New Senior Investment (SNR) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	New Senior Investment Group Inc.
Entity Central Index Key	0001610114
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		82,209,844
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate investments:
Land	$ 177,956	$ 177,956
Buildings, improvements and other	2,344,954	2,335,813
Accumulated depreciation	(379,065)	(358,368)
Net real estate property	2,143,845	2,155,401
Acquired lease and other intangible assets	8,638	8,638
Accumulated amortization	(2,966)	(2,877)
Net real estate intangibles	5,672	5,761
Net real estate investments	2,149,517	2,161,162
Cash and cash equivalents	41,519	72,422
Receivables and other assets, net	54,832	52,674
Total Assets	2,245,868	2,286,258
Liabilities
Debt, net	1,882,636	1,884,882
Due to affiliates	0	26,245
Accrued expenses and other liabilities	62,040	52,679
Total Liabilities	1,944,676	1,963,806
Commitments and contingencies (Note 11)
Redeemable preferred stock, $0.01 par value with $100 liquidation preference, 400,000 shares authorized, issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	40,598	40,000
Equity
Preferred Stock $0.01 par value, 100,000,000 shares authorized and none issued or outstanding as of both March 31, 2019 and December 31, 2018	0	0
Common stock $0.01 par value, 2,000,000,000 shares authorized and 82,148,869 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	822	821
Additional paid-in capital	898,858	898,135
Accumulated deficit	(639,086)	(616,504)
Total Equity	260,594	282,452
Total Liabilities, Redeemable Preferred Stock and Equity	$ 2,245,868	$ 2,286,258

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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	82,148,869
Common stock, shares outstanding (in shares)	82,148,869	82,148,869

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Weighted Average Number of Shares Outstanding, Basic and Diluted	[1]	82,203,069	82,148,869
Earnings Per Share, Basic and Diluted	[2]	$ (0.14)	$ (0.16)
Revenues
Resident fees and services		$ 116,037,000	$ 75,343,000
Rental revenue		1,582,000	23,875,000
Total revenues		117,619,000	99,218,000
Expenses
Property operating expense		77,347,000	52,099,000
Depreciation and amortization		20,787,000	26,725,000
Interest expense		23,719,000	21,923,000
Acquisition, transaction and integration expense		650,000	2,888,000
Management fees and incentive compensation to affiliate		0	3,752,000
General and administrative expense		4,984,000	3,752,000
Other expense		1,245,000	1,380,000
Total expenses		128,732,000	112,519,000
Loss before income taxes		(11,113,000)	(13,301,000)
Income tax expense		80,000	48,000
Net loss		(11,193,000)	(13,349,000)
Deemed dividend on redeemable preferred stock		598,000	0
Net (loss) income attributable to common stockholders		$ (11,791,000)	$ (13,349,000)
Weighted average number of shares of common stock outstanding
Common Stock, Dividends, Per Share, Declared		$ 0.13	$ 0.26
Triple Net Lease Properties [Member]
Revenues
Resident fees and services		$ 0	$ 0
Expenses
Property operating expense		$ 0	$ 0
[1]	ll outstanding options and restricted stock awards were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[2]	Basic earnings per share (“EPS”) is calculated by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing net loss attributable to common stockholders 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.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - USD ($)	Total	Common Stock [Member]	Accumulated Deficit [Member]	Additional Paid-in Capital [Member]	Restricted Stock [Member]	Restricted Stock [Member]Equity Award [Domain]
Equity at Dec. 31, 2017	$ 505,885,000	$ 821,000	$ (393,068,000)	$ 898,132,000
Equity (in shares) at Dec. 31, 2017	82,148,869	82,148,869
Increase (Decrease) in Equity [Roll Forward]
Issuance of common stock	$ 0
Dividends declared - common stock			(21,359,000)
Deemed dividend on redeemable preferred stock	0
Net loss	(13,349,000)		(13,349,000)
Equity at Mar. 31, 2018	471,180,000	$ 821,000	(427,776,000)	898,135,000
Equity (in shares) at Mar. 31, 2018		82,148,869
Equity at Dec. 31, 2018	282,452,000	$ 821,000	(616,504,000)	898,135,000
Equity (in shares) at Dec. 31, 2018		82,148,869
Increase (Decrease) in Equity [Roll Forward]
Fair value of stock options issued	$ 3,000
Stock Issued During Period, Shares, Issued for Services	60,975
Issuance of common stock	$ 275,000	$ 1,000		274,000
Dividends declared - common stock	(10,687,000)	0	(10,687,000)	0
Dividends, Cash					$ (104,000)	$ (104,000)
Deemed dividend on redeemable preferred stock	(598,000)
Net loss	(11,193,000)	0	(11,193,000)	0
Equity at Mar. 31, 2019	$ 260,594,000	$ 822,000	$ (639,086,000)	$ 898,858,000
Equity (in shares) at Mar. 31, 2019		82,209,844

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2017
Cash Flows From Operating Activities
Net loss		$ (11,193,000)	$ (13,349,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation of tangible assets and amortization of intangible assets		20,787,000	26,749,000
Amortization of deferred financing costs		1,208,000	2,132,000
Amortization of deferred revenue, net		613,000	331,000
Non-cash straight line rental revenue		(173,000)	(3,326,000)
Provision for bad debt		0	345,000
Amortization of equity-based compensation		449,000	0
Other non-cash expense		1,058,000	1,322,000
Changes in:
Receivables and other assets, net		(4,099,000)	(796,000)
Due to affiliates		(25,995,000)	(593,000)
Accrued expenses and other liabilities		6,250,000	2,915,000
Net cash provided by (used in) operating activities		(11,095,000)	15,730,000
Cash Flows From Investing Activities
Capital expenditures, net of insurance proceeds		(6,647,000)	(3,561,000)
Net cash (used in) investing activities		(6,647,000)	(3,561,000)
Cash Flows From Financing Activities
Principal payments of mortgage notes payable and capital lease obligations		(2,766,000)	(7,159,000)
Payment of deferred financing costs		(753,000)	(587,000)
Purchase of interest rate caps		(35,000)	(280,000)
Payment of common stock dividend		(10,687,000)	(21,359,000)
Net cash (used in) financing activities		(14,241,000)	(29,385,000)
Net (decrease) in cash, cash equivalents and restricted cash		(31,983,000)	(17,216,000)
Cash, cash equivalents and restricted cash, beginning of period		92,656,000	157,485,000
Cash, cash equivalents and restricted cash, end of period		60,673,000	140,269,000
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense		22,171,000		$ 19,633,000
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of common stock		275,000	0
Capital lease obligations		215	0
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents		72,422,000	137,327,000
Restricted cash	[1]	20,234,000	20,158,000
Cash, cash equivalents and restricted cash, beginning of period		92,656,000	157,485,000
Cash and cash equivalents		41,519,000	120,834,000
Restricted cash	[1]	19,154,000	19,435,000
Cash, cash equivalents and restricted cash, end of period		$ 60,673,000	$ 140,269,000
[1]	Consists of (i) amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits, which are included in “Receivables and other assets, net” in our Consolidated Balance Sheets.

