CareTrust REIT (CTRE) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 10, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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	Accelerated Filer
Entity Common Stock, Shares Outstanding		57,914,049

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Real estate investments, net	$ 722,217	$ 645,614
Other real estate investments	8,731	8,477
Cash and cash equivalents	4,663	11,467
Accounts receivable	2,227	2,342
Prepaid expenses and other assets	2,072	2,083
Deferred financing costs, net	3,598	3,183
Total assets	743,508	673,166
Liabilities and Equity:
Senior unsecured notes payable, net	254,495	254,229
Mortgage notes payable, net	0	94,676
Accounts payable and accrued liabilities	10,696	9,269
Dividends payable	9,845	7,704
Total liabilities	$ 379,397	$ 410,878
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2016 and December 31, 2015	$ 0	$ 0
Common stock, $0.01 par value; 500,000,000 shares authorized, 57,454,822 and 47,664,742 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	575	477
Additional paid-in capital	516,285	410,217
Cumulative distributions in excess of earnings	(152,749)	(148,406)
Total equity	364,111	262,288
Total liabilities and equity	743,508	673,166
Senior Unsecured Term Loan [Member]
Liabilities and Equity:
Unsecured revolving credit facility	99,361	0
Unsecured Revolving Credit Facility [Member]
Liabilities and Equity:
Unsecured revolving credit facility	$ 5,000	$ 45,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
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	57,454,822	47,664,742
Common stock, Shares Outstanding	57,454,822	47,664,742

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues:
Rental income (related party rental income of $0 and $14,000 for the three months ended March 31, 2016 and 2015, respectively – Note 6)	$ 20,897	$ 14,842
Tenant reimbursements (related party tenant reimbursements of $0 and $1,206 for the three months ended March 31, 2016 and 2015, respectively – Note 6)	1,797	1,258
Independent living facilities	681	635
Interest and other income	254	223
Total revenues	23,629	16,958
Expenses:
Depreciation and amortization	7,293	5,599
Interest expense	6,187	5,901
Property taxes	1,797	1,258
Independent living facilities	620	602
General and administrative	2,230	1,560
Total expenses	18,127	14,920
Net income	$ 5,502	$ 2,038	$ 10,034
Earnings per common share:
Basic (in usd per share)	$ 0.11	$ 0.06
Diluted (in usd per share)	$ 0.11	$ 0.06
Weighted-average number of common shares:
Basic (in shares)	48,101	31,317
Diluted (in shares)	48,101	31,317
Dividends declared per common share (in usd per share)	$ 0.17	$ 0.16	$ 0.64

Condensed Consolidated Income 5

Condensed Consolidated Income Statements (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Related party rental income	$ 0	$ 14,000
Related party tenant reimbursements	$ 0	$ 1,206

Condensed Consolidated Statemen

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Distributions in Excess of Earnings [Member]
Beginning balance at Dec. 31, 2014	$ 113,462	$ 313	$ 246,041	$ (132,892)
Beginning 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
Issuance of common stock, net, shares		16,330,000
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		83,585
Amortization of stock-based compensation	1,522		1,522
Common dividend ($0..64 and $0.17 per share for the twelve months ended 12/31/2015 and three months ended 3/31/2016, respectively)	(25,548)			(25,548)
Net income (loss)	10,034			10,034
Ending balance at Dec. 31, 2015	262,288	$ 477	410,217	(148,406)
Ending balance, shares at Dec. 31, 2015		47,664,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	105,735	$ 98	105,637
Issuance of common stock, net, shares		9,775,000
Vesting of restricted common stock	0	$ 0	0
Vesting of restricted common stock, shares		15,080
Amortization of stock-based compensation	431		431
Common dividend ($0..64 and $0.17 per share for the twelve months ended 12/31/2015 and three months ended 3/31/2016, respectively)	(9,845)			(9,845)
Net income (loss)	5,502			5,502
Ending balance at Mar. 31, 2016	$ 364,111	$ 575	$ 516,285	$ (152,749)
Ending balance, shares at Mar. 31, 2016		57,454,822

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common dividend (in usd per share)	$ 0.17	$ 0.16	$ 0.64

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 5,502	$ 2,038
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,293	5,599
Amortization of deferred financing costs	556	547
Write-off of deferred financing costs	326	0
Amortization of stock-based compensation	431	366
Noncash interest income	(254)	(223)
Change in operating assets and liabilities:
Accounts receivable	115	(42)
Accounts receivable due from related party	0	322
Prepaid expenses and other assets	12	50
Accounts payable and accrued liabilities	1,013	2,398
Net cash provided by operating activities	14,994	11,055
Cash flows from investing activities:
Acquisitions of real estate	(68,000)	(17,499)
Improvements to real estate	(27)	(74)
Purchases of equipment, furniture and fixtures	(17)	(63)
Escrow deposits for acquisition of real estate	(15,730)	(500)
Net cash used in investing activities	(83,774)	(18,136)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	106,026	0
Proceeds from the issuance of senior unsecured term loan	100,000	0
Borrowings under unsecured credit facility	52,000	0
Payments on unsecured credit facility	(92,000)	0
Payments on the mortgage notes payable	(95,022)	(685)
Payments of deferred financing costs	(1,324)	(14)
Dividends paid on common stock	(7,704)	(3,946)
Distribution to Parent	0	0
Net cash provided by (used in) financing activities	61,976	(4,645)
Net decrease in cash and cash equivalents	(6,804)	(11,726)
Cash and cash equivalents beginning of period	11,467	25,320
Cash and cash equivalents end of period	4,663	13,594
Supplemental disclosures of cash flow information:
Interest paid	2,103	1,537
Supplemental schedule of noncash operating, investing and financing activities:
Increase in dividends payable	2,141	1,104
Increase in offering costs payable	291	0
Application of escrow deposit to acquisition of real estate	$ 1,250	$ 500

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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. 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 March 31, 2016 , the Company owned and leased to independent operators, including Ensign, 134 skilled nursing, assisted living and independent living facilities which had a total of 13,214 operational beds and units located in Arizona, California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Maryland, Minnesota, Nebraska, Nevada, Ohio, Texas, Utah, Virginia, Washington and Wisconsin. The Company also owns and operates three independent living facilities which had a total of 264 units located in Texas and Utah. As of March 31, 2016 , the Company also had one other real estate investment, consisting of an $8.7 million preferred equity investment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —The accompanying condensed consolidated financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of the Company and its consolidated subsidiaries consisting of (i) the leased skilled nursing, assisted living and independent living facilities and (ii) the operations of the three independent living facilities. Management believes that the assumptions and estimates used in preparation of the underlying condensed consolidated financial statements are reasonable. The accompanying condensed consolidated 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 financial statements do not include all of the disclosures required by GAAP for a complete set of annual audited financial statements. The condensed consolidated 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, 2015 . 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. 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 Identified intangible assets Shorter of lease term or expected useful life 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 each reporting period, management evaluates the Company’s real estate investments for impairment indicators, including the evaluation of its 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, it evaluates 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. As the preferred member of any joint venture in which the Company has an investment, the Company is not entitled to share in such joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return is added to the balance of the preferred equity investment up to the estimated economic outcome assuming a hypothetical liquidation of the book value of the joint venture. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be repaid upon redemption. 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 the Company 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 the Company's 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 the Company's condensed consolidated income statements. Accumulated amortization of deferred financing costs was $2.6 million and $3.3 million at March 31, 2016 and December 31, 2015 , 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 the Company's condensed consolidated income statements. 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 months ended March 31, 2016 and 2015 , 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 the Company's evaluation of these factors indicates it may not recover the full value of the receivable, it provides a reserve against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company 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. The Company did not reserve any receivables as of March 31, 2016 or December 31, 2015 . Income Taxes —The Company has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the “Code”). 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. 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 $0.4 million for the three months ended March 31, 2016 , and 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. Recently Issued Accounting Standards — In May 2014, the FASB issued Accounting Standards Update ("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 January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10) (“ASU No. 2016-01”). ASU No. 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU No. 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in ASU No. 2016-01 also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU No. 2016-01 eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU No. 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). ASU No. 2016-02 supersedes guidance related to accounting for leases. ASU No. 2016-02 updates guidance around the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The objective of ASU No. 2016-02 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU No. 2016-02 does not fundamentally change lessor accounting. However, some changes have been made to lessor accounting to conform and align the guidance in ASU No. 2016-02 with the lessee guidance and other areas within GAAP. ASU No. 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU No. 2016-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact adoption will have on its consolidated financial statements. Recently Adopted Accounting Standards —On December 31, 2015, the Company retrospectively early adopted, for all comparative periods presented, ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in ASU No. 2015-03 require 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 adoption of ASU No. 2015-03 resulted in a change to the location where debt issuance costs are presented in the balance sheet and did not have any other material impact on the Company's 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 a Securities and Exchange Commission ("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 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 adoption of ASU No. 2015-02 did not have a significant impact on the Company's consolidated financial statements. 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 adoption of ASU No. 2015-16 did not have a significant impact on the Company's consolidated financial statements.

