CareTrust REIT (CTRE) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-3999490
Entity Address, Address Line One	905 Calle Amanecer 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		95,711,340

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Real estate investments, net	$ 1,429,525	$ 1,414,200
Other real estate investments, net	61,753	33,300
Assets held for sale, net	0	34,590
Cash and cash equivalents	23,937	20,327
Accounts and other receivables, net	1,798	2,571
Prepaid expenses and other assets	11,427	10,850
Deferred financing costs, net	2,778	3,023
Total assets	1,531,218	1,518,861
Liabilities and Equity:
Senior unsecured notes payable, net	296,100	295,911
Senior unsecured term loan, net	198,766	198,713
Unsecured revolving credit facility	75,000	60,000
Accounts payable and accrued liabilities	15,476	14,962
Dividends payable	24,083	21,684
Total liabilities	609,425	591,270
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,196,331 and 95,103,270 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	952	951
Additional paid-in capital	1,161,797	1,162,990
Cumulative distributions in excess of earnings	(240,956)	(236,350)
Total equity	921,793	927,591
Total liabilities and equity	$ 1,531,218	$ 1,518,861

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	95,196,331	95,103,270
Common stock, outstanding (shares)	95,196,331	95,103,270

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 42,464	$ 38,347
Independent living facilities	625	860
Interest and other income	1,251	451
Total revenues	44,340	39,658
Expenses:
Depreciation and amortization	13,160	11,902
Interest expense	6,714	6,860
Property taxes	485	826
Independent living facilities	546	707
General and administrative	4,054	3,310
Total expenses	24,959	23,605
Other loss:
Loss on sale of real estate	(56)	0
Net income	$ 19,325	$ 16,053
Earnings per common share:
Basic (in usd per share)	$ 0.20	$ 0.18
Diluted (in usd per share)	$ 0.20	$ 0.18
Weighted-average number of common shares:
Basic (in shares)	95,161	88,010
Diluted (in shares)	95,161	88,010

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, 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, 2019	927,591	$ 951	1,162,990	(236,350)
Beginning balance (in shares) at Dec. 31, 2019		95,103,270
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	(90)		(90)
Vesting of restricted common stock, net of shares withheld for employee taxes	(1,986)	$ 1	(1,987)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		93,061
Amortization of stock-based compensation	884		884
Common dividends	(23,931)			(23,931)
Net income	19,325			19,325
Ending balance at Mar. 31, 2020	$ 921,793	$ 952	$ 1,161,797	$ (240,956)
Ending balance (in shares) at Mar. 31, 2020		95,196,331

