New Senior Investment (SNR) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	New Senior Investment Group Inc.
Entity Central Index Key	1,610,114
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		86,534,140
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments:
Land	$ 178,062	$ 138,799
Buildings, improvements and other	1,991,533	1,500,130
Accumulated depreciation	(87,514)	(56,988)
Net real estate property	2,082,081	1,581,941
Acquired lease and other intangible assets	248,513	178,615
Accumulated amortization	(118,267)	(79,021)
Net real estate intangibles	130,246	99,594
Net real estate investments	2,212,327	1,681,535
Cash and cash equivalents	343,081	226,377
Receivables and other assets, net	77,273	58,247
Total Assets	2,632,681	1,966,159
Liabilities
Mortgage notes payable, net	1,682,855	1,223,224
Due to affiliates	9,441	6,882
Dividends payable	17,268	15,276
Accrued expenses and other liabilities	83,039	72,241
Total Liabilities	$ 1,792,603	$ 1,317,623
Commitments and contingencies
Equity
Preferred Stock $0.01 par value, 100,000,000 shares authorized and none outstanding as of both June 30, 2015 and December 31, 2014	$ 0	$ 0
Common stock $0.01 par value, 2,000,000,000 shares authorized, 86,529,505 and 66,415,415 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	865	664
Additional paid-in capital	938,916	672,587
Accumulated deficit	(99,703)	(24,715)
Total Equity	840,078	648,536
Total Liabilities and Equity	$ 2,632,681	$ 1,966,159

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	86,529,505	66,415,415
Common stock, shares outstanding (in shares)	86,529,505	66,415,415

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Resident fees and services		$ 63,470		$ 37,277	$ 110,658	$ 72,814
Rental revenue		27,730		22,346	54,402	44,644
Total revenues		91,200		59,623	165,060	117,458
Expenses
Property operating expense		42,824		26,196	77,095	51,755
Depreciation and amortization		39,574		23,177	69,731	46,012
Interest expense		16,984		14,097	32,295	27,402
Acquisition, transaction and integration expense		5,199		4,013	9,117	8,236
Management fee to affiliate		3,071		1,726	6,122	3,379
General and administrative expense		4,129		817	7,539	1,655
Loss on extinguishment of debt		0		0	5,091	0
Other expense		480		0	480	0
Total expenses		112,261		70,026	207,470	138,439
Loss Before Income Taxes		(21,061)		(10,403)	(42,410)	(20,981)
Income tax expense		129		627	34	987
Net Loss		$ (21,190)		$ (11,030)	$ (42,444)	$ (21,968)
Loss Per Share of Common Stock
Basic and diluted (in dollars per share)	[1]	$ (0.32)		$ (0.17)	$ (0.64)	$ (0.33)
Weighted Average Number of Shares of Common Stock Outstanding
Basic and diluted (in shares)	[2]	66,857,483		66,399,857	66,637,670	66,399,857
Dividends Declared Per Share of Common Stock (in dollars per share)		$ 0.49	[3]	$ 0	$ 0.49	$ 0
[1]	Basic earnings per share ("EPS") is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period.
[2]	For the purposes of computing income per share of common stock for periods prior to the spin-off on November 6, 2014, the Company treated the common shares issued in connection with the spin-off as if they had been outstanding for all periods presented, similar to a stock split. All 7.5 million outstanding options were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[3]	The three months ended June 30, 2015 includes a dividend of $15,276, or $0.23 per common share, which is attributable to the first quarter and was announced on April 6, 2015.

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - Jun. 30, 2015 - USD ($) $ in Thousands, shares in Millions	Total	Total
Weighted Average Number of Shares of Common Stock Outstanding
Anti-dilutive options (in shares)		7.5
Dividend	$ 15,276	$ 32,544
Dividend per common share (in dollars per share)	$ 0.23
Dividend, date declared		Apr. 6, 2015

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock [Member]	Accumulated Deficit [Member]	Additional Paid-in Capital [Member]	Total
Equity at Dec. 31, 2014	$ 664	$ (24,715)	$ 672,587	$ 648,536
Equity (in shares) at Dec. 31, 2014	66,415,415			66,415,415
Increase (Decrease) in Equity [Roll Forward]
Issuance of common stock, net	$ 201	0	266,312	$ 266,513
Issuance of common stock (in shares)	20,114,090
Dividends declared	$ 0	(32,544)	0	(32,544)
Fair value of stock options issued	0	0	17	17
Net loss	0	(42,444)	0	(42,444)
Equity at Jun. 30, 2015	$ 865	$ (99,703)	$ 938,916	$ 840,078
Equity (in shares) at Jun. 30, 2015	86,529,505			86,529,505

