CareTrust REIT (CTRE) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 09, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36181
Entity Registrant Name	CareTrust REIT, Inc.
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	NYSE
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		99,475,012
Entity Central Index Key	0001590717
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Real estate investments, net	$ 1,400,813	$ 1,421,410
Other real estate related investments, at fair value (including accrued interest of $1,170 as of March 31, 2023 and $1,320 as of December 31, 2022)	140,764	156,368
Assets held for sale, net	17,479	12,291
Cash and cash equivalents	28,070	13,178
Accounts and other receivables	441	416
Prepaid expenses and other assets, net	29,518	11,690
Deferred financing costs, net	5,115	5,428
Total assets	1,622,200	1,620,781
Liabilities and Equity:
Senior unsecured notes payable, net	395,372	395,150
Senior unsecured term loan, net	199,401	199,348
Unsecured revolving credit facility	135,000	125,000
Accounts payable, accrued liabilities and deferred rent liabilities	24,165	24,360
Dividends payable	27,943	27,550
Total liabilities	781,881	771,408
Commitments and contingencies (Note 11)
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 99,098,090 and 99,010,112 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	991	990
Additional paid-in capital	1,244,793	1,245,337
Cumulative distributions in excess of earnings	(405,465)	(396,954)
Total equity	840,319	849,373
Total liabilities and equity	$ 1,622,200	$ 1,620,781

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Other real estate related investments, accrued interest	$ 1,170	$ 1,320
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	99,098,090	99,010,112
Common stock, outstanding (in shares)	99,098,090	99,010,112

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental income	$ 46,163	$ 46,007
Interest and other income	4,443	469
Total revenues	50,606	46,476
Expenses:
Depreciation and amortization	12,238	13,575
Interest expense	9,827	5,742
Property taxes	880	1,420
Impairment of real estate investments	1,886	59,683
Provision for loan losses, net	0	3,844
Property operating expenses	963	447
General and administrative	5,061	5,215
Total expenses	30,855	89,926
Other (loss) income:
(Loss) gain on sale of real estate, net	(70)	186
Unrealized losses on other real estate related investments, net	(454)	0
Total other (loss) income	(524)	186
Net income (loss)	$ 19,227	$ (43,264)
Earnings (loss) per common share:
Basic (in usd per share)	$ 0.19	$ (0.45)
Diluted (in usd per share)	$ 0.19	$ (0.45)
Weighted-average number of common shares:
Basic (in shares)	99,063	96,410
Diluted (in shares)	99,087	96,410

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 (in shares) at Dec. 31, 2021		96,296,673
Beginning balance at Dec. 31, 2021	$ 915,757	$ 963	$ 1,196,839	$ (282,045)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		190,393
Vesting of restricted common stock, net of shares withheld for employee taxes	(2,772)	$ 2	(2,774)
Amortization of stock-based compensation	1,521		1,521
Common dividends	(26,659)			(26,659)
Net income (loss)	(43,264)			(43,264)
Ending balance (in shares) at Mar. 31, 2022		96,487,066
Ending balance at Mar. 31, 2022	$ 844,583	$ 965	1,195,586	(351,968)
Beginning balance (in shares) at Dec. 31, 2022	99,010,112	99,010,112
Beginning balance at Dec. 31, 2022	$ 849,373	$ 990	1,245,337	(396,954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock, net of shares withheld for employee taxes (in shares)		87,978
Vesting of restricted common stock, net of shares withheld for employee taxes	(1,479)	$ 1	(1,480)
Amortization of stock-based compensation	936		936
Common dividends	(27,738)			(27,738)
Net income (loss)	$ 19,227			19,227
Ending balance (in shares) at Mar. 31, 2023	99,098,090	99,098,090
Ending balance at Mar. 31, 2023	$ 840,319	$ 991	$ 1,244,793	$ (405,465)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends (in usd per share)	$ 0.28	$ 0.275

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 19,227	$ (43,264)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	12,252	13,594
Amortization of deferred financing costs	609	520
Unrealized losses on other real estate related investments, net	454	0
Amortization of stock-based compensation	936	1,521
Straight-line rental income	7	(6)
Adjustment for collectibility of rental income	0	977
Noncash interest income	150	0
Loss (gain) on sale of real estate, net	70	(186)
Impairment of real estate investments	1,886	59,683
Provision for loan losses, net	0	3,844
Change in operating assets and liabilities:
Accounts and other receivables	(33)	337
Prepaid expenses and other assets, net	61	(404)
Accounts payable, accrued liabilities and deferred rent liabilities	(499)	(2,037)
Net cash provided by operating activities	35,120	34,579
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	0	(21,915)
Purchases of equipment, furniture and fixtures and improvements to real estate	(2,019)	(1,918)
Investment in real estate related investments and other loans receivable	0	(2,086)
Principal payments received on real estate related investments and other loans receivable	15,143	888
Escrow deposits for acquisitions and potential acquisitions of real estate	(17,172)	0
Net proceeds from sales of real estate	3,230	959
Net cash used in investing activities	(818)	(24,072)
Cash flows from financing activities:
Proceeds from (costs paid for) the issuance of common stock, net	(501)	0
Borrowings under unsecured revolving credit facility	10,000	25,000
Payments of deferred financing costs	(21)	0
Net-settle adjustment on restricted stock	(1,479)	(2,772)
Dividends paid on common stock	(27,409)	(26,044)
Net cash used in financing activities	(19,410)	(3,816)
Net increase in cash and cash equivalents	14,892	6,691
Cash and cash equivalents as of the beginning of period	13,178	19,895
Cash and cash equivalents as of the end of period	28,070	26,586
Supplemental disclosures of cash flow information:
Interest paid	6,671	1,355
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	393	615
Right-of-use asset obtained in exchange for new operating lease obligation	369	0
Transfer of pre-acquisition costs to acquired assets	$ 0	$ 7

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Description of Business— CareTrust REIT, Inc.’s (“CareTrust REIT” or the “Company”) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2023, the Company owned and leased to independent ope rators , 215 skilled nursing facilities (“SNFs”), multi-service campuses, assisted living facilities (“ALFs”) and independent living facilities (“ILFs”) consisting of 22,727 operational beds and un its locate d in 28 st a tes with the highest concentration of properties by rental income located in California, Texas, Louisiana, Idaho and Arizona. As of March 31, 2023, the Company also had other real estate related inves tments consisting of three real estate secured loans receivable and one mezzanine loan receivable with a carrying value of $140.8 million.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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, 2022. 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.