Real Estate Investments, Net

Real Estate Investments, Net	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Investments, Net	REAL ESTATE INVESTMENTS, NET The following tables summarize our investment in owned properties at March 31, 2016 , and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Land $ 95,247 $ 91,311 Buildings and improvements 687,500 627,453 Integral equipment, furniture and fixtures 58,424 54,388 Identified intangible assets 1,397 — Escrowed cash for April 1, 2016 acquisition (Note 14) 14,480 — Real estate investments 857,048 773,152 Accumulated depreciation and amortization (134,831 ) (127,538 ) Real estate investments, net $ 722,217 $ 645,614 As of March 31, 2016 , 94 of the Company’s 137 facilities were leased to subsidiaries of Ensign under eight master leases (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). As of March 31, 2016, 40 of the Company's 137 facilities were leased to various other operators under triple-net leases. All of these leases contain annual escalators based on CPI. The Company's three remaining properties are the independent living facilities that the Company owns and operates. Escrowed cash represents cash in escrow for an asset acquisition that closed on April 1, 2016. See further discussion in Note 14, Subsequent Events. The Company has only one identified intangible asset which relates to a below market ground lease resulting from a recent acquisition. This ground lease has a remaining term of 81 years . As of March 31, 2016 , our total future minimum rental revenues for all of our tenants were (dollars in thousands): Year Amount Remaining 2016 $ 64,737 2017 86,327 2018 86,328 2019 86,328 2020 86,328 Thereafter 812,275 $ 1,222,323 Recent Real Estate Acquisitions The following recent real estate acquisitions were accounted for as asset acquisitions: New Haven Assisted Living, LLC In February 2016, the Company acquired New Haven of San Angelo, an assisted living and memory care facility located in San Angelo, Texas, for $4.9 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company entered into a triple-net master lease with New Haven Assisted Living, LLC. The lease carries an initial term of 12.5 years with two five -year renewal options and CPI-based rent escalators. The Company anticipates initial annual lease revenues of $0.4 million following this acquisition. Trillium Healthcare Group, LLC In February 2016, the Company acquired a portfolio of nine skilled nursing facilities in Iowa which includes 518 skilled nursing beds for $32.7 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with Trillium Healthcare Group, LLC. The amended lease carries a remaining term of 15 years with two five -year renewal options and CPI-based rent escalators. The base rent under the amended master lease increased by $ 3.2 million per year following this acquisition. In March 2016, the Company acquired Cedar Falls Health Care Center, an 82 -bed skilled nursing facility located in Cedar Falls, Iowa, for approximately $5.0 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company further amended its triple-net master lease with Trillium Healthcare Group, LLC. The Company anticipates additional initial annual lease revenues of approximately $0.5 million following this acquisition. Priority Life Care, LLC In March 2016, the Company acquired three assisted living facilities located in Baltimore, Maryland, Fort Wayne, Indiana and West Allis, Wisconsin, for $21.1 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company entered into a triple-net master lease with Priority Life Care, 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 $1.8 million following this acquisition. Better Senior Living Consulting, LLC In March 2016, the Company acquired a 74 -unit assisted living facility located in Fort Myers, Florida, for $5.7 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with Better Senior Living Consulting, LLC (the "BSLC Master Lease"). The BSLC Master Lease carries a remaining term of 14 years with two five -year renewal options and CPI-based rent escalators. The base rent under the amended master lease increased by $0.5 million per year.

Other Real Estate Investments

Other Real Estate Investments	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015, respectively, the Company recognized $0.3 million and $0.2 million of interest income and these unpaid amounts were added to the outstanding carrying value of the investment.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 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): March 31, 2016 December 31, 2015 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investment $ 7,500 $ 8,731 $ 8,731 $ 7,500 $ 8,477 $ 8,477 Financial liabilities: Senior unsecured notes payable $ 260,000 $ 254,495 $ 262,600 $ 260,000 $ 254,229 $ 263,575 Mortgage notes payable $ — $ — $ — $ 95,022 $ 94,676 $ 97,067 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 carrying amount is accounted for at the unpaid principal balance, plus accrued return, net of reserves, assuming a hypothetical liquidation of the book value of the joint venture. 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. In future periods, the fair value of the preferred equity investment may not be equal to the carrying amount. 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 and senior unsecured term loan: The fair values approximate their carrying values as the interest rates are variable and approximate prevailing market interest rates for similar debt arrangements. Mortgage notes payable: The fair value of the Company’s notes payable were 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 measured fair value using (i) a valuation technique that used 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 was consistent with the principles of fair value measurement, such as the income approach or the market approach. The Company classified these inputs as Level 3 inputs.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS 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 months ended March 31, 2015, the Company recognized $14.0 million in rental income from Ensign while Mr. Christensen sat on the Board of the Company as well as and $1.2 million of 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.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the balance of our indebtedness as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 260,000 $ (5,505 ) $ 254,495 $ 260,000 $ (5,771 ) $ 254,229 Senior unsecured term loan 100,000 (639 ) 99,361 — — — Unsecured revolving credit facility 5,000 — 5,000 45,000 — 45,000 Mortgage notes payable — — — $ 95,022 $ (346 ) 94,676 $ 365,000 $ (6,144 ) $ 358,856 $ 400,022 $ (6,117 ) $ 393,905 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 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 March 31, 2016 , the Company was in compliance with all applicable financial covenants under the indenture. Unsecured Revolving Credit Facility and Term Loan 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 initially provided 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 pay off 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. On February 1, 2016, the Company entered into the First Amendment (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, (i) commitments in respect of the Credit Facility were increased by $100.0 million to $400.0 million , (ii) a new $100.0 million non-amortizing unsecured term loan (the “Term Loan”) was funded, and (iii) the uncommitted incremental facility was increased by $50.0 million to $250.0 million . The Credit Facility continues to mature on August 5, 2019, subject to two , six -month extension options. The Term Loan, which matures on February 1, 2023, may be prepaid at any time subject to a 2% premium in the first year after issuance and a 1% premium in the second year after issuance. Approximately $95.0 million of the proceeds of the Term Loan were used to pay off and terminate the Company’s existing secured mortgage indebtedness under the Fifth Amended and Restated Loan Agreement, dated May 30, 2014 (the “GECC Loan”), with General Electric Capital Corporation, as agent and lender, and the other lenders party thereto (the “Refinancing”). The Company currently expects to use borrowings under the Credit Facility for working capital purposes, to fund acquisitions and for general corporate purposes. As of March 31, 2016, there was $5.0 million outstanding under the Credit Facility. 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). Pursuant to the Amendment, the interest rates applicable to term loans under the Credit Facility are, at the Company’s option, equal to either a base rate plus a margin ranging from 0.95% to 1.60% per annum or LIBOR plus a margin ranging from 1.95% to 2.60% 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). The Credit Facility and Term Loan are 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. As of March 31, 2016, the Company was in compliance with all applicable financial covenants under the Credit Agreement. GECC Loan Ten of the Company's properties were subject to secured mortgage indebtedness which it assumed in connection with the Spin-Off. On February 1, 2016, the GECC Loan was paid off in conjunction with the Refinancing. Interest Expense During the three months ended March 31, 2016 , the Company incurred $6.2 million of interest expense. Included in interest expense was $0.6 million of amortization of deferred financing costs and a $0.3 million write-off of deferred financing fees associated with the Refinancing. During the three months ended March 31, 2015, the Company incurred $5.9 million of interest expense. Included in interest expense was $0.5 million of amortization of deferred financing costs. As of March 31, 2016 and December 31, 2015 , the Company’s interest payable was $5.1 million and $1.9 million , respectively.

