CareTrust REIT (CTRE) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 07, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	CTRE
Entity Registrant Name	CareTrust REIT, Inc.
Entity Central Index Key	1,590,717
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		75,922,760

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Real estate investments, net	$ 1,089,089	$ 893,918
Other real estate investments	5,368	13,872
Cash and cash equivalents	14,808	7,500
Accounts and other receivables	12,961	5,896
Prepaid expenses and other assets	1,803	1,369
Deferred financing costs, net	1,989	2,803
Total assets	1,126,018	925,358
Liabilities and Equity:
Senior unsecured notes payable, net	294,221	255,294
Senior unsecured term loan, net	99,493	99,422
Unsecured revolving credit facility	95,000	95,000
Accounts payable and accrued liabilities	17,382	12,137
Dividends payable	14,046	11,075
Total liabilities	520,142	472,928
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 and 64,816,350 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	755	648
Additional paid-in capital	782,707	611,475
Cumulative distributions in excess of earnings	(177,586)	(159,693)
Total equity	605,876	452,430
Total liabilities and equity	$ 1,126,018	$ 925,358

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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	75,472,682	64,816,350
Common stock, shares outstanding	75,472,682	64,816,350

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues:
Rental income	$ 29,404			$ 24,179	$ 85,254	$ 67,857
Tenant reimbursements	2,543			2,089	7,253	5,815
Independent living facilities	825			766	2,407	2,177
Interest and other income	176			72	1,471	587
Total revenues	32,948			27,106	96,385	76,436
Expenses:
Depreciation and amortization	9,745			8,248	28,156	23,433
Interest expense	5,592			5,743	17,690	17,044
Loss on the extinguishment of debt	0			0	11,883	326
Property taxes	2,543			2,089	7,253	5,815
Independent living facilities	698			708	2,003	1,926
Impairment of real estate investment	0			0	890	0
Acquisition costs	0			203	0	203
General and administrative	3,059			2,283	8,426	6,724
Total expenses	21,637			19,274	76,301	55,471
Other income:
Gain on disposition of other real estate investment	0			0	3,538	0
Net income	$ 11,311			$ 7,832	$ 23,622	$ 20,965	$ 29,353
Earnings per common share:
Basic (in usd per share)	$ 0.15			$ 0.13	$ 0.33	$ 0.38
Diluted (in usd per share)	$ 0.15			$ 0.13	$ 0.33	$ 0.38
Weighted-average number of common shares:
Basic (in shares)	75,471			57,595	71,693	54,403
Diluted (in shares)	75,471			57,595	71,693	54,403
Dividends declared per common share (in usd per share)	$ 0.185	$ 0.185	$ 0.185	$ 0.17	$ 0.555	$ 0.51	$ 0.68

Condensed Consolidated Statemen

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings
Beginning balance at Dec. 31, 2015	$ 262,288	$ 477	$ 410,217	$ (148,406)
Beginning balance (in shares) at Dec. 31, 2015		47,664,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	200,398	$ 170	200,228
Issuance of common stock, net, (in shares)		17,023,824
Vesting of restricted common stock, net of shares withheld for employee taxes	(515)	$ 1	(516)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		127,784
Amortization of stock-based compensation	1,546		1,546
Common dividends ($0.555 and $0.68 per share for the nine months ended 9/30/2017 and year ended 12/31/2016, respectively) (in usd per share)	(40,640)			(40,640)
Net income	29,353			29,353
Ending balance at Dec. 31, 2016	452,430	$ 648	611,475	(159,693)
Ending balance (in shares) at Dec. 31, 2016		64,816,350
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	170,414	$ 106	170,308
Issuance of common stock, net, (in shares)		10,573,089
Vesting of restricted common stock, net of shares withheld for employee taxes	(867)	$ 1	(868)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		83,243
Amortization of stock-based compensation	1,792		1,792
Common dividends ($0.555 and $0.68 per share for the nine months ended 9/30/2017 and year ended 12/31/2016, respectively) (in usd per share)	(41,515)			(41,515)
Net income	23,622			23,622
Ending balance at Sep. 30, 2017	$ 605,876	$ 755	$ 782,707	$ (177,586)
Ending balance (in shares) at Sep. 30, 2017		75,472,682

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.185	$ 0.185	$ 0.185	$ 0.17	$ 0.555	$ 0.51	$ 0.68

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 23,622	$ 20,965
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including a below-market ground lease)	28,168	23,444
Amortization of deferred financing costs	1,615	1,678
Loss on extinguishment of debt	11,883	326
Amortization of stock-based compensation	1,792	1,207
Straight-line rental income	(117)	(78)
Non-cash interest income	(496)	(587)
Interest income distribution from other real estate investment	1,500	0
Impairment of real estate investment	890	0
Change in operating assets and liabilities:
Accounts and other receivables	(6,948)	(3,246)
Prepaid expenses and other assets	(182)	3
Accounts payable and accrued liabilities	5,206	5,801
Net cash provided by operating activities	66,933	49,513
Cash flows from investing activities:
Acquisitions of real estate	(222,463)	(185,284)
Improvements to real estate	(621)	(258)
Purchases of equipment, furniture and fixtures	(359)	(139)
Preferred equity investments	0	(4,531)
Sale of other real estate investment	7,500	0
Escrow deposits for acquisition of real estate	(1,000)	(1,000)
Net cash used in investing activities	(216,943)	(191,212)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	170,414	108,395
Proceeds from the issuance of senior unsecured notes payable	300,000	0
Proceeds from the issuance of senior unsecured term loan	0	100,000
Borrowings under unsecured revolving credit facility	158,000	150,000
Payments on senior unsecured notes payable	(267,639)	0
Payments on unsecured revolving credit facility	(158,000)	(92,000)
Payments on the mortgage notes payable	0	(95,022)
Payments of deferred financing costs	(6,047)	(1,352)
Net-settle adjustment on restricted stock	(866)	(515)
Dividends paid on common stock	(38,544)	(27,396)
Net cash provided by financing activities	157,318	142,110
Net increase in cash and cash equivalents	7,308	411
Cash and cash equivalents, beginning of period	7,500	11,467
Cash and cash equivalents, end of period	14,808	11,878
Supplemental disclosures of cash flow information:
Interest paid	19,349	12,173
Supplemental schedule of noncash operating, investing and financing activities:
Increase in dividends payable	2,971	2,169
Application of escrow deposit to acquisition of real estate	$ 700	$ 1,250

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Description of Business— CareTrust REIT, Inc.’s (“CareTrust REIT” or the “Company”) primary business consists of acquiring, financing and owning real property to be leased to third-party tenants in the healthcare sector. As of September 30, 2017 , the Company owned and leased to independent operators, including The Ensign Group, Inc. (“Ensign”), 171 skilled nursing, skilled nursing campuses, assisted living and independent living facilities consisting of 16,795 operational beds and units located in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Maryland, Michigan, Minnesota, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oregon, Texas, Utah, Virginia, Washington and Wisconsin. The Company also owns and operates three independent living facilities consisting of 264 units located in Texas and Utah. As of September 30, 2017 , the Company also had two other real estate investments, consisting of $5.4 million of preferred equity investments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
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 net-leased skilled nursing, assisted living and independent living facilities, (ii) the operations of the three independent living facilities that the Company owns and operates and (iii) the preferred equity investments. 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, 2016 . 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. Management believes that the assumptions and estimates used in preparation of the underlying condensed consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions. Reclassifications —Prior period results reflect reclassifications, for comparative purposes, in the Company’s condensed consolidated financial statements, including a $0.3 million write-off of deferred financing costs reclassified from interest expense to loss on extinguishment of debt in the condensed consolidated income statement for the nine months ended September 30, 2016 . These reclassifications have not changed the results of operations of prior periods. Real Estate Depreciation and Amortization —Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are expensed 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 Accounting Standards Codification (“ASC”) Topic 805, Business Combinations , the Company records the acquisition of income-producing real estate as an asset acquisition. If the acquired assets meet the definition of a business, the Company records the acquisition as a business combination. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions accounted for as 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 accounted for as 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 are based on a number of assumptions, including with respect to 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. As part of the Company’s asset acquisitions, the Company may commit to provide contingent payments to a seller or lessee (e.g., an earn-out payable upon the applicable property achieving certain financial metrics). Typically, when the contingent payments are funded, cash rent is increased by the amount funded multiplied by a rate stipulated in the agreement. Generally, if the contingent payment is an earn-out provided to the seller, the payment is capitalized to the property’s basis. If the contingent payment is an earn-out provided to the lessee, the payment is recorded as a lease incentive and is amortized as a yield adjustment over the life of the lease. 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, to the extent there is outside contributed equity or cumulative earnings from operations. As the preferred member of the joint venture, the Company is not entitled to share in the 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 or as available cash flow is distributed from the joint venture. The Company evaluates at each reporting period 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 $2.7 million and $4.2 million as of September 30, 2017 and December 31, 2016 , 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 reimbursements 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 each of the three and nine months ended September 30, 2017 and 2016 , such tenant reimbursement revenues consisted 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 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 reserved contractual cash rent of $0.5 million as of September 30, 2017 and had no reserves at December 31, 2016 . 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 to its stockholders at least 90% of the Company’s annual REIT taxable income (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 as qualifying dividends all of its REIT taxable income 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 $0.7 million and $0.3 million for the three months ended September 30, 2017 and 2016 , respectively, and $1.8 million and $1.2 million for the nine months ended September 30, 2017 and 2016 , respectively. Concentration of Credit Risk —The Company is subject to concentrations of credit risk consisting primarily of operating leases on the Company’s owned properties. See Note 11, Concentration of Risk , for a discussion of major operator concentration. On March 21, 2017, the Company entered into a third lease amendment with affiliates of Pristine Senior Living, LLC (“Pristine”). Under the third lease amendment, the Company partially pre-funded a landlord-managed impound account into which Pristine would deposit, as additional rent, and from which the Company would pay to the appropriate taxing authorities and agencies, certain property taxes and franchise permit fees related to the properties that Pristine net leases from the Company. At June 30, 2017, the net pre-fundings by the Company totaled $3.0 million . During the three months ended September 30, 2017, Pristine was allowed to defer a portion of the contractual additional rent amounts required under the third lease amendment, as well as a portion of September’s base rent. At September 30, 2017, accounts and other receivables included deferred rent related to the Company’s net pre-fundings for property and franchise permit fees of approximately $5.3 million and deferred September 2017 rent of $0.8 million . On November 2, 2017, the Company entered into a fourth amendment to the master lease (“Pristine Amendment”) with Pristine. Under the Pristine Amendment, Pristine has agreed to repay all of these deferred rent amounts over time with interest. See Note 13, Subsequent Events for further discussion. Segment Disclosures —The Financial Accounting Standards Board (“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 Topic 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. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). ASC 606 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. ASC 606 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the ASC. ASC 606 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 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. Entities can use either a full retrospective or modified retrospective method to adopt the ASU. Under the full retrospective method, all periods presented will be restated upon adoption to conform to the new standard and a cumulative adjustment for effects on periods prior to 2016 will be recorded to retained earnings as of January 1, 2016. Under the modified retrospective approach, prior periods are not restated to conform to the new standard. Instead, a cumulative adjustment for effects of applying the new standard to periods prior to 2018 is recorded to retained earnings as of January 1, 2018. The Company has elected the modified retrospective approach. The Company continues to evaluate the potential effect that the adoption of ASC 606 will have on the Company’s consolidated financial statements and disclosures. Based on review of the Company’s revenue streams from independent living facilities, the Company’s consolidated financial statements include revenues generated through services provided to residents of independent living facilities that are ancillary to the residents’ contractual rights to occupy living and common-area space at the communities, such as meals, transportation and activities. While these revenue streams are subject to the application of Topic 606, the revenues associated with these services are generally recognized on a monthly basis, the period in which the related services are performed. Therefore, revenue recognition under the new revenue recognition ASU is expected to be similar to the recognition pattern under existing accounting standards. During the nine months ended September 30, 2017 , the Company recognized $2.4 million of revenue from its independent living facilities. In addition, the Company is monitoring specific developments for the senior living industry and evaluating potential changes to its business processes, systems, and controls to support the recognition and disclosure under the new standard. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10) (“ASU 2016-01”). ASU 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU 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 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 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 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASC 842 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 is expected to result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations for which it is the lessee. As of September 30, 2017 , the remaining contractual payments under the Company’s lease agreements aggregated $0.3 million . Additionally, ASC 842 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASC 842, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. During the nine months ended September 30, 2017 , the Company did not capitalize any allocated payroll costs. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. ASC 842 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The standard permits the use of the modified retrospective transition method. The Company continues to assess the potential effect that the adoption of ASC 842 will have on the Company’s consolidated financial statements; however, the Company expects that its tenant recoveries will be separated into lease and non-lease components. Tenant recoveries that qualify as lease components, which relate to the right to use the leased asset (e.g., property taxes, insurance), will be accounted for under ASC 842. Tenant recoveries that qualify as non-lease components, which relate to payments for goods or services that are transferred separately from the right to use the underlying asset, including tenant recoveries related to payments for maintenance activities and common area expenses, will be accounted for under the new revenue recognition ASC 606 upon adoption of the new lease ASC 842 on January 1, 2019 for any new lease or any modified lease. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”) that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. ASU 2016-13 will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures (e.g., loan commitments). ASU 2016-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted, and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently assessing the potential effect the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provided guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) (“ASU 2016-18”) that will require companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. As of September 30, 2017 and December 31, 2016, the Company did not have any restricted cash. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. Recent Accounting Standards Adopted by the Company On January 1, 2017, the Company early adopted ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (Topic 805) (“ASU 2017-01”) that clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update will be applied on a prospective basis and the Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), that simplifies several aspects of employee share-based payment accounting, including the accounting for forfeitures. ASU 2016-09 allows an entity to make an accounting policy election either to continue to estimate the total number of awards that are expected to vest (current method) or to account for forfeitures when they occur. This entity-wide accounting policy election only applies to service conditions; for performance conditions, the entity continues to assess the probability that such conditions will be achieved. If an entity elects to account for forfeitures when they occur, all nonforfeitable dividends paid on share-based payment awards are initially charged to retained earnings and reclassified to compensation cost only when forfeitures of the underlying awards occur. Under current guidance, nonforfeitable dividends paid on share-based payment awards that are not expected to vest are recognized as additional compensation cost. The adoption of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. The Company has elected to account for forfeitures when they occur.

