New Senior Investment (SNR) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
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 Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		82,148,869
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real estate investments:
Land	$ 182,238	$ 220,317
Buildings, improvements and other	2,324,798	2,552,862
Accumulated depreciation	(254,523)	(218,968)
Net real estate property	2,252,513	2,554,211
Acquired lease and other intangible assets	264,438	319,929
Accumulated amortization	(239,090)	(255,452)
Net real estate intangibles	25,348	64,477
Net real estate investments	2,277,861	2,618,688
Cash and cash equivalents	48,379	58,048
Straight-line rent receivables	87,285	73,758
Assets held for sale	232,489	10,824
Receivables and other assets, net	61,003	60,410
Total Assets	2,707,017	2,821,728
Liabilities
Mortgage notes payable, net	2,089,438	2,130,387
Due to affiliates	15,568	11,623
Accrued expenses and other liabilities	108,288	100,823
Total Liabilities	2,213,294	2,242,833
Commitments and contingencies (Note 14)
Equity
Preferred Stock $0.01 par value, 100,000,000 shares authorized and none issued or outstanding as of both September 30, 2017 and December 31, 2016	0	0
Common stock $0.01 par value, 2,000,000,000 shares authorized, 82,148,869 and 82,127,247 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	821	821
Additional paid-in capital	898,132	897,918
Accumulated deficit	(405,230)	(319,844)
Total Equity	493,723	578,895
Total Liabilities and Equity	$ 2,707,017	$ 2,821,728

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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)	82,148,869	82,127,247
Common stock, shares outstanding (in shares)	82,148,869	82,127,247

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Resident fees and services		$ 84,708	$ 90,217	$ 257,473	$ 270,220
Rental revenue		28,247	28,240	84,741	84,723
Total revenues		112,955	118,457	342,214	354,943
Expenses
Property operating expense		58,609	61,354	176,861	182,585
Depreciation and amortization		35,126	45,510	108,587	146,743
Interest expense		23,898	23,065	70,469	68,658
Acquisition, transaction and integration expense		675	364	1,469	1,770
Management fees and incentive compensation to affiliate		3,824	3,839	14,402	12,197
General and administrative expense		3,958	3,676	11,695	11,600
Loss on extinguishment of debt		0	0	672	0
Other expense		1,484	108	1,645	806
Total expenses		127,574	137,916	385,800	424,359
Gain on sale of real estate		0	0	22,546	0
Loss before income taxes		(14,619)	(19,459)	(21,040)	(69,416)
Income tax (benefit) expense		(80)	782	273	31
Net loss		$ (14,539)	$ (20,241)	$ (21,313)	$ (69,447)
Earnings per share, basic and diluted	[1]	$ (0.18)	$ (0.25)	$ (0.26)	$ (0.84)
Weighted average number of shares outstanding, basic and diluted	[2]	82,148,869	82,126,397	82,144,090	82,434,609
Weighted average number of shares of common stock outstanding
Dividends declared per share of common stock		$ 0.26	$ 0.26	$ 0.78	$ 0.78
Triple Net Lease Properties [Member]
Revenues
Resident fees and services		$ 0	$ 0	$ 0	$ 0
Rental revenue		28,247	28,240	84,741	84,723
Expenses
Property operating expense		0	0	0	0
Managed Properties [Member]
Revenues
Resident fees and services		84,708	90,217	257,473	270,220
Rental revenue		0	0	0	0
Expenses
Property operating expense		$ 58,609	$ 61,354	$ 176,861	$ 182,585
[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]	All outstanding options were excluded from the diluted share calculation as their effect would have been anti-dilutive.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock [Member]	Accumulated Deficit [Member]	Additional Paid-in Capital [Member]
Equity at Dec. 31, 2016	$ 578,895	$ 821	$ (319,844)	$ 897,918
Equity (in shares) at Dec. 31, 2016	82,127,247	82,127,247
Increase (Decrease) in Equity [Roll Forward]
Dividends declared	$ (64,073)	$ 0	(64,073)	0
Director’s shares issued	21,622
Director’s shares issued, value	$ 214	0	0	214
Net loss	(21,313)	0	(21,313)	0
Equity at Sep. 30, 2017	$ 493,723	$ 821	$ (405,230)	$ 898,132
Equity (in shares) at Sep. 30, 2017	82,148,869	82,148,869

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows From Operating Activities
Net loss	$ (21,313)	$ (69,447)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of tangible assets and amortization of intangible assets	108,698	146,852
Amortization of deferred financing costs	6,997	7,216
Amortization of deferred revenue, net	219	1,995
Amortization of premium on mortgage notes payable	(456)	(447)
Non-cash straight line rent	(13,527)	(16,463)
Gain on sale of real estate	(22,546)	0
Loss on extinguishment of debt	672	0
Equity-based compensation	75	144
Provision for uncollectible receivables	1,719	1,552
Other non-cash expense	1,221	665
Changes in:
Receivables and other assets, net	(7,916)	(8,647)
Due to affiliates	3,945	1,142
Accrued expenses and other liabilities	7,304	15,124
Net cash provided by operating activities	65,092	79,686
Cash Flows From Investing Activities
Proceeds from the sale of real estate, net	47,354	0
Capital expenditures, net of insurance proceeds	(14,476)	(15,753)
Reimbursements (escrows) for capital expenditures, net	(4,596)	(1,266)
Deposits refunded for real estate investments	0	(584)
Net cash provided by (used in) investing activities	37,474	(16,435)
Cash Flows From Financing Activities
Principal payments of mortgage notes payable	(19,304)	(11,794)
Repayments of mortgage notes payable	(27,968)	0
Payment of exit fee on extinguishment of debt	(311)	0
Payment of deferred financing costs	(579)	0
Payment of common stock dividend	(64,073)	(64,059)
Repurchase of common stock	0	(30,884)
Net cash used in financing activities	(112,235)	(106,737)
Net decrease in cash and cash equivalents	(9,669)	(43,486)
Cash and cash equivalents, beginning of period	58,048	116,881
Cash and cash equivalents, end of period	48,379	73,395
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	63,860	61,932
Cash paid during the period for income taxes	274	266
Issuance of common stock	$ 214	$ 139

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION New Senior is a REIT primarily focused on investing in private pay senior housing properties. As of September 30, 2017 , New Senior owned a diversified portfolio of 148 primarily private pay senior housing properties located across 37 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 90 of its properties on a day-to-day basis under the Managed Properties segment. These properties consist of 51 independent living (“IL”) facilities and 39 assisted living/memory care (“AL/MC”) facilities. The Company’s Managed Properties are managed by Holiday Retirement (“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”), Thrive Senior Living LLC (“Thrive”), Grace Management, Inc. (“Grace”) and Watermark Retirement Communities, Inc. (“Watermark”), 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’s Property Management Agreements have initial five -year or ten -year terms, with successive, automatic one -year renewal periods. The Company pays property management fees of 5% to 7% of effective gross income pursuant to its Property Management Agreements with Holiday and, in some cases, Holiday is eligible to earn an incentive fee based on operating performance. The Company pays property management fees of 3 % to 7 % of gross revenues and, for certain properties, i) a property management fee based on a percentage of net operating income and ii) when eligible, an incentive fee based on operating performance, pursuant to its property management agreements with other managers. Triple Net Lease Properties – The Company owns 58 properties subject to triple net lease arrangements (substantially all of which are leased to Holiday). These properties consist of 52 IL properties, 5 rental Continuing Care Retirement Communities (“CCRC”) properties and 1 AL/MC property. In a triple net lease arrangement, the lessee agrees to operate and maintain the property at its own expense, including maintenance, utilities, taxes, insurance, repairs, capital improvements 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 %.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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. 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 Company’s consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2016 , as filed with the SEC. 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. Significant Accounting Policies There were no material changes to the Company’s significant accounting policies disclosed in the Company’s Form 10-K for the year ended December 31, 2016 . Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenues from Contracts with Customers (Topic 606). The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. In August 2015, the FASB deferred the effective date of this standard by one year, which will be for fiscal years, and interim periods within those years, beginning after December 15, 2017. To date the Company’s assessment efforts include the identification of various revenue streams within the scope of the guidance and the evaluation of certain revenue contracts with residents. The Company continues to evaluate the standard and related clarifying guidance issued by the FASB. Currently, the Company expects to adopt the standard under the modified retrospective approach. Although the Company’s evaluation of the guidance is ongoing, it does not expect the adoption to have a material impact on its consolidated financial statements as a substantial portion of its revenue consists of rental income from leasing arrangements, which is excluded from ASU 2014-09. Upon adoption, the Company anticipates that it will be required to disclose both quantitative and qualitative information about its performance obligations identified based on contracts with customers and to separately disclose the components of its total revenue between lease and non-lease components. The Company’s implementation plan includes drafting revised disclosures in accordance with the new standard, calculating the cumulative effect adjustment to be recorded upon adoption, and implementing changes to internal control policies and procedures. In February 2016, the FASB issued ASU 2016-02 Leases . This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company continues to assess the guidance and the impact it may have on its consolidated financial statements and has initiated a review to identify non-lease components, if any, in its lease agreements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments . This standard replaces the current incurred loss methodology with a methodology that reflects expected credit losses. Under this methodology, a company would recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption is permitted beginning after December 15, 2018. The Company is assessing the impact this guidance may have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230) - Restricted Cash , related to the classification of restricted cash on the statement of cash flows. This ASU requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is assessing the impact this guidance may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805) - Clarifying the Definition of a Business. This standard narrows the FASB’s definition of a business and provides a framework that assists entities with making reasonable judgments about whether a transaction involves an asset or business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The ASU is to be applied prospectively and upon adoption the Company expects that the majority of its acquisitions will be deemed asset acquisitions which will result in the capitalization of related third party transaction costs.