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities
Net loss	$ (42,444)	$ (21,968)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of tangible assets and amortization of intangible assets	69,804	46,012
Amortization of deferred financing costs	4,473	4,059
Amortization of deferred community fees	(1,112)	(598)
Amortization of premium on mortgage notes payable	305	425
Non-cash straight line rent	(12,540)	(12,136)
Loss on extinguishment of debt	5,091	0
Equity-based compensation	17	0
Provision for bad debt	824	437
Unrealized loss on interest rate caps	480	0
Changes in:
Receivables and other assets	(4,432)	(7,592)
Due to affiliates	2,559	3,904
Accrued expenses and other liabilities	9,932	16,298
Net cash provided by operating activities	32,957	28,841
Cash Flows From Investing Activities
Cash paid for acquisitions, net of deposits	(584,932)	(227,535)
Capital expenditures	(4,978)	(3,836)
Funds reserved for future capital expenditures	(292)	(540)
Deposits paid for real estate investments	(10,855)	(649)
Net cash used in investing activities	(601,057)	(232,560)
Cash Flows From Financing Activities
Proceeds from mortgage notes payable	757,572	32,857
Principal payments of mortgage notes payable	(7,911)	(6,271)
Repayments of mortgage notes payable	(289,484)	0
Payment of exit fee on extinguishment of debt	(1,499)	0
Payment of deferred financing costs	(8,798)	(457)
Payment of common stock dividend	(30,552)	0
Purchase of interest rate caps	(1,037)	0
Proceeds from issuance of common stock	276,569	0
Costs related to issuance of common stock	(10,056)	0
Contributions	0	216,167
Distributions	0	(21,431)
Net cash provided by financing activities	684,804	220,865
Net Increase in Cash and Cash Equivalents	116,704	17,146
Cash and Cash Equivalents, Beginning of Period	226,377	30,393
Cash and Cash Equivalents, End of Period	343,081	47,539
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	26,734	21,529
Cash paid during the period for income taxes	190	1,110
Supplemental Schedule of Non-Cash Investing and Financing Activities
Common stock dividend declared but not paid	$ 17,268	$ 0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2015
ORGANIZATION [Abstract]
ORGANIZATION	1. ORGANIZATION New Senior is a REIT primarily focused on investing in private pay senior housing properties. The Company has been investing in senior housing since 2012 and currently owns a diversified portfolio of 124 primarily private pay senior housing properties located across 32 states. The Company is listed on the New York Stock Exchange (“NYSE”) under the symbol “SNR” and is headquartered in New York, New York. The Company operates in two reportable segments: (1) Managed Properties and (2) Triple Net Lease Properties. Managed Properties – The Company has engaged property managers to manage 66 of its properties on a day-to-day basis under the Managed Properties segment. These properties consist of 25 dedicated independent living facilities (“IL-only”) and 41 properties with a combination of assisted living/memory care (“AL/MC”) facilities. The Company’s Managed Properties are managed by Holiday Acquisition Holdings LLC (“Holiday”), a portfolio company that is majority owned by private equity funds managed by an affiliate of FIG LLC (the “Manager”), a subsidiary of Fortress Investment Group LLC (“Fortress”), FHC Property Management LLC (together with its subsidiaries, “Blue Harbor”), an affiliate of the Manager, Jerry Erwin Associates, Inc. (“JEA”) and Thrive Senior Living LLC ("Thrive"), collectively, the “Property Managers,” under property management agreements (the “Property Management Agreements”). Under the Property Management Agreements, the Property Managers are responsible for the day-to-day operations of the Company’s senior housing properties and are entitled to a management fee in accordance with the terms of the Property Management Agreements. The Company has entered into long-term property management agreements for its managed properties with Blue Harbor, Holiday, JEA and Thrive. Holiday’s property management agreements have initial ten-year terms, with successive, automatic one-year renewal periods and the Company pays property management fees of 5% to 7% of effective gross income. For the Company’s other property managers, the property management agreements have initial terms of five to ten years with successive, automatic one-year renewal periods. The Company pays property management fees of 3% to 7% of gross revenues and, for certain property management agreements, a property management fee based on a percentage of net operating income. Triple Net Lease Properties – The Company has also invested in 58 properties (substantially all of which are included in the “Holiday Portfolio” and the Life Care Services ("LCS") Portfolio) subject to triple net lease arrangements under the Triple Net Lease Properties segment. These properties consist of 52 IL-only properties, five rental Continuing Care Retirement Communities (“CCRC”) properties and one AL/MC property. In a triple net lease arrangement, the Company purchases property and leases it back to the seller or to a third party, and the lessee agrees to operate and maintain the property at its own expense, including repairs, maintenance, capital expenditures, utilities, taxes, insurance and the payroll expense of property-level employees. The Company’s triple net lease agreements have initial terms of approximately 15 or 17 years and include renewal options and annual rent increases ranging from 2.5% to 4.5% in future years.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying Consolidated Financial Statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP’’) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The Consolidated Financial Statements include the accounts of New Senior and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. New Senior consolidates those entities in which it has control over significant operating, financial and investing decisions of the entity. As of June 30, 2015 and December 31, 2014, the Company did not have any investments in Variable Interest Entities (“VIEs”). VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the results of operations, financial position and cash flows in the Company's Financial Statements on Form 10-K for the year ended December 31, 2014. During the six months ended June 30, 2014, the Company was not operated as a stand-alone business from Newcastle. Information in the Consolidated Financial Statements for this period has been prepared on a stand-alone basis from the Consolidated Financial Statements and accounting records of Newcastle. Information in the Consolidated Financial Statements for this period does not necessarily reflect what New Senior’s consolidated results of operations, financial position and cash flows would have been had New Senior operated as an independent company prior to the spin-off. Management believes the assumptions and methods of allocation used in the accompanying Consolidated Financial Statements are reasonable. The accompanying Consolidated Financial Statements reflect all revenues, expenses and cash flows directly attributable to the Company. Certain expenses of Newcastle, comprised primarily of a portion of its management fee, acquisition and transaction costs and general and administrative costs, have been allocated to New Senior to the extent they were directly associated with the Company for periods prior to the spin-off. The portion of the management fee allocated to New Senior prior to the spin-off represents the product of the management fee rate payable by Newcastle, 1.5% and New Senior’s gross equity, which management believes is a reasonable method for quantifying the cost of the services provided by the employees of the Manager to the Company. New Senior and Newcastle have not shared any costs subsequent to the spin-off. See Note 11 for details related to management agreement terms. Certain prior period amounts have been reclassified to conform to the current period’s presentation. Use of Estimates Management is required to make estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the accompanying Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates. Revenue Recognition Resident Fees and Services - Rental Revenue - Acquisition Accounting The Company has determined that all of its acquisitions should be accounted for under the acquisition method. The accounting for acquisitions requires the identification and measurement of all acquired tangible and intangible assets and assumed liabilities at their respective fair values as of the respective acquisition dates. Recognized intangible assets primarily include the fair value of in-place resident leases and above/below market lease intangibles. In measuring the fair value of net tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of real property, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. The Company estimates the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition fair value of the in-place lease intangibles is amortized over the average length of stay of the residents at the senior housing properties on a straight-line basis, which is estimated to be approximately 24 months for AL/MC and CCRC properties and approximately 33 months for IL-only properties. The Company estimates the fair value of above/below market lease intangibles as the difference between contract rent and market rent over the remaining lease term for each leased property, on a discounted basis. Above/below market lease intangibles also include ground lease intangibles that are amortized over the contractual lives of the leases. Other intangibles recognized upon acquisition include intangible assets such as non-compete intangibles. Non-compete intangibles reflect the fair value of non-compete agreements at acquisition. The Company estimates the fair value of non-compete intangibles as the sum of (i) the present value of the consulting services during the non-compete period and (ii) the difference between (a) the present value of the net operating income with the non-compete agreements in place and (b) the present value of the net operating income, as if the non-compete agreements were not in place. The acquisition fair value of the non-compete intangibles is amortized over the non-compete period on a straight-line basis. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of the contingent consideration is remeasured at each reporting date with any change recorded in "Other expense" in the Consolidated Statements of Operations. Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions and include advisory, legal, accounting, valuation and other professional or consulting fees. Integration expense includes costs directly related to the integration of acquired businesses such as lender mandated repairs, licensing, rebranding and training incurred in connection with the acquisition. Acquisition, transaction and integration costs are expensed as incurred. Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board ("IASB") issued Accounting Standards Update ("ASU") 2014-09 Revenues from Contracts with Customers (Topic 606). The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02 which amends the consolidation guidance in ASC 810. The standard eliminates the deferral of FAS 167, per ASC 810-10-65-2(a), that has allowed certain investment funds to follow the previous consolidation guidance in FIN 46 (R). The standard changes whether (1) fees paid to a decision maker or service provider represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 for public companies, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs The FASB has recently issued or discussed a number of proposed standards on such topics as financial statement presentation, leases, financial instruments and hedging. Some of these proposed changes are significant and could have a material impact on New Senior's Consolidated Financial Statements. The Company has not yet fully evaluated the potential impact of all these proposals, but will make such an evaluation as the standards are finalized.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2015
ACQUISITIONS [Abstract]
ACQUISITIONS	3. ACQUISITIONS Second quarter 2015 acquisitions On April 23, 2015, the Company completed the acquisition of two AL/MC properties located in two states for total consideration of $25,145 (which includes a deposit of $305 paid in the first quarter of 2015). The acquisition was financed with $17,850 of debt and the remainder was paid with cash on hand. These properties were integrated into the Company's Managed Properties segment and are managed by Thrive. On May 1, 2015, the Company completed the acquisition of a rental CCRC property ("Watermark") located in Pennsylvania for total consideration of $71,799 (which includes a deposit of $4,650 paid in the first quarter of 2015). The acquisition was financed with $52,000 of debt and the remainder was paid with cash on hand. Subsequent to the acquisition, the Company entered into a triple net lease agreement with Watermark Castle Investments, LLC. The initial term of the lease will be 15 years with rent escalators equal to the greater of (i) the percentage increase in the consumer price index ("CPI") or (ii) 3.25% in years 2 through 3, and 2.75% thereafter. This property was integrated into the Company's Triple Net Lease segment. During the three months ended June 30, 2015, the Company paid deposits of $5,900 for future acquisitions that had not closed as of June 30, 2015. First quarter 2015 acquisitions On March 27, 2015, the Company acquired a portfolio of 17 private pay, IL-only properties located across 10 states for a purchase price of $435,000 (which includes a deposit of $4,350 paid in the fourth quarter of 2014), plus associated debt prepayment penalties of $26,499. This acquisition was financed with new debt of $326,815 and the remainder was paid with cash on hand. This portfolio was integrated into the Managed Properties segment and is managed by Holiday. On January 22, 2015, the Company acquired a portfolio of four private pay, IL-only properties located across four states for total consideration of $36,299 (which includes a deposit of $505 paid in the fourth quarter of 2014). The Company subsequently obtained financing of $28,470 which is secured by these properties. This portfolio was integrated into the Managed Properties segment and Holiday and Blue Harbor each manage two of the properties. Resident fees and services, Rental revenue and Net loss were $20,866, $1,057 and $8,524, respectively, for the acquisitions made during the six months ended June 30, 2015. The following table summarizes the preliminary fair value of identifiable assets acquired and liabilities assumed in connection with the acquisitions completed in the six month period ended June 30, 2015 in accordance with the acquisition method of accounting: Managed Properties Triple Net Lease Properties Total Real estate investments $ 459,579 $ 66,419 $ 525,998 In-place lease intangibles 63,829 6,081 69,910 Other assets, net of other liabilities (465 ) (701 ) (1,166 ) Total consideration 522,943 71,799 594,742 Mortgage notes payable (A) 373,135 52,000 425,135 Net assets $ 149,808 $ 19,799 $ 169,607 Total acquisition-related expenses (B) $ 2,219 $ 1,823 $ 4,042 (A) Represents new debt issued in connection with the acquisitions. (B) Included in "Acquisition, transaction and integration expense" in the Consolidated Statements of Operations. During the six months ended June 30, 2014, the Company acquired four portfolios representing eleven senior housing properties (five AL/MC, four CCRC and two IL-only). Six of the properties were integrated into the Triple Net Lease segment. The remaining five properties were integrated into the Managed Properties segment, with Blue Harbor and Holiday managing three and two of the properties, respectively. The Company's acquisition accounting for transactions completed through June 30, 2015 is still preliminary (with the exception of properties acquired through the second quarter of 2014 for which the acquisition accounting has been finalized), pending the completion of various analyses and the finalization of estimates used in the determination of fair values. During the measurement period, additional assets or liabilities may be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets or liabilities as of that date. The preliminary measurement of net assets acquired may be adjusted after obtaining additional information regarding, among other things, asset valuations (including market and other information with which to determine fair values), liabilities assumed, the analysis of assumed contracts, and revisions of previous estimates. These adjustments may be significant and will be accounted for retrospectively. During the six months ended June 30, 2015, measurement period adjustments were made based on the valuation of assets acquired and liabilities assumed. The adjustments included a decrease of $308 for real estate investments, a decrease of $12 for in-place lease intangibles and an increase of $320 for other assets. None of the measurement period adjustments had a material impact on the Company's previously reported results of operations. The following table illustrates the effect of the acquisitions completed in the period from January 1, 2014 to June 30, 2015 on revenues and pre-tax net loss as if they had been consummated as of January 1, 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 92,074 $ 89,184 $ 183,557 $ 177,182 Pre-tax net loss (21,164 ) (19,439 ) (46,794 ) (39,244 ) The pro forma results are not necessarily indicative of the operating results that would have been obtained had the acquisitions occurred as of January 1, 2014, nor are they necessarily indicative of future operating results.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2015
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	4. SEGMENT REPORTING As of June 30, 2015, the Company operated in two reportable business segments: Managed Properties and Triple Net Lease Properties. Under its Managed Properties segment, the Company invests in senior housing properties throughout the United States and engages property managers to manage those senior housing properties. Under its Triple Net Lease Properties segment, the Company invests in senior housing and healthcare properties throughout the United States and leases those properties to healthcare operating companies under triple net leases that obligate the tenants to pay all property-related expenses, including repairs, maintenance, capital expenditures, utilities, taxes, insurance and the payroll expense of property-level employees. The Company evaluates performance of the combined properties in each reportable business segment based on segment net operating income (“NOI”). The Company defines NOI as total revenues less property-level operating expenses, which include property management fees and travel cost reimbursements to affiliates. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measurement. However, the Company believes that segment NOI serves as a useful supplement to net income because it allows investors, analysts and management to measure unlevered property-level operating results and to compare the Company’s operating results to the operating results of other real estate companies and between periods on a consistent basis. Segment NOI should not be considered as an alternative to net income as determined in accordance with GAAP. Interest expense, depreciation and amortization, general and administrative expense, acquisition, transaction and integration expense, management fee to affiliate, income tax expense and discontinued operations (if any) are not allocated to individual segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Properties Consolidated Revenues Resident fees and services $ — $ 63,470 $ 63,470 $ — $ 37,277 $ 37,277 Rental revenue 27,730 — 27,730 22,346 — 22,346 Less: Property operating expense — 42,824 42,824 — 26,196 26,196 Segment NOI $ 27,730 $ 20,646 $ 48,376 $ 22,346 $ 11,081 $ 33,427 Depreciation and amortization 39,574 23,177 Interest expense 16,984 14,097 Acquisition, transaction and integration expense 5,199 4,013 Management fee to affiliate 3,071 1,726 General and administrative expense 4,129 817 Other expense 480 — Income tax expense 129 627 Net Loss $ (21,190 ) $ (11,030 ) Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Properties Consolidated Revenues Resident fees and services $ — $ 110,658 $ 110,658 $ — $ 72,814 $ 72,814 Rental revenue 54,402 — 54,402 44,644 — 44,644 Less: Property operating expense — 77,095 77,095 — 51,755 51,755 Segment NOI $ 54,402 $ 33,563 $ 87,965 $ 44,644 $ 21,059 $ 65,703 Depreciation and amortization 69,731 46,012 Interest expense 32,295 27,402 Acquisition, transaction and integration expense 9,117 8,236 Management fee to affiliate 6,122 3,379 General and administrative expense 7,539 1,655 Loss on extinguishment of debt 5,091 — Other expense 480 — Income tax expense 34 987 Net Loss $ (42,444 ) $ (21,968 ) Property operating expense includes property management fees and travel reimbursement costs. The Company also reimbursed the Property Managers for property-level payroll expenses. See Note 11 for additional information on these expenses related to Blue Harbor and Holiday. Reimbursements paid to JEA and Thrive during the three and six months ended June 30, 2015 were not material. Assets by reportable business segment are as follows: June 30, 2015 December 31, 2014 Assets: Amount Percentage Amount Percentage Triple Net Lease Properties $ 1,231,928 46.8 % $ 1,175,690 59.8 % Managed Properties 1,400,753 53.2 % 790,469 40.2 % Total Assets $ 2,632,681 100.0 % $ 1,966,159 100.0 % The tenant for the Holiday Portfolio, an affiliate of Fortress, accounted for 24.4% and 37.5% of the total revenues for the three months ended June 30, 2015 and 2014 and 27.0% and 38.0% of the total revenues for the six months ended June 30, 2015 and 2014, respectively. The following table presents the percentage of total revenues by geographic location: Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Number of Communities % of Revenue Number of Communities % of Revenue Florida 23 21.9 % 19 26.9 % Texas 17 15.3 % 15 8.4 % California 8 8.6 % 5 8.9 % Pennsylvania 6 6.4 % 5 8.1 % Oregon 8 5.7 % 8 7.8 % Utah 6 5.7 % 5 6.9 % North Carolina 7 5.2 % 3 4.0 % Other 49 31.2 % 35 29.0 % Total 124 100.0 % 95 100.0 %

