financing — — 146,058 80 (146,138 ) — Net cash provided by (used in) financing activities — 247,228 (12,762 ) 1,604 (146,138 ) 89,932 Net increase (decrease) in cash and cash equivalents — 88,845 (895 ) — — 87,950 Cash and cash equivalents beginning of period — — 895 — — 895 Cash and cash equivalents end of period $ — $ 88,845 $ — $ — $ — $ 88,845

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Millions	Jun. 01, 2014company	Sep. 30, 2015USD ($)real_estate_investmentunitfacilityleasebed
Real Estate Properties [Line Items]
Date of incorporation		Oct. 29, 2013
Number of other real estate investments | real_estate_investment		1
Preferred equity investment | $		$ 8.2
Ensign [Member]
Real Estate Properties [Line Items]
Number of publicly traded companies into which Ensign split after the Spin-Off | company	2
Ensign for CareTrust share exchange ratio to affect the Spin-Off	1
Number of long-term leases | lease		8
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member]
Real Estate Properties [Line Items]
Number of living facilities		105
Number of units available in living facilities | bed		10,886
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | Ensign [Member]
Real Estate Properties [Line Items]
Number of living facilities		94
Number of units available in living facilities | bed		10,121
Independent Living Facilities Owned and Operated by Company [Member]
Real Estate Properties [Line Items]
Number of living facilities		3
Number of units available in living facilities | unit		264

Organization - Schedule of Asse

Organization - Schedule of Assets and Liabilities Contributed to the Company from Ensign or Incurred in Connection with Spin-Off (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate investments, net	$ 651,554	$ 436,215
Deferred financing costs, net	9,793	10,405
Debt	(400,700)	$ (358,200)
Ensign [Member]
Real Estate Properties [Line Items]
Real estate investments, net	421,846
Cash	78,731
Accounts receivable and prepaid assets and other current assets	1,900
Deferred financing costs, net	11,088
Debt	(359,512)
Other liabilities	(6,838)
Net contribution	$ 147,215

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	9 Months Ended
	Sep. 30, 2015
Tenant Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	Shorter of lease term or expected useful life
Integral Equipment, Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum [Member] | Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Minimum [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Maximum [Member] | Buildings [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Maximum [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Additional Information (Detail)	Aug. 18, 2015shares	Dec. 10, 2014USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Oct. 17, 2014USD ($)$ / shares
Property, Plant and Equipment [Line Items]
Accumulated amortization of deferred financing costs			$ 2,800,000	$ 2,800,000		$ 2,200,000
Reserve against receivables			0	$ 0		0
REIT taxable income to its stockholders, percentage - at least 90%				90.00%
REIT non qualifying period				4 years
Dividend declared			7,704,000	$ 7,704,000		$ 3,946,000
Dividend, payable date				Apr. 15, 2015
Dividend, record date				Mar. 31, 2015
Issuance of common stock, net, shares | shares	16,330,000
Stock-based compensation expense			435,000	$ 1,095,000	$ 0
Number of reportable segments | segment				1
Special Dividend [Member]
Property, Plant and Equipment [Line Items]
Dividend, declared date				Oct. 17, 2014
Dividend declared							$ 132,000,000
Dividend payable per share | $ / shares							$ 5.88
Dividend, payable date				Dec. 10, 2014
Dividend, record date				Oct. 31, 2014
Cash portion of dividend		$ 33,000,000
Stock portion of dividend		$ 99,000,000
Issuance of common stock, net, shares | shares		8,974,249
Interest Rate Swap [Member]
Property, Plant and Equipment [Line Items]
Interest rate swap outstanding			$ 0	$ 0

Real Estate Investments, Net -

Real Estate Investments, Net - Summary of Investment in Owned Properties (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 80,882	$ 75,072
Buildings and improvements	465,561	417,414
Integral equipment, furniture and fixtures	50,048	47,134
Escrow cash for October 1, 2015 acquisition	175,561	0
Real estate investments	772,052	539,620
Accumulated depreciation	(120,498)	(103,405)
Real estate investments, net	$ 651,554	$ 436,215

