CareTrust REIT (CTRE) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-36181
Entity Registrant Name	CareTrust REIT, Inc.
Entity Central Index Key	0001590717
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-3999490
Entity Address, Address Line One	905 Calle Amanecer
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Clemente
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92673
City Area Code	949
Local Phone Number	542-3130
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CTRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95,557,271

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Real estate investments, net	$ 1,482,040	$ 1,216,237
Other real estate investments, net	26,725	18,045
Cash and cash equivalents	2,629	36,792
Accounts and other receivables, net	9,705	11,387
Prepaid expenses and other assets	6,947	8,668
Deferred financing costs, net	3,513	633
Total assets	1,531,559	1,291,762
Liabilities and Equity:
Senior unsecured notes payable, net	295,532	295,153
Senior unsecured term loan, net	198,608	99,612
Unsecured revolving credit facility	45,000	95,000
Accounts payable and accrued liabilities	12,665	15,967
Dividends payable	21,617	17,783
Total liabilities	573,422	523,515
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2019 and December 31, 2018	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 and 85,867,044 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	951	859
Additional paid-in capital	1,161,144	965,578
Cumulative distributions in excess of earnings	(203,958)	(198,190)
Total equity	958,137	768,247
Total liabilities and equity	$ 1,531,559	$ 1,291,762

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	100,000,000	100,000,000
Preferred stock, issued (shares)	0	0
Preferred stock, outstanding (shares)	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)	95,073,223	85,867,044
Common stock, outstanding (shares)	95,073,223	85,867,044

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental income	$ 44,123				$ 82,470
Rental income			$ 34,708			$ 68,524
Tenant reimbursements			3,016			5,984
Independent living facilities	887		845		1,747	1,644
Interest and other income	1,191		400		1,642	918
Total revenues	46,201		38,969		85,859	77,070
Expenses:
Depreciation and amortization	13,437		11,299		25,339	22,876
Interest expense	7,285		7,285		14,145	14,377
Property taxes	456		3,016		1,282	5,984
Independent living facilities	719		744		1,426	1,460
General and administrative	4,606		3,358		7,916	6,550
Total expenses	26,503		25,702		50,108	51,247
Other income:
Gain on sale of real estate	0		0		0	2,051
Net income	$ 19,698	$ 16,053	$ 13,267	$ 14,607	$ 35,751	$ 27,874
Earnings per common share:
Basic (in usd per share)	$ 0.21		$ 0.17		$ 0.39	$ 0.36
Diluted (in usd per share)	$ 0.21		$ 0.17		$ 0.39	$ 0.36
Weighted-average number of common shares:
Basic (in shares)	94,036		76,374		91,039	75,941
Diluted (in shares)	94,036		76,374		91,039	75,941

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, 2017	$ 594,617	$ 755	$ 783,237	$ (189,375)
Beginning balance (in shares) at Dec. 31, 2017		75,478,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	(27)	$ 0	(27)
Issuance of common stock, net, (in shares)		0
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	(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
Beginning balance at Dec. 31, 2017	594,617	$ 755	783,237	(189,375)
Beginning balance (in shares) at Dec. 31, 2017		75,478,202
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,874
Ending balance at Jun. 30, 2018	638,738	$ 785	831,286	(193,333)
Ending balance (in shares) at Jun. 30, 2018		78,550,687
Beginning balance at Mar. 31, 2018	593,888	$ 755	783,509	(190,376)
Beginning balance (in shares) at Mar. 31, 2018		75,522,046
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	47,567	$ 30	47,537
Issuance of common stock, net, (in shares)		2,988,813
Vesting of restricted common stock, net of shares withheld for employee taxes	(684)		(684)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		39,828
Amortization of stock-based compensation	924		924
Common dividends	(16,224)			(16,224)
Net income	13,267			13,267
Ending balance at Jun. 30, 2018	638,738	$ 785	831,286	(193,333)
Ending balance (in shares) at Jun. 30, 2018		78,550,687
Beginning balance at Dec. 31, 2018	768,247	$ 859	965,578	(198,190)
Beginning balance (in shares) at Dec. 31, 2018		85,867,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	47,243	$ 24	47,219
Issuance of common stock, net, (in shares)		2,459,000
Vesting of restricted common stock, net of shares withheld for employee taxes	(1,495)	$ 1	(1,496)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		72,229
Amortization of stock-based compensation	994		994
Common dividends	(20,011)			(20,011)
Net income	16,053			16,053
Ending balance at Mar. 31, 2019	811,031	$ 884	1,012,295	(202,148)
Ending balance (in shares) at Mar. 31, 2019		88,398,273
Beginning balance at Dec. 31, 2018	768,247	$ 859	965,578	(198,190)
Beginning balance (in shares) at Dec. 31, 2018		85,867,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	35,751
Ending balance at Jun. 30, 2019	958,137	$ 951	1,161,144	(203,958)
Ending balance (in shares) at Jun. 30, 2019		95,073,223
Beginning balance at Mar. 31, 2019	811,031	$ 884	1,012,295	(202,148)
Beginning balance (in shares) at Mar. 31, 2019		88,398,273
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	148,798	$ 67	148,731
Issuance of common stock, net, (in shares)		6,641,250
Vesting of restricted common stock, net of shares withheld for employee taxes	(1,029)		(1,029)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		33,700
Amortization of stock-based compensation	1,147		1,147
Common dividends	(21,508)			(21,508)
Net income	19,698			19,698
Ending balance at Jun. 30, 2019	$ 958,137	$ 951	$ 1,161,144	$ (203,958)
Ending balance (in shares) at Jun. 30, 2019		95,073,223

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.225	$ 0.225	$ 0.205	$ 0.205

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 35,751	$ 27,874
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	25,354	22,885
Amortization of deferred financing costs	1,028	969
Amortization of stock-based compensation	2,141	1,828
Straight-line rental income	(937)	(933)
Noncash interest income	(21)	(217)
Gain on sale of real estate	0	(2,051)
Interest income distribution from other real estate investment	463	0
Change in operating assets and liabilities:
Accounts and other receivables, net	(2,091)	(2,837)
Prepaid expenses and other assets	(185)	(462)
Accounts payable and accrued liabilities	235	(4,940)
Net cash provided by operating activities	61,738	42,116
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(285,946)	(47,310)
Improvements to real estate	(68)	(506)
Purchases of equipment, furniture and fixtures	(2,613)	(702)
Investment in real estate mortgage and other loans receivable	(11,389)	(1,390)
Principal payments received on real estate mortgage and other loans receivable	482	58
Repayment of other real estate investment	2,204	0
Escrow deposits for acquisitions of real estate	0	(2,250)
Net proceeds from the sale of real estate	131	13,004
Net cash used in investing activities	(297,199)	(39,096)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	196,041	47,547
Proceeds from the issuance of senior unsecured term loan	200,000	0
Borrowings under unsecured revolving credit facility	195,000	60,000
Payments on unsecured revolving credit facility	(245,000)	(75,000)
Payments on senior unsecured term loan	(100,000)	0
Payments of deferred financing costs	(4,534)	0
Net-settle adjustment on restricted stock	(2,524)	(1,288)
Dividends paid on common stock	(37,685)	(29,628)
Net cash provided by financing activities	201,298	1,631
Net (decrease) increase in cash and cash equivalents	(34,163)	4,651
Cash and cash equivalents, beginning of period	36,792	6,909
Cash and cash equivalents, end of period	2,629	11,560
Supplemental disclosures of cash flow information:
Interest paid	12,963	13,411
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	3,834	2,205
Right-of-use asset obtained in exchange for new operating lease obligation	1,010	0
Transfer of pre-acquisition costs to acquired assets	242	60
Increase in pre-acquisition costs payable	$ 86	$ 35

