CareTrust REIT (CTRE) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	CTRE
Entity Registrant Name	CareTrust REIT, Inc.
Entity Central Index Key	1,590,717
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		76,137,828

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Real estate investments, net	$ 1,177,140	$ 1,152,261
Other real estate investments, net	18,031	17,949
Cash and cash equivalents	14,195	6,909
Accounts and other receivables, net	5,999	5,254
Prepaid expenses and other assets	1,919	895
Deferred financing costs, net	1,447	1,718
Total assets	1,218,731	1,184,986
Liabilities and Equity:
Senior unsecured notes payable, net	294,584	294,395
Senior unsecured term loan, net	99,540	99,517
Unsecured revolving credit facility	200,000	165,000
Accounts payable and accrued liabilities	15,111	17,413
Dividends payable	15,608	14,044
Total liabilities	624,843	590,369
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2018 and December 31, 2017	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 and 75,478,202 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	755	755
Additional paid-in capital	783,509	783,237
Cumulative distributions in excess of earnings	(190,376)	(189,375)
Total equity	593,888	594,617
Total liabilities and equity	$ 1,218,731	$ 1,184,986

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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, authorized (shares)	500,000,000	500,000,000
Common stock, issued (shares)	75,522,046	75,478,202
Common stock, outstanding (shares)	75,522,046	75,478,202

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenues:
Rental income	$ 33,816	$ 27,339
Tenant reimbursements	2,968	2,321
Independent living facilities	799	793
Interest and other income	518	155
Total revenues	38,101	30,608
Expenses:
Depreciation and amortization	11,577	9,076
Interest expense	7,092	5,879
Property taxes	2,968	2,321
Independent living facilities	716	661
General and administrative	3,192	2,390
Total expenses	25,545	20,327
Other income:
Gain on sale of real estate	2,051	0
Net income	$ 14,607	$ 10,281	$ 25,874
Earnings per common share:
Basic (in usd per share)	$ 0.19	$ 0.15
Diluted (in usd per share)	$ 0.19	$ 0.15
Weighted-average number of common shares:
Basic (in shares)	75,504	66,951
Diluted (in shares)	75,504	66,951
Dividends declared per common share (in usd per share)	$ 0.205	$ 0.185	$ 0.74

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, 2016	$ 452,430	$ 648	$ 611,475	$ (159,693)
Beginning balance (in shares) at Dec. 31, 2016		64,816,350
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	170,319	$ 106	170,213
Issuance of common stock, net, (in shares)		10,573,089
Vesting of restricted common stock, net of shares withheld for employee taxes	(866)	$ 1	(867)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		88,763
Amortization of stock-based compensation	2,416		2,416
Common dividends ($0.205 and $0.74 per share for the three months ended 3/31/2018 and year ended 12/31/2017, respectively) (in usd per share)	(55,556)			(55,556)
Net income	25,874			25,874
Ending balance at Dec. 31, 2017	594,617	$ 755	783,237	(189,375)
Ending balance (in shares) at Dec. 31, 2017		75,478,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	(27)		(27)
Vesting of restricted common stock, net of shares withheld for employee taxes	(605)		(605)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		43,844
Amortization of stock-based compensation	904		904
Common dividends ($0.205 and $0.74 per share for the three months ended 3/31/2018 and year ended 12/31/2017, respectively) (in usd per share)	(15,608)			(15,608)
Net income	14,607			14,607
Ending balance at Mar. 31, 2018	$ 593,888	$ 755	$ 783,509	$ (190,376)
Ending balance (in shares) at Mar. 31, 2018		75,522,046

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.205	$ 0.185	$ 0.74

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 14,607	$ 10,281
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including a below-market ground lease)	11,582	9,080
Amortization of deferred financing costs	484	561
Amortization of stock-based compensation	904	536
Straight-line rental income	(591)	(72)
Noncash interest income	(106)	(155)
Gain on sale of real estate	(2,051)	0
Change in operating assets and liabilities:
Accounts and other receivables, net	(155)	(1,964)
Prepaid expenses and other assets	(36)	13
Accounts payable and accrued liabilities	(2,579)	1,886
Net cash provided by operating activities	22,059	20,166
Cash flows from investing activities:
Acquisitions of real estate	(47,103)	(54,568)
Improvements to real estate	(11)	(89)
Purchases of equipment, furniture and fixtures	(27)	(117)
Principal payments received on mortgage loan receivable	23	0
Escrow deposits for acquisition of real estate	(1,000)	(700)
Net proceeds from the sale of real estate	13,004	0
Net cash used in investing activities	(35,114)	(55,474)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	(10)	108,166
Borrowings under unsecured revolving credit facility	60,000	45,000
Payments on unsecured revolving credit facility	(25,000)	(113,000)
Net-settle adjustment on restricted stock	(605)	0
Dividends paid on common stock	(14,044)	(11,075)
Net cash provided by financing activities	20,341	29,091
Net increase (decrease) in cash and cash equivalents	7,286	(6,217)
Cash and cash equivalents, beginning of period	6,909	7,500
Cash and cash equivalents, end of period	14,195	1,283
Supplemental disclosures of cash flow information:
Interest paid	2,675	1,513
Supplemental schedule of noncash operating, investing and financing activities:
Increase in dividends payable	1,564	2,347
Application of escrow deposit to acquisition of real estate	$ 0	$ 700

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2018 , the Company owned and leased to independent operators, including The Ensign Group, Inc. (“Ensign”), 188 skilled nursing, multi-service campuses, assisted living and independent living facilities consisting of 18,528 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 which have a total of 264 units located in Texas and Utah. As of March 31, 2018 , the Company also had other real estate investments consisting of two preferred equity investments totaling $5.6 million and a mortgage loan receivable of $12.5 million .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 and the mortgage loan receivable. 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 financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . 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 consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions. Real Estate Depreciation and Amortization —Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Integral equipment, furniture and fixtures 5 years Identified intangible assets Shorter of lease term or expected useful life Real Estate Acquisition Valuation — In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , the Company records the acquisition of income-producing real estate as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions that are business combinations, acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date. For transactions that are asset acquisitions, acquisition costs are capitalized as incurred. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company’s management to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income. 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 the useful lives of the Company’s assets. 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. Management’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 — Included in Other Real Estate Investments are two preferred equity investments and one mortgage loan receivable. 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. The Company anticipates any unpaid accrued preferred return, whether recorded or unrecorded by the Company, will be repaid upon redemption or as available cash flow is distributed from the joint venture. The Company’s mortgage loan receivable is recorded at amortized cost, which consists of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. Interest income on the Company’s mortgage loan receivable is recognized over the life of the investment using the interest method. Origination costs and fees directly related to loans receivable are amortized over the term of the loan as an adjustment to interest income. 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. Deferred financing costs on the Company’s Notes and Term Loan (each as defined in Note 6 , Debt below) are netted against the outstanding debt amounts on the Company’s balance sheet. Deferred financing costs on the Company’s Revolving Facility (as defined in Note 6, Debt below) are included in assets on the Company’s balance sheet. 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 $3.6 million and $3.2 million at March 31, 2018 and December 31, 2017 , 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 consolidated condensed 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. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, the operations, the asset type and current economic conditions. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For each of the three months ended March 31, 2018 and 2017 , such tenant reimbursement revenues consisted of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, the Company 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. As of March 31, 2018 and December 31, 2017 , accounts and other receivables, net included a $0.8 million reserve for unpaid cash rents and a $9.6 million reserve for other tenant receivables related to the properties previously net leased to subsidiaries of Pristine Senior Living, LLC (“Pristine”). See Note 13, Subsequent Events for further discussion. The Company evaluates the collectability of the straight-line rent receivable balances on an ongoing basis and provides reserves against receivables it determines may not be fully recoverable. The Company recorded revenues of $0.6 million and $0.1 million in excess of cash received during the three months ended March 31, 2018 and 2017 , respectively. Accounts and other receivables, net included $1.1 million and $0.5 million in straight-line rent receivables at March 31, 2018 and December 31, 2017 , respectively. 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. See Note 8, Stock-Based Compensation, for further discussion. 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 —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. Beds, Units, Occupancy and Other Measures —Beds, units, occupancy and other non-financial measures used to describe real estate investments included in these Notes to the Condensed Consolidated Financial Statements are presented on an unaudited basis. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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 March 31, 2018 , 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 three months ended March 31, 2018 , 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 requires 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 January 2018, the FASB issued a proposed amendment to the lease ASC 842 that would allow lessors to elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling price. If adopted, this practical expedient will allow lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and the combined single lease component would be classified as an operating lease. The FASB directed its staff to draft a final ASU at its March 28, 2018 meeting but the final ASU has not yet been released. 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 condensed consolidated financial statements. Recent Accounting Standards Adopted by the Company On January 1, 2018, the Company adopted 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). Based on a 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, the adoption of ASC 606 did not have a material effect on the Company’s condensed consolidated financial statements since the revenue recognition under ASC 606 is similar to the recognition pattern prior to the adoption of ASC 606.

