New Senior Investment (SNR) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-36499
Entity Registrant Name	New Senior Investment Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0912734
Entity Address, Address Line One	55 West 46th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	(646)
Local Phone Number	822-3700
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SNR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,880,222
Entity Central Index Key	0001610114
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate investments:
Land	$ 134,643	$ 134,643
Buildings, improvements and other	1,972,758	1,970,036
Accumulated depreciation	(368,979)	(351,555)
Net real estate property	1,738,422	1,753,124
Acquired lease and other intangible assets	7,642	7,642
Accumulated amortization	(2,327)	(2,238)
Net real estate intangibles	5,315	5,404
Net real estate investments	1,743,737	1,758,528
Assets from discontinued operations	0	363,489
Cash and cash equivalents	135,103	39,614
Receivables and other assets, net	32,148	33,078
Total Assets	1,910,988	2,194,709
Liabilities
Debt, net	1,585,936	1,590,632
Liabilities from discontinued operations	0	267,856
Accrued expenses and other liabilities	62,313	59,320
Total Liabilities	1,648,249	1,917,808
Commitments and contingencies (Note 15)
Redeemable preferred stock, $0.01 par value with $100 liquidation preference, 400,000 shares authorized, issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	40,500	40,506
Equity
Preferred stock, $0.01 par value, 99,600,000 shares (excluding 400,000 shares of redeemable preferred stock) authorized, none issued or outstanding as of March 31, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 82,880,222 and 82,964,438 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	829	830
Additional paid-in capital	902,288	901,889
Accumulated deficit	(666,424)	(660,588)
Accumulated other comprehensive loss	(14,454)	(5,736)
Total Equity	222,239	236,395
Total Liabilities, Redeemable Preferred Stock and Equity	$ 1,910,988	$ 2,194,709

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Redeemable preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redeemable preferred stock, liquidation preference per share (in dollars per share)	$ 100	$ 100
Redeemable preferred stock, shares authorized (in shares)	400,000	400,000
Redeemable preferred stock, shares issued (in shares)	400,000	400,000
Redeemable preferred stock, shares outstanding (in shares)	400,000	400,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	99,600,000	99,600,000
Preferred stock, shares issued (in shares)	0	0
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)	82,880,222	82,964,438
Common stock, shares outstanding (in shares)	82,880,222	82,964,438

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues		$ 86,590	$ 87,331
Expenses
Property operating expense		51,065	52,939
Interest expense		17,219	19,850
Depreciation and amortization		17,536	16,994
General and administrative expense		5,846	4,978
Acquisition, transaction and integration expense		133	492
Loss on extinguishment of debt		5,884	0
Other (income) expense		(105)	1,315
Total expenses		97,578	96,568
Income (Loss) before income taxes		(10,988)	(9,237)
Income tax expense		60	36
Income (Loss) from continuing operations		(11,048)	(9,273)
Discontinued Operations:
Gain on sale of real estate		19,992	0
Loss from discontinued operations		(3,107)	(1,920)
Discontinued operations, net		16,885	(1,920)
Net income (loss)		5,837	(11,193)
Deemed dividend on redeemable preferred stock		(598)	(598)
Net income (loss) attributable to common stockholders		$ 5,239	$ (11,791)
Basic earnings per common share:
Loss from continuing operations attributable to common stockholders (in dollars per share)	[1]	$ (0.14)	$ (0.12)
Discontinued operations, net (in dollars per share)	[1]	0.20	(0.02)
Net income (loss) attributable to common stockholders, basic (in dollars per share)	[1]	0.06	(0.14)
Diluted earnings per common share:
Loss from continuing operations attributable to common stockholders (in dollars per share)		(0.14)	(0.12)
Discontinued operations, net (in dollars per share)		0.20	(0.02)
Net income (loss) attributable to common stockholders, diluted (in dollars per share)		$ 0.06	$ (0.14)
Weighted average number of shares of common stock outstanding
Basic and diluted (in shares)	[2]	82,386,622	82,203,069
Dividends declared and paid per share of common stock (in dollars per share)		$ 0.13	$ 0.13
Restricted stock awards issued (in shares)		493,599	800,381
Resident fees and services
Revenues
Total revenues		$ 85,007	$ 85,749
Rental revenue
Revenues
Total revenues		$ 1,583	$ 1,582
[1]	Basic earnings per common share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding. The outstanding shares used to calculate the weighted average basic shares exclude 493,599 and 800,381 restricted stock awards, net of forfeitures, as of March 31, 2020 and 2019 , respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per share. Diluted EPS is computed by dividing net income (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.
[2]	Dilutive share equivalents and options were excluded for the three months ended March 31, 2020 and 2019 as their inclusion would have been anti-dilutive given our loss position.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (11,048)	$ (9,273)
Unrealized loss on cash flow hedge	(8,718)	0
Total other comprehensive loss	(8,718)	0
Total comprehensive income (loss)	$ (19,766)	$ (9,273)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Accumulated Deficit	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)
Equity (in shares) at Dec. 31, 2018		82,148,869
Equity at Dec. 31, 2018	$ 282,452	$ 821	$ (616,504)	$ 898,135
Increase (Decrease) in Equity [Roll Forward]
Amortization of equity-based compensation	449			449
Directors shares issued (in shares)		60,975
Directors shares issued	275	$ 1		274
Dividends declared - common stock	(10,687)		(10,687)
Dividends declared - equity awards	(104)		(104)
Deemed dividend on redeemable preferred stock	(598)		(598)
Other comprehensive loss	0
Net income (loss)	(11,193)		(11,193)
Equity (in shares) at Mar. 31, 2019		82,209,844
Equity at Mar. 31, 2019	$ 260,594	$ 822	(639,086)	898,858
Equity (in shares) at Dec. 31, 2019	82,964,438	82,964,438
Equity at Dec. 31, 2019	$ 236,395	$ 830	(660,588)	901,889	$ (5,736)
Increase (Decrease) in Equity [Roll Forward]
Equity awards issued (shares)		23,137
Equity awards vested	0	$ 0
Shares repurchased and retired to satisfy tax withholding upon vesting (shares)		(107,353)
Shares repurchased and retired to satisfy tax withholding upon vesting	(999)	$ (1)		(998)
Amortization of equity-based compensation	1,397			1,397
Directors shares issued	0
Dividends declared - common stock	(10,708)		(10,708)
Dividends declared - equity awards	(367)		(367)
Deemed dividend on redeemable preferred stock	(500)		(500)
Dividends declared on redeemable preferred stock	(98)		(98)
Other comprehensive loss	(8,718)				(8,718)
Net income (loss)	$ 5,837		5,837
Equity (in shares) at Mar. 31, 2020	82,880,222	82,880,222
Equity at Mar. 31, 2020	$ 222,239	$ 829	$ (666,424)	$ 902,288	$ (14,454)