Organization

Organization	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 , the Company owned and leased to independent operators, including The Ensign Group, Inc. (“Ensign”), 213 skilled nursing, multi-service campuses, assisted living and independent living facilities consisting of 21,686 operational beds and units located in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Texas, Utah, Virginia, Washington, West Virginia 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 June 30, 2019 , the Company also had other real estate investments consisting of one preferred equity investment of $3.1 million and two mortgage loans receivable of $23.6 million .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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, multi-service campuses, 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 investment and the mortgage loans 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, 2018 . 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. Recent Accounting Standards Adopted by the Company —On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), (“ASU 2016-02”) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Upon adoption of ASU 2016-02 on January 1, 2019, the Company elected the following practical expedients provided by ASU No. 2018-11, Leases - Targeted Improvements, and ASU No. 2018-20, Narrow Scope Improvements for Lessors (together with ASU 2016-02, the “new lease ASUs”): • Package of practical expedients – provides that the Company is not required to reevaluate its existing or expired leases as of January 1, 2019, under the new lease ASUs. • Optional transition method practical expedient – requires the Company to apply the new lease ASUs prospectively from the adoption date of January 1, 2019. • Single component practical expedient – requires the Company to account for lease and non-lease components associated with that lease as a single component under the new lease ASUs, if certain criteria are met. • Short-term leases practical expedient – for the Company’s operating leases with a term of less than 12 months in which it is the lessee, this expedient requires the Company not to record on its balance sheet related lease liabilities and right-of-use assets. Overview related to both lessee and lessor accounting —The new lease ASUs set new criteria for determining the classification of finance leases for lessees and sales-type leases for lessors. The criteria to determine whether a lease should be accounted for as a finance (sales-type) lease include the following: (i) ownership is transferred from lessor to lessee by the end of the lease term, (ii) an option to purchase is reasonably certain to be exercised, (iii) the lease term is for the major part of the underlying asset’s remaining economic life, (iv) the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset, and (v) the underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If any of these criteria is met, a lease is classified as a finance lease by the lessee and as a sales-type lease by the lessor. If none of the criteria are met, a lease is classified as an operating lease by the lessee, but may still qualify as a direct financing lease or an operating lease for the lessor. The existence of a residual value guarantee from an unrelated third party other than the lessee may qualify the lease as a direct financing lease by the lessor. Otherwise, the lease is classified as an operating lease by the lessor. The election of the package of practical expedients discussed above and the optional transition method allowed the Company not to reassess: • Whether any expired or existing contracts as of January 1, 2019 were leases or contained leases. ◦ This practical expedient is primarily applicable to entities that have contracts containing embedded leases. As of January 1, 2019, the Company had no such contracts; therefore, this practical expedient had no effect on the Company. • The lease classification for any leases expired or existing as of January 1, 2019. ◦ The election of the package of practical expedients provides that the Company is not required to reassess the classification of its leases existing as of January 1, 2019. This means that all of the Company’s leases that were classified as operating leases in accordance with the lease accounting standards in effect prior to January 1, 2019 continue to be classified as operating leases after adoption of the new lease ASUs. The Company applied the package of practical expedients consistently to all leases (i.e., regardless of whether the Company was the lessee or a lessor) that commenced before January 1, 2019. The election of this package permits the Company to “run off” its leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease ASUs to leases commencing or modified after January 1, 2019. Lessor Accounting —Under the new lease ASUs, each lease agreement is evaluated to identify the lease and non-lease components at lease inception. The total consideration in the lease agreement is allocated to the lease and non-lease components based on their relative stand-alone selling prices. The new lease ASUs govern the recognition of revenue for lease components, and revenue related to non-lease components is subject to the new revenue recognition standard. Tenant recoveries for utilities, repairs and maintenance, and common area expenses are considered non-lease components. The Company generates revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property. As such, the Company has concluded its leases do not contain material non-lease components. Tenant reimbursements related to property taxes and insurance are neither lease nor non-lease components under the new lease ASUs. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional rental income recognized by the lessor on a gross basis in its income statements. On January 1, 2019, the Company elected the single component practical expedient, which allows a lessor, by class of underlying asset, not to allocate the total consideration to the lease and non-lease components based on their relative stand-alone selling prices. This single component practical expedient requires the Company to account for the lease component and non-lease component(s) associated with that lease as a single component if (i) the timing and pattern of transfer of the lease component and the non-lease component(s) associated with it are the same and (ii) the lease component would be classified as an operating lease if it were accounted for separately. If the Company determines that the lease component is the predominant component, the Company accounts for the single component as an operating lease in accordance with the new lease ASUs. Conversely, the Company is required to account for the combined component under the new revenue recognition standard if the Company determines that the non-lease component is the predominant component. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets that qualify for this expedient are accounted for as a single component under the new lease ASUs, with tenant recoveries primarily as variable consideration. Tenant recoveries that do not qualify for the single component practical expedient and are considered non-lease components are accounted for under the revenue recognition standard. The components of the Company’s operating leases qualify for the single component presentation. For the three and six months ended June 30, 2018 , the Company recognized tenant recoveries for real estate taxes of $3.0 million and $6.0 million , respectively, which were classified as tenant reimbursements on the Company’s condensed consolidated income statements. Prior to the adoption of Accounting Standards Codification (“ASC”) 842, the Company recognized tenant recoveries as tenant reimbursement revenues regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries are recognized to the extent that the Company pays the third party directly and classified as rental income on the Company’s condensed consolidated income statements. Due to the application of the new lease ASUs, the Company recognized, on a gross basis, real estate taxes of $0.5 million and $1.3 million , respectively, for the three and six months ended June 30, 2019 . Under the new lease ASUs, the Company’s assessment of collectability of its tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Such write-offs are recorded as increases or decreases through rental income on the Company’s condensed consolidated income statements. For the three and six months ended June 30, 2019 , the Company did not recognize any adjustments to rental income related to recognized rental income in prior periods. Lessee Accounting —Under the new lease ASUs, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether 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, which corresponds to a similar evaluation performed by lessors. In addition to this classification, a lessee is also required to recognize a right-of-use asset and a lease liability for all leases regardless of their classification, whereas a lessor is not required to recognize a right-of-use asset and a lease liability for any operating leases. As of June 30, 2019 , the Company’s lease liability related to its ground lease arrangements for which it is the lessee totaled approximately $1.0 million with a weighted average remaining lease term of 73 years . While these ground leases are subject to the new lease ASUs effective January 1, 2019, the lease liability and corresponding right-of-use asset and lease expense do not have a material effect on the Company’s condensed consolidated financial statements. The Company has not recognized a right of use lease asset and/or lease liability for leases with a term of 12 months or less and without an option to purchase the underlying asset. 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 Acquisition Valuation — In accordance with ASC 805, Business Combinations , acquisitions that are income-producing real estate are recorded as a business combination. If the acquisition does not meet the definition of a business, acquisitions are recorded as an asset acquisition. The assets acquired and liabilities assumed are measured at their acquisition date fair values for a business combination and at relative fair values for an asset acquisition. 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’s real estate acquisitions generally are classified as asset acquisitions. In addition, for such asset acquisitions, no goodwill is recognized and third party transaction costs are capitalized. The Company allocates the acquisition costs to the tangible assets, identifiable intangible assets/liabilities and assumed liabilities on a relative fair value basis. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. As part of the Company’s real estate 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. 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. Recent Accounting Pronouncements —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Subtopic 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). In November 2018, the FASB released ASU No. 2018-19, Codification Improvements to Topic 326 Financial Instruments - Credit Losses (“ASU 2018-19” . ) ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of ASU 2016-13. Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” 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.

Real Estate Investments, Net

Real Estate Investments, Net	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Investments, Net	REAL ESTATE INVESTMENTS, NET The following table summarizes the Company’s investment in owned properties as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Land $ 197,510 $ 166,948 Buildings and improvements 1,453,944 1,201,209 Integral equipment, furniture and fixtures 95,476 87,623 Identified intangible assets 1,400 2,382 Real estate investments 1,748,330 1,458,162 Accumulated depreciation and amortization (266,290 ) (241,925 ) Real estate investments, net $ 1,482,040 $ 1,216,237 As of June 30, 2019 , 93 of the Company’s 216 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 June 30, 2019 , annualized rental revenues from the Ensign Master Leases were $61.0 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 June 30, 2019 , 120 of the Company’s 216 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 June 30, 2019 are the independent living facilities that the Company owns and operates. As of June 30, 2019 , the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands): Year Amount 2019 (six months) $ 86,806 2020 173,965 2021 174,423 2022 174,899 2023 175,232 2024 175,492 Thereafter 1,132,935 $ 2,093,752 As of December 31, 2018 , the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands): Year Amount 2019 $ 146,010 2020 146,560 2021 147,132 2022 147,719 2023 148,169 Thereafter 1,055,012 $ 1,790,602 Recent Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the six months ended June 30, 2019 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent (2) Number of Properties Number of Beds/Units (3) Skilled nursing $ 246,099 $ 22,129 16 2,029 Multi-service campuses 45,176 4,088 3 542 Assisted living — — — — Total $ 291,275 $ 26,217 19 2,571 (1) Purchase price includes capitalized acquisition costs. (2) Initial annual cash rent excludes ground lease income.

Other Real Estate Investments

Other Real Estate Investments	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Other Real Estate Investments	OTHER REAL ESTATE INVESTMENTS Preferred Equity 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 yielded 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 was used to develop a 99 -bed skilled nursing facility in Nampa, Idaho. In connection with its investment, the Company held 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 June 2019, the Company purchased the skilled nursing facility for approximately $16.2 million , inclusive of transaction costs. The Company paid $12.9 million after receiving back its initial investment of $2.2 million and cumulative contractual preferred return through June 18, 2019, the acquisition date, of $1.1 million , of which $0.6 million was recognized as interest income during the three months ended June 30, 2019 . 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 was used to develop a 99 -bed skilled nursing facility in Boise, Idaho. In connection with its investment, the Company 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 began lease-up in the second quarter of 2018. During the three months ended June 30, 2019 , the Company recognized $0.6 million in interest income from its preferred equity investments, including $0.5 million for unrecognized preferred return related to prior periods. During the six months ended June 30, 2019, the Company recognized $0.6 million in interest income from its preferred equity investments, including $0.4 million for unrecognized preferred return related to prior periods. During the three and six months ended June 30, 2018 , the Company recognized $0.1 million and $0.2 million , respectively, in interest income from its preferred equity investments. Performing Mortgage Loans Receivable —In October 2017, the Company provided an affiliate of Providence Group, Inc. (“Providence”) 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 to make monthly principal and interest payments, is set to mature on October 26, 2020 and has an option to be prepaid before the maturity date. In February 2019, the Company provided affiliates of Covenant Care a mortgage loan secured by first mortgages on five skilled nursing facilities for approximately $11.4 million , at an annual interest rate of 9% . The loan requires monthly interest payments, is set to mature on February 11, 2020, and includes two , six -month extension options. During the three and six months ended June 30, 2019 , the Company recognized $0.5 million and $1.0 million , respectively, of interest income related to the mortgage loans. During the three and six months ended June 30, 2018 , the Company recognized $0.3 million and $0.6 million , respectively, of interest income related to the mortgage loans.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS 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 June 30, 2019 and December 31, 2018 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): June 30, 2019 December 31, 2018 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 2,327 $ 3,079 $ 3,415 $ 4,531 $ 5,746 $ 6,246 Mortgage loans receivable 23,701 23,646 23,701 12,375 12,299 12,375 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 295,532 $ 311,625 $ 300,000 $ 295,153 $ 289,500 Cash and cash equivalents, accounts and other receivables, other loans 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 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, market interest rates and other credit enhancements. Mortgage loans receivable : The fair values of the mortgage loans receivable were estimated using an internal valuation model that considered the expected future cash flows of the investments, the underlying collateral value, market interest rates 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	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the balance of the Company’s indebtedness as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (4,468 ) $ 295,532 $ 300,000 $ (4,847 ) $ 295,153 Senior unsecured term loan 200,000 (1,392 ) 198,608 100,000 (388 ) 99,612 Unsecured revolving credit facility 45,000 — 45,000 95,000 — 95,000 $ 545,000 $ (5,860 ) $ 539,140 $ 495,000 $ (5,235 ) $ 489,765 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 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. 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, as described in 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 June 30, 2019 , 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 “Prior Credit Agreement”). As later amended on February 1, 2016, the Prior Credit Agreement provided the following: (i) a $400.0 million unsecured asset based revolving credit facility (the “Prior Revolving Facility”), (ii) a $100.0 million non-amortizing unsecured term loan (the “Prior Term Loan” and, together with the Prior Revolving Facility, the “Prior Credit Facility”), and (iii) a $250.0 million uncommitted incremental facility. The Prior Revolving Facility was scheduled to mature on August 5, 2019, subject to two , six -month extension options. The Prior Term Loan was scheduled to mature on February 1, 2023 and could 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. On February 8, 2019, the Operating Partnership, as the borrower, the Company, as guarantor, CareTrust GP, LLC, and certain of the Operating Partnership’s wholly owned subsidiaries entered into an amended and restated credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender, and the lenders party thereto (the “Amended Credit Agreement”). The Amended Credit Agreement, which amended and restated the Prior Credit Agreement, provides for: (i) an unsecured revolving credit facility (the “Revolving Facility”) with revolving commitments in an aggregate principal amount of $600.0 million, including a letter of credit subfacility for 10% of the then available revolving commitments and a swingline loan subfacility for 10% of the then available revolving commitments and (ii) an unsecured term loan credit facility (the “Term Loan” and, together with the Revolving Facility, the “Amended Credit Facility”) in an aggregate principal amount of $200.0 million. Borrowing availability under the Revolving Facility is subject to no default or event of default under the Amended Credit Agreement having occurred at the time of borrowing. The proceeds of the Term Loan were used, in part, to repay in full all outstanding borrowings under the Prior Term Loan and Prior Revolving Facility under the Prior Credit Agreement. Future borrowings under the Amended Credit Facility will be used for working capital purposes, for capital expenditures, to fund acquisitions and for general corporate purposes. The interest rates applicable to loans under the Revolving Facility are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.10% to 0.55% per annum or LIBOR plus a margin ranging from 1.10% to 1.55% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). The interest rates applicable to loans under the Term Loan are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.20% per annum or LIBOR plus a margin ranging from 1.50% to 2.20% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). In addition, the Operating Partnership will pay a facility fee on the revolving commitments under the Revolving Facility ranging from 0.15% to 0.35% per annum, based on the debt to asset value ratio of the Company and its consolidated subsidiaries (unless the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt and the Operating Partnership elects to decrease the applicable margin as described above, in which case the Operating Partnership will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based on the credit ratings of the Company’s senior long-term unsecured debt). As of June 30, 2019 , the Operating Partnership had $200.0 million outstanding under the Term Loan and $45.0 million outstanding under the Revolving Facility. The Revolving Facility has a maturity date of February 8, 2023, and includes, at the sole discretion of the Operating Partnership, two , six -month extension options. The Term Loan has a maturity date of February 8, 2026. The Amended Credit Facility is guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Amended Credit Agreement (other than the Operating Partnership). The Amended 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 organizational documents and pay certain dividends and other restricted payments. The Amended 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, a maximum secured recourse debt to asset value ratio, a maximum unsecured debt to unencumbered properties asset value ratio, a minimum unsecured interest coverage ratio and a minimum rent coverage ratio. The Amended Credit Agreement also contains certain customary events of default, including the failure to make timely payments under the Amended Credit Facility or other material indebtedness, the failure to satisfy certain covenants (including the financial maintenance covenants), the occurrence of change of control and specified events of bankruptcy and insolvency. As of June 30, 2019 , the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Equity	EQUITY Common Stock Public Offering of Common Stock —On April 15, 2019, the Company completed an underwritten public offering of 6,641,250 shares of its common stock, par value $0.01 per share, at an initial price to the public of $23.35 , including 866,250 shares of common stock sold pursuant to the full exercise of an option to purchase additional shares of common stock granted to the underwriters, resulting in approximately $149.0 million in net proceeds, after deducting the underwriting discount and offering expenses. The Company used the proceeds from the offering to repay a portion of the outstanding borrowings on its Revolving Facility, which had been used to fund a portion of the purchase price of acquisitions in the second quarter of 2019. At-The-Market Offering —On March 4, 2019, 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 “New ATM Program”). In connection with the entry into the equity distribution agreement and the commencement of the New ATM Program, the Company’s “at-the-market” equity offering program pursuant to the Company’s prior equity distribution agreement, dated as of May 17, 2017, was terminated (the “Prior ATM Program”). There was no New ATM Program activity for the three and six months ended June 30, 2019 . The following table summarizes the Prior ATM Program activity for 2019 (in thousands, except per share amounts): For the Three Months Ended March 31, 2019 Number of shares 2,459 Average sales price per share $ 19.48 Gross proceeds* $ 47,893 *Total gross proceeds is before $0.6 million of commissions paid to the sales agents during the three months ended March 31, 2019 under the Prior ATM Program. As of June 30, 2019 , the Company had $300.0 million available for future issuances under the New ATM Program. Dividends on Common Stock —The following table summarizes the cash dividends on the Company’s common stock declared by the Company’s Board of Directors for the first six months of 2019 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2019 June 30, 2019 Dividends declared per share $ 0.225 $ 0.225 Dividends payment date April 15, 2019 July 15, 2019 Dividends payable as of record date $ 20,012 $ 21,508 Dividends record date March 29, 2019 June 28, 2019