Real Estate Investments, Net

Real Estate Investments, Net	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Real Estate Investments, Net	REAL ESTATE INVESTMENTS, NET The following tables summarize the Company’s investment in owned properties as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, 2018 December 31, 2017 Land $ 153,584 $ 151,879 Buildings and improvements 1,145,574 1,114,605 Integral equipment, furniture and fixtures 83,323 80,729 Identified intangible assets 2,382 2,382 Real estate investments 1,384,863 1,349,595 Accumulated depreciation (207,723 ) (197,334 ) Real estate investments, net $ 1,177,140 $ 1,152,261 As of March 31, 2018 , 92 of the Company’s 188 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 March 31, 2018 , 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 March 31, 2018 , 96 of the Company’s 188 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 March 31, 2018 are the independent living facilities that the Company owns and operates. The Company has only two identified intangible assets which relate to a below-market ground lease and three acquired operating leases. The ground lease has a remaining term of 80 years . As of March 31, 2018 , the Company’s total future minimum rental revenues for all of its tenants were (dollars in thousands): Year Amount Remaining 2018 $ 102,487 2019 135,574 2020 134,503 2021 134,756 2022 135,013 Thereafter 1,108,559 $ 1,750,892 Recent Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the three months ended March 31, 2018 (dollar amounts in thousands): Type of Property Purchase Price (1) Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 47,369 $ 4,275 6 522 Multi-service campuses — — — — Assisted living — — — — Total $ 47,369 $ 4,275 $ 6 522 (1) Purchase price includes capitalized acquisition costs. (2) The number of beds/units include operating beds at acquisition date. Sale of Real Estate Investments During the three months ended March 31, 2018 , the Company sold three assisted living facilities consisting of 102 units located in Idaho with an aggregate carrying value of $10.9 million for an aggregate price of $13.0 million . In connection with the sale, the Company recognized a gain of $2.1 million .

Other Real Estate Investments

Other Real Estate Investments	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Other Real Estate Investments	OTHER REAL ESTATE INVESTMENTS 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 holds 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 was completed in the fourth quarter 2017 and began lease-up 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 holds 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 was completed in the first quarter 2018 and is expected to begin lease-up in the second quarter of 2018. During the three months ended March 31, 2018 and 2017 , the Company recognized $0.1 million and $0.2 million , respectively, in interest income from its preferred equity investments, of which none was received in cash. Any unpaid amounts were added to the outstanding carrying values of the preferred equity investments. In October 2017, the Company provided the Providence Group a mortgage loan secured by a skilled nursing facility for approximately $12.5 million inclusive of transaction costs, which bears a fixed interest rate of 9% . The mortgage loan requires Providence Group to make monthly principal and interest payments and is set to mature on October 26, 2020. During the three months ended March 31, 2018 , the Company recognized $0.3 million of interest income related to the mortgage loan.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired long-lived assets). Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. Financial Instruments: Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2018 and December 31, 2017 using Level 2 inputs for the Notes (as defined in Note 6, Debt below), and Level 3 inputs for all other financial instruments, is as follows (dollars in thousands): March 31, 2018 December 31, 2017 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,645 $ 5,610 $ 4,531 $ 5,550 $ 5,423 Mortgage loan receivable 12,483 12,494 12,483 12,517 12,399 12,517 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 294,584 $ 302,250 $ 300,000 $ 294,395 $ 307,500 Cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities: These balances approximate their fair values due to the short-term nature of these instruments. Preferred equity 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 values 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. Mortgage loan receivable : The mortgage loan receivable is recorded at amortized cost, which consists of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. The fair values of the mortgage loan receivable 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 Notes 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	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the balance of the Company’s indebtedness as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, 2018 December 31, 2017 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (5,416 ) $ 294,584 $ 300,000 $ (5,605 ) $ 294,395 Senior unsecured term loan 100,000 (460 ) 99,540 100,000 (483 ) 99,517 Unsecured revolving credit facility 200,000 — 200,000 165,000 — 165,000 $ 600,000 $ (5,876 ) $ 594,124 $ 565,000 $ (6,088 ) $ 558,912 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 March 31, 2018 , 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 “Revolving Facility”) with commitments in an aggregate principal amount of $300.0 million from a syndicate of banks and other financial institutions, and an accordion feature that allows the Operating Partnership to increase the borrowing availability by up to an additional $200.0 million . A portion of the proceeds of the Revolving 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, CareTrust GP, LLC, the Operating Partnership, as the borrower, and certain of its wholly owned subsidiaries entered into the First Amendment (the “Amendment”) to the Credit Agreement. Pursuant to the Amendment, (i) commitments in respect of the Revolving Facility were increased by $100.0 million to $400.0 million total, (ii) a new $100.0 million non-amortizing unsecured term loan (the “Term Loan” and, together with the Revolving Facility, the “Credit Facility”) was funded, and (iii) the uncommitted incremental facility was increased by $50.0 million to $250.0 million . The Revolving 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 with General Electric Capital Corporation, as agent and lender, and the other lenders party thereto. The Company expects to use borrowings under the Credit Facility for working capital purposes, to fund acquisitions and for general corporate purposes. As of March 31, 2018 , there was $200.0 million outstanding under the Revolving Facility. The interest rates applicable to loans under the Revolving 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 Revolving Facility of 0.15% or 0.25% per annum, based upon usage of the Revolving 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 is guaranteed, jointly and severally, by the Company and its wholly-owned subsidiaries that are party to the Credit Agreement (other than the Operating Partnership). The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend certain material agreements and pay certain dividends and other restricted payments. The Credit Agreement requires the Company to comply with financial maintenance covenants to be tested quarterly, consisting of a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum cash distributions to operating income ratio, a maximum secured debt to asset value ratio and a maximum secured recourse debt to asset value ratio. The Credit Agreement also contains certain customary events of default, including that the Company is required to operate in conformity with the requirements for qualification and taxation as a REIT. As of March 31, 2018 , the Company was in compliance with all applicable financial covenants under the Credit Agreement. Interest Expense During the three months ended March 31, 2018 , the Company incurred $7.1 million of interest expense, which included $0.5 million of amortization of deferred financing costs. During the three months ended March 31, 2017 , the Company incurred $5.9 million of interest expense, which included $0.6 million of amortization of deferred financing costs. As of March 31, 2018 and December 31, 2017 , the Company’s interest payable was $5.3 million and $1.4 million , respectively.

Equity

Equity	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , the Company had approximately $236.1 million available for future issuances under the ATM Program. There was no ATM Program activity for the three months ended March 31, 2018 . Dividends on Common Stock —The following table summarizes the cash dividends per share of common stock declared by the Company’s Board of Directors for 2018 : For the Three Months Ended March 31, 2018 Dividends declared $ 0.205 Dividends payment date April 13, 2018

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , 7,600 shares vested or were forfeited. As of March 31, 2018 , there were 7,380 unvested restricted stock awards outstanding. In February 2018, the Compensation Committee of the Company’s Board of Directors granted 141,060 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $15.13 per share, based on the market price of the Company’s common stock on that date, and the shares vest in four equal annual installments beginning on the first anniversary of the grant date. Additionally, the Compensation Committee granted 120,460 of performance stock awards to officers and employees. Each share had a fair market value on the date of grant of $15.13 per share, based on the market price of the Company’s common stock on that date, and the shares may vest if the threshold performance criterion is met. The following table summarizes the stock-based compensation expense recognized for 2018 (dollars in thousands): For the Three Months Ended March 31, 2018 2017 Stock-based compensation expense $ 904 $ 536 As of March 31, 2018 , there was $6.9 million of unamortized stock-based compensation expense related to unvested awards and the weighted-average remaining vesting period of such awards was 2.5 years.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2018 and 2017 , and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Numerator: Net income $ 14,607 $ 10,281 Less: Net income allocated to participating securities (126 ) (102 ) Numerator for basic and diluted earnings available to common stockholders $ 14,481 $ 10,179 Denominator: Weighted-average basic common shares outstanding 75,504 66,951 Weighted-average diluted common shares outstanding 75,504 66,951 Earnings per common share, basic $ 0.19 $ 0.15 Earnings per common share, diluted $ 0.19 $ 0.15 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 months ended March 31, 2018 and 2017 , as their inclusion would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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-Health and Human Services. 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	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Concentration of Risk	CONCENTRATION OF RISK Major operator concentrations – As of March 31, 2018 , Ensign leased 92 skilled nursing, assisted living and independent living facilities which had a total of 9,745 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. As of March 31, 2018 , Ensign represents $57.7 million , or 42% , of the Company’s revenues, exclusive of tenant reimbursements, on an annualized run-rate basis. 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.