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , we owned a diversified portfolio of 133 primarily private pay senior housing properties located across 37 states. We are listed on the New York Stock Exchange (“NYSE”) under the symbol “SNR” and are headquartered in New York, New York. Through December 31, 2018, we were externally managed and advised by FIG LLC (the “Former Manager”), an affiliate of Fortress Investment Group LLC (“Fortress”). On November 19, 2018, we entered into definitive agreements with the Former Manager to internalize our management, effective December 31, 2018 (the “Internalization”). In connection with the Internalization, we also entered into a Transition Services Agreement with the Former Manager to continue to provide certain services for a transition period. In connection with the termination of the Management Agreement, we (i) made a one-time cash payment of $10.0 million to the Former Manager in January 2019, and (ii) issued to the Former Manager 400,000 shares of our newly created Redeemable Series A Cumulative Perpetual Preferred Stock (the “Redeemable Preferred Stock”), with an aggregate fair value of $40.0 million . We operate in three reportable segments: (1) Managed Independent Living (“IL”) Properties, (2) Managed Assisted Living/Memory Care (“AL/MC”) Properties, and (3) Triple Net Lease Properties. Managed Properties – We have engaged property managers to manage 132 of our properties on a day-to-day basis under the Managed Properties segments. These properties consist of 102 IL facilities and 30 AL/MC facilities. Our managed properties are managed by Holiday Retirement (“Holiday”), a portfolio company that is majority-owned by private equity funds managed by an affiliate of our Former Manager (an affiliate of Fortress), FHC Property Management LLC (together with its subsidiaries, “Blue Harbor”), an affiliate of our Former Manager, Jerry Erwin Associates, Inc. (“JEA”), Grace Management, Inc. (“Grace”), Watermark Retirement Communities, Inc. (“Watermark”), Integral Senior Living Management, LLC (“Integral”) and Phoenix Senior Living LLC (“Phoenix”) (collectively, the “Property Managers”), under property management agreements (collectively, the “Property Management Agreements”). Under the Property Management Agreements, the Property Managers are responsible for the day-to-day operations of our senior housing properties and are entitled to a management fee in accordance with the terms of the Property Management Agreements. Our Property Management Agreements have initial five -year or ten -year terms, with successive, automatic one -year renewal periods. We pay 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 (“NOI”) and ii) when eligible, an incentive fee based on operating performance, pursuant to our Property Management Agreements with other managers. On May 9, 2018, we entered into a lease termination agreement to terminate our triple net leases with affiliates of Holiday relating to 51 IL properties (the “Holiday Portfolio”). The lease termination was effective May 14, 2018 (the “Lease Termination”). Concurrently with the Lease Termination, we entered into property management agreements with Holiday to manage the properties in the Holiday Portfolio following the Lease Termination in exchange for a property management fee. As a result, such properties are now included in the Managed Properties segment. Triple Net Lease Properties – We own one Continuing Care Retirement Community (“CCRC”) in the United States and lease this property to a healthcare operating company under a triple net lease agreement. 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. Our triple net lease agreement has an initial term of 15 years and includes a renewal option and annual rent increases ranging from 2.75 % to 3.25

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
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. We consolidate those entities in which we have 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 our consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2018 , 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 Equity-Based Compensation Compensation expense for equity-based awards with graded vesting schedules granted to employees is recognized in “General and administrative expense” in our Consolidated Statements of Operations on a straight-line basis over the vesting period based on the grant date fair value of the award. Forfeitures of equity-based awards are recognized as they occur. Earnings per Share Basic earnings per share of common stock is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock is calculated by including the effect of dilutive securities. Refer to our significant accounting policies disclosed in our Form 10-K for the year ended December 31, 2018 for other significant accounting policies. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, (codified under Accounting Standards Codification (“ASC”) 842, 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. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on the balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. We adopted ASC 842 on January 1, 2019 under the modified retrospective transition approach using the effective date as the date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019. We elected the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also elected the short-term lease practical expedient, which permits us to not recognize right-of-use asset or lease liability for operating leases with an initial lease term equal to or less than 12 months. In addition, we made an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. Lessor Accounting As a lessor, our recognition of rental revenue remained consistent with prior accounting guidance. 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. Resident leases within our Managed Properties segments contain service components. We elected the practical expedient to account for our resident leases as a single lease component. Lessee Accounting We determine if a contract is or contains a lease at inception. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use asset and lease liability are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate to determine the present value of lease payments as the rates implicit in our leases are not readily determinable. Upon adoption on January 1, 2019 and as of March 31, 2019 , our operating lease right-of-use asset and lease liability are $2.6 million and $ 2.4 million , respectively, for our corporate office, land and equipment leases. Our operating lease right-of-use asset is included in “Buildings, improvements and other” and our operating lease liability is included in “Accrued expenses and other liabilities” on our Consolidated Balance Sheets. The weighted-average remaining lease term for our operating leases was 4.9 years and 5.1 years at March 31, 2019 and December 31, 2018, respectively. The weighted-average discount rate was 6.03% and 6.02% at March 31, 2019 and December 31, 2018, respectively. Upon the adoption of ASC 842, capital leases under prior accounting guidance were classified as finance leases, which did not have a significant change to our accounting for such leases. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We operate in three reportable business segments: Managed IL Properties, Managed AL/MC Properties and Triple Net Lease Properties. Under our Managed Properties segments, we invest in senior housing properties throughout the United States and engage property managers to manage those senior housing properties. Under our Triple Net Lease Properties segment, we invest in senior housing and healthcare properties throughout the United States and lease 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. We evaluate performance of the combined properties in each reportable business segment based on segment NOI. We define NOI as total revenues less property-level operating expenses, which include property management fees and travel cost reimbursements. We believe that net income, as defined by GAAP, is the most appropriate earnings measurement. However, we believe 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 our 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. Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. The NOI for such properties following the Lease Termination has been included in the Managed IL Properties segment. This resulted in a significant increase in the segment NOI of the Managed IL Properties with a corresponding decrease in the segment NOI of the Triple Net Lease Properties during the three months ended March 31, 2019 . Depreciation and amortization, interest expense, acquisition, transaction and integration expense, termination fee, management fees and incentive compensation to affiliate, general and administrative expense, loss on extinguishment of debt, impairment of real estate, other expense (income), gain on sale of real estate, gain on lease termination and income tax expense (benefit) are not allocated to individual segments for purposes of assessing segment performance. There are no intersegment sales. Three Months Ended March 31, 2019 Triple Net Lease Properties Managed Properties Consolidated IL AL/MC Revenues Resident fees and services $ — $ 83,744 $ 32,293 $ 116,037 Rental revenue 1,582 — — 1,582 Less: Property operating expense — 50,719 26,628 77,347 Segment NOI $ 1,582 $ 33,025 $ 5,665 $ 40,272 Depreciation and amortization 20,787 Interest expense 23,719 General and administrative expense 4,984 Acquisition, transaction and integration expense 650 Other expense 1,245 Total expenses 51,385 Loss before income taxes (11,113 ) Income tax expense 80 Net loss $ (11,193 ) Three Months Ended March 31, 2018 Triple Net Lease Properties Managed Properties Consolidated IL AL/MC Revenues Resident fees and services $ — $ 42,555 $ 32,788 $ 75,343 Rental revenue 23,875 — — 23,875 Less: Property operating expense — 26,220 25,879 52,099 Segment NOI $ 23,875 $ 16,335 $ 6,909 $ 47,119 Depreciation and amortization 26,725 Interest expense 21,923 General and administrative expense 3,752 Acquisition, transaction and integration expense 2,888 Management fees and incentive compensation to affiliate 3,752 Other expense 1,380 Total expenses 60,420 Loss before income taxes (13,301 ) Income tax expense 48 Net loss $ (13,349 ) For the three months ended March 31, 2019 , no rental revenue was attributable to Holiday due to the Lease Termination in May 2018. For the three months ended March 31, 2018 , rental revenue attributable to our triple net leases with Holiday accounted for 22.5% of our total revenue. Assets by reportable business segment are reconciled to total assets as follows: March 31, 2019 December 31, 2018 Amount Percentage Amount Percentage Managed IL Properties $ 1,779,800 79.2 % $ 1,791,707 78.4 % Managed AL/MC Properties 396,526 17.7 % 400,432 17.5 % Triple Net Lease Properties 57,501 2.6 % 58,270 2.5 % All other assets (A) 12,041 0.5 % 35,849 1.6 % Total assets $ 2,245,868 100.0 % $ 2,286,258 100.0 % (A) Primarily consists of corporate cash which is not directly attributable to our reportable business segments. The following table presents the percentage of total revenues by geographic location: As of and for the three months ended March 31, 2019 As of and for the three months ended March 30, 2018 Number of Communities % of Total Revenue Number of Communities % of Total Revenue Florida 15 12.0 % 15 12.9 % California 11 10.9 % 11 11.6 % Texas 13 9.8 % 13 9.2 % North Carolina 9 7.3 % 9 7.5 % Pennsylvania 7 6.4 % 7 7.2 % Oregon 9 6.1 % 9 5.8 % Other 69 47.5 % 69 45.8 % Total 133 100.0 % 133 100.0 %