REAL ESTATE INVESTMENTS, NET

REAL ESTATE INVESTMENTS, NET	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
REAL ESTATE INVESTMENTS, NET	REAL ESTATE INVESTMENTS, NET The following table summarizes the Company’s investment in owned properties held for use at March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, 2023 December 31, 2022 Land $ 235,013 $ 238,738 Buildings and improvements 1,477,939 1,483,133 Integral equipment, furniture and fixtures 96,895 97,199 Identified intangible assets 2,833 2,832 Real estate investments 1,812,680 1,821,902 Accumulated depreciation and amortization (411,867) (400,492) Real estate investments, net $ 1,400,813 $ 1,421,410 As of March 31, 2023, 213 of the Company’s 215 facilities were 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 (“CPI”) (but not less than zero), some of which are subject to a cap, or fixed rent escalators. During the year ended December 31, 2022, the Company entered into triple-net lease agreements for two of the Company’s 213 facilities which are being repurposed to behavioral health facilities with rent commencing 12 to 18 months following lease commencement. Two of the Company’s 215 facilities are non-operational and are leased under a short term lease with an expected remaining term of less than one year as of March 31, 2023. As of March 31, 2023, 6 facilities were held for sale. See Note 4, Impairment of Real Estate Investments, Assets Held for Sale, Net and Asset Sales for additional information. As of March 31, 2023, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements and assets held for sale, was as follows (dollars in thousands): Year Amount 2023 (nine months) $ 137,942 2024 184,484 2025 184,644 2026 184,750 2027 181,742 2028 179,626 Thereafter 778,259 Total $ 1,831,447 Tenant Purchase Options Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands): Asset Type (1) Properties Lease Expiration Option Period Open Date (2) Option Type (3) Current Cash Rent (4) SNF 1 March 2029 4/1/2022 (6) A / B (7) 805 SNF / Campus 2 October 2032 1/1/2023 (5) A 1,097 SNF 4 November 2034 12/1/2024 (6) A 3,891 (1) Excludes a purchase option on an 11 building SNF portfolio representing $5.1 million of current cash rent. Tenant is currently not eligible to elect the option. (2) The Company has not received notice of exercise for the option periods that are currently open. (3) Option type includes: A - Fixed base price. B - Fixed capitalization rate on lease revenue. (4) Based on annualized cash revenue for contracts in place as of March 31, 2023. (5) Option window is open for six months from the option period open date. (6) Option window is open until the expiration of the lease term. (7) Purchase option reflects two option types. Rental Income The following table summarizes components of the Company’s rental income (dollars in thousands): For the Three Months Ended March 31, Rental Income 2023 2022 Contractual rent due (1) $ 46,170 $ 46,978 Straight-line rent (7) 6 Adjustment for collectibility (2) — (977) Total $ 46,163 $ 46,007 (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. Tenant operating expense reimbursements for the three months ended March 31, 2023 and 2022 were $0.7 million and $0.6 million, respectively. (2) During the three months ended March 31, 2022, and in accordance with Accounting Standards Codification 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 four existing and former operators. As such, the Company reversed $0.7 million of operating expense reimbursements, $0.2 million of contractual rent and $0.1 million of straight-line rent during the three months ended March 31, 2022. If lease payments are subsequently deemed probable of collection, the Company will reestablish the receivable which will result in an increase in rental income for such recoveries. Lease Amendments Amended Premier Lease . Effective January 1, 2023, the Company amended its master lease with affiliates of Premier Senior Living, LLC (“Premier”). In connection with the lease amendment, the Company reduced the annual cash rent by $1.7 million, to approximately $2.6 million. The Premier lease has a remaining term of approximately 8 years with two five-year renewal options and CPI-based rent escalators. Noble VA Lease Termination and New Pennant Lease. Effective March 16, 2023, two ALFs in Wisconsin were removed from a master lease with affiliates of Noble VA Holdings (“Noble”) and the Company terminated the applicable Noble master lease. Annual cash rent under the applicable Noble master lease prior to lease termination was approximately $2.3 million. In connection with the lease termination, the Company entered into a new lease with The Pennant Group, Inc. (“Pennant”) with respect to the two ALFs. The applicable Pennant lease has an initial term of approximately 15 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the new lease is approximately $0.8 million and the master lease provides Pennant with three months deferred rent to be repaid before the expiration or termination of the lease.

IMPAIRMENT OF REAL ESTATE INVES

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES	IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES During the three months ended March 31, 2023, the Company recognized an impairment charge of $1.9 million related to 4 of the 6 facilities that were classified as held for sale at March 31, 2023, which is reported in impairment of real estate investments in the condensed consolidated statements of operations. During the three months ended March 31, 2022, the Company recognized an impairment charge of $59.7 million related to 20 properties held for sale. The fair value of the assets held for sale was based on estimated sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. Estimated sales prices were determined using a market approach (comparable sales model), which relies on certain assumptions by management, including: (i) comparable market transactions, (ii) estimated prices per unit, and (iii) binding agreements for sales and non-binding offers to purchase from unrelated third-parties. There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $20,000 to $85,000, with a weighted average price per unit of $32,000. Asset Sales and Held for Sale Reclassifications The following table summarizes the Company’s dispositions for the three months ended March 31, 2023 and 2022 (dollars in thousands): Three Months Ended March 31, 2023 2022 Number of facilities 1 1 Net sales proceeds $ 3,230 $ 959 Net carrying value 3,300 773 Net (loss) gain on sale $ (70) $ 186 The following table summarizes the Company’s assets held for sale activity for the periods presented (dollars in thousands): Net Carrying Value Number of Facilities December 31, 2022 $ 12,291 5 Additions to assets held for sale 10,374 2 Assets sold (3,300) (1) Impairment of real estate held for sale (1,886) — March 31, 2023 $ 17,479 6

OTHER REAL ESTATE RELATED AND O

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS	OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS As of March 31, 2023 and December 31, 2022, the Company’s other real estate related investments, at fair value, consisted of the following (dollar amounts in thousands): As of March 31, 2023 Investment Facility Count and Type Principal Balance as of March 31, 2023 Book Value as of March 31, 2023 Book Value as of December 31, 2022 Weighted Average Contractual Interest Rate Maturity Date Senior mortgage secured loan receivable 18 SNF/Campus $ 75,000 $ 72,543 $ 72,543 8.4 % (1) 6/30/2027 Mortgage secured loan receivable 5 SNF 22,250 21,350 21,345 10.5 % (2) 8/1/2025 Mortgage secured loan receivable 4 SNF 24,900 23,796 23,796 9.0 % (2) 9/8/2025 Mezzanine loan receivable (3) 9 SNF — — 14,672 — — Mezzanine loan receivable 18 SNF/Campus 25,000 23,075 24,012 11.0 % 6/30/2032 $ 147,150 $ 140,764 $ 156,368 (1) Rate is net of subservicing fee. (2) Term secured overnight financing rate (“SOFR”) used as of March 31, 2023 was 4.80%. Rates are net of subservicing fees. (3) Mezzanine loan was prepaid during the three months ended March 31, 2023. The following table summarizes the Company’s other real estate related investments activity for the three months ended March 31, 2023 and 2022 (dollars in thousands): Three Months Ended March 31, 2023 2022 Accrued interest, net $ (150) $ — Unrealized losses on other real estate related investments, net (454) — Repayments of other real estate related investments (15,000) — Net decrease in other real estate related investments, at fair value $ (15,604) $ — As of March 31, 2023 and December 31, 2022, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands): As of March 31, 2023 Investment Principal Balance as of March 31, 2023 Book Value as of March 31, 2023 Book Value as of December 31, 2022 Weighted Average Contractual Interest Rate Maturity Date Other loans receivable $ 9,453 $ 9,456 $ 9,600 8.5 % 9/1/2023 - 9/30/2025 Expected credit loss — (2,094) (2,094) Total $ 9,453 $ 7,362 $ 7,506 The following table summarizes the Company’s other loans receivable activity for the three months ended March 31, 2023 and 2022 (dollars in thousands): Three Months Ended March 31, 2023 2022 Origination of loans receivable $ — $ 2,500 Principal payments (143) (888) Accrued interest, net (1) — Provision for loan losses, net — (3,844) Net decrease in other loans receivable $ (144) $ (2,232) Expected credit losses and recoveries are recorded in provision for loan losses, net in the condensed consolidated statements of operations. During the three months ended March 31, 2022, the Company recorded a $4.6 million expected credit loss related to two other loans receivable that were placed on non-accrual status, net of a loan loss recovery of $0.8 million related to a loan previously written-off. During the three months ended March 31, 2023, the Company had no additional expected credit loss and did not consider any loan receivable investments to be impaired. The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, Investment 2023 2022 Mortgage secured loans receivable $ 2,704 $ — Mezzanine loans receivable 1,583 450 Other 156 19 Total $ 4,443 $ 469