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Equity	EQUITY Common Stock Offering of Common Stock —On March 28, 2016, the Company completed an underwritten public offering of 9.78 million newly issued shares of its common stock pursuant to an effective registration statement. The Company estimates net proceeds of $105.7 million from the offering, after giving effect to the issuance and sale of all 9.78 million shares of common stock (which included 1.28 million shares sold to the underwriters upon exercise of their option to purchase additional shares), at a price to the public of $11.35 per share. Dividends on Common Stock —During the first quarter of 2016, our Board of Directors declared a quarterly cash dividend of $0.17 per share of common stock, payable on April 15, 2016 to stockholders of record as of March 31, 2016 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 , 16,800 shares vested or were forfeited. At March 31, 2016 , there were 72,030 unvested restricted stock awards outstanding. During the three months ended March 31, 2016 and 2015, the Company recognized $0.4 million and $0.4 million of stock-based compensation expense, respectively. As of March 31, 2016 , there was $3.2 million of unamortized stock-based compensation expense related to these unvested awards and the weighted-average remaining vesting period of such awards was 3 years.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 , 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 (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2016 2015 Numerator: Net income $ 5,502 $ 2,038 Less: Net income allocated to participating securities (78 ) (36 ) Numerator for basic and diluted earnings available to common stockholders $ 5,424 $ 2,002 Denominator: Weighted-average basic common shares outstanding 48,101 31,317 Weighted-average diluted common shares outstanding 48,101 31,317 Earnings per common share, basic $ 0.11 $ 0.06 Earnings per common share, diluted $ 0.11 $ 0.06 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 per share for both the three months ended March 31, 2016 and 2015 , as their inclusion would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Concentration of Risk	CONCENTRATION OF RISK Major operator concentration – As of March 31, 2016 , 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. Additionally, on October 1, 2015, the Company acquired the Liberty Healthcare Portfolio, a 14 facility skilled nursing and assisted living portfolio in Ohio, for $176.5 million inclusive of transaction costs. The Company has leased these 14 facilities to subsidiaries of Pristine Senior Living ("Pristine") pursuant to a triple-net master lease entered into effective as of October 1, 2015, which has an initial term of 15 years , two five -year renewal options and no purchase options. The annual revenues from the Pristine master lease are $17.0 million and will be escalated annually by an amount equal to the product of (1) the lesser of the percentage change in the Consumer Price Index (but not less than zero ) or 3.0% , and (2) the prior year’s rent. The Pristine master lease is guaranteed by Pristine and two of its principals. Ensign’s financial statements can be found at Ensign’s website http://www.ensigngroup.net.

Summarized Condensed Consolidat

Summarized Condensed Consolidating Information	3 Months Ended
	Mar. 31, 2016
Summarized Condensed Consolidating Information [Abstract]
Summarized Condensed Consolidating Information	SUMMARIZED CONDENSED CONSOLIDATING INFORMATION The 5.875% Senior Notes due 2021 issued by the CTR Partnership, L.P. and CareTrust Capital Corp. 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 the books and records maintained by the Company. CONDENSED CONSOLIDATING BALANCE SHEETS MARCH 31, 2016 (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 $ — $ 337,902 $ 344,078 $ 40,237 $ — $ 722,217 Other real estate investments — — 8,731 — — 8,731 Cash and cash equivalents — 4,663 — — — 4,663 Accounts receivable — 1,134 1,021 72 — 2,227 Prepaid expenses and other assets — 2,068 4 — — 2,072 Deferred financing costs, net — 3,598 — — — 3,598 Investment in subsidiaries 374,247 373,655 — — (747,902 ) — Intercompany — 18,743 70,304 — (89,047 ) — Total assets $ 374,247 $ 741,763 $ 424,138 $ 40,309 $ (836,949 ) $ 743,508 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 254,495 $ — $ — $ — $ 254,495 Senior unsecured term loan, net — 99,361 — — — 99,361 Unsecured revolving credit facility — 5,000 — — — 5,000 Accounts payable and accrued liabilities 291 8,660 1,673 72 — 10,696 Dividends payable 9,845 — — — — 9,845 Intercompany — — — 89,047 (89,047 ) — Total liabilities 10,136 367,516 1,673 89,119 (89,047 ) 379,397 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 57,454,822 shares issued and outstanding as of March 31, 2016 575 — — — — 575 Additional paid-in capital 516,285 365,250 374,660 (52,899 ) (687,011 ) 516,285 Cumulative distributions in excess of earnings (152,749 ) 8,997 47,805 4,089 (60,891 ) (152,749 ) Total equity 364,111 374,247 422,465 (48,810 ) (747,902 ) 364,111 Total liabilities and equity $ 374,247 $ 741,763 $ 424,138 $ 40,309 $ (836,949 ) $ 743,508 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 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 $ — $ 256,209 $ 348,454 $ 40,951 $ — $ 645,614 Other real estate investments — — 8,477 — — 8,477 Cash and cash equivalents — 11,467 — — — 11,467 Accounts receivable — 519 1,695 128 — 2,342 Prepaid expenses and other assets — 2,079 4 — — 2,083 Deferred financing costs, net — 3,183 — — — 3,183 Investment in subsidiaries 269,992 365,368 — — (635,360 ) — Intercompany — — 59,160 4,186 (63,346 ) — Total assets $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 254,229 $ — $ — $ — $ 254,229 Mortgage notes payable, net — — — 94,676 — 94,676 Unsecured revolving credit facility — 45,000 — — — 45,000 Accounts payable and accrued liabilities — 6,258 2,433 578 — 9,269 Dividends payable 7,704 — — — — 7,704 Intercompany — 63,346 — — (63,346 ) — Total liabilities 7,704 368,833 2,433 95,254 (63,346 ) 410,878 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 47,664,742 shares issued and outstanding as of December 31, 2015 477 — — — — 477 Additional paid-in capital 410,217 266,929 374,660 (52,899 ) (588,690 ) 410,217 Cumulative distributions in excess of earnings (148,406 ) 3,063 40,697 2,910 (46,670 ) (148,406 ) Total equity 262,288 269,992 415,357 (49,989 ) (635,360 ) 262,288 Total liabilities and equity $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 6,897 $ 11,275 $ 2,725 $ — $ 20,897 Tenant reimbursements — 566 1,099 132 — 1,797 Independent living facilities — — 681 — — 681 Interest and other income — — 254 — — 254 Total revenues — 7,463 13,309 2,857 — 23,629 Expenses: Depreciation and amortization — 2,146 4,433 714 — 7,293 Interest expense — 5,372 — 815 — 6,187 Property taxes — 566 1,099 132 — 1,797 Independent living facilities — — 620 — — 620 General and administrative 433 1,731 49 17 — 2,230 Total expenses 433 9,815 6,201 1,678 — 18,127 Income in Subsidiary 5,935 8,287 — — (14,222 ) — Net income $ 5,502 $ 5,935 $ 7,108 $ 1,179 $ (14,222 ) $ 5,502 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 842 $ 11,275 $ 2,725 $ — $ 14,842 Tenant reimbursements — 52 1,090 116 — 1,258 Independent living facilities — — 635 — — 635 Interest and other income — — 223 — — 223 Total revenues — 894 13,223 2,841 — 16,958 Expenses: Depreciation and amortization — 295 4,544 760 — 5,599 Interest expense — 4,492 8 1,401 — 5,901 Property taxes — 52 1,090 116 — 1,258 Independent living facilities — — 602 — — 602 General and administrative — 1,560 — — — 1,560 Total expenses — 6,399 6,244 2,277 — 14,920 Income in Subsidiary 2,038 7,543 — — (9,581 ) — Net income $ 2,038 $ 2,038 $ 6,979 $ 564 $ (9,581 ) $ 2,038 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (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 $ (2 ) $ 2,013 $ 11,193 $ 1,790 $ — $ 14,994 Cash flows from investing activities: Acquisitions of real estate — (68,000 ) — — — (68,000 ) Improvements to real estate — — (27 ) — — (27 ) Purchases of equipment, furniture, and fixtures — — (17 ) — — (17 ) Escrow deposit for acquisition of real estate — (15,730 ) — — — (15,730 ) Distribution from subsidiary 7,704 — — — (7,704 ) — Intercompany financing (106,024 ) (82,083 ) — — 188,107 — Net cash used in investing activities (98,320 ) (165,813 ) (44 ) — 180,403 (83,774 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 106,026 — — — — 106,026 Proceeds from the issuance of senior unsecured term loan — 100,000 — — — 100,000 Borrowings under unsecured credit facility — 52,000 — — — 52,000 Payments on unsecured credit facility — (92,000 ) — — — (92,000 ) Payments on the mortgage notes payable — — — (95,022 ) — (95,022 ) Payments of deferred financing costs — (1,324 ) — — — (1,324 ) Dividends paid on common stock (7,704 ) — — — — (7,704 ) Distribution to Parent — (7,704 ) — — 7,704 — Intercompany financing — 106,024 (11,149 ) 93,232 (188,107 ) — Net cash provided by (used in) financing activities 98,322 156,996 (11,149 ) (1,790 ) (180,403 ) 61,976 Net decrease in cash and cash equivalents — (6,804 ) — — — (6,804 ) Cash and cash equivalents beginning of period — 11,467 — — — 11,467 Cash and cash equivalents end of period $ — $ 4,663 $ — $ — $ — $ 4,663 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 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 $ — $ (824 ) $ 10,496 $ 1,383 $ — $ 11,055 Cash flows from investing activities: Acquisition of real estate — (17,499 ) — — — (17,499 ) Improvements to real estate — (19 ) (55 ) — — (74 ) Purchases of equipment, furniture, and fixtures — (7 ) (56 ) — — (63 ) Escrow deposit for acquisition of real estate — (500 ) — — — (500 ) Distribution from subsidiary 3,946 — — — (3,946 ) — Intercompany financing — 11,083 — — (11,083 ) — Net cash provided by (used in) investing activities 3,946 (6,942 ) (111 ) — (15,029 ) (18,136 ) Cash flows from financing activities: Payments on mortgage notes payable — — (25 ) (660 ) — (685 ) Payments of deferred financing costs — (14 ) — — — (14 ) Dividends paid on common stock (3,946 ) — — — — (3,946 ) Distribution to Parent — (3,946 ) — — 3,946 — Intercompany financing — — (10,360 ) (723 ) 11,083 — Net cash (used in) provided by financing activities (3,946 ) (3,960 ) (10,385 ) (1,383 ) 15,029 (4,645 ) Net decrease in cash and cash equivalents — (11,726 ) — — — (11,726 ) Cash and cash equivalents beginning of period — 25,320 — — — 25,320 Cash and cash equivalents end of period $ — $ 13,594 $ — $ — $ — $ 13,594