Real Estate Investments, Net

Real Estate Investments, Net	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate Investments, Net	REAL ESTATE INVESTMENTS, NET The following tables summarize the Company’s investment in owned properties as of September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Land $ 128,815 $ 110,648 Buildings and improvements 1,004,347 875,567 Integral equipment, furniture and fixtures 74,234 64,120 Identified intangible assets 2,382 1,914 Escrowed cash for acquisitions 65,638 — Real estate investments 1,275,416 1,052,249 Accumulated depreciation (186,327 ) (158,331 ) Real estate investments, net $ 1,089,089 $ 893,918 As of September 30, 2017 , 92 of the Company’s 174 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. As of September 30, 2017 , annualized revenues from the Ensign Master Leases were $57.7 million and are 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 September 30, 2017 , 79 of the Company’s 174 facilities were leased to various other operators under triple-net leases. All of these leases contain annual escalators based on CPI, some of which are subject to a cap, or fixed rent escalators. The Company’s three remaining properties as of September 30, 2017 are the independent living facilities that the Company owns and operates. Escrowed cash for acquisitions represents cash in escrow for three asset acquisitions that closed on October 1, 2017. See further discussion in Note 13, Subsequent Events . The Company has only two identified intangible assets which relate to a below-market ground lease and five acquired operating leases. The ground lease has a remaining term of 81 years . As of September 30, 2017 , the Company’s total future minimum rental revenues for all of its tenants were (dollars in thousands): Year Amount Remaining 2017 $ 30,729 2018 122,973 2019 121,069 2020 119,743 2021 119,743 Thereafter 1,055,628 $ 1,569,885 Recent Real Estate Acquisitions The following recent real estate acquisitions were accounted for as asset acquisitions: Premier Senior Living, LLC In February 2017, the Company acquired two assisted living and memory care facilities with 96 beds in the Milwaukee metropolitan area for $26.1 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Premier Senior Living, LLC. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $2.2 million . WLC Management Firm, LLC In March 2017, the Company acquired a five facility 455 -bed skilled nursing portfolio in Illinois for $29.2 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company entered into a triple-net master lease with affiliates of WLC Management Firm, LLC. The lease carries an initial term of 15 years with two five -year renewal options and CPI-based rent escalators. Initial annual cash rent is $2.9 million under the lease. In July 2017, the Company acquired a skilled nursing facility with 99 beds in Eldorado, Illinois for $3.7 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with affiliates of WLC Management Firm, LLC. The amended lease has a remaining initial term of approximately 14 years with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $0.4 million . Better Senior Living Consulting, LLC In May 2017, the Company acquired an assisted living and memory care facility with 170 beds in Brooksville, Florida for $2.0 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Better Senior Living Consulting, LLC. The amended lease has a remaining initial term of approximately 13 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $0.3 million . Cascadia Healthcare, LLC In May 2017, the Company acquired a skilled nursing facility with 119 units in Nampa, Idaho valued at $6.5 million , which includes capitalized acquisition costs. This facility acquisition was part of a three -skilled nursing facility portfolio acquisition that was completed in the third quarter of 2017. The remaining two skilled nursing facilities with 129 units in Oregon and Washington were valued at $4.9 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Cascadia Healthcare, LLC. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $1.1 million . In September 2017, the Company acquired three skilled nursing facilities with 236 beds in Idaho for $29.8 million , which includes capitalized acquisition costs. The acquisition is a part of a staged seven -facility portfolio transaction that was completed in October 2017. See further discussion in Note 13, Subsequent Events . In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Cascadia Healthcare, LLC. The amended lease has a remaining initial term of approximately 13.5 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $2.7 million . OnPointe Health, LLC In June 2017, the Company acquired a skilled nursing facility in Brownsville, Texas with 126 units and a skilled nursing facility in Albuquerque, New Mexico with 136 units for $27.3 million , which includes capitalized acquisition costs. The two facilities are leased to affiliates of OnPointe Health, LLC under two leases. Current contractual annual cash rent totals $2.5 million under the leases. The leases carry remaining terms of approximately 17 and 19 years, respectively, with CPI-based rent escalators. The tenant has an option to purchase the Brownsville, Texas facility at a fixed price of $14.3 million that becomes exercisable on a periodic basis beginning in 2024. Prelude Homes & Services, LLC In July 2017, the Company acquired an assisted living and memory care facility with 30 units in White Bear Lake, Minnesota for $7.8 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with affiliates of Prelude Homes & Services, LLC. The amended lease has a remaining initial term of approximately 12.5 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $0.6 million . Priority Management Group, LLC In September 2017, the Company acquired a three facility 405 -bed skilled nursing portfolio in the greater Dallas-Fort Worth, Texas area for $20.3 million , which includes capitalized acquisition costs. In connection with the acquisition, the Company amended its triple-net master lease with subsidiaries of Priority Management Group, LLC. The amended lease has a remaining initial term of approximately 14 years , with two five -year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by $1.9 million . Impairment of Real Estate Investment During the nine months ended September 30, 2017 , the Company recorded an impairment loss of $0.9 million related to its investment in La Villa Rehab & Healthcare Center (“La Villa”). In April 2017, the Company and Ensign mutually determined that La Villa had reached the natural end of its useful life as a skilled nursing facility and that the facility was no longer economically viable, the improvements thereon could not be economically repurposed to any other use, and the cost to remove the obsolete improvements and reclaim the underlying land for redevelopment was expected to exceed the market value of the land. Ensign agreed to wind up and terminate the operations of the facility and the Company transferred title to the property to Ensign. There was no adjustment to the contractual rent under the applicable master lease. Additionally, the Company and Ensign agreed that the licensed beds will be transferred to another facility included in the Ensign Master Leases.

Other Real Estate Investments

Other Real Estate Investments	9 Months Ended
	Sep. 30, 2017
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 yielded 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. The investment was used to develop Signature Senior Living at Arvada, a planned 134 -unit upscale assisted living and memory care community in Arvada, Colorado constructed on a five -acre site. In connection with its investment, CareTrust REIT 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 was completed at the end of the second quarter of 2016 and began lease-up in the third quarter of 2016. In May 2017, the property was sold to a third party. In connection with the sale, the Company received back in cash its initial investment of $7.5 million , a cumulative contractual preferred return of $2.5 million , and an additional cash payment of $3.5 million that was not included with the original agreement, which the Company recognized as a gain on the sale of other real estate investment during the nine months ended September 30, 2017 . The Company also recognized interest income of $1.0 million during the nine months ended September 30, 2017 , which included a previously unrecognized preferred return of $0.5 million related to prior periods. In July 2016, the Company completed a $2.2 million preferred equity investment with an affiliate of Cascadia Development, LLC. The preferred equity investment yields a return equal to prime plus 9.5% but in no event less than 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. The investment will be used to develop a 99 -bed skilled nursing facility in Nampa, Idaho. In connection with its investment, CareTrust REIT obtained an option to purchase the development at a fixed-formula price upon stabilization, with an initial lease yield of at least 9.0% . The project is expected to be completed during the first quarter of 2018. In September 2016, the Company completed a $2.3 million preferred equity investment with an affiliate of Cascadia Development, LLC. The preferred equity investment yields a return equal to prime plus 9.5% but in no event less than 12.0% calculated on a quarterly basis on the outstanding carrying value of the investment. The investment will be used to develop a 99 -bed skilled nursing facility in Boise, Idaho. In connection with its investment, CareTrust REIT obtained an option to purchase the development at a fixed-formula price upon stabilization, with an initial lease yield of at least 9.0% . The project is expected to be completed by early 2018. During the three months ended September 30, 2017 and 2016 , the Company recognized $0.2 million and $0.1 million , respectively, in interest income of which none was received in cash from its preferred equity investments. During the nine months ended September 30, 2017 and 2016 , the Company recognized $1.5 million and $0.6 million , respectively, in interest income of which $975,000 and none respectively, was received in cash from its preferred equity investments. Any unpaid amounts were added to the outstanding carrying values of the preferred equity investments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired long-lived assets). Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. Financial Instruments: Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of September 30, 2017 and December 31, 2016 using Level 2 inputs for the senior unsecured notes payable, and Level 3 inputs for all other financial instruments, is as follows (dollars in thousands): September 30, 2017 December 31, 2016 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,368 $ 5,241 $ 12,031 $ 13,872 $ 14,289 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 294,221 $ 309,750 $ 260,000 $ 255,294 $ 265,850 Cash and cash equivalents, accounts and other receivables, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short-term nature of these instruments. Preferred equity investments : The carrying amounts were accounted for at the unpaid principal balance, plus accrued return, net of reserves, assuming a hypothetical liquidation of the book values of the joint ventures. The fair value of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value and other credit enhancements. Senior unsecured notes payable : The fair value of the senior unsecured notes payable was determined using third-party quotes derived from orderly trades. Unsecured revolving credit facility 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.

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the balance of the Company’s indebtedness as of September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (5,779 ) $ 294,221 $ 260,000 $ (4,706 ) $ 255,294 Senior unsecured term loan 100,000 (507 ) 99,493 100,000 (578 ) 99,422 Unsecured revolving credit facility 95,000 — 95,000 95,000 — 95,000 $ 495,000 $ (6,286 ) $ 488,714 $ 455,000 $ (5,284 ) $ 449,716 Senior Unsecured Notes Payable On May 10, 2017, 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 an underwritten public offering of $300.0 million aggregate principal amount of 5.25% Senior Notes due 2025 (the “Notes”). The Notes were issued at par, resulting in gross proceeds of $300.0 million and net proceeds of approximately $294.0 million after deducting underwriting fees and other offering expenses. The Company used the net proceeds from the offering of the Notes to redeem all $260.0 million aggregate principal amount outstanding of its 5.875% Senior Notes due 2021, including payment of the redemption price at 102.938% and all accrued and unpaid interest thereon. The Company used the remaining portion of the net proceeds of the offering to pay borrowings outstanding under its senior unsecured revolving credit facility. The Notes mature on June 1, 2025 and bear interest at a rate of 5.25% per year. Interest on the Notes is payable on June 1 and December 1 of each year, beginning on December 1, 2017. The Issuers may redeem the Notes any time before June 1, 2020 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, 2020, at the redemption prices set forth in the indenture. At any time on or before June 1, 2020, up to 40% of the aggregate principal amount of the Notes may be redeemed with the net proceeds of certain equity offerings if at least 60% of the originally issued aggregate principal amount of the Notes remains outstanding. In such case, the redemption price will be equal to 105.25% of the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest, if any, to, but not including, the redemption date. 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 12, Summarized Condensed Consolidating Information . The indenture contains customary covenants such as limiting the ability of the Company and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. The indenture also requires the Company and its restricted subsidiaries to maintain a specified ratio of unencumbered assets to unsecured indebtedness. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indenture also contains customary events of default. As of September 30, 2017 , 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 expects to use borrowings under the Credit Facility for working capital purposes, to fund acquisitions and for general corporate purposes. As of September 30, 2017 , there was $95.0 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 pays 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 the Term Loan 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 applicable 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 September 30, 2017 , the Company was in compliance with all applicable financial covenants under the Credit Agreement. Interest Expense During the three months ended September 30, 2017 , the Company incurred $5.6 million of interest expense. Included in interest expense was $0.5 million of amortization of deferred financing costs. During the three months ended September 30, 2016 , the Company incurred $5.7 million of interest expense. Included in interest expense was $0.6 million of amortization of deferred financing costs. During the nine months ended September 30, 2017 , the Company incurred $17.7 million of interest expense. Included in interest expense was $1.6 million of amortization of deferred financing costs. During the nine months ended September 30, 2016 , the Company incurred $17.0 million of interest expense. Included in interest expense was $1.7 million of amortization of deferred financing costs. As of September 30, 2017 and December 31, 2016 , the Company’s interest payable was $5.6 million and $1.3 million , respectively. Loss on the Extinguishment of Debt During the nine months ended September 30, 2017 , the loss on the extinguishment of debt included the redemption price, stated at 102.938% , of $7.6 million and a $4.2 million write-off of deferred financing costs associated with the redemption of the Company’s 5.875% Senior Notes due 2021 . During the nine months ended September 30, 2016 , the loss on the extinguishment of debt included a $0.3 million write-off of deferred financing costs associated with the payoff of the GECC Loan.