Real Estate Investments, Net 36

Real Estate Investments, Net - Additional Information (Detail) $ in Thousands	Oct. 01, 2015USD ($)renewal_option	Sep. 30, 2015USD ($)facility	Jul. 31, 2015USD ($)renewal_option	Jun. 30, 2015USD ($)	Apr. 30, 2015USD ($)renewal_option	Jan. 31, 2015USD ($)renewal_option	Sep. 30, 2015USD ($)facility
Bethany Rehabilitation Center [Member]
Investment [Line Items]
Acquisition consideration						$ 18,100
Acquisition costs capitalized						$ 100
Leases period						15 years
Leases renewal options | renewal_option						2
Leases renewal term						5 years
Anticipated annual lease revenues						$ 1,700
Mira Vista Care Center [Member]
Investment [Line Items]
Acquisition consideration					$ 9,300
Acquisition costs capitalized					$ 200
Leases period					15 years
Leases renewal options | renewal_option					2
Leases renewal term					5 years
Anticipated annual lease revenues					$ 900
Shoreline Health And Rehabilitation Center [Member]
Investment [Line Items]
Acquisition consideration				$ 6,800
Acquisition costs capitalized				200
Anticipated annual lease revenues				$ 700
Bristol Court Assisted Living [Member]
Investment [Line Items]
Acquisition consideration			$ 8,500
Acquisition costs capitalized			$ 72
Leases period			15 years
Leases renewal options | renewal_option			2
Leases renewal term			5 years
Anticipated annual lease revenues			$ 700
Shamrock Nursing and Rehabilitation Center [Member]
Investment [Line Items]
Acquisition consideration			8,300
Acquisition costs capitalized			$ 49
Leases period			15 years
Leases renewal options | renewal_option			2
Leases renewal term			5 years
Anticipated annual lease revenues			$ 800
Asbury Place Assisted Living [Member]
Investment [Line Items]
Acquisition consideration		$ 5,400
Acquisition costs capitalized		49
Anticipated annual lease revenues		$ 500
Ensign Master Leases [Member]
Investment [Line Items]
Number of facilities not leased | facility		14					14
Annual revenues from Master Leases during first year		$ 56,000					$ 56,000
Lease term for fixed contractual annual revenues							2 years
Escalation factor for calculating revenues after year two		0.00%					0.00%
Percentage change in the consumer price index		2.50%					2.50%
Subsequent Events [Member] | Liberty Healthcare Portfolio [Member]
Investment [Line Items]
Acquisition consideration	$ 177,000
Acquisition costs capitalized	$ 500
Leases period	15 years
Leases renewal options | renewal_option	2
Leases renewal term	5 years
Anticipated annual lease revenues	$ 17,000

Real Estate Investments, Net 37

Real Estate Investments, Net - Schedule of Total Future Minimum Rental Revenues (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Real Estate [Abstract]
Remaining 2,015	$ 15,854
2,016	63,416
2,017	63,416
2,018	63,416
2,019	63,416
Thereafter	651,062
Total	$ 920,580

Other Real Estate Investments -

Other Real Estate Investments - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2014USD ($)abed	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Real Estate Properties [Line Items]
Preferred equity investment		$ 8.2	$ 8.2
Recognized interest income		$ 0.2	$ 0.7
Signature Senior Living [Member]
Real Estate Properties [Line Items]
Preferred equity investment	$ 7.5
Return from preferred equity investment	12.00%
Number of beds planned for construction | bed	134
Area under construction | a	5
Initial lease yield	8.00%
Project construction completion year			2,016

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Face Values, Carrying Amounts and Fair Values of Company's Financial Instruments Using Level 2 Inputs, for Senior Unsecured Notes Payable, and Level 3 Inputs, for all Other Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financial assets:
Preferred equity investment - face value	$ 7,500	$ 7,500
Preferred equity investment	8,200
Financial liabilities:
Senior unsecured notes payable	260,000	260,000
Mortgage notes payable	95,696	98,205
Level 2 | Senior unsecured notes payable
Financial liabilities:
Financial liabilities - face value	260,000	260,000
Level 3 | Mortgage notes payable
Financial liabilities:
Financial liabilities - face value	95,696	98,205
Fair Value
Financial assets:
Preferred equity investment	8,229	7,532
Fair Value | Level 2
Financial liabilities:
Senior unsecured notes payable	266,500	265,200
Fair Value | Level 3
Financial liabilities:
Mortgage notes payable	98,128	101,822
Carrying Amount
Financial assets:
Preferred equity investment	8,229	7,532
Carrying Amount | Level 2
Financial liabilities:
Senior unsecured notes payable	260,000	260,000
Carrying Amount | Level 3
Financial liabilities:
Mortgage notes payable	$ 95,696	$ 98,205

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurement, description	the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets or (ii) another valuation technique that is consistent with the principles of fair value measurement, such as the income approach or the market approach.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Allocations of expenses for general and administrative services	$ 0	$ 0
Rental income from related party	0	14,000,000	$ 16,308,000	$ 18,667,000
Tenant reimbursements from related party	0	1,228,000	1,406,000	1,624,000
Account receivable due from related party for tenant reimbursement	0		0		$ 2,275,000
Net contribution from (distribution to) Ensign			0	4,356,000
Allocation Of Corporate Expenses [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Allocations of expenses for general and administrative services			0	7,400,000
Rental Income From Affiliate [Member] | Director [Member]
Related Party Transaction [Line Items]
Rental income from related party	0	14,000,000	16,300,000	18,700,000
Tenant reimbursements from related party	$ 0	$ 1,200,000	$ 1,400,000	1,600,000
Account receivable due from related party for tenant reimbursement					$ 2,300,000
Centralized Cash Management System [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Net contribution from (distribution to) Ensign				$ 4,400,000