DISPOSITIONS AND ASSETS HELD FO

DISPOSITIONS AND ASSETS HELD FOR SALE	9 Months Ended
	Sep. 30, 2017
Dispositions [Abstract]
DISPOSITIONS AND ASSETS HELD FOR SALE	DISPOSITIONS AND ASSETS HELD FOR SALE Dispositions On January 31, 2017, the Company sold two AL/MC properties in the Managed Properties segment for consideration of $ 14,956 , net of selling costs, and recognized a gain on sale of $ 4,199 which is included in “Gain on sale of real estate” in the Consolidated Statements of Operations. In connection with this sale, the Company repaid $ 14,730 of debt. On June 15, 2017, the Company sold two IL properties in the Managed Properties segment for consideration of $ 32,398 , net of selling costs, and recognized a gain on sale of $ 18,347 which is included in “Gain on sale of real estate” in the Consolidated Statements of Operations. In connection with this sale, the Company repaid $ 13,238 of debt. Assets Held for Sale As of September 30, 2017 , nine AL/MC properties in the Managed Properties segment were classified as held for sale with a carrying value of $ 98,172 , which primarily consists of real estate assets of $ 97,711 . Liabilities related to assets held for sale of $ 1,216 are included in “Accrued expenses and other liabilities” in the Consolidated Balance Sheets. These properties were sold on November 1, 2017; see Note 15 for further information. Additionally, as of September 30, 2017 , six properties ( four CCRC, one IL and one ALMC) in the Triple Net Lease Properties segment were classified as held for sale with a carrying value of $ 134,317 , all of which consists of real estate assets. The Company expects this sale to close during the fourth quarter of 2017. As of December 31, 2016 , two AL/MC properties in the Managed Properties segment were classified as held for sale with a carrying value of $ 10,824 , which primarily consists of real estate assets. These properties were sold on January 31, 2017.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING As of September 30, 2017 , 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 maintenance, utilities, taxes, insurance, repairs, capital improvements and the payroll expense of property-level employees. The Company evaluates performance of the combined properties in each reportable business segment based on segment NOI. The Company defines NOI as total revenues less property-level operating expenses, which include property management fees and travel cost reimbursements. 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 between periods and to the operating results of other real estate companies on a consistent basis. Segment NOI should not be considered as an alternative to net income as determined in accordance with GAAP. Depreciation and amortization, interest expense, acquisition, transaction and integration expense, management fees and incentive compensation to affiliate, general and administrative expense, loss on extinguishment of debt, other expense (income), gain on sale of real estate and income tax expense (benefit) are not allocated to individual segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Consolidated Revenues Resident fees and services $ — $ 84,708 $ 84,708 $ — $ 90,217 $ 90,217 Rental revenue 28,247 — 28,247 28,240 — 28,240 Less: Property operating expense — 58,609 58,609 — 61,354 61,354 Segment NOI $ 28,247 $ 26,099 $ 54,346 $ 28,240 $ 28,863 $ 57,103 Depreciation and amortization 35,126 45,510 Interest expense 23,898 23,065 Acquisition, transaction and integration expense 675 364 Management fees and incentive compensation to affiliate 3,824 3,839 General and administrative expense 3,958 3,676 Other expense 1,484 108 Total expenses 68,965 76,562 Loss before income taxes (14,619 ) (19,459 ) Income tax (benefit) expense (80 ) 782 Net loss $ (14,539 ) $ (20,241 ) Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Consolidated Revenues Resident fees and services $ — $ 257,473 $ 257,473 $ — $ 270,220 $ 270,220 Rental revenue 84,741 — 84,741 84,723 — 84,723 Less: Property operating expense — 176,861 176,861 — 182,585 182,585 Segment NOI $ 84,741 $ 80,612 $ 165,353 $ 84,723 $ 87,635 $ 172,358 Depreciation and amortization 108,587 146,743 Interest expense 70,469 68,658 Acquisition, transaction and integration expense 1,469 1,770 Management fees and incentive compensation to affiliate 14,402 12,197 General and administrative expense 11,695 11,600 Loss on extinguishment of debt 672 — Other expense 1,645 806 Total expenses 208,939 241,774 Gain on sale of real estate 22,546 — Loss before income taxes (21,040 ) (69,416 ) Income tax expense 273 31 Net loss $ (21,313 ) $ (69,447 ) Property operating expense includes property management fees, property-level payroll expense and travel reimbursement costs. See Note 11 for additional information on these expenses related to Blue Harbor and Holiday. Assets by reportable business segment are reconciled to total assets as follows: September 30, 2017 December 31, 2016 Assets: Amount Percentage Amount Percentage Triple Net Lease Properties $ 1,141,451 42.2 % $ 1,151,102 40.8 % Managed Properties 1,544,192 57.0 % 1,639,726 58.1 % All other assets (A) 21,374 0.8 % 30,900 1.1 % Total assets $ 2,707,017 100.0 % $ 2,821,728 100.0 % (A) Primarily consists of corporate cash and deferred tax assets which are not directly attributable to the Company’s reportable business segments. Rental revenue attributable to our triple net leases with Holiday accounted for 19.7% and 18.8% of the Company’s total revenues for the three months ended September 30, 2017 and 2016 , respectively, and 19.5% and 18.8% for the nine months ended September 30, 2017 and 2016 , respectively. The following table presents the percentage of total revenues by geographic location: Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Number of Communities % of Total Revenue Number of Communities % of Total Revenue Florida 24 19.0 % 26 19.7 % Texas 19 12.2 % 19 11.9 % California 11 10.0 % 12 10.1 % North Carolina 9 6.5 % 9 6.4 % Pennsylvania 7 6.0 % 7 6.1 % Oregon 9 4.9 % 10 5.3 % Utah 6 4.1 % 6 4.4 % Other 63 37.3 % 65 36.1 % Total 148 100.0 % 154 100.0 %