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 177,956 $ — $ 177,956 $ 177,956 $ — $ 177,956 Building and improvements 2,215,706 (285,236 ) 1,930,470 2,211,318 (269,137 ) 1,942,181 Furniture, fixtures and equipment 129,248 (93,829 ) 35,419 124,495 (89,231 ) 35,264 Total real estate investments $ 2,522,910 $ (379,065 ) $ 2,143,845 $ 2,513,769 $ (358,368 ) $ 2,155,401 Depreciation expense was $ 20.7 million and $ 21.2 million for the three months ended March 31, 2019 and 2018 , respectively. The following table summarizes our real estate intangibles: March 31, 2019 December 31, 2018 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 Intangible lease assets $ 8,638 $ (2,966 ) $ 5,672 42.3 years $ 8,638 $ (2,877 ) $ 5,761 42.1 years Total intangibles $ 8,638 $ (2,966 ) $ 5,672 $ 8,638 $ (2,877 ) $ 5,761 Amortization expense was $ 0.1 million and $ 5.5 million for the three months ended March 31, 2019 and 2018 , respectively. During the three months ended March 31, 2019 , no intangible lease assets were written off and for the three months ended March 31, 2018 , $195.3 million of fully amortized intangible lease assets were written off. We evaluated long-lived assets, primarily consisting of our real estate investments, for impairment indicators. In performing this evaluation, market conditions and our current intentions with respect to holding or disposing of the asset are considered. Where indicators of impairment are present, we 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, we did not recognize any impairment loss during the three months ended March 31, 2019 and 2018

RECEIVABLES AND OTHER ASSETS, N

RECEIVABLES AND OTHER ASSETS, NET	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
RECEIVABLES AND OTHER ASSETS, NET	RECEIVABLES AND OTHER ASSETS, NET March 31, 2019 December 31, 2018 Escrows held by lenders (A) $ 16,174 $ 17,268 Prepaid expenses 8,727 5,451 Resident receivables, net 3,848 3,200 Security deposits 2,980 2,966 Income tax receivable 702 782 Assets held for sale (B) 13,223 13,223 Straight-line rent receivable 3,667 3,494 Other assets and receivables 5,511 6,290 Total receivables and other assets $ 54,832 $ 52,674 (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. (B) The balances represent two properties in the Managed AL/MC Properties segment and primarily consists of the carrying value of buildings and land. We estimate the fair value of assets held for sale based on current sales price expectation less estimated cost to sell, which we deem to be classified as level 3 within the fair value hierarchy. The following table summarizes the allowance for doubtful accounts and the related provision for uncollectible receivables: Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 1,512 $ 938 Provision for uncollectible receivables — 345 Write-offs, net of recoveries (892 ) (448 ) Balance, end of period $ 620 $ 835 The provision for resident receivables and related write-offs are included in “Property operating expense” in our Consolidated Statements of Operations. Straight-line Rent Receivable 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 of substantially all rents is probable. Recognizing rental revenue on a straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from our tenants during the first half of the lease term, creating a straight-line rent receivable. We assess 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. If our evaluation of these factors indicates it is probable that we will be unable to collect substantially all rents, we recognize a charge to rental revenue for the amount we deemed uncollectible. The following table sets forth future contracted minimum lease payments from the tenant within the Triple Net Lease Properties segment, excluding contingent payment escalations, as of March 31, 2019 : 2019 (nine months) $ 4,335 2020 5,904 2021 6,066 2022 6,233 2023 6,405 Thereafter 45,469 Total future minimum lease payments $ 74,412

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
MORTGAGE NOTES PAYABLE, NET	(A) The totals are reported net of deferred financing costs of $ 20.2 million and $ 20.6 million as of March 31, 2019 and December 31, 2018 , respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.66% and 3.75% as of March 31, 2019 . (C) Includes $69.0 million of borrowings outstanding under our revolving credit facility secured by certain properties as of March 31, 2019 and December 31, 2018 . The carrying value of the collateral relating to the fixed rate and floating rate debt was $ 0.5 billion and $ 1.6 billion as of March 31, 2019 , respectively, and $0.5 billion and $1.6 billion as of December 31, 2018 , respectively. The fair values of our debt as of March 31, 2019 and December 31, 2018 were $ 1.8 billion and $ 1.9 billion , respectively. Our debt is not measured at fair value in our Consolidated Balance Sheets. The disclosed fair value of our debt, 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. Our debt contains various customary financial and other covenants, in some cases including Debt Service Coverage Ratio and Project Yield, as defined in the agreements. We were in compliance with the covenants in our debt agreements as of March 31, 2019 . Interest rate caps Our interest rate caps are level 2 instruments and we estimate the fair value based on pricing models that consider inputs including forward yield curves, cap strike rates, cap volatility and discount rates. We recognized fair value losses of $ 0.5 million for the three months ended March 31, 2019 . Fair value losses recognized for the three months ended March 31, 2018 were not material. These amounts are included in “Other expense” in our Consolidated Statements of Operations and “Other non-cash expense” in our Consolidated Statements of Cash Flows. The fair value of the interest rate caps was $ 0.1 million and $0.6 million as of March 31, 2019 and December 31, 2018

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES March 31, 2019 December 31, 2018 Security deposits payable $ 2,683 $ 2,766 Accounts payable 13,416 13,232 Mortgage interest payable 7,769 7,441 Deferred community fees, net 6,751 6,454 Rent collected in advance 3,094 3,843 Property tax payable 5,559 4,880 Operating lease liability 2,424 — Other liabilities 20,344 14,063 Total accrued expenses and other liabilities $ 62,040 $ 52,679

TRANSACTIONS WITH AFFILIATES

TRANSACTIONS WITH AFFILIATES	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
TRANSACTIONS WITH AFFILIATES	TRANSACTIONS WITH AFFILIATES The following disclosures describe transactions with Fortress, Holiday and Blue Harbor prior to the Internalization. For additional information regarding the Internalization, the termination of the Management Agreement with our Former Manager and the transition arrangements between the parties, please refer to Note 1. Management Agreements Prior to January 1, 2019, we were party to a management agreement (the “Management Agreement”) with the Former Manager, under which the Former Manager advised us on various aspects of our business and manages our day-to-day operations, subject to the supervision of our board of directors. For its management services, the Former Manager was entitled to a base management fee of 1.5 % per annum of our gross equity. Gross equity was generally defined as the equity invested by Drive Shack Inc. (“Drive Shack”) (including cash contributed to us) 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. We incurred $ 3.8 million of management fees during the three months ended March 31, 2018 , under the Management Agreement, which is included in “Management fees and incentive compensation to affiliate” in our Consolidated Statements of Operations. As of December 31, 2018 , we had management fee payable of $ 3.7 million , which is included in “Due to affiliates” in our Consolidated Balance Sheets. The Former Manager was 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 New Senior (including cash contributed to us) as of the completion of the spin-off and the price per share of our common stock in any offerings by us (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 Former Manager did not earn incentive compensation during the three months ended March 31, 2018 . The Former Manager was 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 Former Manager’s employees performed certain legal, accounting, due diligence, asset management and other services that outside professionals or outside consultants otherwise would perform, the Former Manager was 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. We were also required to pay all operating expenses, except those specifically required to be borne by the Former Manager under the Management Agreement. We were 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 our 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 (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings, the costs of printing and mailing proxies and reports to our stockholders, costs incurred by employees or agents of the Former Manager for travel on our behalf, costs associated with any computer software or hardware that was used by us, costs to obtain liability insurance to indemnify directors and officers and the compensation and expenses of our transfer agent. For the three months ended March 31, 2018 , our reimbursement to the Former Manager for costs incurred for tasks and other services performed under the Management Agreement was $2.3 million , of which $1.8 million was included in “General and administrative expense” and $0.5 million was included in “Acquisition, transaction and integration expense” in our Consolidated Statements of Operations. As of December 31, 2018 , we had reimbursements payable to the Former Manager of $ 2.2 million , which is included in “Due to affiliates” in our Consolidated Balance Sheets. Property Management Agreements Within our Managed Properties segment, we are 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 our senior housing properties. Pursuant to these property management agreements, we pay monthly property management fees. For AL/MC properties managed by Blue Harbor and Holiday, we pay 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, we generally pay management fees equal to 5 % of effective gross income. For certain property management agreements, we may also pay an incentive fee based on operating performance of the properties. No incentive fees were incurred during the three months ended March 31, 2019 and 2018 . Property management fees are included in “Property operating expense” in our Consolidated Statements of Operations. Other amounts paid to managers affiliated with the Former Manager 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. For the three months ended March 31, 2018 , we incurred property management fees, travel reimbursement costs and property-level payroll expenses of $3.9 million , $0.1 million and $19.4 million , respectively, to property managers affiliated with the Former Manager, which are included in “Property operating expense” in our Consolidated Statements of Operations. As of December 31, 2018 , we had payables for property management fees of $ 2.1 million , and property-level payroll expenses of $ 8.2 million , which are included in “Due to affiliates” in our Consolidated Balance Sheets. The property management agreements with managers affiliated with the Former Manager have initial terms of 5 or 10 years and provide for automatic one