Debt - Additional Information (

Debt - Additional Information (Detail)	Aug. 05, 2015USD ($)extension_option	May. 30, 2014USD ($)promissory_note	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)extension_optionproperty	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Oct. 31, 2009promissory_note	Oct. 01, 2009USD ($)
Line of Credit Facility [Line Items]
Debt outstanding			$ 400,700,000		$ 400,700,000		$ 358,200,000
Unsecured revolving credit facility			45,000,000		45,000,000		0
Mortgage notes payable			95,696,000		95,696,000		98,205,000
Interest expense			7,221,000	$ 5,943,000	19,111,000	$ 15,722,000
Amortization of deferred financing costs			500,000	500,000	1,600,000	1,000,000
Write-off of deferred financing costs					1,208,000	0
Amortization of debt discount				0		51,000
Interest payable			5,700,000		5,700,000		$ 1,700,000
Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Loss on settlement of interest rate swap				$ 1,700,000		$ 1,700,000
Ensign [Member]
Line of Credit Facility [Line Items]
Debt outstanding			359,512,000		359,512,000
General Electric Capital Corporation [Member]
Line of Credit Facility [Line Items]
Advances included in mortgage note payable					49,200,000
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 46,500,000		$ 46,500,000
Debt instrument, maturity date					May 30, 2017
Number of properties subject to mortgage loans | property			10		10
Mortgage notes payable			$ 95,700,000		$ 95,700,000
Advances included in mortgage note payable		$ 50,700,000
Debt instrument, interest rate terms					This advance bears interest at a floating rate equal to three month LIBOR plus 3.35%, reset monthly and subject to a LIBOR floor of 0.50%, with monthly principal and interest payments based on a 25 year amortization.
Debt instrument payment amortization period					25 years
Debt instrument blended interest rate					7.25%
Debt instrument, number of extension options | extension_option					2
Debt instrument, extension options period					12 months
Extension fees equal percent on outstanding principal balance			0.25%		0.25%
Notice period for prepayments without penalty					30 days
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread					0.50%
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member] | Floating Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread					3.35%
Johnson Land Enterprises, LLC [Member] | Promissory Notes September 30, 2019 [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount									$ 10,000,000
Number of promissory notes | promissory_note								4
Number of promissory notes repaid | promissory_note		3
Senior Unsecured Notes [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 260,000,000
Debt instrument, interest rate		5.875%	5.875%		5.875%
Proceeds from the issuance of senior unsecured notes payable		$ 260,000,000
Net proceeds from issuance of notes		$ 253,000,000
Debt instrument, maturity date					Jun. 1, 2021
Frequency of interest payable on notes					Interest on the Notes is payable on June 1 and December 1 of each year, beginning on December 1, 2014.
Debt instrument, early redeemable date					Jun. 1, 2017
Debt instrument, redemption price, percentage		100.00%
Debt instrument, redemption price, percentage upon change of control		101.00%
Senior Unsecured Notes [Member] | Ensign [Member]
Line of Credit Facility [Line Items]
Approximate amount transferred from net proceeds		$ 220,800,000
Senior Unsecured Notes [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Percentage of aggregate principal amount of notes outstanding		65.00%
Senior Unsecured Notes [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Redeemable percentage of aggregate principal amount of notes		35.00%
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	$ 300,000,000
Unsecured revolving credit facility	$ 45,000,000
Number of extension options | extension_option	2
Line of credit facility, extension period	6 months
Line of credit facility, additional borrowing capacity	$ 200,000,000
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.15%
Line of credit facility, facility fee percentage	0.125%
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	1.75%
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	0.75%
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage	0.25%
Line of credit facility, facility fee percentage	0.30%
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	2.40%
Line of Credit [Member] | Unsecured Asset-Based Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	1.40%
Line of Credit [Member] | Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity		$ 150,000,000
Line of credit facility, additional borrowing capacity		$ 75,000,000

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Aug. 18, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Issuance of common stock, net, shares	16,330
Proceeds from the issuance of common stock, net	$ 163,700					$ 163,466	$ 0
Share price to the public (in usd per share)	$ 10.50
Dividends declared per common share (in usd per share)		$ 0.16	$ 0.16	$ 0.16	$ 0	$ 0.48	$ 0	$ 0.125
Dividend, payable date						Apr. 15, 2015
Dividend, record date						Mar. 31, 2015
Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuance of common stock, net, shares	2,130