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.25	$ 0.225

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 19,325	$ 16,053
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	13,175	11,906
Amortization of deferred financing costs	487	541
Amortization of stock-based compensation	884	994
Straight-line rental income	(26)	(463)
Noncash interest income	0	(10)
Loss on sale of real estate	56	0
Interest income distribution from other real estate investment	1,346	0
Change in operating assets and liabilities:
Accounts and other receivables, net	335	(1,220)
Prepaid expenses and other assets	454	(116)
Accounts payable and accrued liabilities	482	2,389
Net cash provided by operating activities	36,518	30,074
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(25,905)	(52,697)
Improvements to real estate	(2,345)	(452)
Purchases of equipment, furniture and fixtures	(73)	(1,806)
Investment in real estate mortgage and other loans receivable	(100)	(11,389)
Principal payments received on real estate mortgage and other loans receivable	662	411
Repayment of other real estate investment	2,327	0
Escrow deposits for potential acquisitions of real estate	(1,000)	(375)
Net proceeds from sales of real estate	2,134	131
Net cash used in investing activities	(24,300)	(66,177)
Cash flows from financing activities:
Proceeds from (costs paid for) the issuance of common stock, net	(90)
Proceeds from (costs paid for) the issuance of common stock, net		47,260
Proceeds from the issuance of senior unsecured term loan	0	200,000
Borrowings under unsecured revolving credit facility	15,000	185,000
Payments on unsecured revolving credit facility	0	(95,000)
Payments on senior unsecured term loan	0	(100,000)
Payments of deferred financing costs	0	(4,390)
Net-settle adjustment on restricted stock	(1,986)	(1,495)
Dividends paid on common stock	(21,532)	(17,710)
Net cash (used in) provided by financing activities	(8,608)	213,665
Net increase in cash and cash equivalents	3,610	177,562
Cash and cash equivalents, beginning of period	20,327	36,792
Cash and cash equivalents, end of period	23,937	214,354
Supplemental disclosures of cash flow information:
Interest paid	2,289	2,242
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	2,399	2,303
Increased in deferred financing costs payable	0	144
Transfer of pre-acquisition costs to acquired assets	167	0
Sale of real estate settled with note receivable	$ 32,400	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Description of Business— CareTrust REIT, Inc.’s (“CareTrust REIT” or the “Company”) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2020, the Company owned and leased to independent operators, including The Ensign Group, Inc. (“Ensign”), 212 skilled nursing, multi-service campuses, assisted living and independent living facilities consisting of 21,652 operational beds and units located in 28 states with the highest concentration of properties located in California, Texas, Louisiana, Arizona and Idaho. As of March 31, 2020, the Company also owned and operated one independent living facility which had a total of 168 units located in Texas and also had other real estate investments consisting of three mortgage loans receivable of $61.8 million . In December 2019, COVID-19 was first reported in Wuhan, China, and on March 11, 2020, the World Health Organization declared COVID-19 a pandemic. In recent months, the COVID-19 outbreak has spread globally and has led governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to reduce its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business limitations and closures (subject to exceptions for essential operations and businesses), quarantines and shelter-in-place orders. These measures may remain in place for a significant amount of time.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 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, 2019. 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. Lessor Accounting —In accordance with Accounting Standards Codification (“ASC”) 842, Leases , the Company generally recognizes lease revenue on a straight-line basis of accounting. 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. Tenant reimbursements related to property taxes and insurance paid by the lessee directly to a third party on behalf of a lessor are required to be excluded 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. T he Company recognized, on a gross basis, property taxes of $0.8 million for each of the three months ended March 31, 2020 and 2019. The Company’s assessment of collectibility of its tenant receivables includes a binary assessment of whether or not substantially all of the amounts due under a tenant’s lease agreement are probable of collection. The Company considers the operator’s performance and anticipated trends, payment history, and the existence and creditworthiness of guarantees, among other factors, in making this determination. For such leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such leases 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 collectibility determination. For the three months ended March 31, 2020 and 2019 , the Company did not recognize any write-off or recovery adjustments to rental income. 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 , the Company’s acquisitions of real estate investments generally do not meet the definition of a business, and are treated as asset acquisitions. The assets acquired and liabilities assumed are measured at their acquisition date relative fair values. Acquisition costs are capitalized as incurred. 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 when earn-out becomes probable and estimable. 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, the Company evaluates its real estate investments to be held and used for potential impairment 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, used to determine if an impairment assessment is necessary, is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, the Company evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. The most significant inputs to the undiscounted cash flows include, but are not limited to, facility level financial results, a lease coverage ratio, the intended hold period by the Company, and a terminal capitalization rate. The analysis is also significantly impacted by determining the lowest level of cash flows, which generally would be at the master lease level of cash flows. 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. The impairment is measured as 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. The Company classifies its real estate investments as held for sale when the applicable criteria have been met, which entails a formal plan to sell the properties that is expected to be completed within one year, among other criteria. Upon designation as held for sale, the Company writes down the excess of the carrying value over the estimated fair value less costs to sell, resulting in an impairment of the real estate investments, if necessary, and ceases depreciation. In the event of impairment, the fair value of the real estate investment is based on current market conditions and considers matters such as the forecasted operating cash flows, lease coverage ratios, capitalization rates, comparable sales data, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results. Other Real Estate Investments —Included in “Other real estate investments, net,” on the Company’s condensed consolidated balance sheet are three mortgage loans receivable. Prior to the adoption of Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Subtopic 326) (“ASU 2016-13”), the mortgage loans receivable were recorded at amortized cost, which consisted of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. Interest income on the Company’s mortgage loans receivable was recognized over the life of the applicable investment using the interest method. Origination costs and fees directly related to the mortgage loans receivable were amortized over the term of the loan as an adjustment to interest income. The Company evaluated at each reporting period each of its other real estate investments for indicators of impairment. An investment was impaired when, based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the existing contractual terms. A reserve would be established for the excess of the carrying value of the investment over its fair value. Upon adoption of ASU 2016-13, the Company elected to account for these instruments under the fair value option, as discussed below, and the fair value of these instruments as recorded in the accompanying condensed consolidated balance sheet includes any unpaid accrued interest. Interest income is recognized as earned within interest and other income in the condensed consolidated income statement. 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 Standards Adopted by the Company —In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected credit losses, rather than incurred losses as required currently by the other-than-temporary impairment model. ASU 2016-13 applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans receivable, 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.” Additionally, the FASB issued ASU No. 2019-05, Targeted Transition Relief (“ASU 2019-05”), to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2016-13 became effective for reporting periods beginning after December 15, 2019, and was applied as a cumulative adjustment to retained earnings as of the effective date. The Company adopted ASU 2016-13 on January 1, 2020. With the Company’s primary business being leasing real prope rty to third-party tenants, the majority of receivables that arise in the ordinary course of business qualify as operating leases and are not in the scope of ASU 2016-13. However, based on the instruments held upon adoption on January 1, 2020, the standard applies to the Company’s mortgage loans receivable, for which the Company elected the fair value option as provided for by ASU 2019-05. These instruments will be measured at fair value on a recurring basis with changes in fair value recognized in other income on the Company’s condensed consolidated income statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”) , which modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendmen ts should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU 2018-13 on January 1, 2020. Adoption of the new standard did not have a material impact on the Company’s consolidated financial statements.

Real Estate Investments, Net

Real Estate Investments, Net	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Investments, Net	REAL ESTATE INVESTMENTS, NET The following table summarizes the Company’s investment in owned properties as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Land $ 208,230 $ 204,154 Buildings and improvements 1,423,769 1,400,927 Integral equipment, furniture and fixtures 94,576 93,005 Identified intangible assets 1,650 1,650 Real estate investments 1,728,225 1,699,736 Accumulated depreciation and amortization (298,700) (285,536) Real estate investments, net $ 1,429,525 $ 1,414,200 As of March 31, 2020 , the Company’s 212 facilities wer e leased to various 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. As of March 31, 2020, the Company has one independent living facility that the Company owns and operates. As of March 31, 2020, the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands): Year Amount 2020 (nine months) $ 125,502 2021 167,942 2022 168,039 2023 167,735 2024 167,836 2025 167,938 Thereafter 963,401 $ 1,928,393 Recent Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the three months ended March 31, 2020 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 18,675 $ 1,669 1 99 Multi-service campuses — — — — Assisted living 7,396 590 1 62 Total $ 26,071 $ 2,259 2 161 (1) Purchase price includes capitalized acquisition costs. (2) The number of beds/units includes operating beds at acquisition date. Sale of Real Estate On February 14, 2020, the Company closed on the sale of six skilled nursing facilities formerly operated by affiliates of Metron Integrated Health Systems (“Metron”). In connection with the sale for $36.0 million, the Company received $3.5 million in cash and provided subsidiaries of Cascade Capital Group, LLC (“Cascade”), the purchaser of the properties, with a short-term mortgage loan secured by these properties for $32.4 million. The mortgage loan bore interest at 7.5% and initially had a maturity date of March 31, 2020. In connection with the sale, the Company recognized a loss of approximately $0.1 million. In April 2020, the mortgage loan was settled with $18.9 million in cash and a new mortgage loan for $13.9 million. See Note 12, Subsequent Events , and Note 4, Other Real Estate Investments, Net,