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dividends declared (in dollars per share)	$ 0.13	$ 0.13
Equity Awards, Dividends, Per Share, Declared	$ 0.13	$ 0.13

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Cash Flows From Operating Activities
Net income (loss)		$ 5,837	$ (11,193)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation of tangible assets and amortization of intangible assets		17,536	16,994
Amortization of deferred financing costs		742	792
Amortization of deferred revenue, net		(64)	616
Non-cash straight-line rental revenue		(134)	(173)
Loss on extinguishment of debt		5,884	0
Amortization of equity-based compensation		1,397	449
Loss on sale of real estate		(19,992)	0
Other non-cash expense		235	1,046
Changes in:
Receivables and other assets, net		(2,505)	(2,110)
Accrued expenses and other liabilities		(10,072)	(20,244)
Net cash provided by (used in) operating activities - continuing operations		(1,136)	(13,823)
Net cash provided by (used in) operating activities - discontinued operations		(3,105)	2,728
Net cash provided by (used in) operating activities		(4,241)	(11,095)
Cash Flows From Investing Activities
Capital expenditures, net of insurance proceeds		(2,787)	(5,263)
Net cash provided by (used in) investing activities - continuing operations		(2,787)	(5,263)
Net cash provided by (used in) investing activities - discontinued operations	[1]	373,805	(1,384)
Net cash provided by (used in) investing activities		371,018	(6,647)
Cash Flows From Financing Activities
Principal payments of mortgage notes payable and capital lease obligations		(1,189)	(1,844)
Proceeds from mortgage notes payable		270,015	0
Proceeds from borrowings on revolving credit facility		100,000	0
Repayments of mortgage notes payable		(368,149)	0
Payment of exit fee on extinguishment of debt		(4,504)	0
Payment of deferred financing costs		(4,767)	(588)
Purchase of interest rate caps		(81)	(35)
Taxes paid related to net settlement of equity-based compensation awards		(999)	0
Payment of common stock dividend		(10,708)	(10,687)
Payment of redeemable preferred stock dividend		(604)	0
Payment of restricted equity award dividend		(191)	0
Net cash provided by (used in) financing activities - continuing operations		(21,177)	(13,154)
Net cash provided by (used in) financing activities - discontinued operations	[2]	(260,996)	(1,087)
Net cash provided by (used in financing activities		(282,173)	(14,241)
Net increase (decrease) in cash, cash equivalents and restricted cash		84,604	(31,983)
Cash, cash equivalents and restricted cash, beginning of period		63,829	92,656
Cash, cash equivalents and restricted cash, end of period		148,433	60,673
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense		18,922	22,171
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of common stock		0	275
Capital lease obligations		278	215
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash, end of period		$ 63,829	$ 92,656
[1]	For the three months ended March 31, 2020
[2]	For the three months ended March 31, 2020