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
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 our activities are conducted through our taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes at regular corporate tax rates. The following table presents the provision for income taxes: Three Months Ended March 31, 2019 2018 Current Federal $ — $ (41 ) State and local 80 27 Total current provision 80 (14 ) Deferred Federal — 58 State and local — 4 Total deferred provision — 62 Total provision for income taxes $ 80 $ 48 The following table presents the significant components of deferred tax assets: March 31, 2019 December 31, 2018 Deferred tax assets: Prepaid fees and rent $ 776 $ 770 Net operating losses 4,488 4,225 Deferred rent 258 272 Depreciation 57 — Other 89 122 Total deferred tax assets 5,668 5,389 Less valuation allowance (5,668 ) (5,354 ) Net deferred tax assets — 35 Deferred tax liabilities: Depreciation and amortization — 35 Total deferred tax liabilities — 35 Total net deferred tax assets $ — $ — 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. We recorded a valuation allowance of $5.7 million against our net deferred tax assets as of March 31, 2019 as management believes that it is more likely than not that our net deferred tax assets will not be realized. However, the amount of the deferred tax asset considered realizable could be adjusted if (i) estimates of future taxable income during the carryforward period are reduced or increased or (ii) objective negative evidence in the form of cumulative losses is no longer present. As of March 31, 2019 , our TRS had a loss carryforward of approximately $17.9 million for federal income tax purposes and $19.3 million

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
EQUITY	EQUITY AND EARNINGS PER SHARE Redeemable Preferred Stock On December 31, 2018, we issued 400,000 shares of our Redeemable Preferred Stock to the Former Manager as consideration for the termination of the Management Agreement. The Redeemable Preferred Stock are non-voting and have a $100 liquidation preference. Holders of the Redeemable Preferred Stock are entitled to cumulative cash dividends at a rate per annum of 6.00% on the liquidation preference amount plus all accumulated and unpaid dividends. In the event of any voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of the Redeemable Preferred Stock will receive out of the assets of the Company legally available for distribution to its stockholders before any payment is made to the holders of any series of preferred stock ranking junior to the Redeemable Preferred Stock or to any holder of the Company’s common stock but subject to the rights of any class or series of securities ranking senior to or on parity with the Redeemable Preferred Stock, a payment per share equal to the liquidation preference plus any accumulated and unpaid dividends. We may redeem, at any time, all but not less than all of the shares of Redeemable Preferred Stock for cash at a price equal to the liquidation preference amount of the Redeemable Preferred Stock plus all accumulated and unpaid dividends thereon (the “Redemption Price”). On or after December 31, 2020 the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem up to 50% of the outstanding shares of Redeemable Preferred Stock, and on or after December 31, 2021 , the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem all or any portion of the outstanding shares of Redeemable Preferred Stock, in each case, for cash at the Redemption Price. Upon the occurrence of a Change of Control (as defined in the certificate of designation governing the Redeemable Preferred Stock), the Redeemable Preferred Stock is required to be redeemed in whole at the Redemption Price. Due to the ability of the holders to require us to redeem the outstanding shares, the Redeemable Preferred Stock is excluded from Equity and reflected in our Consolidated Balance Sheets at its initial fair value of $40.0 million . The carrying value of the Redeemable Preferred Stock is increased by the accumulated and unpaid dividends in the period with a corresponding increase in accumulated deficit. Accrued dividends are treated as deductions in the calculation of net income (loss) applicable to common stockholders. The following table is a rollforward of our Redeemable Preferred Stock for the three months ended March 31, 2019 : Balance as of December 31, 2018 $ 40,000 Deemed dividend on Redeemable Preferred Stock 598 Balance as of March 31, 2019 $ 40,598 Amended and Restated Stock Option and Incentive Award Plan Our board of directors adopted as of January 1, 2019 an Amended and Restated Nonqualified Stock Option and Incentive Award Plan (the “Plan”) providing for the grant of equity-based awards, including restricted stock, stock options, stock appreciation rights, performance awards and other equity-based and non-equity based awards, in each case to our directors, officers, employees, service providers, consultants and advisors. We have reserved 27,922,570 shares of our common stock for issuance under the Plan. In January 2019, we granted 800,381 shares of restricted stock and 2,999,900 options, with a total award value of $4.8 million to officers and employees as transition awards in connection with the Internalization. The awards will vest based on service conditions and compensation expense equal to the award value will be recognized over the vesting period on a straight-line basis. As of March 31, 2019, none of the awards have fully vested. The fair value of restricted stock and options was estimated on the date of grant using a Black-Scholes option-pricing model. The fair value of the options was determined using the following assumptions: Options valuation date January 1, 2019 Expected volatility 34.0 % Expected dividend yield 9.3 % Expected remaining term 6.0 years Risk free rate 2.7 % Fair value at valuation date $ 1,500 For the three months ended March 31, 2019, we recognized $0.4 million of compensation expense relating to these awards, which is included in “General and administrative expense” in our Consolidated Statements of Operations. As of March 31, 2019 , the total unrecognized compensation cost related to outstanding restricted stock and options was $4.4 million , which we expect to recognize over a weighted-average period of 2.65 years. Prior to the spin-off, Drive Shack had issued rights relating to shares of Drive Shack’s common stock (the “Drive Shack options”) to the Former Manager in connection with capital raising activities. In connection with the spin-off, 5.5 million options that were held by the Former Manager, or by the directors, officers or employees of the Former Manager, were converted into an adjusted Drive Shack option and a right relating to a number of shares of New Senior common stock (the “New Senior option”). The exercise price of each adjusted Drive Shack option and New Senior option was set to collectively maintain the intrinsic value of the Drive Shack option immediately prior to the spin-off and to maintain the ratio of the exercise price of the adjusted Drive Shack option and the New Senior option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five day average closing price subsequent to the spin-off date. The options expired or expire, as applicable, between January 12, 2015 and August 18, 2024. Equity and Dividends In the first quarter of 2019, strike prices for outstanding options were reduced by $0.78, reflecting the portion of our 2018 dividends which were deemed return of capital pursuant to the terms of the Plan. In January 2019, we issued an aggregate of 60,975 shares of common stock to directors who elected shares as a form of payment for services provided in 2018. Earnings per Share For the three months ended March 31, 2019 and 2018, basic and diluted net loss per share was computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during the period. The following table sets forth the computation of basic and diluted loss per share of common stock for the three months ended March 31, 2019 and 2018 (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Numerator Net loss $ (11,193 ) $ (13,349 ) Deemed dividend on redeemable preferred stock (598 ) — Net loss attributable to common stockholders $ (11,791 ) $ (13,349 ) Denominator Basic weighted average common shares outstanding 82,203,069 82,148,869 Dilutive common shares - restricted stock and option awards (A) — — Diluted weighted average common shares outstanding 82,203,069 82,148,869 Net loss per share of common stock Basic $ (0.14 ) $ (0.16 ) Diluted $ (0.14 ) $ (0.16 ) (A) During the three months ended March 31, 2019 and 2018 , 892,626 and 589,178