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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. As of June 30, 2019 , there were 1,760 unvested restricted stock awards outstanding that were issued in connection with the Spin-Off. In February 2019, the Compensation Committee of the Company’s Board of Directors granted 91,440 shares of restricted stock to officers and employees. Each share had a fair market value on the date of grant of $22.00 per share, based on the closing 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, in February 2019, the Compensation Committee granted 71,440 performance stock awards to officers. Each share had a fair market value on the date of grant of $22.00 per share, based on the closing market price of the Company’s common stock on that date. Performance stock awards are subject to both time and performance based conditions and vest over a one - to four -year period. The amount of performance awards that will ultimately vest is dependent on the Company’s Normalized Funds from Operations (“NFFO”) per share, as defined by the Compensation Committee, meeting or exceeding fiscal year over year growth of 5.0% or greater. In May 2019, the Compensation Committee of the Company's Board of Directors granted 17,749 shares of restricted stock to members of the Board of Directors. Each share had a fair market value on the date of grant of $24.23 per share, based on the closing market price of the Company's common stock on that date, and the shares vest in full on the earlier to occur of April 30, 2020 or the Company’s 2020 Annual Meeting of Stockholders. The following table summarizes the stock-based compensation expense recognized (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Stock-based compensation expense $ 1,147 $ 924 $ 2,141 $ 1,828 As of June 30, 2019 , there was $6.2 million of unamortized stock-based compensation expense related to unvested awards and the weighted-average remaining vesting period of such awards was 2.3 years .

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2019 and 2018 , 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 June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 19,698 $ 13,267 $ 35,751 $ 27,874 Less: Net income allocated to participating securities (79 ) (96 ) (165 ) (198 ) Numerator for basic and diluted earnings available to common stockholders $ 19,619 $ 13,171 $ 35,586 $ 27,676 Denominator: Weighted-average basic common shares outstanding 94,036 76,374 91,039 75,941 Weighted-average diluted common shares outstanding 94,036 76,374 91,039 75,941 Earnings per common share, basic $ 0.21 $ 0.17 $ 0.39 $ 0.36 Earnings per common share, diluted $ 0.21 $ 0.17 $ 0.39 $ 0.36 The Company’s unvested restricted shares associated with its incentive award plan and unvested restricted shares issued to employees of Ensign at the Spin-Off have been excluded from the above calculation of earnings per diluted share for the three and six months ended June 30, 2019 and 2018 , when their inclusion would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES 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	6 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Concentration of Risk	CONCENTRATION OF RISK Major operator concentrations – As of June 30, 2019 , Ensign leased 93 skilled nursing, multi-service campuses, assisted living and independent living facilities which had a total of 9,923 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. During the three and six months ended June 30, 2019 , Ensign represented 34% and 37% , respectively, of the Company’s rental income, exclusive of operating expense reimbursements. During each of the three and six months ended June 30, 2018 , Ensign represented 42% of the Company’s rental income, exclusive of operating expense reimbursements.

Summarized Condensed Consolidat

Summarized Condensed Consolidating Information	6 Months Ended
	Jun. 30, 2019
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 separation of Ensign’s healthcare business and its real estate business into two separate and independently publicly traded companies (the “Spin-Off”) 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. CONDENSED CONSOLIDATING BALANCE SHEETS JUNE 30, 2019 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 951,636 $ 530,404 $ — $ 1,482,040 Other real estate investments, net — 23,646 3,079 — 26,725 Cash and cash equivalents — 2,629 — — 2,629 Accounts and other receivables, net — 9,691 14 — 9,705 Prepaid expenses and other assets — 6,942 5 — 6,947 Deferred financing costs, net — 3,513 — — 3,513 Investment in subsidiaries 979,754 510,129 — (1,489,883 ) — Intercompany — 22,720 — (22,720 ) — Total assets $ 979,754 $ 1,530,906 $ 533,502 $ (1,512,603 ) $ 1,531,559 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 295,532 $ — $ — $ 295,532 Senior unsecured term loan, net — 198,608 — — 198,608 Unsecured revolving credit facility — 45,000 — — 45,000 Accounts payable and accrued liabilities — 12,012 653 — 12,665 Dividends payable 21,617 — — — 21,617 Intercompany — — 22,720 (22,720 ) — Total liabilities 21,617 551,152 23,373 (22,720 ) 573,422 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 shares issued and outstanding as of June 30, 2019 951 — — — 951 Additional paid-in capital 1,161,144 817,519 321,761 (1,139,280 ) 1,161,144 Cumulative distributions in excess of earnings (203,958 ) 162,235 188,368 (350,603 ) (203,958 ) Total equity 958,137 979,754 510,129 (1,489,883 ) 958,137 Total liabilities and equity $ 979,754 $ 1,530,906 $ 533,502 $ (1,512,603 ) $ 1,531,559 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2018 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 887,921 $ 328,316 $ — $ 1,216,237 Other real estate investments, net — 12,299 5,746 — 18,045 Cash and cash equivalents — 36,792 — — 36,792 Accounts and other receivables, net — 9,359 2,028 — 11,387 Prepaid expenses and other assets — 8,666 2 — 8,668 Deferred financing costs, net — 633 — — 633 Investment in subsidiaries 786,030 484,955 — (1,270,985 ) — Intercompany — — 151,242 (151,242 ) — Total assets $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 295,153 $ — $ — $ 295,153 Senior unsecured term loan, net — 99,612 — — 99,612 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 13,588 2,379 — 15,967 Dividends payable 17,783 — — — 17,783 Intercompany — 151,242 — (151,242 ) — Total liabilities 17,783 654,595 2,379 (151,242 ) 523,515 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 shares issued and outstanding as of December 31, 2018 859 — — — 859 Additional paid-in capital 965,578 661,686 321,761 (983,447 ) 965,578 Cumulative distributions in excess of earnings (198,190 ) 124,344 163,194 (287,538 ) (198,190 ) Total equity 768,247 786,030 484,955 (1,270,985 ) 768,247 Total liabilities and equity $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED JUNE 30, 2019 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 24,438 $ 19,685 $ — $ 44,123 Independent living facilities — — 887 — 887 Interest and other income — 569 622 — 1,191 Total revenues — 25,007 21,194 — 46,201 Expenses: Depreciation and amortization — 7,730 5,707 — 13,437 Interest expense — 7,285 — — 7,285 Property taxes — 402 54 — 456 Independent living facilities — — 719 — 719 General and administrative 1,147 3,387 72 — 4,606 Total expenses 1,147 18,804 6,552 — 26,503 Income in Subsidiary 20,845 14,642 — (35,487 ) — Net income $ 19,698 $ 20,845 $ 14,642 $ (35,487 ) $ 19,698 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED JUNE 30, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 20,170 $ 14,538 $ — $ 34,708 Tenant reimbursements — 1,792 1,224 — 3,016 Independent living facilities — — 845 — 845 Interest and other income — 299 101 — 400 Total revenues — 22,261 16,708 — 38,969 Expenses: Depreciation and amortization — 6,717 4,582 — 11,299 Interest expense — 7,285 — — 7,285 Property taxes — 1,792 1,224 — 3,016 Independent living facilities — — 744 — 744 General and administrative 931 2,351 76 — 3,358 Total expenses 931 18,145 6,626 — 25,702 Income in Subsidiary 14,198 10,082 — (24,280 ) — Net income $ 13,267 $ 14,198 $ 10,082 $ (24,280 ) $ 13,267 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 48,007 $ 34,463 $ — $ 82,470 Independent living facilities — — 1,747 — 1,747 Interest and other income — 1,020 622 — 1,642 Total revenues — 49,027 36,832 — 85,859 Expenses: Depreciation and amortization — 15,233 10,106 — 25,339 Interest expense — 14,145 — — 14,145 Property taxes — 1,228 54 — 1,282 Independent living facilities — — 1,426 — 1,426 General and administrative 2,141 5,703 72 — 7,916 Total expenses 2,141 36,309 11,658 — 50,108 Income in Subsidiary 37,892 25,174 — (63,066 ) — Net income $ 35,751 $ 37,892 $ 25,174 $ (63,066 ) $ 35,751 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 39,568 $ 28,956 $ — $ 68,524 Tenant reimbursements — 3,556 2,428 — 5,984 Independent living facilities — — 1,644 — 1,644 Interest and other income — 722 196 — 918 Total revenues — 43,846 33,224 — 77,070 Expenses: Depreciation and amortization — 13,655 9,221 — 22,876 Interest expense — 14,377 — — 14,377 Property taxes — 3,556 2,428 — 5,984 Independent living facilities — — 1,460 — 1,460 General and administrative 1,835 4,639 76 — 6,550 Total expenses 1,835 36,227 13,185 — 51,247 Gain on sale of real estate — 2,051 — — 2,051 Income in Subsidiary 29,709 20,039 — (49,748 ) — Net income $ 27,874 $ 29,709 $ 20,039 $ (49,748 ) $ 27,874 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by operating activities $ — $ 25,720 $ 36,018 $ — $ 61,738 Cash flows from investing activities: Acquisitions of real estate — (73,782 ) (212,164 ) — (285,946 ) Improvements to real estate — (51 ) (17 ) — (68 ) Purchases of equipment, furniture and fixtures — (2,610 ) (3 ) — (2,613 ) Investment in real estate mortgage and other loans receivable — (11,389 ) — — (11,389 ) Principal payments received on real estate mortgage and other loans receivable — 482 — — 482 Repayment of other real estate investment — — 2,204 — 2,204 Net proceeds from the sale of real estate — 131 — — 131 Distribution from subsidiary 37,685 — — (37,685 ) — Intercompany financing (193,517 ) (173,962 ) — 367,479 — Net cash used in investing activities (155,832 ) (261,181 ) (209,980 ) 329,794 (297,199 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 196,041 — — — 196,041 Proceeds from the issuance of senior unsecured term loan — 200,000 — — 200,000 Borrowings under unsecured revolving credit facility — 195,000 — — 195,000 Payments on unsecured revolving credit facility — (245,000 ) — — (245,000 ) Payments on senior unsecured term loan — (100,000 ) — — (100,000 ) Payments of deferred financing costs — (4,534 ) — — (4,534 ) Net-settle adjustment on restricted stock (2,524 ) — — — (2,524 ) Dividends paid on common stock (37,685 ) — — — (37,685 ) Distribution to Parent — (37,685 ) — 37,685 — Intercompany financing — 193,517 173,962 (367,479 ) — Net cash provided by (used in) financing activities 155,832 201,298 173,962 (329,794 ) 201,298 Net decrease in cash and cash equivalents — (34,163 ) — — (34,163 ) Cash and cash equivalents, beginning of period — 36,792 — — 36,792 Cash and cash equivalents, end of period $ — $ 2,629 $ — $ — $ 2,629 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (7 ) $ 12,758 $ 29,365 $ — $ 42,116 Cash flows from investing activities: Acquisitions of real estate — (47,310 ) — — (47,310 ) Improvements to real estate — (495 ) (11 ) — (506 ) Purchases of equipment, furniture and fixtures — (645 ) (57 ) — (702 ) Investment in real estate mortgage loan receivable — (1,390 ) — — (1,390 ) Principal payments received on mortgage loan receivable — 58 — — 58 Escrow deposit for acquisition of real estate — (2,250 ) — — (2,250 ) Net proceeds from the sale of real estate — 13,004 — — 13,004 Distribution from subsidiary 29,628 — — (29,628 ) — Intercompany financing (46,252 ) 29,297 — 16,955 — Net cash used in investing activities (16,624 ) (9,731 ) (68 ) (12,673 ) (39,096 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 47,547 — — — 47,547 Borrowings under unsecured revolving credit facility — 60,000 — — 60,000 Payments on unsecured revolving credit facility — (75,000 ) — — (75,000 ) Net-settle adjustment on restricted stock (1,288 ) — — — (1,288 ) Dividends paid on common stock (29,628 ) — — — (29,628 ) Distribution to Parent — (29,628 ) — 29,628 — Intercompany financing — 46,252 (29,297 ) (16,955 ) — Net cash provided by (used in) financing activities 16,631 1,624 (29,297 ) 12,673 1,631 Net increase in cash and cash equivalents — 4,651 — — 4,651 Cash and cash equivalents, beginning of period — 6,909 — — 6,909 Cash and cash equivalents, end of period $ — $ 11,560 $ — $ — $ 11,560