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	6 Months Ended
	Jun. 30, 2015
REAL ESTATE INVESTMENTS [Abstract]
REAL ESTATE INVESTMENTS	5. REAL ESTATE INVESTMENTS June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 178,062 $ — $ 178,062 $ 138,799 $ — $ 138,799 Building and improvements 1,902,327 (65,901 ) 1,836,426 1,434,200 (43,164 ) 1,391,036 Furniture, fixtures and equipment 89,206 (21,613 ) 67,593 65,930 (13,824 ) 52,106 Total $ 2,169,595 $ (87,514 ) $ 2,082,081 $ 1,638,929 $ (56,988 ) $ 1,581,941 Depreciation expense was $17,155 and $11,084 for the three months ended June 30, 2015 and 2014 and $30,558 and $21,560 for the six months ended June 30, 2015 and 2014, respectively. A loss on disposal of assets of $32 is included in "Property operating expense" in the Consolidated Statements of Operations for the three and six months ended June 30, 2015. The following table summarizes the Company’s real estate intangibles as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Amortization Period Above/below market lease intangibles, net $ 5,868 $ (264 ) $ 5,604 52.5 years $ 5,868 $ (167 ) $ 5,701 52.1 years In-place lease intangibles 236,849 (116,730 ) 120,119 2.5 years 166,951 (77,889 ) 89,062 2.3 years Other intangibles 5,796 (1,273 ) 4,523 9.3 years 5,796 (965 ) 4,831 9.6 years Total intangibles $ 248,513 $ (118,267 ) $ 130,246 $ 178,615 $ (79,021 ) $ 99,594 Amortization expense was $22,419 and $12,093 for the three months ended June 30, 2015 and 2014 and $39,173 and $24,452 for the six months ended June 30, 2015 and 2014, respectively. Additionally, amortization of below market leases was $37 and $23 for the three months ended June 30, 2015 and 2014 and $73 and $47 for the six months ended June 30, 2015 and 2014, respectively, and is reported as a reduction to "Rental revenue" in the Consolidated Statements of Operations. The estimated future amortization of intangible assets is as follows: Years Ending December 31 Remainder of 2015 $ 40,436 2016 57,994 2017 23,725 2018 619 2019 503 Thereafter 6,969 Total $ 130,246

RECEIVABLES AND OTHER ASSETS, N

RECEIVABLES AND OTHER ASSETS, NET	6 Months Ended
	Jun. 30, 2015
RECEIVABLES AND OTHER ASSETS, NET [Abstract]
RECEIVABLES AND OTHER ASSETS, NET	6. RECEIVABLES AND OTHER ASSETS, NET June 30, 2015 December 31, 2014 Straight-line rent receivables $ 38,994 $ 26,454 Escrows held by lenders (A) 15,968 10,768 Other receivables 7,288 5,845 Prepaid expenses 1,926 3,217 Resident receivables, net 2,798 3,162 Deferred tax assets 5,063 4,672 Security deposits 1,523 1,225 Income tax receivable 1,956 1,870 Interest rate caps 557 — Other assets 1,200 1,034 Total $ 77,273 $ 58,247 (A) Escrows held by lenders represent amounts deposited in tax, insurance, and replacement reserve escrow accounts that are related to mortgage notes collateralized by New Senior's properties. The following table summarizes the allowance for doubtful accounts and the related provision for resident receivables: Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Balance, beginning of period $ 190 $ 303 Provision for bad debt 824 437 Write-offs, net of recoveries (429 ) (211 ) Balance, end of period $ 585 $ 529 The provision for resident receivables and related write-offs are included in "Property operating expense" in the Consolidated Statements of Operations.

DEFERRED FINANCING COSTS

DEFERRED FINANCING COSTS	6 Months Ended
	Jun. 30, 2015
DEFERRED FINANCING COSTS [Abstract]
DEFERRED FINANCING COSTS	7. DEFERRED FINANCING COSTS The deferred financing costs summarized in the following table are presented as a reduction to "Mortgage notes payable, net" in the Consolidated Balance Sheets. June 30, 2015 December 31, 2014 Gross carrying amount $ 50,761 $ 45,569 Accumulated amortization (12,628 ) (9,363 ) Total $ 38,133 $ 36,206 Amortization of deferred financing costs is reported within "Interest expense" in the Consolidated Statements of Operations.

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	6 Months Ended
	Jun. 30, 2015
MORTGAGE NOTES PAYABLE, NET [Abstract]
MORTGAGE NOTES PAYABLE, NET	8. MORTGAGE NOTES PAYABLE, NET June 30, 2015 December 31, 2014 Outstanding Face Amount Carrying Value (A) Final Stated Maturity Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Managed Properties Fixed Rate (B) $ 144,052 $ 143,691 Dec 2018 - Mar 2020 3.65% to 4.93% 4.0 $ 156,763 $ 154,696 Floating Rate (C) 705,487 697,509 Apr 2022 - May 2022 1M LIBOR + 2.20% to 1M LIBOR + 2.34% 6.8 278,424 275,689 Triple Net Lease Properties Fixed Rate (D) 702,208 676,544 Jan 2021 - Jan 2024 3.83% to 8.00% 7.0 708,383 679,333 Floating Rate 167,000 165,111 Oct 2017 - Apr 2018 3M LIBOR + 3.00% to 3M LIBOR + 3.25% 2.4 115,000 113,506 Total $ 1,718,747 $ 1,682,855 6.2 $ 1,258,570 $ 1,223,224 (A) The totals are reported net of deferred financing costs of $38,133 and $36,206 as of June 30, 2015 and December 31, 2014, respectively. (B) Includes loans with an outstanding face amount of $40,247, as of June 30, 2015, for which the Company bought down the interest rate to 4.0% through July 2015. The interest rate will range from 5.99% to 6.76% thereafter. (C) All of these loans have LIBOR caps that range between 3.66% and 3.80% as of June 30, 2015. (D) Includes loans with an outstanding face amount of $353,624 and $309,511, as of June 30, 2015, for which the Company bought down the interest rates to 4.00% and 3.83%, respectively, through January 2019. The interest rates will increase to 4.99% and 4.56%, respectively, thereafter. In March 2015, the Company refinanced mortgage loans of $297,030 and recognized a loss on extinguishment of debt of $5,091, which represents the write-off of related unamortized deferred financing costs, mortgage discounts, exit fees and other costs, as of the date of the refinancing, and is included in "Loss on extinguishment of debt" in the Consolidated Statements of Operations. The carrying value of the collateral relating to the fixed rate and floating rate mortgages was $1,085,446 and $1,125,988 as of June 30, 2015 and $1,130,582 and $524,996 as of December 31, 2014, respectively. The Company’s mortgage notes payable contain various customary financial and other covenants, and in certain cases include a Debt Service Coverage Ratio and Project Yield, as defined in the agreements. The Company was in compliance with the covenants of its mortgage notes payable agreements as of June 30, 2015. The fair values of mortgage notes payable as of June 30, 2015 and December 31, 2014 was $1,768,482 and $1,283,109, respectively. Mortgage notes payable are not measured at fair value in the Consolidated Balance Sheets. The disclosed fair value of mortgage notes payable, classified as level 3 within the fair value hierarchy, is based on a discounted cash flow valuation model. Significant inputs in the model include amounts and timing of expected future cash flows and market yields which are constructed based on inputs implied from similar debt offerings.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS [Abstract]
DERIVATIVE INSTRUMENTS	9. DERIVATIVE INSTRUMENTS During the six months ended June 30, 2015, the Company entered into interest rate cap contracts to hedge future payments on floating rate debt obligations. The interest rate caps are carried at fair value and are included in "Receivables and other assets, net" in the Consolidated Balance Sheets. The Company estimates the fair value using pricing models that consider forward yield curves, cap strike rates, cap volatility and discount rates, which are classified as level 2 inputs. Significant inputs to the valuation of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other pricing sources with reasonable levels of price transparency. The fair value adjustment on the Company's interest rate caps was a $480 loss for both the three and six months ended June 30, 2015 and is included in "Other expense" in the Consolidated Statements of Operations. The following table presents information related to the Company's outstanding interest rate caps: June 30, 2015 Outstanding notional amount $ 705,572 LIBOR cap range 3.66% to 3.80% LIBOR cap effective date range March 2015 to April 2018 Fair value $ 557

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2015
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	10. ACCRUED EXPENSES AND OTHER LIABILITIES June 30, 2015 December 31, 2014 Security deposits payable $ 52,180 $ 50,917 Accounts payable 7,612 6,058 Mortgage interest payable 4,440 3,651 Deferred community fees, net 4,110 3,113 Rent collected in advance 2,905 2,530 Property tax payable 3,503 1,627 Contingent consideration 50 50 Other liabilities 8,239 4,295 Total $ 83,039 $ 72,241