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES As of March 31, 2019 , management believes there are no material contingencies that would affect our results of operations, cash flows or financial position. Certain Obligations, Liabilities and Litigation We are and may become subject to various obligations, liabilities, investigations, inquiries and litigation assumed in connection with or arising from our 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 in advance. Any such obligations or liabilities could have a material adverse effect on our financial position, cash flows and results of operations, particularly if we are not entitled to indemnification, or if a responsible third party fails to indemnify us. Certain Tax-Related Covenants If we are 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, we 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 us to fail to qualify as a REIT, (ii) covenanted to use commercially reasonable efforts to cooperate with New Senior as necessary to enable us to qualify for taxation as a REIT and receive customary legal opinions concerning REIT status, including providing information and representations to us and our 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 us 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, we are party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold us harmless. While we are presently not being defended by any tenant and other obligated third parties in these types of matters, there is no assurance that our tenants, their affiliates or other obligated third parties will continue to defend us 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 us. Environmental Costs As a commercial real estate owner, we are subject to potential environmental costs. As of March 31, 2019 , management is not aware of any environmental concerns that would have a material adverse effect on our financial position or results of operations. Capital Improvement and Repair Commitments We have agreed to make $ 1.0 million available for capital improvements during the 15 year lease period to the triple net lease property under Watermark, none of which has been funded as of March 31, 2019 . Upon funding these capital improvements, we will be entitled to a rent increase. Leases As the lessee, we currently lease our corporate office space located in New York, New York under an operating lease agreement. The lease requires fixed monthly rent payments, expires on June 30, 2024 and does not have any renewal option. We also currently lease equipment (dishwashers, copy machines and buses) used at certain of our Managed Properties under operating lease agreements. Our leases have remaining lease terms ranging from one month to 5.3 years. We do not include any renewal options in our lease terms for calculating our lease liability as we are not reasonably certain if we will exercise these renewal options at this time. As of March 31, 2019 , our future minimum lease payments under our operating leases are as follows: Year Operating Leases 2019 (nine months) $ 488 2020 599 2021 552 2022 489 2023 466 Thereafter 545 Total future minimum lease payments $ 3,139 Less imputed interest (715 ) Total operating lease liability $ 2,424

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS These consolidated financial statements include a discussion of material events, if any, which have occurred subsequent to March 31, 2019 (referred to as subsequent events) through the issuance of the consolidated financial statements. On May 1, 2019, our board of directors declared a cash dividend on our common stock of $0.13 per share for the quarter ended March 31, 2019 . The dividend is payable on June 21, 2019 to stockholders of record on June 7, 2019.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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. We consolidate those entities in which we have 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 our consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2018 , as filed with the SEC.
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. We consolidate those entities in which we have 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 our consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2018
Reclassifications	Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Use of Estimates	Use of Estimates
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Equity-Based Compensation Compensation expense for equity-based awards with graded vesting schedules granted to employees is recognized in “General and administrative expense” in our Consolidated Statements of Operations on a straight-line basis over the vesting period based on the grant date fair value of the award. Forfeitures of equity-based awards are recognized as they occur.
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share Basic earnings per share of common stock is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share of common stock is calculated by including the effect of dilutive securities. Refer to our significant accounting policies disclosed in our Form 10-K for the year ended December 31, 2018
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, (codified under Accounting Standards Codification (“ASC”) 842, 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. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on the balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. We adopted ASC 842 on January 1, 2019 under the modified retrospective transition approach using the effective date as the date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019. We elected the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also elected the short-term lease practical expedient, which permits us to not recognize right-of-use asset or lease liability for operating leases with an initial lease term equal to or less than 12 months. In addition, we made an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. Lessor Accounting As a lessor, our recognition of rental revenue remained consistent with prior accounting guidance. 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. Resident leases within our Managed Properties segments contain service components. We elected the practical expedient to account for our resident leases as a single lease component. Lessee Accounting We determine if a contract is or contains a lease at inception. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use asset and lease liability are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate to determine the present value of lease payments as the rates implicit in our leases are not readily determinable. Upon adoption on January 1, 2019 and as of March 31, 2019 , our operating lease right-of-use asset and lease liability are $2.6 million and $ 2.4 million , respectively, for our corporate office, land and equipment leases. Our operating lease right-of-use asset is included in “Buildings, improvements and other” and our operating lease liability is included in “Accrued expenses and other liabilities” on our Consolidated Balance Sheets. The weighted-average remaining lease term for our operating leases was 4.9 years and 5.1 years at March 31, 2019 and December 31, 2018, respectively. The weighted-average discount rate was 6.03% and 6.02% at March 31, 2019 and December 31, 2018, respectively. Upon the adoption of ASC 842, capital leases under prior accounting guidance were classified as finance leases, which did not have a significant change to our accounting for such leases. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Three Months Ended March 31, 2019 Triple Net Lease Properties Managed Properties Consolidated IL AL/MC Revenues Resident fees and services $ — $ 83,744 $ 32,293 $ 116,037 Rental revenue 1,582 — — 1,582 Less: Property operating expense — 50,719 26,628 77,347 Segment NOI $ 1,582 $ 33,025 $ 5,665 $ 40,272 Depreciation and amortization 20,787 Interest expense 23,719 General and administrative expense 4,984 Acquisition, transaction and integration expense 650 Other expense 1,245 Total expenses 51,385 Loss before income taxes (11,113 ) Income tax expense 80 Net loss $ (11,193 ) Three Months Ended March 31, 2018 Triple Net Lease Properties Managed Properties Consolidated IL AL/MC Revenues Resident fees and services $ — $ 42,555 $ 32,788 $ 75,343 Rental revenue 23,875 — — 23,875 Less: Property operating expense — 26,220 25,879 52,099 Segment NOI $ 23,875 $ 16,335 $ 6,909 $ 47,119 Depreciation and amortization 26,725 Interest expense 21,923 General and administrative expense 3,752 Acquisition, transaction and integration expense 2,888 Management fees and incentive compensation to affiliate 3,752 Other expense 1,380 Total expenses 60,420 Loss before income taxes (13,301 ) Income tax expense 48 Net loss $ (13,349 ) For the three months ended March 31, 2019 , no rental revenue was attributable to Holiday due to the Lease Termination in May 2018. For the three months ended March 31, 2018 , rental revenue attributable to our triple net leases with Holiday accounted for 22.5% of our total revenue. Assets by reportable business segment are reconciled to total assets as follows: March 31, 2019 December 31, 2018 Amount Percentage Amount Percentage Managed IL Properties $ 1,779,800 79.2 % $ 1,791,707 78.4 % Managed AL/MC Properties 396,526 17.7 % 400,432 17.5 % Triple Net Lease Properties 57,501 2.6 % 58,270 2.5 % All other assets (A) 12,041 0.5 % 35,849 1.6 % Total assets $ 2,245,868 100.0 % $ 2,286,258 100.0 %
Percentage of Total Revenues by Geographic Location	The following table presents the percentage of total revenues by geographic location: As of and for the three months ended March 31, 2019 As of and for the three months ended March 30, 2018 Number of Communities % of Total Revenue Number of Communities % of Total Revenue Florida 15 12.0 % 15 12.9 % California 11 10.9 % 11 11.6 % Texas 13 9.8 % 13 9.2 % North Carolina 9 7.3 % 9 7.5 % Pennsylvania 7 6.4 % 7 7.2 % Oregon 9 6.1 % 9 5.8 % Other 69 47.5 % 69 45.8 % Total 133 100.0 % 133 100.0 %