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	EQUITY Common Stock At-The-Market Offering —During the second quarter of 2017, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $300.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “ATM Program”). At the time the ATM Program commenced in May 2017, the Company’s at-the-market equity offering program entered into during 2016, which had been substantially depleted, was permanently discontinued. As of September 30, 2017 , the Company had approximately $236.1 million available for future issuances under the ATM Program. The following table summarizes the ATM Program activity for 2017 (shares and dollars in thousands): For the Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 Total Number of shares 7,175 3,399 — 10,574 Average sales price per share $ 15.31 $ 18.82 $ — $ 16.43 Gross proceeds $ 109,813 $ 63,947 $ — $ 173,760 Dividends on Common Stock —During the first quarter of 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.185 per share of common stock, payable on April 14, 2017 to common stockholders of record as of March 31, 2017 . During the second quarter of 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.185 per share of common stock, payable on July 14, 2017 to common stockholders of record as of June 30, 2017 . During the third quarter of 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.185 per share of common stock, payable on October 13, 2017 to common stockholders of record as of September 29, 2017 .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
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 separation of Ensign’s healthcare business and its real estate business into two separate and independently publicly traded companies (the “Spin-Off”), employees of Ensign who had unvested shares of restricted stock were given one share of CareTrust REIT 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 September 30, 2017 , 5,960 shares vested or were forfeited. As of September 30, 2017 , there were 20,360 unvested restricted stock awards outstanding. In February 2017, the Compensation Committee of the Company’s Board of Directors granted 233,768 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $15.21 per share, based on the market price of the Company’s common stock on that date, and the shares vest in three equal annual installments beginning on the first anniversary of the grant date. In July 2017, the Compensation Committee of the Company's Board of Directors granted 20,766 shares of restricted stock to members of the Board of Directors. Each share had a fair market value on the date of grant of $18.30 per share, based on the market price of the Company's common stock on that date, and the shares vest in full on the earlier to occur of June 30, 2018 or when the Company holds its 2018 Annual Meeting. During the three months ended September 30, 2017 and 2016 , the Company recognized $0.7 million and $0.3 million of stock-based compensation expense, respectively. During the nine months ended September 30, 2017 and 2016 , the Company recognized $1.8 million and $1.2 million of stock-based compensation expense, respectively. As of September 30, 2017 , there was $4.5 million of unamortized stock-based compensation expense related to unvested awards and the weighted-average remaining vesting period of such awards was 2 years.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2017 and 2016 , 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income $ 11,311 $ 7,832 $ 23,622 $ 20,965 Less: Net income allocated to participating securities (83 ) (58 ) (277 ) (205 ) Numerator for basic and diluted earnings available to common stockholders $ 11,228 $ 7,774 $ 23,345 $ 20,760 Denominator: Weighted-average basic common shares outstanding 75,471 57,595 71,693 54,403 Weighted-average diluted common shares outstanding 75,471 57,595 71,693 54,403 Earnings per common share, basic $ 0.15 $ 0.13 $ 0.33 $ 0.38 Earnings per common share, diluted $ 0.15 $ 0.13 $ 0.33 $ 0.38 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 diluted share for the three and nine months ended September 30, 2017 and 2016 , as their inclusion would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
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 (the “CIA”) with the Office of Inspector General-HHS. 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 —The Company and its subsidiaries are and may become from time to time a party to various claims and lawsuits arising in the ordinary course of business, which are not individually or in the aggregate anticipated to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Claims and lawsuits may include matters involving general or professional liability asserted against the Company’s tenants, which are the responsibility of the Company’s tenants and for which the Company is entitled to be indemnified by its tenants under the insurance and indemnification provisions in the applicable leases.

Concentration of Risk

Concentration of Risk	9 Months Ended
	Sep. 30, 2017
Risks and Uncertainties [Abstract]
Concentration of Risk	CONCENTRATION OF RISK Major operator concentrations – As of September 30, 2017 , Ensign leased 92 skilled nursing, assisted living and independent living facilities which had a total of 9,754 operational 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. See further discussion in Note 3, Real Estate Investments, Net . Ensign is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s financial statements, as filed with the SEC, can be found at Ensign’s website http://www.ensigngroup.net. 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 and leased such facilities to subsidiaries of Pristine. The Company has now leased 16 facilities to subsidiaries of 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. As of September 30, 2017 , the annual revenues from the Pristine master lease are $18.6 million and are 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, one of its subsidiaries, and its sole principal. On November 2, 2017 , the Company entered into the Pristine Amendment with Pristine. Under the Pristine Amendment, the Company agreed that seven facilities selected by the Company (the “Transitioned Facilities”) would be transferred to a new operator or operators designated by the Company in its sole and absolute discretion. See further discussion in Note 13, Subsequent Events.

Summarized Condensed Consolidat

Summarized Condensed Consolidating Information	9 Months Ended
	Sep. 30, 2017
Summarized Condensed Consolidating Information [Abstract]
Summarized Condensed Consolidating Information	SUMMARIZED CONDENSED CONSOLIDATING INFORMATION The 5.25% Senior Notes due 2025 issued by the Operating Partnership and CareTrust Capital Corp. on May 10, 2017 are jointly and severally, fully and unconditionally, guaranteed by CareTrust REIT, Inc., as the parent guarantor (the “Parent Guarantor”), and the wholly 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 the consummation of the Spin-Off related transactions. CTR Partnership, L.P. and CareTrust Capital Corp. – The Issuers, each of which is a wholly 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 the consummation of the Spin-Off related transactions. Subsidiary Guarantors – The Subsidiary Guarantors consist of all of the subsidiaries of the Parent Guarantor other than the Issuers. Pursuant to Rule 3-10 of Regulation S-X, the following summarized consolidating information is provided for the Parent Guarantor, the Issuers, and the Subsidiary Guarantors. There are no subsidiaries of the Company other than the Issuers and the Subsidiary Guarantors. This summarized financial information has been prepared from the financial statements of the Company and the books and records maintained by the Company. The Company has conformed prior period presentation in the Combined Subsidiary Guarantor designation, due to the issuance of the Notes. CONDENSED CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2017 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 738,013 $ 351,076 $ — $ 1,089,089 Other real estate investments — — 5,368 — 5,368 Cash and cash equivalents — 14,808 — — 14,808 Accounts and other receivables — 10,114 2,847 — 12,961 Prepaid expenses and other assets — 1,801 2 — 1,803 Deferred financing costs, net — 1,989 — — 1,989 Investment in subsidiaries 619,922 434,113 — (1,054,035 ) — Intercompany — — 77,972 (77,972 ) — Total assets $ 619,922 $ 1,200,838 $ 437,265 $ (1,132,007 ) $ 1,126,018 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,221 $ — $ — $ 294,221 Senior unsecured term loan, net — 99,493 — — 99,493 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 14,230 3,152 — 17,382 Dividends payable 14,046 — — — 14,046 Intercompany — 77,972 — (77,972 ) — Total liabilities 14,046 580,916 3,152 (77,972 ) 520,142 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 shares issued and outstanding as of September 30, 2017 755 — — — 755 Additional paid-in capital 782,707 560,299 321,761 (882,060 ) 782,707 Cumulative distributions in excess of earnings (177,586 ) 59,623 112,352 (171,975 ) (177,586 ) Total equity 605,876 619,922 434,113 (1,054,035 ) 605,876 Total liabilities and equity $ 619,922 $ 1,200,838 $ 437,265 $ (1,132,007 ) $ 1,126,018 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2016 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 527,639 $ 366,279 $ — $ 893,918 Other real estate investments — — 13,872 — 13,872 Cash and cash equivalents — 7,500 — — 7,500 Accounts and other receivables — 3,743 2,153 — 5,896 Prepaid expenses and other assets — 1,366 3 — 1,369 Deferred financing costs, net — 2,803 — — 2,803 Investment in subsidiaries 463,505 401,328 — (864,833 ) — Intercompany — — 21,445 (21,445 ) — Total assets $ 463,505 $ 944,379 $ 403,752 $ (886,278 ) $ 925,358 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 255,294 $ — $ — $ 255,294 Senior unsecured term loan, net — 99,422 — — 99,422 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 9,713 2,424 — 12,137 Dividends payable 11,075 — — — 11,075 Intercompany — 21,445 — (21,445 ) — Total liabilities 11,075 480,874 2,424 (21,445 ) 472,928 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 64,816,350 shares issued and outstanding as of December 31, 2016 648 — — — 648 Additional paid-in capital 611,475 429,453 321,761 (751,214 ) 611,475 Cumulative distributions in excess of earnings (159,693 ) 34,052 79,567 (113,619 ) (159,693 ) Total equity 452,430 463,505 401,328 (864,833 ) 452,430 Total liabilities and equity $ 463,505 $ 944,379 $ 403,752 $ (886,278 ) $ 925,358 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 14,987 $ 14,417 $ — $ 29,404 Tenant reimbursements — 1,341 1,202 — 2,543 Independent living facilities — — 825 — 825 Interest and other income — — 176 — 176 Total revenues — 16,328 16,620 — 32,948 Expenses: Depreciation and amortization — 5,014 4,731 — 9,745 Interest expense — 5,592 — — 5,592 Property taxes — 1,341 1,202 — 2,543 Independent living facilities — — 698 — 698 General and administrative 671 2,388 — — 3,059 Total expenses 671 14,335 6,631 — 21,637 Income in Subsidiary 11,982 9,989 — (21,971 ) — Net income $ 11,311 $ 11,982 $ 9,989 $ (21,971 ) $ 11,311 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 10,063 $ 14,116 $ — $ 24,179 Tenant reimbursements — 875 1,214 — 2,089 Independent living facilities — — 766 — 766 Interest and other income — — 72 — 72 Total revenues — 10,938 16,168 — 27,106 Expenses: Depreciation and amortization — 3,194 5,054 — 8,248 Interest expense — 5,742 1 — 5,743 Property taxes — 875 1,214 — 2,089 Independent living facilities — — 708 — 708 Acquisition costs — 203 — — 203 General and administrative 410 1,873 — — 2,283 Total expenses 410 11,887 6,977 — 19,274 Income in Subsidiary 8,242 9,191 — (17,433 ) — Net income $ 7,832 $ 8,242 $ 9,191 $ (17,433 ) $ 7,832 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 42,503 $ 42,751 $ — $ 85,254 Tenant reimbursements — 3,577 3,676 — 7,253 Independent living facilities — — 2,407 — 2,407 Interest and other income — — 1,471 — 1,471 Total revenues — 46,080 50,305 — 96,385 Expenses: Depreciation and amortization — 13,730 14,426 — 28,156 Interest expense — 17,690 — — 17,690 Loss on the extinguishment of debt — 11,883 — — 11,883 Property taxes — 3,577 3,676 — 7,253 Independent living facilities — — 2,003 — 2,003 Impairment of real estate investment — — 890 — 890 General and administrative 1,948 6,416 62 — 8,426 Total expenses 1,948 53,296 21,057 — 76,301 Gain on disposition of other real estate investment — — 3,538 — 3,538 Income in Subsidiary 25,570 32,786 — (58,356 ) — Net income $ 23,622 $ 25,570 $ 32,786 $ (58,356 ) $ 23,622 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 25,702 $ 42,155 $ — $ 67,857 Tenant reimbursements — 2,138 3,677 — 5,815 Independent living facilities — — 2,177 — 2,177 Interest and other income — — 587 — 587 Total revenues — 27,840 48,596 — 76,436 Expenses: Depreciation and amortization — 8,118 15,315 — 23,433 Interest expense — 16,548 496 — 17,044 Loss on the extinguishment of debt — — 326 — 326 Property taxes — 2,138 3,677 — 5,815 Acquisition costs — 203 — — 203 Independent living facilities — — 1,926 — 1,926 General and administrative 1,281 5,377 66 — 6,724 Total expenses 1,281 32,384 21,806 — 55,471 Income in Subsidiary 22,246 26,790 — (49,036 ) — Net income $ 20,965 $ 22,246 $ 26,790 $ (49,036 ) $ 20,965 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (157 ) $ 17,946 $ 49,144 $ — $ 66,933 Cash flows from investing activities: Acquisitions of real estate — (222,463 ) — — (222,463 ) Improvements to real estate — (571 ) (50 ) — (621 ) Purchases of equipment, furniture and fixtures — (292 ) (67 ) — (359 ) Escrow deposit for acquisition of real estate — (1,000 ) — — (1,000 ) Sale of other real estate investment — — 7,500 — 7,500 Distribution from subsidiary 38,544 — — (38,544 ) — Intercompany financing (169,391 ) 56,527 — 112,864 — Net cash (used in) provided by investing activities (130,847 ) (167,799 ) 7,383 74,320 (216,943 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 170,414 — — — 170,414 Proceeds from the issuance of senior unsecured notes payable — 300,000 — — 300,000 Borrowings under unsecured revolving credit facility — 158,000 — — 158,000 Payments on senior unsecured notes payable — (267,639 ) — — (267,639 ) Payments on unsecured revolving credit facility — (158,000 ) — — (158,000 ) Payments of deferred financing costs — (6,047 ) — — (6,047 ) Net-settle adjustment on restricted stock (866 ) — — — (866 ) Dividends paid on common stock (38,544 ) — — — (38,544 ) Distribution to Parent — (38,544 ) — 38,544 — Intercompany financing — 169,391 (56,527 ) (112,864 ) — Net cash provided by (used in) financing activities 131,004 157,161 (56,527 ) (74,320 ) 157,318 Net increase in cash and cash equivalents — 7,308 — — 7,308 Cash and cash equivalents beginning of period — 7,500 — — 7,500 Cash and cash equivalents end of period $ — $ 14,808 $ — $ — $ 14,808 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (73 ) $ 8,332 $ 41,254 $ — $ 49,513 Cash flows from investing activities: Acquisitions of real estate — (185,284 ) — — (185,284 ) Improvements to real estate — (56 ) (202 ) — (258 ) Purchases of equipment, furniture and fixtures — (70 ) (69 ) — (139 ) Preferred equity investments — — (4,531 ) — (4,531 ) Escrow deposit for acquisition of real estate — (1,000 ) — — (1,000 ) Distribution from subsidiary 27,396 — — (27,396 ) — Intercompany financing (107,807 ) (58,570 ) — 166,377 — Net cash used in investing activities (80,411 ) (244,980 ) (4,802 ) 138,981 (191,212 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 108,395 — — — 108,395 Proceeds from the issuance of senior unsecured term loan — 100,000 — — 100,000 Borrowings under unsecured revolving credit facility — 150,000 — — 150,000 Payments on unsecured revolving credit facility — (92,000 ) — — (92,000 ) Payments on the mortgage notes payable — — (95,022 ) — (95,022 ) Payments of deferred financing costs — (1,352 ) — — (1,352 ) Net-settle adjustment on restricted stock (515 ) — — — (515 ) Dividends paid on common stock (27,396 ) — — — (27,396 ) Distribution to Parent — (27,396 ) — 27,396 — Intercompany financing — 107,807 58,570 (166,377 ) — Net cash provided by (used in) financing activities 80,484 237,059 (36,452 ) (138,981 ) 142,110 Net increase in cash and cash equivalents — 411 — — 411 Cash and cash equivalents beginning of period — 11,467 — — 11,467 Cash and cash equivalents end of period $ — $ 11,878 $ — $ — $ 11,878