Summarized Condensed Consolidat

Summarized Condensed Consolidating Information	3 Months Ended
	Mar. 31, 2018
Summarized Condensed Consolidating Information [Abstract]
Summarized Condensed Consolidating Information	SUMMARIZED CONDENSED CONSOLIDATING INFORMATION The Notes 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 MARCH 31, 2018 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 835,324 $ 341,816 $ — $ 1,177,140 Other real estate investments — 12,387 5,644 — 18,031 Cash and cash equivalents — 14,195 — — 14,195 Accounts and other receivables, net — 3,875 2,124 — 5,999 Prepaid expenses and other assets — 1,916 3 — 1,919 Deferred financing costs, net — 1,447 — — 1,447 Investment in subsidiaries 609,496 454,075 — (1,063,571 ) — Intercompany — — 106,810 (106,810 ) — Total assets $ 609,496 $ 1,323,219 $ 456,397 $ (1,170,381 ) $ 1,218,731 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,584 $ — $ — $ 294,584 Senior unsecured term loan, net — 99,540 — — 99,540 Unsecured revolving credit facility — 200,000 — — 200,000 Accounts payable and accrued liabilities — 12,789 2,322 — 15,111 Dividends payable 15,608 — — — 15,608 Intercompany — 106,810 — (106,810 ) — Total liabilities 15,608 713,723 2,322 (106,810 ) 624,843 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 shares issued and outstanding as of March 31, 2018 755 — — — 755 Additional paid-in capital 783,509 531,420 321,761 (853,181 ) 783,509 Cumulative distributions in excess of earnings (190,376 ) 78,076 132,314 (210,390 ) (190,376 ) Total equity 593,888 609,496 454,075 (1,063,571 ) 593,888 Total liabilities and equity $ 609,496 $ 1,323,219 $ 456,397 $ (1,170,381 ) $ 1,218,731 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2017 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 805,826 $ 346,435 $ — $ 1,152,261 Other real estate investments — 12,399 5,550 — 17,949 Cash and cash equivalents — 6,909 — — 6,909 Accounts and other receivables, net — 2,945 2,309 — 5,254 Prepaid expenses and other assets — 893 2 — 895 Deferred financing costs, net — 1,718 — — 1,718 Investment in subsidiaries 619,075 444,120 — (1,063,195 ) — Intercompany — — 92,061 (92,061 ) — Total assets $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,395 $ — $ — $ 294,395 Senior unsecured term loan, net — 99,517 — — 99,517 Unsecured revolving credit facility — 165,000 — — 165,000 Accounts payable and accrued liabilities — 15,176 2,237 — 17,413 Dividends payable 14,044 — — — 14,044 Intercompany — 92,061 — (92,061 ) — Total liabilities 14,044 666,149 2,237 (92,061 ) 590,369 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 shares issued and outstanding as of December 31, 2017 755 — — — 755 Additional paid-in capital 783,237 546,097 321,761 (867,858 ) 783,237 Cumulative distributions in excess of earnings (178,961 ) 62,564 122,359 (195,337 ) (189,375 ) Total equity 605,031 608,661 444,120 (1,063,195 ) 594,617 Total liabilities and equity $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 19,398 $ 14,418 $ — $ 33,816 Tenant reimbursements — 1,764 1,204 — 2,968 Independent living facilities — — 799 — 799 Interest and other income — 423 95 — 518 Total revenues — 21,585 16,516 — 38,101 Expenses: Depreciation and amortization — 6,937 4,640 — 11,577 Interest expense — 7,092 — — 7,092 Property taxes — 1,764 1,204 — 2,968 Independent living facilities — — 716 — 716 General and administrative 904 2,288 — — 3,192 Total expenses 904 18,081 6,560 — 25,545 Gain on sale of real estate — 2,051 — — 2,051 Income in Subsidiary 15,511 9,956 — (25,467 ) — Net income $ 14,607 $ 15,511 $ 9,956 $ (25,467 ) $ 14,607 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 13,223 $ 14,116 $ — $ 27,339 Tenant reimbursements — 1,078 1,243 — 2,321 Independent living facilities — — 793 — 793 Interest and other income — — 155 — 155 Total revenues — 14,301 16,307 — 30,608 Expenses: Depreciation and amortization — 4,186 4,890 — 9,076 Interest expense — 5,879 — — 5,879 Property taxes — 1,078 1,243 — 2,321 Independent living facilities — — 661 — 661 General and administrative 550 1,840 — — 2,390 Total expenses 550 12,983 6,794 — 20,327 Income in Subsidiary 10,831 9,513 — (20,344 ) — Net income $ 10,281 $ 10,831 $ 9,513 $ (20,344 ) $ 10,281 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by operating activities $ — $ 7,295 $ 14,764 $ — $ 22,059 Cash flows from investing activities: Acquisitions of real estate — (47,103 ) — — (47,103 ) Improvements to real estate — — (11 ) — (11 ) Purchases of equipment, furniture and fixtures — (23 ) (4 ) — (27 ) Principal payments received on mortgage loan receivable — 23 — — 23 Escrow deposit for acquisition of real estate — (1,000 ) — — (1,000 ) Net proceeds from the sale of real estate — 13,004 — — 13,004 Distribution from subsidiary 14,044 — — (14,044 ) — Intercompany financing 615 14,749 — (15,364 ) — Net cash provided by (used in) investing activities 14,659 (20,350 ) (15 ) (29,408 ) (35,114 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net (10 ) — — — (10 ) Borrowings under unsecured revolving credit facility — 60,000 — — 60,000 Payments on unsecured revolving credit facility — (25,000 ) — — (25,000 ) Net-settle adjustment on restricted stock (605 ) — — — (605 ) Dividends paid on common stock (14,044 ) — — — (14,044 ) Distribution to Parent — (14,044 ) — 14,044 — Intercompany financing — (615 ) (14,749 ) 15,364 — Net cash (used in) provided by financing activities (14,659 ) 20,341 (14,749 ) 29,408 20,341 Net decrease in cash and cash equivalents — 7,286 — — 7,286 Cash and cash equivalents beginning of period — 6,909 — — 6,909 Cash and cash equivalents end of period $ — $ 14,195 $ — $ — $ 14,195 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (14 ) $ 6,001 $ 14,179 $ — $ 20,166 Cash flows from investing activities: Acquisitions of real estate — (54,568 ) — — (54,568 ) Improvements to real estate — (64 ) (25 ) — (89 ) Purchases of equipment, furniture and fixtures — (93 ) (24 ) — (117 ) Escrow deposits for acquisition of real estate — (700 ) — — (700 ) Net proceeds from the sale of real estate — — — — — Distribution from subsidiary 11,075 — — (11,075 ) — Intercompany financing (108,152 ) 14,130 — 94,022 — Net cash (used in) provided by investing activities (97,077 ) (41,295 ) (49 ) 82,947 (55,474 ) Cash flows from financing activities: — Proceeds from the issuance of common stock, net 108,166 — — — 108,166 Borrowings under unsecured revolving credit facility — 45,000 — — 45,000 Payments on unsecured revolving credit facility — (113,000 ) — — (113,000 ) Dividends paid on common stock (11,075 ) — — — (11,075 ) Distribution to Parent — (11,075 ) — 11,075 — Intercompany financing — 108,152 (14,130 ) (94,022 ) — Net cash provided by (used in) financing activities 97,091 29,077 (14,130 ) (82,947 ) 29,091 Net decrease in cash and cash equivalents — (6,217 ) — — (6,217 ) Cash and cash equivalents beginning of period — 7,500 — — 7,500 Cash and cash equivalents end of period $ — $ 1,283 $ — $ — $ 1,283