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
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 financial statements are issued. In April 2016, the Company acquired Victory Park Nursing Home, a 55 -bed skilled nursing facility, and Victoria Retirement Community, a skilled nursing and assisted living campus with 90 skilled nursing beds and 69 assisted living beds, both located in Cincinnati, Ohio, for approximately $15.2 million , inclusive of estimated transaction costs, and intends to account for this investment as an asset acquisition. In connection with the acquisition, the Company amended its triple-net master lease with Pristine Senior Living. The Company anticipates additional initial annual lease revenues of approximately $1.4 million following this acquisition. In May 2016, the Company acquired Shaw Mountain at Cascadia, a 98 -bed skilled nursing facility located in Boise, Idaho, for approximately $8.9 million , inclusive of estimated transaction costs, and intends to account for this investment as an asset acquisition. In connection with the acquisition, the Company entered into a triple-net master lease with Cascadia Healthcare, LLC. The Company anticipates initial annual lease revenues of approximately $0.9 million following this acquisition. In May 2016, the Company acquired English Meadows Elks' Home, a 175 -unit independent and asisted living campus located in Bedford, Virginia, for approximately $10.0 million , inclusive of estimated transaction costs, and intends to account for this investment as an asset acquisition. In connection with the acquisition, the Company amended its triple-net master lease with Twenty/20 Management, Inc. The Company anticipates additional initial annual lease revenues of approximately $0.8 million following this acquisition. In May 2016, the Company acquired Croatan Village, a 46 -unit assisted living and memory care facility located in New Bern, North Carolina, and Countryside Village, a 21 -unit memory care facility located in Pikeville, North Carolina, for approximately $11.8 million , inclusive of estimated transaction costs, and intends to account for this investment as an asset acquisition. In connection with the acquisition, the Company entered into a triple-net master lease with Premier Senior Living, LLC. The Company anticipates initial annual lease revenues of approximately $1.0 million following this acquisition.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying condensed consolidated financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of the Company and its consolidated subsidiaries consisting of (i) the leased skilled nursing, assisted living and independent living facilities and (ii) the operations of the three independent living facilities. Management believes that the assumptions and estimates used in preparation of the underlying condensed consolidated financial statements are reasonable. The accompanying condensed consolidated 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 financial statements do not include all of the disclosures required by GAAP for a complete set of annual audited financial statements. The condensed consolidated 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, 2015 . 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.
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 Identified intangible assets Shorter of lease term or expected useful life
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 each reporting period, management evaluates the Company’s real estate investments for impairment indicators, including the evaluation of its 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, it evaluates 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. As the preferred member of any joint venture in which the Company has an investment, the Company is not entitled to share in such joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return is added to the balance of the preferred equity investment up to the estimated economic outcome assuming a hypothetical liquidation of the book value of the joint venture. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be repaid upon redemption. 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 the Company 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 the Company's 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 the Company's condensed consolidated income statements. Accumulated amortization of deferred financing costs was $2.6 million and $3.3 million at March 31, 2016 and December 31, 2015 , 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 the Company's condensed consolidated income statements.
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 months ended March 31, 2016 and 2015 , 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 the Company's evaluation of these factors indicates it may not recover the full value of the receivable, it provides a reserve against the portion of the receivable that it estimates may not be recovered. This analysis requires the Company 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. The Company did not reserve any receivables as of March 31, 2016 or December 31, 2015 .
Income Taxes	Income Taxes —The Company has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the “Code”). 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.
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 $0.4 million for the three months ended March 31, 2016 , and 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.
Recently Issued Accounting Standards Update	Recently Issued Accounting Standards — In May 2014, the FASB issued Accounting Standards Update ("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 January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10) (“ASU No. 2016-01”). ASU No. 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU No. 2016-01 requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in ASU No. 2016-01 also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU No. 2016-01 eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU No. 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). ASU No. 2016-02 supersedes guidance related to accounting for leases. ASU No. 2016-02 updates guidance around the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The objective of ASU No. 2016-02 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. ASU No. 2016-02 does not fundamentally change lessor accounting. However, some changes have been made to lessor accounting to conform and align the guidance in ASU No. 2016-02 with the lessee guidance and other areas within GAAP. ASU No. 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU No. 2016-09 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact adoption will have on its consolidated financial statements. Recently Adopted Accounting Standards —On December 31, 2015, the Company retrospectively early adopted, for all comparative periods presented, ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in ASU No. 2015-03 require 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 adoption of ASU No. 2015-03 resulted in a change to the location where debt issuance costs are presented in the balance sheet and did not have any other material impact on the Company's 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 a Securities and Exchange Commission ("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 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 adoption of ASU No. 2015-02 did not have a significant impact on the Company's consolidated financial statements. 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 adoption of ASU No. 2015-16 did not have a significant impact on the Company's consolidated financial statements.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
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 Identified intangible assets Shorter of lease term or expected useful life

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Summary of Investment in Owned Properties	The following tables summarize our investment in owned properties at March 31, 2016 , and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Land $ 95,247 $ 91,311 Buildings and improvements 687,500 627,453 Integral equipment, furniture and fixtures 58,424 54,388 Identified intangible assets 1,397 — Escrowed cash for April 1, 2016 acquisition (Note 14) 14,480 — Real estate investments 857,048 773,152 Accumulated depreciation and amortization (134,831 ) (127,538 ) Real estate investments, net $ 722,217 $ 645,614
Schedule of Total Future Minimum Rental Revenues	As of March 31, 2016 , our total future minimum rental revenues for all of our tenants were (dollars in thousands): Year Amount Remaining 2016 $ 64,737 2017 86,327 2018 86,328 2019 86,328 2020 86,328 Thereafter 812,275 $ 1,222,323

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 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): March 31, 2016 December 31, 2015 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investment $ 7,500 $ 8,731 $ 8,731 $ 7,500 $ 8,477 $ 8,477 Financial liabilities: Senior unsecured notes payable $ 260,000 $ 254,495 $ 262,600 $ 260,000 $ 254,229 $ 263,575 Mortgage notes payable $ — $ — $ — $ 95,022 $ 94,676 $ 97,067

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the balance of our indebtedness as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Principal Deferred Carrying Principal Deferred Carrying Amount Loan Fees Value Amount Loan Fees Value Senior unsecured notes payable $ 260,000 $ (5,505 ) $ 254,495 $ 260,000 $ (5,771 ) $ 254,229 Senior unsecured term loan 100,000 (639 ) 99,361 — — — Unsecured revolving credit facility 5,000 — 5,000 45,000 — 45,000 Mortgage notes payable — — — $ 95,022 $ (346 ) 94,676 $ 365,000 $ (6,144 ) $ 358,856 $ 400,022 $ (6,117 ) $ 393,905

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 , 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 (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2016 2015 Numerator: Net income $ 5,502 $ 2,038 Less: Net income allocated to participating securities (78 ) (36 ) Numerator for basic and diluted earnings available to common stockholders $ 5,424 $ 2,002 Denominator: Weighted-average basic common shares outstanding 48,101 31,317 Weighted-average diluted common shares outstanding 48,101 31,317 Earnings per common share, basic $ 0.11 $ 0.06 Earnings per common share, diluted $ 0.11 $ 0.06