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company evaluates subsequent events in accordance with ASC Topic 855, Subsequent Events . The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued. Investments In October 2017, the Company acquired 13 properties in three different transactions, comprising three assisted living facilities and ten skilled nursing facilities for approximately $135.0 million , which includes estimated capitalized acquisition costs. These acquisitions will generate initial annual cash rents of approximately $12.0 million . Additionally, the Company provided a mortgage loan secured by a skilled nursing facility for approximately $12.5 million inclusive of transaction costs, at an annual interest rate of 9% . Lease Amendments Pristine Amendment. On November 2, 2017 (the “Pristine Amendment Date”), the Company entered into the Pristine Amendment with affiliates of Pristine. Under the Pristine Amendment, the Company agreed that seven Transitioned Facilities selected by the Company would be transferred to a new operator or operators designated by the Company in its sole and absolute discretion. Pursuant to the Pristine Amendment, the operational transfers of the Transitioned Facilities are required to occur within nine months of the Pristine Amendment Date. The Company and Pristine have agreed to make commercially reasonable efforts to facilitate such transfers. As described below under “ Trillium Amendment ,” the Company concurrently entered into a third amendment to the master lease (the “Trillium Amendment”) with affiliates of Trillium Healthcare Group, LLC (“Trillium”) to lease the Transitioned Facilities to affiliates of Trillium. The Trillium Amendment and the operational transfers of the Transitioned Facilities are currently expected to become effective on December 1, 2017 (such date, the “Transition Effective Date”). Until the Transition Effective Date, Pristine will continue to operate all of the Transitioned Facilities, as well as the facilities it is retaining under the amended Pristine master lease, and will pay an adjusted base rent and additional rent thereon. Commencing on October 1, 2017, initial base rent under the amended Pristine master lease is $15.6 million per annum, payable in equal monthly installments; provided, however, that effective as of the Transition Date, annual base rent will be reduced by $6.5 million . Commencing on March 1, 2018, annual base rent will increase to $16.0 million (or $9.5 million if the Transitioned Facilities have been previously transferred), and commencing on July 1, 2018, and assuming the Transitioned Facilities have been transferred, annual base rent will be $9.8 million . Beginning on July 1, 2019 and increasing annually thereafter, annual base rent will increase by the greater of (i) 2% or (ii) the adjusted CPI increase not to exceed 3% . Under a prior lease amendment, Pristine is required to make scheduled deposits as additional rent into a landlord-managed impound account from which the Company pays certain property taxes and franchise permit fees related to the properties Pristine net leases from the Company. Under the Pristine Amendment, Pristine is scheduled to pay the Company an additional $0.3 million on November 15, 2017 and an additional $0.2 million on December 11, 2017. On or about December 15, 2017, the Company would then make an additional advance to the impound account bringing the total outstanding balance to approximately $6.0 million in deferred rent, and pay therefrom all property taxes and franchise permit fees due with respect to all of the properties Pristine net leases from the Company through September 30, 2017. In addition, on or before February 10, 2018 Pristine will deposit into the impound account its full prorata share of the incurred but unpaid property taxes and franchise permit fees for the Transitioned Facilities attributable to the period from October 1, 2017 to the Transition Effective Date, and assuming that the operational transfers of the Transitioned Facilities become effective on December 1, 2017 as expected, Trillium will deposit into the impound account its prorata share thereof for the period from the Transition Effective Date through December 31, 2017, and the Company will forward the same to the taxing authorities. Thereafter, both Pristine and Trillium will be responsible for paying property taxes and franchise permit fees related to the properties they respectively net lease from the Company directly to the applicable taxing authorities. Under the Pristine Amendment, Pristine has agreed to repay the total outstanding balance of the deferred rent in the impound account, plus the portion of the September 2017 base rent the Company allowed Pristine to defer, totaling $0.8 million , over time with interest. Beginning on October 15, 2018 and continuing monthly thereafter, Pristine will pay as additional rent $0.1 million per month, with any outstanding balance due in full on January 15, 2023. The outstanding balance on the rent deferral will incur interest charges at a rate of 6.25% per annum. Trillium Amendment. On November 2, 2017 , the Company entered into the Trillium Amendment with Trillium to lease the Transitioned Facilities to affiliates of Trillium. Under the Trillium Amendment, on the Transition Effective Date, annual base rent will increase by approximately $6.9 million , from $4.5 million to $11.5 million . On February 1, 2018, annual base rent will increase to $11.6 million . Following the first anniversary of the Transition Date, annual base rent will increase to $12.1 million . On February 1, 2019, annual base rent will increase to $12.2 million . Following the second anniversary of the Transition Effective Date, annual base rent will increase by the lesser of (i) the CPI increase or (ii) 3% .

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
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 net-leased skilled nursing, assisted living and independent living facilities, (ii) the operations of the three independent living facilities that the Company owns and operates and (iii) the preferred equity investments. 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, 2016 . 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. Management believes that the assumptions and estimates used in preparation of the underlying condensed consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions.
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 expensed 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 Accounting Standards Codification (“ASC”) Topic 805, Business Combinations , the Company records the acquisition of income-producing real estate as an asset acquisition. If the acquired assets meet the definition of a business, the Company records the acquisition as a business combination. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions accounted for as 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 accounted for as 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 are based on a number of assumptions, including with respect to 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. As part of the Company’s asset acquisitions, the Company may commit to provide contingent payments to a seller or lessee (e.g., an earn-out payable upon the applicable property achieving certain financial metrics). Typically, when the contingent payments are funded, cash rent is increased by the amount funded multiplied by a rate stipulated in the agreement. Generally, if the contingent payment is an earn-out provided to the seller, the payment is capitalized to the property’s basis. If the contingent payment is an earn-out provided to the lessee, the payment is recorded as a lease incentive and is amortized as a yield adjustment over the life of the lease.
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, to the extent there is outside contributed equity or cumulative earnings from operations. As the preferred member of the joint venture, the Company is not entitled to share in the 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 or as available cash flow is distributed from the joint venture. The Company evaluates at each reporting period 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 $2.7 million and $4.2 million as of September 30, 2017 and December 31, 2016 , 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 reimbursements 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 each of the three and nine months ended September 30, 2017 and 2016 , such tenant reimbursement revenues consisted 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 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.
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 to its stockholders at least 90% of the Company’s annual REIT taxable income (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 as qualifying dividends all of its REIT taxable income 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.
Concentration of Credit Risk	Concentration of Credit Risk —The Company is subject to concentrations of credit risk consisting primarily of operating leases on the Company’s owned properties. See Note 11, Concentration of Risk , for a discussion of major operator concentration.
Segment Disclosures	Segment Disclosures —The Financial Accounting Standards Board (“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 Topic 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	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). ASC 606 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. ASC 606 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the ASC. ASC 606 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 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. Entities can use either a full retrospective or modified retrospective method to adopt the ASU. Under the full retrospective method, all periods presented will be restated upon adoption to conform to the new standard and a cumulative adjustment for effects on periods prior to 2016 will be recorded to retained earnings as of January 1, 2016. Under the modified retrospective approach, prior periods are not restated to conform to the new standard. Instead, a cumulative adjustment for effects of applying the new standard to periods prior to 2018 is recorded to retained earnings as of January 1, 2018. The Company has elected the modified retrospective approach. The Company continues to evaluate the potential effect that the adoption of ASC 606 will have on the Company’s consolidated financial statements and disclosures. Based on review of the Company’s revenue streams from independent living facilities, the Company’s consolidated financial statements include revenues generated through services provided to residents of independent living facilities that are ancillary to the residents’ contractual rights to occupy living and common-area space at the communities, such as meals, transportation and activities. While these revenue streams are subject to the application of Topic 606, the revenues associated with these services are generally recognized on a monthly basis, the period in which the related services are performed. Therefore, revenue recognition under the new revenue recognition ASU is expected to be similar to the recognition pattern under existing accounting standards. During the nine months ended September 30, 2017 , the Company recognized $2.4 million of revenue from its independent living facilities. In addition, the Company is monitoring specific developments for the senior living industry and evaluating potential changes to its business processes, systems, and controls to support the recognition and disclosure under the new standard. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10) (“ASU 2016-01”). ASU 2016-01 updates guidance related to recognition and measurement of financial assets and financial liabilities. ASU 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 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 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 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASC 842”) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASC 842 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 is expected to result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations for which it is the lessee. As of September 30, 2017 , the remaining contractual payments under the Company’s lease agreements aggregated $0.3 million . Additionally, ASC 842 will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under ASC 842, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. During the nine months ended September 30, 2017 , the Company did not capitalize any allocated payroll costs. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. ASC 842 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The standard permits the use of the modified retrospective transition method. The Company continues to assess the potential effect that the adoption of ASC 842 will have on the Company’s consolidated financial statements; however, the Company expects that its tenant recoveries will be separated into lease and non-lease components. Tenant recoveries that qualify as lease components, which relate to the right to use the leased asset (e.g., property taxes, insurance), will be accounted for under ASC 842. Tenant recoveries that qualify as non-lease components, which relate to payments for goods or services that are transferred separately from the right to use the underlying asset, including tenant recoveries related to payments for maintenance activities and common area expenses, will be accounted for under the new revenue recognition ASC 606 upon adoption of the new lease ASC 842 on January 1, 2019 for any new lease or any modified lease. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”) that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incurred losses as required currently by the other-than-temporary impairment model. ASU 2016-13 will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures (e.g., loan commitments). ASU 2016-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted, and will be applied as a cumulative adjustment to retained earnings as of the effective date. The Company is currently assessing the potential effect the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provided guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) (“ASU 2016-18”) that will require companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will require a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. Entities with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. As of September 30, 2017 and December 31, 2016, the Company did not have any restricted cash. The Company does not believe that there will be an impact upon its consolidated financial statements upon adoption. Recent Accounting Standards Adopted by the Company On January 1, 2017, the Company early adopted ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (Topic 805) (“ASU 2017-01”) that clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. This update will be applied on a prospective basis and the Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e., land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), that simplifies several aspects of employee share-based payment accounting, including the accounting for forfeitures. ASU 2016-09 allows an entity to make an accounting policy election either to continue to estimate the total number of awards that are expected to vest (current method) or to account for forfeitures when they occur. This entity-wide accounting policy election only applies to service conditions; for performance conditions, the entity continues to assess the probability that such conditions will be achieved. If an entity elects to account for forfeitures when they occur, all nonforfeitable dividends paid on share-based payment awards are initially charged to retained earnings and reclassified to compensation cost only when forfeitures of the underlying awards occur. Under current guidance, nonforfeitable dividends paid on share-based payment awards that are not expected to vest are recognized as additional compensation cost. The adoption of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. The Company has elected to account for forfeitures when they occur.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
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)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Summary of Investment in Owned Properties	The following tables summarize the Company’s investment in owned properties as of September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Land $ 128,815 $ 110,648 Buildings and improvements 1,004,347 875,567 Integral equipment, furniture and fixtures 74,234 64,120 Identified intangible assets 2,382 1,914 Escrowed cash for acquisitions 65,638 — Real estate investments 1,275,416 1,052,249 Accumulated depreciation (186,327 ) (158,331 ) Real estate investments, net $ 1,089,089 $ 893,918
Schedule of Total Future Minimum Rental Revenues	As of September 30, 2017 , the Company’s total future minimum rental revenues for all of its tenants were (dollars in thousands): Year Amount Remaining 2017 $ 30,729 2018 122,973 2019 121,069 2020 119,743 2021 119,743 Thereafter 1,055,628 $ 1,569,885