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
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. Lease Amendments and Related Agreements Pristine Lease Termination. On February 27, 2018 (the “LTA Effective Date”) the Company entered into a Lease Termination Agreement (the “LTA”) with Pristine under which Pristine agreed to surrender the facilities retained (the “Retained Facilities”) by Pristine under the Pristine master lease, as amended (as amended, the “Lease”) to an operator or operators designated by the Company in its sole and absolute discretion, in a transaction or transactions similar to the one effected in December 2017. Pursuant to the LTA, the operational transfers of the Retained Facilities were to occur within 180 days of the LTA Effective Date, and Pristine agreed to make commercially reasonable efforts to facilitate such transfers. Pristine further agreed that, until the date or dates upon which such operational transfers occurred (each an “LTA Transition Date”), Pristine would continue to operate the Retained Facilities, collect revenues, pay payroll and other current operating expenses, pay the scheduled base rent and, to the extent of funds available, pay additional rent due under the Lease. To the extent the operations were unable to fund the additional rent, the Company agreed to fund the impound account as needed to meet current real property tax and franchise permit fee liabilities accruing, if any, through the LTA Transition Date(s). The Company determined that it will continue to (i) recognize Pristine rental revenues on a cash basis, and (ii) reserve the outstanding obligations of Pristine to the Company as of December 31, 2017, consisting of $6.3 million in property tax reimbursements and advances of 2016 and 2017 franchise permit fees made during the year ended December 31, 2017, $3.3 million of 2017 property tax reimbursements and franchise permit fees expected to be advanced after December 31, 2017 and $0.8 million of unpaid base rent from September 2017. Under the LTA, and upon Pristine’s full performance of the terms thereof, the Company agreed to terminate the Lease and all future obligations of the tenant thereunder; however, under the terms of the Lease, the Company’s security interest in Pristine’s accounts receivable will survive any such termination. Such security interest is subject to the prior lien and security interest of Pristine’s working capital lender, Capital One, National Association (“CONA”), with whom the Company has an existing intercreditor agreement that defines the relative rights and responsibilities of CONA and the Company with respect to the loan and lease collateral represented by Pristine’s accounts receivable and its respective security interests therein. Pursuant to the LTA, on May 1, 2018 the operations of the Retained Facilities were transferred to Trio Healthcare, Inc. (“Trio”) and Hillstone Healthcare, Inc. (“Hillstone”). Trio assumed operations in seven facilities based primarily in the Dayton, Ohio area under a new 15 -year master lease, while Hillstone assumed the operation of the two facilities in Willard and Toledo, Ohio under a new 12 -year master lease. The aggregate annual base rent due under the new master leases with Trio and Hillstone is approximately $10.0 million , with standard CPI-based escalators. OnPointe Lease Terminations. On March 12, 2018, the Company terminated two separate facility leases between the Company and affiliates of OnPointe Health (“OnPointe”), which covered two properties located in Albuquerque, New Mexico and Brownsville, Texas. The Brownsville lease termination also terminated an option agreement which would have granted the tenant the right, under certain circumstances, to purchase the Brownsville property. OnPointe continued to operate the facilities following the lease terminations, and worked cooperatively with the Company to effectuate an orderly transfer of the operations in the two properties to two existing CareTrust tenants. On May 1, 2018, OnPointe completed the operational transfers of both facilities. An affiliate of Eduro Healthcare, LLC (“Eduro”) assumed operational responsibility for the Albuquerque property, and the Company entered into a lease amendment with Eduro amending their existing master lease with the Company to add the Albuquerque property thereto. An affiliate of Providence Group, Inc. (“Providence”) assumed operational responsibility for the Brownsville property, and the Company entered into a lease amendment with Providence amending their existing master lease with the Company to add the Brownsville property thereto. The aggregate annual base rent increase under the Eduro and Providence master leases, as amended, is approximately equivalent to the aggregate annual base rent the Company was receiving under the two OnPointe leases.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 and the mortgage loan receivable. 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 financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . 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 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 charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Integral equipment, furniture and fixtures 5 years Identified intangible assets Shorter of lease term or expected useful life
Real Estate Acquisition Valuation	Real Estate Acquisition Valuation — In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , the Company records the acquisition of income-producing real estate as a business combination. If the acquisition does not meet the definition of a business, the Company records the acquisition as an asset acquisition. Under both methods, all assets acquired and liabilities assumed are measured at their acquisition date fair values. For transactions that are business combinations, acquisition costs are expensed as incurred and restructuring costs that do not meet the definition of a liability at the acquisition date are expensed in periods subsequent to the acquisition date. For transactions that are asset acquisitions, acquisition costs are capitalized as incurred. The Company assesses the acquisition date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers, generally utilizing a discounted cash flow analysis that applies appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors, including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it were vacant. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company’s management to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s net income. 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 the useful lives of the Company’s assets. 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. Management’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 — Included in Other Real Estate Investments are two preferred equity investments and one mortgage loan receivable. 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. The Company anticipates any unpaid accrued preferred return, whether recorded or unrecorded by the Company, will be repaid upon redemption or as available cash flow is distributed from the joint venture. The Company’s mortgage loan receivable is recorded at amortized cost, which consists of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. Interest income on the Company’s mortgage loan receivable is recognized over the life of the investment using the interest method. Origination costs and fees directly related to loans receivable are amortized over the term of the loan as an adjustment to interest income. 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. Deferred financing costs on the Company’s Notes and Term Loan (each as defined in Note 6 , Debt below) are netted against the outstanding debt amounts on the Company’s balance sheet. Deferred financing costs on the Company’s Revolving Facility (as defined in Note 6, Debt below) are included in assets on the Company’s balance sheet. 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 $3.6 million and $3.2 million at March 31, 2018 and December 31, 2017 , 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 consolidated condensed 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. The Company evaluates the collectability of rents and other receivables on a regular basis based on factors including, among others, payment history, the operations, the asset type and current economic conditions. Tenant recoveries related to the reimbursement of real estate taxes, insurance, repairs and maintenance, and other operating expenses are recognized as revenue in the period the expenses are incurred and presented gross if the Company is the primary obligor and, with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For each of the three months ended March 31, 2018 and 2017 , such tenant reimbursement revenues consisted of real estate taxes. Contingent revenue, if any, is not recognized until all possible contingencies have been eliminated. If the Company’s evaluation of these factors indicates it may not recover the full value of the receivable, the Company 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. As of March 31, 2018 and December 31, 2017 , accounts and other receivables, net included a $0.8 million reserve for unpaid cash rents and a $9.6 million reserve for other tenant receivables related to the properties previously net leased to subsidiaries of Pristine Senior Living, LLC (“Pristine”). See Note 13, Subsequent Events for further discussion. The Company evaluates the collectability of the straight-line rent receivable balances on an ongoing basis and provides reserves against receivables it determines may not be fully recoverable. The Company recorded revenues of $0.6 million and $0.1 million in excess of cash received during the three months ended March 31, 2018 and 2017 , respectively. Accounts and other receivables, net included $1.1 million and $0.5 million in straight-line rent receivables at March 31, 2018 and December 31, 2017 , respectively.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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 March 31, 2018 , 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 three months ended March 31, 2018 , 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 requires 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 January 2018, the FASB issued a proposed amendment to the lease ASC 842 that would allow lessors to elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling price. If adopted, this practical expedient will allow lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and the combined single lease component would be classified as an operating lease. The FASB directed its staff to draft a final ASU at its March 28, 2018 meeting but the final ASU has not yet been released. 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 condensed consolidated financial statements. Recent Accounting Standards Adopted by the Company On January 1, 2018, the Company adopted 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). Based on a 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, the adoption of ASC 606 did not have a material effect on the Company’s condensed consolidated financial statements since the revenue recognition under ASC 606 is similar to the recognition pattern prior to the adoption of ASC 606.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Estimated Useful Lives	The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building improvements 10-25 years Tenant improvements Shorter of lease term or expected useful life Integral equipment, furniture and fixtures 5 years Identified intangible assets Shorter of lease term or expected useful life