TRANSACTIONS WITH AFFILIATES

TRANSACTIONS WITH AFFILIATES	6 Months Ended
	Jun. 30, 2015
TRANSACTIONS WITH AFFILIATES [Abstract]
TRANSACTIONS WITH AFFILIATES	11. TRANSACTIONS WITH AFFILIATES Management Agreements In conjunction with the spin-off, New Senior entered into a management agreement (the “Management Agreement”) with the Manager dated November 6, 2014 (effective November 7, 2014), under which the Manager advises the Company on various aspects of its business and manages its day-to-day operations, subject to the supervision of the Company’s board of directors. For its management services, the Manager is entitled to a base management fee of 1.5% per annum of the Company’s gross equity. Gross equity is generally defined as the equity invested by Newcastle as of the distribution date plus the aggregate offering price from stock offerings, plus certain capital contributions to subsidiaries, less capital distributions (calculated without regard to depreciation and amortization) and repurchases of common stock, calculated and payable monthly in arrears in cash. During the three and six months ended June 30, 2015 the Company incurred management fees of $3,071 and $6,122, respectively, under the Management Agreement, which are included in “Management fee to affiliate” in the Consolidated Statements of Operations. As of June 30, 2015, the Company had a payable for management fees of $1,039 which is included in “Due to affiliates” in the Consolidated Balance Sheets. The Manager is entitled to receive, on a quarterly basis, incentive compensation on a cumulative, but not compounding basis, in an amount equal to the product of (A) 25% of the dollar amount by which (1)(a) funds from operations (as defined in the Management Agreement) before the incentive compensation per share of common stock, plus (b) gains (or losses) from sales of property per share of common stock, plus (c) internal and third party acquisition-related expenses, plus (d) unconsummated transaction expenses, and plus (e) other non-routine items, exceed (2) an amount equal to (a) the weighted average value per share of the equity invested by Newcastle in the assets of the Company (including total cash contributed to the Company) as of the distribution date and the price per share of the Company’s common stock in any offerings by the Company (adjusted for prior capital dividends or capital distributions, which shall be calculated without regard to depreciation and amortization) multiplied by (b) a simple interest rate of 10% per annum, multiplied by (B) the weighted average number of shares of common stock outstanding. The incentive fee is payable in cash, stock or a combination of both. The Manager earned no incentive compensation during the six months ended June 30, 2015. Because the Manager’s employees perform certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, the Manager is paid or reimbursed for the cost of performing such tasks, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants on an arm’s-length basis. The Company is also required to pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The Company is required to pay expenses that include, but are not limited to, issuance and transaction costs incidental to the sourcing, evaluation, acquisition, management, disposition, and financing of the Company’s investments, legal, underwriting, sourcing, asset management and auditing fees and expenses, the compensation and expenses of independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of the Company, the costs of printing and mailing proxies and reports to the Company’s stockholders, costs incurred by employees or agents of the Manager for travel on the Company’s behalf, costs associated with any computer software or hardware that is solely used by the Company, costs to obtain liability insurance to indemnify directors and officers and the compensation and expenses of the Company’s transfer agent. During the three and six months ended June 30, 2015, the Company reimbursed the Manager $2,100 and $4,943, respectively, for costs incurred for tasks and other services performed by the Manager under the Management Agreement, of which $1,632 and $3,276 is included in "General and administrative expense" and $468 and $1,667 is included in "Acquisition, transaction and integration expense," respectively, in the Consolidated Statements of Operations. As of June 30, 2015, the Company had a payable for Manager reimbursements of $2,339 which is included in “Due to affiliates” in the Consolidated Balance Sheets. As of, and for the periods prior to, November 6, 2014, the Company was not party to a stand-alone management agreement with the Manager. However, the Company was allocated a portion of the fees paid by Newcastle to the Manager for management services in the amount of $1,726 and $3,379 for the three and six months ended June 30, 2014, respectively. Newcastle’s management agreement with the Manager provides that Newcastle reimburses the Manager for various expenses incurred by the Manager or its officers, employees and agents on its behalf, including costs of legal, accounting, tax, auditing, administrative and other similar services rendered for Newcastle by providers retained by the Manager or, if provided by the Manager's employees, based on amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm's-length basis. Newcastle’s Manager was also entitled to receive incentive compensation on a cumulative, but not compounding basis, subject to certain performance targets and contingent events. The Manager earned no incentive compensation during the six months ended June 30, 2014. Property Management Agreements Within the Company’s Managed Properties segment, the Company is party to Property Management Agreements with Blue Harbor and Holiday, both affiliates of Fortress, to manage a portion of its senior housing properties. Pursuant to these Property Management Agreements, the Company pays monthly property management fees. For AL/MC properties managed by Blue Harbor and Holiday, the Company pays management fees equal to 6% of effective gross income for the first two years and 7% thereafter. For IL-only properties managed by Blue Harbor and Holiday, the Company pays management fees equal to 5% of effective gross income. Property management fees are included in property operating expense. Property operating expense for Property Managers affiliated with Fortress include property management fees of $3,681 and $2,178 and travel reimbursement costs of $94 and $77 for the three months ended June 30, 2015 and 2014, respectively. Property operating expense for Property Managers affiliated with Fortress include property management fees of $6,755 and $4,323 and travel reimbursement costs of $185 and $148 for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, the Company had a payable for property management fees of $1,262 which is included in “Due to affiliates” in the Consolidated Balance Sheets. The payroll expense is structured as a reimbursement to the Property Manager, who is the employer of record. The Company reimbursed the Property Managers affiliated with Fortress for property-level payroll expenses relating to the Company’s operations for approximately $19,760 and $13,670 for the three months ended June 30, 2015 and 2014 and $36,381 and $27,305 for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, the Company had a payable for property-level payroll expenses of $4,801 which is included in “Due to affiliates” in the Consolidated Balance Sheets. The Property Management Agreements with affiliated managers have an initial term of 10 years and provide for automatic one-year extensions after the initial term, subject to termination rights. Triple Net Lease Agreements Within the Company’s Triple Net Lease segment, the Company is party to triple net master leases with the tenant for the Holiday Portfolios. Pursuant to the leases, the tenant is required to pay base monthly rent payments in accordance with the underlying lease terms on a straight-line basis over the lease term which expires in 2031. Such payments amounted to $16,989 and $16,258 for the three months ended June 30, 2015 and 2014 and $33,979 and $32,516 for the six months ended June 30, 2015 and 2014, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
INCOME TAXES [Abstract]
INCOME TAXES	12. INCOME TAXES New Senior has been operating so as to qualify as a REIT under the requirements of the Internal Revenue Code ("Code"). However, certain of the Company’s activities are conducted through its TRS and therefore are subject to federal and state income taxes at regular corporate tax rates. The following table presents the provision for income taxes: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current Federal $ — $ 766 $ — $ 1,006 State and local 68 (47 ) 104 4 Total current provision 68 719 104 1,010 Deferred Federal $ 48 $ (83 ) $ (110 ) $ (20 ) State and local 13 (9 ) 40 (3 ) Total deferred provision 61 (92 ) (70 ) (23 ) Total Provision for Income Taxes $ 129 $ 627 $ 34 $ 987 The following table presents the significant components of deferred tax assets: June 30, 2015 Deferred Tax Assets: Prepaid fees and rent $ 2,155 Depreciation and amortization 863 Net operating losses 1,828 Other 217 Total Deferred Tax Assets 5,063 Less valuation allowance — Net Deferred Tax Assets $ 5,063 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income by the TRS during the periods in which temporary differences become deductible. The Company has not recorded a valuation allowance against its deferred tax assets as of June 30, 2015 as management believes that it is more likely than not that the deferred tax assets will be realized.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2015
EQUITY [Abstract]
EQUITY	13. EQUITY Equity and Dividends On April 6, 2015 and June 8, 2015, the Company announced that its Board of Directors approved cash dividends of $15,276, or $0.23 per common share, and $17,268, or $0.26 per common share, respectively. The dividends were paid on April 30, 2015 to shareholders of record on April 17, 2015 and August 3, 2015 to shareholders of record on June 18, 2015, respectively. On June 29, 2015, the Company issued 20,114,090 shares of its common stock in a public offering at a price of $13.75, for proceeds of $266,513, net of issuance costs. Certain executive officers and a director of the Company participated in this offering and purchased an aggregate of 101,817 shares at the public offering price. The Company intends to use the net proceeds from the offering to fund a portion of the purchase price for a $640,000 portfolio of IL-only senior housing properties, which the Company entered into an agreement to purchase on June 22, 2015, and for general corporate purposes, which may include, but are not limited to, funding additional acquisitions. As of June 30, 2015, 1,372,369 shares of the Company's common stock were held by Fortress, through its affiliates, and its principals and employees. Stock Options In connection with the public offering of common stock, the Company granted options to the Manager, pursuant to the Management Agreement, to purchase 2,011,409 shares of New Senior's common stock at a price of $13.75, which had a grant date fair value of $2,976. The assumptions used in valuing the options were: a 2.51% risk-free rate, a 8.16% dividend yield, 21.32% volatility and a 10 year term. The fair value of these options was recorded as an increase in equity with an offsetting reduction of capital proceeds received.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES As of June 30, 2015, management believes there are no material contingencies that would affect the Company’s results of operations, cash flows or financial position. Certain Obligations, Liabilities and Litigation The Company may be subject to various obligations, liabilities and litigation assumed in connection with or arising out of its acquisitions or otherwise arising in connection with its on-going business. Some of these liabilities may be indemnified by third parties. However, if these liabilities are greater than expected or were not known to the Company at the time of acquisition, if the Company is not entitled to indemnification, or if the responsible third party fails to indemnify the Company for these liabilities, such obligations, liabilities and litigation could have a material adverse effect on the Company. In addition, in connection with the sale or leasing of properties, the Company may incur various obligations and liabilities, including indemnification obligations, relating to the operations of those properties, which could have a material adverse effect on the Company’s financial position, cash flows and results of operations. Certain Tax-Related Covenants If New Senior is treated as a successor to Newcastle under applicable U.S. federal income tax rules, and if Newcastle fails to qualify as a REIT, New Senior could be prohibited from electing to be a REIT. Accordingly, Newcastle has (i) represented that it has no knowledge of any fact or circumstance that would cause New Senior to fail to qualify as a REIT, (ii) covenanted to use commercially reasonable efforts to cooperate with New Senior as necessary to enable New Senior to qualify for taxation as a REIT and receive customary legal opinions concerning REIT status, including providing information and representations to New Senior and its tax counsel with respect to the composition of Newcastle’s income and assets, the composition of its stockholders and its operation as a REIT, and (iii) covenanted to use its reasonable best efforts to maintain its REIT status for each of Newcastle’s taxable years ending on or before December 31, 2015 (unless Newcastle obtains an opinion from a nationally recognized tax counsel or a private letter ruling from the Internal Revenue Service (“IRS”) to the effect that Newcastle’s failure to maintain its REIT status will not cause New Senior to fail to qualify as a REIT under the successor REIT rule referred to above). Proceedings Indemnified and Defended by Third Parties From time to time, the Company is party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold the Company harmless. While the Company is presently not being defended by any tenant and other obligated third parties in these types of matters, there is no assurance that its tenants, their affiliates or other obligated third parties will continue to defend the Company in these matters, or that such parties will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to the Company. Environmental Costs As a commercial real estate owner, the Company is subject to potential environmental costs. As of June 30, 2015, management of the Company is not aware of any environmental concerns that would have a material adverse effect on the Company’s financial position or results of operations. Capital Improvement and Repair Commitments The Company is committed to making $4,000 available for immediate capital improvements to the triple net lease properties under the LCS Portfolio, of which $59 has been funded as of June 30, 2015. The Company also agreed to make available an additional $11,500 at certain intervals over the 15 year lease period to be used for further capital improvements. Upon funding these further capital improvements, the Company will be entitled to a rent increase. Additionally, the Company is committed under the Watermark triple net lease property to make $1,000 available for lender mandated repairs and $1,000 available for additional capital improvements during the 15 year lease period. Upon funding the capital improvements, the Company will be entitled to a rent increase. No repairs or capital improvements under the Watermark property have been funded as of June 30, 2015. Finally, the Company has two ground leases with initial terms of 74 and 82 years that require equal annual rent payments over the life of the leases which are not material.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS These Consolidated Financial Statements include a discussion of material events, if any, which have occurred subsequent to June 30, 2015 (referred to as subsequent events) through the issuance of the Consolidated Financial Statements. On June 22, 2015, the Company entered into a Purchase and Sale Agreement to acquire a portfolio of 28 private pay, IL-only properties for a purchase price of $640,000. This acquisition is expected to be financed with a combination of long-term, fixed rate mortgage debt and cash on hand. This portfolio will be integrated into the Managed Properties segment and will be managed by Holiday. This acquisition is subject to various conditions, including the completion of due diligence, and is expected to close in the third quarter of 2015.