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 182,238 $ — $ 182,238 $ 220,317 $ — $ 220,317 Building and improvements 2,214,596 (192,815 ) 2,021,781 2,430,658 (163,670 ) 2,266,988 Furniture, fixtures and equipment 110,202 (61,708 ) 48,494 122,204 (55,298 ) 66,906 Total real estate investments $ 2,507,036 $ (254,523 ) $ 2,252,513 $ 2,773,179 $ (218,968 ) $ 2,554,211 Depreciation expense was $ 23,616 and $ 24,599 for the three months ended September 30, 2017 and 2016 , respectively, and $ 70,353 and $ 69,019 for the nine months ended September 30, 2017 and 2016 , respectively. The following table summarizes the Company’s real estate intangibles: September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Above/below market lease intangibles, net $ 5,049 $ (527 ) $ 4,522 59.9 years $ 5,868 $ (556 ) $ 5,312 53.7 years In-place lease intangibles 253,593 (235,878 ) 17,715 2.8 years 308,265 (252,684 ) 55,581 2.7 years Other intangibles 5,796 (2,685 ) 3,111 9.7 years 5,796 (2,212 ) 3,584 9.5 years Total intangibles $ 264,438 $ (239,090 ) $ 25,348 $ 319,929 $ (255,452 ) $ 64,477 Amortization expense was $ 11,510 and $ 20,911 for the three months ended September 30, 2017 and 2016 , respectively, and $ 38,234 and $ 77,724 for the nine months ended September 30, 2017 and 2016 , respectively. Additionally, amortization of above/below market leases was $ 37 and $ 38 for the three months ended September 30, 2017 and 2016 , respectively, and $ 111 and $ 109 for the nine months ended September 30, 2017 and 2016 , respectively, and is reported as a net reduction to “Rental revenue” in the Consolidated Statements of Operations. The Company evaluated long-lived assets, primarily consisting of the Company’s real estate investments, for impairment indicators. In performing this evaluation, market conditions and the Company’s current intentions with respect to holding or disposing of the asset are considered. Where indicators of impairment are present, the Company evaluated whether the sum of the expected future undiscounted cash flows is less than book value. Based on such assessment, the future undiscounted cash flows of the underlying operations exceeds the carrying value of such real estate investments, including definite lived intangible assets. Therefore, no impairment loss was recognized by the Company during the periods presented. Impact from Hurricane Irma The Company has completed an initial assessment of the financial impact of Hurricane Irma. The Company operates 25 communities in areas impacted by Hurricane Irma. These communities have not sustained material damage to date. During the third quarter of 2017, the Company recognized $ 1,512 for damage remediation and other incremental costs which are included in “Other expense” in the Consolidated Statements of Operations. The Company does not expect additional remediation costs in subsequent periods to be material.

STRAIGHT-LINE RENT RECEIVABLES

STRAIGHT-LINE RENT RECEIVABLES	9 Months Ended
	Sep. 30, 2017
STRAIGHT-LINE RENT RECEIVABLES [Abstract]
STRAIGHT-LINE RENT RECEIVABLES	STRAIGHT-LINE RENT RECEIVABLES Rental revenue from the Triple Net Lease Properties segment is recognized on a straight-line basis over the applicable term of the lease when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from the Company’s tenants during the first half of the lease term, creating a straight-line rent receivable. The Company’s straight-line rent receivable was $ 87,285 and $ 73,758 as of September 30, 2017 and December 31, 2016 , respectively. The Company assesses the collectability of straight-line rent receivables on an ongoing basis. This assessment is based on several qualitative and quantitative factors, including and as appropriate, the payment history of the triple net lease tenant, the tenant’s ability to satisfy its lease obligations, the value of the underlying collateral or deposit, if any, and current economic conditions. The Company considered the timeliness of lease payments, compliance with lease terms, security and other deposits posted by the tenants and collateral provided by the lease guarantors and determined no reserve was necessary for the periods presented.

RECEIVABLES AND OTHER ASSETS, N

RECEIVABLES AND OTHER ASSETS, NET	9 Months Ended
	Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
RECEIVABLES AND OTHER ASSETS, NET	RECEIVABLES AND OTHER ASSETS, NET September 30, 2017 December 31, 2016 Escrows held by lenders (A) $ 38,499 $ 36,231 Prepaid expenses 2,994 3,617 Resident receivables, net 3,014 3,085 Deferred tax assets, net 8,608 8,660 Security deposits 3,218 3,238 Income tax receivable 908 1,313 Other assets and receivables 3,762 4,266 Total receivables and other assets $ 61,003 $ 60,410 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other 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 uncollectible receivables: Nine Months Ended September 30, 2017 2016 Balance, beginning of period $ 976 $ 509 Provision for uncollectible receivables 1,719 1,552 Write-offs, net of recoveries (1,710 ) (1,028 ) Balance, end of period $ 985 $ 1,033 The provision for resident receivables and related write-offs are included in “Property operating expense” in the Consolidated Statements of Operations.

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
MORTGAGE NOTES PAYABLE, NET	MORTGAGE NOTES PAYABLE, NET September 30, 2017 December 31, 2016 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Managed Properties Fixed Rate $ 602,639 $ 599,465 Dec 2018 - Sep 2025 3.65% to 6.76% 6.4 $ 604,749 $ 601,232 Floating Rate (B) 684,038 678,133 Oct 2020 - May 2022 1M LIBOR + 2.20% to 1M LIBOR + 2.70% 4.3 717,254 710,672 Triple Net Lease Properties Fixed Rate (C) 673,099 662,450 Jan 2021 - Jan 2024 3.80% to 7.40% 4.6 683,137 667,579 Floating Rate 149,725 149,390 Apr 2018 - Oct 2018 3M LIBOR + 3.00% to 3M LIBOR +3.25% 0.9 151,634 150,904 Total $ 2,109,501 $ 2,089,438 4.7 $ 2,156,774 $ 2,130,387 (A) The totals are reported net of deferred financing costs of $ 21,018 and $ 27,797 as of September 30, 2017 and December 31, 2016 , respectively. (B) All of these loans have LIBOR caps that range between 3.30% and 3.80% as of September 30, 2017 . (C) Includes loans with an outstanding face amount of $ 338,582 and $ 287,974 , as of September 30, 2017 , for which the Company bought down the interest rates to 4.00 % and 3.80 %, respectively, through January 2019. The interest rates will increase to 4.99 % and 4.55 %, respectively, thereafter. During the nine months ended September 30, 2017 , the Company repaid $ 27,968 of debt associated with the sale of four properties in the Managed Properties segment and recognized a loss on extinguishment of debt of $ 672 , which represents the write-off of related unamortized deferred financing costs and other exit fees. During April 2017, the Company exercised an option to extend a floating rate debt balloon payment of approximately $ 98,000 from October 2017 to October 2018. The carrying value of the collateral relating to the fixed rate and floating rate mortgages was $ 1,550,147 and $ 959,693 as of September 30, 2017 , respectively, and $1,600,019 and $1,018,245 as of December 31, 2016 , respectively. The Company’s mortgage notes payable contain various customary financial and other covenants, in some cases including Debt Service Coverage Ratio and Project Yield, as defined in the agreements. The Company was in compliance with the covenants in its mortgage notes payable agreements as of September 30, 2017 . The fair values of mortgage notes payable as of September 30, 2017 and December 31, 2016 was $ 2,095,399 and $2,137,097 , 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	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS As of September 30, 2017 , the Company held interest rate caps 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 of these instruments 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 Company does not apply hedge accounting. The fair value adjustment on the Company’s interest rate caps was a loss of $ 11 and $ 8 for the three months ended September 30, 2017 and 2016 , respectively, and $ 98 and $ 255 for the nine months ended September 30, 2017 and 2016 , respectively, 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: September 30, 2017 December 31, 2016 Outstanding notional amount $ 730,753 $ 731,007 LIBOR cap range 3.30% to 3.80% 3.30% to 3.80% LIBOR cap effective date range Mar 2015 to Sep 2020 Mar 2015 to Sep 2020 Fair value $ 17 $ 115

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES September 30, 2017 December 31, 2016 Security deposits payable $ 60,717 $ 57,186 Escrow liabilities (A) 11,618 10,503 Accounts payable 9,122 10,398 Mortgage interest payable 6,718 6,671 Deferred community fees, net 5,148 5,257 Rent collected in advance 2,705 3,180 Property tax payable 6,347 3,877 Other liabilities 5,913 3,751 Total accrued expenses and other liabilities $ 108,288 $ 100,823 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties.