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments	A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of September 30, 2017 and December 31, 2016 using Level 2 inputs for the senior unsecured notes payable, and Level 3 inputs for all other financial instruments, is as follows (dollars in thousands): September 30, 2017 December 31, 2016 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,368 $ 5,241 $ 12,031 $ 13,872 $ 14,289 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 294,221 $ 309,750 $ 260,000 $ 255,294 $ 265,850

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the balance of the Company’s indebtedness as of September 30, 2017 and December 31, 2016 (dollars in thousands): September 30, 2017 December 31, 2016 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (5,779 ) $ 294,221 $ 260,000 $ (4,706 ) $ 255,294 Senior unsecured term loan 100,000 (507 ) 99,493 100,000 (578 ) 99,422 Unsecured revolving credit facility 95,000 — 95,000 95,000 — 95,000 $ 495,000 $ (6,286 ) $ 488,714 $ 455,000 $ (5,284 ) $ 449,716

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Summary of the At-The-Market Equity Offering Program	The following table summarizes the ATM Program activity for 2017 (shares and dollars in thousands): For the Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 Total Number of shares 7,175 3,399 — 10,574 Average sales price per share $ 15.31 $ 18.82 $ — $ 16.43 Gross proceeds $ 109,813 $ 63,947 $ — $ 173,760

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2017 and 2016 , 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income $ 11,311 $ 7,832 $ 23,622 $ 20,965 Less: Net income allocated to participating securities (83 ) (58 ) (277 ) (205 ) Numerator for basic and diluted earnings available to common stockholders $ 11,228 $ 7,774 $ 23,345 $ 20,760 Denominator: Weighted-average basic common shares outstanding 75,471 57,595 71,693 54,403 Weighted-average diluted common shares outstanding 75,471 57,595 71,693 54,403 Earnings per common share, basic $ 0.15 $ 0.13 $ 0.33 $ 0.38 Earnings per common share, diluted $ 0.15 $ 0.13 $ 0.33 $ 0.38

Summarized Condensed Consolid28

Summarized Condensed Consolidating Information (Tables)	9 Months Ended
	Sep. 30, 2017
Summarized Condensed Consolidating Information [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2017 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 738,013 $ 351,076 $ — $ 1,089,089 Other real estate investments — — 5,368 — 5,368 Cash and cash equivalents — 14,808 — — 14,808 Accounts and other receivables — 10,114 2,847 — 12,961 Prepaid expenses and other assets — 1,801 2 — 1,803 Deferred financing costs, net — 1,989 — — 1,989 Investment in subsidiaries 619,922 434,113 — (1,054,035 ) — Intercompany — — 77,972 (77,972 ) — Total assets $ 619,922 $ 1,200,838 $ 437,265 $ (1,132,007 ) $ 1,126,018 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,221 $ — $ — $ 294,221 Senior unsecured term loan, net — 99,493 — — 99,493 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 14,230 3,152 — 17,382 Dividends payable 14,046 — — — 14,046 Intercompany — 77,972 — (77,972 ) — Total liabilities 14,046 580,916 3,152 (77,972 ) 520,142 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 shares issued and outstanding as of September 30, 2017 755 — — — 755 Additional paid-in capital 782,707 560,299 321,761 (882,060 ) 782,707 Cumulative distributions in excess of earnings (177,586 ) 59,623 112,352 (171,975 ) (177,586 ) Total equity 605,876 619,922 434,113 (1,054,035 ) 605,876 Total liabilities and equity $ 619,922 $ 1,200,838 $ 437,265 $ (1,132,007 ) $ 1,126,018 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2016 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 527,639 $ 366,279 $ — $ 893,918 Other real estate investments — — 13,872 — 13,872 Cash and cash equivalents — 7,500 — — 7,500 Accounts and other receivables — 3,743 2,153 — 5,896 Prepaid expenses and other assets — 1,366 3 — 1,369 Deferred financing costs, net — 2,803 — — 2,803 Investment in subsidiaries 463,505 401,328 — (864,833 ) — Intercompany — — 21,445 (21,445 ) — Total assets $ 463,505 $ 944,379 $ 403,752 $ (886,278 ) $ 925,358 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 255,294 $ — $ — $ 255,294 Senior unsecured term loan, net — 99,422 — — 99,422 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 9,713 2,424 — 12,137 Dividends payable 11,075 — — — 11,075 Intercompany — 21,445 — (21,445 ) — Total liabilities 11,075 480,874 2,424 (21,445 ) 472,928 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 64,816,350 shares issued and outstanding as of December 31, 2016 648 — — — 648 Additional paid-in capital 611,475 429,453 321,761 (751,214 ) 611,475 Cumulative distributions in excess of earnings (159,693 ) 34,052 79,567 (113,619 ) (159,693 ) Total equity 452,430 463,505 401,328 (864,833 ) 452,430 Total liabilities and equity $ 463,505 $ 944,379 $ 403,752 $ (886,278 ) $ 925,358
Condensed Consolidating Income Statements	CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 14,987 $ 14,417 $ — $ 29,404 Tenant reimbursements — 1,341 1,202 — 2,543 Independent living facilities — — 825 — 825 Interest and other income — — 176 — 176 Total revenues — 16,328 16,620 — 32,948 Expenses: Depreciation and amortization — 5,014 4,731 — 9,745 Interest expense — 5,592 — — 5,592 Property taxes — 1,341 1,202 — 2,543 Independent living facilities — — 698 — 698 General and administrative 671 2,388 — — 3,059 Total expenses 671 14,335 6,631 — 21,637 Income in Subsidiary 11,982 9,989 — (21,971 ) — Net income $ 11,311 $ 11,982 $ 9,989 $ (21,971 ) $ 11,311 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 10,063 $ 14,116 $ — $ 24,179 Tenant reimbursements — 875 1,214 — 2,089 Independent living facilities — — 766 — 766 Interest and other income — — 72 — 72 Total revenues — 10,938 16,168 — 27,106 Expenses: Depreciation and amortization — 3,194 5,054 — 8,248 Interest expense — 5,742 1 — 5,743 Property taxes — 875 1,214 — 2,089 Independent living facilities — — 708 — 708 Acquisition costs — 203 — — 203 General and administrative 410 1,873 — — 2,283 Total expenses 410 11,887 6,977 — 19,274 Income in Subsidiary 8,242 9,191 — (17,433 ) — Net income $ 7,832 $ 8,242 $ 9,191 $ (17,433 ) $ 7,832 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 42,503 $ 42,751 $ — $ 85,254 Tenant reimbursements — 3,577 3,676 — 7,253 Independent living facilities — — 2,407 — 2,407 Interest and other income — — 1,471 — 1,471 Total revenues — 46,080 50,305 — 96,385 Expenses: Depreciation and amortization — 13,730 14,426 — 28,156 Interest expense — 17,690 — — 17,690 Loss on the extinguishment of debt — 11,883 — — 11,883 Property taxes — 3,577 3,676 — 7,253 Independent living facilities — — 2,003 — 2,003 Impairment of real estate investment — — 890 — 890 General and administrative 1,948 6,416 62 — 8,426 Total expenses 1,948 53,296 21,057 — 76,301 Gain on disposition of other real estate investment — — 3,538 — 3,538 Income in Subsidiary 25,570 32,786 — (58,356 ) — Net income $ 23,622 $ 25,570 $ 32,786 $ (58,356 ) $ 23,622 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 25,702 $ 42,155 $ — $ 67,857 Tenant reimbursements — 2,138 3,677 — 5,815 Independent living facilities — — 2,177 — 2,177 Interest and other income — — 587 — 587 Total revenues — 27,840 48,596 — 76,436 Expenses: Depreciation and amortization — 8,118 15,315 — 23,433 Interest expense — 16,548 496 — 17,044 Loss on the extinguishment of debt — — 326 — 326 Property taxes — 2,138 3,677 — 5,815 Acquisition costs — 203 — — 203 Independent living facilities — — 1,926 — 1,926 General and administrative 1,281 5,377 66 — 6,724 Total expenses 1,281 32,384 21,806 — 55,471 Income in Subsidiary 22,246 26,790 — (49,036 ) — Net income $ 20,965 $ 22,246 $ 26,790 $ (49,036 ) $ 20,965
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (157 ) $ 17,946 $ 49,144 $ — $ 66,933 Cash flows from investing activities: Acquisitions of real estate — (222,463 ) — — (222,463 ) Improvements to real estate — (571 ) (50 ) — (621 ) Purchases of equipment, furniture and fixtures — (292 ) (67 ) — (359 ) Escrow deposit for acquisition of real estate — (1,000 ) — — (1,000 ) Sale of other real estate investment — — 7,500 — 7,500 Distribution from subsidiary 38,544 — — (38,544 ) — Intercompany financing (169,391 ) 56,527 — 112,864 — Net cash (used in) provided by investing activities (130,847 ) (167,799 ) 7,383 74,320 (216,943 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 170,414 — — — 170,414 Proceeds from the issuance of senior unsecured notes payable — 300,000 — — 300,000 Borrowings under unsecured revolving credit facility — 158,000 — — 158,000 Payments on senior unsecured notes payable — (267,639 ) — — (267,639 ) Payments on unsecured revolving credit facility — (158,000 ) — — (158,000 ) Payments of deferred financing costs — (6,047 ) — — (6,047 ) Net-settle adjustment on restricted stock (866 ) — — — (866 ) Dividends paid on common stock (38,544 ) — — — (38,544 ) Distribution to Parent — (38,544 ) — 38,544 — Intercompany financing — 169,391 (56,527 ) (112,864 ) — Net cash provided by (used in) financing activities 131,004 157,161 (56,527 ) (74,320 ) 157,318 Net increase in cash and cash equivalents — 7,308 — — 7,308 Cash and cash equivalents beginning of period — 7,500 — — 7,500 Cash and cash equivalents end of period $ — $ 14,808 $ — $ — $ 14,808 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (73 ) $ 8,332 $ 41,254 $ — $ 49,513 Cash flows from investing activities: Acquisitions of real estate — (185,284 ) — — (185,284 ) Improvements to real estate — (56 ) (202 ) — (258 ) Purchases of equipment, furniture and fixtures — (70 ) (69 ) — (139 ) Preferred equity investments — — (4,531 ) — (4,531 ) Escrow deposit for acquisition of real estate — (1,000 ) — — (1,000 ) Distribution from subsidiary 27,396 — — (27,396 ) — Intercompany financing (107,807 ) (58,570 ) — 166,377 — Net cash used in investing activities (80,411 ) (244,980 ) (4,802 ) 138,981 (191,212 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 108,395 — — — 108,395 Proceeds from the issuance of senior unsecured term loan — 100,000 — — 100,000 Borrowings under unsecured revolving credit facility — 150,000 — — 150,000 Payments on unsecured revolving credit facility — (92,000 ) — — (92,000 ) Payments on the mortgage notes payable — — (95,022 ) — (95,022 ) Payments of deferred financing costs — (1,352 ) — — (1,352 ) Net-settle adjustment on restricted stock (515 ) — — — (515 ) Dividends paid on common stock (27,396 ) — — — (27,396 ) Distribution to Parent — (27,396 ) — 27,396 — Intercompany financing — 107,807 58,570 (166,377 ) — Net cash provided by (used in) financing activities 80,484 237,059 (36,452 ) (138,981 ) 142,110 Net increase in cash and cash equivalents — 411 — — 411 Cash and cash equivalents beginning of period — 11,467 — — 11,467 Cash and cash equivalents end of period $ — $ 11,878 $ — $ — $ 11,878