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate [Abstract]
Summary of Investment in Owned Properties	The following tables summarize the Company’s investment in owned properties as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, 2018 December 31, 2017 Land $ 153,584 $ 151,879 Buildings and improvements 1,145,574 1,114,605 Integral equipment, furniture and fixtures 83,323 80,729 Identified intangible assets 2,382 2,382 Real estate investments 1,384,863 1,349,595 Accumulated depreciation (207,723 ) (197,334 ) Real estate investments, net $ 1,177,140 $ 1,152,261
Schedule of Total Future Minimum Rental Revenues	As of March 31, 2018 , the Company’s total future minimum rental revenues for all of its tenants were (dollars in thousands): Year Amount Remaining 2018 $ 102,487 2019 135,574 2020 134,503 2021 134,756 2022 135,013 Thereafter 1,108,559 $ 1,750,892
Schedule of Business Acquisitions	The following table summarizes the Company’s acquisitions for the three months ended March 31, 2018 (dollar amounts in thousands): Type of Property Purchase Price (1) Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 47,369 $ 4,275 6 522 Multi-service campuses — — — — Assisted living — — — — Total $ 47,369 $ 4,275 $ 6 522 (1) Purchase price includes capitalized acquisition costs. (2) The number of beds/units include operating beds at acquisition date.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 using Level 2 inputs for the Notes (as defined in Note 6, Debt below), and Level 3 inputs for all other financial instruments, is as follows (dollars in thousands): March 31, 2018 December 31, 2017 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 4,531 $ 5,645 $ 5,610 $ 4,531 $ 5,550 $ 5,423 Mortgage loan receivable 12,483 12,494 12,483 12,517 12,399 12,517 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 294,584 $ 302,250 $ 300,000 $ 294,395 $ 307,500

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes the balance of the Company’s indebtedness as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, 2018 December 31, 2017 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (5,416 ) $ 294,584 $ 300,000 $ (5,605 ) $ 294,395 Senior unsecured term loan 100,000 (460 ) 99,540 100,000 (483 ) 99,517 Unsecured revolving credit facility 200,000 — 200,000 165,000 — 165,000 $ 600,000 $ (5,876 ) $ 594,124 $ 565,000 $ (6,088 ) $ 558,912

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Dividends Declared	The following table summarizes the cash dividends per share of common stock declared by the Company’s Board of Directors for 2018 : For the Three Months Ended March 31, 2018 Dividends declared $ 0.205 Dividends payment date April 13, 2018

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation Expense	The following table summarizes the stock-based compensation expense recognized for 2018 (dollars in thousands): For the Three Months Ended March 31, 2018 2017 Stock-based compensation expense $ 904 $ 536

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2018 and 2017 , and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2018 2017 Numerator: Net income $ 14,607 $ 10,281 Less: Net income allocated to participating securities (126 ) (102 ) Numerator for basic and diluted earnings available to common stockholders $ 14,481 $ 10,179 Denominator: Weighted-average basic common shares outstanding 75,504 66,951 Weighted-average diluted common shares outstanding 75,504 66,951 Earnings per common share, basic $ 0.19 $ 0.15 Earnings per common share, diluted $ 0.19 $ 0.15

Summarized Condensed Consolid29

Summarized Condensed Consolidating Information (Tables)	3 Months Ended
	Mar. 31, 2018
Summarized Condensed Consolidating Information [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS MARCH 31, 2018 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 835,324 $ 341,816 $ — $ 1,177,140 Other real estate investments — 12,387 5,644 — 18,031 Cash and cash equivalents — 14,195 — — 14,195 Accounts and other receivables, net — 3,875 2,124 — 5,999 Prepaid expenses and other assets — 1,916 3 — 1,919 Deferred financing costs, net — 1,447 — — 1,447 Investment in subsidiaries 609,496 454,075 — (1,063,571 ) — Intercompany — — 106,810 (106,810 ) — Total assets $ 609,496 $ 1,323,219 $ 456,397 $ (1,170,381 ) $ 1,218,731 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,584 $ — $ — $ 294,584 Senior unsecured term loan, net — 99,540 — — 99,540 Unsecured revolving credit facility — 200,000 — — 200,000 Accounts payable and accrued liabilities — 12,789 2,322 — 15,111 Dividends payable 15,608 — — — 15,608 Intercompany — 106,810 — (106,810 ) — Total liabilities 15,608 713,723 2,322 (106,810 ) 624,843 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 shares issued and outstanding as of March 31, 2018 755 — — — 755 Additional paid-in capital 783,509 531,420 321,761 (853,181 ) 783,509 Cumulative distributions in excess of earnings (190,376 ) 78,076 132,314 (210,390 ) (190,376 ) Total equity 593,888 609,496 454,075 (1,063,571 ) 593,888 Total liabilities and equity $ 609,496 $ 1,323,219 $ 456,397 $ (1,170,381 ) $ 1,218,731 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2017 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 805,826 $ 346,435 $ — $ 1,152,261 Other real estate investments — 12,399 5,550 — 17,949 Cash and cash equivalents — 6,909 — — 6,909 Accounts and other receivables, net — 2,945 2,309 — 5,254 Prepaid expenses and other assets — 893 2 — 895 Deferred financing costs, net — 1,718 — — 1,718 Investment in subsidiaries 619,075 444,120 — (1,063,195 ) — Intercompany — — 92,061 (92,061 ) — Total assets $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 294,395 $ — $ — $ 294,395 Senior unsecured term loan, net — 99,517 — — 99,517 Unsecured revolving credit facility — 165,000 — — 165,000 Accounts payable and accrued liabilities — 15,176 2,237 — 17,413 Dividends payable 14,044 — — — 14,044 Intercompany — 92,061 — (92,061 ) — Total liabilities 14,044 666,149 2,237 (92,061 ) 590,369 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 75,478,202 shares issued and outstanding as of December 31, 2017 755 — — — 755 Additional paid-in capital 783,237 546,097 321,761 (867,858 ) 783,237 Cumulative distributions in excess of earnings (178,961 ) 62,564 122,359 (195,337 ) (189,375 ) Total equity 605,031 608,661 444,120 (1,063,195 ) 594,617 Total liabilities and equity $ 619,075 $ 1,274,810 $ 446,357 $ (1,155,256 ) $ 1,184,986
Condensed Consolidating Income Statements	CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 19,398 $ 14,418 $ — $ 33,816 Tenant reimbursements — 1,764 1,204 — 2,968 Independent living facilities — — 799 — 799 Interest and other income — 423 95 — 518 Total revenues — 21,585 16,516 — 38,101 Expenses: Depreciation and amortization — 6,937 4,640 — 11,577 Interest expense — 7,092 — — 7,092 Property taxes — 1,764 1,204 — 2,968 Independent living facilities — — 716 — 716 General and administrative 904 2,288 — — 3,192 Total expenses 904 18,081 6,560 — 25,545 Gain on sale of real estate — 2,051 — — 2,051 Income in Subsidiary 15,511 9,956 — (25,467 ) — Net income $ 14,607 $ 15,511 $ 9,956 $ (25,467 ) $ 14,607 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 13,223 $ 14,116 $ — $ 27,339 Tenant reimbursements — 1,078 1,243 — 2,321 Independent living facilities — — 793 — 793 Interest and other income — — 155 — 155 Total revenues — 14,301 16,307 — 30,608 Expenses: Depreciation and amortization — 4,186 4,890 — 9,076 Interest expense — 5,879 — — 5,879 Property taxes — 1,078 1,243 — 2,321 Independent living facilities — — 661 — 661 General and administrative 550 1,840 — — 2,390 Total expenses 550 12,983 6,794 — 20,327 Income in Subsidiary 10,831 9,513 — (20,344 ) — Net income $ 10,281 $ 10,831 $ 9,513 $ (20,344 ) $ 10,281
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by operating activities $ — $ 7,295 $ 14,764 $ — $ 22,059 Cash flows from investing activities: Acquisitions of real estate — (47,103 ) — — (47,103 ) Improvements to real estate — — (11 ) — (11 ) Purchases of equipment, furniture and fixtures — (23 ) (4 ) — (27 ) Principal payments received on mortgage loan receivable — 23 — — 23 Escrow deposit for acquisition of real estate — (1,000 ) — — (1,000 ) Net proceeds from the sale of real estate — 13,004 — — 13,004 Distribution from subsidiary 14,044 — — (14,044 ) — Intercompany financing 615 14,749 — (15,364 ) — Net cash provided by (used in) investing activities 14,659 (20,350 ) (15 ) (29,408 ) (35,114 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net (10 ) — — — (10 ) Borrowings under unsecured revolving credit facility — 60,000 — — 60,000 Payments on unsecured revolving credit facility — (25,000 ) — — (25,000 ) Net-settle adjustment on restricted stock (605 ) — — — (605 ) Dividends paid on common stock (14,044 ) — — — (14,044 ) Distribution to Parent — (14,044 ) — 14,044 — Intercompany financing — (615 ) (14,749 ) 15,364 — Net cash (used in) provided by financing activities (14,659 ) 20,341 (14,749 ) 29,408 20,341 Net decrease in cash and cash equivalents — 7,286 — — 7,286 Cash and cash equivalents beginning of period — 6,909 — — 6,909 Cash and cash equivalents end of period $ — $ 14,195 $ — $ — $ 14,195 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2017 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (14 ) $ 6,001 $ 14,179 $ — $ 20,166 Cash flows from investing activities: Acquisitions of real estate — (54,568 ) — — (54,568 ) Improvements to real estate — (64 ) (25 ) — (89 ) Purchases of equipment, furniture and fixtures — (93 ) (24 ) — (117 ) Escrow deposits for acquisition of real estate — (700 ) — — (700 ) Net proceeds from the sale of real estate — — — — — Distribution from subsidiary 11,075 — — (11,075 ) — Intercompany financing (108,152 ) 14,130 — 94,022 — Net cash (used in) provided by investing activities (97,077 ) (41,295 ) (49 ) 82,947 (55,474 ) Cash flows from financing activities: — Proceeds from the issuance of common stock, net 108,166 — — — 108,166 Borrowings under unsecured revolving credit facility — 45,000 — — 45,000 Payments on unsecured revolving credit facility — (113,000 ) — — (113,000 ) Dividends paid on common stock (11,075 ) — — — (11,075 ) Distribution to Parent — (11,075 ) — 11,075 — Intercompany financing — 108,152 (14,130 ) (94,022 ) — Net cash provided by (used in) financing activities 97,091 29,077 (14,130 ) (82,947 ) 29,091 Net decrease in cash and cash equivalents — (6,217 ) — — (6,217 ) Cash and cash equivalents beginning of period — 7,500 — — 7,500 Cash and cash equivalents end of period $ — $ 1,283 $ — $ — $ 1,283