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Investments	March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 177,956 $ — $ 177,956 $ 177,956 $ — $ 177,956 Building and improvements 2,215,706 (285,236 ) 1,930,470 2,211,318 (269,137 ) 1,942,181 Furniture, fixtures and equipment 129,248 (93,829 ) 35,419 124,495 (89,231 ) 35,264 Total real estate investments $ 2,522,910 $ (379,065 ) $ 2,143,845 $ 2,513,769 $ (358,368 ) $ 2,155,401
Real Estate Intangibles	The following table summarizes our real estate intangibles: March 31, 2019 December 31, 2018 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 Intangible lease assets $ 8,638 $ (2,966 ) $ 5,672 42.3 years $ 8,638 $ (2,877 ) $ 5,761 42.1 years Total intangibles $ 8,638 $ (2,966 ) $ 5,672 $ 8,638 $ (2,877 ) $ 5,761

RECEIVABLES AND OTHER ASSETS,_2

RECEIVABLES AND OTHER ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables and Other Assets, Net	March 31, 2019 December 31, 2018 Escrows held by lenders (A) $ 16,174 $ 17,268 Prepaid expenses 8,727 5,451 Resident receivables, net 3,848 3,200 Security deposits 2,980 2,966 Income tax receivable 702 782 Assets held for sale (B) 13,223 13,223 Straight-line rent receivable 3,667 3,494 Other assets and receivables 5,511 6,290 Total receivables and other assets $ 54,832 $ 52,674 (A)
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: Three Months Ended March 31, 2019 2018 Balance, beginning of period $ 1,512 $ 938 Provision for uncollectible receivables — 345 Write-offs, net of recoveries (892 ) (448 ) Balance, end of period $ 620 $ 835
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The following table sets forth future contracted minimum lease payments from the tenant within the Triple Net Lease Properties segment, excluding contingent payment escalations, as of March 31, 2019 : 2019 (nine months) $ 4,335 2020 5,904 2021 6,066 2022 6,233 2023 6,405 Thereafter 45,469 Total future minimum lease payments $ 74,412

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	March 31, 2019 December 31, 2018 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Fixed Rate $ 464,680 $ 462,236 Sep 2025 4.25% 6.3 $ 464,680 $ 462,139 Floating Rate (B)(C) 1,438,141 1,420,400 Dec 2021 - Nov 2025 1M LIBOR 4.8 1,440,842 1,422,743 Total $ 1,902,821 $ 1,882,636 5.1 $ 1,905,522 $ 1,884,882 (A) The totals are reported net of deferred financing costs of $ 20.2 million and $ 20.6 million as of March 31, 2019 and December 31, 2018 , respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.66% and 3.75% as of March 31, 2019 . (C) Includes $69.0 million of borrowings outstanding under our revolving credit facility secured by certain properties as of March 31, 2019 and December 31, 2018 .

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	March 31, 2019 December 31, 2018 Security deposits payable $ 2,683 $ 2,766 Accounts payable 13,416 13,232 Mortgage interest payable 7,769 7,441 Deferred community fees, net 6,751 6,454 Rent collected in advance 3,094 3,843 Property tax payable 5,559 4,880 Operating lease liability 2,424 — Other liabilities 20,344 14,063 Total accrued expenses and other liabilities $ 62,040 $ 52,679

TRANSACTIONS WITH AFFILIATES Tr

TRANSACTIONS WITH AFFILIATES Transactions With Affiliates (Tables)	3 Months Ended
	Mar. 31, 2019
Transactions With Affiliates [Abstract]
Reimbursement to the Manager for Services Performed by the Manager
Property Management Fees and Other Expenses Reimbursed to Property Managers	property management fees, travel reimbursement costs and property-level payroll expenses of $3.9 million , $0.1 million and $19.4 million

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The following table presents the provision for income taxes: Three Months Ended March 31, 2019 2018 Current Federal $ — $ (41 ) State and local 80 27 Total current provision 80 (14 ) Deferred Federal — 58 State and local — 4 Total deferred provision — 62 Total provision for income taxes $ 80 $ 48
Deferred Tax Assets	The following table presents the significant components of deferred tax assets: March 31, 2019 December 31, 2018 Deferred tax assets: Prepaid fees and rent $ 776 $ 770 Net operating losses 4,488 4,225 Deferred rent 258 272 Depreciation 57 — Other 89 122 Total deferred tax assets 5,668 5,389 Less valuation allowance (5,668 ) (5,354 ) Net deferred tax assets — 35 Deferred tax liabilities: Depreciation and amortization — 35 Total deferred tax liabilities — 35 Total net deferred tax assets $ — $ —

SUBSEQUENT EVENTS Leases (Table

SUBSEQUENT EVENTS Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Note 14 Commitment and Contingencies - Leases [Abstract]
Lessee, Operating Lease, Disclosure [Table Text Block]	As of March 31, 2019 , our future minimum lease payments under our operating leases are as follows: Year Operating Leases 2019 (nine months) $ 488 2020 599 2021 552 2022 489 2023 466 Thereafter 545 Total future minimum lease payments $ 3,139 Less imputed interest (715 ) Total operating lease liability $ 2,424

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)segmentPropertyshares
Organization [Abstract]
Number of Real Estate Properties	133
Number of states in which properties are located	37
Termination fee to affiliate | $	$ 10
Temporary Equity, Shares Issued | shares	400,000
Temporary Equity, Liquidation Preference | $	$ 40
Number of reportable segments | segment	3
Managed Properties [Member]
Organization [Abstract]
Number of Real Estate Properties	132
Extension period after initial term of Property Management Agreements	1 year
Managed Properties [Member] | Minimum [Member]
Organization [Abstract]
Initial term of Property Management Agreements	5 years
Managed Properties [Member] | Maximum [Member]
Organization [Abstract]
Initial term of Property Management Agreements	10 years
Managed Properties [Member] | Other Property Managers [Member] | Minimum [Member]
Organization [Abstract]
Percentage of property's gross revenues paid as property management fees	3.00%
Managed Properties [Member] | Other Property Managers [Member] | Maximum [Member]
Organization [Abstract]
Percentage of property's gross revenues paid as property management fees	7.00%
Managed Properties [Member] | Independent Living Properties [Member]
Organization [Abstract]
Number of Real Estate Properties	102
Managed Properties [Member] | Independent Living Properties [Member] | Holiday Acquisitions Holdings LLC [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	30
Triple Net Lease Properties [Member]
Organization [Abstract]
Number of Real Estate Properties	1
Triple Net Lease Properties [Member] | Minimum [Member]
Organization [Abstract]
Term of lease agreements	15 years
Rent increase percentage in lease agreements	2.75%
Triple Net Lease Properties [Member] | Maximum [Member]
Organization [Abstract]
Rent increase percentage in lease agreements	3.25%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Mar. 31, 2019USD ($)
Revenue Recognition [Abstract]
Operating Lease, Liability	$ 2,400

LEASE TERMINATION AND PROPERTY

LEASE TERMINATION AND PROPERTY MANAGEMENT AGREEMENT WITH HOLIDAY (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Security Deposit	$ 2,980	$ 2,966
Deferred Rent Asset, Net, Current	$ 3,667	$ 3,494