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
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 Recurring Basis The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): Level 1 Level 2 Level 3 Balance as of March 31, 2023 Assets: Mortgage secured loans receivable $ — $ — $ 117,689 $ 117,689 Mezzanine loans receivable — — 23,075 23,075 Total $ — $ — $ 140,764 $ 140,764 Level 1 Level 2 Level 3 Balance as of December 31, 2022 Assets: Mortgage secured loans receivable $ — $ — $ 117,684 $ 117,684 Mezzanine loans receivable — — 38,684 38,684 Total $ — $ — $ 156,368 $ 156,368 The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands): Investments in Real Estate Secured Loans Investments in Mezzanine Loans Balance at December 31, 2022 $ 117,684 $ 38,684 Accrued interest, net 5 (155) Unrealized losses on other real estate related investments, net — (454) Repayments — (15,000) Balance as of March 31, 2023 $ 117,689 $ 23,075 Real estate secured and mezzanine loans receivable: The fair value of the secured and mezzanine loans receivables were estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value, market interest rates and other credit enhancements. As such, the Company classifies each instrument as Level 3 due to the significant unobservable inputs used in determining market interest rates for investments with similar terms. During the three months ended March 31, 2023, the Company recorded an unrealized loss of $1.0 million related to one mezzanine loan receivable due to rising interest rates, partially offset by a reversal of a previously recognized unrealized loss of $0.5 million related to the repayment of one mezzanine loan receivable. Future changes in market interest rates or collateral value could materially impact the estimated discounted cash flows that are used to determine the fair value of the secured and mezzanine loans receivable. As of March 31, 2023 and December 31, 2022, the Company did not have any loans that were 90 days or more past due. The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of March 31, 2023: Type Book Value as of March 31, 2023 Valuation Technique Unobservable Inputs Range Mortgage secured loans receivable $ 117,689 Discounted cash flow Discount Rate 10% - 13% Mezzanine loans receivable 23,075 Discounted cash flow Discount Rate 12% - 13% For the three months ended March 31, 2023, there were no classification changes in assets and liabilities with Level 3 inputs in the fair value hierarchy. 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 value, carrying amount and fair value of the Notes (as defined in Note 7, Debt, below) as of March 31, 2023 and December 31, 2022 using Level 2 inputs is as follows (dollars in thousands): March 31, 2023 December 31, 2022 Level Face Carrying Fair Face Carrying Fair Financial liabilities: Senior unsecured notes payable 2 $ 400,000 $ 395,372 $ 346,868 $ 400,000 $ 395,150 $ 345,036 Cash and cash equivalents, accounts and other receivables, accounts payable, and accrued liabilities: The carrying values for these instruments approximate their fair values due to the short-term nature of these instruments. Senior unsecured notes payable: The fair value of the Notes was determined using third-party quotes derived from orderly trades. Unsecured revolving credit facility and senior unsecured term loan: The fair values approximate their carrying values as the interest rates are variable and approximate prevailing market interest rates for similar debt arrangements.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the balance of the Company’s indebtedness as of March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, 2023 December 31, 2022 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 400,000 $ (4,628) $ 395,372 $ 400,000 $ (4,850) $ 395,150 Senior unsecured term loan 200,000 (599) 199,401 200,000 (652) 199,348 Unsecured revolving credit facility 135,000 — 135,000 125,000 — 125,000 $ 735,000 $ (5,227) $ 729,773 $ 725,000 $ (5,502) $ 719,498 Senior Unsecured Notes Payable 2028 Senior Notes. On June 17, 2021, 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 a private offering of $400.0 million aggregate principal amount of 3.875% Senior Notes due 2028 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended. The Notes were issued at par, resulting in gross proceeds of $400.0 million and net proceeds of approximately $393.8 million after deducting underwriting fees and other offering expenses. The Notes mature on June 30, 2028. The Notes accrue interest at a rate of 3.875% per annum payable semiannually in arrears on June 30 and December 30 of each year, commencing on December 30, 2021. The Issuers may redeem some or all of the Notes at any time prior to March 30, 2028 at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, plus a “make-whole” premium. At any time on or after March 30, 2028, the Issuers may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed plus accrued interest on the Notes, if any, to, but not including, the redemption date. In addition, at any time on or prior to June 30, 2024, up to 40% of the aggregate principal amount of the Notes may be redeemed with the net proceeds of certain equity offerings at a redemption price of 103.875% of the aggregate principal amount of Notes to be redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date. If certain changes of control of the Company occur, the Issuers will be required to make an offer to holders of the Notes to repurchase their Notes at a price of 101% of their 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 all of CareTrust’s existing and future subsidiaries (other than the Issuers) that guarantee obligations under the Amended Credit Facility (as defined below); provided, however, that such guarantees are subject to automatic release under certain customary circumstances. The indenture governing the Notes 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 governing the Notes 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 governing the Notes also contains customary events of default. As of March 31, 2023, the Company was in compliance with all applicable financial covenants under the indenture governing the Notes. Unsecured Revolving Credit Facility and Term Loan On December 16, 2022, 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 a second amended and restated credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender (the “Second Amended Credit Agreement”). The Second Amended Credit Agreement, which amends and restates the Company’s amended and restated credit and guaranty agreement, dated as of February 8, 2019 (as amended, 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) the continuation of the unsecured term loan credit facility which was previously extended under the Prior Credit Agreement (the “Term Loan” and together with the Revolving Facility, the “Second Amended Credit Facility”) in an aggregate principal amount of $200.0 million. Future borrowings under the Second 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 Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the Second Amended Credit Agreement) 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 Adjusted Term SOFR or Adjusted Daily Simple SOFR plus a margin ranging from 1.50% to 2.20% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). In addition, the Operating Partnership will pay a facility fee on the revolving commitments under the Revolving Facility ranging from 0.15% to 0.35% per annum, based on the debt to asset value ratio of the Company and its consolidated subsidiaries (unless the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt and the Operating Partnership elects to decrease the applicable margin as described above, in which case the Operating Partnership will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based on the credit ratings of the Company’s senior long-term unsecured debt). As of March 31, 2023, the Operating Partnership had $200.0 million of borrowings outstanding under the Term Loan and $135.0 million outstanding under the Revolving Facility. The Revolving Facility has a maturity date of February 9, 2027, 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 Second Amended Credit Facility is guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Second Amended Credit Agreement (other than the Operating Partnership). The Second 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 Second 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 Second Amended Credit Agreement also contains certain customary events of default, including the failure to make timely payments under the Second Amended Credit Facility or other material indebtedness, the failure to satisfy certain covenants (including the financial maintenance covenants), the occurrence of change of control and specified events of bankruptcy and insolvency. As of March 31, 2023, the Company was in compliance with all applicable financial covenants under the Second Amended Credit Agreement.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
EQUITY	EQUITY Common Stock At-The-Market Offering —On February 24, 2023, 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 “ATM Program”). In addition to the issuance and sale of shares of our common stock, the Company may also enter into one or more forward sales agreements (each, an “ATM forward contract”) with sales agents for the sale of the Company’s shares of common stock under the ATM Program. There was no ATM Program activity (or activity under any predecessor at-the-market equity offering programs) for the three months ended March 31, 2023 and 2022. As of March 31, 2023, the Company had $500.0 million available for future issuances under the ATM Program. Share Repurchase Program —On March 20, 2020, the Company’s board of directors authorized a share repurchase program for up to $150.0 million of outstanding shares of the Company’s common stock (the “Repurchase Program”). Repurchases under the Repurchase Program were authorized 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 were also allowed to be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company did not repurchase any shares of common stock under the Repurchase Program, which expired on March 31, 2023. Dividends on Common Stock —The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for the three months ended March 31, 2023 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2023 Dividends declared per share $ 0.28 Dividends payment date April 14, 2023 Dividends payable as of record date (1) $ 27,846 Dividends record date March 31, 2023 (1) Dividends payable includes dividends on performance stock awards that will be paid if and when the shares subject to such awards vest.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION All stock-based awards are subject to the terms of the CareTrust REIT, Inc. and CTR Partnership, L.P. Incentive Award Plan (the “Plan”). The Plan provides for the granting of stock-based compensation, including stock options, restricted stock, performance awards, restricted stock units, relative total stockholder return based stock awards and other incentive awards to officers, employees and directors in connection with their employment with or services provided to the Company. Under the Plan, 5,000,000 shares have been authorized for awards. Under the Plan, restricted stock awards (“RSAs”) vest in equal annual installments over a three year period for the RSAs granted in 2022 and 2021 and a four year period for the RSAs granted in 2020. RSAs granted to non-employee members of the board of directors (“Board Awards”) vest in full on the earlier to occur of the Company’s next Annual Meeting of Stockholders or one year. Performance stock awards (“PSA”) granted are subject to both time and performance based conditions and vest over a one one The following table summarizes the status of the restricted stock award and performance award activity for the three months ended March 31, 2023: Shares Weighted Average Share Price Unvested balance at December 31, 2022 573,609 $ 20.63 Vested (159,775) 21.59 Forfeited (60,545) 21.20 Unvested balance at March 31, 2023 353,289 $ 20.10 As of March 31, 2023, the weighted-average remaining vesting period of such awards w as 1.9 years. The following table summarizes the stock-based compensation expense recognized for the periods presented (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Stock-based compensation expense $ 936 $ 1,521 For the three months ended March 31, 2023, approximately $0.9 million of previously recognized stock-based compensation expense was reversed due to forfeitures of stock awards.