Organization - Narrative (Detai

Organization - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)real_estate_investmentunitfacilitybed
Real Estate Properties [Line Items]
Number of living facilities	174
Number of other real estate investments | real_estate_investment	2
Preferred equity investment | $	$ 5.4
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign
Real Estate Properties [Line Items]
Number of living facilities	171
Number of units available in living facilities | bed	16,795
Independent Living Facilities Owned and Operated by Company
Real Estate Properties [Line Items]
Number of living facilities	3
Number of units available in living facilities | unit	264

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)facilitysegment	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Number of independent living facilities operated | facility				3
Accumulated amortization of deferred financing costs	$ 2,700,000	$ 2,700,000		$ 2,700,000			$ 4,200,000
Contractual cash rent reserves	500,000	500,000		500,000			0
Stock-based compensation expense		700,000	$ 300,000	$ 1,792,000	$ 1,207,000
Number of reportable segments | segment				1
Restricted cash	0	0		$ 0			$ 0
Other Commitments [Line Items]
Increase in deferred rent receivable	800,000
Pristine Master Lease
Other Commitments [Line Items]
Prefunded Balance In Impound Account						$ 3,000,000
Receivable for deferred rent and franchise permit fees	5,300,000	5,300,000		5,300,000
Increase in deferred rent receivable	800,000
Lease Agreements
Other Commitments [Line Items]
Remaining contractual payments as lessee	$ 300,000	$ 300,000		300,000
Independent Living Facilities
Other Commitments [Line Items]
Revenue				$ 2,407,000

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details)	9 Months Ended
	Sep. 30, 2017
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Integral Equipment, Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest expense	$ 5,592	$ 5,743	$ 17,690	$ 17,044
Loss on extinguishment of debt	$ 0	$ 0	$ 11,883	326
Reclassification
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest expense				(300)
Loss on extinguishment of debt				$ 300

Real Estate Investments, Net -

Real Estate Investments, Net - Summary of Investment in Owned Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 128,815	$ 110,648
Buildings and improvements	1,004,347	875,567
Integral equipment, furniture and fixtures	74,234	64,120
Identified intangible assets	2,382	1,914
Escrowed cash for acquisitions	65,638	0
Real estate investments	1,275,416	1,052,249
Accumulated depreciation	(186,327)	(158,331)
Real estate investments, net	$ 1,089,089	$ 893,918

Real Estate Investments, Net 34

Real Estate Investments, Net - Narrative (Details) $ in Millions	1 Months Ended						3 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)facilityunitrenewal_optionleasebed	Jul. 31, 2017USD ($)unitrenewal_optionbed	Jun. 30, 2017USD ($)unit	May 31, 2017USD ($)unitrenewal_optionfacilitybed	Mar. 31, 2017USD ($)renewal_optionfacilitybed	Feb. 28, 2017USD ($)renewal_optionfacilitybed	Sep. 30, 2017USD ($)facilityunitleasebed	Sep. 30, 2017USD ($)facilityintangible_assetunitleasebed
Investment [Line Items]
Number of living facilities | facility	174						174	174
Number of facilities not leased | facility	3						3	3
Number of operating leases acquired | lease								5
Remaining lease term								81 years
Impairment of real estate investment								$ 0.9
Off-Market Favorable Lease
Investment [Line Items]
Number of identified intangible assets | intangible_asset								2
Premier Senior Living LLC
Investment [Line Items]
Number of facilities acquired | facility						2
Number of beds acquired | bed						96
Acquisition consideration						$ 26.1
Leases period						14 years
Leases renewal options | renewal_option						2
Leases renewal term						5 years
Anticipated initial annual lease revenues						$ 2.2
WLC Management Firm LLC
Investment [Line Items]
Number of facilities acquired | facility					5
Number of beds acquired | bed		99			455
Acquisition consideration		$ 3.7			$ 29.2
Leases period		14 years			15 years
Leases renewal options | renewal_option		2			2
Leases renewal term		5 years			5 years
Anticipated initial annual lease revenues		$ 0.4			$ 2.9
Better Senior Living Consulting LLC
Investment [Line Items]
Number of beds acquired | bed				170
Acquisition consideration				$ 2
Leases period				13 years
Leases renewal options | renewal_option				2
Leases renewal term				5 years
Anticipated initial annual lease revenues				$ 0.3
Cascadia Healthcare LLC
Investment [Line Items]
Number of facilities acquired | facility	3			3			3	3
Total number of facilities acquired, completed and pending at reporting date | facility	7						7	7
Leases period	13 years 6 months			14 years
Leases renewal options | renewal_option	2			2
Leases renewal term	5 years			5 years
Anticipated initial annual lease revenues	$ 2.7			$ 1.1
Cascadia Healthcare LLC | Nampa ID
Investment [Line Items]
Number of units available in living facilities | unit				119
Acquisition consideration				$ 6.5
Cascadia Healthcare LLC | Oregon and Washington
Investment [Line Items]
Number of facilities acquired | facility	2						2	2
Number of units available in living facilities | unit	129						129	129
Acquisition consideration							$ 4.9
Cascadia Healthcare LLC | Idaho
Investment [Line Items]
Number of beds acquired | bed	236						236	236
Acquisition consideration	$ 29.8
OnPointe Health LLC
Investment [Line Items]
Acquisition consideration			$ 27.3
Anticipated initial annual lease revenues			2.5
Tenant purchase option			$ 14.3
OnPointe Health LLC | Maximum
Investment [Line Items]
Leases period			19 years
OnPointe Health LLC | Minimum
Investment [Line Items]
Leases period			17 years
OnPointe Health LLC | Brownsville TX
Investment [Line Items]
Number of units available in living facilities | unit			126
OnPointe Health LLC | Albuquerque NM
Investment [Line Items]
Number of units available in living facilities | unit			136
Prelude Home & Services LLC
Investment [Line Items]
Number of units available in living facilities | unit		30
Acquisition consideration		$ 7.8
Leases period		12 years 6 months
Leases renewal options | renewal_option		2
Leases renewal term		5 years
Anticipated initial annual lease revenues		$ 0.6
Priority Management Group LLC
Investment [Line Items]
Number of facilities acquired | facility	3						3	3
Number of beds acquired | bed	405						405	405
Acquisition consideration	$ 20.3
Leases period	14 years
Leases renewal options | renewal_option	2
Leases renewal term	5 years
Anticipated initial annual lease revenues	$ 1.9
Ensign Master Leases
Investment [Line Items]
Percentage change in the consumer price index	2.50%						2.50%	2.50%
Ensign Master Leases
Investment [Line Items]
Facilities subject to operating lease | facility	92						92	92
Annualized revenues from master leases	$ 57.7						$ 57.7	$ 57.7
Ensign | Ensign Master Leases
Investment [Line Items]
Number of master leases | lease	8						8	8
Escalation factor for calculating revenues after year two	0.00%						0.00%	0.00%
Various Other Operators
Investment [Line Items]
Facilities subject to operating lease | facility	79						79	79

Real Estate Investments, Net 35

Real Estate Investments, Net - Schedule of Total Future Minimum Rental Revenues (Details) $ in Thousands	Sep. 30, 2017USD ($)
Real Estate [Abstract]
Remaining 2,017	$ 30,729
2,018	122,973
2,019	121,069
2,020	119,743
2,021	119,743
Thereafter	1,055,628
Total	$ 1,569,885

Other Real Estate Investments -

Other Real Estate Investments - Narrative (Details)	Oct. 01, 2017acquisition	Oct. 31, 2017acquisition	May 31, 2017USD ($)	Sep. 30, 2016USD ($)bed	Jul. 31, 2016USD ($)bed	Dec. 31, 2014USD ($)aunit	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Real Estate Properties [Line Items]
Preferred equity investment							$ 5,400,000		$ 5,400,000
Proceeds from sale of real estate investment									7,500,000	$ 0
Receipt of preferred return									0	0
Gain on disposition of other real estate investment							0	$ 0	3,538,000	0
Interest income distribution from other real estate investment									1,500,000	0
Preferred Equity Investment
Real Estate Properties [Line Items]
Interest income							200,000	100,000	1,500,000	600,000
Interest income distribution from other real estate investment							$ 0	0	975,000	0
Signature Senior Living
Real Estate Properties [Line Items]
Preferred equity investment						$ 7,500,000
Return from preferred equity investment (percent)						12.00%
Number of units planned for construction | unit						134
Area under construction | a						5
Initial lease yield (percent)						8.00%
Proceeds from sale of real estate investment			$ 7,500,000
Receipt of preferred return			$ 2,500,000
Gain on disposition of other real estate investment									3,500,000
Interest income									1,000,000
Interest income distribution from other real estate investment									$ 500,000
Cascadia Development, LLC
Real Estate Properties [Line Items]
Preferred equity investment				$ 2,300,000	$ 2,200,000			$ 2,300,000		$ 2,300,000
Number of beds planned for construction | bed				99	99
Initial lease yield (percent)				9.00%	9.00%
Preferred equity investment minimum yield				12.00%	12.00%
Cascadia Development, LLC | Prime Rate
Real Estate Properties [Line Items]
Basis spread of preferred equity investment yield				9.50%	9.50%
Subsequent Event
Real Estate Properties [Line Items]
Number of asset acquisitions | acquisition	3	3

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Face Value, Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Financial assets:
Preferred equity investment	$ 5,400,000
Financial liabilities:
Senior unsecured notes payable, net	294,221,000	$ 255,294,000
Level 2 | Senior unsecured notes payable
Financial liabilities:
Financial liabilities - face value	300,000,000	260,000,000
Level 2 | Carrying Amount
Financial liabilities:
Senior unsecured notes payable, net	294,221,000	255,294,000
Level 2 | Fair Value
Financial liabilities:
Senior unsecured notes payable, net	309,750,000	265,850,000
Level 3
Financial assets:
Preferred equity investment - face value	4,531,000	12,031,000
Level 3 | Carrying Amount
Financial assets:
Preferred equity investment	5,368,000	13,872,000
Level 3 | Fair Value
Financial assets:
Preferred equity investment	$ 5,241,000	$ 14,289,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal Amount	$ 495,000	$ 455,000
Deferred Loan Fees	(6,286)	(5,284)
Carrying Value	488,714	449,716
Senior unsecured notes payable
Debt Instrument [Line Items]
Principal Amount	300,000	260,000
Deferred Loan Fees	(5,779)	(4,706)
Carrying Value	294,221	255,294
Senior unsecured term loan
Debt Instrument [Line Items]
Principal Amount	100,000	100,000
Deferred Loan Fees	(507)	(578)
Carrying Value	99,493	99,422
Unsecured revolving credit facility
Debt Instrument [Line Items]
Principal Amount	95,000	95,000
Deferred Loan Fees	0	0
Carrying Value	$ 95,000	$ 95,000

Debt - Narrative (Details)