TRANSACTIONS WITH AFFILIATES

TRANSACTIONS WITH AFFILIATES	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
TRANSACTIONS WITH AFFILIATES	TRANSACTIONS WITH AFFILIATES Management Agreements New Senior is party to a management agreement (the “Management Agreement”) with the Manager, 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 Drive Shack Inc. (“Drive Shack”) (including cash contributed to the Company) as of the completion of the spin-off from Drive Shack, 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. The Company incurred management fees of $ 3,824 and $ 3,839 during the three months ended September 30, 2017 and 2016 , respectively, and $ 11,472 and $ 11,562 during the nine months ended September 30, 2017 and 2016 , respectively, under the Management Agreement, which are included in “Management fees and incentive compensation to affiliate” in the Consolidated Statements of Operations. As of September 30, 2017 and December 31, 2016 , the Company had a payable for management fees of $ 2,549 and $ 1,280 , respectively, 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 (as defined in the Management Agreement), exceed (2) an amount equal to (a) the weighted average value per share of the equity invested by Drive Shack in the assets of the Company (including cash contributed to the Company) as of the completion of the spin-off 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 and repurchases of common stock) 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 Manager did not earn incentive compensation during the three months ended September 30, 2017 or 2016 . The Manager earned incentive compensation of $ 2,930 and $ 635 during the nine months ended September 30, 2017 and 2016 , respectively, which are included in “Management fees and incentive compensation to affiliate” in the Consolidated Statements of Operations. As of September 30, 2017 and December 31, 2016 , the Company had a payable for incentive compensation of $ 2,930 and $ 2,106 , respectively, which is included in “Due to affiliates” in the Consolidated Balance Sheets. The Manager is also entitled to receive, upon the successful completion of an equity offering, options with respect to 10% of the number of shares sold in the offering with an exercise price equal to the price paid by the purchaser in the offering. Because the Manager’s employees perform certain legal, accounting, due diligence, asset management and other services that outside professionals or outside consultants otherwise would perform, the Manager is paid or reimbursed, pursuant to the Management Agreement, 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 accounting 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 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. The following table summarizes the Company’s reimbursement to the Manager for costs incurred for tasks and other services performed by the Manager under the Management Agreement: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Included in: General and administrative expense $ 1,723 $ 1,843 $ 5,630 $ 6,115 Acquisition, transaction and integration expense 494 310 1,144 1,236 Total reimbursements to the Manager $ 2,217 $ 2,153 $ 6,774 $ 7,351 As of September 30, 2017 and December 31, 2016 , the Company had a payable for Manager reimbursements of $ 2,059 and $ 1,046 , respectively, which is included in “Due to affiliates” in the Consolidated Balance Sheets. Property Management Agreements Within the Company’s Managed Properties segment, the Company is party to Property Management Agreements with Blue Harbor, an affiliate of Fortress, and Holiday, a portfolio company that is majority owned by a private equity fund managed by an affiliate of Fortress, to manage most 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 properties managed by Blue Harbor and Holiday, the Company generally pays management fees equal to 5 % of effective gross income. For certain property management agreements, the Company may also pay an incentive fee based on operating performance of the properties. No incentive fees were incurred during the nine months ended September 30, 2017 and 2016 . Property management fees are included in “Property operating expense” in the Consolidated Statements of Operations. Other amounts paid to affiliated managers that are included in property operating expense are payroll expense and travel reimbursement costs. The payroll expense is structured as a reimbursement to the Property Manager, who is the employer of record. The following table summarizes property management fees and reimbursements paid by the Company to Property Managers affiliated with Fortress: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Property management fees $ 4,523 $ 5,015 $ 14,156 $ 14,650 Travel reimbursement costs 77 92 242 276 Property-level payroll expenses 23,081 26,418 71,692 78,262 As of September 30, 2017 and December 31, 2016 , the Company had payables for property management fees of $ 1,565 and $ 1,676 , respectively, and property-level payroll expenses of $ 6,465 and $ 5,515 , respectively, which are included in “Due to affiliates” in the Consolidated Balance Sheets. The Property Management Agreements with affiliated managers have initial terms of 5 or 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 leases with Holiday. Pursuant to the leases, the tenant is required to pay monthly rent payments in accordance with the lease terms. Such payments amounted to $ 18,553 and $ 17,754 for the three months ended September 30, 2017 and 2016 , respectively, and $ 55,659 and $ 53,262 for the nine months ended September 30, 2017 and 2016 , respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES New Senior is organized and conducts its operations to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (the “Code”). However, certain of the Company’s activities are conducted through its taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes at regular corporate tax rates. The following table presents the (benefit) provision for income taxes: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Current Federal $ — $ 95 $ — $ 95 State and local 67 101 221 222 Total current provision 67 196 221 317 Deferred Federal (60 ) 529 92 (269 ) State and local (87 ) 57 (40 ) (17 ) Total deferred (benefit) provision (147 ) 586 52 (286 ) Total (benefit) provision for income taxes $ (80 ) $ 782 $ 273 $ 31 The following table presents the significant components of deferred tax assets: September 30, 2017 December 31, 2016 Deferred tax assets: Prepaid fees and rent $ 1,666 $ 1,816 Net operating losses 5,002 4,386 Deferred rent 1,885 3,129 Tax credits 42 42 Other 145 113 Total deferred tax assets 8,740 9,486 Less valuation allowance — — Net deferred tax assets 8,740 9,486 Deferred tax liabilities: Depreciation and amortization 132 826 Total deferred tax liabilities 132 826 Total net deferred tax assets $ 8,608 $ 8,660 In assessing the recoverability 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 and before the net operating loss carryforward expires. The Company has not recorded a valuation allowance against its deferred tax assets as of September 30, 2017 or December 31, 2016 as management believes that it is more likely than not that its deferred tax assets will be realized.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
EQUITY	EQUITY In January 2017 and June 2017, the Company issued an aggregate of 13,969 shares and 7,653 shares, respectively, of its common stock to its independent directors as compensation. In the first quarter of 2017, strike prices for outstanding options were reduced by $ 0.97 , reflecting the portion of the Company’s 2016 dividends which were deemed return of capital. As of September 30, 2017 , approximately 1.3 million shares of the Company’s common stock were held by Fortress, through its affiliates, and its principals.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES As of September 30, 2017 , 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 is and may become subject to various obligations, liabilities, investigations, inquiries and litigation assumed in connection with or arising from its on-going business, as well as acquisitions, sales, leasing and other activities. These obligations and liabilities (including the costs associated with investigations, inquiries and litigation) may be greater than expected or may not be known to the Company in advance. Any such obligations or liabilities could have a material adverse effect on the Company’s financial position, cash flows and results of operations, particularly if the Company is not entitled to indemnification, or if a responsible third party fails to indemnify the Company. Certain Tax-Related Covenants If New Senior is treated as a successor to Drive Shack under applicable U.S. federal income tax rules, and if Drive Shack failed to qualify as a REIT for a taxable year ending on or before December 31, 2015, New Senior could be prohibited from electing to be a REIT. Accordingly, in the separation and distribution agreement entered into to effect our spin-off from Drive Shack (“Separation and Distribution Agreement”), Drive Shack (i) represented that it had 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 Drive Shack’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 Drive Shack’s taxable years ending on or before December 31, 2015 (unless Drive Shack obtains an opinion from a nationally recognized tax counsel or a private letter ruling from the Internal Revenue Service (“IRS”) to the effect that Drive Shack’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 September 30, 2017 , 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 has agreed to make $ 11,500 and $ 1,000 available for capital improvements during the 15 year lease periods to the triple net lease properties under the Life Care Services Portfolio and Watermark, respectively, none of which has been funded as of September 30, 2017 . Upon funding these capital improvements, the Company will be entitled to a rent increase.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS These consolidated financial statements include a discussion of material events, if any, which have occurred subsequent to September 30, 2017 (referred to as subsequent events) through the issuance of the consolidated financial statements. On November 1, 2017, the Company sold nine AL/MC properties in the Managed Properties segment for a purchase price of $ 109,500 and expects to recognize a gain on sale of approximately $ 7,000 . In connection with this sale, the Company repaid approximately $ 79,000 of debt. On November 2, 2017, the Company’s board of directors declared a cash dividend on its common stock of $0.26 per common share for the quarter ended September 30, 2017 . The dividend is payable on December 22, 2017 to shareholders of record on December 8, 2017.