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Lease Amendment Trillium Lease Termination and New Master Lease —On July 15, 2019, the Company terminated its existing master lease (the “Original Trillium Lease”) with affiliates of Trillium Healthcare Group, LLC (“Trillium”), which covered ten properties in Iowa, seven properties in Ohio and one property in Georgia. The Company subsequently entered into negotiations for a new master lease (the “New Trillium Lease”) with Trillium’s Iowa and Georgia affiliates covering the ten properties in Iowa and the one property in Georgia. Trillium will continue to operate the seven properties in Ohio under applicable post-termination terms and conditions of the Original Trillium Master Lease until the operations therein are transferred to new operators. As a result of the termination of the Original Trillium Lease, the Company expects to write-off accounts and straight-line rent receivable by approximately $2.4 million in the third quarter. The Company subsequently entered into negotiations with an Ohio skilled nursing operator to sell three of the seven Ohio properties currently operated by Trillium, with a target closing date of September 1, 2019. The purchase and sale agreement currently under discussion will be subject to normal diligence and other contingencies. If the sale proceeds as currently anticipated, the three Ohio properties would become classified as held for sale, and written down to fair value less costs to sell, resulting in an approximate $7.1 million impairment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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, multi-service campuses, 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 investment and the mortgage loans 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, 2018 . 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.
Recent Accounting Standards Adopted and Recent Accounting Pronouncements	Recent Accounting Pronouncements —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Subtopic 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). In November 2018, the FASB released ASU No. 2018-19, Codification Improvements to Topic 326 Financial Instruments - Credit Losses (“ASU 2018-19” . ) ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of ASU 2016-13. Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” 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, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), (“ASU 2016-02”) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Upon adoption of ASU 2016-02 on January 1, 2019, the Company elected the following practical expedients provided by ASU No. 2018-11, Leases - Targeted Improvements, and ASU No. 2018-20, Narrow Scope Improvements for Lessors (together with ASU 2016-02, the “new lease ASUs”): • Package of practical expedients – provides that the Company is not required to reevaluate its existing or expired leases as of January 1, 2019, under the new lease ASUs. • Optional transition method practical expedient – requires the Company to apply the new lease ASUs prospectively from the adoption date of January 1, 2019. • Single component practical expedient – requires the Company to account for lease and non-lease components associated with that lease as a single component under the new lease ASUs, if certain criteria are met. • Short-term leases practical expedient – for the Company’s operating leases with a term of less than 12 months in which it is the lessee, this expedient requires the Company not to record on its balance sheet related lease liabilities and right-of-use assets. Overview related to both lessee and lessor accounting —The new lease ASUs set new criteria for determining the classification of finance leases for lessees and sales-type leases for lessors. The criteria to determine whether a lease should be accounted for as a finance (sales-type) lease include the following: (i) ownership is transferred from lessor to lessee by the end of the lease term, (ii) an option to purchase is reasonably certain to be exercised, (iii) the lease term is for the major part of the underlying asset’s remaining economic life, (iv) the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset, and (v) the underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If any of these criteria is met, a lease is classified as a finance lease by the lessee and as a sales-type lease by the lessor. If none of the criteria are met, a lease is classified as an operating lease by the lessee, but may still qualify as a direct financing lease or an operating lease for the lessor. The existence of a residual value guarantee from an unrelated third party other than the lessee may qualify the lease as a direct financing lease by the lessor. Otherwise, the lease is classified as an operating lease by the lessor. The election of the package of practical expedients discussed above and the optional transition method allowed the Company not to reassess: • Whether any expired or existing contracts as of January 1, 2019 were leases or contained leases. ◦ This practical expedient is primarily applicable to entities that have contracts containing embedded leases. As of January 1, 2019, the Company had no such contracts; therefore, this practical expedient had no effect on the Company. • The lease classification for any leases expired or existing as of January 1, 2019. ◦ The election of the package of practical expedients provides that the Company is not required to reassess the classification of its leases existing as of January 1, 2019. This means that all of the Company’s leases that were classified as operating leases in accordance with the lease accounting standards in effect prior to January 1, 2019 continue to be classified as operating leases after adoption of the new lease ASUs. The Company applied the package of practical expedients consistently to all leases (i.e., regardless of whether the Company was the lessee or a lessor) that commenced before January 1, 2019. The election of this package permits the Company to “run off” its leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease ASUs to leases commencing or modified after January 1, 2019.
Lessor Accounting	Lessor Accounting —Under the new lease ASUs, each lease agreement is evaluated to identify the lease and non-lease components at lease inception. The total consideration in the lease agreement is allocated to the lease and non-lease components based on their relative stand-alone selling prices. The new lease ASUs govern the recognition of revenue for lease components, and revenue related to non-lease components is subject to the new revenue recognition standard. Tenant recoveries for utilities, repairs and maintenance, and common area expenses are considered non-lease components. The Company generates revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property. As such, the Company has concluded its leases do not contain material non-lease components. Tenant reimbursements related to property taxes and insurance are neither lease nor non-lease components under the new lease ASUs. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional rental income recognized by the lessor on a gross basis in its income statements. On January 1, 2019, the Company elected the single component practical expedient, which allows a lessor, by class of underlying asset, not to allocate the total consideration to the lease and non-lease components based on their relative stand-alone selling prices. This single component practical expedient requires the Company to account for the lease component and non-lease component(s) associated with that lease as a single component if (i) the timing and pattern of transfer of the lease component and the non-lease component(s) associated with it are the same and (ii) the lease component would be classified as an operating lease if it were accounted for separately. If the Company determines that the lease component is the predominant component, the Company accounts for the single component as an operating lease in accordance with the new lease ASUs. Conversely, the Company is required to account for the combined component under the new revenue recognition standard if the Company determines that the non-lease component is the predominant component. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets that qualify for this expedient are accounted for as a single component under the new lease ASUs, with tenant recoveries primarily as variable consideration. Tenant recoveries that do not qualify for the single component practical expedient and are considered non-lease components are accounted for under the revenue recognition standard. The components of the Company’s operating leases qualify for the single component presentation. For the three and six months ended June 30, 2018 , the Company recognized tenant recoveries for real estate taxes of $3.0 million and $6.0 million , respectively, which were classified as tenant reimbursements on the Company’s condensed consolidated income statements. Prior to the adoption of Accounting Standards Codification (“ASC”) 842, the Company recognized tenant recoveries as tenant reimbursement revenues regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries are recognized to the extent that the Company pays the third party directly and classified as rental income on the Company’s condensed consolidated income statements. Due to the application of the new lease ASUs, the Company recognized, on a gross basis, real estate taxes of $0.5 million and $1.3 million , respectively, for the three and six months ended June 30, 2019 . Under the new lease ASUs, the Company’s assessment of collectability of its tenant receivables includes a binary assessment of whether or not the amounts due under a tenant’s lease agreement are probable of collection. For such amounts that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such amounts that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectability determination. Such write-offs are recorded as increases or decreases through rental income on the Company’s condensed consolidated income statements. For the three and six months ended June 30, 2019
Lessee Accounting	Lessee Accounting —Under the new lease ASUs, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether 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, which corresponds to a similar evaluation performed by lessors. In addition to this classification, a lessee is also required to recognize a right-of-use asset and a lease liability for all leases regardless of their classification, whereas a lessor is not required to recognize a right-of-use asset and a lease liability for any operating leases.
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 Acquisition Valuation	Real Estate Acquisition Valuation — In accordance with ASC 805, Business Combinations , acquisitions that are income-producing real estate are recorded as a business combination. If the acquisition does not meet the definition of a business, acquisitions are recorded as an asset acquisition. The assets acquired and liabilities assumed are measured at their acquisition date fair values for a business combination and at relative fair values for an asset acquisition. 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’s real estate acquisitions generally are classified as asset acquisitions. In addition, for such asset acquisitions, no goodwill is recognized and third party transaction costs are capitalized. The Company allocates the acquisition costs to the tangible assets, identifiable intangible assets/liabilities and assumed liabilities on a relative fair value basis. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. As part of the Company’s real estate 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.
Income Taxes	Income Taxes