EARNINGS (LOSS) PER COMMON SHAR

EARNINGS (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) $ 19,227 $ (43,264) Less: Net income allocated to participating securities (89) (117) Numerator for basic and diluted earnings available to common stockholders $ 19,138 $ (43,381) Denominator: Weighted-average basic common shares outstanding 99,063 96,410 Dilutive performance stock awards 24 — Weighted-average diluted common shares outstanding 99,087 96,410 Earnings (loss) per common share, basic $ 0.19 $ (0.45) Earnings (loss) per common share, diluted $ 0.19 $ (0.45) Antidilutive unvested restricted stock awards, total shareholder units and performance awards excluded from the computation 318 534

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
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 The Ensign Group, Inc., under multiple long-term leases, and Pennant, the tenant will have an option to require the Company to finance certain capital expenditures up to an aggregate of 20% of the Company’s initial investment in such property, subject to a corresponding rent increase at the time of funding. For the Company’s other triple-net master leases, the tenants also have the option to request capital expenditure funding that would generally be subject to a corresponding rent increase at the time of funding, which are subject to tenant compliance with the conditions to the Company’s approval and funding of their requests. As of March 31, 2023, the Company had committed to fund expansions, construction and capital improvements at certain triple-net leased facilities totaling $14.8 million, of which $1.6 million is subject to rent increase at the time of funding.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	CONCENTRATION OF RISKConcentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Major operator concentration - The Company has operators from which it derived 10% or more of its rental revenue for the three months ended March 31, 2023 and 2022. The following table sets forth information regarding the Company’s major operators as of March 31, 2023 and 2022: Number of Facilities Number of Beds/Units Percentage of Total Revenue (1) Operator SNF Campus ALF/ILF SNF Campus ALF/ILF March 31, 2023 Ensign (2) 83 8 7 8,741 997 661 36 % Priority Management Group 13 2 — 1,742 402 — 17 % March 31, 2022 Ensign (2) 83 8 5 8,756 997 495 34 % Priority Management Group 13 2 — 1,742 402 — 16 % (1) The Company’s rental income, exclusive of operating expense reimbursements. (2) 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. Major geographic concentration – The following table provides information regarding the Company’s concentrations with respect to certain states, from which the Company derived 10% or more of its rental revenue for the three months ended March 31, 2023 and 2022: Number of Facilities Number of Beds/Units Percentage of Total Revenue (1) State SNF Campus ALF/ILF SNF Campus ALF/ILF March 31, 2023 CA 27 8 5 3,048 1,359 437 28 % TX 38 3 3 4,849 536 242 23 % March 31, 2022 CA 27 8 5 3,048 1359 449 26 % TX 38 3 3 4,829 536 242 22 % (1) Represents the Company’s rental income, exclusive of operating expense reimbursements and adjustments for collectibility.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
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. Recent Acquisitions, New and Amended Lease Agreements On April 1, 2023, the Company acquired two SNFs in Texas and Kansas for approximately $17.2 million, which includes estimated capitalized acquisition costs and capital expenditure commitments. In connection with the acquisition of the facility in Texas, the Company amended an existing master lease with affiliates of Momentum Skilled Services (“Momentum”) and extended the initial term of the lease. The Momentum lease, as amended, has a remaining initial term of approximately 15 years, with two five-year renewal options and CPI based rent escalators. Annual cash rent under the amended lease increased by approximately $1.0 million. In connection with the acquisition of the facility in Kansas, the Company entered into a new master lease with an affiliate of Summit Healthcare Management. The new master lease has an initial term of approximately 15 years, with two five-year renewal options and CPI based rent escalators. Annual cash rent under the new lease is approximately $0.7 million and the master lease provides for one month rent abatement. The acquisition was funded using cash on hand. On May 1, 2023, the Company acquired two ALFs in Illinois for approximately $18.2 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the two facilities, the Company entered into a new master lease with affiliates of Chapters Living, LLC. The new master lease has an initial term of approximately 15 years, with two five-year renewal options and CPI based rent escalators. Annual cash rent under the new lease is approximately $1.7 million and the master lease provides for rent abatement of the first three months. The acquisition was funded using proceeds from the Company’s unsecured revolving credit facility. On May 1, 2023, the Company acquired one SNF in Georgia for approximately $12.1 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the facility, the Company entered into a new master lease with an affiliate of Elevation Group, LLC. The new master lease has an initial term of approximately 15 years, with two five-year renewal options and CPI based rent escalators. Annual cash rent under the new lease is approximately $1.1 million. The acquisition was funded using proceeds from the Company’s unsecured revolving credit facility. Recent Asset Sales On May 1, 2023, the Company closed on the sale of one ALF consisting of 30 beds located in Texas with a carrying value of $2.6 million, which approximated the net sales proceeds received. The facility was classified as held for sale as of March 31, 2023. At-The-Market Offering of Common Stock

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022. 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.
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.

REAL ESTATE INVESTMENTS, NET (T

REAL ESTATE INVESTMENTS, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Investment in Owned Properties	The following table summarizes the Company’s investment in owned properties held for use at March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, 2023 December 31, 2022 Land $ 235,013 $ 238,738 Buildings and improvements 1,477,939 1,483,133 Integral equipment, furniture and fixtures 96,895 97,199 Identified intangible assets 2,833 2,832 Real estate investments 1,812,680 1,821,902 Accumulated depreciation and amortization (411,867) (400,492) Real estate investments, net $ 1,400,813 $ 1,421,410
Schedule of Total Future Contractual Minimum Rental Income	As of March 31, 2023, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements and assets held for sale, was as follows (dollars in thousands): Year Amount 2023 (nine months) $ 137,942 2024 184,484 2025 184,644 2026 184,750 2027 181,742 2028 179,626 Thereafter 778,259 Total $ 1,831,447
Schedule Of Tenant Purchase Options	Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands): Asset Type (1) Properties Lease Expiration Option Period Open Date (2) Option Type (3) Current Cash Rent (4) SNF 1 March 2029 4/1/2022 (6) A / B (7) 805 SNF / Campus 2 October 2032 1/1/2023 (5) A 1,097 SNF 4 November 2034 12/1/2024 (6) A 3,891 (1) Excludes a purchase option on an 11 building SNF portfolio representing $5.1 million of current cash rent. Tenant is currently not eligible to elect the option. (2) The Company has not received notice of exercise for the option periods that are currently open. (3) Option type includes: A - Fixed base price. B - Fixed capitalization rate on lease revenue. (4) Based on annualized cash revenue for contracts in place as of March 31, 2023. (5) Option window is open for six months from the option period open date. (6) Option window is open until the expiration of the lease term. (7) Purchase option reflects two option types.
Schedule Of Rental Income	The following table summarizes components of the Company’s rental income (dollars in thousands): For the Three Months Ended March 31, Rental Income 2023 2022 Contractual rent due (1) $ 46,170 $ 46,978 Straight-line rent (7) 6 Adjustment for collectibility (2) — (977) Total $ 46,163 $ 46,007 (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. Tenant operating expense reimbursements for the three months ended March 31, 2023 and 2022 were $0.7 million and $0.6 million, respectively.