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	Jun. 01, 2014	Sep. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2015$ / sharesshares	Sep. 30, 2015USD ($)shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Dec. 31, 2014$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense associated with grants | $				$ 435	$ 1,095	$ 0
Ensign Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award conversion ratio related to the spin-off	1
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested					32,643
Shares forfeited					0
Compensation expense associated with grants | $				400	$ 1,100
Unamortized stock-based compensation expense related to unvested awards | $		$ 4,200		$ 4,200	$ 4,200
Weighted-average remaining vesting period					3 years 6 months
Restricted Stock Awards [Member] | Ensign Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards unvested during spin-off (in shares)					207,580
Shares vested					56,410
Unvested stock awards outstanding (in shares)		102,620		102,620	102,620
Restricted Stock Awards [Member] | Board Of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted							12,270
Shares granted, fair market value (in usd per share) | $ / shares							$ 12.23
Shares granted, vesting period			1 year				3 years
Shares granted, vesting period, start date					May 31, 2015
Restricted Stock Awards [Member] | Officers and Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested				0
Shares granted			235,880				142,770
Shares granted, fair market value (in usd per share) | $ / shares			$ 12.76				$ 12.23
Shares granted, vesting period			4 years				5 years
Shares granted, vesting period, start date					May 31, 2015
Restricted Stock Awards [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted		7,500
Shares granted, fair market value (in usd per share) | $ / shares		$ 10.87
Shares granted, vesting period		4 years
June 2015 Award 1 [Member] | Restricted Stock Awards [Member] | Board Of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted			15,680
Shares granted, fair market value (in usd per share) | $ / shares			$ 12.76
June 2015 Award 2 [Member] | Restricted Stock Awards [Member] | Board Of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted			13,240
Shares granted, fair market value (in usd per share) | $ / shares			$ 12.67

Earnings Per Common Share - Rec

Earnings Per Common Share - Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Numerator:
Net income (loss)	$ 727	$ 1,967	$ 5,031	$ (8,773)	$ (8,143)
Less: Net income allocated to participating securities	(80)	0	(209)	0
Numerator for basic and diluted earnings (loss) available to common stockholders	$ 647	$ 1,967	$ 4,822	$ (8,773)
Denominator:
Weighted-average basic common shares outstanding (in usd per share)	39,125	22,255	33,916	22,238
Weighted-average diluted common shares outstanding (in usd per share)	39,125	22,436	33,916	22,238
Earnings (loss) per common share, basic	$ 0.02	$ 0.09	$ 0.14	$ (0.39)
Earnings (loss) per common share, diluted	$ 0.02	$ 0.09	$ 0.14	$ (0.39)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Ensign [Member] - USD ($) $ in Millions	Oct. 01, 2013	Oct. 31, 2013
Loss Contingencies [Line Items]
Single lump-sum remittance to the government		$ 48
Corporate integrity agreement period	5 years

Concentration of Risk - Additio

Concentration of Risk - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015tenantfacilitystatebed
Concentration Risk [Line Items]
Number of major tenants | tenant	1
Description of highest concentration of properties	The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona.
Ensign [Member]
Concentration Risk [Line Items]
Number of states where Ensign leases the highest concentration of properties | state	4
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member]
Concentration Risk [Line Items]
Number of living facilities	105
Number of units available in living facilities | bed	10,886
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member] | Ensign [Member]
Concentration Risk [Line Items]
Number of living facilities	94
Number of units available in living facilities | bed	10,121
Revenue [Member]
Concentration Risk [Line Items]
Tenant description	The Company has one major tenant, Ensign

Summarized Condensed Consolid48

Summarized Condensed Consolidating and Combining Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015	May. 30, 2014
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Date of incorporation	Oct. 29, 2013
Senior Unsecured Notes [Member]
Condensed Financial Statements, Captions [Line Items]
Debt instrument, interest rate	5.875%	5.875%
Parent Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Date of incorporation	Oct. 29, 2013
CTR Partnership, L.P. [Member]
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Date of formation	May 8, 2014
CareTrust Capital Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Date of formation	May 9, 2014
Combined Subsidiary Guarantors [Member]
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
Date of formation	May 8, 2014