Other Real Estate Investments

Other Real Estate Investments	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Other Real Estate Investments	OTHER REAL ESTATE INVESTMENTS, NET Preferred Equity Investments —In September 2016, the Company completed a $2.3 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 Boise, 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 first quarter of 2018 and began lease-up in the second quarter of 2018. In January 2020, the Company purchased the skilled nursing facility for approximately $18.7 million, which included capitalized acquisition costs. The Company paid $15.0 million after receiving back its initial investment of $2.3 million and cumulative contractual preferred return through January 17, 2020, the acquisition date, of $1.4 million, of which less than $0.1 million was recognized as interest income during the three months ended March 31, 2020. As of March 31, 2020, the Company had no remaining preferred equity investments. Mortgage Loans Receivable —In July 2019, the Company provided MCRC, LLC a real estate loan secured by a 176-bed skilled nursing facility in Manteca, California for $3.0 million, which bears a fixed interest rate of 8% and requires monthly interest payments. Concurrently, the Company entered into a purchase and sale agreement to purchase the Manteca facility from MCRC, LLC for approximately $16.4 million subject to normal diligence and other contingencies. The loan documents provide for a maturity date of the earlier to occur of the closing date of the acquisition, or five In September 2019, the Company provided affiliates of CommuniCare Family of Companies (“CommuniCare”) a $26.5 million loan secured by mortgages on the three skilled nursing facilities sold to CommuniCare , which bears a fixed interest rate of 10%. The mortgage loan, which requires CommuniCare to make monthly interest payments, was set to mature on February 29, 2020 and included an option to be prepaid before the maturity date. In January 2020, the Company amended the mortgage loan’s maturity date to April 30, 2020. See Note 12, Subsequent Events , for a discussion of the extension of the loan’s maturity date in April 2020. In February 2020, the Company provided subsidiaries of Cascade a $32.4 million loan secured by mortgages on the six skilled nursing facilities formerly operated by affiliates of Metron sold to Cascade in February 2020, as discussed in Note 3, Real Estate Investments, Net. The mortgage loan bore an interest at 7.5% and had a maturity date of March 31, 2020. In April 2020, the mortgage loan was settled with $18.9 million in cash and a new mortgage loan for $13.9 million. See Note 12, Subsequent Events , for further detail.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. GAAP guidance defines three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 – Unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and, depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. Changes in the type of inputs may result in a reclassification for certain assets. The Company does not expect that changes in classifications between levels will be frequent. Items Measured at Fair Value on a Recurring Basis The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2020, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): Level 1 Level 2 Level 3 Balance as of March 31, 2020 Assets: Mortgage loans receivable $ — $ — $ 61,753 $ 61,753 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. As such, the Company classifies these instruments as Level 3 due to the significant unobservable inputs used in determining the fair value of the underlying collateral which includes capitalization rates in the range of 12% - 13%. A change in these rates could materially impact the estimated fair value of such estimates. The fair value is not sensitive to changes in market interest rates due to the short term nature of the loans and the recent issuance of the notes at market interest rates. As of March 31, 2020, the aggregate fair value of loans that are 90 days or more past due is $2.4 million, and the aggregate unpaid principal balance of such loans is $2.4 million. For the three months ended March 31, 2020 and 2019, there were no changes in assets and liabilities with Level 3 inputs in the fair value hierarchy. Items Measured at Fair Value on a Non-Recurring Basis Real Estate Investments: The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. The Company estimates fair values using Level 3 inputs and uses a combined income and market approach. Specifically, t he fair value of the real estate investment is based on current market conditions and considers matters such as the forecasted operating cash flows, lease coverage ratios, capitalization rates, comparable sales data, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. For the three months ended March 31, 2020 and 2019, there were no real estate assets deemed to be impaired. Items Disclosed at Fair Value Considerable judgment is necessary to estimate the fair value disclosure of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 using Level 2 inputs for the Notes (as defined in Note 6, Debt, below), and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands): March 31, 2020 December 31, 2019 Level Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments 3 $ — $ — $ — $ 2,327 $ 3,800 $ 3,674 Mortgage loans receivable (1) 3 $ — $ — $ — $ 29,500 $ 29,500 $ 29,500 Financial liabilities: Senior unsecured notes payable 2 $ 300,000 $ 296,100 $ 295,500 $ 300,000 $ 295,911 $ 312,750 (1) On January 1, 2020, the Company elected the fair value option as provided for by ASU 2019-05 for its mortgage loans receivable. These instruments will be measured at fair value on a recurring basis with changes in fair value recognized in other income on the Company’s condensed consolidated income statements. 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. Unsecured revolving credit facility and senior unsecured term loan: The fair values approximate their carrying values as the interest rates are variable and approximate prevailing market interest rates for similar debt arrangements.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the balance of the Company’s indebtedness as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (3,900) $ 296,100 $ 300,000 $ (4,089) $ 295,911 Senior unsecured term loan 200,000 (1,234) 198,766 200,000 (1,287) 198,713 Unsecured revolving credit facility 75,000 — 75,000 60,000 — 60,000 $ 575,000 $ (5,134) $ 569,866 $ 560,000 $ (5,376) $ 554,624 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. The indenture contains customary covenants such as limiting the ability of the Company and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. The indenture also requires the Company and its restricted subsidiaries to maintain a specified ratio of unencumbered assets to unsecured indebtedness. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indenture also contains customary events of default. As of March 31, 2020, 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 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 March 31, 2020, the Operating Partnership had $200.0 million outstanding under the Term Loan and $75.0 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 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 March 31, 2020, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	EQUITY Common Stock At-The-Market Offering —On March 10, 2020, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $500.0 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 March 4, 2019, was terminated (the “Prior ATM Program”). There was no Prior ATM Program or New ATM Program activity for the three months ended March 31, 2020. As of March 31, 2020, the Company had $500.0 million available for future issuances under the New ATM Program. Share Repurchase Program —On March 20, 2020, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $150.0 million of outstanding shares of the Company’s common stock (the “Repurchase Program”). Repurchases under the Repurchase Program, which expires on March 31, 2023, may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, in each case subject to market conditions and at such times as shall be permitted by applicable securities laws and determined by management. Repurchases under the Repurchase Program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Exchange Act. The Company expects to finance any share repurchases under the Repurchase Program using available cash and may also use short-term borrowings under the Revolving Facility. The Company did not repurchase any shares of common stock under the Repurchase Program during the three months ended March 31, 2020. The Repurchase Program may be modified, discontinued or suspended at any time. 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 three months of 2020 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2020 Dividends declared per share $ 0.25 Dividends payment date April 15, 2020 Dividends payable as of record date $ 23,931 Dividends record date March 31, 2020