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Principles of Consolidation	The accompanying Consolidated Financial Statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP’’) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The Consolidated Financial Statements include the accounts of New Senior and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. New Senior consolidates those entities in which it has control over significant operating, financial and investing decisions of the entity. As of June 30, 2015 and December 31, 2014, the Company did not have any investments in Variable Interest Entities (“VIEs”). VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the results of operations, financial position and cash flows in the Company's Financial Statements on Form 10-K for the year ended December 31, 2014.
Basis of Presentation	During the six months ended June 30, 2014, the Company was not operated as a stand-alone business from Newcastle. Information in the Consolidated Financial Statements for this period has been prepared on a stand-alone basis from the Consolidated Financial Statements and accounting records of Newcastle. Information in the Consolidated Financial Statements for this period does not necessarily reflect what New Senior’s consolidated results of operations, financial position and cash flows would have been had New Senior operated as an independent company prior to the spin-off. Management believes the assumptions and methods of allocation used in the accompanying Consolidated Financial Statements are reasonable. The accompanying Consolidated Financial Statements reflect all revenues, expenses and cash flows directly attributable to the Company. Certain expenses of Newcastle, comprised primarily of a portion of its management fee, acquisition and transaction costs and general and administrative costs, have been allocated to New Senior to the extent they were directly associated with the Company for periods prior to the spin-off. The portion of the management fee allocated to New Senior prior to the spin-off represents the product of the management fee rate payable by Newcastle, 1.5% and New Senior’s gross equity, which management believes is a reasonable method for quantifying the cost of the services provided by the employees of the Manager to the Company. New Senior and Newcastle have not shared any costs subsequent to the spin-off. See Note 11 for details related to management agreement terms.
Reclassifications	Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the accompanying Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates.
Revenue Recognition	Revenue Recognition Resident Fees and Services - Rental Revenue -
Acquisition Accounting	Acquisition Accounting The Company has determined that all of its acquisitions should be accounted for under the acquisition method. The accounting for acquisitions requires the identification and measurement of all acquired tangible and intangible assets and assumed liabilities at their respective fair values as of the respective acquisition dates. Recognized intangible assets primarily include the fair value of in-place resident leases and above/below market lease intangibles. In measuring the fair value of net tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of real property, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. The Company estimates the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition fair value of the in-place lease intangibles is amortized over the average length of stay of the residents at the senior housing properties on a straight-line basis, which is estimated to be approximately 24 months for AL/MC and CCRC properties and approximately 33 months for IL-only properties. The Company estimates the fair value of above/below market lease intangibles as the difference between contract rent and market rent over the remaining lease term for each leased property, on a discounted basis. Above/below market lease intangibles also include ground lease intangibles that are amortized over the contractual lives of the leases. Other intangibles recognized upon acquisition include intangible assets such as non-compete intangibles. Non-compete intangibles reflect the fair value of non-compete agreements at acquisition. The Company estimates the fair value of non-compete intangibles as the sum of (i) the present value of the consulting services during the non-compete period and (ii) the difference between (a) the present value of the net operating income with the non-compete agreements in place and (b) the present value of the net operating income, as if the non-compete agreements were not in place. The acquisition fair value of the non-compete intangibles is amortized over the non-compete period on a straight-line basis. Contingent consideration, if any, is measured at fair value on the date of acquisition. The fair value of the contingent consideration is remeasured at each reporting date with any change recorded in "Other expense" in the Consolidated Statements of Operations. Acquisition and transaction expense includes costs related to completed and potential acquisitions and transactions and include advisory, legal, accounting, valuation and other professional or consulting fees. Integration expense includes costs directly related to the integration of acquired businesses such as lender mandated repairs, licensing, rebranding and training incurred in connection with the acquisition. Acquisition, transaction and integration costs are expensed as incurred.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB and the International Accounting Standards Board ("IASB") issued Accounting Standards Update ("ASU") 2014-09 Revenues from Contracts with Customers (Topic 606). The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In February 2015, the FASB issued ASU 2015-02 which amends the consolidation guidance in ASC 810. The standard eliminates the deferral of FAS 167, per ASC 810-10-65-2(a), that has allowed certain investment funds to follow the previous consolidation guidance in FIN 46 (R). The standard changes whether (1) fees paid to a decision maker or service provider represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 for public companies, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs The FASB has recently issued or discussed a number of proposed standards on such topics as financial statement presentation, leases, financial instruments and hedging. Some of these proposed changes are significant and could have a material impact on New Senior's Consolidated Financial Statements. The Company has not yet fully evaluated the potential impact of all these proposals, but will make such an evaluation as the standards are finalized.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2015
ACQUISITIONS [Abstract]
Fair Value of Identifiable Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair value of identifiable assets acquired and liabilities assumed in connection with the acquisitions completed in the six month period ended June 30, 2015 in accordance with the acquisition method of accounting: Managed Properties Triple Net Lease Properties Total Real estate investments $ 459,579 $ 66,419 $ 525,998 In-place lease intangibles 63,829 6,081 69,910 Other assets, net of other liabilities (465 ) (701 ) (1,166 ) Total consideration 522,943 71,799 594,742 Mortgage notes payable (A) 373,135 52,000 425,135 Net assets $ 149,808 $ 19,799 $ 169,607 Total acquisition-related expenses (B) $ 2,219 $ 1,823 $ 4,042 (A) Represents new debt issued in connection with the acquisitions. (B) Included in "Acquisition, transaction and integration expense" in the Consolidated Statements of Operations.
Effect of Acquisitions on Revenues and Pre-tax Net Loss	The following table illustrates the effect of the acquisitions completed in the period from January 1, 2014 to June 30, 2015 on revenues and pre-tax net loss as if they had been consummated as of January 1, 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 92,074 $ 89,184 $ 183,557 $ 177,182 Pre-tax net loss (21,164 ) (19,439 ) (46,794 ) (39,244 )

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2015
SEGMENT REPORTING [Abstract]
Segment Reporting	Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Properties Consolidated Revenues Resident fees and services $ — $ 63,470 $ 63,470 $ — $ 37,277 $ 37,277 Rental revenue 27,730 — 27,730 22,346 — 22,346 Less: Property operating expense — 42,824 42,824 — 26,196 26,196 Segment NOI $ 27,730 $ 20,646 $ 48,376 $ 22,346 $ 11,081 $ 33,427 Depreciation and amortization 39,574 23,177 Interest expense 16,984 14,097 Acquisition, transaction and integration expense 5,199 4,013 Management fee to affiliate 3,071 1,726 General and administrative expense 4,129 817 Other expense 480 — Income tax expense 129 627 Net Loss $ (21,190 ) $ (11,030 ) Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Properties Consolidated Revenues Resident fees and services $ — $ 110,658 $ 110,658 $ — $ 72,814 $ 72,814 Rental revenue 54,402 — 54,402 44,644 — 44,644 Less: Property operating expense — 77,095 77,095 — 51,755 51,755 Segment NOI $ 54,402 $ 33,563 $ 87,965 $ 44,644 $ 21,059 $ 65,703 Depreciation and amortization 69,731 46,012 Interest expense 32,295 27,402 Acquisition, transaction and integration expense 9,117 8,236 Management fee to affiliate 6,122 3,379 General and administrative expense 7,539 1,655 Loss on extinguishment of debt 5,091 — Other expense 480 — Income tax expense 34 987 Net Loss $ (42,444 ) $ (21,968 ) Property operating expense includes property management fees and travel reimbursement costs. The Company also reimbursed the Property Managers for property-level payroll expenses. See Note 11 for additional information on these expenses related to Blue Harbor and Holiday. Reimbursements paid to JEA and Thrive during the three and six months ended June 30, 2015 were not material. Assets by reportable business segment are as follows: June 30, 2015 December 31, 2014 Assets: Amount Percentage Amount Percentage Triple Net Lease Properties $ 1,231,928 46.8 % $ 1,175,690 59.8 % Managed Properties 1,400,753 53.2 % 790,469 40.2 % Total Assets $ 2,632,681 100.0 % $ 1,966,159 100.0 %
Percentage of Total Revenues by Geographic Location	The following table presents the percentage of total revenues by geographic location: Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Number of Communities % of Revenue Number of Communities % of Revenue Florida 23 21.9 % 19 26.9 % Texas 17 15.3 % 15 8.4 % California 8 8.6 % 5 8.9 % Pennsylvania 6 6.4 % 5 8.1 % Oregon 8 5.7 % 8 7.8 % Utah 6 5.7 % 5 6.9 % North Carolina 7 5.2 % 3 4.0 % Other 49 31.2 % 35 29.0 % Total 124 100.0 % 95 100.0 %

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
REAL ESTATE INVESTMENTS [Abstract]
Real Estate Investments	June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 178,062 $ — $ 178,062 $ 138,799 $ — $ 138,799 Building and improvements 1,902,327 (65,901 ) 1,836,426 1,434,200 (43,164 ) 1,391,036 Furniture, fixtures and equipment 89,206 (21,613 ) 67,593 65,930 (13,824 ) 52,106 Total $ 2,169,595 $ (87,514 ) $ 2,082,081 $ 1,638,929 $ (56,988 ) $ 1,581,941
Real Estate Intangibles	The following table summarizes the Company’s real estate intangibles as of June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Amortization Period Above/below market lease intangibles, net $ 5,868 $ (264 ) $ 5,604 52.5 years $ 5,868 $ (167 ) $ 5,701 52.1 years In-place lease intangibles 236,849 (116,730 ) 120,119 2.5 years 166,951 (77,889 ) 89,062 2.3 years Other intangibles 5,796 (1,273 ) 4,523 9.3 years 5,796 (965 ) 4,831 9.6 years Total intangibles $ 248,513 $ (118,267 ) $ 130,246 $ 178,615 $ (79,021 ) $ 99,594
Estimated Future Amortization of Intangible Assets	The estimated future amortization of intangible assets is as follows: Years Ending December 31 Remainder of 2015 $ 40,436 2016 57,994 2017 23,725 2018 619 2019 503 Thereafter 6,969 Total $ 130,246

RECEIVABLES AND OTHER ASSETS,27

RECEIVABLES AND OTHER ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2015
RECEIVABLES AND OTHER ASSETS, NET [Abstract]
Receivables and Other Assets, Net	June 30, 2015 December 31, 2014 Straight-line rent receivables $ 38,994 $ 26,454 Escrows held by lenders (A) 15,968 10,768 Other receivables 7,288 5,845 Prepaid expenses 1,926 3,217 Resident receivables, net 2,798 3,162 Deferred tax assets 5,063 4,672 Security deposits 1,523 1,225 Income tax receivable 1,956 1,870 Interest rate caps 557 — Other assets 1,200 1,034 Total $ 77,273 $ 58,247 (A) Escrows held by lenders represent amounts deposited in tax, insurance, and replacement reserve escrow accounts that are related to mortgage notes collateralized by New Senior's properties.
Allowance for Doubtful Accounts and Related Provision for Resident Receivables	The following table summarizes the allowance for doubtful accounts and the related provision for resident receivables: Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Balance, beginning of period $ 190 $ 303 Provision for bad debt 824 437 Write-offs, net of recoveries (429 ) (211 ) Balance, end of period $ 585 $ 529

DEFERRED FINANCING COSTS (Table

DEFERRED FINANCING COSTS (Tables)	6 Months Ended
	Jun. 30, 2015
DEFERRED FINANCING COSTS [Abstract]
Deferred Financing Costs	The deferred financing costs summarized in the following table are presented as a reduction to "Mortgage notes payable, net" in the Consolidated Balance Sheets. June 30, 2015 December 31, 2014 Gross carrying amount $ 50,761 $ 45,569 Accumulated amortization (12,628 ) (9,363 ) Total $ 38,133 $ 36,206