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
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, 2020 , we owned a diversified portfolio of 103 primarily private pay senior housing properties located across 36 states. We are listed on the New York Stock Exchange (“NYSE”) under the symbol “SNR” and are headquartered in New York, New York. We operate in two reportable segments: (1) Managed Independent Living (“IL”) Properties, and (2) Other Properties. Managed IL Properties – We own 102 properties managed by Holiday, FHC Property Management LLC (together with its subsidiaries, “Merrill Gardens”), and Grace Management, Inc. (“Grace”) (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 generally pay management fees of 4.5% to 5% of effective gross income pursuant to our Property Management Agreements and, in some cases, the Property Managers are eligible to earn an incentive fee based on operating performance. Other Properties – We own one CCRC and lease this property to Watermark Retirement Communities, Inc. (“Watermark”), 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% . We were formed as a Delaware limited liability company on May 17, 2012 as a wholly owned subsidiary of Drive Shack Inc., formerly Newcastle Investment Corp. (“Drive Shack”). On November 6, 2014, we were spun-off from Drive Shack and our shares of common stock were publicly listed on the NYSE.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
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 in our Annual Report on Form 10-K for the year ended December 31, 2019 , as filed with the SEC. Certain prior period amounts have been reclassified to conform to the current period’s presentation, primarily related to classification of certain properties as discontinued operations. Significant Accounting Policies Earnings per Common Share The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Non-vested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore are included in the computation of basic EPS pursuant to the two-class method. During the three months ended March 31, 2020 , we issued 233,974 unvested restricted stock units to officers and employees with certain participating rights (“Participating RSUs”). Diluted earnings per share of common stock is calculated by including the effect of dilutive securities. Participating RSUs are included in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. Any anti-dilutive securities are excluded from the calculation. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund losses. Refer to our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019 for other significant accounting policies. Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires a company to recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The adoption of this standard did not have a material impact on our consolidated financial statements as our entire balance of receivables relates to lease agreements with our residents and tenant, which are specifically excluded from this standard. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Rate (“LIBOR”) or another rate that is expected to be discontinued. Companies can adopt ASU 2020-04 anytime during the effective period of March 12, 2020 through December 31, 2022. We are assessing the impact this guidance may have on our consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On October 31, 2019, we entered into a Purchase and Sale Agreement (the “Sale Agreement”) to sell a portfolio of 28 assisted living/memory care (“AL/MC”) properties for a gross sale price of $385.0 million (the “AL/MC Portfolio Disposition”). The portfolio represented a separate reportable segment at the time and the sale represented a strategic shift that would have a major effect on our operations and financial results. As a result, we classified the assets and liabilities associated with the operations of the 28 AL/MC properties as discontinued operations in our consolidated financial statements. On February 10, 2020, we completed the AL/MC Portfolio Disposition and recognized a gain on sale of $20.0 million , which is included in “Discontinued operations, net” in our Consolidated Statements of Operations. In conjunction with the sale, we repaid $260.2 million of debt specifically attributable to the properties included in the disposition and recognized a loss on extinguishment of debt of $3.6 million , comprising of $2.5 million in prepayment penalties and $1.1 million in the write-off of unamortized deferred financing costs, which is included in “Loss from discontinued operations” in our Consolidated Statements of Operations. As of December 31, 2019 , the assets and liabilities associated with discontinued operations were as follows: December 31, 2019 Assets Real estate investments: Land $ 43,313 Buildings, improvements and other 397,808 Accumulated depreciation (87,719 ) Net real estate property 353,402 Acquired lease and other intangible assets 996 Accumulated amortization (996 ) Net real estate intangibles — Net real estate investments 353,402 Receivables and other assets, net 10,087 Assets from discontinued operations $ 363,489 Liabilities Debt, net $ 255,096 Accrued expenses and other liabilities 12,760 Liabilities from discontinued operations $ 267,856 For the three months ended March 31, 2020 and 2019 , the results of operations associated with discontinued operations are as follows: Three Months Ended March 31, 2020 2019 Revenues Resident fees and services $ 14,024 $ 30,288 Total Revenues 14,024 30,288 Expenses Property operating expenses 11,328 24,408 Depreciation and amortization — 3,793 Interest expense 1,361 3,869 Acquisition, transaction, and integration expense 1,037 158 General and administrative expense 8 5 Loss on extinguishment of debt 3,602 — Other income (204 ) (69 ) Total expenses 17,132 32,164 Loss before income taxes (3,108 ) (1,876 ) Income tax (benefit) expense (1 ) 44 Loss from discontinued operations $ (3,107 ) $ (1,920 )