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, there we re 1,760 un vested restricted stock awards outstanding that were issued in connection with the Spin-Off. In January 2020 and March 2020, the Compensation Committee of the Company’s Board of Directors granted 27,000 and 107,790 shares of restricted stock, respectively, to officers and employees. Each share had a fair market value on the date of grant of $22.18 and $19.06 per share, respectively, 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 March 2020, the Compensation Committee granted 107,790 performance stock awards to officers. Each share had a fair market value on the date of grant of $19.06 per share, based on the closing market price of the Company’s common s tock on that date. Performance stock awards are subject to both time and performance based conditions and vest over a one four The following table summarizes the stock-based compensation expense recognized (dollars in thousands): For the Three Months Ended March 31, 2020 2019 Stock-based compensation expense $ 884 $ 994 As of March 31, 2020, ther e was $8.3 million of unamortized stock-based compensation expense related to unvested awards and the weighted-average remaining vesting period of such awards was 3.0 years.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted earnings per common share (“EPS”) for the Company’s common stock for the three months ended March 31, 2020 and 2019, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2020 2019 Numerator: Net income $ 19,325 $ 16,053 Less: Net income allocated to participating securities (75) (86) Numerator for basic and diluted earnings available to common stockholders $ 19,250 $ 15,967 Denominator: Weighted-average basic common shares outstanding 95,161 88,010 Weighted-average diluted common shares outstanding 95,161 88,010 Earnings per common share, basic $ 0.20 $ 0.18 Earnings per common share, diluted $ 0.20 $ 0.18

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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. Capital expenditures for each property leased under the Company’s triple-net leases are generally the responsibility of the tenant, except that, for the facilities leased to subsidiaries of Ensign under eight master leases, the tenant will have an option to require the Company to finance certain capital expenditures up to an aggregate of 20% of the Company’s initial investment in such property, subject to a corresponding rent increase at the time of funding. For the Company’s other triple-net master leases, the tenants also have the option to request capital expenditure funding that would generally be subject to a corresponding rent increase at the time of funding, which are subject to tenant compliance with the conditions to the Company’s approval and funding of their requests. As of March 31, 2020, the Company had committed to fund expansions, construction and capital improvements at certain triple-net leased facilities totaling $16.4 million , of which $15.1 million is subject to rent increase at the time of funding.

Concentration of Risk

Concentration of Risk	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Concentration of Risk	CONCENTRATION OF RISK Major operator concentrations – As of March 31, 2020, Ensign leased 85 skilled nursing, multi-service campuses, assisted living and independent living facilities which had a tota l of 8,874 op erational 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 as of March 31, 2020 are California, Texas, Utah and Arizona. During the three months ended March 31, 2020 and 2019 Ensign represe nted 32% and 40%, resp ectively, of the Company’s rental income, exclusive of operating expense reimbursements. Ensign is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s financial statements, as filed with the SEC, can be found at http://www.sec.gov. The Company has not verified this information through an independent investigation or otherwise. As of March 31, 2020, Priority Management Group (“PMG”) leased 15 skilled nursing facilities which had a total of 2,145 b eds and units and are located in Louisiana and Texas. During the three months ended March 31, 2020 and 2019, PMG represent ed 16% and 8%

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events . The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued. Amended Agreements In April 2020, the Company amended its loan agreement secured by mortgages on the three skilled nursing facilities sold to CommuniCare, as discussed in Note 4, Other Real Estate Investments, Net . The amended agreement has a new maturity d ate of May 29, 2020. In April 2020, the mortgage loan provided to subsidiaries of Cascade in the amount of $32.4 million was settled in connection with a new mortgage loan transaction engaged in by the Company and a third-party institutional lender as co- lenders, pursuant to which the Company received $18.9 million in cash and a new promissory note in the amount of $13.9 million. The new mortgage loan with Cascade is secured by the six skilled nursing facilities purchased by Cascade (as discussed in Note 3, Real Estate Investments, Net ) and is for a combined principal amount of $33.9 million, with the Company’s $13.9 million portion of the indebtedness initially bearing interest at an interest rate equal to LIBOR plus 4.00%, subject to a LIBOR floor of 1.75%. The new mortgage loan has a maturity date of April 29, 2022 and includes two six