Summarized Condensed Consolid49

Summarized Condensed Consolidating and Combining Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets:
Real estate investments, net	$ 651,554	$ 436,215
Other real estate investments	8,229	7,532
Cash and cash equivalents	12,098	25,320	$ 88,845	$ 895
Accounts receivable	2,961	2,291
Prepaid expenses and other assets	337	809
Deferred financing costs, net	9,793	10,405
Investment in subsidiaries	0	0
Intercompany	0	0
Total assets	684,972	482,572
Liabilities and Equity:
Senior unsecured notes payable	260,000	260,000
Mortgage notes payable	95,696	98,205
Unsecured revolving credit facility	45,000	0
Accounts payable and accrued liabilities	12,010	6,959
Dividends payable	7,704	3,946
Intercompany	0	0
Total liabilities	420,410	369,110
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 and 31,251,157 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	477	313
Additional paid-in capital	409,790	246,041
Cumulative distributions in excess of earnings	(145,705)	(132,892)
Total equity	264,562	113,462		162,689
Total liabilities and equity	684,972	482,572
Reportable Legal Entities [Member] | Parent Guarantor [Member]
Assets:
Real estate investments, net	0	0
Other real estate investments	0	0
Cash and cash equivalents	0	0	0	0
Accounts receivable	0	0
Prepaid expenses and other assets	0	0
Deferred financing costs, net	0	0
Investment in subsidiaries	272,545	117,408
Intercompany	0	0
Total assets	272,545	117,408
Liabilities and Equity:
Senior unsecured notes payable	0	0
Mortgage notes payable	0	0
Unsecured revolving credit facility	0
Accounts payable and accrued liabilities	279	0
Dividends payable	7,704	3,946
Intercompany	0	0
Total liabilities	7,983	3,946
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 and 31,251,157 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	477	313
Additional paid-in capital	409,790	246,041
Cumulative distributions in excess of earnings	(145,705)	(132,892)
Total equity	264,562	113,462
Total liabilities and equity	272,545	117,408
Reportable Legal Entities [Member] | Issuers [Member]
Assets:
Real estate investments, net	257,065	26,104
Other real estate investments	0	0
Cash and cash equivalents	12,098	25,320	88,845	0
Accounts receivable	217	0
Prepaid expenses and other assets	331	808
Deferred financing costs, net	9,384	9,808
Investment in subsidiaries	357,660	335,020
Intercompany	0	0
Total assets	636,755	397,060
Liabilities and Equity:
Senior unsecured notes payable	260,000	260,000
Mortgage notes payable	0	0
Unsecured revolving credit facility	45,000
Accounts payable and accrued liabilities	8,024	3,067
Dividends payable	0	0
Intercompany	51,186	16,585
Total liabilities	364,210	279,652
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 and 31,251,157 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	0	0
Additional paid-in capital	274,913	125,551
Cumulative distributions in excess of earnings	(2,368)	(8,143)
Total equity	272,545	117,408
Total liabilities and equity	636,755	397,060
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member]
Assets:
Real estate investments, net	352,816	366,199
Other real estate investments	8,229	7,532
Cash and cash equivalents	0	0	0	895
Accounts receivable	2,533	2,170
Prepaid expenses and other assets	6	1
Deferred financing costs, net	0	0
Investment in subsidiaries	0	0
Intercompany	47,722	15,262
Total assets	411,306	391,164
Liabilities and Equity:
Senior unsecured notes payable	0	0
Mortgage notes payable	0	557
Unsecured revolving credit facility	0
Accounts payable and accrued liabilities	3,057	3,308
Dividends payable	0	0
Intercompany	0	0
Total liabilities	3,057	3,865
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 and 31,251,157 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	0	0
Additional paid-in capital	374,660	374,660
Cumulative distributions in excess of earnings	33,589	12,639
Total equity	408,249	387,299
Total liabilities and equity	411,306	391,164
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member]
Assets:
Real estate investments, net	41,673	43,912
Other real estate investments	0	0
Cash and cash equivalents	0	0	0	0
Accounts receivable	211	121
Prepaid expenses and other assets	0	0
Deferred financing costs, net	409	597
Investment in subsidiaries	0	0
Intercompany	3,464	1,323
Total assets	45,757	45,953
Liabilities and Equity:
Senior unsecured notes payable	0	0
Mortgage notes payable	95,696	97,648
Unsecured revolving credit facility	0
Accounts payable and accrued liabilities	650	584
Dividends payable	0	0
Intercompany	0	0
Total liabilities	96,346	98,232
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 and 31,251,157 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	0	0
Additional paid-in capital	(52,899)	(52,899)
Cumulative distributions in excess of earnings	2,310	620
Total equity	(50,589)	(52,279)
Total liabilities and equity	45,757	45,953
Elimination [Member]
Assets:
Real estate investments, net	0	0
Other real estate investments	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable	0	0
Prepaid expenses and other assets	0	0
Deferred financing costs, net	0	0
Investment in subsidiaries	(630,205)	(452,428)
Intercompany	(51,186)	(16,585)
Total assets	(681,391)	(469,013)
Liabilities and Equity:
Senior unsecured notes payable	0	0
Mortgage notes payable	0	0
Unsecured revolving credit facility	0
Accounts payable and accrued liabilities	0	0
Dividends payable	0	0
Intercompany	(51,186)	(16,585)
Total liabilities	(51,186)	(16,585)
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 47,650,952 and 31,251,157 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	0	0
Additional paid-in capital	(596,674)	(447,312)
Cumulative distributions in excess of earnings	(33,531)	(5,116)
Total equity	(630,205)	(452,428)
Total liabilities and equity	$ (681,391)	$ (469,013)