Summarized Condensed Consolid29

Summarized Condensed Consolidating Information (Tables)	3 Months Ended
	Mar. 31, 2016
Summarized Condensed Consolidating Information [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS MARCH 31, 2016 (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 $ — $ 337,902 $ 344,078 $ 40,237 $ — $ 722,217 Other real estate investments — — 8,731 — — 8,731 Cash and cash equivalents — 4,663 — — — 4,663 Accounts receivable — 1,134 1,021 72 — 2,227 Prepaid expenses and other assets — 2,068 4 — — 2,072 Deferred financing costs, net — 3,598 — — — 3,598 Investment in subsidiaries 374,247 373,655 — — (747,902 ) — Intercompany — 18,743 70,304 — (89,047 ) — Total assets $ 374,247 $ 741,763 $ 424,138 $ 40,309 $ (836,949 ) $ 743,508 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 254,495 $ — $ — $ — $ 254,495 Senior unsecured term loan, net — 99,361 — — — 99,361 Unsecured revolving credit facility — 5,000 — — — 5,000 Accounts payable and accrued liabilities 291 8,660 1,673 72 — 10,696 Dividends payable 9,845 — — — — 9,845 Intercompany — — — 89,047 (89,047 ) — Total liabilities 10,136 367,516 1,673 89,119 (89,047 ) 379,397 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 57,454,822 shares issued and outstanding as of March 31, 2016 575 — — — — 575 Additional paid-in capital 516,285 365,250 374,660 (52,899 ) (687,011 ) 516,285 Cumulative distributions in excess of earnings (152,749 ) 8,997 47,805 4,089 (60,891 ) (152,749 ) Total equity 364,111 374,247 422,465 (48,810 ) (747,902 ) 364,111 Total liabilities and equity $ 374,247 $ 741,763 $ 424,138 $ 40,309 $ (836,949 ) $ 743,508 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 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 $ — $ 256,209 $ 348,454 $ 40,951 $ — $ 645,614 Other real estate investments — — 8,477 — — 8,477 Cash and cash equivalents — 11,467 — — — 11,467 Accounts receivable — 519 1,695 128 — 2,342 Prepaid expenses and other assets — 2,079 4 — — 2,083 Deferred financing costs, net — 3,183 — — — 3,183 Investment in subsidiaries 269,992 365,368 — — (635,360 ) — Intercompany — — 59,160 4,186 (63,346 ) — Total assets $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 254,229 $ — $ — $ — $ 254,229 Mortgage notes payable, net — — — 94,676 — 94,676 Unsecured revolving credit facility — 45,000 — — — 45,000 Accounts payable and accrued liabilities — 6,258 2,433 578 — 9,269 Dividends payable 7,704 — — — — 7,704 Intercompany — 63,346 — — (63,346 ) — Total liabilities 7,704 368,833 2,433 95,254 (63,346 ) 410,878 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 47,664,742 shares issued and outstanding as of December 31, 2015 477 — — — — 477 Additional paid-in capital 410,217 266,929 374,660 (52,899 ) (588,690 ) 410,217 Cumulative distributions in excess of earnings (148,406 ) 3,063 40,697 2,910 (46,670 ) (148,406 ) Total equity 262,288 269,992 415,357 (49,989 ) (635,360 ) 262,288 Total liabilities and equity $ 269,992 $ 638,825 $ 417,790 $ 45,265 $ (698,706 ) $ 673,166
Condensed Consolidating Income Statements	CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 6,897 $ 11,275 $ 2,725 $ — $ 20,897 Tenant reimbursements — 566 1,099 132 — 1,797 Independent living facilities — — 681 — — 681 Interest and other income — — 254 — — 254 Total revenues — 7,463 13,309 2,857 — 23,629 Expenses: Depreciation and amortization — 2,146 4,433 714 — 7,293 Interest expense — 5,372 — 815 — 6,187 Property taxes — 566 1,099 132 — 1,797 Independent living facilities — — 620 — — 620 General and administrative 433 1,731 49 17 — 2,230 Total expenses 433 9,815 6,201 1,678 — 18,127 Income in Subsidiary 5,935 8,287 — — (14,222 ) — Net income $ 5,502 $ 5,935 $ 7,108 $ 1,179 $ (14,222 ) $ 5,502 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2015 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Combined Non- Guarantor Subsidiaries Elimination Consolidated Revenues: Rental income $ — $ 842 $ 11,275 $ 2,725 $ — $ 14,842 Tenant reimbursements — 52 1,090 116 — 1,258 Independent living facilities — — 635 — — 635 Interest and other income — — 223 — — 223 Total revenues — 894 13,223 2,841 — 16,958 Expenses: Depreciation and amortization — 295 4,544 760 — 5,599 Interest expense — 4,492 8 1,401 — 5,901 Property taxes — 52 1,090 116 — 1,258 Independent living facilities — — 602 — — 602 General and administrative — 1,560 — — — 1,560 Total expenses — 6,399 6,244 2,277 — 14,920 Income in Subsidiary 2,038 7,543 — — (9,581 ) — Net income $ 2,038 $ 2,038 $ 6,979 $ 564 $ (9,581 ) $ 2,038
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (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 $ (2 ) $ 2,013 $ 11,193 $ 1,790 $ — $ 14,994 Cash flows from investing activities: Acquisitions of real estate — (68,000 ) — — — (68,000 ) Improvements to real estate — — (27 ) — — (27 ) Purchases of equipment, furniture, and fixtures — — (17 ) — — (17 ) Escrow deposit for acquisition of real estate — (15,730 ) — — — (15,730 ) Distribution from subsidiary 7,704 — — — (7,704 ) — Intercompany financing (106,024 ) (82,083 ) — — 188,107 — Net cash used in investing activities (98,320 ) (165,813 ) (44 ) — 180,403 (83,774 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 106,026 — — — — 106,026 Proceeds from the issuance of senior unsecured term loan — 100,000 — — — 100,000 Borrowings under unsecured credit facility — 52,000 — — — 52,000 Payments on unsecured credit facility — (92,000 ) — — — (92,000 ) Payments on the mortgage notes payable — — — (95,022 ) — (95,022 ) Payments of deferred financing costs — (1,324 ) — — — (1,324 ) Dividends paid on common stock (7,704 ) — — — — (7,704 ) Distribution to Parent — (7,704 ) — — 7,704 — Intercompany financing — 106,024 (11,149 ) 93,232 (188,107 ) — Net cash provided by (used in) financing activities 98,322 156,996 (11,149 ) (1,790 ) (180,403 ) 61,976 Net decrease in cash and cash equivalents — (6,804 ) — — — (6,804 ) Cash and cash equivalents beginning of period — 11,467 — — — 11,467 Cash and cash equivalents end of period $ — $ 4,663 $ — $ — $ — $ 4,663 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 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 $ — $ (824 ) $ 10,496 $ 1,383 $ — $ 11,055 Cash flows from investing activities: Acquisition of real estate — (17,499 ) — — — (17,499 ) Improvements to real estate — (19 ) (55 ) — — (74 ) Purchases of equipment, furniture, and fixtures — (7 ) (56 ) — — (63 ) Escrow deposit for acquisition of real estate — (500 ) — — — (500 ) Distribution from subsidiary 3,946 — — — (3,946 ) — Intercompany financing — 11,083 — — (11,083 ) — Net cash provided by (used in) investing activities 3,946 (6,942 ) (111 ) — (15,029 ) (18,136 ) Cash flows from financing activities: Payments on mortgage notes payable — — (25 ) (660 ) — (685 ) Payments of deferred financing costs — (14 ) — — — (14 ) Dividends paid on common stock (3,946 ) — — — — (3,946 ) Distribution to Parent — (3,946 ) — — 3,946 — Intercompany financing — — (10,360 ) (723 ) 11,083 — Net cash (used in) provided by financing activities (3,946 ) (3,960 ) (10,385 ) (1,383 ) 15,029 (4,645 ) Net decrease in cash and cash equivalents — (11,726 ) — — — (11,726 ) Cash and cash equivalents beginning of period — 25,320 — — — 25,320 Cash and cash equivalents end of period $ — $ 13,594 $ — $ — $ — $ 13,594

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Millions	Jun. 01, 2014company	Mar. 31, 2016USD ($)real_estate_investmentunitfacilitybed
Real Estate Properties [Line Items]
Date of incorporation		Oct. 29, 2013
Number of living facilities		137
Number of other real estate investments | real_estate_investment		1
Preferred equity investment | $		$ 8.7
Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member]
Real Estate Properties [Line Items]
Number of living facilities		134
Number of units available in living facilities | bed		13,214
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
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
Ensign [Member] | Skilled Nursing, Assisted Living and Independent Living Facilities [Member] | Assets Leased to Ensign [Member]
Real Estate Properties [Line Items]
Number of living facilities		94
Number of units available in living facilities | bed		10,121