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Summary of Investment in Owned Properties	The following table summarizes the Company’s investment in owned properties as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Land $ 197,510 $ 166,948 Buildings and improvements 1,453,944 1,201,209 Integral equipment, furniture and fixtures 95,476 87,623 Identified intangible assets 1,400 2,382 Real estate investments 1,748,330 1,458,162 Accumulated depreciation and amortization (266,290 ) (241,925 ) Real estate investments, net $ 1,482,040 $ 1,216,237
Schedule of Total Future Minimum Rental Revenues	As of June 30, 2019 , the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands): Year Amount 2019 (six months) $ 86,806 2020 173,965 2021 174,423 2022 174,899 2023 175,232 2024 175,492 Thereafter 1,132,935 $ 2,093,752
Schedule of Total Future Minimum Rental Revenues at Prior Year End	As of December 31, 2018 , the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands): Year Amount 2019 $ 146,010 2020 146,560 2021 147,132 2022 147,719 2023 148,169 Thereafter 1,055,012 $ 1,790,602
Schedule of Business Acquisitions	The following table summarizes the Company’s acquisitions for the six months ended June 30, 2019 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent (2) Number of Properties Number of Beds/Units (3) Skilled nursing $ 246,099 $ 22,129 16 2,029 Multi-service campuses 45,176 4,088 3 542 Assisted living — — — — Total $ 291,275 $ 26,217 19 2,571 (1) Purchase price includes capitalized acquisition costs. (2) Initial annual cash rent excludes ground lease income. (3) The number of beds/units includes operating beds at acquisition date.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 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): June 30, 2019 December 31, 2018 Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments $ 2,327 $ 3,079 $ 3,415 $ 4,531 $ 5,746 $ 6,246 Mortgage loans receivable 23,701 23,646 23,701 12,375 12,299 12,375 Financial liabilities: Senior unsecured notes payable $ 300,000 $ 295,532 $ 311,625 $ 300,000 $ 295,153 $ 289,500

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Company's Indebtedness	The following table summarizes the balance of the Company’s indebtedness as of June 30, 2019 and December 31, 2018 (dollars in thousands): June 30, 2019 December 31, 2018 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (4,468 ) $ 295,532 $ 300,000 $ (4,847 ) $ 295,153 Senior unsecured term loan 200,000 (1,392 ) 198,608 100,000 (388 ) 99,612 Unsecured revolving credit facility 45,000 — 45,000 95,000 — 95,000 $ 545,000 $ (5,860 ) $ 539,140 $ 495,000 $ (5,235 ) $ 489,765

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of At-The-Market Offering Program	The following table summarizes the Prior ATM Program activity for 2019 (in thousands, except per share amounts): For the Three Months Ended March 31, 2019 Number of shares 2,459 Average sales price per share $ 19.48 Gross proceeds* $ 47,893 *Total gross proceeds is before $0.6 million of commissions paid to the sales agents during the three months ended March 31, 2019 under the Prior ATM Program.
Schedule of Dividends on Common Stock	The following table summarizes the cash dividends on the Company’s common stock declared by the Company’s Board of Directors for the first six months of 2019 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2019 June 30, 2019 Dividends declared per share $ 0.225 $ 0.225 Dividends payment date April 15, 2019 July 15, 2019 Dividends payable as of record date $ 20,012 $ 21,508 Dividends record date March 29, 2019 June 28, 2019

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The following table summarizes the stock-based compensation expense recognized (dollars in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Stock-based compensation expense $ 1,147 $ 924 $ 2,141 $ 1,828

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2019 and 2018 , 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 June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 19,698 $ 13,267 $ 35,751 $ 27,874 Less: Net income allocated to participating securities (79 ) (96 ) (165 ) (198 ) Numerator for basic and diluted earnings available to common stockholders $ 19,619 $ 13,171 $ 35,586 $ 27,676 Denominator: Weighted-average basic common shares outstanding 94,036 76,374 91,039 75,941 Weighted-average diluted common shares outstanding 94,036 76,374 91,039 75,941 Earnings per common share, basic $ 0.21 $ 0.17 $ 0.39 $ 0.36 Earnings per common share, diluted $ 0.21 $ 0.17 $ 0.39 $ 0.36

Summarized Condensed Consolid_2

Summarized Condensed Consolidating Information (Tables)	6 Months Ended
	Jun. 30, 2019
Summarized Condensed Consolidating Information [Abstract]
Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS JUNE 30, 2019 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 951,636 $ 530,404 $ — $ 1,482,040 Other real estate investments, net — 23,646 3,079 — 26,725 Cash and cash equivalents — 2,629 — — 2,629 Accounts and other receivables, net — 9,691 14 — 9,705 Prepaid expenses and other assets — 6,942 5 — 6,947 Deferred financing costs, net — 3,513 — — 3,513 Investment in subsidiaries 979,754 510,129 — (1,489,883 ) — Intercompany — 22,720 — (22,720 ) — Total assets $ 979,754 $ 1,530,906 $ 533,502 $ (1,512,603 ) $ 1,531,559 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 295,532 $ — $ — $ 295,532 Senior unsecured term loan, net — 198,608 — — 198,608 Unsecured revolving credit facility — 45,000 — — 45,000 Accounts payable and accrued liabilities — 12,012 653 — 12,665 Dividends payable 21,617 — — — 21,617 Intercompany — — 22,720 (22,720 ) — Total liabilities 21,617 551,152 23,373 (22,720 ) 573,422 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 shares issued and outstanding as of June 30, 2019 951 — — — 951 Additional paid-in capital 1,161,144 817,519 321,761 (1,139,280 ) 1,161,144 Cumulative distributions in excess of earnings (203,958 ) 162,235 188,368 (350,603 ) (203,958 ) Total equity 958,137 979,754 510,129 (1,489,883 ) 958,137 Total liabilities and equity $ 979,754 $ 1,530,906 $ 533,502 $ (1,512,603 ) $ 1,531,559 CONDENSED CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2018 (in thousands, except share and per share amounts) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Assets: Real estate investments, net $ — $ 887,921 $ 328,316 $ — $ 1,216,237 Other real estate investments, net — 12,299 5,746 — 18,045 Cash and cash equivalents — 36,792 — — 36,792 Accounts and other receivables, net — 9,359 2,028 — 11,387 Prepaid expenses and other assets — 8,666 2 — 8,668 Deferred financing costs, net — 633 — — 633 Investment in subsidiaries 786,030 484,955 — (1,270,985 ) — Intercompany — — 151,242 (151,242 ) — Total assets $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762 Liabilities and Equity: Senior unsecured notes payable, net $ — $ 295,153 $ — $ — $ 295,153 Senior unsecured term loan, net — 99,612 — — 99,612 Unsecured revolving credit facility — 95,000 — — 95,000 Accounts payable and accrued liabilities — 13,588 2,379 — 15,967 Dividends payable 17,783 — — — 17,783 Intercompany — 151,242 — (151,242 ) — Total liabilities 17,783 654,595 2,379 (151,242 ) 523,515 Equity: Common stock, $0.01 par value; 500,000,000 shares authorized, 85,867,044 shares issued and outstanding as of December 31, 2018 859 — — — 859 Additional paid-in capital 965,578 661,686 321,761 (983,447 ) 965,578 Cumulative distributions in excess of earnings (198,190 ) 124,344 163,194 (287,538 ) (198,190 ) Total equity 768,247 786,030 484,955 (1,270,985 ) 768,247 Total liabilities and equity $ 786,030 $ 1,440,625 $ 487,334 $ (1,422,227 ) $ 1,291,762
Condensed Consolidating Income Statements	CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED JUNE 30, 2019 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 24,438 $ 19,685 $ — $ 44,123 Independent living facilities — — 887 — 887 Interest and other income — 569 622 — 1,191 Total revenues — 25,007 21,194 — 46,201 Expenses: Depreciation and amortization — 7,730 5,707 — 13,437 Interest expense — 7,285 — — 7,285 Property taxes — 402 54 — 456 Independent living facilities — — 719 — 719 General and administrative 1,147 3,387 72 — 4,606 Total expenses 1,147 18,804 6,552 — 26,503 Income in Subsidiary 20,845 14,642 — (35,487 ) — Net income $ 19,698 $ 20,845 $ 14,642 $ (35,487 ) $ 19,698 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE THREE MONTHS ENDED JUNE 30, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 20,170 $ 14,538 $ — $ 34,708 Tenant reimbursements — 1,792 1,224 — 3,016 Independent living facilities — — 845 — 845 Interest and other income — 299 101 — 400 Total revenues — 22,261 16,708 — 38,969 Expenses: Depreciation and amortization — 6,717 4,582 — 11,299 Interest expense — 7,285 — — 7,285 Property taxes — 1,792 1,224 — 3,016 Independent living facilities — — 744 — 744 General and administrative 931 2,351 76 — 3,358 Total expenses 931 18,145 6,626 — 25,702 Income in Subsidiary 14,198 10,082 — (24,280 ) — Net income $ 13,267 $ 14,198 $ 10,082 $ (24,280 ) $ 13,267 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 48,007 $ 34,463 $ — $ 82,470 Independent living facilities — — 1,747 — 1,747 Interest and other income — 1,020 622 — 1,642 Total revenues — 49,027 36,832 — 85,859 Expenses: Depreciation and amortization — 15,233 10,106 — 25,339 Interest expense — 14,145 — — 14,145 Property taxes — 1,228 54 — 1,282 Independent living facilities — — 1,426 — 1,426 General and administrative 2,141 5,703 72 — 7,916 Total expenses 2,141 36,309 11,658 — 50,108 Income in Subsidiary 37,892 25,174 — (63,066 ) — Net income $ 35,751 $ 37,892 $ 25,174 $ (63,066 ) $ 35,751 CONDENSED CONSOLIDATING INCOME STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Revenues: Rental income $ — $ 39,568 $ 28,956 $ — $ 68,524 Tenant reimbursements — 3,556 2,428 — 5,984 Independent living facilities — — 1,644 — 1,644 Interest and other income — 722 196 — 918 Total revenues — 43,846 33,224 — 77,070 Expenses: Depreciation and amortization — 13,655 9,221 — 22,876 Interest expense — 14,377 — — 14,377 Property taxes — 3,556 2,428 — 5,984 Independent living facilities — — 1,460 — 1,460 General and administrative 1,835 4,639 76 — 6,550 Total expenses 1,835 36,227 13,185 — 51,247 Gain on sale of real estate — 2,051 — — 2,051 Income in Subsidiary 29,709 20,039 — (49,748 ) — Net income $ 27,874 $ 29,709 $ 20,039 $ (49,748 ) $ 27,874
Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash provided by operating activities $ — $ 25,720 $ 36,018 $ — $ 61,738 Cash flows from investing activities: Acquisitions of real estate — (73,782 ) (212,164 ) — (285,946 ) Improvements to real estate — (51 ) (17 ) — (68 ) Purchases of equipment, furniture and fixtures — (2,610 ) (3 ) — (2,613 ) Investment in real estate mortgage and other loans receivable — (11,389 ) — — (11,389 ) Principal payments received on real estate mortgage and other loans receivable — 482 — — 482 Repayment of other real estate investment — — 2,204 — 2,204 Net proceeds from the sale of real estate — 131 — — 131 Distribution from subsidiary 37,685 — — (37,685 ) — Intercompany financing (193,517 ) (173,962 ) — 367,479 — Net cash used in investing activities (155,832 ) (261,181 ) (209,980 ) 329,794 (297,199 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 196,041 — — — 196,041 Proceeds from the issuance of senior unsecured term loan — 200,000 — — 200,000 Borrowings under unsecured revolving credit facility — 195,000 — — 195,000 Payments on unsecured revolving credit facility — (245,000 ) — — (245,000 ) Payments on senior unsecured term loan — (100,000 ) — — (100,000 ) Payments of deferred financing costs — (4,534 ) — — (4,534 ) Net-settle adjustment on restricted stock (2,524 ) — — — (2,524 ) Dividends paid on common stock (37,685 ) — — — (37,685 ) Distribution to Parent — (37,685 ) — 37,685 — Intercompany financing — 193,517 173,962 (367,479 ) — Net cash provided by (used in) financing activities 155,832 201,298 173,962 (329,794 ) 201,298 Net decrease in cash and cash equivalents — (34,163 ) — — (34,163 ) Cash and cash equivalents, beginning of period — 36,792 — — 36,792 Cash and cash equivalents, end of period $ — $ 2,629 $ — $ — $ 2,629 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) Parent Guarantor Issuers Combined Subsidiary Guarantors Elimination Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities: $ (7 ) $ 12,758 $ 29,365 $ — $ 42,116 Cash flows from investing activities: Acquisitions of real estate — (47,310 ) — — (47,310 ) Improvements to real estate — (495 ) (11 ) — (506 ) Purchases of equipment, furniture and fixtures — (645 ) (57 ) — (702 ) Investment in real estate mortgage loan receivable — (1,390 ) — — (1,390 ) Principal payments received on mortgage loan receivable — 58 — — 58 Escrow deposit for acquisition of real estate — (2,250 ) — — (2,250 ) Net proceeds from the sale of real estate — 13,004 — — 13,004 Distribution from subsidiary 29,628 — — (29,628 ) — Intercompany financing (46,252 ) 29,297 — 16,955 — Net cash used in investing activities (16,624 ) (9,731 ) (68 ) (12,673 ) (39,096 ) Cash flows from financing activities: Proceeds from the issuance of common stock, net 47,547 — — — 47,547 Borrowings under unsecured revolving credit facility — 60,000 — — 60,000 Payments on unsecured revolving credit facility — (75,000 ) — — (75,000 ) Net-settle adjustment on restricted stock (1,288 ) — — — (1,288 ) Dividends paid on common stock (29,628 ) — — — (29,628 ) Distribution to Parent — (29,628 ) — 29,628 — Intercompany financing — 46,252 (29,297 ) (16,955 ) — Net cash provided by (used in) financing activities 16,631 1,624 (29,297 ) 12,673 1,631 Net increase in cash and cash equivalents — 4,651 — — 4,651 Cash and cash equivalents, beginning of period — 6,909 — — 6,909 Cash and cash equivalents, end of period $ — $ 11,560 $ — $ — $ 11,560