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —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, 2019. 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.
Lessor Accounting	Lessor Accounting —In accordance with Accounting Standards Codification (“ASC”) 842, Leases , the Company generally recognizes lease revenue on a straight-line basis of accounting. 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. Tenant reimbursements related to property taxes and insurance paid by the lessee directly to a third party on behalf of a lessor are required to be excluded 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. T he Company recognized, on a gross basis, property taxes of $0.8 million for each of the three months ended March 31, 2020 and 2019. The Company’s assessment of collectibility of its tenant receivables includes a binary assessment of whether or not substantially all of the amounts due under a tenant’s lease agreement are probable of collection. The Company considers the operator’s performance and anticipated trends, payment history, and the existence and creditworthiness of guarantees, among other factors, in making this determination. For such leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For such leases 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 collectibility determination. For the three months ended March 31, 2020 and 2019 , the Company did not recognize any write-off or recovery adjustments to rental income.
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
Real Estate Acquisition Valuation	Real Estate Acquisition Valuation — In accordance with ASC 805, Business Combinations , the Company’s acquisitions of real estate investments generally do not meet the definition of a business, and are treated as asset acquisitions. The assets acquired and liabilities assumed are measured at their acquisition date relative fair values. Acquisition costs are capitalized as incurred. 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 when earn-out becomes probable and estimable. 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, the Company evaluates its real estate investments to be held and used for potential impairment 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, used to determine if an impairment assessment is necessary, is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, the Company evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. The most significant inputs to the undiscounted cash flows include, but are not limited to, facility level financial results, a lease coverage ratio, the intended hold period by the Company, and a terminal capitalization rate. The analysis is also significantly impacted by determining the lowest level of cash flows, which generally would be at the master lease level of cash flows. 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. The impairment is measured as 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. The Company classifies its real estate investments as held for sale when the applicable criteria have been met, which entails a formal plan to sell the properties that is expected to be completed within one year, among other criteria. Upon designation as held for sale, the Company writes down the excess of the carrying value over the estimated fair value less costs to sell, resulting in an impairment of the real estate investments, if necessary, and ceases depreciation. In the event of impairment, the fair value of the real estate investment is based on current market conditions and considers matters such as the forecasted operating cash flows, lease coverage ratios, capitalization rates, comparable sales data, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results.
Other Real Estate Investments	Other Real Estate Investments —Included in “Other real estate investments, net,” on the Company’s condensed consolidated balance sheet are three mortgage loans receivable. Prior to the adoption of Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Subtopic 326) (“ASU 2016-13”), the mortgage loans receivable were recorded at amortized cost, which consisted of the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan. Interest income on the Company’s mortgage loans receivable was recognized over the life of the applicable investment using the interest method. Origination costs and fees directly related to the mortgage loans receivable were amortized over the term of the loan as an adjustment to interest income.
Income Taxes	Income Taxes
Recent Accounting Standards Adopted by Company	Recent Accounting Standards Adopted by the Company —In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, that changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected credit losses, rather than incurred losses as required currently by the other-than-temporary impairment model. ASU 2016-13 applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans receivable, 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.” Additionally, the FASB issued ASU No. 2019-05, Targeted Transition Relief (“ASU 2019-05”), to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments. The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2016-13 became effective for reporting periods beginning after December 15, 2019, and was applied as a cumulative adjustment to retained earnings as of the effective date. The Company adopted ASU 2016-13 on January 1, 2020. With the Company’s primary business being leasing real prope rty to third-party tenants, the majority of receivables that arise in the ordinary course of business qualify as operating leases and are not in the scope of ASU 2016-13. However, based on the instruments held upon adoption on January 1, 2020, the standard applies to the Company’s mortgage loans receivable, for which the Company elected the fair value option as provided for by ASU 2019-05. These instruments will be measured at fair value on a recurring basis with changes in fair value recognized in other income on the Company’s condensed consolidated income statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”) , which modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods, with early adoption permitted. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendmen ts should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU 2018-13 on January 1, 2020. Adoption of the new standard did not have a material impact on the Company’s consolidated financial statements.

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Summary of Investment in Owned Properties	The following table summarizes the Company’s investment in owned properties as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Land $ 208,230 $ 204,154 Buildings and improvements 1,423,769 1,400,927 Integral equipment, furniture and fixtures 94,576 93,005 Identified intangible assets 1,650 1,650 Real estate investments 1,728,225 1,699,736 Accumulated depreciation and amortization (298,700) (285,536) Real estate investments, net $ 1,429,525 $ 1,414,200
Schedule of Total Future Minimum Rental Revenues	As of March 31, 2020, the Company’s total future minimum rental revenues for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands): Year Amount 2020 (nine months) $ 125,502 2021 167,942 2022 168,039 2023 167,735 2024 167,836 2025 167,938 Thereafter 963,401 $ 1,928,393
Schedule of Real Estate Acquisitions	The following table summarizes the Company’s acquisitions for the three months ended March 31, 2020 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 18,675 $ 1,669 1 99 Multi-service campuses — — — — Assisted living 7,396 590 1 62 Total $ 26,071 $ 2,259 2 161 (1) Purchase price includes capitalized acquisition costs.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Items Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2020, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): Level 1 Level 2 Level 3 Balance as of March 31, 2020 Assets: Mortgage loans receivable $ — $ — $ 61,753 $ 61,753
Summary of Face Value, Carrying Value and Fair Value of Financial Instruments	A summary of the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2020 and December 31, 2019 using Level 2 inputs for the Notes (as defined in Note 6, Debt, below), and Level 3 inputs, for all other financial instruments, is as follows (dollars in thousands): March 31, 2020 December 31, 2019 Level Face Carrying Fair Face Carrying Fair Financial assets: Preferred equity investments 3 $ — $ — $ — $ 2,327 $ 3,800 $ 3,674 Mortgage loans receivable (1) 3 $ — $ — $ — $ 29,500 $ 29,500 $ 29,500 Financial liabilities: Senior unsecured notes payable 2 $ 300,000 $ 296,100 $ 295,500 $ 300,000 $ 295,911 $ 312,750