Debt - Narrative (Details)	May 10, 2017USD ($)	Feb. 01, 2016USD ($)extension_option	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Aug. 05, 2015USD ($)
Line of Credit Facility [Line Items]
Gross proceeds from issuance of senior notes					$ 0	$ 100,000,000
Payments on the mortgage notes payable					0	95,022,000
Outstanding amounts under Credit Facility			$ 495,000,000		495,000,000		$ 455,000,000
Interest expense			5,592,000	$ 5,743,000	17,690,000	17,044,000
Amortization of deferred financing costs			500,000	$ 600,000	1,600,000	1,700,000
Interest payable			5,600,000		5,600,000		1,300,000
Loss on the extinguishment of debt before write off of deferred financing costs					7,600,000
Write-off of deferred financing costs					4,200,000	$ 300,000
Senior Unsecured Notes | 5.25% Senior Notes due 2025
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 300,000,000
Interest rate, stated percentage	5.25%
Gross proceeds from issuance of senior notes	$ 300,000,000
Net proceeds from issuance of senior notes	$ 294,000,000
Debt instrument, redemption price, percentage	100.00%
Debt instrument, redemption price, percentage upon change of control	101.00%
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage	105.25%
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One | Maximum
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage of principal amount	40.00%
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One | Minimum
Line of Credit Facility [Line Items]
Percentage of aggregate principal amount of notes outstanding	60.00%
Senior Unsecured Notes | 5.875% Senior Notes due 2021
Line of Credit Facility [Line Items]
Interest rate, stated percentage	5.875%
Payment for redemption of senior notes	$ 260,000,000
Debt instrument, redemption price, percentage	102.938%
Credit Facility
Line of Credit Facility [Line Items]
Outstanding amounts under Credit Facility			$ 95,000,000		$ 95,000,000		$ 95,000,000
Credit Facility | Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity								$ 300,000,000
Credit Facility | Unsecured Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage					0.25%
Line of credit facility, facility fee percentage					0.30%
Credit Facility | Unsecured Revolving Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread					1.40%
Credit Facility | Unsecured Revolving Credit Facility | Maximum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread					2.40%
Credit Facility | Unsecured Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage					0.15%
Line of credit facility, facility fee percentage					0.125%
Credit Facility | Unsecured Revolving Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread					0.75%
Credit Facility | Unsecured Revolving Credit Facility | Minimum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread					1.75%
Credit Facility | Revolving Credit Facility As Amended
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
Credit Facility | Revolving Credit Facility As Amended | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread					1.60%
Credit Facility | Revolving Credit Facility As Amended | Maximum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread					2.60%
Credit Facility | Revolving Credit Facility As Amended | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread					0.95%
Credit Facility | Revolving Credit Facility As Amended | Minimum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread					1.95%
Credit Facility | Senior unsecured term loan
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

Equity - Schedule of ATM Progra

Equity - Schedule of ATM Program Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016
Class of Stock [Line Items]
Remaining offering amount available	$ 236,100			$ 236,100
Gross proceeds				$ 170,414	$ 108,395
Maximum
Class of Stock [Line Items]
Authorized aggregate offering price of common stock		$ 300,000
At-The-Market Offering
Class of Stock [Line Items]
Number of shares (in shares)	0	3,399	7,175	10,574
Average sales price per share (in usd per share)	$ 0	$ 18.82	$ 15.31	$ 16.43
Gross proceeds	$ 0	$ 63,947	$ 109,813	$ 173,760

Equity - Dividends on Common St

Equity - Dividends on Common Stock (Details) - $ / shares	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Equity [Abstract]
Dividends declared per common share (in usd per share)	$ 0.185	$ 0.185	$ 0.185	$ 0.17	$ 0.555	$ 0.51	$ 0.68
Dividend, payable date	Oct. 13, 2017	Jul. 14, 2017	Apr. 14, 2017
Dividend, record date	Sep. 29, 2017	Jun. 30, 2017	Mar. 31, 2017

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 01, 2014shares	Jul. 31, 2017$ / sharesshares	Feb. 28, 2017installment$ / sharesshares	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense associated with grants | $				$ 700	$ 300	$ 1,792	$ 1,207
Unamortized stock-based compensation expense related to unvested awards | $				4,500		$ 4,500
Weighted average remaining vesting period related to expense recognition						2 years
Ensign Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award conversion ratio related to the spin-off	1
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense associated with grants | $				$ 700	$ 300	$ 1,800	$ 1,200
Restricted Stock Awards | Ensign Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards unvested during spin-off (in shares)	207,580
Shares vested (in shares)				5,960
Unvested stock awards outstanding (in shares)				20,360		20,360
Restricted Stock Awards | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal annual vesting installments | installment			3
Restricted Stock Awards | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards granted (in shares)		20,766	233,768
Restricted stock award grant date fair value (in usd per share) | $ / shares		$ 18.30	$ 15.21

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 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Numerator:
Net income	$ 11,311	$ 7,832	$ 23,622	$ 20,965	$ 29,353
Less: Net income allocated to participating securities	(83)	(58)	(277)	(205)
Numerator for basic and diluted earnings available to common stockholders	$ 11,228	$ 7,774	$ 23,345	$ 20,760
Denominator:
Weighted-average basic common shares outstanding (in shares)	75,471	57,595	71,693	54,403
Weighted-average diluted common shares outstanding (in shares)	75,471	57,595	71,693	54,403
Earnings per common share, basic (in usd per share)	$ 0.15	$ 0.13	$ 0.33	$ 0.38
Earnings per common share, diluted (in usd per share)	$ 0.15	$ 0.13	$ 0.33	$ 0.38

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - Ensign - 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 - Narrati

Concentration of Risk - Narrative (Details) $ in Millions	Nov. 02, 2017facility	Oct. 01, 2015USD ($)renewal_optionpurchase-optionfacility	Oct. 31, 2017USD ($)facility	Sep. 30, 2017USD ($)facilitystatebed
Concentration Risk [Line Items]
Number of living facilities				174
Description of highest concentration of properties				The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona.
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign
Concentration Risk [Line Items]
Number of living facilities				171
Number of units available in living facilities | bed				16,795
Liberty Healthcare Portfolio
Concentration Risk [Line Items]
Number of facilities acquired		14
Acquisition consideration | $		$ 176.5
Facilities subject to operating lease				16
Liberty Healthcare Portfolio | Pristine Master Lease
Concentration Risk [Line Items]
Leases period		15 years
Leases renewal options | renewal_option		2
Leases renewal term		5 years
Leases purchase options | purchase-option		0
Annual lease revenue per master lease terms | $				$ 18.6
Escalation factor for calculating revenues after year two				0.00%
Percentage change in the consumer price index				3.00%
Ensign
Concentration Risk [Line Items]
Number of states where Ensign leases the highest concentration of properties | state				4
Ensign | Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign
Concentration Risk [Line Items]
Number of living facilities				92
Number of units available in living facilities | bed				9,754
Subsequent Event
Concentration Risk [Line Items]
Number of facilities acquired			13
Acquisition consideration | $			$ 135
Subsequent Event | Pristine Amendment
Concentration Risk [Line Items]
Number of transitioned facilities	7

Summarized Condensed Consolid46

Summarized Condensed Consolidating Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2017	May 10, 2017
Parent Guarantor
Condensed Financial Statements, Captions [Line Items]
Date of incorporation	Oct. 29, 2013
CTR Partnership, L.P.
Condensed Financial Statements, Captions [Line Items]
Date of formation	May 8, 2014
CareTrust Capital Corp.
Condensed Financial Statements, Captions [Line Items]
Date of formation	May 9, 2014
5.25% Senior Notes due 2025 | Senior Unsecured Notes
Condensed Financial Statements, Captions [Line Items]
Debt instrument, interest rate		5.25%

Summarized Condensed Consolid47

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Assets:
Real estate investments, net	$ 1,089,089	$ 893,918
Other real estate investments	5,368	13,872
Cash and cash equivalents	14,808	7,500	$ 11,878	$ 11,467
Accounts and other receivables	12,961	5,896
Prepaid expenses and other assets	1,803	1,369
Deferred financing costs, net	1,989	2,803
Investment in subsidiaries	0	0
Intercompany	0	0
Total assets	1,126,018	925,358
Liabilities and Equity:
Senior unsecured notes payable, net	294,221	255,294
Senior unsecured term loan, net	99,493	99,422
Unsecured revolving credit facility	95,000	95,000
Accounts payable and accrued liabilities	17,382	12,137
Dividends payable	14,046	11,075
Intercompany	0	0
Total liabilities	520,142	472,928
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 and 64,816,350 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	755	648
Additional paid-in capital	782,707	611,475
Cumulative distributions in excess of earnings	(177,586)	(159,693)
Total equity	605,876	452,430		262,288
Total liabilities and equity	1,126,018	925,358
Reportable Legal Entities | Parent Guarantor
Assets:
Real estate investments, net	0	0
Other real estate investments	0	0
Cash and cash equivalents	0	0	0	0
Accounts and other receivables	0	0
Prepaid expenses and other assets	0	0
Deferred financing costs, net	0	0
Investment in subsidiaries	619,922	463,505
Intercompany	0	0
Total assets	619,922	463,505
Liabilities and Equity:
Senior unsecured notes payable, net	0	0
Senior unsecured term loan, net	0	0
Unsecured revolving credit facility	0	0
Accounts payable and accrued liabilities	0	0
Dividends payable	14,046	11,075
Intercompany	0	0
Total liabilities	14,046	11,075
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 and 64,816,350 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	755	648
Additional paid-in capital	782,707	611,475
Cumulative distributions in excess of earnings	(177,586)	(159,693)
Total equity	605,876	452,430
Total liabilities and equity	619,922	463,505
Reportable Legal Entities | Issuers
Assets:
Real estate investments, net	738,013	527,639
Other real estate investments	0	0
Cash and cash equivalents	14,808	7,500	11,878	11,467
Accounts and other receivables	10,114	3,743
Prepaid expenses and other assets	1,801	1,366
Deferred financing costs, net	1,989	2,803
Investment in subsidiaries	434,113	401,328
Intercompany	0	0
Total assets	1,200,838	944,379
Liabilities and Equity:
Senior unsecured notes payable, net	294,221	255,294
Senior unsecured term loan, net	99,493	99,422
Unsecured revolving credit facility	95,000	95,000
Accounts payable and accrued liabilities	14,230	9,713
Dividends payable	0	0
Intercompany	77,972	21,445
Total liabilities	580,916	480,874
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 and 64,816,350 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	0	0
Additional paid-in capital	560,299	429,453
Cumulative distributions in excess of earnings	59,623	34,052
Total equity	619,922	463,505
Total liabilities and equity	1,200,838	944,379
Reportable Legal Entities | Combined Subsidiary Guarantors
Assets:
Real estate investments, net	351,076	366,279
Other real estate investments	5,368	13,872
Cash and cash equivalents	0	0	0	0
Accounts and other receivables	2,847	2,153
Prepaid expenses and other assets	2	3
Deferred financing costs, net	0	0
Investment in subsidiaries	0	0
Intercompany	77,972	21,445
Total assets	437,265	403,752
Liabilities and Equity:
Senior unsecured notes payable, net	0	0
Senior unsecured term loan, net	0	0
Unsecured revolving credit facility	0	0
Accounts payable and accrued liabilities	3,152	2,424
Dividends payable	0	0
Intercompany	0	0
Total liabilities	3,152	2,424
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 and 64,816,350 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	0	0
Additional paid-in capital	321,761	321,761
Cumulative distributions in excess of earnings	112,352	79,567
Total equity	434,113	401,328
Total liabilities and equity	437,265	403,752
Elimination
Assets:
Real estate investments, net	0	0
Other real estate investments	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts and other receivables	0	0
Prepaid expenses and other assets	0	0
Deferred financing costs, net	0	0
Investment in subsidiaries	(1,054,035)	(864,833)
Intercompany	(77,972)	(21,445)
Total assets	(1,132,007)	(886,278)
Liabilities and Equity:
Senior unsecured notes payable, net	0	0
Senior unsecured term loan, net	0	0
Unsecured revolving credit facility	0	0
Accounts payable and accrued liabilities	0	0
Dividends payable	0	0
Intercompany	(77,972)	(21,445)
Total liabilities	(77,972)	(21,445)
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,472,682 and 64,816,350 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	0	0
Additional paid-in capital	(882,060)	(751,214)
Cumulative distributions in excess of earnings	(171,975)	(113,619)
Total equity	(1,054,035)	(864,833)
Total liabilities and equity	$ (1,132,007)	$ (886,278)

Summarized Condensed Consolid48

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets - Shares Information (Details) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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	75,472,682	64,816,350
Common stock, shares outstanding	75,472,682	64,816,350

