CareTrust REIT (CTRE) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-3999490
Entity Address, Address Line One	905 Calle Amanecer
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Clemente
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92673
City Area Code	949
Local Phone Number	542-3130
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CTRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95,735,776

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Real estate investments, net	$ 1,423,238	$ 1,414,200
Other real estate investments, net	0	33,300
Assets held for sale, net	0	34,590
Cash and cash equivalents	19,101	20,327
Accounts and other receivables, net	2,093	2,571
Prepaid expenses and other assets	7,097	10,850
Deferred financing costs, net	2,287	3,023
Total assets	1,453,816	1,518,861
Liabilities and Equity:
Senior unsecured notes payable, net	296,479	295,911
Senior unsecured term loan, net	198,872	198,713
Unsecured revolving credit facility	0	60,000
Accounts payable and accrued liabilities	18,232	14,962
Dividends payable	24,197	21,684
Total liabilities	537,780	591,270
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 95,214,080 and 95,103,270 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	952	951
Additional paid-in capital	1,163,418	1,162,990
Cumulative distributions in excess of earnings	(248,334)	(236,350)
Total equity	916,036	927,591
Total liabilities and equity	$ 1,453,816	$ 1,518,861

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	95,214,080	95,103,270
Common stock, outstanding (shares)	95,214,080	95,103,270

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental income	$ 45,036	$ 31,577	$ 130,007	$ 114,047
Independent living facilities	634	929	1,874	2,676
Interest and other income	17	808	2,314	2,450
Total revenues	45,687	33,314	134,195	119,173
Expenses:
Depreciation and amortization	13,086	13,420	39,485	38,759
Interest expense	5,519	7,064	18,082	21,209
Property taxes	857	1,025	2,179	2,307
Independent living facilities	568	806	1,660	2,232
Impairment of real estate investments	0	16,692	0	16,692
Provision for loan losses	0	1,076	0	1,076
General and administrative	4,105	3,502	12,921	11,418
Total expenses	24,135	43,585	74,327	93,693
Other income (loss):
Gain (loss) on sale of real estate	0	217	(56)	217
Net income (loss)	$ 21,552	$ (10,054)	$ 59,812	$ 25,697
Earnings Per Share [Abstract]
Basic (in usd per share)	$ 0.23	$ (0.11)	$ 0.63	$ 0.28
Diluted (in usd per share)	$ 0.23	$ (0.11)	$ 0.63	$ 0.28
Weighted-average number of common shares:
Basic (in shares)	95,214	95,103	95,195	92,409
Diluted (in shares)	95,214	95,103	95,195	92,409
Independent living facilities, revenue services	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Independent living facilities, cost of services	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember

Condensed Consolidated Statem_2

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, 2018	768,247	$ 859	965,578	(198,190)
Beginning balance (in shares) at Dec. 31, 2018		85,867,044
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,697
Ending balance at Sep. 30, 2019	927,486	$ 951	1,162,047	(235,512)
Ending balance (in shares) at Sep. 30, 2019		95,103,270
Beginning balance at Mar. 31, 2019	811,031	$ 884	1,012,295	(202,148)
Beginning balance (in shares) at Mar. 31, 2019		88,398,273
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	148,798	$ 67	148,731
Issuance of common stock, net, (in shares)		6,641,250
Vesting of restricted common stock, net of shares withheld for employee taxes	(1,029)		(1,029)
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		33,700
Amortization of stock-based compensation	1,147		1,147
Common dividends	(21,508)			(21,508)
Net income	19,698			19,698
Ending balance at Jun. 30, 2019	958,137	$ 951	1,161,144	(203,958)
Ending balance (in shares) at Jun. 30, 2019		95,073,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	(78)		(78)
Vesting of restricted common stock, net of shares withheld for employee taxes	0
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		30,047
Amortization of stock-based compensation	981		981
Common dividends	(21,500)			(21,500)
Net income	(10,054)			(10,054)
Ending balance at Sep. 30, 2019	927,486	$ 951	1,162,047	(235,512)
Ending balance (in shares) at Sep. 30, 2019		95,103,270
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
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]
Net income	59,812
Ending balance at Sep. 30, 2020	916,036	$ 952	1,163,418	(248,334)
Ending balance (in shares) at Sep. 30, 2020		95,214,080
Beginning balance at Mar. 31, 2020	921,793	$ 952	1,161,797	(240,956)
Beginning balance (in shares) at Mar. 31, 2020		95,196,331
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	(314)		(314)
Vesting of restricted common stock, net of shares withheld for employee taxes	0	$ 0	0
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		17,749
Amortization of stock-based compensation	963		963
Common dividends	(23,931)			(23,931)
Net income	18,935			18,935
Ending balance at Jun. 30, 2020	917,446	$ 952	1,162,446	(245,952)
Ending balance (in shares) at Jun. 30, 2020		95,214,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of stock-based compensation	972		972
Common dividends	(23,934)			(23,934)
Net income	21,552			21,552
Ending balance at Sep. 30, 2020	$ 916,036	$ 952	$ 1,163,418	$ (248,334)
Ending balance (in shares) at Sep. 30, 2020		95,214,080