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Company's Indebtedness	The following table summarizes the balance of the Company’s indebtedness as of March 31, 2020 and December 31, 2019 (dollars in thousands): March 31, 2020 December 31, 2019 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (3,900) $ 296,100 $ 300,000 $ (4,089) $ 295,911 Senior unsecured term loan 200,000 (1,234) 198,766 200,000 (1,287) 198,713 Unsecured revolving credit facility 75,000 — 75,000 60,000 — 60,000 $ 575,000 $ (5,134) $ 569,866 $ 560,000 $ (5,376) $ 554,624

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
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 three months of 2020 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2020 Dividends declared per share $ 0.25 Dividends payment date April 15, 2020 Dividends payable as of record date $ 23,931 Dividends record date March 31, 2020

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Stock-based compensation expense $ 884 $ 994

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 earnings per common share (“EPS”) for the Company’s common stock for the three months ended March 31, 2020 and 2019, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2020 2019 Numerator: Net income $ 19,325 $ 16,053 Less: Net income allocated to participating securities (75) (86) Numerator for basic and diluted earnings available to common stockholders $ 19,250 $ 15,967 Denominator: Weighted-average basic common shares outstanding 95,161 88,010 Weighted-average diluted common shares outstanding 95,161 88,010 Earnings per common share, basic $ 0.20 $ 0.18 Earnings per common share, diluted $ 0.20 $ 0.18

Organization - Narrative (Detai

Organization - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)statefacilityunitloanbed
Real Estate Properties [Line Items]
Number of states with properties | state	28
Mortgage loan | $	$ 61.8
Mortgage Loan Receivable
Real Estate Properties [Line Items]
Number of mortgage loans receivable | loan	3
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Real Estate Properties [Line Items]
Number of facilities	212
Number of operational beds and units in facilities | bed	21,652
Independent Living Facilities Owned and Operated by Company
Real Estate Properties [Line Items]
Number of facilities	1
Number of units available in living facilities | unit	168

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Abstract]
Gross real estate taxes offset to rental income	$ 0.8	$ 0.8

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details)	Mar. 31, 2020facility
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Real Estate [Line Items]
Number of facilities	212
Independent Living Facilities Owned and Operated by Company
Real Estate [Line Items]
Number of facilities	1

Real Estate Investments, Net _2

Real Estate Investments, Net - Investment in Owned Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 208,230	$ 204,154
Buildings and improvements	1,423,769	1,400,927
Integral equipment, furniture and fixtures	94,576	93,005
Identified intangible assets	1,650	1,650
Real estate investments	1,728,225	1,699,736
Accumulated depreciation and amortization	(298,700)	(285,536)
Real estate investments, net	$ 1,429,525	$ 1,414,200

Real Estate Investments, Net _3

Real Estate Investments, Net - Future Minimum Rental Revenues (Details) $ in Thousands	Mar. 31, 2020USD ($)
Future Minimum Rental Revenues
2020 (nine months)	$ 125,502
2021	167,942
2022	168,039
2023	167,735
2024	167,836
2025	167,938
Thereafter	963,401
Total	$ 1,928,393

Real Estate Investments, Net _4

Real Estate Investments, Net - Recent Real Estate Acquisitions (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2020USD ($)	Mar. 31, 2020USD ($)propertyunit
Business Acquisition [Line Items]
Purchase Price		$ 26,071
Initial Annual Cash Rent		$ 2,259
Number of Properties | property		2
Number of Beds/Units | unit		161
Skilled nursing
Business Acquisition [Line Items]
Purchase Price	$ 18,700	$ 18,675
Initial Annual Cash Rent		$ 1,669
Number of Properties | property		1
Number of Beds/Units | unit		99
Multi-service campuses
Business Acquisition [Line Items]
Purchase Price		$ 0
Initial Annual Cash Rent		$ 0
Number of Properties | property		0
Number of Beds/Units | unit		0
Assisted living
Business Acquisition [Line Items]
Purchase Price		$ 7,396
Initial Annual Cash Rent		$ 590
Number of Properties | property		1
Number of Beds/Units | unit		62

Real Estate Investments, Net _5

Real Estate Investments, Net - Sale of Real Estate (Details) $ in Thousands	Feb. 14, 2020USD ($)facility	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Real Estate [Line Items]
Net proceeds from sales of real estate			$ 2,134	$ 131
Mortgage loan			61,800
Gain (loss) on sale of real estate			$ (56)	$ 0
Mortgage Loan Receivable | Cascade Capital Group, LLC
Real Estate [Line Items]
Mortgage loan	$ 32,400
Mortgage loan receivable interest rate (percent)	7.50%
Mortgage Loan Receivable | Cascade Capital Group, LLC | Subsequent Event
Real Estate [Line Items]
Mortgage loan		$ 13,900
Proceeds from settlement of loan		$ 18,900
Disposed of by sale | Metron Skilled Nursing Facilities
Real Estate [Line Items]
Number of properties sold | facility	6
Contract purchase price	$ 36,000
Net proceeds from sales of real estate	3,500
Gain (loss) on sale of real estate	$ (100)