Organization - Narrative (Detai

Organization - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)real_estate_investmentunitfacilitybed
Real Estate Properties [Line Items]
Number of living facilities	188
Number of other real estate investments | real_estate_investment	2
Preferred equity investment | $	$ 5.6
Mortgage Loan Receivable
Real Estate Properties [Line Items]
Mortgage loan | $	$ 12.5
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign
Real Estate Properties [Line Items]
Number of living facilities	188
Number of units available in living facilities | bed	18,528
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 Accoun31

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)facilitysegment	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Accounting Policies [Abstract]
Accumulated amortization of deferred financing costs	$ 3,600		$ 3,200
Straight-line rental income	591	$ 72
Deferred straight-line rent receivable	$ 1,100		500
Number of reportable segments | segment	1
Other Commitments [Line Items]
Number of living facilities | facility	188
Unpaid Base Rents
Other Commitments [Line Items]
Reserve on receivables	$ 800		800
Other Tenant Receivables
Other Commitments [Line Items]
Reserve on receivables	9,600		$ 9,600
Lease Agreements
Other Commitments [Line Items]
Remaining contractual payments as lessee	$ 300
Independent Living Facilities Owned and Operated by Company
Other Commitments [Line Items]
Number of living facilities | facility	3

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Details)	3 Months Ended
	Mar. 31, 2018
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

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)facilityintangible_assetpropertyunitlease	Mar. 31, 2017USD ($)
Investment [Line Items]
Number of living facilities | facility	188
Number of facilities not leased | facility	3
Number of operating leases acquired | lease	3
Remaining lease term	80 years
Net proceeds from the sale of real estate	$ 13,004	$ 0
Gain on sale of real estate	$ 2,051	$ 0
Off-Market Favorable Lease
Investment [Line Items]
Number of identified intangible assets | intangible_asset	2
Ensign Master Leases
Investment [Line Items]
Facilities subject to operating lease | facility	92
Number of master leases | lease	8
Annualized revenues from master leases	$ 57,700
Escalation factor for calculating revenues after year two	0.00%
Percentage change in the consumer price index	2.50%
Various Other Operators
Investment [Line Items]
Facilities subject to operating lease | facility	96
Assisted Living Facilities | Idaho
Investment [Line Items]
Number of properties sold | property	3
Number of units in properties sold | unit	102
Aggregate carrying value of real estate sold	$ 10,900
Net proceeds from the sale of real estate	$ 13,000

Real Estate Investments, Net 34

Real Estate Investments, Net - Investment in Owned Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 153,584	$ 151,879
Buildings and improvements	1,145,574	1,114,605
Integral equipment, furniture and fixtures	83,323	80,729
Identified intangible assets	2,382	2,382
Real estate investments	1,384,863	1,349,595
Accumulated depreciation	(207,723)	(197,334)
Real estate investments, net	$ 1,177,140	$ 1,152,261

Real Estate Investments, Net 35

Real Estate Investments, Net - Future Minimum Rental Revenues (Details) $ in Thousands	Mar. 31, 2018USD ($)
Future Minimum Rental Revenues
Remaining 2,018	$ 102,487
2,019	135,574
2,020	134,503
2,021	134,756
2,022	135,013
Thereafter	1,108,559
Total	$ 1,750,892

Real Estate Investments, Net 36

Real Estate Investments, Net - Recent Real Estate Acquisitions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)propertyunit
Business Acquisition [Line Items]
Purchase Price	$ 47,369
Annual Cash Rent	$ 4,275
Number of Properties | property	6
Number of Beds/Units | unit	522
Skilled Nursing Properties
Business Acquisition [Line Items]
Purchase Price	$ 47,369
Annual Cash Rent	$ 4,275
Number of Properties | property	6
Number of Beds/Units | unit	522
Multi-Service Campus Properties
Business Acquisition [Line Items]
Purchase Price	$ 0
Annual Cash Rent	$ 0
Number of Properties | property	0
Number of Beds/Units | unit	0
Assisted Living Facilities
Business Acquisition [Line Items]
Purchase Price	$ 0
Annual Cash Rent	$ 0
Number of Properties | property	0
Number of Beds/Units | unit	0

Other Real Estate Investments -

Other Real Estate Investments - Narrative (Details)	1 Months Ended		3 Months Ended
	Sep. 30, 2016USD ($)bed	Jul. 31, 2016USD ($)bed	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Oct. 31, 2017USD ($)
Real Estate Properties [Line Items]
Preferred equity investment			$ 5,600,000
Mortgage Loan Receivable
Real Estate Properties [Line Items]
Mortgage loan			12,500,000
Providence Group | Mortgage Loan Receivable
Real Estate Properties [Line Items]
Interest income			300,000
Mortgage loan					$ 12,500,000
Mortgage loan receivable interest rate (percent)					9.00%
Cascadia Development, LLC
Real Estate Properties [Line Items]
Preferred equity investment	$ 2,300,000	$ 2,200,000
Preferred equity investment minimum yield	12.00%	12.00%
Number of beds planned for construction | bed	99	99
Initial lease yield (percent)	9.00%	9.00%
Cascadia Development, LLC | Prime Rate
Real Estate Properties [Line Items]
Basis spread of preferred equity investment yield	9.50%	9.50%
Preferred Equity Investment
Real Estate Properties [Line Items]
Interest income			100,000	$ 200,000
Interest income distribution from other real estate investment			$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Financial assets:
Preferred equity investment - face value	$ 4,531,000	$ 4,531,000
Mortgage Loan Receivable
Financial assets:
Mortgage loans receivable - face value	12,483,000	12,517,000
Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable - face value	300,000,000	300,000,000
Carrying Amount | Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable	294,584,000	294,395,000
Carrying Amount | Level 3
Financial assets:
Preferred equity investments	5,645,000	5,550,000
Carrying Amount | Level 3 | Mortgage Loan Receivable
Financial assets:
Mortgage loans receivable	12,494,000	12,399,000
Fair Value | Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable	302,250,000	307,500,000
Fair Value | Level 3
Financial assets:
Preferred equity investments	5,610,000	5,423,000
Fair Value | Level 3 | Mortgage Loan Receivable
Financial assets:
Mortgage loans receivable	$ 12,483,000	$ 12,517,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal Amount	$ 600,000	$ 565,000
Deferred Loan Fees	(5,876)	(6,088)
Carrying Value	594,124	558,912
Senior unsecured notes payable
Debt Instrument [Line Items]
Principal Amount	300,000	300,000
Deferred Loan Fees	(5,416)	(5,605)
Carrying Value	294,584	294,395
Senior unsecured term loan
Debt Instrument [Line Items]
Principal Amount	100,000	100,000
Deferred Loan Fees	(460)	(483)
Carrying Value	99,540	99,517
Unsecured revolving credit facility
Debt Instrument [Line Items]
Principal Amount	200,000	165,000
Deferred Loan Fees	0	0
Carrying Value	$ 200,000	$ 165,000

Debt - Narrative (Details)