IMPAIRMENT OF REAL ESTATE INV_2

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES - (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Asset Sales and Held for Sale Reclassifications	The following table summarizes the Company’s dispositions for the three months ended March 31, 2023 and 2022 (dollars in thousands): Three Months Ended March 31, 2023 2022 Number of facilities 1 1 Net sales proceeds $ 3,230 $ 959 Net carrying value 3,300 773 Net (loss) gain on sale $ (70) $ 186 The following table summarizes the Company’s assets held for sale activity for the periods presented (dollars in thousands): Net Carrying Value Number of Facilities December 31, 2022 $ 12,291 5 Additions to assets held for sale 10,374 2 Assets sold (3,300) (1) Impairment of real estate held for sale (1,886) — March 31, 2023 $ 17,479 6

OTHER REAL ESTATE RELATED AND_2

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Other Real Estate Related Investments, at Fair Value	As of March 31, 2023 and December 31, 2022, the Company’s other real estate related investments, at fair value, consisted of the following (dollar amounts in thousands): As of March 31, 2023 Investment Facility Count and Type Principal Balance as of March 31, 2023 Book Value as of March 31, 2023 Book Value as of December 31, 2022 Weighted Average Contractual Interest Rate Maturity Date Senior mortgage secured loan receivable 18 SNF/Campus $ 75,000 $ 72,543 $ 72,543 8.4 % (1) 6/30/2027 Mortgage secured loan receivable 5 SNF 22,250 21,350 21,345 10.5 % (2) 8/1/2025 Mortgage secured loan receivable 4 SNF 24,900 23,796 23,796 9.0 % (2) 9/8/2025 Mezzanine loan receivable (3) 9 SNF — — 14,672 — — Mezzanine loan receivable 18 SNF/Campus 25,000 23,075 24,012 11.0 % 6/30/2032 $ 147,150 $ 140,764 $ 156,368 (1) Rate is net of subservicing fee. (2) Term secured overnight financing rate (“SOFR”) used as of March 31, 2023 was 4.80%. Rates are net of subservicing fees. (3) Mezzanine loan was prepaid during the three months ended March 31, 2023.
Schedule of Other Real Estate Related Investment Activity	The following table summarizes the Company’s other real estate related investments activity for the three months ended March 31, 2023 and 2022 (dollars in thousands): Three Months Ended March 31, 2023 2022 Accrued interest, net $ (150) $ — Unrealized losses on other real estate related investments, net (454) — Repayments of other real estate related investments (15,000) — Net decrease in other real estate related investments, at fair value $ (15,604) $ — As of March 31, 2023 and December 31, 2022, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s condensed consolidated balance sheets, consisted of the following (dollars in thousands): As of March 31, 2023 Investment Principal Balance as of March 31, 2023 Book Value as of March 31, 2023 Book Value as of December 31, 2022 Weighted Average Contractual Interest Rate Maturity Date Other loans receivable $ 9,453 $ 9,456 $ 9,600 8.5 % 9/1/2023 - 9/30/2025 Expected credit loss — (2,094) (2,094) Total $ 9,453 $ 7,362 $ 7,506
Schedule of Loan Receivable Activity	The following table summarizes the Company’s other loans receivable activity for the three months ended March 31, 2023 and 2022 (dollars in thousands): Three Months Ended March 31, 2023 2022 Origination of loans receivable $ — $ 2,500 Principal payments (143) (888) Accrued interest, net (1) — Provision for loan losses, net — (3,844) Net decrease in other loans receivable $ (144) $ (2,232)
Schedule of Interest and Other Income	The following table summarizes the interest and other income recognized from the Company’s loans receivable and other investments during the three months ended March 31, 2023 and 2022 (dollars in thousands): For the Three Months Ended March 31, Investment 2023 2022 Mortgage secured loans receivable $ 2,704 $ — Mezzanine loans receivable 1,583 450 Other 156 19 Total $ 4,443 $ 469

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Items Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands): Level 1 Level 2 Level 3 Balance as of March 31, 2023 Assets: Mortgage secured loans receivable $ — $ — $ 117,689 $ 117,689 Mezzanine loans receivable — — 23,075 23,075 Total $ — $ — $ 140,764 $ 140,764 Level 1 Level 2 Level 3 Balance as of December 31, 2022 Assets: Mortgage secured loans receivable $ — $ — $ 117,684 $ 117,684 Mezzanine loans receivable — — 38,684 38,684 Total $ — $ — $ 156,368 $ 156,368
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs	The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands): Investments in Real Estate Secured Loans Investments in Mezzanine Loans Balance at December 31, 2022 $ 117,684 $ 38,684 Accrued interest, net 5 (155) Unrealized losses on other real estate related investments, net — (454) Repayments — (15,000) Balance as of March 31, 2023 $ 117,689 $ 23,075
Schedule of Quantitative Information About Unobservable Inputs Related To Level 3 Fair Value Measurements	The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of March 31, 2023: Type Book Value as of March 31, 2023 Valuation Technique Unobservable Inputs Range Mortgage secured loans receivable $ 117,689 Discounted cash flow Discount Rate 10% - 13% Mezzanine loans receivable 23,075 Discounted cash flow Discount Rate 12% - 13%
Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments	A summary of the face value, carrying amount and fair value of the Notes (as defined in Note 7, Debt, below) as of March 31, 2023 and December 31, 2022 using Level 2 inputs is as follows (dollars in thousands): March 31, 2023 December 31, 2022 Level Face Carrying Fair Face Carrying Fair Financial liabilities: Senior unsecured notes payable 2 $ 400,000 $ 395,372 $ 346,868 $ 400,000 $ 395,150 $ 345,036

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Instruments	The following table summarizes the balance of the Company’s indebtedness as of March 31, 2023 and December 31, 2022 (dollars in thousands): March 31, 2023 December 31, 2022 Principal Amount Deferred Loan Fees Carrying Value Principal Amount Deferred Loan Fees Carrying Value Senior unsecured notes payable $ 400,000 $ (4,628) $ 395,372 $ 400,000 $ (4,850) $ 395,150 Senior unsecured term loan 200,000 (599) 199,401 200,000 (652) 199,348 Unsecured revolving credit facility 135,000 — 135,000 125,000 — 125,000 $ 735,000 $ (5,227) $ 729,773 $ 725,000 $ (5,502) $ 719,498

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Dividends on Common Stock	The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for the three months ended March 31, 2023 (dollars in thousands, except per share amounts): For the Three Months Ended March 31, 2023 Dividends declared per share $ 0.28 Dividends payment date April 14, 2023 Dividends payable as of record date (1) $ 27,846 Dividends record date March 31, 2023

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Award and Performance Award Activity	The following table summarizes the status of the restricted stock award and performance award activity for the three months ended March 31, 2023: Shares Weighted Average Share Price Unvested balance at December 31, 2022 573,609 $ 20.63 Vested (159,775) 21.59 Forfeited (60,545) 21.20 Unvested balance at March 31, 2023 353,289 $ 20.10
Schedule of Stock-Based Compensation Expense	The following table summarizes the stock-based compensation expense recognized for the periods presented (dollars in thousands): For the Three Months Ended March 31, 2023 2022 Stock-based compensation expense $ 936 $ 1,521

EARNINGS (LOSS) PER COMMON SH_2

EARNINGS (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of 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 months ended March 31, 2023 and 2022, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) $ 19,227 $ (43,264) Less: Net income allocated to participating securities (89) (117) Numerator for basic and diluted earnings available to common stockholders $ 19,138 $ (43,381) Denominator: Weighted-average basic common shares outstanding 99,063 96,410 Dilutive performance stock awards 24 — Weighted-average diluted common shares outstanding 99,087 96,410 Earnings (loss) per common share, basic $ 0.19 $ (0.45) Earnings (loss) per common share, diluted $ 0.19 $ (0.45) Antidilutive unvested restricted stock awards, total shareholder units and performance awards excluded from the computation 318 534

CONCENTRATION OF RISK (Tables)

CONCENTRATION OF RISK (Tables)	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk	Major operator concentration - The Company has operators from which it derived 10% or more of its rental revenue for the three months ended March 31, 2023 and 2022. The following table sets forth information regarding the Company’s major operators as of March 31, 2023 and 2022: Number of Facilities Number of Beds/Units Percentage of Total Revenue (1) Operator SNF Campus ALF/ILF SNF Campus ALF/ILF March 31, 2023 Ensign (2) 83 8 7 8,741 997 661 36 % Priority Management Group 13 2 — 1,742 402 — 17 % March 31, 2022 Ensign (2) 83 8 5 8,756 997 495 34 % Priority Management Group 13 2 — 1,742 402 — 16 % (1) The Company’s rental income, exclusive of operating expense reimbursements. (2) 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. Major geographic concentration – The following table provides information regarding the Company’s concentrations with respect to certain states, from which the Company derived 10% or more of its rental revenue for the three months ended March 31, 2023 and 2022: Number of Facilities Number of Beds/Units Percentage of Total Revenue (1) State SNF Campus ALF/ILF SNF Campus ALF/ILF March 31, 2023 CA 27 8 5 3,048 1,359 437 28 % TX 38 3 3 4,849 536 242 23 % March 31, 2022 CA 27 8 5 3,048 1359 449 26 % TX 38 3 3 4,829 536 242 22 % (1) Represents the Company’s rental income, exclusive of operating expense reimbursements and adjustments for collectibility.