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
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. 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 Company’s consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2016 , as filed with the SEC.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenues from Contracts with Customers (Topic 606). The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. While this ASU specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate. In August 2015, the FASB deferred the effective date of this standard by one year, which will be for fiscal years, and interim periods within those years, beginning after December 15, 2017. To date the Company’s assessment efforts include the identification of various revenue streams within the scope of the guidance and the evaluation of certain revenue contracts with residents. The Company continues to evaluate the standard and related clarifying guidance issued by the FASB. Currently, the Company expects to adopt the standard under the modified retrospective approach. Although the Company’s evaluation of the guidance is ongoing, it does not expect the adoption to have a material impact on its consolidated financial statements as a substantial portion of its revenue consists of rental income from leasing arrangements, which is excluded from ASU 2014-09. Upon adoption, the Company anticipates that it will be required to disclose both quantitative and qualitative information about its performance obligations identified based on contracts with customers and to separately disclose the components of its total revenue between lease and non-lease components. The Company’s implementation plan includes drafting revised disclosures in accordance with the new standard, calculating the cumulative effect adjustment to be recorded upon adoption, and implementing changes to internal control policies and procedures. In February 2016, the FASB issued ASU 2016-02 Leases . This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company continues to assess the guidance and the impact it may have on its consolidated financial statements and has initiated a review to identify non-lease components, if any, in its lease agreements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments . This standard replaces the current incurred loss methodology with a methodology that reflects expected credit losses. Under this methodology, a company would recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption is permitted beginning after December 15, 2018. The Company is assessing the impact this guidance may have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230) - Restricted Cash , related to the classification of restricted cash on the statement of cash flows. This ASU requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is assessing the impact this guidance may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805) - Clarifying the Definition of a Business. This standard narrows the FASB’s definition of a business and provides a framework that assists entities with making reasonable judgments about whether a transaction involves an asset or business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The ASU is to be applied prospectively and upon adoption the Company expects that the majority of its acquisitions will be deemed asset acquisitions which will result in the capitalization of related third party transaction costs.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting Information [Line Items]
Segment Reporting	Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Consolidated Revenues Resident fees and services $ — $ 84,708 $ 84,708 $ — $ 90,217 $ 90,217 Rental revenue 28,247 — 28,247 28,240 — 28,240 Less: Property operating expense — 58,609 58,609 — 61,354 61,354 Segment NOI $ 28,247 $ 26,099 $ 54,346 $ 28,240 $ 28,863 $ 57,103 Depreciation and amortization 35,126 45,510 Interest expense 23,898 23,065 Acquisition, transaction and integration expense 675 364 Management fees and incentive compensation to affiliate 3,824 3,839 General and administrative expense 3,958 3,676 Other expense 1,484 108 Total expenses 68,965 76,562 Loss before income taxes (14,619 ) (19,459 ) Income tax (benefit) expense (80 ) 782 Net loss $ (14,539 ) $ (20,241 ) Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Triple Net Lease Properties Managed Properties Consolidated Triple Net Lease Properties Managed Consolidated Revenues Resident fees and services $ — $ 257,473 $ 257,473 $ — $ 270,220 $ 270,220 Rental revenue 84,741 — 84,741 84,723 — 84,723 Less: Property operating expense — 176,861 176,861 — 182,585 182,585 Segment NOI $ 84,741 $ 80,612 $ 165,353 $ 84,723 $ 87,635 $ 172,358 Depreciation and amortization 108,587 146,743 Interest expense 70,469 68,658 Acquisition, transaction and integration expense 1,469 1,770 Management fees and incentive compensation to affiliate 14,402 12,197 General and administrative expense 11,695 11,600 Loss on extinguishment of debt 672 — Other expense 1,645 806 Total expenses 208,939 241,774 Gain on sale of real estate 22,546 — Loss before income taxes (21,040 ) (69,416 ) Income tax expense 273 31 Net loss $ (21,313 ) $ (69,447 ) Property operating expense includes property management fees, property-level payroll expense and travel reimbursement costs. See Note 11 for additional information on these expenses related to Blue Harbor and Holiday. Assets by reportable business segment are reconciled to total assets as follows: September 30, 2017 December 31, 2016 Assets: Amount Percentage Amount Percentage Triple Net Lease Properties $ 1,141,451 42.2 % $ 1,151,102 40.8 % Managed Properties 1,544,192 57.0 % 1,639,726 58.1 % All other assets (A) 21,374 0.8 % 30,900 1.1 % Total assets $ 2,707,017 100.0 % $ 2,821,728 100.0 %
Percentage of Total Revenues by Geographic Location	The following table presents the percentage of total revenues by geographic location: Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Number of Communities % of Total Revenue Number of Communities % of Total Revenue Florida 24 19.0 % 26 19.7 % Texas 19 12.2 % 19 11.9 % California 11 10.0 % 12 10.1 % North Carolina 9 6.5 % 9 6.4 % Pennsylvania 7 6.0 % 7 6.1 % Oregon 9 4.9 % 10 5.3 % Utah 6 4.1 % 6 4.4 % Other 63 37.3 % 65 36.1 % Total 148 100.0 % 154 100.0 %

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate Investments	September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 182,238 $ — $ 182,238 $ 220,317 $ — $ 220,317 Building and improvements 2,214,596 (192,815 ) 2,021,781 2,430,658 (163,670 ) 2,266,988 Furniture, fixtures and equipment 110,202 (61,708 ) 48,494 122,204 (55,298 ) 66,906 Total real estate investments $ 2,507,036 $ (254,523 ) $ 2,252,513 $ 2,773,179 $ (218,968 ) $ 2,554,211
Real Estate Intangibles	The following table summarizes the Company’s real estate intangibles: September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Above/below market lease intangibles, net $ 5,049 $ (527 ) $ 4,522 59.9 years $ 5,868 $ (556 ) $ 5,312 53.7 years In-place lease intangibles 253,593 (235,878 ) 17,715 2.8 years 308,265 (252,684 ) 55,581 2.7 years Other intangibles 5,796 (2,685 ) 3,111 9.7 years 5,796 (2,212 ) 3,584 9.5 years Total intangibles $ 264,438 $ (239,090 ) $ 25,348 $ 319,929 $ (255,452 ) $ 64,477

RECEIVABLES AND OTHER ASSETS,25

RECEIVABLES AND OTHER ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables and Other Assets, Net	September 30, 2017 December 31, 2016 Escrows held by lenders (A) $ 38,499 $ 36,231 Prepaid expenses 2,994 3,617 Resident receivables, net 3,014 3,085 Deferred tax assets, net 8,608 8,660 Security deposits 3,218 3,238 Income tax receivable 908 1,313 Other assets and receivables 3,762 4,266 Total receivables and other assets $ 61,003 $ 60,410 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other 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 uncollectible receivables: Nine Months Ended September 30, 2017 2016 Balance, beginning of period $ 976 $ 509 Provision for uncollectible receivables 1,719 1,552 Write-offs, net of recoveries (1,710 ) (1,028 ) Balance, end of period $ 985 $ 1,033

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	September 30, 2017 December 31, 2016 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Managed Properties Fixed Rate $ 602,639 $ 599,465 Dec 2018 - Sep 2025 3.65% to 6.76% 6.4 $ 604,749 $ 601,232 Floating Rate (B) 684,038 678,133 Oct 2020 - May 2022 1M LIBOR + 2.20% to 1M LIBOR + 2.70% 4.3 717,254 710,672 Triple Net Lease Properties Fixed Rate (C) 673,099 662,450 Jan 2021 - Jan 2024 3.80% to 7.40% 4.6 683,137 667,579 Floating Rate 149,725 149,390 Apr 2018 - Oct 2018 3M LIBOR + 3.00% to 3M LIBOR +3.25% 0.9 151,634 150,904 Total $ 2,109,501 $ 2,089,438 4.7 $ 2,156,774 $ 2,130,387 (A) The totals are reported net of deferred financing costs of $ 21,018 and $ 27,797 as of September 30, 2017 and December 31, 2016 , respectively. (B) All of these loans have LIBOR caps that range between 3.30% and 3.80% as of September 30, 2017 . (C) Includes loans with an outstanding face amount of $ 338,582 and $ 287,974 , as of September 30, 2017 , for which the Company bought down the interest rates to 4.00 % and 3.80 %, respectively, through January 2019. The interest rates will increase to 4.99 % and 4.55 %, respectively, thereafter.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Caps	The following table presents information related to the Company’s outstanding interest rate caps: September 30, 2017 December 31, 2016 Outstanding notional amount $ 730,753 $ 731,007 LIBOR cap range 3.30% to 3.80% 3.30% to 3.80% LIBOR cap effective date range Mar 2015 to Sep 2020 Mar 2015 to Sep 2020 Fair value $ 17 $ 115

ACCRUED EXPENSES AND OTHER LI28

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	September 30, 2017 December 31, 2016 Security deposits payable $ 60,717 $ 57,186 Escrow liabilities (A) 11,618 10,503 Accounts payable 9,122 10,398 Mortgage interest payable 6,718 6,671 Deferred community fees, net 5,148 5,257 Rent collected in advance 2,705 3,180 Property tax payable 6,347 3,877 Other liabilities 5,913 3,751 Total accrued expenses and other liabilities $ 108,288 $ 100,823 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties.