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.225	$ 0.225	$ 0.225

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 59,812	$ 25,697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	39,529	38,789
Amortization of deferred financing costs	1,462	1,516
Amortization of stock-based compensation	2,819	3,122
Straight-line rental income	(65)	(1,483)
Adjustment for collectibility of rental income	0	12,078
Noncash interest income	0	(31)
Loss (gain) on sale of real estate	56	(217)
Interest income distribution from other real estate investment	1,346	463
Impairment of real estate investments	0	16,692
Provision for loan losses	0	1,076
Change in operating assets and liabilities:
Accounts and other receivables, net	543	(6,043)
Prepaid expenses and other assets	267	(348)
Accounts payable and accrued liabilities	2,616	3,847
Net cash provided by operating activities	108,385	95,158
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(42,075)	(298,557)
Improvements to real estate	(5,713)	(1,230)
Purchases of equipment, furniture and fixtures	(581)	(2,926)
Investment in real estate mortgage and other loans receivable	(13,958)	(14,699)
Principal payments received on real estate mortgage and other loans receivable	80,873	11,959
Repayment of other real estate investment	2,327	2,204
Escrow deposits for potential acquisitions of real estate	(1,000)	(22,920)
Net proceeds from sales of real estate	2,189	218
Net cash provided by (used in) investing activities	22,062	(325,951)
Cash flows from financing activities:
Proceeds from (costs paid for) the issuance of common stock, net	(404)
Proceeds from (costs paid for) the issuance of common stock, net		195,963
Proceeds from the issuance of senior unsecured term loan	0	200,000
Borrowings under unsecured revolving credit facility	15,000	235,000
Payments on unsecured revolving credit facility	(75,000)	(265,000)
Payments on senior unsecured term loan	0	(100,000)
Payments of deferred financing costs	0	(4,534)
Net-settle adjustment on restricted stock	(1,986)	(2,524)
Dividends paid on common stock	(69,283)	(59,155)
Net cash (used in) provided by financing activities	(131,673)	199,750
Net decrease in cash and cash equivalents	(1,226)	(31,043)
Cash and cash equivalents, beginning of period	20,327	36,792
Cash and cash equivalents, end of period	19,101	5,749
Supplemental disclosures of cash flow information:
Interest paid	12,671	15,648
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	2,513	3,864
Right-of-use asset obtained in exchange for new operating lease obligation	599	1,010
Transfer of pre-acquisition costs to acquired assets	167	242
Increase in pre-acquisition costs payable	0	137
Sale of real estate settled with notes receivable	$ 32,400	$ 27,500

Organization

Organization	9 Months Ended
	Sep. 30, 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 September 30, 2020, the Company owned and leased to independent operators, 214 skilled nursing, multi-service campuses, assisted living and independent living facilities consisting of 21,779 operational beds and units located in 28 st ates with the highest concentration of properties by rental revenues located in California, Texas, Louisiana, Idaho and Arizona. As of September 30, 2020, the Company also owned and operated one independent living facility which had a total of 168 units located in Texas. 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 early 2020, the COVID-19 outbreak spread globally, which 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. Although some of these governmental restrictions have been lifted or scaled back, ongoing resurgences of COVID-19 have resulted in the reimposition of certain restrictions and may lead to other restrictions being reimplemented in response to efforts to reduce the spread of COVID-19. Given the dynamic nature of these circumstances and the related adverse impact these restrictions have had, and may continue to have, on the economy generally, the Company’s business, results of operations and financial conditio n may be adver sely impacted by the COVID-19 pandemic. The duration and extent of the COVID-19 pandemic’s effect on the Company’s operational and financial performance, and the operational and financial performance of the Company’s tenants, will depend on future developments, which are highly uncertain and cannot be predicted at this time, including new information which may emerge concerning the severity of COVID-19, actions taken to contain COVID-19, future resurgences of COVID-19, and how quickly and to what extent normal economic and operating conditions can resume. The adverse impact of the COVID-19 pandemic on the Company’s business, results of operations and financial condition could be material.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 —The Company recognizes lease revenue in accordance with Accounting Standards Codification (“ASC”) 842, Leases. The Company’s lease agreements typically contain annual escalators based on the percentage change in the Consumer Price Index which are accounted for as variable lease payments in the period in which the change occurs. For lease agreements that contain fixed rent escalators, 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. The Company recognized, on a gross basis, property taxes of $0.9 million and $2.5 million for the three and nine months ended September 30, 2020, respectively. The Company recognized, on a gross basis, property taxes of $0.8 million and $2.1 million for the three and nine months ended September 30, 2019, respectively. 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, if applicable. 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. Such write-offs are recorded as increases or decreases through rental income on the Company’s condensed consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company recorded recovery adjustments of $1.0 million and did not recognize any write-off adjustments to rental income. For the three and nine months ended September 30, 2019, the Company recorded $12.1 million of write-off adjustments to rental income related to rental income recognized in prior periods. See Note 3, Real Estate Investments, Net for further detail. 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. O ther Real Estate Investments —Included in “Other real estate investments, net,” on the Company’s condensed consolidated balance sheets are mortgage loans receivable. Prior to the adoption of Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Subtopic 326) (“ASU 2016-13”), 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 origination of the loans. 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. 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 previously required 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 property 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 applied to the Company’s then outstanding mortgage loans receivable, for which the Company elected the fair value option as provided for by ASU 2019-05. Instruments for which the fair value option has been elected are measured at fair value on a recurring basis with changes in fair value recognized in other income (loss) on the Company’s condensed consolidated statements of operations. Interest income is recognized as earned within interest and other income in the condensed consolidated statements of operations. As of September 30, 2020, the Company had no remaining instruments for which the fair value option had been elected. 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 was 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 amendments 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. Recent Accounting Pronouncements — In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), that provides optional relief to applying reference rate reform to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”), which will be discontinued by the end of 2021. The amendments in this update are effective immediately and may be applied through December 31, 2022. The Company is still evaluating the impact of ASU 2020-04 and expects to take full advantage of the offered optional expedients and exceptions, but does not expect the adoption of the standard to have a material impact on the Company’s consolidated financial statements.