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) facility loan state bed	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of states with properties | state	28
Aggregate carrying value | $	$ 140,764	$ 156,368
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Number of loans	3
Mezzanine Loan Receivable
Real Estate Properties [Line Items]
Number of loans	1
Skilled Nursing, Multi Service Campuses, Assisted Living, and Independent Living Facilities
Real Estate Properties [Line Items]
Number of facilities | facility	215
Number of operational beds and units in facilities | bed	22,727

REAL ESTATE INVESTMENTS, NET -

REAL ESTATE INVESTMENTS, NET - Schedule of Investment in Owned Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 235,013	$ 238,738
Buildings and improvements	1,477,939	1,483,133
Integral equipment, furniture and fixtures	96,895	97,199
Identified intangible assets	2,833	2,832
Real estate investments	1,812,680	1,821,902
Accumulated depreciation and amortization	(411,867)	(400,492)
Real estate investments, net	$ 1,400,813	$ 1,421,410

REAL ESTATE INVESTMENTS, NET _2

REAL ESTATE INVESTMENTS, NET - Narrative (Details) - Skilled nursing, multi-service campuses, assisted living and independent living facilities - facility	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Real Estate [Line Items]
Number of facilities		215
Held for sale
Real Estate [Line Items]
Number of facilities		6
Short-term lease
Real Estate [Line Items]
Number of facilities	2	2
Short-term lease | Minimum
Real Estate [Line Items]
Term of lease commencement (in months)	12 months
Short-term lease | Maximum
Real Estate [Line Items]
Term of lease commencement (in months)	18 months
Triple-net Leases | Various other operators
Real Estate [Line Items]
Number of facilities	213	213

REAL ESTATE INVESTMENTS, NET _3

REAL ESTATE INVESTMENTS, NET - Schedule of Total Future Contractual Minimum Rental Income (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future Contractual Minimum Rental Income
2023 (nine months)	$ 137,942
2024	184,484
2025	184,644
2026	184,750
2027	181,742
2028	179,626
Thereafter	778,259
Total	$ 1,831,447

REAL ESTATE INVESTMENTS, NET _4

REAL ESTATE INVESTMENTS, NET - Schedule Of Tenant Purchase Options (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property facility
Lessor, Lease, Description [Line Items]
Period of option window	6 months
SNF | Lease Expiration March 2029, Next option 2022
Lessor, Lease, Description [Line Items]
Properties | property	1
Current Cash Rent	$ 805
SNF | Lease Expiration November 2034, Next option 2024
Lessor, Lease, Description [Line Items]
Properties | property	4
Current Cash Rent	$ 3,891
SNF | Properties With Purchase Option, Current Cash Rent
Lessor, Lease, Description [Line Items]
Properties | facility	11
Current Cash Rent	$ 5,100
SNF / Campus | Lease Expiration October 2032, Next option 2023
Lessor, Lease, Description [Line Items]
Properties | property	2
Current Cash Rent	$ 1,097

REAL ESTATE INVESTMENTS, NET _5

REAL ESTATE INVESTMENTS, NET - Schedule Of Rental Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) operator
Rental Income
Contractual rent due	$ 46,170	$ 46,978
Straight-line rent	(7)	6
Adjustments for collectibility	0	(977)
Total	46,163	46,007
Tenant operating expense reimbursement	$ 700	$ 600
Number of existing and former operators with doubtful collectability | operator		4
Operating Expense Reimbursements
Rental Income
Adjustments for collectability, reversed		$ 700
Contractual Rent
Rental Income
Adjustments for collectability, reversed		200
Straight-Line Rent
Rental Income
Adjustments for collectability, reversed		$ 100

REAL ESTATE INVESTMENTS, NET _6

REAL ESTATE INVESTMENTS, NET - Lease Amendments Narrative (Details) $ in Millions	Mar. 24, 2023 USD ($) extension_option	Mar. 16, 2023 USD ($) extension_option facility	Jan. 01, 2023 USD ($) extension_option
Amended Premier Lease
Real Estate [Line Items]
Annual cash rent under amended lease			$ 1.7
Annual cash rent increase under amended lease			$ 2.6
Initial lease term (in years)			8 years
Number of renewal options | extension_option			2
Lease renewal term (in years)			5 years
Noble VA Lease Termination And New Pennant Lease
Real Estate [Line Items]
Annual cash rent under amended lease		$ 0.8
Initial lease term (in years)		15 years
Number of renewal options | extension_option		2
Lease renewal term (in years)		5 years
Annual cash rent decrease under amended lease		$ 2.3
Amended Hillstone Lease
Real Estate [Line Items]
Initial lease term (in years)	7 years
Number of renewal options | extension_option	2
Lease renewal term (in years)	5 years
Deferred rent	$ 0.7
Period of deferral	12 months
Percentage of fixed rent escalator	2%
Assisted Living Facility [Member]
Real Estate [Line Items]
Leases with terminated operations | facility		2
Number of properties included | facility		2

IMPAIRMENT OF REAL ESTATE INV_3

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) facility	Mar. 31, 2022 USD ($) facility	Dec. 31, 2022 facility
Minimum | Level 3 | Valuation, Market Approach
Real Estate [Line Items]
Prices per unit input	$ 20
Maximum | Level 3 | Valuation, Market Approach
Real Estate [Line Items]
Prices per unit input	85
Weighted average | Level 3 | Valuation, Market Approach
Real Estate [Line Items]
Prices per unit input	32
Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate [Line Items]
Impairment expense to reduce carrying value to fair value less costs to sell	$ 1,900	$ 59,700
Number of facilities | facility	6	20	5
Disposal Group, Held-for-sale, Not Discontinued Operations | Minimum
Real Estate [Line Items]
Number of facilities | facility	4
Disposal Group, Held-for-sale, Not Discontinued Operations | Maximum
Real Estate [Line Items]
Number of facilities | facility	6

IMPAIRMENT OF REAL ESTATE INV_4

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES - Schedule of Company's Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) facility	Mar. 31, 2022 USD ($) facility	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales proceeds	$ 3,230	$ 959
Net carrying value	1,812,680		$ 1,821,902
Net (loss) gain on sale	$ (70)	$ 186
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities | facility	1	1
Net sales proceeds	$ 3,230	$ 959
Net carrying value	3,300	773
Net (loss) gain on sale	$ (70)	$ 186

IMPAIRMENT OF REAL ESTATE INV_5

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES - Company's Assets Held for Sale Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) facility
Increase Decrease in Assets Held for Sale [Roll Forward]
Beginning balance, at cost	$ 1,821,902
Ending balance, at cost	1,812,680
Disposal Group, Held-for-sale, Not Discontinued Operations
Increase Decrease in Assets Held for Sale [Roll Forward]
Beginning balance, at cost	12,291
Additions to assets held for sale	10,374
Assets sold	(3,300)
Impairment of real estate held for sale	(1,886)
Ending balance, at cost	$ 17,479
Number of facilities at beginning | facility	5
Number of facilities, Additions to assets held for sale | facility	2
Number of facilities, Assets sold | facility	(1)
Number of facilities, Impairment of real estate held for sale | facility	0
Number of facilities at end | facility	6