TRANSACTIONS WITH AFFILIATES Tr

TRANSACTIONS WITH AFFILIATES Transactions With Affiliates (Tables)	9 Months Ended
	Sep. 30, 2017
Transactions With Affiliates [Abstract]
Reimbursement to the Manager for Services Performed by the Manager	The following table summarizes the Company’s reimbursement to the Manager for costs incurred for tasks and other services performed by the Manager under the Management Agreement: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Included in: General and administrative expense $ 1,723 $ 1,843 $ 5,630 $ 6,115 Acquisition, transaction and integration expense 494 310 1,144 1,236 Total reimbursements to the Manager $ 2,217 $ 2,153 $ 6,774 $ 7,351
Property Management Fees and Other Expenses Reimbursed to Property Managers	The following table summarizes property management fees and reimbursements paid by the Company to Property Managers affiliated with Fortress: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Property management fees $ 4,523 $ 5,015 $ 14,156 $ 14,650 Travel reimbursement costs 77 92 242 276 Property-level payroll expenses 23,081 26,418 71,692 78,262

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The following table presents the (benefit) provision for income taxes: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Current Federal $ — $ 95 $ — $ 95 State and local 67 101 221 222 Total current provision 67 196 221 317 Deferred Federal (60 ) 529 92 (269 ) State and local (87 ) 57 (40 ) (17 ) Total deferred (benefit) provision (147 ) 586 52 (286 ) Total (benefit) provision for income taxes $ (80 ) $ 782 $ 273 $ 31
Deferred Tax Assets	The following table presents the significant components of deferred tax assets: September 30, 2017 December 31, 2016 Deferred tax assets: Prepaid fees and rent $ 1,666 $ 1,816 Net operating losses 5,002 4,386 Deferred rent 1,885 3,129 Tax credits 42 42 Other 145 113 Total deferred tax assets 8,740 9,486 Less valuation allowance — — Net deferred tax assets 8,740 9,486 Deferred tax liabilities: Depreciation and amortization 132 826 Total deferred tax liabilities 132 826 Total net deferred tax assets $ 8,608 $ 8,660

ORGANIZATION (Details)

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 2017segmentProperty
Organization [Abstract]
Number of Real Estate Properties	148
Number of states in which properties are located	37
Number of reportable segments | segment	2
Managed Properties [Member]
Organization [Abstract]
Number of Real Estate Properties	90
Managed Properties [Member] | Holiday [Member]
Organization [Abstract]
Extension period after initial term of Property Management Agreements	1 year
Managed Properties [Member] | Holiday [Member] | Minimum [Member]
Organization [Abstract]
Initial term of Property Management Agreements	5 years
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]
Initial term of Property Management Agreements	10 years
Percentage of property's effective gross income paid as property management fees (in hundredths)	7.00%
Managed Properties [Member] | Other Property Managers [Member] | Minimum [Member]
Organization [Abstract]
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]
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 Real Estate Properties	51
Managed Properties [Member] | Assisted Living and Memory Care Properties [Member]
Organization [Abstract]
Number of Real Estate Properties	39
Triple Net Lease Properties [Member]
Organization [Abstract]
Number of Real Estate 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 Real Estate Properties	52
Triple Net Lease Properties [Member] | Continuing Care Retirement Communities [Member]
Organization [Abstract]
Number of Real Estate Properties	5
Triple Net Lease Properties [Member] | Assisted Living and Memory Care Properties [Member]
Organization [Abstract]
Number of Real Estate Properties	1

DISPOSITIONS AND ASSETS HELD 32

DISPOSITIONS AND ASSETS HELD FOR SALE (Details) $ in Thousands	Jan. 31, 2017USD ($)Property	Sep. 30, 2017USD ($)Property	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)	Jun. 15, 2017USD ($)Property	Dec. 31, 2016USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale		$ 232,489				$ 232,489			$ 10,824
Number of properties sold | Property	2	4				4		2
Total consideration received, net of selling costs	$ 14,956							$ 32,398
Gain on sale of real estate	$ 4,199	$ 0	$ 18,347		$ 0	$ 22,546	$ 0
Early repayment of debt						27,968	$ 0
Mortgages [Member]
Discontinued Operations and Disposal Groups [Abstract]
Early repayment of debt			$ 13,238	$ 14,730		27,968
Managed Properties [Member]
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale		$ 98,172				$ 98,172
Number of real estate properties held for sale | Property		9				9
Real estate held for sale		$ 97,711				$ 97,711
Liabilities held for sale		1,216				1,216
Triple Net Lease Properties [Member]
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale		$ 134,317				$ 134,317
Number of real estate properties held for sale | Property		6				6
Triple Net Lease Properties [Member] | Continuing Care Retirement Communities [Member]
Discontinued Operations and Disposal Groups [Abstract]
Number of real estate properties held for sale | Property		4				4
Triple Net Lease Properties [Member] | Independent Living Properties [Member]
Discontinued Operations and Disposal Groups [Abstract]
Number of real estate properties held for sale | Property		1				1
Triple Net Lease Properties [Member] | Assisted Living and Memory Care Properties [Member]
Discontinued Operations and Disposal Groups [Abstract]
Number of real estate properties held for sale | Property		1				1

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands		Jan. 31, 2017USD ($)	Sep. 30, 2017USD ($)Property	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)Property	Sep. 30, 2017USD ($)segmentProperty	Sep. 30, 2016USD ($)Property	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment						2
Assets			$ 2,707,017			$ 2,707,017		$ 2,821,728
Percentage of assets			100.00%			100.00%		100.00%
Revenues
Resident fees and services			$ 84,708		$ 90,217	$ 257,473	$ 270,220
Rental revenue			28,247		28,240	84,741	84,723
Less: Property operating expense			58,609		61,354	176,861	182,585
Segment NOI			54,346		57,103	165,353	172,358
Depreciation and amortization			35,126		45,510	108,587	146,743
Interest expense			23,898		23,065	70,469	68,658
Acquisition, transaction and integration expense			675		364	1,469	1,770
Management fees and incentive compensation to affiliate			3,824		3,839	14,402	12,197
General and administrative expense			3,958		3,676	11,695	11,600
Loss on extinguishment of debt			0		0	672	0
Other expense			1,484		108	1,645	806
Total expenses			68,965		76,562	208,939	241,774
Gain on sale of real estate		$ 4,199	0	$ 18,347	0	22,546	0
Loss before income taxes			(14,619)		(19,459)	(21,040)	(69,416)
Total (benefit) provision for income taxes			(80)		782	273	31
Net loss			$ (14,539)		(20,241)	$ (21,313)	(69,447)
Major Customers [Abstract]
Number of Communities | Property			148			148
Nonsegment and Other [Member]
Segment Reporting Information [Line Items]
Assets	[1]		$ 21,374			$ 21,374		$ 30,900
Percentage of assets	[1]		0.80%			0.80%		1.10%
Triple Net Lease Properties [Member]
Segment Reporting Information [Line Items]
Assets			$ 1,141,451			$ 1,141,451		$ 1,151,102
Percentage of assets			42.20%			42.20%		40.80%
Revenues
Resident fees and services			$ 0		0	$ 0	0
Rental revenue			28,247		28,240	84,741	84,723
Less: Property operating expense			0		0	0	0
Segment NOI			$ 28,247		28,240	$ 84,741	84,723
Major Customers [Abstract]
Number of Communities | Property			58			58
Managed Properties [Member]
Segment Reporting Information [Line Items]
Assets			$ 1,544,192			$ 1,544,192		$ 1,639,726
Percentage of assets			57.00%			57.00%		58.10%
Revenues
Resident fees and services			$ 84,708		90,217	$ 257,473	270,220
Rental revenue			0		0	0	0
Less: Property operating expense			58,609		61,354	176,861	182,585
Segment NOI			$ 26,099		$ 28,863	$ 80,612	$ 87,635
Major Customers [Abstract]
Number of Communities | Property			90			90
Sales Revenue, Net [Member]
Major Customers [Abstract]
Number of Communities | Property			148		154	148	154
Percentage of revenue (in hundredths)						100.00%	100.00%
Sales Revenue, Net [Member] | Florida
Major Customers [Abstract]
Number of Communities | Property			24		26	24	26
Percentage of revenue (in hundredths)						19.00%	19.70%
Sales Revenue, Net [Member] | Texas
Major Customers [Abstract]
Number of Communities | Property			19		19	19	19
Percentage of revenue (in hundredths)						12.20%	11.90%
Sales Revenue, Net [Member] | California
Major Customers [Abstract]
Number of Communities | Property			11		12	11	12
Percentage of revenue (in hundredths)						10.00%	10.10%
Sales Revenue, Net [Member] | North Carolina
Major Customers [Abstract]
Number of Communities | Property			9		9	9	9
Percentage of revenue (in hundredths)						6.50%	6.40%
Sales Revenue, Net [Member] | Pennsylvania
Major Customers [Abstract]
Number of Communities | Property			7		7	7	7
Percentage of revenue (in hundredths)						6.00%	6.10%
Sales Revenue, Net [Member] | Oregon
Major Customers [Abstract]
Number of Communities | Property			9		10	9	10
Percentage of revenue (in hundredths)						4.90%	5.30%
Sales Revenue, Net [Member] | Utah
Major Customers [Abstract]
Number of Communities | Property			6		6	6	6
Percentage of revenue (in hundredths)						4.10%	4.40%
Sales Revenue, Net [Member] | Other
Major Customers [Abstract]
Number of Communities | Property			63		65	63	65
Percentage of revenue (in hundredths)						37.30%	36.10%
Tenant for Holiday Portfolios [Member] | Sales Revenue, Net [Member]
Major Customers [Abstract]
Percentage of revenue (in hundredths)			19.70%		18.80%	19.50%	18.80%
[1]	Primarily consists of corporate cash and deferred tax assets which are not directly attributable to the Company’s reportable business segments.