Other Real Estate Investments -

Other Real Estate Investments - Narrative (Details)	1 Months Ended				3 Months Ended
	Apr. 30, 2020USD ($)	Jan. 31, 2020USD ($)	Jul. 31, 2019USD ($)bed	Sep. 30, 2016USD ($)bed	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Feb. 14, 2020USD ($)facility	Sep. 30, 2019USD ($)facility
Real Estate Properties [Line Items]
Aggregate purchase price					$ 26,071,000
Payment to acquire facility					25,905,000	$ 52,697,000
Return of initial investment					2,327,000	0
Mortgage loan					61,800,000
Metron Skilled Nursing Facilities | Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | facility							6
Mortgage Loan Receivable
Real Estate Properties [Line Items]
Interest income related to mortgage loans					1,100,000	300,000
Manteca
Real Estate Properties [Line Items]
Purchase and sale agreement amount			$ 16,400,000
Number of days after termination of purchase and sale agreement for maturity			5 days
Manteca | Mortgage Loan Receivable
Real Estate Properties [Line Items]
Number of beds in facility used to secure loan | bed			176
Mortgage loan			$ 3,000,000
Mortgage loan receivable interest rate (percent)			8.00%
CommuniCare | Mortgage Loan Receivable
Real Estate Properties [Line Items]
Mortgage loan								$ 26,500,000
Mortgage loan receivable interest rate (percent)								10.00%
Facilities utilized to secure mortgage loan | facility								3
Cascade Capital Group, LLC | Mortgage Loan Receivable
Real Estate Properties [Line Items]
Mortgage loan							$ 32,400,000
Mortgage loan receivable interest rate (percent)							7.50%
Cascade Capital Group, LLC | Mortgage Loan Receivable | Subsequent Event
Real Estate Properties [Line Items]
Mortgage loan	$ 13,900,000
Proceeds from settlement of loan	$ 18,900,000
Cascadia Development, Boise ID
Real Estate Properties [Line Items]
Preferred equity investment				$ 2,300,000	0
Preferred equity investment minimum yield				12.00%
Number of beds planned for construction | bed				99
Initial lease yield (percent)				9.00%
Return of initial investment		$ 2,300,000
Cumulative contractual preferred return through acquisition date		1,400,000
Interest income related to preferred equity investments						$ 100,000
Cascadia Development, Boise ID | Prime Rate
Real Estate Properties [Line Items]
Basis spread of preferred equity investment yield				9.50%
Skilled Nursing Properties
Real Estate Properties [Line Items]
Aggregate purchase price		18,700,000			$ 18,675,000
Payment to acquire facility		$ 15,000,000

Fair Value Measurements - Items

Fair Value Measurements - Items Measured on a Recurring Basis (Details) $ in Thousands	Mar. 31, 2020USD ($)
Greater than 90 days past due
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loan receivable past due	$ 2,400
Level 3 | Capitalization rates | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, measurement input	0.12
Level 3 | Capitalization rates | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, measurement input	0.13
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans receivable	$ 61,753
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans receivable	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans receivable	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans receivable	$ 61,753

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Preferred equity investment - face value		$ 2,327
Mortgage Receivable [Member]
Financial assets:
Mortgage loans receivable - face value		29,500
Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable - face value	$ 300,000	300,000
Carrying Amount | Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable	296,100	295,911
Carrying Amount | Level 3
Financial assets:
Preferred equity investments		3,800
Carrying Amount | Level 3 | Mortgage Receivable [Member]
Financial assets:
Mortgage loans receivable		29,500
Fair Value | Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable	$ 295,500	312,750
Fair Value | Level 3
Financial assets:
Preferred equity investments		3,674
Fair Value | Level 3 | Mortgage Receivable [Member]
Financial assets:
Mortgage loans receivable		$ 29,500

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Amount	$ 575,000	$ 560,000
Deferred Loan Fees	(5,134)	(5,376)
Carrying Value	569,866	554,624
Senior unsecured notes payable
Debt Instrument [Line Items]
Principal Amount	300,000	300,000
Deferred Loan Fees	(3,900)	(4,089)
Carrying Value	296,100	295,911
Senior unsecured term loan
Debt Instrument [Line Items]
Principal Amount	200,000	200,000
Deferred Loan Fees	(1,234)	(1,287)
Carrying Value	198,766	198,713
Unsecured revolving credit facility
Debt Instrument [Line Items]
Principal Amount	75,000	60,000
Deferred Loan Fees	0	0
Carrying Value	$ 75,000	$ 60,000

Debt - Senior Unsecured Notes P

Debt - Senior Unsecured Notes Payable (Details) - USD ($) $ in Thousands	May 10, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Gross proceeds from issuance of senior notes		$ 0	$ 200,000
Senior unsecured notes payable
Debt Instrument [Line Items]
Debt instrument face amount		$ 300,000		$ 300,000
Senior unsecured notes payable | 5.25% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument face amount	$ 300,000
Interest rate (percent)	5.25%
Gross proceeds from issuance of senior notes	$ 300,000
Net proceeds from issuance of senior notes	$ 294,000
Redemption price of notes (percent)	100.00%
Redemption price, percentage upon change of control (percent)	101.00%
Senior unsecured notes payable | 5.25% Senior Notes due 2025 | Redemption for portion redeemed with equity proceeds
Debt Instrument [Line Items]
Redemption price of notes (percent)	105.25%
Senior unsecured notes payable | 5.25% Senior Notes due 2025 | Redemption for portion redeemed with equity proceeds | Minimum
Debt Instrument [Line Items]
Percentage of aggregate principal amount of notes outstanding (percent)	60.00%
Senior unsecured notes payable | 5.25% Senior Notes due 2025 | Redemption for portion redeemed with equity proceeds | Maximum
Debt Instrument [Line Items]
Redemption price, percentage of principal amount (percent)	40.00%