Real Estate Investments, Net

Real Estate Investments, Net	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 209,280 $ 204,154 Buildings and improvements 1,441,949 1,400,927 Integral equipment, furniture and fixtures 95,392 93,005 Identified intangible assets 1,650 1,650 Real estate investments 1,748,271 1,699,736 Accumulated depreciation and amortization (325,033) (285,536) Real estate investments, net $ 1,423,238 $ 1,414,200 As of September 30, 2020 , 214 of the Company’s facilities wer e leased to various operators under triple-net leases. All of these leases contain annual escalators based on the percentage change in the Consumer Price Index (but not less than zero), some of which are subject to a cap, or fixed rent escalators. As of September 30, 2020, the Company had one independent living facility that the Company owned and operated. As of September 30, 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 (three months) $ 42,533 2021 170,186 2022 170,284 2023 169,980 2024 170,080 2025 170,183 Thereafter 973,638 Total $ 1,866,884 The following table summarizes components of the Company’s rental revenue (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Rental Income 2020 2019 2020 2019 Contractual rent due (1) $ 42,866 $ 43,109 $ 127,789 $ 124,642 Straight-line rent 17 546 65 1,483 Adjustment for collectibility (2) — (12,078) — (12,078) Recovery of previously reversed rent (3) 1,047 — 1,047 — Lease termination revenue (4) 1,106 — 1,106 — Total $ 45,036 $ 31,577 $ 130,007 $ 114,047 (1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. (2) During the three and nine months ended September 30, 2019, and in accordance with ASC 842, the Company evaluated the collectibility of lease payments through maturity and determined that it was not probable that the Company would collect substantially all of the contractual obligations from five operators through maturity. As such, the Company reversed $7.8 million of contractual rent, $3.5 million of straight-line rent and $0.8 million of property taxes during the three and nine months ended September 30, 2019. If lease payments are subsequently deemed probable of collection, the Company increases rental income for such recoveries. (3) During the three and nine months ended September 30, 2020, the Company recovered $1.0 million in rental revenue related to one operator that was previously written off. (4) During the three and nine months ended September 30, 2020, in connection with the agreement to terminate its lease agreements with affiliates of Metron Integrated Health Systems (“Metron”) and to sell the facilities to a third-party, the Company received $1.1 million from Metron affiliates. Recent Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2020 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 34,845 $ 3,219 3 249 Assisted living 7,396 590 1 62 Total $ 42,241 $ 3,809 4 311 (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. 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 . In July 2020, the Company received prepayment in full, including accrued interest, for the new $13.9 million mortgage loan . See Note 4, Other Real Estate Investments, Net, for further detail on the new mortgage loan. Lease Amendments On July 15, 2019, the Company terminated its then existing master lease (the “Original Trillium Lease”) with affiliates of Trillium Healthcare Group, LLC (“Trillium”), which covered ten properties in Iowa, seven properties in Ohio and one property in Georgia. On August 16, 2019, the Company entered into a new master lease (the “New Trillium Lease”) with Trillium’s Iowa and Georgia affiliates covering the ten properties in Iowa and the one property in Georgia. The Company recorded an adjustment to reduce rental income for accounts and other receivables by approximately $3.8 million in the three months ended September 30, 2019. On September 1, 2019, four of the seven skilled nursing properties in Ohio operated by Trillium under the Original Trillium Lease were transferred to affiliates of Providence Group, Inc. (“Providence”). In connection with the transfer, the Company amended its triple-net master lease with Providence. The amended lease had a remaining initial term of approximately 13 years as of September 1, 2019, and includes two five-year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease with Providence increased by approximately $2.1 million. Impairment of Real Estate Investments and Assets Held for Sale On September 1, 2019, the Company sold three of the seven skilled nursing properties in Ohio operated by Trillium under the Original Trillium Lease for a purchase price of $28.0 million. During the three months ended September 30, 2019 and prior to the disposition, the Company recorded an impairment expense of approximately $7.8 million. In connection with the sale, the Company provided affiliates of CommuniCare Family of Companies (“CommuniCare”), the purchaser of the three Ohio properties, with a mortgage loan secured by the three Ohio properties for approximately $26.5 million. See Note 4, Other Real Estate Investments, Net, for additional information. As of September 30, 2019, the Company met the criteria to classify six skilled nursing facilities operated by affiliates of Metron as held for sale, which resulted in an impairment expense of approximately $8.8 million to reduce the carrying value to fair value less costs to sell the facilities. The assets held for sale as of December 31, 2019 of $34.6 million were primarily comprised of real estate assets. The fair value of the assets impaired during the three months ended September 30, 2019 was based on contractual sales prices, which are considered to be Level 2 measurements within the fair value hierarchy.