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2015
MORTGAGE NOTES PAYABLE, NET [Abstract]
Mortgage Notes Payable, Net	June 30, 2015 December 31, 2014 Outstanding Face Amount Carrying Value (A) Final Stated Maturity Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Managed Properties Fixed Rate (B) $ 144,052 $ 143,691 Dec 2018 - Mar 2020 3.65% to 4.93% 4.0 $ 156,763 $ 154,696 Floating Rate (C) 705,487 697,509 Apr 2022 - May 2022 1M LIBOR + 2.20% to 1M LIBOR + 2.34% 6.8 278,424 275,689 Triple Net Lease Properties Fixed Rate (D) 702,208 676,544 Jan 2021 - Jan 2024 3.83% to 8.00% 7.0 708,383 679,333 Floating Rate 167,000 165,111 Oct 2017 - Apr 2018 3M LIBOR + 3.00% to 3M LIBOR + 3.25% 2.4 115,000 113,506 Total $ 1,718,747 $ 1,682,855 6.2 $ 1,258,570 $ 1,223,224 (A) The totals are reported net of deferred financing costs of $38,133 and $36,206 as of June 30, 2015 and December 31, 2014, respectively. (B) Includes loans with an outstanding face amount of $40,247, as of June 30, 2015, for which the Company bought down the interest rate to 4.0% through July 2015. The interest rate will range from 5.99% to 6.76% thereafter. (C) All of these loans have LIBOR caps that range between 3.66% and 3.80% as of June 30, 2015. (D) Includes loans with an outstanding face amount of $353,624 and $309,511, as of June 30, 2015, for which the Company bought down the interest rates to 4.00% and 3.83%, respectively, through January 2019. The interest rates will increase to 4.99% and 4.56%, respectively, thereafter.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS [Abstract]
Outstanding Interest Rate Caps	The following table presents information related to the Company's outstanding interest rate caps: June 30, 2015 Outstanding notional amount $ 705,572 LIBOR cap range 3.66% to 3.80% LIBOR cap effective date range March 2015 to April 2018 Fair value $ 557

ACCRUED EXPENSES AND OTHER LI31

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
ACCRUED EXPENSES AND OTHER LIABILITIES [Abstract]
Accrued Expenses and Other Liabilities	June 30, 2015 December 31, 2014 Security deposits payable $ 52,180 $ 50,917 Accounts payable 7,612 6,058 Mortgage interest payable 4,440 3,651 Deferred community fees, net 4,110 3,113 Rent collected in advance 2,905 2,530 Property tax payable 3,503 1,627 Contingent consideration 50 50 Other liabilities 8,239 4,295 Total $ 83,039 $ 72,241

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2015
INCOME TAXES [Abstract]
Provision for Income Taxes	The following table presents the provision for income taxes: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current Federal $ — $ 766 $ — $ 1,006 State and local 68 (47 ) 104 4 Total current provision 68 719 104 1,010 Deferred Federal $ 48 $ (83 ) $ (110 ) $ (20 ) State and local 13 (9 ) 40 (3 ) Total deferred provision 61 (92 ) (70 ) (23 ) Total Provision for Income Taxes $ 129 $ 627 $ 34 $ 987
Deferred Tax Assets	The following table presents the significant components of deferred tax assets: June 30, 2015 Deferred Tax Assets: Prepaid fees and rent $ 2,155 Depreciation and amortization 863 Net operating losses 1,828 Other 217 Total Deferred Tax Assets 5,063 Less valuation allowance — Net Deferred Tax Assets $ 5,063

ORGANIZATION (Details)

ORGANIZATION (Details) - Jun. 30, 2015	PropertyStateSegment
Organization [Abstract]
Number of senior housing properties	124
Number of states in which properties are located | State	32
Number of reportable segments | Segment	2
Managed Properties [Member]
Organization [Abstract]
Number of senior housing properties	66
Managed Properties [Member] | Holiday [Member]
Organization [Abstract]
Initial term of Property Management Agreements	10 years
Extension period after initial term of Property Management Agreements	1 year
Managed Properties [Member] | Holiday [Member] | Minimum [Member]
Organization [Abstract]
Percentage of property's effective gross income paid as property management fees (in hundredths)	5.00%
Managed Properties [Member] | Holiday [Member] | Maximum [Member]
Organization [Abstract]
Percentage of property's effective gross income paid as property management fees (in hundredths)	7.00%
Managed Properties [Member] | Other Property Managers [Member]
Organization [Abstract]
Extension period after initial term of Property Management Agreements	1 year
Managed Properties [Member] | Other Property Managers [Member] | Minimum [Member]
Organization [Abstract]
Initial term of Property Management Agreements	5 years
Percentage of property's gross revenues paid as property management fees (in hundredths)	3.00%
Managed Properties [Member] | Other Property Managers [Member] | Maximum [Member]
Organization [Abstract]
Initial term of Property Management Agreements	10 years
Percentage of property's gross revenues paid as property management fees (in hundredths)	7.00%
Managed Properties [Member] | Independent Living Properties [Member]
Organization [Abstract]
Number of senior housing properties	25
Managed Properties [Member] | Assisted Living/Memory Care Properties [Member]
Organization [Abstract]
Number of senior housing properties	41
Triple Net Lease Properties [Member]
Organization [Abstract]
Number of senior housing properties	58
Triple Net Lease Properties [Member] | Minimum [Member]
Organization [Abstract]
Term of lease agreements	15 years
Rent increase percentage in lease agreements (in hundredths)	2.50%
Triple Net Lease Properties [Member] | Maximum [Member]
Organization [Abstract]
Term of lease agreements	17 years
Rent increase percentage in lease agreements (in hundredths)	4.50%
Triple Net Lease Properties [Member] | Independent Living Properties [Member]
Organization [Abstract]
Number of senior housing properties	52
Triple Net Lease Properties [Member] | Continuing Care Retirement Communities [Member]
Organization [Abstract]
Number of senior housing properties	5
Triple Net Lease Properties [Member] | Assisted Living/Memory Care Properties [Member]
Organization [Abstract]
Number of senior housing properties	1

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Revenue Recognition [Abstract]
Notice period to cancel lease agreements	30 days
Rent receivables	$ 38,994	$ 26,454
Recent Accounting Pronouncements [Abstract]
Deferred financing costs, net	$ 38,133	$ 36,206
Newcastle [Member]
Basis of Presentation [Abstract]
Management fee rate payable (in hundredths)	1.50%
Assisted Living/Memory Care Properties [Member]
Revenue Recognition [Abstract]
Average length of stay of residents	24 months
Independent Living Properties [Member]
Revenue Recognition [Abstract]
Average length of stay of residents	33 months

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Thousands		May. 01, 2015USD ($)Property	Apr. 23, 2015USD ($)PropertyState	Mar. 27, 2015USD ($)PropertyStatePortfolio	Jan. 22, 2015USD ($)PropertyState	Jun. 30, 2015USD ($)State	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)State	Jun. 30, 2014USD ($)PropertyPortfolio
Properties Acquired [Abstract]
Number of states in which properties are located | State						32				32
Deposit paid for real estate investment						$ 5,900				$ 10,855	$ 649
Resident fees and services						63,470			$ 37,277	110,658	72,814
Rental revenue						27,730			22,346	54,402	44,644
Net loss						(21,190)			(11,030)	(42,444)	(21,968)
Adjustments to Provisional Amounts [Abstract]
Real estate investments										(308)
In-place lease intangibles										(12)
Other assets										320
Effect of Acquisitions on Revenues and Pre-Tax Net Income [Abstract]
Revenues						92,074			89,184	183,557	177,182
Pre-tax net loss						(21,164)			(19,439)	(46,794)	(39,244)
Triple Net Lease Properties [Member] | Holiday [Member]
Properties Acquired [Abstract]
Rental revenue						$ 16,989			$ 16,258	33,979	$ 32,516
Triple Net Lease Properties [Member] | Continuing Care Retirement Communities [Member] | Watermark Castle Investments, LLC [Member]
Properties Acquired [Abstract]
Term of lease agreement						15 years
Rent escalator percentage years two through three (in hundredths)						3.25%
Rent escalator percentage after year three (in hundredths)						2.75%
2015 Acquisitions [Member]
Properties Acquired [Abstract]
Resident fees and services										20,866
Rental revenue										1,057
Net loss										8,524
Fair Value of Identifiable Assets Acquired and Liabilities Assumed [Abstract]
Real estate investments						$ 525,998				525,998
In-place lease intangibles						69,910				69,910
Other assets, net of other liabilities						(1,166)				(1,166)
Total consideration						594,742				594,742
Mortgage notes payable	[1]					425,135				425,135
Net assets						169,607				169,607
Total acquisition related expenses	[2]					4,042				4,042
2015 Acquisitions [Member] | Managed Properties [Member]
Fair Value of Identifiable Assets Acquired and Liabilities Assumed [Abstract]
Real estate investments						459,579				459,579
In-place lease intangibles						63,829				63,829
Other assets, net of other liabilities						(465)				(465)
Total consideration						522,943				522,943
Mortgage notes payable	[1]					373,135				373,135
Net assets						149,808				149,808
Total acquisition related expenses	[2]					2,219				2,219
2015 Acquisitions [Member] | Triple Net Lease Properties [Member]
Fair Value of Identifiable Assets Acquired and Liabilities Assumed [Abstract]
Real estate investments						66,419				66,419
In-place lease intangibles						6,081				6,081
Other assets, net of other liabilities						(701)				(701)
Total consideration						71,799				71,799
Mortgage notes payable	[1]					52,000				52,000
Net assets						19,799				19,799
Total acquisition related expenses	[2]					$ 1,823				$ 1,823
Acquisition of 2 AL/MC Properties [Member] | Managed Properties [Member] | Assisted Living/Memory Care Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property			2
Number of states in which properties are located | State			2
Total consideration paid for portfolio acquired			$ 25,145
Debt issued in connection with the acquisition			$ 17,850
Deposit paid for real estate investment							$ 305
Acquisition of Watermark Property [Member] | Triple Net Lease Properties [Member] | Continuing Care Retirement Communities [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property		1
Total consideration paid for portfolio acquired		$ 71,799
Debt issued in connection with the acquisition		$ 52,000
Deposit paid for real estate investment							$ 4,650
Acquisition of Hawthorn Portfolio [Member] | Managed Properties [Member] | Independent Living Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property				17
Number of states in which properties are located | State				10
Debt issued in connection with the acquisition				$ 326,815
Number of portfolios acquired | Portfolio				1
Purchase price of portfolio acquired				$ 435,000
Deposit paid for real estate investment								$ 4,350
Debt prepayment penalties				26,499
Acquisition of CSL Portfolio [Member] | Managed Properties [Member] | Independent Living Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property					4
Number of states in which properties are located | State					4
Total consideration paid for portfolio acquired					$ 36,299
Deposit paid for real estate investment								$ 505
Proceeds from financing secured by properties				$ 28,470
2014 Acquisitions [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property											11
Number of portfolios acquired | Portfolio											4
2014 Acquisitions [Member] | Assisted Living/Memory Care Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property											5
2014 Acquisitions [Member] | Continuing Care Retirement Communities [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property											4
2014 Acquisitions [Member] | Independent Living Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property											2
2014 Acquisitions [Member] | Managed Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property											5
2014 Acquisitions [Member] | Managed Properties [Member] | Holiday [Member]
Properties Acquired [Abstract]
Number of acquired properties managed | Property											2
2014 Acquisitions [Member] | Managed Properties [Member] | Blue Harbor [Member]
Properties Acquired [Abstract]
Number of acquired properties managed | Property											3
2014 Acquisitions [Member] | Triple Net Lease Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property											6
[1]	Represents new debt issued in connection with the acquisitions.
[2]	Included in "Acquisition, transaction and integration expense" in the Consolidated Statements of Operations.