OTHER REAL ESTATE RELATED AND_3

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Other Real Estate Related Investments, at Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($) facility
Real Estate Properties [Line Items]
Principal Amount	$ 147,150
Book Value	140,764	$ 156,368
Senior mortgage secured loan receivable
Real Estate Properties [Line Items]
Principal Amount	75,000
Book Value	$ 72,543	$ 72,543
Weighted Average Contractual Interest Rate	8.40%
Senior mortgage secured loan receivable | Skilled nursing and campus facilities
Real Estate Properties [Line Items]
Facility Count and Type | facility	18	18
Mortgage secured loan receivable
Real Estate Properties [Line Items]
Principal Amount	$ 22,250
Book Value	$ 21,350	$ 21,345
Weighted Average Contractual Interest Rate	10.50%
Mortgage secured loan receivable | SOFR
Real Estate Properties [Line Items]
Basis spread on variable rate (percent)	4.80%
Mortgage secured loan receivable | Skilled nursing facility
Real Estate Properties [Line Items]
Facility Count and Type | facility	5	5
Mortgage secured loan receivable
Real Estate Properties [Line Items]
Principal Amount	$ 24,900
Book Value	$ 23,796	$ 23,796
Weighted Average Contractual Interest Rate	9%
Mortgage secured loan receivable | Skilled nursing facility
Real Estate Properties [Line Items]
Facility Count and Type | facility	4	4
Mezzanine loan receivable
Real Estate Properties [Line Items]
Principal Amount	$ 0
Book Value	$ 0	$ 14,672
Weighted Average Contractual Interest Rate	0%
Mezzanine loan receivable | Skilled nursing facility
Real Estate Properties [Line Items]
Facility Count and Type | facility	9	9
Mezzanine loan receivable
Real Estate Properties [Line Items]
Principal Amount	$ 25,000
Book Value	$ 23,075	$ 24,012
Weighted Average Contractual Interest Rate	11%
Mezzanine loan receivable | Skilled nursing and campus facilities
Real Estate Properties [Line Items]
Facility Count and Type | facility	18	18
Other
Real Estate Properties [Line Items]
Principal Amount	$ 9,453
Book Value	$ 9,456	$ 9,600
Weighted Average Contractual Interest Rate	8.50%
Expected credit loss	$ (2,094)	(2,094)
Principal Balance	9,453
Net decrease in other real estate related investments, at fair value	$ 7,362	$ 7,506

OTHER REAL ESTATE RELATED AND_4

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Other Real Estate Related Investment Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Net decrease in other loans receivable	$ (144)	$ (2,232)
Other Real Estate Related Investments
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest, net	(150)	0
Unrealized losses on other real estate related investments, net	(454)	0
Repayments of other real estate related investments	(15,000)	0
Net decrease in other loans receivable	$ (15,604)	$ 0

OTHER REAL ESTATE RELATED AND_5

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for loan losses, net	$ 0	$ 3,844
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for loan losses, net		$ 4,600
Number of loans receivable with provision | loan		2
Loan loss recovery		$ 800

OTHER REAL ESTATE RELATED AND_6

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Loan Receivable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, All Other Investments [Abstract]
Origination of loans receivable	$ 0	$ 2,500
Principal payments	(143)	(888)
Accrued interest, net	(1)	0
Provision for loan losses, net	0	(3,844)
Net decrease in other loans receivable	$ (144)	$ (2,232)

OTHER REAL ESTATE RELATED AND_7

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Interest and Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate Properties [Line Items]
Interest and other income	$ 4,443	$ 469
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Interest and other income	2,704	0
Mezzanine Loan Receivable
Real Estate Properties [Line Items]
Interest and other income	1,583	450
Other
Real Estate Properties [Line Items]
Interest and other income	$ 156	$ 19

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mortgage Secured and Mezzanine Loans Receivable
Assets:
Loan receivable	$ 140,764	$ 156,368
Recurring | Mortgage secured loans receivable
Assets:
Loan receivable	117,689	117,684
Recurring | Mezzanine Loan Receivable
Assets:
Loan receivable	23,075	38,684
Recurring | Level 1 | Mortgage Secured and Mezzanine Loans Receivable
Assets:
Loan receivable	0	0
Recurring | Level 1 | Mortgage secured loans receivable
Assets:
Loan receivable	0	0
Recurring | Level 1 | Mezzanine Loan Receivable
Assets:
Loan receivable	0	0
Recurring | Level 2 | Mortgage Secured and Mezzanine Loans Receivable
Assets:
Loan receivable	0	0
Recurring | Level 2 | Mortgage secured loans receivable
Assets:
Loan receivable	0	0
Recurring | Level 2 | Mezzanine Loan Receivable
Assets:
Loan receivable	0	0
Recurring | Level 3 | Mortgage Secured and Mezzanine Loans Receivable
Assets:
Loan receivable	140,764	156,368
Recurring | Level 3 | Mortgage secured loans receivable
Assets:
Loan receivable	117,689	117,684
Recurring | Level 3 | Mezzanine Loan Receivable
Assets:
Loan receivable	$ 23,075	$ 38,684

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized losses on other real estate related investments, net	$ (454)	$ 0
Investments in Real Estate Secured Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022	117,684
Accrued interest, net	5
Unrealized losses on other real estate related investments, net	0
Repayments	0
Balance as of March 31, 2023	117,689
Investments in Mezzanine Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022	38,684
Accrued interest, net	(155)
Unrealized losses on other real estate related investments, net	(454)
Repayments	(15,000)
Balance as of March 31, 2023	$ 23,075

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Unrealized losses on other real estate related investments, net	$ 454,000	$ 0
Mortgage loan receivable	140,764,000		$ 156,368,000
Greater than 90 days past due
Financing Receivable, Past Due [Line Items]
Mortgage loan receivable	0		$ 0
Secured And Mezzanine Loans Receivable
Financing Receivable, Past Due [Line Items]
Unrealized losses on other real estate related investments, net	1,000,000
Partial offset loss	$ 500,000

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information About Unobservable Inputs Related To Level 3 Fair Value Measurements (Details) - Level 3 - Discount Rate - Discounted cash flow $ in Thousands	Mar. 31, 2023 USD ($)
Mortgage secured loans receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, book value	$ 117,689
Mortgage secured loans receivable | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.10
Mortgage secured loans receivable | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.13
Mezzanine Loan Receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, book value	$ 23,075
Mezzanine Loan Receivable | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.12
Mezzanine Loan Receivable | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.13

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments (Details) - Level 2 - Senior unsecured notes payable - Senior unsecured notes payable - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial liabilities:
Face Value	$ 400,000	$ 400,000
Carrying Amount
Financial liabilities:
Notes payable, fair value disclosure	395,372	395,150
Fair Value
Financial liabilities:
Notes payable, fair value disclosure	$ 346,868	$ 345,036

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 735,000	$ 725,000
Deferred Loan Fees	(5,227)	(5,502)
Carrying Value	729,773	719,498
Unsecured revolving credit facility
Debt Instrument [Line Items]
Principal Amount	135,000	125,000
Deferred Loan Fees	0	0
Carrying Value	135,000	125,000
Notes payable | Senior unsecured notes payable
Debt Instrument [Line Items]
Principal Amount	400,000	400,000
Deferred Loan Fees	(4,628)	(4,850)
Carrying Value	395,372	395,150
Term loan | Senior unsecured term loan
Debt Instrument [Line Items]
Principal Amount	200,000	200,000
Deferred Loan Fees	(599)	(652)
Carrying Value	$ 199,401	$ 199,348

DEBT - Senior Unsecured Notes P

DEBT - Senior Unsecured Notes Payable Narrative (Details) - Notes payable - 2028 Senior Notes	Jun. 17, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument face amount	$ 400,000,000
Interest rate (as percent)	3.875%
Gross proceeds from issuance	$ 400,000,000
Net proceeds from issuance	$ 393,800,000
Redemption price, percentage upon change of control (as percent)	101%
Period prior to March 30 2028
Debt Instrument [Line Items]
Redemption price of notes (as percent)	100%
Period after March 30 2028
Debt Instrument [Line Items]
Redemption price of notes (as percent)	100%
Period prior to June 30 2024
Debt Instrument [Line Items]
Redemption price of notes (as percent)	103.875%
Percentage of principal amount (as percent)	40%

DEBT - Unsecured Revolving Cred

DEBT - Unsecured Revolving Credit Facility and Term Loan Narrative (Details)	Feb. 08, 2019 USD ($) extension_option	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Outstanding amounts		$ 735,000,000	$ 725,000,000
Borrowings outstanding		135,000,000	125,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 600,000,000
Outstanding amounts		135,000,000	125,000,000
Borrowings outstanding		135,000,000
Number of extension options | extension_option	2
Extension option term (in months)	6 months
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (as percent)	0.15%
Facility fee on revolving commitment fee based on investment grade ratings (as percent)	0.125%
Revolving Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	0.10%
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.10%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (as percent)	0.35%
Facility fee on revolving commitment fee based on investment grade ratings (as percent)	0.30%
Revolving Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	0.55%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.55%
Letter of credit
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (as percent)	10%
Swingline loan
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (as percent)	10%
Term loan | Senior unsecured term loan
Line of Credit Facility [Line Items]
Debt instrument face amount	$ 200,000,000
Outstanding amounts		$ 200,000,000	$ 200,000,000
Term loan | Senior unsecured term loan | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	0.50%
Term loan | Senior unsecured term loan | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.50%
Term loan | Senior unsecured term loan | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	1.20%
Term loan | Senior unsecured term loan | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as percent)	2.20%