Other Real Estate Investments,

Other Real Estate Investments, Net	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Other Real Estate Investments, Net	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 nine months ended September 30, 2020. The Company did not recognize any interest income during the three months ended September 30, 2020 related to preferred equity investments. As of September 30, 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 bore a fixed interest rate of 8% and required 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 provided 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 a $26.5 million loan secured by mortgages on three skilled nursing facilities sold by the Company to CommuniCare , which bore a fixed interest rate of 10%. The mortgage loan, which required 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. In April 2020, the Company amended the mortgage loan’s maturity date to May 29, 2020. During the quarter ended June 30, 2020, payment for the mortgage loan and accrued interest was received in full by the Company. 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 interest at a fixed rate of 7.5% and had a maturity date of March 31, 2020. In April 2020, the mortg age loan was settled in connection with a new mortgage loan transaction between 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 mortgage loan for $13.9 million. The new mortgage loan with Cascade was secured by the same six skilled nursing facilities purchased by Cascade and was fo r a combined principal amount of $33.9 million, with the Company’s $13.9 million portion of the indebtedness initially bearing interest at a variable rate equal to LIBOR plus 4.00%, subject to a LIBOR floor of 1.75%. The new mortgage loan had a maturity date of April 29, 2022 and included two six-month extension options. During the three months ended September 30, 2020, prepayment for the mortgage loan of $13.9 million and accrued interest was received in full by the Company. As of September 30, 2020, the Company had no remaining mortgage loan receivables. During the three and nine months ended September 30, 2020, the Company recognized zero and $2.0 million, respectively, of interest income related to its mortgage loans. During the three and nine months ended September 30, 2019, the Company recognized $0.8 million and $1.8 million , respectively, of interest income related to its mortgage loans. During the three and nine months ended September 30, 2020, the Company recognized $17,000 and $0.2 million, respectively, of interest income related to its other loans receivable. During the three and nine months ended September 30, 2019, the Company recognized $29,000 and $0.1 million, respectively, of interest income related to its other loans receivable.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 or 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 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 and nine months ended September 30, 2020, there were no real estate assets deemed to be impaired. For the three and nine months ended September 30, 2019, the Company recorded an impairment expense of $16.7 million. See Note 3, Real Estate Investments, Net, for additional information. 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 September 30, 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): September 30, 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 3 $ — $ — $ — $ 29,500 $ 29,500 $ 29,500 Financial liabilities: Senior unsecured notes payable 2 $ 300,000 $ 296,479 $ 309,000 $ 300,000 $ 295,911 $ 312,750 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	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	DEBT The following table summarizes the balance of the Company’s indebtedness as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (3,521) $ 296,479 $ 300,000 $ (4,089) $ 295,911 Senior unsecured term loan 200,000 (1,128) 198,872 200,000 (1,287) 198,713 Unsecured revolving credit facility — — — 60,000 — 60,000 $ 500,000 $ (4,649) $ 495,351 $ 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. As of June 1, 2020, the Issuers may redeem the Notes any time at the redemption prices set forth in the indenture. As of September 30, 2020, the Issuers have not elected to redeem any of the Notes. 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 September 30, 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- month extension options. The Prior Term Loan was scheduled to mature on February 1, 2023 and could be prepaid at any time subject to a 2% premium in the first year after issuance and a 1% premium in the second year after issuance. On February 8, 2019, the Operating Partnership, as the borrower, the Company, as guarantor, CareTrust GP, LLC, and certain of the Operating Partnership’s wholly owned subsidiaries entered into an amended and restated credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender, and the lenders party thereto (the “Amended Credit Agreement”). The Amended Credit Agreement, which amended and restated the Prior Credit Agreement, provides for: (i) an unsecured revolving credit facility (the “Revolving Facility”) with revolving commitments in an aggregate principal amount of $600.0 million, including a letter of credit subfacility for 10% of the then available revolving commitments and a swingline loan subfacility for 10% of the then available revolving commitments and (ii) an unsecured term loan credit facility (the “Term Loan” and, together with the Revolving Facility, the “Amended Credit Facility”) in an aggregate principal amount of $200.0 million. Borrowing availability under the Revolving Facility is subject to no default or event of default under the Amended Credit Agreement having occurred at the time of borrowing. The proceeds of the Term Loan were used, in part, to repay in full all outstanding borrowings under the Prior Term Loan and Prior Revolving Facility under the Prior Credit Agreement. Future borrowings under the Amended Credit Facility will be used for working capital purposes, for capital expenditures, to fund acquisitions and for general corporate purposes. The interest rates applicable to loans under the Revolving Facility are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.10% to 0.55% per annum or LIBOR plus a margin ranging from 1.10% to 1.55% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). The interest rates applicable to loans under the Term Loan are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.20% per annum or LIBOR plus a margin ranging from 1.50% to 2.20% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). In addition, the Operating Partnership will pay a facility fee on the revolving commitments under the Revolving Facility ranging from 0.15% to 0.35% per annum, based on the debt to asset value ratio of the Company and its consolidated subsidiaries (unless the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt and the Operating Partnership elects to decrease the applicable margin as described above, in which case the Operating Partnership will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based on the credit ratings of the Company’s senior long-term unsecured debt). As of September 30, 2020, the Operating Partnership had $200.0 million outstanding under the Term Loan and no borrowings outstanding under the Revolving Facility. The Revolving Facility has a maturity date of February 8, 2023, and includes, at the sole discretion of the Operating Partnership, two, six-month extension options. The Term Loan has a maturity date of February 8, 2026. The Amended Credit Facility is guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Amended Credit Agreement (other than the Operating Partnership). The Amended Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend organizational documents and pay certain dividends and other restricted payments. The Amended Credit Agreement requires the Company to comply with financial maintenance covenants to be tested quarterly, consisting of a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum cash distributions to operating income ratio, a maximum secured debt to asset value ratio, a maximum secured recourse debt to asset value ratio, a maximum unsecured debt to unencumbered properties asset value ratio, a minimum unsecured interest coverage ratio and a minimum rent coverage ratio. The Amended Credit Agreement also contains certain customary events of default, including the failure to make timely payments under the Amended Credit Facility or other material indebtedness, the failure to satisfy certain covenants (including the financial maintenance covenants), the occurrence of change of control and specified events of bankruptcy and insolvency. As of September 30, 2020, the Company was in compliance with all applicable financial covenants under the Amended Credit Agreement.

Equity

Equity	9 Months Ended
	Sep. 30, 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 New ATM Program or Prior ATM Program activity (or activity under any predecessor at-the-market equity offering programs) for the three months ended September 30, 2020 and 2019 or for the nine months ended September 30, 2020. The following table summarizes predecessor at-the-market equity offering program activity for the nine months ended September 30, 2019 (in thousands, except per share amounts): For the Nine Months Ended September 30, 2019 Number of shares 2,459 Average sales price per share $ 19.48 Gross proceeds* $ 47,893 *Total gross proceeds is before $0.6 million of commissions paid to the sales agents during the nine months ended September 30, 2019 under the predecessor at-the-market equity offering program. As of September 30, 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 and nine months ended September 30, 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 nine months of 2020 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 Dividends declared per share $ 0.25 $ 0.25 $ 0.25 Dividends payment date April 15, 2020 July 15, 2020 October 15, 2020 Dividends payable as of record date $ 23,931 $ 23,931 $ 23,934 Dividends record date March 31, 2020 June 30, 2020 September 30, 2020

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATIONAll 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 the healthcare business and real estate business of The Ensign Group, Inc. (“Ensign”) 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 September 30, 2020, there were 1,760 unvested 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 In April 2020, the Compensation Committee of the Company's Board of Directors gra nted 27,611 shares of restricted stock to members of the Board of Directors. Each share had a fair market value on the date of grant o f $16.48 p er share, based on the c losing market price of the Company's common stock on that date, and the shares vest in full on the earlier to occur of April 29, 2021 or the Company’s 2021 Annual Meeting of Stockholders. The following table summarizes the stock-based compensation expense recognized (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Stock-based compensation expense $ 972 $ 981 $ 2,819 $ 3,122

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	EARNINGS (LOSS) PER COMMON SHARE The following table presents the calculation of basic and diluted earnings (loss) per common share (“EPS”) for the Company’s common stock for the three and nine months ended September 30, 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 September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) $ 21,552 $ (10,054) $ 59,812 $ 25,697 Less: Net income allocated to participating securities (75) (66) (224) (231) Numerator for basic and diluted earnings (loss) available to common stockholders $ 21,477 $ (10,120) $ 59,588 $ 25,466 Denominator: Weighted-average basic common shares outstanding 95,214 95,103 95,195 92,409 Weighted-average diluted common shares outstanding 95,214 95,103 95,195 92,409 Earnings (loss) per common share, basic $ 0.23 $ (0.11) $ 0.63 $ 0.28 Earnings (loss) per common share, diluted $ 0.23 $ (0.11) $ 0.63 $ 0.28 The Company’s unvested restricted shares associated with its incentive award plan and unvested restricted shares issued to employees of Ensign at the Spin-Off have been excluded from the above calculation of earnings (loss) per diluted share for the three and nine months ended September 30, 2020 and 2019, when their inclusion would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 and The Pennant Group, Inc., 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, subject to approval by the Company, the tenants may request capital expenditure funding that would generally be subject to a corresponding rent increase at the time of funding and which are subject to tenant compliance with the conditions to the Company’s approval and funding of their requests. As of September 30, 2020, the Company had committed to fund expansions, construction and capital improvements at certain triple-net leased facilities totaling $14.1 million, of which $12.9 million is subject to rent increase at the time of funding.