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	3 Months Ended
	Mar. 31, 2016
Buildings [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Buildings [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Integral Equipment, Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)facilitysegment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Number of independent living facilities operated | facility	3
Accumulated amortization of deferred financing costs	$ 2,600,000		$ 3,300,000
Reserve against receivables	0		$ 0
Stock-based compensation expense	$ 431,000	$ 366,000
Number of reportable segments | segment	1

Real Estate Investments, Net -

Real Estate Investments, Net - Summary of Investment in Owned Properties (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 95,247	$ 91,311
Buildings and improvements	687,500	627,453
Integral equipment, furniture and fixtures	58,424	54,388
Identified intangible assets	1,397	0
Escrowed cash for April 1, 2016 acquisition	14,480	0
Real estate investments	857,048	773,152
Accumulated depreciation and amortization	(134,831)	(127,538)
Real estate investments, net	$ 722,217	$ 645,614

Real Estate Investments, Net 34

Real Estate Investments, Net - Additional Information (Detail) $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2016USD ($)renewal_optionunitfacilityleasebed	Feb. 29, 2016USD ($)renewal_optionfacilitybed	Mar. 31, 2016USD ($)unitfacilityleasebed
Investment [Line Items]
Number of facilities leased under master leases | facility	94		94
Number of facilities | facility	137		137
Number of master leases | lease	8		8
Number of facilities leased under triple-net leases | facility	40		40
Number of facilities not leased | facility	3		3
Remaining lease term			81 years
Number of facilities acquired | facility		9
Number of skilled nursing beds | bed		518
New Haven Assisted Living [Member]
Investment [Line Items]
Acquisition consideration		$ 4.9
Leases period		12 years 6 months
Leases renewal options | renewal_option		2
Leases renewal term		5 years
Anticipated initial annual lease revenues		$ 0.4
Trillium Healthcare Group [Member]
Investment [Line Items]
Acquisition consideration	$ 5	$ 32.7
Leases period		15 years
Leases renewal options | renewal_option		2
Leases renewal term		5 years
Anticipated initial annual lease revenues	$ 0.5	$ 3.2
Number of skilled nursing beds | bed	82		82
Priority Life Care [Member]
Investment [Line Items]
Acquisition consideration	$ 21.1
Leases period	15 years
Leases renewal options | renewal_option	2
Leases renewal term	5 years
Anticipated initial annual lease revenues	$ 1.8
Number of facilities acquired | facility	3		3
Better Senior Living Consulting [Member]
Investment [Line Items]
Acquisition consideration	$ 5.7
Leases period	14 years
Leases renewal options | renewal_option	2
Leases renewal term	5 years
Anticipated initial annual lease revenues	$ 0.5
Number of units available in living facilities | unit	74		74
Ensign Master Leases [Member]
Investment [Line Items]
Annual revenues from Master Leases during first year	$ 56		$ 56
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%

Real Estate Investments, Net 35

Real Estate Investments, Net - Schedule of Total Future Minimum Rental Revenues (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Real Estate [Abstract]
Remaining 2,016	$ 64,737
2,017	86,327
2,018	86,328
2,019	86,328
2,020	86,328
Thereafter	812,275
Total	$ 1,222,323

Other Real Estate Investments -

Other Real Estate Investments - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2014USD ($)abed	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Real Estate Properties [Line Items]
Preferred equity investment		$ 8.7
Recognized interest income		$ 0.3	$ 0.2
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	Mar. 31, 2016	Dec. 31, 2015
Financial assets:
Preferred equity investment - face value	$ 7,500	$ 7,500
Preferred equity investment	8,700
Financial liabilities:
Senior unsecured notes payable, net	254,495	254,229
Mortgage notes payable, net	0	94,676
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	0	95,022
Fair Value
Financial assets:
Preferred equity investment	8,731	8,477
Fair Value | Level 2
Financial liabilities:
Senior unsecured notes payable, net	262,600	263,575
Fair Value | Level 3
Financial liabilities:
Mortgage notes payable, net	0	97,067
Carrying Amount
Financial assets:
Preferred equity investment	8,731	8,477
Carrying Amount | Level 2
Financial liabilities:
Senior unsecured notes payable, net	254,495	254,229
Carrying Amount | Level 3
Financial liabilities:
Mortgage notes payable, net	$ 0	$ 94,676

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair value measurement, description	the Company measured fair value using (i) a valuation technique that used 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 was 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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Rental income from related party	$ 0	$ 14,000
Tenant reimbursements from related party	0	$ 1,206
Rental Income From Affiliate [Member] | Director [Member]
Related Party Transaction [Line Items]
Rental income from related party	14,000
Tenant reimbursements from related party	$ 1,200

Debt - Additional Information (

Debt - Additional Information (Detail)	Feb. 01, 2016USD ($)extension_option	Aug. 05, 2015USD ($)	May. 30, 2014USD ($)	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Payments on the mortgage notes payable				$ 95,022,000	$ 685,000
Interest expense				6,187,000	5,901,000
Amortization of deferred financing costs				600,000	500,000
Write-off of deferred financing costs				326,000	$ 0
Interest payable				$ 5,100,000		$ 1,900,000
General Electric Capital Corporation [Member] | Mortgage Notes Payable due May 30, 2017 [Member]
Line of Credit Facility [Line Items]
Number of properties subject to mortgage loans | property				10
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility				$ 5,000,000		45,000,000
Senior Unsecured Term Loan [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility				$ 99,361,000		$ 0
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%
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 Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity		$ 300,000,000
Line of Credit [Member] | Unsecured 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 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 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 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 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 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] | Revolving Credit Facility As Amended [Member]
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	$ 400,000,000
Line of credit facility, increase to borrowing capacity	100,000,000
Line of credit facility, increase to uncommitted incremental facility	50,000,000
Line of credit facility, uncommitted incremental facility limit	$ 250,000,000
Number of extension options | extension_option	2
Line of credit facility, extension period	6 months
Unsecured revolving credit facility				$ 5,000,000
Line of Credit [Member] | Revolving Credit Facility As Amended [Member] | Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	1.95%
Line of Credit [Member] | Revolving Credit Facility As Amended [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	0.95%
Line of Credit [Member] | Revolving Credit Facility As Amended [Member] | Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	2.60%
Line of Credit [Member] | Revolving Credit Facility As Amended [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread	1.60%
Line of Credit [Member] | Senior Unsecured Term Loan [Member]
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	$ 100,000,000
Line of credit facility, prepayment premium in first year	2.00%
Line of credit facility, prepayment premium in second year	1.00%
Mortgage notes payable
Line of Credit Facility [Line Items]
Payments on the mortgage notes payable	$ 95,000,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 365,000	$ 400,022
Deferred Finance Costs, Gross	(6,144)	(6,117)
Long-term Debt	358,856	393,905
Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	260,000	260,000
Deferred Finance Costs, Gross	(5,505)	(5,771)
Long-term Debt	254,495	254,229
Senior Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	100,000	0
Deferred Finance Costs, Gross	(639)	0
Long-term Debt	99,361	0
Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	5,000	45,000
Deferred Finance Costs, Gross	0	0
Long-term Debt	5,000	45,000
Mortgage notes payable
Debt Instrument [Line Items]
Long-term Debt, Gross	0	95,022
Deferred Finance Costs, Gross	0	(346)
Long-term Debt	$ 0	$ 94,676

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Mar. 28, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Issuance of common stock, net, shares	9,780
Proceeds from the issuance of common stock, net	$ 105,700	$ 106,026	$ 0
Share price to the public (in usd per share)	$ 11.35
Dividends declared per common share (in usd per share)		$ 0.17	$ 0.16	$ 0.64
Dividend, payable date		Apr. 15, 2016
Dividend, record date		Mar. 31, 2016
Over-Allotment Option [Member]
Class of Stock [Line Items]
Issuance of common stock, net, shares	1,280

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) $ in Thousands	Jun. 01, 2014	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense associated with grants | $		$ 431	$ 366
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense associated with grants | $		400
Unamortized stock-based compensation expense related to unvested awards | $		$ 3,200
Weighted-average remaining vesting period		3 years
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
Ensign Employees [Member] | Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards unvested during spin-off (in shares) | shares		207,580
Shares vested | shares		16,800
Unvested stock awards outstanding (in shares) | shares		72,030

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		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Numerator:
Net income (loss)	$ 5,502	$ 2,038	$ 10,034
Less: Net income allocated to participating securities	(78)	(36)
Numerator for basic and diluted earnings (loss) available to common stockholders	$ 5,424	$ 2,002
Denominator:
Weighted-average basic common shares outstanding (in shares)	48,101	31,317
Weighted-average diluted common shares outstanding (in shares)	48,101	31,317
Earnings (loss) per common share, basic (in usd per share)	$ 0.11	$ 0.06
Earnings (loss) per common share, diluted (in usd per share)	$ 0.11	$ 0.06