Debt - Narrative (Details)	May 10, 2017USD ($)	Feb. 01, 2016USD ($)extension_option	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Aug. 05, 2015USD ($)
Line of Credit Facility [Line Items]
Long-term Debt			$ 594,124,000		$ 558,912,000
Outstanding amounts under Credit Facility			600,000,000		565,000,000
Interest expense			7,092,000	$ 5,879,000
Amortization of deferred financing costs			500,000	$ 600,000
Interest payable			5,300,000		1,400,000
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%
Revolving Facility
Line of Credit Facility [Line Items]
Long-term Debt			200,000,000		165,000,000
Outstanding amounts under Credit Facility			$ 200,000,000		$ 165,000,000
Revolving Facility | Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity						$ 300,000,000
Line of credit facility, accordion feature						$ 200,000,000
Revolving 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%
Revolving Facility | Unsecured Revolving Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread			1.40%
Revolving Facility | Unsecured Revolving Credit Facility | Maximum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread			2.40%
Revolving 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%
Revolving Facility | Unsecured Revolving Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread			0.75%
Revolving Facility | Unsecured Revolving Credit Facility | Minimum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread			1.75%
Revolving 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
Revolving Facility | Revolving Credit Facility As Amended | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread			1.60%
Revolving Facility | Revolving Credit Facility As Amended | Maximum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread			2.60%
Revolving Facility | Revolving Credit Facility As Amended | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread			0.95%
Revolving Facility | Revolving Credit Facility As Amended | Minimum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread			1.95%
Revolving 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 - ATM Offering (Details)

Equity - ATM Offering (Details) - At-The-Market Offering - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Remaining offering amount available	$ 236,100,000
Maximum
Class of Stock [Line Items]
Authorized aggregate offering price of common stock		$ 300,000,000

Equity - Dividends on Common St

Equity - Dividends on Common Stock (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Equity [Abstract]
Dividends declared per common share (in usd per share)	$ 0.205	$ 0.185	$ 0.74
Dividend payable date	Apr. 13, 2018

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 01, 2014shares	Feb. 28, 2018installment$ / sharesshares	Mar. 31, 2018USD ($)shares	Mar. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $			$ 904	$ 536
Unamortized stock-based compensation expense related to unvested awards | $			$ 6,900
Weighted average remaining vesting period related to expense recognition			2 years 6 months
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 Award | 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)			7,600
Unvested stock awards outstanding (in shares)			7,380
Restricted Stock Award | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		141,060
Award grant date fair value (in usd per share) | $ / shares		$ 15.13
Number of equal annual vesting installments | installment		4
Performance Stock Award | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		120,460
Award grant date fair value (in usd per share) | $ / shares		$ 15.13

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		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Numerator:
Net income	$ 14,607	$ 10,281	$ 25,874
Less: Net income allocated to participating securities	(126)	(102)
Numerator for basic and diluted earnings available to common stockholders	$ 14,481	$ 10,179
Denominator:
Weighted-average basic common shares outstanding (in shares)	75,504	66,951
Weighted-average diluted common shares outstanding (in shares)	75,504	66,951
Earnings per common share, basic (in usd per share)	$ 0.19	$ 0.15
Earnings per common share, diluted (in usd per share)	$ 0.19	$ 0.15

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 Thousands	3 Months Ended
	Mar. 31, 2018USD ($)statefacilitybed	Mar. 31, 2017USD ($)
Concentration Risk [Line Items]
Number of living facilities	188
Description of highest concentration of properties	The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona.
Rental income | $	$ 33,816	$ 27,339
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign
Concentration Risk [Line Items]
Number of living facilities	188
Number of units available in living facilities | bed	18,528
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	9,745
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration risk (percent)	42.00%
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Ensign
Concentration Risk [Line Items]
Rental income | $	$ 57,700

Summarized Condensed Consolid47

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets:
Real estate investments, net	$ 1,177,140	$ 1,152,261
Other real estate investments, net	18,031	17,949
Cash and cash equivalents	14,195	6,909	$ 1,283	$ 7,500
Accounts and other receivables, net	5,999	5,254
Prepaid expenses and other assets	1,919	895
Deferred financing costs, net	1,447	1,718
Investment in subsidiaries	0	0
Intercompany	0	0
Total assets	1,218,731	1,184,986
Liabilities and Equity:
Senior unsecured notes payable, net	294,584	294,395
Senior unsecured term loan, net	99,540	99,517
Unsecured revolving credit facility	200,000	165,000
Accounts payable and accrued liabilities	15,111	17,413
Dividends payable	15,608	14,044
Intercompany	0	0
Total liabilities	624,843	590,369
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 and 75,478,202 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	755	755
Additional paid-in capital	783,509	783,237
Cumulative distributions in excess of earnings	(190,376)	(189,375)
Total equity	593,888	594,617		452,430
Total liabilities and equity	1,218,731	1,184,986
Reportable Legal Entities | Parent Guarantor
Assets:
Real estate investments, net	0	0
Other real estate investments, net	0	0
Cash and cash equivalents	0	0	0	0
Accounts and other receivables, net	0	0
Prepaid expenses and other assets	0	0
Deferred financing costs, net	0	0
Investment in subsidiaries	609,496	619,075
Intercompany	0	0
Total assets	609,496	619,075
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	15,608	14,044
Intercompany	0	0
Total liabilities	15,608	14,044
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 and 75,478,202 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	755	755
Additional paid-in capital	783,509	783,237
Cumulative distributions in excess of earnings	(190,376)	(178,961)
Total equity	593,888	605,031
Total liabilities and equity	609,496	619,075
Reportable Legal Entities | Issuers
Assets:
Real estate investments, net	835,324	805,826
Other real estate investments, net	12,387	12,399
Cash and cash equivalents	14,195	6,909	1,283	7,500
Accounts and other receivables, net	3,875	2,945
Prepaid expenses and other assets	1,916	893
Deferred financing costs, net	1,447	1,718
Investment in subsidiaries	454,075	444,120
Intercompany	0	0
Total assets	1,323,219	1,274,810
Liabilities and Equity:
Senior unsecured notes payable, net	294,584	294,395
Senior unsecured term loan, net	99,540	99,517
Unsecured revolving credit facility	200,000	165,000
Accounts payable and accrued liabilities	12,789	15,176
Dividends payable	0	0
Intercompany	106,810	92,061
Total liabilities	713,723	666,149
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 and 75,478,202 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	0	0
Additional paid-in capital	531,420	546,097
Cumulative distributions in excess of earnings	78,076	62,564
Total equity	609,496	608,661
Total liabilities and equity	1,323,219	1,274,810
Reportable Legal Entities | Combined Subsidiary Guarantors
Assets:
Real estate investments, net	341,816	346,435
Other real estate investments, net	5,644	5,550
Cash and cash equivalents	0	0	0	0
Accounts and other receivables, net	2,124	2,309
Prepaid expenses and other assets	3	2
Deferred financing costs, net	0	0
Investment in subsidiaries	0	0
Intercompany	106,810	92,061
Total assets	456,397	446,357
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	2,322	2,237
Dividends payable	0	0
Intercompany	0	0
Total liabilities	2,322	2,237
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 and 75,478,202 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	0	0
Additional paid-in capital	321,761	321,761
Cumulative distributions in excess of earnings	132,314	122,359
Total equity	454,075	444,120
Total liabilities and equity	456,397	446,357
Elimination
Assets:
Real estate investments, net	0	0
Other real estate investments, net	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts and other receivables, net	0	0
Prepaid expenses and other assets	0	0
Deferred financing costs, net	0	0
Investment in subsidiaries	(1,063,571)	(1,063,195)
Intercompany	(106,810)	(92,061)
Total assets	(1,170,381)	(1,155,256)
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	(106,810)	(92,061)
Total liabilities	(106,810)	(92,061)
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 75,522,046 and 75,478,202 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	0	0
Additional paid-in capital	(853,181)	(867,858)
Cumulative distributions in excess of earnings	(210,390)	(195,337)
Total equity	(1,063,571)	(1,063,195)
Total liabilities and equity	$ (1,170,381)	$ (1,155,256)

Summarized Condensed Consolid48

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets Share Data (Details) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Summarized Condensed Consolidating Information [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (shares)	500,000,000	500,000,000
Common stock, issued (shares)	75,522,046	75,478,202
Common stock, outstanding (shares)	75,522,046	75,478,202