Organization - Narrative (Detai

Organization - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)investmentunitfacilityloanbed
Real Estate Properties [Line Items]
Number of living facilities	216
Number of preferred equity investments | investment	1
Preferred equity investment | $	$ 3.1
Mortgage Loan Receivable
Real Estate Properties [Line Items]
Number of mortgage loans receivable | loan	2
Mortgage loan | $	$ 23.6
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign
Real Estate Properties [Line Items]
Number of living facilities	213
Number of units available in living facilities | bed	21,686
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 Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)facility	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)facility	Jun. 30, 2018USD ($)
Real Estate Properties [Line Items]
Number of living facilities | facility	216		216
Tenant reimbursements		$ 3,016		$ 5,984
Real estate taxes	$ 456	$ 3,016	$ 1,282	$ 5,984
Lease liability related to ground lease arrangements	$ 1,000		$ 1,000
Weighted average remaining lease term (in years)	73 years		73 years
Independent Living Facilities Owned and Operated by Company
Real Estate Properties [Line Items]
Number of living facilities | facility	3		3

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details) $ in Millions	Jun. 30, 2019USD ($)facilitylease
Investment [Line Items]
Number of living facilities	216
Number of facilities not leased	3
Ensign Master Leases
Investment [Line Items]
Number of facilities leased	93
Number of master leases | lease	8
Annualized rental revenues from master leases | $	$ 61
Ensign Master Leases | Minimum
Investment [Line Items]
Percentage change in the consumer price index	0.00%
Ensign Master Leases | Maximum
Investment [Line Items]
Percentage change in the consumer price index	2.50%
Various Other Operators
Investment [Line Items]
Number of facilities leased	120

Real Estate Investments, Net _2

Real Estate Investments, Net - Investment in Owned Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 197,510	$ 166,948
Buildings and improvements	1,453,944	1,201,209
Integral equipment, furniture and fixtures	95,476	87,623
Identified intangible assets	1,400	2,382
Real estate investments	1,748,330	1,458,162
Accumulated depreciation and amortization	(266,290)	(241,925)
Real estate investments, net	$ 1,482,040	$ 1,216,237

Real Estate Investments, Net _3

Real Estate Investments, Net - Future Minimum Rental Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Future Minimum Rental Revenues
2019 (six months)	$ 86,806
2020	173,965
2021	174,423
2022	174,899
2023	175,232
2024	175,492
Thereafter	1,132,935
Total	$ 2,093,752
Future Minimum Rental Revenues at Prior Year End
2019		$ 146,010
2020		146,560
2021		147,132
2022		147,719
2023		148,169
Thereafter		1,055,012
Total		$ 1,790,602

Real Estate Investments, Net _4

Real Estate Investments, Net - Recent Real Estate Acquisitions (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)propertyunit
Business Acquisition [Line Items]
Purchase Price		$ 291,275
Initial Annual Cash Rent		$ 26,217
Number of Properties | property		19
Number of Beds/Units | unit		2,571
Skilled nursing
Business Acquisition [Line Items]
Purchase Price	$ 16,200	$ 246,099
Initial Annual Cash Rent		$ 22,129
Number of Properties | property		16
Number of Beds/Units | unit		2,029
Multi-service campuses
Business Acquisition [Line Items]
Purchase Price		$ 45,176
Initial Annual Cash Rent		$ 4,088
Number of Properties | property		3
Number of Beds/Units | unit		542
Assisted living
Business Acquisition [Line Items]
Purchase Price		$ 0
Initial 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) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Feb. 28, 2019USD ($)extension_optionfacility	Sep. 30, 2016USD ($)bed	Jul. 31, 2016USD ($)bed	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Oct. 31, 2017USD ($)
Real Estate Properties [Line Items]
Preferred equity investment	$ 3,100				$ 3,100		$ 3,100
Purchase price for acquisition of facility							291,275
Payment to acquire facility							285,946	$ 47,310
Return of initial investment							2,204	0
Cumulative contractual preferred return through acquisition date					1,100
Mortgage Loan Receivable
Real Estate Properties [Line Items]
Mortgage loan	23,600				23,600		23,600
Providence | Mortgage Loan Receivable
Real Estate Properties [Line Items]
Interest income recognized					500	$ 300	1,000	600
Mortgage loan receivable interest rate (percent)									9.00%
Mortgage loan									$ 12,500
Covenant Care | Mortgage Loan Receivable
Real Estate Properties [Line Items]
Mortgage loan receivable interest rate (percent)		9.00%
Facilities utilized to secure mortgage loan | facility		5
Mortgage loan		$ 11,400
Number of extension options | extension_option		2
Extension option term (in months)		6 months
Cascadia Development, LLC
Real Estate Properties [Line Items]
Preferred equity investment			$ 2,300	$ 2,200
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%
Return of initial investment	2,200
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 recognized					600	$ 100	600	$ 200
Recognition of unrecognized preferred return from prior periods					$ 500		400
Skilled nursing
Real Estate Properties [Line Items]
Purchase price for acquisition of facility	16,200						$ 246,099
Payment to acquire facility	$ 12,900

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Preferred equity investment - face value	$ 2,327,000	$ 4,531,000
Mortgage loans receivable
Financial assets:
Mortgage loans receivable - face value	23,701,000	12,375,000
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	295,532,000	295,153,000
Carrying Amount | Level 3
Financial assets:
Preferred equity investments	3,079,000	5,746,000
Carrying Amount | Level 3 | Mortgage loans receivable
Financial assets:
Mortgage loans receivable	23,646,000	12,299,000
Fair Value | Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable	311,625,000	289,500,000
Fair Value | Level 3
Financial assets:
Preferred equity investments	3,415,000	6,246,000
Fair Value | Level 3 | Mortgage loans receivable
Financial assets:
Mortgage loans receivable	$ 23,701,000	$ 12,375,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal Amount	$ 545,000	$ 495,000
Deferred Loan Fees	(5,860)	(5,235)
Carrying Value	539,140	489,765
Senior unsecured notes payable
Debt Instrument [Line Items]
Principal Amount	300,000	300,000
Deferred Loan Fees	(4,468)	(4,847)
Carrying Value	295,532	295,153
Senior unsecured term loan
Debt Instrument [Line Items]
Principal Amount	200,000	100,000
Deferred Loan Fees	(1,392)	(388)
Carrying Value	198,608	99,612
Unsecured revolving credit facility
Debt Instrument [Line Items]
Principal Amount	45,000	95,000
Deferred Loan Fees	0	0
Carrying Value	$ 45,000	$ 95,000

Debt - Senior Unsecured Notes P

Debt - Senior Unsecured Notes Payable (Details) - USD ($) $ in Thousands	May 10, 2017	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Gross proceeds from issuance of senior notes		$ 200,000	$ 0
Senior Unsecured Notes | 5.25% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000
Interest rate, stated percentage	5.25%
Gross proceeds from issuance of senior notes	$ 300,000
Net proceeds from issuance of senior notes	$ 294,000
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
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	105.25%
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One | Minimum
Debt Instrument [Line Items]
Percentage of aggregate principal amount of notes outstanding	60.00%
Senior Unsecured Notes | 5.25% Senior Notes due 2025 | Debt Instrument, Redemption, Period One | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount	40.00%