Debt - Unsecured Revolving Cred

Debt - Unsecured Revolving Credit Facility and Term Loan (Details)	Feb. 08, 2019USD ($)extension_option	Feb. 01, 2016USD ($)extension_option	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Outstanding amounts			$ 575,000,000	$ 560,000,000
Outstanding borrowings			569,866,000	554,624,000
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 | extension_option	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%
Revolving Facility
Line of Credit Facility [Line Items]
Outstanding amounts			75,000,000	60,000,000
Outstanding borrowings			75,000,000	60,000,000
Revolving 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%
Revolving 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
New Term Loan
Line of Credit Facility [Line Items]
Outstanding amounts			200,000,000	200,000,000
Outstanding borrowings			$ 198,766,000	$ 198,713,000
New Term Loan | New Term Loan Feb 2019
Line of Credit Facility [Line Items]
Debt instrument face amount	$ 200,000,000
New Term Loan | New Term Loan Feb 2019 | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.50%
New Term Loan | New Term Loan Feb 2019 | Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.50%
New Term Loan | New Term Loan Feb 2019 | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.20%
New Term Loan | New Term Loan Feb 2019 | Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	2.20%

Equity - At-The-Market Offering

Equity - At-The-Market Offering and Share Repurchase Program (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 20, 2020	Mar. 10, 2020
Class of Stock [Line Items]
Share repurchase program authorization		$ 150,000,000
ATM Program
Class of Stock [Line Items]
Issuance of common stock, net, (in shares)	0
Remaining offering amount available	$ 500,000,000
ATM Program | Maximum
Class of Stock [Line Items]
Authorized aggregate offering price of common stock			$ 500,000,000

Equity - Dividends on Common St

Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dividends per share of common stock
Dividends declared per share	$ 0.25	$ 0.225
Dividends payment date	Apr. 15, 2020
Dividends payable as of record date	$ 23,931
Dividends record date	Mar. 31, 2020

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	Jun. 01, 2014companyshares	Mar. 31, 2020USD ($)installment$ / sharesshares	Jan. 31, 2020$ / sharesshares	Mar. 31, 2020USD ($)installmentshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of separate and independent companies after spin-off | company	2
Unamortized stock-based compensation expense related to unvested awards | $		$ 8.3		$ 8.3
Weighted average remaining vesting period related to expense recognition				3 years
Ensign Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award conversion ratio related to the spin-off	1
Restricted Stock 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		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)		107,790	27,000
Award grant date fair value (in usd per share) | $ / shares		$ 19.06	$ 22.18
Number of equal annual vesting installments | installment		4		4
Performance Stock Award | Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		107,790
Award grant date fair value (in usd per share) | $ / shares		$ 19.06
Vesting metric, Normalized Funds from Operations, minimum		5.00%		5.00%
Minimum | Performance Stock Award | Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period range (in years)		1 year
Maximum | Performance Stock Award | Officers
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
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 884	$ 994

Earnings Per Common Share - Cal

Earnings Per Common Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net (loss) income	$ 19,325	$ 16,053
Less: Net income allocated to participating securities	(75)	(86)
Numerator for basic and diluted earnings available to common stockholders	$ 19,250	$ 15,967
Denominator:
Weighted-average basic common shares outstanding (in shares)	95,161	88,010
Weighted-average diluted common shares outstanding (in shares)	95,161	88,010
Earnings per common share, basic (in usd per share)	$ 0.20	$ 0.18
Earnings per common share, diluted (in usd per share)	$ 0.20	$ 0.18

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2020USD ($)lease
Ensign
Other Commitments [Line Items]
Number of master leases | lease	8
Aggregate required financing of capital expenditures as percentage of initial investment in property (percent)	20.00%
Expansion, construction and capital improvements at triple-net leased facilities
Other Commitments [Line Items]
Funding commitment	$ 16,400
Portion of funding commitment subject to rent increase at time of funding	$ 15,100

Concentration of Risk - Narrati

Concentration of Risk - Narrative (Details)	3 Months Ended
	Mar. 31, 2020bedstatefacility	Mar. 31, 2019
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Concentration Risk [Line Items]
Number of facilities | facility	212
Number of operational beds and units in facilities | bed	21,652
Ensign | Customer Concentration Risk | Revenue, exclusive of operating expense reimbursements
Concentration Risk [Line Items]
Number of states where Ensign leases the highest concentration of properties | state	4
Concentration risk (percent)	32.00%	40.00%
PMG | Customer Concentration Risk | Revenue, exclusive of operating expense reimbursements
Concentration Risk [Line Items]
Concentration risk (percent)	16.00%	8.00%
Ensign | Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Concentration Risk [Line Items]
Number of facilities | facility	85
Number of operational beds and units in facilities | bed	8,874
PMG | Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Concentration Risk [Line Items]
Number of facilities | facility	15
Number of operational beds and units in facilities | bed	2,145

Subsequent Events - (Details)

Subsequent Events - (Details) $ in Millions	1 Months Ended
	Apr. 30, 2020USD ($)extension_optionproperty	Mar. 31, 2020USD ($)	Feb. 14, 2020USD ($)
Subsequent Event [Line Items]
Mortgage loan		$ 61.8
Cascade Capital Group, LLC | Mortgage Loan Receivable
Subsequent Event [Line Items]
Mortgage loan			$ 32.4
Subsequent Event | Cascade Capital Group, LLC
Subsequent Event [Line Items]
Combined principal amount of loan	$ 33.9
Subsequent Event | Cascade Capital Group, LLC | Mortgage Loan Receivable
Subsequent Event [Line Items]
Mortgage loan	13.9
Proceeds from settlement of loan	$ 18.9
Number of properties to secure loan | property	6
LIBOR floor for loan (percent)	1.75%
Number of extension options | extension_option	2
Extension option term (in months)	6 years
Subsequent Event | Cascade Capital Group, LLC | Mortgage Loan Receivable | LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate for loan (percent)	4.00%