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) $ in Millions	Oct. 01, 2015USD ($)principalrenewal_optionfacility	Mar. 31, 2016facilitystatebed	Feb. 29, 2016facility
Concentration Risk [Line Items]
Number of living facilities		137
Description of highest concentration of properties		The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona.
Number of facilities acquired			9
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		134
Number of units available in living facilities | bed		13,214
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
Liberty Healthcare Portfolio [Member]
Concentration Risk [Line Items]
Number of facilities acquired	14
Acquisition consideration | $	$ 176.5
Liberty Healthcare Portfolio [Member] | Pristine Master Lease [Member]
Concentration Risk [Line Items]
Leases period	15 years
Leases renewal options | renewal_option	2
Leases renewal term	5 years
Anticipated initial annual lease revenues | $	$ 17
Escalation factor for calculating revenues after year two	0.00%
Percentage change in the consumer price index	3.00%
Number of affiliates of the principal guaranteeing the lease | principal	2

Summarized Condensed Consolid47

Summarized Condensed Consolidating Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016	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 Consolid48

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets:
Real estate investments, net	$ 722,217	$ 645,614
Other real estate investments	8,731	8,477
Cash and cash equivalents	4,663	11,467	$ 13,594	$ 25,320
Accounts receivable	2,227	2,342
Prepaid expenses and other assets	2,072	2,083
Deferred financing costs, net	3,598	3,183
Investment in subsidiaries	0	0
Intercompany	0	0
Total assets	743,508	673,166
Liabilities and Equity:
Senior unsecured notes payable, net	254,495	254,229
Mortgage notes payable, net	0	94,676
Accounts payable and accrued liabilities	10,696	9,269
Dividends payable	9,845	7,704
Intercompany	0	0
Total liabilities	379,397	410,878
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	575	477
Additional paid-in capital	516,285	410,217
Cumulative distributions in excess of earnings	(152,749)	(148,406)
Total equity	364,111	262,288		113,462
Total liabilities and equity	743,508	673,166
Senior Unsecured Term Loan [Member]
Liabilities and Equity:
Unsecured revolving credit facility	99,361	0
Unsecured Revolving Credit Facility [Member]
Liabilities and Equity:
Unsecured revolving credit facility	5,000	45,000
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	374,247	269,992
Intercompany	0	0
Total assets	374,247	269,992
Liabilities and Equity:
Senior unsecured notes payable, net	0	0
Mortgage notes payable, net		0
Accounts payable and accrued liabilities	291	0
Dividends payable	9,845	7,704
Intercompany	0	0
Total liabilities	10,136	7,704
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	575	477
Additional paid-in capital	516,285	410,217
Cumulative distributions in excess of earnings	(152,749)	(148,406)
Total equity	364,111	262,288
Total liabilities and equity	374,247	269,992
Reportable Legal Entities [Member] | Parent Guarantor [Member] | Senior Unsecured Term Loan [Member]
Liabilities and Equity:
Unsecured revolving credit facility	0
Reportable Legal Entities [Member] | Parent Guarantor [Member] | Unsecured Revolving Credit Facility [Member]
Liabilities and Equity:
Unsecured revolving credit facility	0	0
Reportable Legal Entities [Member] | Issuers [Member]
Assets:
Real estate investments, net	337,902	256,209
Other real estate investments	0	0
Cash and cash equivalents	4,663	11,467	13,594	25,320
Accounts receivable	1,134	519
Prepaid expenses and other assets	2,068	2,079
Deferred financing costs, net	3,598	3,183
Investment in subsidiaries	373,655	365,368
Intercompany	18,743	0
Total assets	741,763	638,825
Liabilities and Equity:
Senior unsecured notes payable, net	254,495	254,229
Mortgage notes payable, net		0
Accounts payable and accrued liabilities	8,660	6,258
Dividends payable	0	0
Intercompany	0	63,346
Total liabilities	367,516	368,833
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	365,250	266,929
Cumulative distributions in excess of earnings	8,997	3,063
Total equity	374,247	269,992
Total liabilities and equity	741,763	638,825
Reportable Legal Entities [Member] | Issuers [Member] | Senior Unsecured Term Loan [Member]
Liabilities and Equity:
Unsecured revolving credit facility	99,361
Reportable Legal Entities [Member] | Issuers [Member] | Unsecured Revolving Credit Facility [Member]
Liabilities and Equity:
Unsecured revolving credit facility	5,000	45,000
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member]
Assets:
Real estate investments, net	344,078	348,454
Other real estate investments	8,731	8,477
Cash and cash equivalents	0	0	0	0
Accounts receivable	1,021	1,695
Prepaid expenses and other assets	4	4
Deferred financing costs, net	0	0
Investment in subsidiaries	0	0
Intercompany	70,304	59,160
Total assets	424,138	417,790
Liabilities and Equity:
Senior unsecured notes payable, net	0	0
Mortgage notes payable, net		0
Accounts payable and accrued liabilities	1,673	2,433
Dividends payable	0	0
Intercompany	0	0
Total liabilities	1,673	2,433
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	47,805	40,697
Total equity	422,465	415,357
Total liabilities and equity	424,138	417,790
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member] | Senior Unsecured Term Loan [Member]
Liabilities and Equity:
Unsecured revolving credit facility	0
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member] | Unsecured Revolving Credit Facility [Member]
Liabilities and Equity:
Unsecured revolving credit facility	0	0
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member]
Assets:
Real estate investments, net	40,237	40,951
Other real estate investments	0	0
Cash and cash equivalents	0	0	0	0
Accounts receivable	72	128
Prepaid expenses and other assets	0	0
Deferred financing costs, net	0	0
Investment in subsidiaries	0	0
Intercompany	0	4,186
Total assets	40,309	45,265
Liabilities and Equity:
Senior unsecured notes payable, net	0	0
Mortgage notes payable, net		94,676
Accounts payable and accrued liabilities	72	578
Dividends payable	0	0
Intercompany	89,047	0
Total liabilities	89,119	95,254
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	4,089	2,910
Total equity	(48,810)	(49,989)
Total liabilities and equity	40,309	45,265
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | Senior Unsecured Term Loan [Member]
Liabilities and Equity:
Unsecured revolving credit facility	0
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | Unsecured Revolving Credit Facility [Member]
Liabilities and Equity:
Unsecured revolving credit facility	0	0
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	(747,902)	(635,360)
Intercompany	(89,047)	(63,346)
Total assets	(836,949)	(698,706)
Liabilities and Equity:
Senior unsecured notes payable, net	0	0
Mortgage notes payable, net		0
Accounts payable and accrued liabilities	0	0
Dividends payable	0	0
Intercompany	(89,047)	(63,346)
Total liabilities	(89,047)	(63,346)
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	(687,011)	(588,690)
Cumulative distributions in excess of earnings	(60,891)	(46,670)
Total equity	(747,902)	(635,360)
Total liabilities and equity	(836,949)	(698,706)
Elimination [Member] | Senior Unsecured Term Loan [Member]
Liabilities and Equity:
Unsecured revolving credit facility	0
Elimination [Member] | Unsecured Revolving Credit Facility [Member]
Liabilities and Equity:
Unsecured revolving credit facility	$ 0	$ 0

Summarized Condensed Consolid49

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets - Shares Information (Detail) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Summarized Condensed Consolidating 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	57,454,822	47,664,742
Common stock, Shares Outstanding	57,454,822	47,664,742