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2019USD ($)segmentProperty	Mar. 31, 2018USD ($)Property	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment		3
Assets		$ 2,245,868		$ 2,286,258
Percentage of assets		100.00%		100.00%
Revenues
Resident fees and services		$ 116,037	$ 75,343
Rental revenue		1,582	23,875
Less: Property operating expense		77,347	52,099
Segment NOI		40,272	47,119
Depreciation and amortization		20,787	26,725
Interest expense		23,719	21,923
Acquisition, transaction and integration expense		650	2,888
Management fees and incentive compensation to affiliate		0	3,752
General and administrative expense		4,984	3,752
Other expense		1,245	1,380
Total expenses		51,385	60,420
Loss before income taxes		(11,113)	(13,301)
Total provision for income taxes		80	48
Net loss		$ (11,193)	$ (13,349)
Major Customers [Abstract]
Number of communities | Property		133
Sales Revenue, Net [Member]
Major Customers [Abstract]
Number of communities | Property		133	133
Percentage of revenue		100.00%	100.00%
Sales Revenue, Net [Member] | Florida
Major Customers [Abstract]
Number of communities | Property		15	15
Percentage of revenue		12.00%	12.90%
Sales Revenue, Net [Member] | California
Major Customers [Abstract]
Number of communities | Property		11	11
Percentage of revenue		10.90%	11.60%
Sales Revenue, Net [Member] | Texas
Major Customers [Abstract]
Number of communities | Property		13	13
Percentage of revenue		9.80%	9.20%
Sales Revenue, Net [Member] | North Carolina
Major Customers [Abstract]
Number of communities | Property		9	9
Percentage of revenue		7.30%	7.50%
Sales Revenue, Net [Member] | Pennsylvania
Major Customers [Abstract]
Number of communities | Property		7	7
Percentage of revenue		6.40%	7.20%
Sales Revenue, Net [Member] | Oregon
Major Customers [Abstract]
Number of communities | Property		9	9
Percentage of revenue		6.10%	5.80%
Sales Revenue, Net [Member] | Other
Major Customers [Abstract]
Number of communities | Property		69	69
Percentage of revenue		47.50%	45.80%
Independent Living Properties [Member]
Segment Reporting Information [Line Items]
Assets		$ 1,779,800		$ 1,791,707
Percentage of assets		79.20%		78.40%
Revenues
Resident fees and services		$ 83,744	$ 42,555
Rental revenue		0	0
Less: Property operating expense		50,719	26,220
Segment NOI		33,025	16,335
Assisted Living and Memory Care Properties [Member]
Segment Reporting Information [Line Items]
Assets		$ 396,526		$ 400,432
Percentage of assets		17.70%		17.50%
Revenues
Resident fees and services		$ 32,293	32,788
Rental revenue		0	0
Less: Property operating expense		26,628	25,879
Segment NOI		5,665	6,909
Triple Net Lease Properties [Member]
Segment Reporting Information [Line Items]
Assets		$ 57,501		$ 58,270
Percentage of assets		2.60%		2.50%
Revenues
Resident fees and services		$ 0	0
Less: Property operating expense		0	0
Segment NOI		$ 1,582	$ 23,875
Major Customers [Abstract]
Number of communities | Property		1
Nonsegment and Other [Member]
Segment Reporting Information [Line Items]
Assets	[1]	$ 12,041		$ 35,849
Percentage of assets	[1]	0.50%		1.60%
Tenant for Holiday Portfolios [Member] | Sales Revenue, Net [Member]
Major Customers [Abstract]
Percentage of revenue		0.00%	22.50%
[1]	Primarily consists of corporate cash which is not directly attributable to our reportable business segments.

REAL ESTATE INVESTMENTS, Real E

REAL ESTATE INVESTMENTS, Real Estate Assets and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 20,700	$ 21,200
Real Estate Investments, Net [Abstract]
Gross carrying amount	2,522,910		$ 2,513,769
Accumulated depreciation	(379,065)		(358,368)
Net real estate property	2,143,845		2,155,401
Finite-Lived Intangible Assets [Line Items]
Amortization expense	100	5,500
Fully amortized in-place lease and other intangibles, write-off	0	$ 195,300
Real Estate Intangibles [Abstract]
Gross carrying amount	8,638		8,638
Accumulated amortization	(2,966)		(2,877)
Net real estate intangibles	5,672		5,761
Land [Member]
Real Estate Investments, Net [Abstract]
Gross carrying amount	177,956		177,956
Accumulated depreciation	0		0
Net real estate property	177,956		177,956
Building and Improvements [Member]
Real Estate Investments, Net [Abstract]
Gross carrying amount	2,215,706		2,211,318
Accumulated depreciation	(285,236)		(269,137)
Net real estate property	1,930,470		1,942,181
Furniture, Fixtures and Equipment [Member]
Real Estate Investments, Net [Abstract]
Gross carrying amount	129,248		124,495
Accumulated depreciation	(93,829)		(89,231)
Net real estate property	35,419		35,264
In-Place Lease and Other Intangibles [Member]
Real Estate Intangibles [Abstract]
Gross carrying amount	8,638		8,638
Accumulated amortization	(2,966)		(2,877)
Net real estate intangibles	$ 5,672		$ 5,761
Weighted average remaining amortization period	42 years 3 months 18 days		42 years 1 month 6 days

STRAIGHT-LINE RENT RECEIVABLES

STRAIGHT-LINE RENT RECEIVABLES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
STRAIGHT-LINE RENT RECEIVABLES [Abstract]
Deferred Rent Asset, Net, Current	$ 3,667	$ 3,494

RECEIVABLES AND OTHER ASSETS,_3

RECEIVABLES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating Leases, Future Minimum Payments Receivable, Current		$ 4,335
Property management fees			$ 19,400
Receivables and Other Assets [Abstract]
Escrows held by lenders	[1]	16,174		$ 17,268
Prepaid expenses		8,727		5,451
Resident receivables, net		3,848		3,200
Security deposits		2,980		2,966
Income tax receivable		702		782
Real Estate Held-for-sale	[2]	13,223		13,223
Deferred Rent Asset, Net, Current		3,667		3,494
Other assets and receivables		5,511		6,290
Total receivables and other assets		54,832		$ 52,674
Allowance for Doubtful Accounts [Roll Forward]
Balance, beginning of period		1,512	938
Provision for bad debt		0	345
Write-offs, net of recoveries		(892)	(448)
Balance, end of period		620	$ 835
Operating Leases, Future Minimum Payments Receivable, in Two Years		5,904
Operating Leases, Future Minimum Payments Receivable, in Three Years		6,066
Operating Leases, Future Minimum Payments Receivable, in Four Years		6,233
Operating Leases, Future Minimum Payments Receivable, in Five Years		6,405
Operating Leases, Future Minimum Payments Receivable, Thereafter		45,469
Operating Leases, Future Minimum Payments Receivable		$ 74,412
[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.
[2]	(B)The balances represent two properties in the Managed AL/MC Properties segment and primarily consists of the carrying value of buildings and land. We estimate the fair value of assets held for sale based on current sales price expectation less estimated cost to sell, which we deem to be classified as level 3 within the fair value hierarchy.