Concentration of Risk

Concentration of Risk	9 Months Ended
	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Concentration of Risk	CONCENTRATION OF RISK Major operator concentrations – As of September 30, 2020, Ensign leased 85 skilled nursing, multi-service campuses, assisted living and independent living facilities which had a total of 8,883 beds and units 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 by rental revenues as of September 30, 2020 are California, Texas, Arizona and Utah. During the three and nine months ended September 30, 2020, Ensign represented 30% and 31%, respectively, of the Company’s rental income, exclusive of operating expense reimbursements. During the three and nine months ended September 30, 2019 Ensign represented 50% and 40%, respectively, 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 September 30, 2020, Priority Management Group (“PMG”) leased 15 skilled nursing and campus facilities which had a total of 2,145 beds and units, and are located in Louisiana and Texas. During both the three and nine months ended September 30, 2020, PMG represented 16% of the Company’s rental income, exclusive of operating expense reimbursements. During the three and nine months ended September 30, 2019 PMG represented 22% and 15%, respectively, of the Company’s rental income, exclusive of operating expense reimbursements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 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. Asset Sale

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 —The Company recognizes lease revenue in accordance with Accounting Standards Codification (“ASC”) 842, Leases. The Company’s lease agreements typically contain annual escalators based on the percentage change in the Consumer Price Index which are accounted for as variable lease payments in the period in which the change occurs. For lease agreements that contain fixed rent escalators, 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. The Company recognized, on a gross basis, property taxes of $0.9 million and $2.5 million for the three and nine months ended September 30, 2020, respectively. The Company recognized, on a gross basis, property taxes of $0.8 million and $2.1 million for the three and nine months ended September 30, 2019, respectively. 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, if applicable. 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. Such write-offs are recorded as increases or decreases through rental income on the Company’s condensed consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company recorded recovery adjustments of $1.0 million and did not recognize any write-off adjustments to rental income. For the three and nine months ended September 30, 2019, the Company recorded $12.1 million of write-off adjustments to rental income related to rental income recognized in prior periods. See Note 3, Real Estate Investments, Net for further detail.
Estimates and Assumptions	Estimates and Assumptions —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes that the assumptions and estimates used in preparation of the underlying consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions.
Real Estate Acquisition Valuation	Real Estate Acquisition Valuation — In accordance with ASC 805, Business Combinations , 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.
Other Real Estate Investments	O ther Real Estate Investments —Included in “Other real estate investments, net,” on the Company’s condensed consolidated balance sheets are mortgage loans receivable. Prior to the adoption of Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Subtopic 326) (“ASU 2016-13”), 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 origination of the loans. 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.
Income Taxes	Income Taxes
Recent Accounting Standards Adopted by Company and Recent Accounting Pronouncements	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 previously required 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 property 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 applied to the Company’s then outstanding mortgage loans receivable, for which the Company elected the fair value option as provided for by ASU 2019-05. Instruments for which the fair value option has been elected are measured at fair value on a recurring basis with changes in fair value recognized in other income (loss) on the Company’s condensed consolidated statements of operations. Interest income is recognized as earned within interest and other income in the condensed consolidated statements of operations. As of September 30, 2020, the Company had no remaining instruments for which the fair value option had been elected. 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 was 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 amendments 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. Recent Accounting Pronouncements — In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), that provides optional relief to applying reference rate reform to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”), which will be discontinued by the end of 2021. The amendments in this update are effective immediately and may be applied through December 31, 2022. The Company is still evaluating the impact of ASU 2020-04 and expects to take full advantage of the offered optional expedients and exceptions, but does not expect the adoption of the standard to have a material impact on the Company’s consolidated financial statements.

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Summary of Investment in Owned Properties	The following table summarizes the Company’s investment in owned properties as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Land $ 209,280 $ 204,154 Buildings and improvements 1,441,949 1,400,927 Integral equipment, furniture and fixtures 95,392 93,005 Identified intangible assets 1,650 1,650 Real estate investments 1,748,271 1,699,736 Accumulated depreciation and amortization (325,033) (285,536) Real estate investments, net $ 1,423,238 $ 1,414,200
Schedule of Total Future Minimum Rental Revenues	As of September 30, 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 (three months) $ 42,533 2021 170,186 2022 170,284 2023 169,980 2024 170,080 2025 170,183 Thereafter 973,638 Total $ 1,866,884
Schedule of Rental Income	The following table summarizes components of the Company’s rental revenue (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, Rental Income 2020 2019 2020 2019 Contractual rent due (1) $ 42,866 $ 43,109 $ 127,789 $ 124,642 Straight-line rent 17 546 65 1,483 Adjustment for collectibility (2) — (12,078) — (12,078) Recovery of previously reversed rent (3) 1,047 — 1,047 — Lease termination revenue (4) 1,106 — 1,106 — Total $ 45,036 $ 31,577 $ 130,007 $ 114,047 (1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. (2) During the three and nine months ended September 30, 2019, and in accordance with ASC 842, the Company evaluated the collectibility of lease payments through maturity and determined that it was not probable that the Company would collect substantially all of the contractual obligations from five operators through maturity. As such, the Company reversed $7.8 million of contractual rent, $3.5 million of straight-line rent and $0.8 million of property taxes during the three and nine months ended September 30, 2019. If lease payments are subsequently deemed probable of collection, the Company increases rental income for such recoveries. (3) During the three and nine months ended September 30, 2020, the Company recovered $1.0 million in rental revenue related to one operator that was previously written off. (4) During the three and nine months ended September 30, 2020, in connection with the agreement to terminate its lease agreements with affiliates of Metron Integrated Health Systems (“Metron”) and to sell the facilities to a third-party, the Company received $1.1 million from Metron affiliates.
Schedule of Real Estate Acquisitions	The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2020 (dollars in thousands): Type of Property Purchase Price (1) Initial Annual Cash Rent Number of Properties Number of Beds/Units (2) Skilled nursing $ 34,845 $ 3,219 3 249 Assisted living 7,396 590 1 62 Total $ 42,241 $ 3,809 4 311 (1) Purchase price includes capitalized acquisition costs.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
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 September 30, 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): September 30, 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 3 $ — $ — $ — $ 29,500 $ 29,500 $ 29,500 Financial liabilities: Senior unsecured notes payable 2 $ 300,000 $ 296,479 $ 309,000 $ 300,000 $ 295,911 $ 312,750