REAL ESTATE INVESTMENTS, Real E

REAL ESTATE INVESTMENTS, Real Estate Assets and Intangible Assets (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Costs for damage remediation	$ 1,512
Number of Damaged Properties | Property	25
Depreciation expense	$ 23,616	$ 24,599	$ 70,353	$ 69,019
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	2,507,036		2,507,036		$ 2,773,179
Accumulated depreciation	(254,523)		(254,523)		(218,968)
Net real estate property	2,252,513		2,252,513		2,554,211
Finite-Lived Intangible Assets [Line Items]
Amortization expense	11,510	20,911	38,234	77,724
Accretion of above/below market leases	37	$ 38	111	$ 109
Real Estate Intangibles [Abstract]
Gross Carrying Amount	264,438		264,438		319,929
Accumulated amortization	(239,090)		(239,090)		(255,452)
Net real estate intangibles	25,348		25,348		64,477
Land [Member]
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	182,238		182,238		220,317
Accumulated depreciation	0		0		0
Net real estate property	182,238		182,238		220,317
Building and Improvements [Member]
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	2,214,596		2,214,596		2,430,658
Accumulated depreciation	(192,815)		(192,815)		(163,670)
Net real estate property	2,021,781		2,021,781		2,266,988
Furniture, Fixtures and Equipment [Member]
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	110,202		110,202		122,204
Accumulated depreciation	(61,708)		(61,708)		(55,298)
Net real estate property	48,494		48,494		66,906
Above/Below Market Lease Intangibles, Net [Member]
Real Estate Intangibles [Abstract]
Gross Carrying Amount	5,049		5,049		5,868
Accumulated amortization	(527)		(527)		(556)
Net real estate intangibles	4,522		$ 4,522		$ 5,312
Weighted Average Remaining Amortization Period			59 years 11 months		53 years 8 months 6 days
In-Place Lease Intangibles [Member]
Real Estate Intangibles [Abstract]
Gross Carrying Amount	253,593		$ 253,593		$ 308,265
Accumulated amortization	(235,878)		(235,878)		(252,684)
Net real estate intangibles	17,715		$ 17,715		$ 55,581
Weighted Average Remaining Amortization Period			2 years 9 months		2 years 8 months 18 days
Other Intangibles [Member]
Real Estate Intangibles [Abstract]
Gross Carrying Amount	5,796		$ 5,796		$ 5,796
Accumulated amortization	(2,685)		(2,685)		(2,212)
Net real estate intangibles	$ 3,111		$ 3,111		$ 3,584
Weighted Average Remaining Amortization Period			9 years 8 months		9 years 6 months 6 days

STRAIGHT-LINE RENT RECEIVABLES

STRAIGHT-LINE RENT RECEIVABLES (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
STRAIGHT-LINE RENT RECEIVABLES [Abstract]
Deferred Rent Receivables, Net	$ 87,285	$ 73,758

RECEIVABLES AND OTHER ASSETS,36

RECEIVABLES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Receivables and Other Assets [Abstract]
Escrows held by lenders	[1]	$ 38,499		$ 36,231
Prepaid expenses		2,994		3,617
Resident receivables, net		3,014		3,085
Deferred tax assets, net		8,608		8,660
Security deposits		3,218		3,238
Income tax receivable		908		1,313
Other assets and receivables		3,762		4,266
Total receivables and other assets		61,003		$ 60,410
Allowance for Doubtful Accounts [Roll Forward]
Balance, beginning of period		976	$ 509
Provision for uncollectible receivables		1,719	1,552
Write-offs, net of recoveries		(1,710)	(1,028)
Balance, end of period		$ 985	$ 1,033
[1]	Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s properties.

MORTGAGE NOTES PAYABLE, NET (De

MORTGAGE NOTES PAYABLE, NET (Details) $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2017USD ($)Property	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Property	Sep. 30, 2016USD ($)	Jun. 15, 2017Property	Apr. 13, 2017USD ($)	Jan. 31, 2017Property	Dec. 31, 2016USD ($)
Mortgage Notes Payable [Abstract]
Outstanding Face Amount		$ 2,109,501				$ 2,109,501					$ 2,156,774
Carrying value	[1]	$ 2,089,438				$ 2,089,438					2,130,387
Weighted Average Maturity (Years)						4 years 8 months
Early repayment of debt						$ 27,968	$ 0
Number of properties sold | Property		4				4		2		2
Loss on extinguishment of debt		$ 0			$ 0	$ 672	$ 0
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid									$ 98,000
Mortgage Notes Payable [Member]
Mortgage Notes Payable [Abstract]
Deferred financing costs		21,018				21,018					27,797
Early repayment of debt			$ 13,238	$ 14,730		27,968
Mortgage Notes Payable [Member] | Level 3 [Member]
Mortgage Notes Payable [Abstract]
Fair value of mortgage notes payable		2,095,399				2,095,399					2,137,097
Mortgage Notes Payable [Member] | Fixed Rate [Member]
Mortgage Notes Payable [Abstract]
Carrying value of collateral		1,550,147				1,550,147					1,600,019
Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Carrying value of collateral		959,693				$ 959,693					1,018,245
Managed Properties [Member] | Mortgage Notes Payable [Member] | LIBOR [Member] | Minimum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate (in hundredths)						3.30%
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		602,639				$ 602,639					604,749
Carrying value	[1]	599,465				$ 599,465					601,232
Stated Interest Rate						3.65% to 6.76%
Weighted Average Maturity (Years)						6 years 5 months
Managed Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period						3.65%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period						6.76%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding Face Amount	[2]	684,038				$ 684,038					717,254
Carrying value	[1],[2]	678,133				$ 678,133					710,672
Stated Interest Rate	[2]					1M LIBOR + 2.20% to 1M LIBOR + 2.70%
Weighted Average Maturity (Years)	[2]					4 years 4 months
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member] | Minimum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate (in hundredths)						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)						2.70%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans, Outstanding Face Amount of $345,467
Mortgage Notes Payable [Abstract]
Outstanding Face Amount		$ 338,582				$ 338,582
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans, Outstanding Face Amount of $345,467 | 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, Outstanding Face Amount of $345,467 | 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, Outstanding Face Amount $293,531
Mortgage Notes Payable [Abstract]
Outstanding Face Amount		$ 287,974				$ 287,974
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans, Outstanding Face Amount $293,531 | Through January 2019 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate (in hundredths)		3.80%				3.80%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Mortgage Loans, Outstanding Face Amount $293,531 | After January 2019 [Member]
Mortgage Notes Payable [Abstract]
Stated interest rate (in hundredths)		4.55%				4.55%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding Face Amount	[3]	$ 673,099				$ 673,099					683,137
Carrying value	[1],[3]	662,450				$ 662,450					667,579
Stated Interest Rate	[3]					3.80% to 7.40%
Weighted Average Maturity (Years)	[3]					4 years 7 months
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period						3.80%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period						7.40%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding Face Amount		149,725				$ 149,725					151,634
Carrying value	[1]	$ 149,390				$ 149,390					$ 150,904
Stated Interest Rate						3M LIBOR + 3.00% to 3M LIBOR +3.25%
Weighted Average Maturity (Years)						11 months
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member] | Minimum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate (in hundredths)						3.00%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member] | Maximum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate (in hundredths)						3.25%
[1]	The totals are reported net of deferred financing costs of $21,018 and $27,797 as of September 30, 2017 and December 31, 2016, respectively.
[2]	All of these loans have LIBOR caps that range between 3.30% and 3.80% as of September 30, 2017.
[3]	Includes loans with an outstanding face amount of $338,582 and $287,974, as of September 30, 2017, for which the Company bought down the interest rates to 4.00% and 3.80%, respectively, through January 2019. The interest rates will increase to 4.99% and 4.55%, respectively, thereafter.