Debt - Unsecured Revolving Cred

Debt - Unsecured Revolving Credit Facility and Term Loan and Interst Expense (Details)	Feb. 08, 2019USD ($)	Feb. 01, 2016USD ($)extension_option	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Outstanding amounts			$ 545,000,000	$ 495,000,000
Outstanding borrowings			539,140,000	489,765,000
Revolving Credit Facility | New Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	$ 600,000,000
Number of extension options	2
Line of credit facility, extension period	6 months
Revolving Credit Facility | New Revolving Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (percent)	0.15%
Facility fee on revolving commitment fee based on investment grade ratings (percent)	0.125%
Revolving Credit Facility | New Revolving Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.10%
Revolving Credit Facility | New Revolving Facility | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.10%
Revolving Credit Facility | New Revolving Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (percent)	0.35%
Facility fee on revolving commitment fee based on investment grade ratings (percent)	0.30%
Revolving Credit Facility | New Revolving Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.55%
Revolving Credit Facility | New Revolving Facility | Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.55%
Letter of Credit
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (percent)	10.00%
Swingline Loan
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (percent)	10.00%
Prior Credit Facility
Line of Credit Facility [Line Items]
Outstanding amounts			45,000,000	95,000,000
Outstanding borrowings			45,000,000	95,000,000
Prior Credit Facility | Prior Revolving Facility
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity		$ 400,000,000
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
Prior Credit Facility | Prior 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%
Unsecured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			300,000,000	300,000,000
Unsecured Debt | New Term Loan Feb 2019
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 200,000,000
Unsecured Debt | New Term Loan Feb 2019 | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.50%
Unsecured Debt | New Term Loan Feb 2019 | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.50%
Unsecured Debt | New Term Loan Feb 2019 | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.20%
Unsecured Debt | New Term Loan Feb 2019 | Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	2.20%
Prior Term Loan
Line of Credit Facility [Line Items]
Outstanding amounts			200,000,000	100,000,000
Outstanding borrowings			$ 198,608,000	$ 99,612,000

Equity - Public Offering of Com

Equity - Public Offering of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 15, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net, (in shares)	6,641,250
Common stock, par value (in usd per share)	$ 0.01	$ 0.01		$ 0.01
Shares price to the public (in usd per share)	$ 23.35
Proceeds from the issuance of common stock, net	$ 149,000	$ 196,041	$ 47,547
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net, (in shares)	866,250

Equity - At-The-Market Offering

Equity - At-The-Market Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 15, 2019	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Mar. 04, 2019
ATM Program activity
Number of shares (in shares)	6,641,250
Gross proceeds	$ 149,000		$ 196,041	$ 47,547
Commissions paid on stock issuance		$ 600
At-The-Market Offering
Class of Stock [Line Items]
Remaining offering amount available			$ 300,000
ATM Program activity
Number of shares (in shares)		2,459,000
Average sales price per share (in usd per share)		$ 19.48
Gross proceeds		$ 47,893
At-The-Market Offering | Maximum
Class of Stock [Line Items]
Authorized aggregate offering price of common stock					$ 300,000

Equity - Dividends on Common St

Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Dividends per share of common stock
Dividends declared per share	$ 0.225	$ 0.225	$ 0.205	$ 0.205
Dividends payment date	Jul. 15, 2019	Apr. 15, 2019
Dividends payable as of record date	$ 21,508	$ 20,012
Dividends record date	Jun. 28, 2019	Mar. 29, 2019

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	Jun. 01, 2014shares	May 31, 2019$ / sharesshares	Feb. 28, 2019installment$ / sharesshares	Jun. 30, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense related to unvested awards | $				$ 6.2
Weighted average remaining vesting period related to expense recognition				2 years 3 months 18 days
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
Unvested stock awards outstanding (in shares)				1,760
Restricted Stock Award | Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)			91,440
Award grant date fair value (in usd per share) | $ / shares			$ 22
Number of equal annual vesting installments | installment			4
Restricted Stock Award | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		17,749
Award grant date fair value (in usd per share) | $ / shares		$ 24.23
Performance Stock Award | Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)			71,440
Award grant date fair value (in usd per share) | $ / shares			$ 22
Vesting metric, Normalized Funds from Operations, minimum			5.00%
Minimum | Performance Stock Award | Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period range (in years)			1 year
Maximum | Performance Stock Award | Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period range (in years)			4 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 1,147	$ 924	$ 2,141	$ 1,828

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				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 19,698	$ 16,053	$ 13,267	$ 14,607	$ 35,751	$ 27,874
Less: Net income allocated to participating securities	(79)		(96)		(165)	(198)
Numerator for basic and diluted earnings available to common stockholders	$ 19,619		$ 13,171		$ 35,586	$ 27,676
Denominator:
Weighted-average basic common shares outstanding (in shares)	94,036		76,374		91,039	75,941
Weighted-average diluted common shares outstanding (in shares)	94,036		76,374		91,039	75,941
Earnings per common share, basic (in usd per share)	$ 0.21		$ 0.17		$ 0.39	$ 0.36
Earnings per common share, diluted (in usd per share)	$ 0.21		$ 0.17		$ 0.39	$ 0.36

Concentration of Risk - Narrati

Concentration of Risk - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019facility	Jun. 30, 2018	Jun. 30, 2019statefacilitybed	Jun. 30, 2018
Concentration Risk [Line Items]
Number of living facilities	216		216
Description of highest concentration of properties			The four states in which Ensign leases the highest concentration of properties are California, Texas, Utah and Arizona.
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Ensign
Concentration Risk [Line Items]
Number of living facilities	213		213
Number of units available in living facilities | bed			21,686
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	93		93
Number of units available in living facilities | bed			9,923
Ensign | Customer Concentration Risk | Rental Income
Concentration Risk [Line Items]
Concentration risk (percent)	34.00%	42.00%	37.00%	42.00%

Summarized Condensed Consolid_3

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets:
Real estate investments, net	$ 1,482,040		$ 1,216,237
Other real estate investments, net	26,725		18,045
Cash and cash equivalents	2,629		36,792
Accounts and other receivables, net	9,705		11,387
Prepaid expenses and other assets	6,947		8,668
Deferred financing costs, net	3,513		633
Investment in subsidiaries	0		0
Intercompany	0		0
Total assets	1,531,559		1,291,762
Liabilities and Equity:
Senior unsecured notes payable, net	295,532		295,153
Senior unsecured term loan, net	198,608		99,612
Unsecured revolving credit facility	45,000		95,000
Accounts payable and accrued liabilities	12,665		15,967
Dividends payable	21,617		17,783
Intercompany	0		0
Total liabilities	573,422		523,515
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 and 85,867,044 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	951		859
Additional paid-in capital	1,161,144		965,578
Cumulative distributions in excess of earnings	(203,958)		(198,190)
Total equity	958,137	$ 811,031	768,247	$ 638,738	$ 593,888	$ 594,617
Total liabilities and equity	1,531,559		1,291,762
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
Accounts and other receivables, net	0		0
Prepaid expenses and other assets	0		0
Deferred financing costs, net	0		0
Investment in subsidiaries	979,754		786,030
Intercompany	0		0
Total assets	979,754		786,030
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	21,617		17,783
Intercompany	0		0
Total liabilities	21,617		17,783
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 and 85,867,044 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	951		859
Additional paid-in capital	1,161,144		965,578
Cumulative distributions in excess of earnings	(203,958)		(198,190)
Total equity	958,137		768,247
Total liabilities and equity	979,754		786,030
Reportable Legal Entities | Issuers
Assets:
Real estate investments, net	951,636		887,921
Other real estate investments, net	23,646		12,299
Cash and cash equivalents	2,629		36,792
Accounts and other receivables, net	9,691		9,359
Prepaid expenses and other assets	6,942		8,666
Deferred financing costs, net	3,513		633
Investment in subsidiaries	510,129		484,955
Intercompany	22,720		0
Total assets	1,530,906		1,440,625
Liabilities and Equity:
Senior unsecured notes payable, net	295,532		295,153
Senior unsecured term loan, net	198,608		99,612
Unsecured revolving credit facility	45,000		95,000
Accounts payable and accrued liabilities	12,012		13,588
Dividends payable	0		0
Intercompany	0		151,242
Total liabilities	551,152		654,595
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 and 85,867,044 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	0		0
Additional paid-in capital	817,519		661,686
Cumulative distributions in excess of earnings	162,235		124,344
Total equity	979,754		786,030
Total liabilities and equity	1,530,906		1,440,625
Reportable Legal Entities | Combined Subsidiary Guarantors
Assets:
Real estate investments, net	530,404		328,316
Other real estate investments, net	3,079		5,746
Cash and cash equivalents	0		0
Accounts and other receivables, net	14		2,028
Prepaid expenses and other assets	5		2
Deferred financing costs, net	0		0
Investment in subsidiaries	0		0
Intercompany	0		151,242
Total assets	533,502		487,334
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	653		2,379
Dividends payable	0		0
Intercompany	22,720		0
Total liabilities	23,373		2,379
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 and 85,867,044 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	0		0
Additional paid-in capital	321,761		321,761
Cumulative distributions in excess of earnings	188,368		163,194
Total equity	510,129		484,955
Total liabilities and equity	533,502		487,334
Elimination
Assets:
Real estate investments, net	0		0
Other real estate investments, net	0		0
Cash and cash equivalents	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	(1,489,883)		(1,270,985)
Intercompany	(22,720)		(151,242)
Total assets	(1,512,603)		(1,422,227)
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	(22,720)		(151,242)
Total liabilities	(22,720)		(151,242)
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,073,223 and 85,867,044 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	0		0
Additional paid-in capital	(1,139,280)		(983,447)
Cumulative distributions in excess of earnings	(350,603)		(287,538)
Total equity	(1,489,883)		(1,270,985)
Total liabilities and equity	$ (1,512,603)		$ (1,422,227)

Summarized Condensed Consolid_4

Summarized Condensed Consolidating Information - Condensed Consolidating Balance Sheets Share Data (Details) - $ / shares	Jun. 30, 2019	Apr. 15, 2019	Dec. 31, 2018
Summarized Condensed Consolidating Information [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (shares)	500,000,000		500,000,000
Common stock, issued (shares)	95,073,223		85,867,044
Common stock, outstanding (shares)	95,073,223		85,867,044