Summarized Condensed Consolid49

Summarized Condensed Consolidating Information - Condensed Consolidating Income Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues:
Rental income	$ 29,404	$ 24,179	$ 85,254	$ 67,857
Tenant reimbursements	2,543	2,089	7,253	5,815
Independent living facilities	825	766	2,407	2,177
Interest and other income	176	72	1,471	587
Total revenues	32,948	27,106	96,385	76,436
Expenses:
Depreciation and amortization	9,745	8,248	28,156	23,433
Interest expense	5,592	5,743	17,690	17,044
Loss on the extinguishment of debt	0	0	11,883	326
Property taxes	2,543	2,089	7,253	5,815
Independent living facilities	698	708	2,003	1,926
Impairment of real estate investment	0	0	890	0
Acquisition costs	0	203	0	203
General and administrative	3,059	2,283	8,426	6,724
Total expenses	21,637	19,274	76,301	55,471
Gain on disposition of other real estate investment	0	0	3,538	0
Income in Subsidiary	0	0	0	0
Net income	11,311	7,832	23,622	20,965	$ 29,353
Reportable Legal Entities | Parent Guarantor
Revenues:
Rental income	0	0	0	0
Tenant reimbursements	0	0	0	0
Independent living facilities	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	0	0	0	0
Expenses:
Depreciation and amortization	0	0	0	0
Interest expense	0	0	0	0
Loss on the extinguishment of debt			0	0
Property taxes	0	0	0	0
Independent living facilities	0	0	0	0
Impairment of real estate investment			0
Acquisition costs		0		0
General and administrative	671	410	1,948	1,281
Total expenses	671	410	1,948	1,281
Gain on disposition of other real estate investment			0
Income in Subsidiary	11,982	8,242	25,570	22,246
Net income	11,311	7,832	23,622	20,965
Reportable Legal Entities | Issuers
Revenues:
Rental income	14,987	10,063	42,503	25,702
Tenant reimbursements	1,341	875	3,577	2,138
Independent living facilities	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	16,328	10,938	46,080	27,840
Expenses:
Depreciation and amortization	5,014	3,194	13,730	8,118
Interest expense	5,592	5,742	17,690	16,548
Loss on the extinguishment of debt			11,883	0
Property taxes	1,341	875	3,577	2,138
Independent living facilities	0	0	0	0
Impairment of real estate investment			0
Acquisition costs		203		203
General and administrative	2,388	1,873	6,416	5,377
Total expenses	14,335	11,887	53,296	32,384
Gain on disposition of other real estate investment			0
Income in Subsidiary	9,989	9,191	32,786	26,790
Net income	11,982	8,242	25,570	22,246
Reportable Legal Entities | Combined Subsidiary Guarantors
Revenues:
Rental income	14,417	14,116	42,751	42,155
Tenant reimbursements	1,202	1,214	3,676	3,677
Independent living facilities	825	766	2,407	2,177
Interest and other income	176	72	1,471	587
Total revenues	16,620	16,168	50,305	48,596
Expenses:
Depreciation and amortization	4,731	5,054	14,426	15,315
Interest expense	0	1	0	496
Loss on the extinguishment of debt			0	326
Property taxes	1,202	1,214	3,676	3,677
Independent living facilities	698	708	2,003	1,926
Impairment of real estate investment			890
Acquisition costs		0		0
General and administrative	0	0	62	66
Total expenses	6,631	6,977	21,057	21,806
Gain on disposition of other real estate investment			3,538
Income in Subsidiary	0	0	0	0
Net income	9,989	9,191	32,786	26,790
Elimination
Revenues:
Rental income	0	0	0	0
Tenant reimbursements	0	0	0	0
Independent living facilities	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	0	0	0	0
Expenses:
Depreciation and amortization	0	0	0	0
Interest expense	0	0	0	0
Loss on the extinguishment of debt			0	0
Property taxes	0	0	0	0
Independent living facilities	0	0	0	0
Impairment of real estate investment			0
Acquisition costs		0		0
General and administrative	0	0	0	0
Total expenses	0	0	0	0
Gain on disposition of other real estate investment			0
Income in Subsidiary	(21,971)	(17,433)	(58,356)	(49,036)
Net income	$ (21,971)	$ (17,433)	$ (58,356)	$ (49,036)

Summarized Condensed Consolid50

Summarized Condensed Consolidating Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$ 66,933	$ 49,513
Cash flows from investing activities:
Acquisitions of real estate	(222,463)	(185,284)
Improvements to real estate	(621)	(258)
Purchases of equipment, furniture and fixtures	(359)	(139)
Preferred equity investments	0	(4,531)
Escrow deposits for acquisition of real estate	(1,000)	(1,000)
Sale of other real estate investment	7,500	0
Distribution from subsidiary	0	0
Intercompany financing	0	0
Net cash used in investing activities	(216,943)	(191,212)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	170,414	108,395
Proceeds from the issuance of senior unsecured notes payable	300,000	0
Proceeds from the issuance of senior unsecured term loan	0	100,000
Borrowings under unsecured revolving credit facility	158,000	150,000
Payments on senior unsecured notes payable	(267,639)	0
Payments on unsecured revolving credit facility	(158,000)	(92,000)
Payments on the mortgage notes payable	0	(95,022)
Payments of deferred financing costs	(6,047)	(1,352)
Net-settle adjustment on restricted stock	(866)	(515)
Dividends paid on common stock	(38,544)	(27,396)
Distribution to Parent	0	0
Intercompany financing	0	0
Net cash provided by financing activities	157,318	142,110
Net increase in cash and cash equivalents	7,308	411
Cash and cash equivalents, beginning of period	7,500	11,467
Cash and cash equivalents, end of period	14,808	11,878
Reportable Legal Entities | Parent Guarantor
Cash flows from operating activities:
Net cash (used in) provided by operating activities	(157)	(73)
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
Preferred equity investments		0
Escrow deposits for acquisition of real estate	0	0
Sale of other real estate investment	0
Distribution from subsidiary	38,544	27,396
Intercompany financing	(169,391)	(107,807)
Net cash used in investing activities	(130,847)	(80,411)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	170,414	108,395
Proceeds from the issuance of senior unsecured notes payable	0
Proceeds from the issuance of senior unsecured term loan		0
Borrowings under unsecured revolving credit facility	0	0
Payments on senior unsecured notes payable	0
Payments on unsecured revolving credit facility	0	0
Payments on the mortgage notes payable		0
Payments of deferred financing costs	0	0
Net-settle adjustment on restricted stock	(866)	(515)
Dividends paid on common stock	(38,544)	(27,396)
Distribution to Parent	0	0
Intercompany financing	0	0
Net cash provided by financing activities	131,004	80,484
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Reportable Legal Entities | Issuers
Cash flows from operating activities:
Net cash (used in) provided by operating activities	17,946	8,332
Cash flows from investing activities:
Acquisitions of real estate	(222,463)	(185,284)
Improvements to real estate	(571)	(56)
Purchases of equipment, furniture and fixtures	(292)	(70)
Preferred equity investments		0
Escrow deposits for acquisition of real estate	(1,000)	(1,000)
Sale of other real estate investment	0
Distribution from subsidiary	0	0
Intercompany financing	56,527	(58,570)
Net cash used in investing activities	(167,799)	(244,980)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	0	0
Proceeds from the issuance of senior unsecured notes payable	300,000
Proceeds from the issuance of senior unsecured term loan		100,000
Borrowings under unsecured revolving credit facility	158,000	150,000
Payments on senior unsecured notes payable	(267,639)
Payments on unsecured revolving credit facility	(158,000)	(92,000)
Payments on the mortgage notes payable		0
Payments of deferred financing costs	(6,047)	(1,352)
Net-settle adjustment on restricted stock	0	0
Dividends paid on common stock	0	0
Distribution to Parent	(38,544)	(27,396)
Intercompany financing	169,391	107,807
Net cash provided by financing activities	157,161	237,059
Net increase in cash and cash equivalents	7,308	411
Cash and cash equivalents, beginning of period	7,500	11,467
Cash and cash equivalents, end of period	14,808	11,878
Reportable Legal Entities | Combined Subsidiary Guarantors
Cash flows from operating activities:
Net cash (used in) provided by operating activities	49,144	41,254
Cash flows from investing activities:
Acquisitions of real estate	0	0
Improvements to real estate	(50)	(202)
Purchases of equipment, furniture and fixtures	(67)	(69)
Preferred equity investments		(4,531)
Escrow deposits for acquisition of real estate	0	0
Sale of other real estate investment	7,500
Distribution from subsidiary	0	0
Intercompany financing	0	0
Net cash used in investing activities	7,383	(4,802)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	0	0
Proceeds from the issuance of senior unsecured notes payable	0
Proceeds from the issuance of senior unsecured term loan		0
Borrowings under unsecured revolving credit facility	0	0
Payments on senior unsecured notes payable	0
Payments on unsecured revolving credit facility	0	0
Payments on the mortgage notes payable		(95,022)
Payments of deferred financing costs	0	0
Net-settle adjustment on restricted stock	0	0
Dividends paid on common stock	0	0
Distribution to Parent	0	0
Intercompany financing	(56,527)	58,570
Net cash provided by financing activities	(56,527)	(36,452)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Elimination
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
Preferred equity investments		0
Escrow deposits for acquisition of real estate	0	0
Sale of other real estate investment	0
Distribution from subsidiary	(38,544)	(27,396)
Intercompany financing	112,864	166,377
Net cash used in investing activities	74,320	138,981
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	0	0
Proceeds from the issuance of senior unsecured notes payable	0
Proceeds from the issuance of senior unsecured term loan		0
Borrowings under unsecured revolving credit facility	0	0
Payments on senior unsecured notes payable	0
Payments on unsecured revolving credit facility	0	0
Payments on the mortgage notes payable		0
Payments of deferred financing costs	0	0
Net-settle adjustment on restricted stock	0	0
Dividends paid on common stock	0	0
Distribution to Parent	38,544	27,396
Intercompany financing	(112,864)	(166,377)
Net cash provided by financing activities	(74,320)	(138,981)
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Millions

Dec. 01, 2019

Jul. 01, 2019

Feb. 01, 2019USD ($)

Dec. 01, 2018USD ($)

Oct. 15, 2018USD ($)

Jul. 01, 2018USD ($)

Mar. 01, 2018USD ($)

Feb. 01, 2018USD ($)

Dec. 11, 2017USD ($)

Dec. 01, 2017USD ($)

Nov. 30, 2017USD ($)

Nov. 15, 2017USD ($)

Nov. 02, 2017facility

Oct. 01, 2017USD ($)acquisition

Oct. 31, 2017USD ($)acquisitionfacility

Sep. 30, 2017USD ($)

Dec. 15, 2017USD ($)

Subsequent Event [Line Items]

Increase in deferred rent receivable

$ 0.8

Subsequent Event

Subsequent Event [Line Items]

Number of facilities acquired | facility

13

Number of asset acquisitions | acquisition

3

3

Acquisition consideration

$ 135

Anticipated initial annual lease revenues

12

New mortgage loan amount

$ 12.5

Annual interest rate on mortgage loan (percent)

9.00%

Subsequent Event | Pristine Amendment

Subsequent Event [Line Items]

Number of transitioned facilities | facility

7

Time period for transfer of facilities

9 months

Rental income, expected annual base rent

$ 15.6

Subsequent Event | ALF

Subsequent Event [Line Items]

Number of facilities acquired | facility

3

Subsequent Event | SNF

Subsequent Event [Line Items]

Number of facilities acquired | facility

10

Scenario, Forecast | Pristine Amendment

Subsequent Event [Line Items]

Rental income, expected annual base rent

$ 16

Rental income, increase (decrease) in expected annual base rent

$ (6.5)

Rental income, expected annual base rent contingent on transfer of facilities

$ 9.8

$ 9.5

Annual base rent increase (percent)

2.00%

Expected proceeds from lease agreement

$ 0.2

$ 0.3

Deferred rent receivable

$ 6

Rental income, expected additional monthly rent

$ 0.1

Interest rate on deferred rent payable

6.25%

Scenario, Forecast | Trillium Amendment

Subsequent Event [Line Items]

Rental income, expected annual base rent

$ 12.2

$ 12.1

$ 11.6

11.5

$ 4.5

Rental income, increase (decrease) in expected annual base rent

$ 6.9

Maximum | Scenario, Forecast | Pristine Amendment

Subsequent Event [Line Items]

Annual base rent increase (percent)

3.00%

Maximum | Scenario, Forecast | Trillium Amendment

Subsequent Event [Line Items]

Annual base rent increase (percent)

3.00%