Summarized Condensed Consolid49

Summarized Condensed Consolidating Information - Condensed Consolidating Income Statements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenues:
Rental income	$ 33,816	$ 27,339
Tenant reimbursements	2,968	2,321
Independent living facilities	799	793
Interest and other income	518	155
Total revenues	38,101	30,608
Expenses:
Depreciation and amortization	11,577	9,076
Interest expense	7,092	5,879
Property taxes	2,968	2,321
Independent living facilities	716	661
General and administrative	3,192	2,390
Total expenses	25,545	20,327
Gain on sale of real estate	2,051	0
Income in Subsidiary	0	0
Net income	14,607	10,281	$ 25,874
Reportable Legal Entities | Parent Guarantor
Revenues:
Rental income	0	0
Tenant reimbursements	0	0
Independent living facilities	0	0
Interest and other income	0	0
Total revenues	0	0
Expenses:
Depreciation and amortization	0	0
Interest expense	0	0
Property taxes	0	0
Independent living facilities	0	0
General and administrative	904	550
Total expenses	904	550
Gain on sale of real estate	0
Income in Subsidiary	15,511	10,831
Net income	14,607	10,281
Reportable Legal Entities | Issuers
Revenues:
Rental income	19,398	13,223
Tenant reimbursements	1,764	1,078
Independent living facilities	0	0
Interest and other income	423	0
Total revenues	21,585	14,301
Expenses:
Depreciation and amortization	6,937	4,186
Interest expense	7,092	5,879
Property taxes	1,764	1,078
Independent living facilities	0	0
General and administrative	2,288	1,840
Total expenses	18,081	12,983
Gain on sale of real estate	2,051
Income in Subsidiary	9,956	9,513
Net income	15,511	10,831
Reportable Legal Entities | Combined Subsidiary Guarantors
Revenues:
Rental income	14,418	14,116
Tenant reimbursements	1,204	1,243
Independent living facilities	799	793
Interest and other income	95	155
Total revenues	16,516	16,307
Expenses:
Depreciation and amortization	4,640	4,890
Interest expense	0	0
Property taxes	1,204	1,243
Independent living facilities	716	661
General and administrative	0	0
Total expenses	6,560	6,794
Gain on sale of real estate	0
Income in Subsidiary	0	0
Net income	9,956	9,513
Elimination
Revenues:
Rental income	0	0
Tenant reimbursements	0	0
Independent living facilities	0	0
Interest and other income	0	0
Total revenues	0	0
Expenses:
Depreciation and amortization	0	0
Interest expense	0	0
Property taxes	0	0
Independent living facilities	0	0
General and administrative	0	0
Total expenses	0	0
Gain on sale of real estate	0
Income in Subsidiary	(25,467)	(20,344)
Net income	$ (25,467)	$ (20,344)

Summarized Condensed Consolid50

Summarized Condensed Consolidating Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net cash provided by operating activities	$ 22,059	$ 20,166
Cash flows from investing activities:
Acquisitions of real estate	(47,103)	(54,568)
Improvements to real estate	(11)	(89)
Purchases of equipment, furniture and fixtures	(27)	(117)
Principal payments received on mortgage loan receivable	23	0
Escrow deposits for acquisition of real estate	(1,000)	(700)
Net proceeds from the sale of real estate	13,004
Net proceeds from the sale of real estate	13,004	0
Distribution from subsidiary	0	0
Intercompany financing	0	0
Net cash used in investing activities	(35,114)	(55,474)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	(10)	108,166
Borrowings under unsecured revolving credit facility	60,000	45,000
Payments on unsecured revolving credit facility	(25,000)	(113,000)
Net-settle adjustment on restricted stock	(605)	0
Dividends paid on common stock	(14,044)	(11,075)
Distribution to Parent	0	0
Distribution to Parent	0	0
Net cash provided by financing activities	20,341	29,091
Net increase (decrease) in cash and cash equivalents	7,286	(6,217)
Cash and cash equivalents, beginning of period	6,909	7,500
Cash and cash equivalents, end of period	14,195	1,283
Reportable Legal Entities | Parent Guarantor
Cash flows from operating activities:
Net cash provided by operating activities	0	(14)
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
Principal payments received on mortgage loan receivable	0
Escrow deposits for acquisition of real estate	0	0
Net proceeds from the sale of real estate	0
Net proceeds from the sale of real estate		0
Distribution from subsidiary	14,044	11,075
Intercompany financing	615	(108,152)
Net cash used in investing activities	14,659	(97,077)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	(10)	108,166
Borrowings under unsecured revolving credit facility	0	0
Payments on unsecured revolving credit facility	0	0
Net-settle adjustment on restricted stock	(605)
Dividends paid on common stock	(14,044)	(11,075)
Distribution to Parent	0	0
Distribution to Parent	0	0
Net cash provided by financing activities	(14,659)	97,091
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Reportable Legal Entities | Issuers
Cash flows from operating activities:
Net cash provided by operating activities	7,295	6,001
Cash flows from investing activities:
Acquisitions of real estate	(47,103)	(54,568)
Improvements to real estate	0	(64)
Purchases of equipment, furniture and fixtures	(23)	(93)
Principal payments received on mortgage loan receivable	23
Escrow deposits for acquisition of real estate	(1,000)	(700)
Net proceeds from the sale of real estate	13,004
Net proceeds from the sale of real estate		0
Distribution from subsidiary	0	0
Intercompany financing	14,749	14,130
Net cash used in investing activities	(20,350)	(41,295)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	0	0
Borrowings under unsecured revolving credit facility	60,000	45,000
Payments on unsecured revolving credit facility	(25,000)	(113,000)
Net-settle adjustment on restricted stock	0
Dividends paid on common stock	0	0
Distribution to Parent	(14,044)	(11,075)
Distribution to Parent	(615)	108,152
Net cash provided by financing activities	20,341	29,077
Net increase (decrease) in cash and cash equivalents	7,286	(6,217)
Cash and cash equivalents, beginning of period	6,909	7,500
Cash and cash equivalents, end of period	14,195	1,283
Reportable Legal Entities | Combined Subsidiary Guarantors
Cash flows from operating activities:
Net cash provided by operating activities	14,764	14,179
Cash flows from investing activities:
Acquisitions of real estate	0	0
Improvements to real estate	(11)	(25)
Purchases of equipment, furniture and fixtures	(4)	(24)
Principal payments received on mortgage loan receivable	0
Escrow deposits for acquisition of real estate	0	0
Net proceeds from the sale of real estate	0
Net proceeds from the sale of real estate		0
Distribution from subsidiary	0	0
Intercompany financing	0	0
Net cash used in investing activities	(15)	(49)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	0	0
Borrowings under unsecured revolving credit facility	0	0
Payments on unsecured revolving credit facility	0	0
Net-settle adjustment on restricted stock	0
Dividends paid on common stock	0	0
Distribution to Parent	0	0
Distribution to Parent	(14,749)	(14,130)
Net cash provided by financing activities	(14,749)	(14,130)
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Elimination
Cash flows from operating activities:
Net cash 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
Principal payments received on mortgage loan receivable	0
Escrow deposits for acquisition of real estate	0	0
Net proceeds from the sale of real estate	0
Net proceeds from the sale of real estate		0
Distribution from subsidiary	(14,044)	(11,075)
Intercompany financing	(15,364)	94,022
Net cash used in investing activities	(29,408)	82,947
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	0	0
Borrowings under unsecured revolving credit facility	0	0
Payments on unsecured revolving credit facility	0	0
Net-settle adjustment on restricted stock	0
Dividends paid on common stock	0	0
Distribution to Parent	14,044	11,075
Distribution to Parent	15,364	(94,022)
Net cash provided by financing activities	29,408	(82,947)
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Thousands	May 01, 2018USD ($)facility	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Subsequent Event [Line Items]
Aggregate annual base rent due		$ 4,275
Other Tenant Receivables
Subsequent Event [Line Items]
Reserve for advances and deferred rent			$ 6,300
Accrued Property Taxes and Franchise Permit Fees
Subsequent Event [Line Items]
Reserve for advances and deferred rent			3,300
Unpaid Base Rents
Subsequent Event [Line Items]
Reserve for advances and deferred rent			$ 800
Subsequent Event | Trio Healthcare Inc | Pristine Amendment
Subsequent Event [Line Items]
Number of transitioned facilities | facility	7
Lease term (in years)	15 years
Subsequent Event | Hillstone Healthcare Inc | Pristine Amendment
Subsequent Event [Line Items]
Number of transitioned facilities | facility	2
Lease term (in years)	12 years
Subsequent Event | Trio Healthcare Inc and Hillstone Healthcare Inc | Pristine Amendment
Subsequent Event [Line Items]
Aggregate annual base rent due	$ 10,000