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Company's Indebtedness	The following table summarizes the balance of the Company’s indebtedness as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 December 31, 2019 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 300,000 $ (3,521) $ 296,479 $ 300,000 $ (4,089) $ 295,911 Senior unsecured term loan 200,000 (1,128) 198,872 200,000 (1,287) 198,713 Unsecured revolving credit facility — — — 60,000 — 60,000 $ 500,000 $ (4,649) $ 495,351 $ 560,000 $ (5,376) $ 554,624

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Summary of the At-The-Market Offering Program	The following table summarizes predecessor at-the-market equity offering program activity for the nine months ended September 30, 2019 (in thousands, except per share amounts): For the Nine Months Ended September 30, 2019 Number of shares 2,459 Average sales price per share $ 19.48 Gross proceeds* $ 47,893 *Total gross proceeds is before $0.6 million of commissions paid to the sales agents during the nine months ended September 30, 2019 under the predecessor at-the-market equity offering program.
Schedule of Dividends on Common Stock	The following table summarizes the cash dividends on the Company’s common stock declared by the Company’s Board of Directors for the first nine months of 2020 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2020 June 30, 2020 September 30, 2020 Dividends declared per share $ 0.25 $ 0.25 $ 0.25 Dividends payment date April 15, 2020 July 15, 2020 October 15, 2020 Dividends payable as of record date $ 23,931 $ 23,931 $ 23,934 Dividends record date March 31, 2020 June 30, 2020 September 30, 2020

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Stock-based compensation expense $ 972 $ 981 $ 2,819 $ 3,122

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 (loss) per common share (“EPS”) for the Company’s common stock for the three and nine months ended September 30, 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 September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) $ 21,552 $ (10,054) $ 59,812 $ 25,697 Less: Net income allocated to participating securities (75) (66) (224) (231) Numerator for basic and diluted earnings (loss) available to common stockholders $ 21,477 $ (10,120) $ 59,588 $ 25,466 Denominator: Weighted-average basic common shares outstanding 95,214 95,103 95,195 92,409 Weighted-average diluted common shares outstanding 95,214 95,103 95,195 92,409 Earnings (loss) per common share, basic $ 0.23 $ (0.11) $ 0.63 $ 0.28 Earnings (loss) per common share, diluted $ 0.23 $ (0.11) $ 0.63 $ 0.28

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2020facilityunitstatebed
Real Estate Properties [Line Items]
Number of states with properties | state	28
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Real Estate Properties [Line Items]
Number of facilities	214
Number of operational beds and units in facilities | bed	21,779
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 (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Gross real estate taxes offset to rental income	$ 900,000	$ 800,000	$ 2,500,000	$ 2,100,000
Adjustment for recoveries	1,047,000	0	1,047,000	0
Adjustment for collectibility of rental income	$ 0	$ 12,078,000	$ 0	$ 12,078,000

Real Estate Investments, Net -

Real Estate Investments, Net - Narrative (Details)	Sep. 30, 2020facility
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Real Estate [Line Items]
Number of facilities	214
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	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 209,280	$ 204,154
Buildings and improvements	1,441,949	1,400,927
Integral equipment, furniture and fixtures	95,392	93,005
Identified intangible assets	1,650	1,650
Real estate investments	1,748,271	1,699,736
Accumulated depreciation and amortization	(325,033)	(285,536)
Real estate investments, net	$ 1,423,238	$ 1,414,200

Real Estate Investments, Net _3

Real Estate Investments, Net - Future Minimum Rental Revenues (Details) $ in Thousands	Sep. 30, 2020USD ($)
Future Minimum Rental Revenues
2020 (three months)	$ 42,533
2021	170,186
2022	170,284
2023	169,980
2024	170,080
2025	170,183
Thereafter	973,638
Total	$ 1,866,884

Real Estate Investments, Net _4

Real Estate Investments, Net - Rental Income (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)state	Sep. 30, 2019USD ($)operator	Sep. 30, 2020USD ($)state	Sep. 30, 2019USD ($)operator
Lessor, Lease, Description [Line Items]
Contractual rent due	$ 42,866,000	$ 43,109,000	$ 127,789,000	$ 124,642,000
Straight-line rent	17,000	546,000	65,000	1,483,000
Adjustment for collectibility	0	(12,078,000)	0	(12,078,000)
Recovery of previously reserved rent	1,047,000	0	1,047,000	0
Lease termination revenue	1,106,000	0	1,106,000	0
Total rental income	$ 45,036,000	$ 31,577,000	$ 130,007,000	$ 114,047,000
Number of operators for which collectability not probable | operator		5		5
Number of operators for which rental revenue was recovered after previous write off | state	1		1
Contractual Rent
Lessor, Lease, Description [Line Items]
Adjustment for collectibility		$ (7,800,000)		$ (7,800,000)
Straight-line rent
Lessor, Lease, Description [Line Items]
Adjustment for collectibility		(3,500,000)		(3,500,000)
Property taxes
Lessor, Lease, Description [Line Items]
Adjustment for collectibility		$ (800,000)		$ (800,000)

Real Estate Investments, Net _5

Real Estate Investments, Net - Recent Real Estate Acquisitions (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2020USD ($)	Sep. 30, 2020USD ($)propertyunit
Business Acquisition [Line Items]
Purchase Price		$ 42,241
Initial Annual Cash Rent		$ 3,809
Number of Properties | property		4
Number of Beds/Units | unit		311
Skilled nursing
Business Acquisition [Line Items]
Purchase Price	$ 18,700	$ 34,845
Initial Annual Cash Rent		$ 3,219
Number of Properties | property		3
Number of Beds/Units | unit		249
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 _6