Summarized Condensed Consolid50

Summarized Condensed Consolidating and Combining Information - Condensed Consolidating Balance Sheets - Shares Information (Detail) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Summarized Condensed Consolidating And Combining Information [Abstract]
Common Stock, Par Value (in usd per share)	$ 0.01	$ 0.01
Common Stock, Shares authorized	500,000,000	500,000,000
Common Stock, Shares Issued	47,650,952	31,251,157
Common Stock, Shares Outstanding	47,650,952	31,251,157

Summarized Condensed Consolid51

Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues:
Rental income	$ 15,778	$ 14,000	$ 45,869	$ 37,228
Tenant reimbursements	1,320	1,228	3,866	3,726
Independent living facilities	626	646	1,868	1,856
Interest and other income	261	10	716	10
Total revenues	17,985	15,884	52,319	42,820
Expenses:
Depreciation and amortization	5,815	5,362	17,093	17,631
Interest expense	7,221	5,943	19,111	15,722
Loss on extinguishment of debt	0	0	0	4,067
Property taxes	1,320	1,228	3,866	3,726
Independent living facilities	610	586	1,778	1,684
General and administrative	2,292	798	5,440	8,710
Total expenses	17,258	13,917	47,288	51,540
Income (loss) in Subsidiary	0	0	0	0
(Loss) income before provision for income taxes	727	1,967	5,031	(8,720)
Provision for income taxes	0	0	0	53
Net income (loss)	727	1,967	5,031	(8,773)	$ (8,143)
Other comprehensive income:
Unrealized gain on interest rate swap	0	0	0	167	167
Reclassification adjustment on interest rate swap	0	0	0	1,661	$ 1,661
Comprehensive income (loss)	727	1,967	5,031	(6,945)
Reportable Legal Entities [Member] | Parent Guarantor [Member]
Revenues:
Rental income	0	0	0	0
Tenant reimbursements	0	0	0	0
Independent living facilities	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	0	0	0	0
Expenses:
Depreciation and amortization	0	0	0	0
Interest expense	0	0	0	0
Loss on extinguishment of debt				0
Property taxes	0	0	0	0
Independent living facilities	0	0	0	0
General and administrative	435	0	744	0
Total expenses	435	0	744	0
Income (loss) in Subsidiary	1,162	1,967	5,775	(8,773)
(Loss) income before provision for income taxes		1,967		(8,773)
Provision for income taxes		0		0
Net income (loss)	727	1,967	5,031	(8,773)
Other comprehensive income:
Unrealized gain on interest rate swap				0
Reclassification adjustment on interest rate swap				0
Comprehensive income (loss)				(8,773)
Reportable Legal Entities [Member] | Issuers [Member]
Revenues:
Rental income	1,778	0	3,869	0
Tenant reimbursements	91	0	220	0
Independent living facilities	0	0	0	0
Interest and other income	19	10	19	10
Total revenues	1,888	10	4,108	10
Expenses:
Depreciation and amortization	600	0	1,308	0
Interest expense	5,807	4,482	14,872	5,974
Loss on extinguishment of debt				0
Property taxes	91	0	220	0
Independent living facilities	0	0	0	0
General and administrative	1,855	798	4,572	8,710
Total expenses	8,353	5,280	20,972	14,684
Income (loss) in Subsidiary	7,627	7,237	22,639	5,901
(Loss) income before provision for income taxes		1,967		(8,773)
Provision for income taxes		0		0
Net income (loss)	1,162	1,967	5,775	(8,773)
Other comprehensive income:
Unrealized gain on interest rate swap				0
Reclassification adjustment on interest rate swap				0
Comprehensive income (loss)				(8,773)
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member]
Revenues:
Rental income	11,275	11,275	33,825	31,062
Tenant reimbursements	1,112	1,110	3,297	3,355
Independent living facilities	626	646	1,868	1,856
Interest and other income	242	0	697	0
Total revenues	13,255	13,031	39,687	36,273
Expenses:
Depreciation and amortization	4,483	4,592	13,546	15,008
Interest expense	2	12	18	6,295
Loss on extinguishment of debt				4,067
Property taxes	1,112	1,110	3,297	3,355
Independent living facilities	610	586	1,778	1,684
General and administrative	2	0	97	0
Total expenses	6,209	6,300	18,736	30,409
Income (loss) in Subsidiary	0	0	0	0
(Loss) income before provision for income taxes		6,731		5,864
Provision for income taxes		0		53
Net income (loss)	7,046	6,731	20,951	5,811
Other comprehensive income:
Unrealized gain on interest rate swap				167
Reclassification adjustment on interest rate swap				1,661
Comprehensive income (loss)				7,639
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member]
Revenues:
Rental income	2,725	2,725	8,175	6,166
Tenant reimbursements	117	118	349	371
Independent living facilities	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	2,842	2,843	8,524	6,537
Expenses:
Depreciation and amortization	732	770	2,239	2,623
Interest expense	1,412	1,449	4,221	3,453
Loss on extinguishment of debt				0
Property taxes	117	118	349	371
Independent living facilities	0	0	0	0
General and administrative	0	0	27	0
Total expenses	2,261	2,337	6,836	6,447
Income (loss) in Subsidiary	0	0	0	0
(Loss) income before provision for income taxes		506		90
Provision for income taxes		0		0
Net income (loss)	581	506	1,688	90
Other comprehensive income:
Unrealized gain on interest rate swap				0
Reclassification adjustment on interest rate swap				0
Comprehensive income (loss)				90
Elimination [Member]
Revenues:
Rental income	0	0	0	0
Tenant reimbursements	0	0	0	0
Independent living facilities	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	0	0	0	0
Expenses:
Depreciation and amortization	0	0	0	0
Interest expense	0	0	0	0
Loss on extinguishment of debt				0
Property taxes	0	0	0	0
Independent living facilities	0	0	0	0
General and administrative	0	0	0	0
Total expenses	0	0	0	0
Income (loss) in Subsidiary	(8,789)	(9,204)	(28,414)	2,872
(Loss) income before provision for income taxes		(9,204)		2,872
Provision for income taxes		0		0
Net income (loss)	$ (8,789)	$ (9,204)	$ (28,414)	2,872
Other comprehensive income:
Unrealized gain on interest rate swap				0
Reclassification adjustment on interest rate swap				0
Comprehensive income (loss)				$ 2,872