Summarized Condensed Consolid50

Summarized Condensed Consolidating Information - Condensed Consolidating Income Statements (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues:
Rental income	$ 20,897	$ 14,842
Tenant reimbursements	1,797	1,258
Independent living facilities	681	635
Interest and other income	254	223
Total revenues	23,629	16,958
Expenses:
Depreciation and amortization	7,293	5,599
Interest expense	6,187	5,901
Property taxes	1,797	1,258
Independent living facilities	620	602
General and administrative	2,230	1,560
Total expenses	18,127	14,920
Income (loss) in Subsidiary	0	0
Net income	5,502	2,038	$ 10,034
Reportable Legal Entities [Member] | Parent Guarantor [Member]
Revenues:
Rental income	0	0
Tenant reimbursements	0	0
Independent living facilities	0	0
Interest and other income	0	0
Total revenues	0	0
Expenses:
Depreciation and amortization	0	0
Interest expense	0	0
Property taxes	0	0
Independent living facilities	0	0
General and administrative	433	0
Total expenses	433	0
Income (loss) in Subsidiary	5,935	2,038
Net income	5,502	2,038
Reportable Legal Entities [Member] | Issuers [Member]
Revenues:
Rental income	6,897	842
Tenant reimbursements	566	52
Independent living facilities	0	0
Interest and other income	0	0
Total revenues	7,463	894
Expenses:
Depreciation and amortization	2,146	295
Interest expense	5,372	4,492
Property taxes	566	52
Independent living facilities	0	0
General and administrative	1,731	1,560
Total expenses	9,815	6,399
Income (loss) in Subsidiary	8,287	7,543
Net income	5,935	2,038
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member]
Revenues:
Rental income	11,275	11,275
Tenant reimbursements	1,099	1,090
Independent living facilities	681	635
Interest and other income	254	223
Total revenues	13,309	13,223
Expenses:
Depreciation and amortization	4,433	4,544
Interest expense	0	8
Property taxes	1,099	1,090
Independent living facilities	620	602
General and administrative	49	0
Total expenses	6,201	6,244
Income (loss) in Subsidiary	0	0
Net income	7,108	6,979
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member]
Revenues:
Rental income	2,725	2,725
Tenant reimbursements	132	116
Independent living facilities	0	0
Interest and other income	0	0
Total revenues	2,857	2,841
Expenses:
Depreciation and amortization	714	760
Interest expense	815	1,401
Property taxes	132	116
Independent living facilities	0	0
General and administrative	17	0
Total expenses	1,678	2,277
Income (loss) in Subsidiary	0	0
Net income	1,179	564
Elimination [Member]
Revenues:
Rental income	0	0
Tenant reimbursements	0	0
Independent living facilities	0	0
Interest and other income	0	0
Total revenues	0	0
Expenses:
Depreciation and amortization	0	0
Interest expense	0	0
Property taxes	0	0
Independent living facilities	0	0
General and administrative	0	0
Total expenses	0	0
Income (loss) in Subsidiary	(14,222)	(9,581)
Net income	$ (14,222)	$ (9,581)

Summarized Condensed Consolid51

Summarized Condensed Consolidating Information - Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands	Mar. 28, 2016	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net cash (used in) provided by operating activities		$ 14,994	$ 11,055
Cash flows from investing activities:
Acquisitions of real estate		(68,000)	(17,499)
Improvements to real estate		(27)	(74)
Purchases of equipment, furniture and fixtures		(17)	(63)
Escrow deposits for acquisition of real estate		(15,730)	(500)
Distribution from subsidiary		0	0
Intercompany financing		0	0
Net cash used in investing activities		(83,774)	(18,136)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	$ 105,700	106,026	0
Proceeds from the issuance of senior unsecured term loan		100,000	0
Proceeds from the issuance of senior unsecured term loan		52,000	0
Payments on unsecured credit facility		(92,000)	0
Payments on the mortgage notes payable		(95,022)	(685)
Payments of deferred financing costs		(1,324)	(14)
Dividends paid on common stock		(7,704)	(3,946)
Distribution to Parent		0	0
Intercompany financing		0	0
Net cash provided by (used in) financing activities		61,976	(4,645)
Net decrease in cash and cash equivalents		(6,804)	(11,726)
Cash and cash equivalents beginning of period		11,467	25,320
Cash and cash equivalents end of period		4,663	13,594
Reportable Legal Entities [Member] | Parent Guarantor [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		(2)	0
Cash flows from investing activities:
Acquisitions of real estate		0	0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	0
Escrow deposits for acquisition of real estate		0	0
Distribution from subsidiary		7,704	3,946
Intercompany financing		(106,024)	0
Net cash used in investing activities		(98,320)	3,946
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		106,026
Proceeds from the issuance of senior unsecured term loan		0
Proceeds from the issuance of senior unsecured term loan		0
Payments on unsecured credit facility		0
Payments on the mortgage notes payable		0	0
Payments of deferred financing costs		0	0
Dividends paid on common stock		(7,704)	(3,946)
Distribution to Parent		0	0
Intercompany financing		0	0
Net cash provided by (used in) financing activities		98,322	(3,946)
Net decrease 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		2,013	(824)
Cash flows from investing activities:
Acquisitions of real estate		(68,000)	(17,499)
Improvements to real estate		0	(19)
Purchases of equipment, furniture and fixtures		0	(7)
Escrow deposits for acquisition of real estate		(15,730)	(500)
Distribution from subsidiary		0	0
Intercompany financing		(82,083)	11,083
Net cash used in investing activities		(165,813)	(6,942)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured term loan		100,000
Proceeds from the issuance of senior unsecured term loan		52,000
Payments on unsecured credit facility		(92,000)
Payments on the mortgage notes payable		0	0
Payments of deferred financing costs		(1,324)	(14)
Dividends paid on common stock		0	0
Distribution to Parent		(7,704)	(3,946)
Intercompany financing		106,024	0
Net cash provided by (used in) financing activities		156,996	(3,960)
Net decrease in cash and cash equivalents		(6,804)	(11,726)
Cash and cash equivalents beginning of period		11,467	25,320
Cash and cash equivalents end of period		4,663	13,594
Reportable Legal Entities [Member] | Combined Subsidiary Guarantors [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		11,193	10,496
Cash flows from investing activities:
Acquisitions of real estate		0	0
Improvements to real estate		(27)	(55)
Purchases of equipment, furniture and fixtures		(17)	(56)
Escrow deposits for acquisition of real estate		0	0
Distribution from subsidiary		0	0
Intercompany financing		0	0
Net cash used in investing activities		(44)	(111)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured term loan		0
Proceeds from the issuance of senior unsecured term loan		0
Payments on unsecured credit facility		0
Payments on the mortgage notes payable		0	(25)
Payments of deferred financing costs		0	0
Dividends paid on common stock		0	0
Distribution to Parent		0	0
Intercompany financing		(11,149)	(10,360)
Net cash provided by (used in) financing activities		(11,149)	(10,385)
Net decrease 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] | Combined Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash (used in) provided by operating activities		1,790	1,383
Cash flows from investing activities:
Acquisitions of real estate		0	0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	0
Escrow deposits for acquisition of real estate		0	0
Distribution from subsidiary		0	0
Intercompany financing		0	0
Net cash used in investing activities		0	0
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured term loan		0
Proceeds from the issuance of senior unsecured term loan		0
Payments on unsecured credit facility		0
Payments on the mortgage notes payable		(95,022)	(660)
Payments of deferred financing costs		0	0
Dividends paid on common stock		0	0
Distribution to Parent		0	0
Intercompany financing		93,232	(723)
Net cash provided by (used in) financing activities		(1,790)	(1,383)
Net decrease 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:
Acquisitions of real estate		0	0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	0
Escrow deposits for acquisition of real estate		0	0
Distribution from subsidiary		(7,704)	(3,946)
Intercompany financing		188,107	(11,083)
Net cash used in investing activities		180,403	(15,029)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0
Proceeds from the issuance of senior unsecured term loan		0
Proceeds from the issuance of senior unsecured term loan		0
Payments on unsecured credit facility		0
Payments on the mortgage notes payable		0	0
Payments of deferred financing costs		0	0
Dividends paid on common stock		0	0
Distribution to Parent		7,704	3,946
Intercompany financing		(188,107)	11,083
Net cash provided by (used in) financing activities		(180,403)	15,029
Net decrease 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 Millions	May. 11, 2016USD ($)unitbed	Apr. 30, 2016USD ($)bed	Feb. 29, 2016bed
Subsequent Event [Line Items]
Number of skilled nursing beds | bed			518
Subsequent Events [Member] | Victory Park Nursing Home [Member]
Subsequent Event [Line Items]
Number of skilled nursing beds | bed		55
Subsequent Events [Member] | Victoria Retirement Community [Member]
Subsequent Event [Line Items]
Number of skilled nursing beds | bed		90
Number of assisted living beds | bed		69
Subsequent Events [Member] | Victory Park Nursing Home and Victoria Retirement Community [Member]
Subsequent Event [Line Items]
Acquisition consideration		$ 15.2
Anticipated initial annual lease revenues		$ 1.4
Subsequent Events [Member] | Shaw Mountain at Cascadia [Member]
Subsequent Event [Line Items]
Number of skilled nursing beds | bed	98
Acquisition consideration	$ 8.9
Anticipated initial annual lease revenues	0.9
Subsequent Events [Member] | English Meadows Elks' Home [Member]
Subsequent Event [Line Items]
Acquisition consideration	10
Anticipated initial annual lease revenues	$ 0.8
Number of units available in living facilities | unit	175
Subsequent Events [Member] | Croatan Village [Member]
Subsequent Event [Line Items]
Number of units available in living facilities | unit	46
Subsequent Events [Member] | Countryside Village [Member]
Subsequent Event [Line Items]
Number of units available in living facilities | unit	21
Subsequent Events [Member] | Croatan Village and Countryside Village [Member]
Subsequent Event [Line Items]
Acquisition consideration	$ 11.8
Anticipated initial annual lease revenues	$ 1