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)PropertyCommunity	Jun. 30, 2014USD ($)Community	Jun. 30, 2015USD ($)PropertySegmentCommunity	Jun. 30, 2014USD ($)Community	Dec. 31, 2014USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable business segments | Segment			2
Revenues [Abstract]
Revenues	$ 91,200	$ 59,623	$ 165,060	$ 117,458
Resident fees and services	63,470	37,277	110,658	72,814
Rental revenue	27,730	22,346	54,402	44,644
Less: Property operating expense	42,824	26,196	77,095	51,755
Segment NOI	48,376	33,427	87,965	65,703
Depreciation and amortization	39,574	23,177	69,731	46,012
Interest expense	16,984	14,097	32,295	27,402
Acquisition, transaction and integration expense	5,199	4,013	9,117	8,236
Management fee to affiliate	3,071	1,726	6,122	3,379
General and administrative expense	4,129	817	7,539	1,655
Loss on extinguishment of debt	0	0	5,091	0
Other expense	480	0	480	0
Income tax expense	129	627	34	987
Net Loss	(21,190)	(11,030)	(42,444)	(21,968)
Assets	$ 2,632,681		$ 2,632,681		$ 1,966,159
Percentage of assets (in hundredths)	100.00%		100.00%		100.00%
Major Customers [Abstract]
Number of communities | Property	124		124
Triple Net Lease Properties [Member]
Major Customers [Abstract]
Number of communities | Property	58		58
Managed Properties [Member]
Major Customers [Abstract]
Number of communities | Property	66		66
Intersegment [Member]
Revenues [Abstract]
Revenues			$ 0	0
Reportable Business Segment [Member] | Triple Net Lease Properties [Member]
Revenues [Abstract]
Resident fees and services	$ 0	0	0	0
Rental revenue	27,730	22,346	54,402	44,644
Less: Property operating expense	0	0	0	0
Segment NOI	27,730	22,346	54,402	44,644
Assets	$ 1,231,928		$ 1,231,928		$ 1,175,690
Percentage of assets (in hundredths)	46.80%		46.80%		59.80%
Reportable Business Segment [Member] | Managed Properties [Member]
Revenues [Abstract]
Resident fees and services	$ 63,470	37,277	$ 110,658	72,814
Rental revenue	0	0	0	0
Less: Property operating expense	42,824	26,196	77,095	51,755
Segment NOI	20,646	11,081	33,563	21,059
Assets	$ 1,400,753		$ 1,400,753		$ 790,469
Percentage of assets (in hundredths)	53.20%		53.20%		40.20%
Reconciling Items [Member]
Revenues [Abstract]
Depreciation and amortization	$ 39,574	23,177	$ 69,731	46,012
Interest expense	16,984	14,097	32,295	27,402
Acquisition, transaction and integration expense	5,199	4,013	9,117	8,236
Management fee to affiliate	3,071	1,726	6,122	3,379
General and administrative expense	4,129	817	7,539	1,655
Loss on extinguishment of debt			5,091	0
Other expense	480	0	480	0
Income tax expense	$ 129	$ 627	$ 34	$ 987
Revenues [Member]
Major Customers [Abstract]
Number of communities | Community	124	95	124	95
Percentage of revenue (in hundredths)			100.00%	100.00%
Revenues [Member] | Florida [Member]
Major Customers [Abstract]
Number of communities | Community	23	19	23	19
Percentage of revenue (in hundredths)			21.90%	26.90%
Revenues [Member] | Texas [Member]
Major Customers [Abstract]
Number of communities | Community	17	15	17	15
Percentage of revenue (in hundredths)			15.30%	8.40%
Revenues [Member] | California [Member]
Major Customers [Abstract]
Number of communities | Community	8	5	8	5
Percentage of revenue (in hundredths)			8.60%	8.90%
Revenues [Member] | Pennsylvania [Member]
Major Customers [Abstract]
Number of communities | Community	6	5	6	5
Percentage of revenue (in hundredths)			6.40%	8.10%
Revenues [Member] | Oregon [Member]
Major Customers [Abstract]
Number of communities | Community	8	8	8	8
Percentage of revenue (in hundredths)			5.70%	7.80%
Revenues [Member] | Utah [Member]
Major Customers [Abstract]
Number of communities | Community	6	5	6	5
Percentage of revenue (in hundredths)			5.70%	6.90%
Revenues [Member] | North Carolina [Member]
Major Customers [Abstract]
Number of communities | Community	7	3	7	3
Percentage of revenue (in hundredths)			5.20%	4.00%
Revenues [Member] | Other [Member]
Major Customers [Abstract]
Number of communities | Community	49	35	49	35
Percentage of revenue (in hundredths)			31.20%	29.00%
Revenues [Member] | Tenant for Holiday Portfolios [Member]
Major Customers [Abstract]
Percentage of revenue (in hundredths)	24.40%	37.50%	27.00%	38.00%

REAL ESTATE INVESTMENTS, Real E

REAL ESTATE INVESTMENTS, Real Estate Assets and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Real Estate Investments, Net [Abstract]
Gross carrying amount	$ 2,169,595		$ 2,169,595		$ 1,638,929
Accumulated depreciation	(87,514)		(87,514)		(56,988)
Net real estate property	2,082,081		2,082,081		1,581,941
Depreciation expense	17,155	$ 11,084	30,558	$ 21,560
Loss on disposal of assets	(32)		(32)
Real Estate Intangibles [Abstract]
Gross carrying amount	248,513		248,513		178,615
Accumulated amortization	(118,267)		(118,267)		(79,021)
Net real estate intangibles	130,246		130,246		99,594
Amortization expense	22,419	12,093	39,173	24,452
Rental Revenue [Member]
Real Estate Intangibles [Abstract]
Accretion of below market leases	37	$ 23	73	$ 47
Land [Member]
Real Estate Investments, Net [Abstract]
Gross carrying amount	178,062		178,062		138,799
Accumulated depreciation	0		0		0
Net real estate property	178,062		178,062		138,799
Building and Improvements [Member]
Real Estate Investments, Net [Abstract]
Gross carrying amount	1,902,327		1,902,327		1,434,200
Accumulated depreciation	(65,901)		(65,901)		(43,164)
Net real estate property	1,836,426		1,836,426		1,391,036
Furniture, Fixtures and Equipment [Member]
Real Estate Investments, Net [Abstract]
Gross carrying amount	89,206		89,206		65,930
Accumulated depreciation	(21,613)		(21,613)		(13,824)
Net real estate property	67,593		67,593		52,106
Above/Below Market Lease Intangibles, Net [Member]
Real Estate Intangibles [Abstract]
Gross carrying amount	5,868		5,868		5,868
Accumulated amortization	(264)		(264)		(167)
Net real estate intangibles	5,604		$ 5,604		$ 5,701
Weighted average amortization period			52 years 6 months		52 years 1 month 6 days
In-Place Lease Intangibles [Member]
Real Estate Intangibles [Abstract]
Gross carrying amount	236,849		$ 236,849		$ 166,951
Accumulated amortization	(116,730)		(116,730)		(77,889)
Net real estate intangibles	120,119		$ 120,119		$ 89,062
Weighted average amortization period			2 years 6 months		2 years 3 months 18 days
Other Intangibles [Member]
Real Estate Intangibles [Abstract]
Gross carrying amount	5,796		$ 5,796		$ 5,796
Accumulated amortization	(1,273)		(1,273)		(965)
Net real estate intangibles	$ 4,523		$ 4,523		$ 4,831
Weighted average amortization period			9 years 3 months 18 days		9 years 7 months 6 days

REAL ESTATE INVESTMENTS, Estima

REAL ESTATE INVESTMENTS, Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Estimated Future Amortization of Intangible Assets [Abstract]
Remainder of 2015	$ 40,436
2,016	57,994
2,017	23,725
2,018	619
2,019	503
Thereafter	6,969
Net real estate intangibles	$ 130,246	$ 99,594

RECEIVABLES AND OTHER ASSETS,39

RECEIVABLES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Receivables and Other Assets [Abstract]
Straight-line rent receivables		$ 38,994		$ 26,454
Escrows held by lenders	[1]	15,968		10,768
Other receivables		7,288		5,845
Prepaid expenses		1,926		3,217
Resident receivables, net		2,798		3,162
Deferred tax assets		5,063		4,672
Security deposits		1,523		1,225
Income tax receivable		1,956		1,870
Interest rate caps		557		0
Other assets		1,200		1,034
Total receivables and other assets		77,273		$ 58,247
Allowance for Doubtful Accounts [Roll Forward]
Balance, beginning of period		190	$ 303
Provision for bad debt		824	437
Write-offs, net of recoveries		(429)	(211)
Balance, end of period		$ 585	$ 529
[1]	Escrows held by lenders represent amounts deposited in tax, insurance, and replacement reserve escrow accounts that are related to mortgage notes collateralized by New Senior's properties.

DEFERRED FINANCING COSTS (Detai

DEFERRED FINANCING COSTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Financing Costs, Net [Abstract]
Gross carrying amount	$ 50,761	$ 45,569
Accumulated amortization	(12,628)	(9,363)
Deferred financing costs, net	$ 38,133	$ 36,206

MORTGAGE NOTES PAYABLE, NET (De

MORTGAGE NOTES PAYABLE, NET (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Mortgage Notes Payable [Abstract]
Deferred financing costs			$ 38,133		$ 38,133		$ 36,206
Loss on extinguishment of debt			0	$ 0	(5,091)	$ 0
Mortgage Notes Payable [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount			1,718,747		1,718,747		1,258,570
Carrying value	[1]		1,682,855		$ 1,682,855		1,223,224
Weighted average maturity					6 years 2 months 12 days
Deferred financing costs			38,133		$ 38,133		36,206
Refinanced mortgage loans		$ 297,030
Loss on extinguishment of debt		$ (5,091)
Mortgage Notes Payable [Member] | Level 3 [Member]
Mortgage Notes Payable [Abstract]
Fair value of mortgage notes payable			1,768,482		1,768,482		1,283,109
Mortgage Notes Payable [Member] | Fixed Rate [Member]
Mortgage Notes Payable [Abstract]
Carrying value of collateral			1,085,446		1,085,446		1,130,582
Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Carrying value of collateral			1,125,988		$ 1,125,988		524,996
Managed Properties [Member] | Mortgage Notes Payable [Member] | LIBOR [Member] | Minimum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate (in hundredths)					3.66%
Managed Properties [Member] | Mortgage Notes Payable [Member] | LIBOR [Member] | Maximum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate (in hundredths)					3.80%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount	[2]		144,052		$ 144,052		156,763
Carrying value	[1],[2]		143,691		$ 143,691		154,696
Final stated maturity, earliest date	[2]				Dec. 31, 2018
Final stated maturity, latest date	[2]				Mar. 31, 2020
Stated interest rate	[2]				3.65% to 4.93%
Stated interest rate, minimum (in hundredths)	[2]				3.65%
Stated interest rate, maximum (in hundredths)	[2]				4.93%
Weighted average maturity	[2]				4 years
Managed Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $40,247 [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount			$ 40,247		$ 40,247
Managed Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $40,247 [Member] | Through July 2015 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate (in hundredths)			4.00%		4.00%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $40,247 [Member] | After July 2015 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate, minimum (in hundredths)					5.99%
Stated interest rate, maximum (in hundredths)					6.76%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount	[3]		$ 705,487		$ 705,487		278,424
Carrying value	[1],[3]		697,509		$ 697,509		275,689
Final stated maturity, earliest date					Apr. 30, 2022
Final stated maturity, latest date	[3]				May 31, 2022
Stated interest rate	[3]				1M LIBOR + 2.20% to 1M LIBOR + 2.34%
Weighted average maturity	[3]				6 years 9 months 18 days
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member]
Mortgage Notes Payable [Abstract]
Term of variable rate	[3]				1 month
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member] | Minimum [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate, minimum (in hundredths)	[3]				2.20%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member] | Maximum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate (in hundredths)	[3]				2.34%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount	[4]		702,208		$ 702,208		708,383
Carrying value	[1],[4]		676,544		$ 676,544		679,333
Final stated maturity, earliest date	[4]				Jan. 31, 2021
Final stated maturity, latest date	[4]				Jan. 31, 2024
Stated interest rate	[4]				3.83% to 8.00%
Stated interest rate, minimum (in hundredths)	[4]				3.83%
Stated interest rate, maximum (in hundredths)	[4]				8.00%
Weighted average maturity	[4]				7 years
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $353,624 [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount			$ 353,624		$ 353,624
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $353,624 [Member] | Through January 2019 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate (in hundredths)			4.00%		4.00%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $353,624 [Member] | After January 2019 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate (in hundredths)			4.99%		4.99%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $309,511 [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount			$ 309,511		$ 309,511
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $309,511 [Member] | Through January 2019 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate (in hundredths)			3.83%		3.83%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans with Outstanding Face Amount of $309,511 [Member] | After January 2019 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate (in hundredths)			4.56%		4.56%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount			$ 167,000		$ 167,000		115,000
Carrying value	[1]		$ 165,111		$ 165,111		$ 113,506
Final stated maturity, earliest date					Oct. 31, 2017
Final stated maturity, latest date					Apr. 30, 2018
Stated interest rate					3M LIBOR + 3.00% to 3M LIBOR + 3.25%
Weighted average maturity					2 years 4 months 24 days
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate, minimum (in hundredths)					3.00%
Term of variable rate					3 months
Basis spread on variable rate (in hundredths)					3.25%
[1]	The totals are reported net of deferred financing costs of $38,133 and $36,206 as of June 30, 2015 and December 31, 2014, respectively.
[2]	Includes loans with an outstanding face amount of $40,247, as of June 30, 2015, for which the Company bought down the interest rate to 4.0% through July 2015. The interest rate will range from 5.99% to 6.76% thereafter.
[3]	All of these loans have LIBOR caps that range between 3.66% and 3.80% as of June 30, 2015.
[4]	Includes loans with an outstanding face amount of $353,624 and $309,511, as of June 30, 2015, for which the Company bought down the interest rates to 4.00% and 3.83%, respectively, through January 2019. The interest rates will increase to 4.99% and 4.56%, respectively, thereafter.