Summarized Condensed Consolid52

Summarized Condensed Consolidating and Combining Information - Condensed Consolidating and Combining Statements of Cash Flows (Detail) - USD ($) $ in Thousands	Aug. 18, 2015	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net cash (used in) provided by operating activities		$ 29,035	$ 17,351
Cash flows from investing activities:
Acquisition of real estate		(231,501)	0
Improvements to real estate		(143)	(254)
Purchases of equipment, furniture and fixtures		(256)	(19,079)
Net proceeds from the sale of vacant land		30	0
Distribution from subsidiary		0
Intercompany financing		0	0
Net cash used in investing activities		(231,870)	(19,333)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	$ 163,700	163,466	0
Proceeds from the issuance of senior unsecured notes payable		0	260,000
Borrowings under unsecured revolving credit facility		45,000	0
Borrowings under senior secured revolving credit facility		35,000	10,000
Proceeds from the issuance of mortgage notes payable		0	50,676
Repayments of borrowings under senior secured revolving credit facility		(35,000)	(88,701)
Payments on the mortgage notes payable		(2,509)	(67,493)
Net-settle adjustment on restricted stock		(145)	0
Payments on senior secured term loan		0	(65,624)
Payments of deferred financing costs		(2,113)	(13,282)
Dividends paid on common stock		(14,086)	0
Net contribution from Ensign		0	4,356
Intercompany financing		0	0
Net cash provided by financing activities		189,613	89,932
Net (decrease) increase in cash and cash equivalents		(13,222)	87,950
Cash and cash equivalents beginning of period		25,320	895
Cash and cash equivalents end of period		12,098	88,845
Reportable Legal Entities [Member] | Parent Guarantor [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		(239)	0
Cash flows from investing activities:
Acquisition of real estate		0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	0
Net proceeds from the sale of vacant land		0
Distribution from subsidiary		14,086
Intercompany financing		(163,082)	0
Net cash used in investing activities		(148,996)	0
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		163,466
Proceeds from the issuance of senior unsecured notes payable			0
Borrowings under unsecured revolving credit facility		0
Borrowings under senior secured revolving credit facility		0	0
Proceeds from the issuance of mortgage notes payable			0
Repayments of borrowings under senior secured revolving credit facility		0	0
Payments on the mortgage notes payable		0	0
Net-settle adjustment on restricted stock		(145)
Payments on senior secured term loan			0
Payments of deferred financing costs		0	0
Dividends paid on common stock		(14,086)
Net contribution from Ensign		0	0
Intercompany financing		0	0
Net cash provided by financing activities		149,235	0
Net (decrease) increase in cash and cash equivalents		0	0
Cash and cash equivalents beginning of period		0	0
Cash and cash equivalents end of period		0	0
Reportable Legal Entities [Member] | Issuers [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		(7,997)	(12,245)
Cash flows from investing activities:
Acquisition of real estate		(231,501)
Improvements to real estate		(20)	0
Purchases of equipment, furniture and fixtures		(186)	0
Net proceeds from the sale of vacant land		0
Distribution from subsidiary		0
Intercompany financing		34,599	(146,138)
Net cash used in investing activities		(197,108)	(146,138)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured notes payable			260,000
Borrowings under unsecured revolving credit facility		45,000
Borrowings under senior secured revolving credit facility		35,000	0
Proceeds from the issuance of mortgage notes payable			0
Repayments of borrowings under senior secured revolving credit facility		(35,000)	0
Payments on the mortgage notes payable		$ 0	0
Net-settle adjustment on restricted stock
Payments on senior secured term loan			0
Payments of deferred financing costs		$ (2,113)	(12,772)
Dividends paid on common stock		0
Net contribution from Ensign		(14,086)	0
Intercompany financing		163,082	0
Net cash provided by financing activities		191,883	247,228
Net (decrease) increase in cash and cash equivalents		(13,222)	88,845
Cash and cash equivalents beginning of period		25,320	0