Real Estate Investments, Net - Sale of Real Estate (Details)	Feb. 14, 2020USD ($)facility	Jul. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Real Estate [Line Items]
Net proceeds from sales of real estate						$ 2,189,000	$ 218,000
Gain (loss) on sale of real estate				$ 0	$ 217,000	(56,000)	$ 217,000
Mortgage loan receivable
Real Estate [Line Items]
Mortgage loan				0		$ 0
Mortgage loan receivable | Cascade Capital Group, LLC
Real Estate [Line Items]
Mortgage loan	$ 32,400,000
Mortgage loan			$ 13,900,000
Mortgage loan receivable interest rate (percent)	7.50%
Proceeds from settlement of loan		$ 13,900,000	$ 18,900,000	$ 13,900,000
Disposed of by sale | Metron Skilled Nursing Facilities
Real Estate [Line Items]
Number of properties sold | facility	6
Contract purchase price	$ 36,000,000
Net proceeds from sales of real estate	3,500,000
Gain (loss) on sale of real estate	$ (100,000)

Real Estate Investments - Lease

Real Estate Investments - Lease Amendments (Details) $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)	Sep. 01, 2019USD ($)renewal_optionproperty	Aug. 16, 2019property	Jul. 15, 2019property
Accounts and Other Receivables
Real Estate [Line Items]
Write-off of accounts and straight-line rent receivable | $	$ 3.8
Trillium | Iowa
Real Estate [Line Items]
Properties in terminated master lease				10
Properties covered in new master lease			10
Trillium | Ohio
Real Estate [Line Items]
Properties in terminated master lease				7
Trillium | Georgia
Real Estate [Line Items]
Properties in terminated master lease				1
Properties covered in new master lease			1
Providence | Triple-net master lease
Real Estate [Line Items]
Initial lease term (in years)		13 years
Number of renewal options | renewal_option		2
Lease renewal term (in years)		5 years
Annual cash rent increase under amended lease | $		$ 2.1
Providence | Ohio | Skilled Nursing Properties
Real Estate [Line Items]
Number of properties transferred		4

Real Estate Investments - Impai

Real Estate Investments - Impairments of Real Estate Investments and Assets Held for Sale (Details)	3 Months Ended
	Sep. 30, 2019USD ($)propertyfacility	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 01, 2019USD ($)property	Jul. 15, 2019property
Real Estate [Line Items]
Assets held for sale, net		$ 0	$ 34,590,000
Mortgage loan receivable
Real Estate [Line Items]
Mortgage loan		$ 0
Trillium | Ohio
Real Estate [Line Items]
Properties in terminated master lease | property					7
CommuniCare | Mortgage loan receivable
Real Estate [Line Items]
Facilities utilized to secure mortgage loan	3			3
Mortgage loan	$ 26,500,000
Disposed of by sale | Trillium Skilled Nursing Facilities
Real Estate [Line Items]
Number of properties sold | property				3
Contract purchase price				$ 28,000,000
Impairment expense to reduce carrying value to fair value less costs to sell	7,800,000
Held for sale | Metron Skilled Nursing Facilities
Real Estate [Line Items]
Impairment expense to reduce carrying value to fair value less costs to sell	$ 8,800,000
Number of properties held for sale | property	6

Other Real Estate Investments_2

Other Real Estate Investments, Net (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Jul. 31, 2020USD ($)

Apr. 30, 2020USD ($)extension_optionproperty

Jan. 31, 2020USD ($)

Jul. 31, 2019USD ($)bed

Sep. 30, 2016bed

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)facility

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)facility

Feb. 14, 2020USD ($)facility

Sep. 01, 2019property

Dec. 31, 2016USD ($)

Real Estate Properties [Line Items]

Aggregate purchase price

$ 42,241,000

Payment to acquire facility

42,075,000

$ 298,557,000

Return of initial investment

2,327,000

2,204,000

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]

Mortgage loan

$ 0

0

Interest income

0

$ 800,000

2,000,000

1,800,000

Other loans receivable

Real Estate Properties [Line Items]

Interest income

17,000

29,000

200,000

100,000

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

$ 26,500,000

Mortgage loan receivable interest rate (percent)

10.00%

10.00%

Facilities utilized to secure mortgage loan

3

3

3

Cascade Capital Group, LLC

Real Estate Properties [Line Items]

Combined principal amount of loan

$ 33,900,000

Cascade Capital Group, LLC | Mortgage loan receivable

Real Estate Properties [Line Items]

Mortgage loan

$ 32,400,000

Mortgage loan

$ 13,900,000

Mortgage loan receivable interest rate (percent)

7.50%

Facilities utilized to secure mortgage loan | property

6

Proceeds from settlement of loan

$ 13,900,000

$ 18,900,000

13,900,000

LIBOR floor for loan (percent)

1.75%

Number of extension options | extension_option

2

Extension option term (in months)

6 months

Cascade Capital Group, LLC | Mortgage loan receivable | LIBOR

Real Estate Properties [Line Items]

Basis spread on variable rate for loan (percent)

4.00%

Cascadia Development, Boise ID

Real Estate Properties [Line Items]

Preferred equity investment

$ 0

0

$ 2,300,000

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

$ 34,845,000

Payment to acquire facility

$ 15,000,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Impairment of real estate investments	$ 0	$ 16,692	$ 0	$ 16,692