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Derivative Instruments [Abstract]
Outstanding notional amount	$ 705,572	$ 705,572
Fair value	557	557
Interest Rate Cap [Member]
Derivative Instruments [Abstract]
Fair value loss adjustment	$ (480)	$ (480)
Interest Rate Cap [Member] | LIBOR [Member]
Derivative Instruments [Abstract]
Effective date	Mar. 1, 2015
Maturity date	Apr. 30, 2018
Interest Rate Cap [Member] | LIBOR [Member] | Minimum [Member]
Derivative Instruments [Abstract]
Interest rate cap percentage	3.66%	3.66%
Interest Rate Cap [Member] | LIBOR [Member] | Maximum [Member]
Derivative Instruments [Abstract]
Interest rate cap percentage	3.80%	3.80%

ACCRUED EXPENSES AND OTHER LI43

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Security deposits payable	$ 52,180	$ 50,917
Accounts payable	7,612	6,058
Mortgage interest payable	4,440	3,651
Deferred community fees, net	4,110	3,113
Rent collected in advance	2,905	2,530
Property tax payable	3,503	1,627
Contingent consideration	50	50
Other liabilities	8,239	4,295
Accrued expenses and other liabilities	$ 83,039	$ 72,241

TRANSACTIONS WITH AFFILIATES (D

TRANSACTIONS WITH AFFILIATES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Management Agreements [Abstract]
Management fee to affiliate	$ 3,071	$ 1,726	$ 6,122	$ 3,379
Due to affiliates	9,441		9,441		$ 6,882
Triple Net Lease Agreements [Abstract]
Rental revenue	27,730	22,346	$ 54,402	44,644
Newcastle [Member]
Management Agreements [Abstract]
Management fee rate payable (in hundredths)			1.50%
Management fee to affiliate		1,726		3,379
Manager [Member]
Management Agreements [Abstract]
Management fee rate payable (in hundredths)			1.50%
Management fee to affiliate	3,071		$ 6,122
Percentage used in calculation of annual incentive compensation paid to Manager (in hundredths)			25.00%
Interest rate used in calculation of annual incentive compensation paid to Manager (in hundredths)			10.00%
Manager incentive compensation			$ 0	0
Reimbursement to manager for tasks and other services under the management agreement	2,100		4,943
Manager [Member] | General and Administrative Expense [Member]
Management Agreements [Abstract]
Reimbursement to manager for tasks and other services under the management agreement	1,632		3,276
Manager [Member] | Acquisition, Transaction and Integration Expense [Member]
Management Agreements [Abstract]
Reimbursement to manager for tasks and other services under the management agreement	468		1,667
Manager [Member] | Management Fees Under Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	1,039		1,039
Manager [Member] | Manager Reimbursements Under Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	2,339		2,339
Property Managers [Member] | Property Management Fees Under Property Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	1,262		1,262
Property Managers [Member] | Reimbursement of Property-Level Payroll Expenses Under Property Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	4,801		$ 4,801
Managed Properties [Member] | Blue Harbor and Holiday [Member] | Assisted Living/Memory Care Properties [Member]
Property Management Agreements [Abstract]
Percentage of property's gross income paid as property management fees for first two years (in hundredths)			6.00%
Percentage of property's gross income paid as property management fees thereafter (in hundredths)			7.00%
Managed Properties [Member] | Blue Harbor and Holiday [Member] | Independent Living Properties [Member]
Property Management Agreements [Abstract]
Percentage of property's effective gross income paid as property management fees (in hundredths)			5.00%
Managed Properties [Member] | Property Managers [Member]
Property Management Agreements [Abstract]
Property management fees	3,681	2,178	$ 6,755	4,323
Travel reimbursement costs	94	77	185	148
Property-level payroll expenses	19,760	13,670	$ 36,381	27,305
Initial term of Property Management Agreements			10 years
Extension period after initial term of Property Management Agreements			1 year
Managed Properties [Member] | Holiday [Member]
Property Management Agreements [Abstract]
Initial term of Property Management Agreements			10 years
Extension period after initial term of Property Management Agreements			1 year
Triple Net Lease Properties [Member] | Holiday [Member]
Triple Net Lease Agreements [Abstract]
Rental revenue	$ 16,989	$ 16,258	$ 33,979	$ 32,516

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Current [Abstract]
Federal	$ 0	$ 766	$ 0	$ 1,006
State and local	68	(47)	104	4
Total current provision	68	719	104	1,010
Deferred [Abstract]
Federal	48	(83)	(110)	(20)
State and local	13	(9)	40	(3)
Total deferred provision	61	(92)	(70)	(23)
Total Provision for Income Taxes	129	$ 627	34	$ 987
Deferred Tax Assets [Abstract]
Prepaid fees and rent	2,155		2,155
Depreciation and amortization	863		863
Net operating losses	1,828		1,828
Other	217		217
Total Deferred Tax Assets	5,063		5,063
Less valuation allowance	0		0
Net Deferred Tax Assets	$ 5,063		$ 5,063		$ 4,672

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 29, 2015	Jun. 22, 2015	Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 08, 2015	Apr. 06, 2015	Dec. 31, 2014
Dividends [Abstract]
Dividend, date declared						Apr. 6, 2015
Dividends payable			$ 17,268		$ 0	$ 17,268	$ 0			$ 15,276
Dividend per share (in dollars per share)			$ 0.49	[1]	$ 0	$ 0.49	$ 0
Equity [Abstract]
Issuance of common stock (in shares)	20,114,090
Common stock price per share (in dollars per share)	$ 13.75
Proceeds from issuance of common stock	$ 266,513					$ 276,569	$ 0
Common stock, shares outstanding (in shares)			86,529,505			86,529,505				66,415,415
Fortress Investment Group, LLC [Member]
Equity [Abstract]
Common stock, shares outstanding (in shares)			1,372,369			1,372,369
Independent Living Properties [Member]
Equity [Abstract]
Purchase price		$ 640,000
Certain Executive Officers and a Director [Member]
Equity [Abstract]
Issuance of common stock (in shares)	101,817
Dividend Declared Q1-2015 [Member]
Dividends [Abstract]
Dividend, date declared						Apr. 6, 2015
Dividends payable									$ 15,276
Dividend per share (in dollars per share)						$ 0.23
Dividend, date to be paid						Apr. 30, 2015
Dividend, date of record						Apr. 17, 2015
Dividend Declared Q2-2015 [Member]
Dividends [Abstract]
Dividend, date declared						Jun. 8, 2015
Dividends payable								$ 17,268
Dividend per share (in dollars per share)						$ 0.26
Dividend, date to be paid						Aug. 3, 2015
Dividend, date of record						Jun. 18, 2015
Stock Options [Member]
Stock Options [Abstract]
Risk-free rate	2.51%
Dividend yield	8.16%
Volatility rate	21.32%
Term	10 years
Stock Options [Member] | Manager [Member]
Stock Options [Abstract]
Options granted (in shares)	2,011,409
Exercise price (in dollars per share)	$ 13.75
Grant date fair value	$ 2,976
[1]	The three months ended June 30, 2015 includes a dividend of $15,276, or $0.23 per common share, which is attributable to the first quarter and was announced on April 6, 2015.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)Lease	Jun. 30, 2014USD ($)
Capital Improvement and Repair Commitments [Abstract]
Funding for capital improvements	$ 292	$ 540
Number of ground leases | Lease	2
Ground Lease 1 [Member]
Capital Improvement and Repair Commitments [Abstract]
Lease period	74 years
Ground Lease 2 [Member]
Capital Improvement and Repair Commitments [Abstract]
Lease period	82 years
Triple Net Lease [Member] | LCS Portfolio [Member]
Capital Improvement and Repair Commitments [Abstract]
Lease period	15 years
Triple Net Lease [Member] | LCS Portfolio [Member] | Immediate Capital Improvements [Member]
Capital Improvement and Repair Commitments [Abstract]
Capital improvements	$ 4,000
Funding for capital improvements	59
Triple Net Lease [Member] | LCS Portfolio [Member] | Additional Capital Improvements [Member]
Capital Improvement and Repair Commitments [Abstract]
Capital improvements	$ 11,500
Triple Net Lease [Member] | Watermark [Member]
Capital Improvement and Repair Commitments [Abstract]
Lease period	15 years
Triple Net Lease [Member] | Watermark [Member] | Additional Capital Improvements [Member]
Capital Improvement and Repair Commitments [Abstract]
Capital improvements	$ 1,000
Funding for capital improvements	0
Triple Net Lease [Member] | Watermark [Member] | Lender Mandated Repairs [Member]
Capital Improvement and Repair Commitments [Abstract]
Capital improvements	1,000
Funding for capital improvements	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Jun. 22, 2015 - Independent Living Properties [Member] $ in Thousands	USD ($)Property
Properties Acquired [Abstract]
Purchase price	$ 640,000
Acquisition of Portfolio of 28 Private Pay, IL-only Properties [Member] | Managed Properties [Member]
Properties Acquired [Abstract]
Number of properties acquired | Property	28
Purchase price	$ 640,000