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Derivative Instruments [Abstract]
Outstanding notional amount	$ 730,753		$ 730,753		$ 731,007
Fair value	$ 17		$ 17		$ 115
LIBOR [Member] | Minimum [Member]
Derivative Instruments [Abstract]
Interest rate cap percentage	3.30%		3.30%
LIBOR [Member] | Maximum [Member]
Derivative Instruments [Abstract]
Interest rate cap percentage	3.80%		3.80%
Interest Rate Cap [Member]
Derivative Instruments [Abstract]
Fair value loss adjustment	$ 11	$ 8	$ 98	$ 255

ACCRUED EXPENSES AND OTHER LI39

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Security deposits payable		$ 60,717	$ 57,186
Escrow Liabilities	[1]	11,618	10,503
Accounts payable		9,122	10,398
Mortgage interest payable		6,718	6,671
Deferred community fees, net		5,148	5,257
Rent collected in advance		2,705	3,180
Property tax payable		6,347	3,877
Other liabilities		5,913	3,751
Total accrued expenses and other liabilities		$ 108,288	$ 100,823
[1]	Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by New Senior’s triple net lease properties.

TRANSACTIONS WITH AFFILIATES (D

TRANSACTIONS WITH AFFILIATES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Management Agreements [Abstract]
Management fees and incentive compensation to affiliate	$ 3,824	$ 3,839	$ 14,402	$ 12,197
Due to affiliates	15,568		15,568		$ 11,623
Management Fees, Incentive Revenue			2,930	635
Property Management Agreements [Abstract]
Property management fees	4,523	5,015	14,156	14,650
Travel reimbursement costs	77	92	242	276
Property-level payroll expenses	23,081	26,418	71,692	78,262
Triple Net Lease Agreements [Abstract]
Rental revenue	28,247	28,240	$ 84,741	84,723
Manager [Member]
Management Agreements [Abstract]
Management fee rate payable (in hundredths)			1.50%
Management fees and incentive compensation to affiliate	3,824	3,839	$ 11,472	11,562
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%
Reimbursement to manager for tasks and other services under the management agreement	2,217	2,153	$ 6,774	7,351
Manager [Member] | General and Administrative Expense [Member]
Management Agreements [Abstract]
Reimbursement to manager for tasks and other services under the management agreement	1,723	1,843	5,630	6,115
Manager [Member] | Acquisition, Transaction and Integration Expense [Member]
Management Agreements [Abstract]
Reimbursement to manager for tasks and other services under the management agreement	494	310	1,144	1,236
Manager [Member] | Management Fees Under Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	2,549		2,549		1,280
Manager [Member] | Payable for Incentive Compensation [Member]
Management Agreements [Abstract]
Due to affiliates	2,930		2,930		2,106
Manager [Member] | Reimbursement of Property-Level Payroll Expenses Under Property Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	2,059		2,059		1,046
Property Managers [Member] | Property Management Fees Under Property Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	1,565		1,565		1,676
Property Managers [Member] | Reimbursement of Property-Level Payroll Expenses Under Property Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates	6,465		6,465		$ 5,515
Managed Properties [Member]
Triple Net Lease Agreements [Abstract]
Rental revenue	0	0	$ 0	0
Managed Properties [Member] | Blue Harbor and Holiday [Member] | Assisted Living and 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%
Initial term of Property Management Agreements			2 years
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]
Extension period after initial term of Property Management Agreements			1 year
Managed Properties [Member] | Holiday [Member]
Property Management Agreements [Abstract]
Extension period after initial term of Property Management Agreements			1 year
Triple Net Lease Properties [Member]
Triple Net Lease Agreements [Abstract]
Rental revenue	28,247	28,240	$ 84,741	84,723
Triple Net Lease Properties [Member] | Holiday [Member]
Triple Net Lease Agreements [Abstract]
Rental revenue	$ 18,553	$ 17,754	$ 55,659	$ 53,262
Minimum [Member] | Managed Properties [Member] | Property Managers [Member]
Property Management Agreements [Abstract]
Initial term of Property Management Agreements			5 years
Minimum [Member] | Managed Properties [Member] | Holiday [Member]
Property Management Agreements [Abstract]
Percentage of property's effective gross income paid as property management fees (in hundredths)			5.00%
Initial term of Property Management Agreements			5 years
Maximum [Member] | Managed Properties [Member] | Property Managers [Member]
Property Management Agreements [Abstract]
Initial term of Property Management Agreements			10 years
Maximum [Member] | Managed Properties [Member] | Holiday [Member]
Property Management Agreements [Abstract]
Percentage of property's effective gross income paid as property management fees (in hundredths)			7.00%
Initial term of Property Management Agreements			10 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Current
Federal	$ 0	$ 95	$ 0	$ 95
State and local	67	101	221	222
Total current provision	67	196	221	317
Deferred
Federal	(60)	529	92	(269)
State and local	(87)	57	(40)	(17)
Total deferred (benefit) provision	(147)	586	52	(286)
Total (benefit) provision for income taxes	(80)	$ 782	273	$ 31
Deferred tax assets:
Prepaid fees and rent	1,666		1,666		$ 1,816
Net operating losses	5,002		5,002		4,386
Deferred rent	1,885		1,885		3,129
Tax credits	42		42		42
Other	145		145		113
Total deferred tax assets	8,740		8,740		9,486
Less valuation allowance	0		0		0
Net deferred tax assets	8,740		8,740		9,486
Deferred tax liabilities:
Depreciation and amortization	132		132		826
Total deferred tax liabilities	132		132		826
Deferred tax assets, net	$ 8,608		$ 8,608		$ 8,660

EQUITY (Details)

EQUITY (Details) - $ / shares	Jun. 15, 2017	Jan. 04, 2017	Sep. 30, 2017
Equity [Abstract]
Director’s shares issued	7,653	13,969	21,622
Strike price reduction for outstanding options			$ 0.97
Fortress Investment Group, LLC [Member]
Related Party Transaction [Line Items]
Common stock outstanding			1,300,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Capital Improvement and Repair Commitments [Abstract]
Funding for capital improvements	$ 4,596	$ 1,266
Triple Net Lease [Member] | LCS Portfolio [Member]
Capital Improvement and Repair Commitments [Abstract]
Lease period	15 years
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] | Additional Capital Improvements [Member]
Capital Improvement and Repair Commitments [Abstract]
Capital improvements	$ 1,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	Nov. 02, 2017$ / shares	Nov. 01, 2017USD ($)Property	Jan. 31, 2017USD ($)	Sep. 30, 2017USD ($)Property$ / shares	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2017USD ($)Property$ / shares	Sep. 30, 2016USD ($)$ / shares
Subsequent Event [Line Items]
Gain on sale of real estate			$ 4,199	$ 0	$ 18,347	$ 0	$ 22,546	$ 0
Early repayment of debt							$ 27,968	$ 0
Dividends declared per share of common stock | $ / shares				$ 0.26		$ 0.26	$ 0.78	$ 0.78
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per share of common stock | $ / shares	$ 0.26
Managed Properties [Member]
Subsequent Event [Line Items]
Number of real estate properties held for sale | Property				9			9
Managed Properties [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of real estate properties held for sale | Property		9
Purchase price of real estate		$ 109,500
Gain on sale of real estate		7,000
Early repayment of debt		$ 79,000