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Financial assets:
Preferred equity investment - face value	$ 0	$ 2,327,000
Mortgage loan receivable
Financial assets:
Mortgage loans receivable - face value	0	29,500,000
Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable - face value	300,000,000	300,000,000
Carrying Amount | Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable	296,479,000	295,911,000
Carrying Amount | Level 3
Financial assets:
Preferred equity investments	0	3,800,000
Carrying Amount | Level 3 | Mortgage loan receivable
Financial assets:
Mortgage loans receivable	0	29,500,000
Fair Value | Level 2 | Senior unsecured notes payable
Financial liabilities:
Senior unsecured notes payable	309,000,000	312,750,000
Fair Value | Level 3
Financial assets:
Preferred equity investments	0	3,674,000
Fair Value | Level 3 | Mortgage loan receivable
Financial assets:
Mortgage loans receivable	$ 0	$ 29,500,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Amount	$ 500,000	$ 560,000
Deferred Loan Fees	(4,649)	(5,376)
Carrying Value	495,351	554,624
Senior unsecured notes payable
Debt Instrument [Line Items]
Principal Amount	300,000	300,000
Deferred Loan Fees	(3,521)	(4,089)
Carrying Value	296,479	295,911
Senior unsecured term loan
Debt Instrument [Line Items]
Principal Amount	200,000	200,000
Deferred Loan Fees	(1,128)	(1,287)
Carrying Value	198,872	198,713
Unsecured revolving credit facility
Debt Instrument [Line Items]
Principal Amount	0	60,000
Deferred Loan Fees	0	0
Carrying Value	$ 0	$ 60,000

Debt - Senior Unsecured Notes P

Debt - Senior Unsecured Notes Payable (Details) - USD ($)	Jun. 01, 2020	May 10, 2017	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Gross proceeds from issuance of senior notes			$ 0	$ 200,000,000
Senior unsecured notes payable
Debt Instrument [Line Items]
Debt instrument face amount			$ 300,000,000		$ 300,000,000
Senior unsecured notes payable | 5.25% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument face amount		$ 300,000,000
Interest rate (percent)		5.25%
Gross proceeds from issuance of senior notes		$ 300,000,000
Net proceeds from issuance of senior notes		$ 294,000,000
Redemption price, percentage upon change of control (percent)	101.00%

Debt - Unsecured Revolving Cred

Debt - Unsecured Revolving Credit Facility and Term Loan (Details)	Feb. 08, 2019USD ($)extension_option	Feb. 01, 2016USD ($)extension_option	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Outstanding amounts			$ 500,000,000	$ 560,000,000
Outstanding borrowings			495,351,000	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			0	60,000,000
Outstanding borrowings			0	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			$ 198,872,000	$ 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 - Narrative (Details)

Equity - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Mar. 20, 2020	Mar. 10, 2020
Class of Stock [Line Items]
Share repurchase program authorization				$ 150,000,000
Shares repurchased (in shares)	0		0
ATM Program
Class of Stock [Line Items]
Issuance of common stock, net, (in shares)	0	0	0
Remaining offering amount available	$ 500,000,000		$ 500,000,000
ATM Program | Maximum
Class of Stock [Line Items]
Authorized aggregate offering price of common stock					$ 500,000,000

Equity - At-The-Market Offering

Equity - At-The-Market Offering Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Gross proceeds		$ 195,963
Commissions paid on stock issuance	$ 404
Prior ATM Program
Class of Stock [Line Items]
Number of shares (in shares)		2,459
Average sales price per share (usd per share)		$ 19.48
Gross proceeds		$ 47,893
Commissions paid on stock issuance		$ 600

Equity - Dividends on Common St

Equity - Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Dividends per share of common stock
Dividends declared per share	$ 0.25	$ 0.25	$ 0.25	$ 0.225	$ 0.225	$ 0.225
Dividends payment date	Oct. 15, 2020	Jul. 15, 2020	Apr. 15, 2020
Dividends payable as of record date	$ 23,934	$ 23,931	$ 23,931	$ 21,500	$ 21,508	$ 20,011
Dividends record date	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	Jun. 01, 2014companyshares	Apr. 30, 2020$ / sharesshares	Mar. 31, 2020installment$ / sharesshares	Jan. 31, 2020installment$ / sharesshares	Sep. 30, 2020USD ($)shares
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 | $					$ 6.5
Weighted average remaining vesting period related to expense recognition					2 years 6 months
Ensign Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award conversion ratio related to the spin-off	1
Restricted Stock Award | Ensign Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards unvested during spin-off (in shares)	207,580
Unvested stock awards outstanding (in shares)					1,760
Restricted Stock Award | Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)			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
Restricted Stock Award | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		27,611
Award grant date fair value (in usd per share) | $ / shares		$ 16.48
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%
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 972	$ 981	$ 2,819	$ 3,122

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income (loss)	$ 21,552	$ 18,935	$ 19,325	$ (10,054)	$ 19,698	$ 16,053	$ 59,812	$ 25,697
Less: Net income allocated to participating securities	(75)			(66)			(224)	(231)
Numerator for basic and diluted earnings (loss) available to common stockholders	$ 21,477			$ (10,120)			$ 59,588	$ 25,466
Denominator:
Weighted-average basic common shares outstanding (in shares)	95,214			95,103			95,195	92,409
Weighted-average diluted common shares outstanding (in shares)	95,214			95,103			95,195	92,409
Earnings (loss) per common share, basic (in usd per share)	$ 0.23			$ (0.11)			$ 0.63	$ 0.28
Earnings (loss) per common share, diluted (in usd per share)	$ 0.23			$ (0.11)			$ 0.63	$ 0.28

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2020USD ($)
Ensign and Pennant
Other Commitments [Line Items]
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	$ 14.1
Portion of funding commitment subject to rent increase at time of funding	$ 12.9

Concentration of Risk (Details)

Concentration of Risk (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020facilityunit_bed	Sep. 30, 2019	Sep. 30, 2020facilitystateunit_bed	Sep. 30, 2019
Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Concentration Risk [Line Items]
Number of facilities	214		214
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)	30.00%	50.00%	31.00%	40.00%
PMG | Customer Concentration Risk | Revenue, exclusive of operating expense reimbursements
Concentration Risk [Line Items]
Concentration risk (percent)	16.00%	22.00%	16.00%	15.00%
Ensign | Skilled Nursing, Assisted Living and Independent Living Facilities | Assets Leased to Independent Operators
Concentration Risk [Line Items]
Number of facilities	85		85
Number of beds and units in facilities | unit_bed	8,883		8,883
PMG | Skilled Nursing and Campus Facilities | Assets Leased to Independent Operators
Concentration Risk [Line Items]
Number of facilities	15		15
Number of beds and units in facilities | unit_bed	2,145		2,145

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Nov. 01, 2020USD ($)
Subsequent Event | Independent Living Facilities owned and operated by Company
Subsequent Event [Line Items]
Contract purchase price	$ 4.5