Cash and cash equivalents end of period		12,098	88,845
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		33,181	26,839
Cash flows from investing activities:
Acquisition of real estate		0
Improvements to real estate		(123)	(254)
Purchases of equipment, furniture and fixtures		(70)	(14,718)
Net proceeds from the sale of vacant land		30
Distribution from subsidiary		0
Intercompany financing		0	0
Net cash used in investing activities		(163)	(14,972)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured notes payable			0
Borrowings under unsecured revolving credit facility		0
Borrowings under senior secured revolving credit facility		0	10,000
Proceeds from the issuance of mortgage notes payable			0
Repayments of borrowings under senior secured revolving credit facility		0	(88,701)
Payments on the mortgage notes payable		$ (558)	(66,880)
Net-settle adjustment on restricted stock
Payments on senior secured term loan			(65,624)
Payments of deferred financing costs		$ 0	0
Dividends paid on common stock		0
Net contribution from Ensign		0	52,385
Intercompany financing		(32,460)	146,058
Net cash provided by financing activities		(33,018)	(12,762)
Net (decrease) increase in cash and cash equivalents		0	(895)
Cash and cash equivalents beginning of period		0	895
Cash and cash equivalents end of period		0	0
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		4,090	2,757
Cash flows from investing activities:
Acquisition of real estate		0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	(4,361)
Net proceeds from the sale of vacant land		0
Distribution from subsidiary		0
Intercompany financing		0	0
Net cash used in investing activities		0	(4,361)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured notes payable			0
Borrowings under unsecured revolving credit facility		0
Borrowings under senior secured revolving credit facility		0	0
Proceeds from the issuance of mortgage notes payable			50,676
Repayments of borrowings under senior secured revolving credit facility		0	0
Payments on the mortgage notes payable		$ (1,951)	(613)
Net-settle adjustment on restricted stock
Payments on senior secured term loan			0
Payments of deferred financing costs		$ 0	(510)
Dividends paid on common stock		0
Net contribution from Ensign		0	(48,029)
Intercompany financing		(2,139)	80
Net cash provided by financing activities		(4,090)	1,604
Net (decrease) increase in cash and cash equivalents		0	0
Cash and cash equivalents beginning of period		0	0
Cash and cash equivalents end of period		0	0
Elimination [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		0	0
Cash flows from investing activities:
Acquisition of real estate		0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	0
Net proceeds from the sale of vacant land		0
Distribution from subsidiary		(14,086)
Intercompany financing		128,483	146,138
Net cash used in investing activities		114,397	146,138
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured notes payable			0
Borrowings under unsecured revolving credit facility		0
Borrowings under senior secured revolving credit facility		0	0
Proceeds from the issuance of mortgage notes payable			0
Repayments of borrowings under senior secured revolving credit facility		0	0
Payments on the mortgage notes payable		$ 0	0
Net-settle adjustment on restricted stock
Payments on senior secured term loan			0
Payments of deferred financing costs		$ 0	0
Dividends paid on common stock		0
Net contribution from Ensign		14,086	0
Intercompany financing		(128,483)	(146,138)
Net cash provided by financing activities		(114,397)	(146,138)
Net (decrease) increase in cash and cash equivalents		0	0
Cash and cash equivalents beginning of period		0	0
Cash and cash equivalents end of period		$ 0	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	Oct. 01, 2015USD ($)renewal_optionfacility	Aug. 18, 2015USD ($)	Sep. 30, 2015USD ($)
Subsequent Event [Line Items]
Net proceeds from common stock offering		$ 163,000	$ 162,963
Subsequent Events [Member] | Liberty Healthcare Portfolio [Member]
Subsequent Event [Line Items]
Number of facilities acquired | facility	14
Acquisition consideration	$ 177,000
Leases period	15 years
Leases renewal options | renewal_option	2
Leases renewal term	5 years
Anticipated annual lease revenues	$ 17,000