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Feb. 24, 2023	Mar. 20, 2020
Class of Stock [Line Items]
Share repurchase program authorization					$ 150,000,000
Shares repurchased (in shares)			0
ATM Program
Class of Stock [Line Items]
Issuance of common stock, net, (in shares)	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 - Schedule of Dividends

EQUITY - Schedule of Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dividends on common stock
Dividends declared per share	$ 0.28	$ 0.275
Dividends payment date	Apr. 14, 2023
Dividends payable as of record date	$ 27,846
Dividends record date	Mar. 31, 2023

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for awards (in shares)	5,000,000
Value of forfeited stock awards	$ 0.9
Unamortized stock-based compensation expense	$ 8.5
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years	3 years	4 years
RSAs | Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
Performance Stock Awards | Minimum | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year	1 year
Performance Stock Awards | Minimum | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				1 year
Performance Stock Awards | Maximum | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years	3 years
Performance Stock Awards | Maximum | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				4 years
Performance Shares T S R Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years	3 years
Performance Shares T S R Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of original awards granted, TSR	0%
Performance Shares T S R Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of original awards granted, TSR	200%
RSAs and PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining vesting period (in years)	1 year 10 months 24 days

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Award and Performance Award Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) | shares	573,609
Vested (in shares) | shares	(159,775)
Forfeited (in shares) | shares	(60,545)
Unvested, ending balance (in shares) | shares	353,289
Weighted Average Share Price
Unvested, beginning balance (in usd per share) | $ / shares	$ 20.63
Vested (in usd per share) | $ / shares	21.59
Forfeited (in usd per share) | $ / shares	21.20
Unvested, ending balance (in usd per share) | $ / shares	$ 20.10

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 936	$ 1,521

EARNINGS (LOSS) PER COMMON SH_3

EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss)	$ 19,227	$ (43,264)
Less: Net income allocated to participating securities	(89)	(117)
Numerator for basic earnings available to common stockholders	19,138	(43,381)
Numerator for diluted earnings available to common stockholders	$ 19,138	$ (43,381)
Denominator:
Weighted-average basic common shares outstanding (in shares)	99,063	96,410
Dilutive performance stock awards (in shares)	24	0
Weighted-average diluted common shares outstanding (in shares)	99,087	96,410
Earnings (loss) per common share, basic (in usd per share)	$ 0.19	$ (0.45)
Earnings (loss) per common share, diluted (in usd per share)	$ 0.19	$ (0.45)
Antidilutive unvested restricted stock awards, total shareholder units and performance awards excluded from the computation (in shares)	318	534

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2023 USD ($)
Certain capital improvements at triple-net leased facilities
Other Commitments [Line Items]
Funding commitment	$ 14.8
Portion of funding commitment subject to rent increase at time of funding	$ 1.6
Ensign and Pennant
Other Commitments [Line Items]
Aggregate required financing of capital expenditures as percentage of initial investment in property (as percent)	20%

CONCENTRATION OF RISK (Details)

CONCENTRATION OF RISK (Details)	3 Months Ended
	Mar. 31, 2023 facility unit_bed	Mar. 31, 2022 unit_bed facility
CA | SNF
Concentration Risk [Line Items]
Number of Facilities | facility	27	27
Number of Beds/Units | unit_bed	3,048	3,048
CA | Campus
Concentration Risk [Line Items]
Number of Facilities | facility	8	8
Number of Beds/Units | unit_bed	1,359	1,359
CA | ALF/ILF
Concentration Risk [Line Items]
Number of Facilities | facility	5	5
Number of Beds/Units | unit_bed	437	449
CA | Rental revenue | Geographic concentration risk
Concentration Risk [Line Items]
Percentage of Total Revenue	28%	26%
TX | SNF
Concentration Risk [Line Items]
Number of Facilities | facility	38	38
Number of Beds/Units | unit_bed	4,849	4,829
TX | Campus
Concentration Risk [Line Items]
Number of Facilities | facility	3	3
Number of Beds/Units | unit_bed	536	536
TX | ALF/ILF
Concentration Risk [Line Items]
Number of Facilities | facility	3	3
Number of Beds/Units | unit_bed	242	242
TX | Rental revenue | Geographic concentration risk
Concentration Risk [Line Items]
Percentage of Total Revenue	23%	22%
Ensign | SNF
Concentration Risk [Line Items]
Number of Facilities | facility	83	83
Number of Beds/Units | unit_bed	8,741	8,756
Ensign | Campus
Concentration Risk [Line Items]
Number of Facilities | facility	8	8
Number of Beds/Units | unit_bed	997	997
Ensign | ALF/ILF
Concentration Risk [Line Items]
Number of Facilities | facility	7	5
Number of Beds/Units | unit_bed	661	495
Ensign | Rental revenue | Customer concentration risk
Concentration Risk [Line Items]
Percentage of Total Revenue	36%	34%
Priority Management Group | SNF
Concentration Risk [Line Items]
Number of Facilities | facility	13	13
Number of Beds/Units | unit_bed	1,742	1,742
Priority Management Group | Campus
Concentration Risk [Line Items]
Number of Facilities | facility	2	2
Number of Beds/Units | unit_bed	402	402
Priority Management Group | ALF/ILF
Concentration Risk [Line Items]
Number of Facilities | facility	0	0
Number of Beds/Units | unit_bed	0	0
Priority Management Group | Rental revenue | Customer concentration risk
Concentration Risk [Line Items]
Percentage of Total Revenue	17%	16%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)		1 Months Ended	3 Months Ended
	May 01, 2023 USD ($) renewal_option facility bed	Apr. 30, 2023 USD ($) facility renewal_option $ / shares shares	Mar. 31, 2023 USD ($) facility	Mar. 31, 2022 USD ($) facility
Subsequent Event [Line Items]
Net proceeds from sales of real estate			$ 3,230,000	$ 959,000
Skilled nursing, multi-service campuses, assisted living and independent living facilities
Subsequent Event [Line Items]
Number of properties | facility			215
Disposed of by sale
Subsequent Event [Line Items]
Number of properties | facility			1	1
Net proceeds from sales of real estate			$ 3,230,000	$ 959,000
Subsequent event | ATM Program
Subsequent Event [Line Items]
Number of shares issued in transaction | shares		1,757,500
Share price (in usd per share) | $ / shares		$ 19.91
Subsequent event | Disposed of by sale
Subsequent Event [Line Items]
Number of properties | facility	1
Number of units available in living facilities | bed	30
Net proceeds from sales of real estate	$ 2,600,000
Momentum Skilled Services | Subsequent event
Subsequent Event [Line Items]
Initial lease term (in years)		15 years
Number of renewal options | renewal_option		2
Lease renewal term (in years)		5 years
Annual cash rent increase under amended lease		$ 1,000,000
Momentum Skilled Services | Momentum and Summit | Subsequent event
Subsequent Event [Line Items]
Number of facilities acquired | facility		2
Transaction costs		$ 17,200,000
Summit Healthcare Management | Subsequent event
Subsequent Event [Line Items]
Initial lease term (in years)		15 years
Number of renewal options | renewal_option		2
Lease renewal term (in years)		5 years
Annual cash rent under amended lease		$ 700,000
Chapters | Subsequent event
Subsequent Event [Line Items]
Number of facilities acquired | facility	2
Initial lease term (in years)	15 years
Number of renewal options | renewal_option	2
Lease renewal term (in years)	5 years
Annual cash rent under amended lease	$ 1,700,000
Chapters | Chapters | Subsequent event
Subsequent Event [Line Items]
Transaction costs	$ 18,200,000
Elevation | Subsequent event
Subsequent Event [Line Items]
Number of facilities acquired | facility	1
Initial lease term (in years)	15 years
Number of renewal options | renewal_option	2
Lease renewal term (in years)	5 years
Annual cash rent under amended lease	$ 1,100,000
Elevation | Elevation | Subsequent event
Subsequent Event [Line Items]
Transaction costs	$ 12,100,000