MORTGAGE NOTES PAYABLE, NET (De

MORTGAGE NOTES PAYABLE, NET (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2018
Mortgage Notes Payable [Abstract]
Outstanding face amount			$ 1,902,821		$ 1,905,522
Carrying value	[1]		1,882,636		1,884,882
Weighted average maturity (years)		5 years 1 month 6 days
Payments of Financing Costs		$ 753	587
Payments for Derivative Instrument, Financing Activities		35	280
Fair value adjustment on interest rate caps		500
Interest rate cap, fair value		100			600
Mortgage Notes Payable [Member]
Mortgage Notes Payable [Abstract]
Deferred financing costs		20,200			20,600
Mortgage Notes Payable [Member] | Level 3 [Member]
Mortgage Notes Payable [Abstract]
Fair value of mortgage notes payable		1,800,000			1,900,000
Mortgage Notes Payable [Member] | Fixed Rate [Member]
Mortgage Notes Payable [Abstract]
Carrying value of collateral		500,000			500,000
Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Carrying value of collateral		$ 1,600,000			1,600,000
Managed Properties [Member] | Mortgage Notes Payable [Member] | LIBOR [Member] | Minimum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate		3.66%
Managed Properties [Member] | Mortgage Notes Payable [Member] | LIBOR [Member] | Maximum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate		3.75%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount			464,680		464,680
Carrying value	[1]		462,236		462,139
Stated interest rate		4.25%
Weighted average maturity (years)		6 years 3 months 18 days
Managed Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate				3.65%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate				4.93%
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member]
Mortgage Notes Payable [Abstract]
Outstanding face amount	[2],[3]		1,438,141		1,440,842
Carrying value	[1],[2],[3]		$ 1,420,400		$ 1,422,743
Stated interest rate	[2],[3]	1M LIBOR+ 2.29% to1M LIBOR+ 2.75%
Weighted average maturity (years)	[2],[3]	4 years 9 months 18 days
Managed Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member] | Minimum [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate				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				2.70%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate				3.80%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Fixed Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate				7.40%
Triple Net Lease Properties [Member] | Mortgage Notes Payable [Member] | Floating Rate [Member] | LIBOR [Member]
Mortgage Notes Payable [Abstract]
Basis spread on variable rate				3.00%
[1]	The totals are reported net of deferred financing costs of $ 20.2 million and $ 20.6 million as of March 31, 2019 and December 31, 2018
[2]
[3]	Substantially all of these loans have LIBOR caps that range between 3.66% and 3.75% as of March 31, 2019

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts Payable and Accrued Liabilities [Abstract]
Security deposits payable	$ 2,683	$ 2,766
Accounts payable	13,416	13,232
Mortgage interest payable	7,769	7,441
Deferred community fees, net	6,751	6,454
Rent collected in advance	3,094	3,843
Property tax payable	5,559	4,880
Other liabilities	20,344	14,063
Total accrued expenses and other liabilities	$ 62,040	$ 52,679

TRANSACTIONS WITH AFFILIATES (D

TRANSACTIONS WITH AFFILIATES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2018
Management Agreements [Abstract]
Management fees and incentive compensation to affiliate	$ 0	$ 3,752
Due to affiliates	0			$ 26,245
Property Management Agreements [Abstract]
Property management fees		19,400
Travel reimbursement costs		100
Property-level payroll expenses		3,900
Security Deposit	2,980			2,966
Triple Net Lease Agreements [Abstract]
Rental revenue	$ 1,582	23,875
FIG LLC [Member]
Management Agreements [Abstract]
Reimbursement to manager for tasks and other services under the management agreement		2,300
FIG LLC [Member] | General and Administrative Expense [Member]
Management Agreements [Abstract]
Reimbursement to manager for tasks and other services under the management agreement		1,800
FIG LLC [Member] | Acquisition, Transaction and Integration Expense [Member]
Management Agreements [Abstract]
Reimbursement to manager for tasks and other services under the management agreement		500
FIG LLC [Member]
Management Agreements [Abstract]
Management fee rate payable	1.50%
Management fees and incentive compensation to affiliate		$ 3,800
Percentage used in calculation of annual incentive compensation paid to Manager	25.00%
Interest rate used in calculation of annual incentive compensation paid to Manager	10.00%
FIG LLC [Member] | Management Fees Under Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates				3,700
FIG LLC [Member] | Reimbursement for Tasks and Other Services Performed Under the Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates				2,200
Property Managers [Member] | Property Management Fees Under Property Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates				2,100
Property Managers [Member] | Reimbursement of Property-Level Payroll Expenses Under Property Management Agreement [Member]
Management Agreements [Abstract]
Due to affiliates				$ 8,200
Managed Properties [Member]
Property Management Agreements [Abstract]
Extension period after initial term of Property Management Agreements	1 year
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			6.00%
Percentage of property's gross income paid as property management fees thereafter	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	5.00%
Managed Properties [Member] | Property Managers [Member]
Property Management Agreements [Abstract]
Extension period after initial term of Property Management Agreements	1 year
Minimum [Member] | Managed Properties [Member]
Property Management Agreements [Abstract]
Initial term of Property Management Agreements	5 years
Minimum [Member] | Managed Properties [Member] | Property Managers [Member]
Property Management Agreements [Abstract]
Initial term of Property Management Agreements	5 years
Maximum [Member] | Managed Properties [Member]
Property Management Agreements [Abstract]
Initial term of Property Management Agreements	10 years
Maximum [Member] | Managed Properties [Member] | Property Managers [Member]
Property Management Agreements [Abstract]
Initial term of Property Management Agreements	10 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Current
Federal	$ 0	$ (41)
State and local	80	27
Total current provision	80	(14)
Deferred
Federal	0	58
State and local	0	4
Total deferred provision	0	62
Total provision for income taxes	80	$ 48
Deferred tax assets:
Prepaid fees and rent	776		$ 770
Net operating losses	4,488		4,225
Deferred rent	258		272
Other			122
Total deferred tax assets	5,668		5,389
Less valuation allowance	(5,668)		(5,354)
Net deferred tax assets	0		35
Deferred tax liabilities:
Depreciation and amortization	0		35
Total deferred tax liabilities	0		35
Deferred tax assets, net	0		0
Operating loss carryforwards	17,900
Reduced Depreciation [Member]
Deferred tax assets:
Other	89
Reduced Depreciation [Member]
Deferred tax assets:
Other	57		$ 0
State and Local Jurisdiction
Deferred tax liabilities:
Operating loss carryforwards	$ 19,300

EQUITY (Details)

EQUITY (Details) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		892,626	589,178
Net loss		$ (11,193,000)	$ (13,349,000)
Deemed dividend on redeemable preferred stock		$ (598,000)	0
transition option award valuation date		Jan. 1, 2019
Redeemable preferred stock, $0.01 par value with $100 liquidation preference, 400,000 shares authorized, issued and outstanding as of March 31, 2019 and December 31, 2018, respectively		$ 40,598,000		$ 40,000,000
Temporary Equity, Shares Issued		400,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options		27,922,570
Deferred Compensation Equity		$ 4,800,000
Allocated Share-based Compensation Expense		400,000
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense		$ 4,400,000
number of options converted in connection with spin-off		5,500,000
Stock Issued During Period, Shares, Issued for Services		60,975
Redeemable Preferred Stock Dividends		$ 598,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate		34.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		9.30%
Option Award - expected remaining term		6 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		2.70%
Transition option award - fair value at valuation date		$ 1,500,000
Net (loss) income attributable to common stockholders		$ (11,791,000)	$ (13,349,000)
Weighted Average Number of Shares Outstanding, Basic and Diluted	[1]	82,203,069	82,148,869
Weighted Average Number of Shares Outstanding, Diluted	[1]	82,203,069	82,148,869
Earnings Per Share, Basic and Diluted	[2]	$ (0.14)	$ (0.16)
Earnings Per Share, Diluted		$ (0.14)	$ (0.16)
Preferred Stock, Liquidation Preference, Value		$ 100
Preferred Stock, Dividend Rate, Percentage		6.00%
Temporary Equity, Liquidation Preference		$ 40,000,000
Employee Stock
Related Party Transaction [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		800,381
Employee Stock Option
Related Party Transaction [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		2,999,900
[1]	ll outstanding options and restricted stock awards were excluded from the diluted share calculation as their effect would have been anti-dilutive.
[2]	Basic earnings per share (“EPS”) is calculated by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing net loss attributable to common stockholders 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.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Triple Net Lease [Member] - Watermark [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Sep. 30, 2018
Capital Improvement and Repair Commitments [Abstract]
Lease period		15 years
Additional Capital Improvements [Member]
Capital Improvement and Repair Commitments [Abstract]
Capital improvements	$ 1,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	May 01, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.13	$ 0.26
Payments of Financing Costs		$ 753	$ 587
Payments for Derivative Instrument, Financing Activities		$ 35	$ 280
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.13