Summarized Condensed Consolid_5

Summarized Condensed Consolidating Information - Condensed Consolidating Income Statements (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental income	$ 44,123				$ 82,470
Rental income			$ 34,708			$ 68,524
Tenant reimbursements			3,016			5,984
Independent living facilities	887		845		1,747	1,644
Interest and other income	1,191		400		1,642	918
Total revenues	46,201		38,969		85,859	77,070
Expenses:
Depreciation and amortization	13,437		11,299		25,339	22,876
Interest expense	7,285		7,285		14,145	14,377
Property taxes	456		3,016		1,282	5,984
Independent living facilities	719		744		1,426	1,460
General and administrative	4,606		3,358		7,916	6,550
Total expenses	26,503		25,702		50,108	51,247
Gain on sale of real estate	0		0		0	2,051
Income in Subsidiary	0		0		0	0
Net income	19,698	$ 16,053	13,267	$ 14,607	35,751	27,874
Reportable Legal Entities | Parent Guarantor
Revenues:
Rental income	0				0
Rental income			0			0
Tenant reimbursements			0			0
Independent living facilities	0		0		0	0
Interest and other income	0		0		0	0
Total revenues	0		0		0	0
Expenses:
Depreciation and amortization	0		0		0	0
Interest expense	0		0		0	0
Property taxes	0		0		0	0
Independent living facilities	0		0		0	0
General and administrative	1,147		931		2,141	1,835
Total expenses	1,147		931		2,141	1,835
Gain on sale of real estate						0
Income in Subsidiary	20,845		14,198		37,892	29,709
Net income	19,698		13,267		35,751	27,874
Reportable Legal Entities | Issuers
Revenues:
Rental income	24,438				48,007
Rental income			20,170			39,568
Tenant reimbursements			1,792			3,556
Independent living facilities	0		0		0	0
Interest and other income	569		299		1,020	722
Total revenues	25,007		22,261		49,027	43,846
Expenses:
Depreciation and amortization	7,730		6,717		15,233	13,655
Interest expense	7,285		7,285		14,145	14,377
Property taxes	402		1,792		1,228	3,556
Independent living facilities	0		0		0	0
General and administrative	3,387		2,351		5,703	4,639
Total expenses	18,804		18,145		36,309	36,227
Gain on sale of real estate						2,051
Income in Subsidiary	14,642		10,082		25,174	20,039
Net income	20,845		14,198		37,892	29,709
Reportable Legal Entities | Combined Subsidiary Guarantors
Revenues:
Rental income	19,685				34,463
Rental income			14,538			28,956
Tenant reimbursements			1,224			2,428
Independent living facilities	887		845		1,747	1,644
Interest and other income	622		101		622	196
Total revenues	21,194		16,708		36,832	33,224
Expenses:
Depreciation and amortization	5,707		4,582		10,106	9,221
Interest expense	0		0		0	0
Property taxes	54		1,224		54	2,428
Independent living facilities	719		744		1,426	1,460
General and administrative	72		76		72	76
Total expenses	6,552		6,626		11,658	13,185
Gain on sale of real estate						0
Income in Subsidiary	0		0		0	0
Net income	14,642		10,082		25,174	20,039
Elimination
Revenues:
Rental income	0				0
Rental income			0			0
Tenant reimbursements			0			0
Independent living facilities	0		0		0	0
Interest and other income	0		0		0	0
Total revenues	0		0		0	0
Expenses:
Depreciation and amortization	0		0		0	0
Interest expense	0		0		0	0
Property taxes	0		0		0	0
Independent living facilities	0		0		0	0
General and administrative	0		0		0	0
Total expenses	0		0		0	0
Gain on sale of real estate						0
Income in Subsidiary	(35,487)		(24,280)		(63,066)	(49,748)
Net income	$ (35,487)		$ (24,280)		$ (63,066)	$ (49,748)

Summarized Condensed Consolid_6

Summarized Condensed Consolidating Information - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands	Apr. 15, 2019	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net cash provided by operating activities		$ 61,738	$ 42,116
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied		(285,946)	(47,310)
Improvements to real estate		(68)	(506)
Purchases of equipment, furniture and fixtures		(2,613)	(702)
Investment in real estate mortgage and other loans receivable		(11,389)	(1,390)
Principal payments received on real estate mortgage and other loans receivable		482	58
Repayment of other real estate investment		2,204	0
Escrow deposits for acquisitions of real estate		0	(2,250)
Net proceeds from the sale of real estate		131	13,004
Distribution from subsidiary		0	0
Intercompany financing		0	0
Net cash used in investing activities		(297,199)	(39,096)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	$ 149,000	196,041	47,547
Proceeds from the issuance of senior unsecured term loan		200,000	0
Borrowings under unsecured revolving credit facility		195,000	60,000
Payments on unsecured revolving credit facility		(245,000)	(75,000)
Payments on senior unsecured term loan		(100,000)	0
Payments of deferred financing costs		(4,534)	0
Net-settle adjustment on restricted stock		(2,524)	(1,288)
Dividends paid on common stock		(37,685)	(29,628)
Distribution to Parent		0	0
Intercompany financing		0	0
Net cash provided by financing activities		201,298	1,631
Net (decrease) increase in cash and cash equivalents		(34,163)	4,651
Cash and cash equivalents, beginning of period		36,792	6,909
Cash and cash equivalents, end of period		2,629	11,560
Reportable Legal Entities | Parent Guarantor
Cash flows from operating activities:
Net cash provided by operating activities		0	(7)
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied		0	0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	0
Investment in real estate mortgage and other loans receivable		0	0
Principal payments received on real estate mortgage and other loans receivable		0	0
Repayment of other real estate investment		0
Escrow deposits for acquisitions of real estate			0
Net proceeds from the sale of real estate		0	0
Distribution from subsidiary		37,685	29,628
Intercompany financing		(193,517)	(46,252)
Net cash used in investing activities		(155,832)	(16,624)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		196,041	47,547
Proceeds from the issuance of senior unsecured term loan		0
Borrowings under unsecured revolving credit facility		0	0
Payments on unsecured revolving credit facility		0	0
Payments on senior unsecured term loan		0
Payments of deferred financing costs		0
Net-settle adjustment on restricted stock		(2,524)	(1,288)
Dividends paid on common stock		(37,685)	(29,628)
Distribution to Parent		0	0
Intercompany financing		0	0
Net cash provided by financing activities		155,832	16,631
Net (decrease) increase in cash and cash equivalents		0	0
Cash and cash equivalents, beginning of period		0	0
Cash and cash equivalents, end of period		0	0
Reportable Legal Entities | Issuers
Cash flows from operating activities:
Net cash provided by operating activities		25,720	12,758
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied		(73,782)	(47,310)
Improvements to real estate		(51)	(495)
Purchases of equipment, furniture and fixtures		(2,610)	(645)
Investment in real estate mortgage and other loans receivable		(11,389)	(1,390)
Principal payments received on real estate mortgage and other loans receivable		482	58
Repayment of other real estate investment		0
Escrow deposits for acquisitions of real estate			(2,250)
Net proceeds from the sale of real estate		131	13,004
Distribution from subsidiary		0	0
Intercompany financing		(173,962)	29,297
Net cash used in investing activities		(261,181)	(9,731)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0	0
Proceeds from the issuance of senior unsecured term loan		200,000
Borrowings under unsecured revolving credit facility		195,000	60,000
Payments on unsecured revolving credit facility		(245,000)	(75,000)
Payments on senior unsecured term loan		(100,000)
Payments of deferred financing costs		(4,534)
Net-settle adjustment on restricted stock		0	0
Dividends paid on common stock		0	0
Distribution to Parent		(37,685)	(29,628)
Intercompany financing		193,517	46,252
Net cash provided by financing activities		201,298	1,624
Net (decrease) increase in cash and cash equivalents		(34,163)	4,651
Cash and cash equivalents, beginning of period		36,792	6,909
Cash and cash equivalents, end of period		2,629	11,560
Reportable Legal Entities | Combined Subsidiary Guarantors
Cash flows from operating activities:
Net cash provided by operating activities		36,018	29,365
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied		(212,164)	0
Improvements to real estate		(17)	(11)
Purchases of equipment, furniture and fixtures		(3)	(57)
Investment in real estate mortgage and other loans receivable		0	0
Principal payments received on real estate mortgage and other loans receivable		0	0
Repayment of other real estate investment		2,204
Escrow deposits for acquisitions of real estate			0
Net proceeds from the sale of real estate		0	0
Distribution from subsidiary		0	0
Intercompany financing		0	0
Net cash used in investing activities		(209,980)	(68)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0	0
Proceeds from the issuance of senior unsecured term loan		0
Borrowings under unsecured revolving credit facility		0	0
Payments on unsecured revolving credit facility		0	0
Payments on senior unsecured term loan		0
Payments of deferred financing costs		0
Net-settle adjustment on restricted stock		0	0
Dividends paid on common stock		0	0
Distribution to Parent		0	0
Intercompany financing		173,962	(29,297)
Net cash provided by financing activities		173,962	(29,297)
Net (decrease) increase in cash and cash equivalents		0	0
Cash and cash equivalents, beginning of period		0	0
Cash and cash equivalents, end of period		0	0
Elimination
Cash flows from operating activities:
Net cash provided by operating activities		0	0
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied		0	0
Improvements to real estate		0	0
Purchases of equipment, furniture and fixtures		0	0
Investment in real estate mortgage and other loans receivable		0	0
Principal payments received on real estate mortgage and other loans receivable		0	0
Repayment of other real estate investment		0
Escrow deposits for acquisitions of real estate			0
Net proceeds from the sale of real estate		0	0
Distribution from subsidiary		(37,685)	(29,628)
Intercompany financing		367,479	16,955
Net cash used in investing activities		329,794	(12,673)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net		0	0
Proceeds from the issuance of senior unsecured term loan		0
Borrowings under unsecured revolving credit facility		0	0
Payments on unsecured revolving credit facility		0	0
Payments on senior unsecured term loan		0
Payments of deferred financing costs		0
Net-settle adjustment on restricted stock		0	0
Dividends paid on common stock		0	0
Distribution to Parent		37,685	29,628
Intercompany financing		(367,479)	(16,955)
Net cash provided by financing activities		(329,794)	12,673
Net (decrease) increase in cash and cash equivalents		0	0
Cash and cash equivalents, beginning of period		0	0
Cash and cash equivalents, end of period		$ 0	$ 0

Subsequent Events - Lease Amend

Subsequent Events - Lease Amendment (Details) $ in Millions	Sep. 01, 2019USD ($)property	Sep. 30, 2019USD ($)	Jul. 15, 2019property
Forecast
Subsequent Event [Line Items]
Anticipated write down of properties to fair value less costs to sell | $	$ 7.1
Forecast | Accounts and straight-line rent receivable
Subsequent Event [Line Items]
Expected write-off of accounts and straight-line rent receivable | $		$ 2.4
Forecast | Ohio | Ohio Skilled Nursing Operator
Subsequent Event [Line Items]
Number of properties to be sold	3
Subsequent Events | Iowa | Original Trillium Lease
Subsequent Event [Line Items]
Properties in terminated master lease			10
Subsequent Events | Iowa | New Trillium Lease
Subsequent Event [Line Items]
Properties in new master lease			10
Subsequent Events | Ohio | Original Trillium Lease
Subsequent Event [Line Items]
Properties in terminated master lease			7
Properties operated under post-termination terms			7
Subsequent Events | Georgia | Original Trillium Lease
Subsequent Event [Line Items]
Properties in terminated master lease			1
Subsequent Events | Georgia | New Trillium Lease
Subsequent Event [Line Items]
Properties in new master lease			1