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We operate in two reportable business segments, Managed IL Properties and Other Properties. Our Managed IL Properties segment includes 102 IL properties throughout the United States managed by Holiday, Merrill Gardens and Grace under Property Management Agreements. Our Other Properties segment includes one CCRC property, which is currently leased to a healthcare operating company under a triple net lease agreement that obligates the tenant to pay all property-related expenses, including maintenance, utilities, taxes, insurance, repairs, capital improvements and the payroll expense of property-level employees. It also includes the operations of two managed AL/MC properties we previously owned during the three months ended March 31, 2019 and sold in the second quarter of 2019. 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. 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 (loss) on sale of real estate, gain on lease termination, litigation proceeds, net, income tax expense (benefit) and discontinued operations, net are not allocated to individual segments for purposes of assessing segment performance. There are no intersegment sales. Three Months Ended March 31, 2020 Managed IL Properties Other Properties Consolidated Revenues Resident fees and services $ 85,007 $ — $ 85,007 Rental revenue — 1,583 1,583 Less: Property operating expense 51,065 — 51,065 Segment NOI $ 33,942 $ 1,583 35,525 Depreciation and amortization 17,536 Interest expense 17,219 General and administrative expense 5,846 Acquisition, transaction and integration expense 133 Loss on extinguishment of debt 5,884 Other income (105 ) Total expenses 46,513 Loss before income taxes (10,988 ) Income tax expense 60 Loss from continuing operations (11,048 ) Discontinued operations: Gain from sale of real estate 19,992 Loss from discontinued operations (3,107 ) Discontinued operations, net 16,885 Net income $ 5,837 Three Months Ended March 31, 2019 Managed IL Properties Other Properties Consolidated Revenues Resident fees and services $ 83,745 $ 2,004 $ 85,749 Rental revenue — 1,582 1,582 Less: Property operating expense 50,719 2,220 52,939 Segment NOI $ 33,026 $ 1,366 34,392 Depreciation and amortization 16,994 Interest expense 19,850 General and administrative expense 4,978 Acquisition, transaction and integration expense 492 Other expense 1,315 Total expenses 43,629 Loss before income taxes (9,237 ) Income tax expense 36 Loss from continuing operations (9,273 ) Discontinued Operations: Loss from discontinued operations (1,920 ) Discontinued operations, net (1,920 ) Net loss $ (11,193 ) Assets by reportable business segment are reconciled to total assets as follows: March 31, 2020 December 31, 2019 Amount Percentage Amount Percentage Managed IL Properties $ 1,735,305 90.8 % $ 1,748,787 79.7 % Other Properties 62,612 3.3 % 63,616 2.9 % All other assets (A) 113,071 5.9 % 382,306 17.4 % Total assets $ 1,910,988 100.0 % $ 2,194,709 100.0 % (A) Includes $363.5 million of assets classified as discontinued operations for the year ended December 31, 2019 . The remaining balance 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, 2020 As of and for the three months ended March 31, 2019 Number of Communities % of Total Revenue Number of Communities % of Total Revenue Florida 9 9.0 % 9 9.1 % California 9 10.3 % 9 10.6 % Texas 9 8.1 % 9 7.8 % North Carolina 8 8.5 % 8 8.3 % Pennsylvania 5 5.7 % 6 6.7 % Oregon 8 7.0 % 8 7.1 % Other 55 51.4 % 56 50.4 % Total 103 100.0 % 105 100.0 %

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The following table summarizes our real estate investments: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 134,643 $ — $ 134,643 $ 134,643 $ — $ 134,643 Building and improvements 1,866,552 (280,022 ) 1,586,530 1,863,866 (266,420 ) 1,597,446 Furniture, fixtures and equipment 106,206 (88,957 ) 17,249 106,170 (85,135 ) 21,035 Total real estate investments $ 2,107,401 $ (368,979 ) $ 1,738,422 $ 2,104,679 $ (351,555 ) $ 1,753,124 Depreciation expense was $17.4 million and $16.9 million for the three months ended March 31, 2020 and 2019 , respectively. The following table summarizes our real estate intangibles: March 31, 2020 December 31, 2019 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 $ 7,642 $ (2,327 ) $ 5,315 43.2 years $ 7,642 $ (2,238 ) $ 5,404 43.0 years Amortization expense was $0.1 million and $0.1 million for the three months ended March 31, 2020 and 2019 , respectively. We evaluate 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 evaluate whether the sum of the expected future undiscounted cash flows is less than book value. Based on our assessment, no charges were necessary for the three months ended March 31, 2020 and 2019

RECEIVABLES AND OTHER ASSETS, N

RECEIVABLES AND OTHER ASSETS, NET	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
RECEIVABLES AND OTHER ASSETS, NET	RECEIVABLES AND OTHER ASSETS, NET March 31, 2020 December 31, 2019 Escrows held by lenders (A) $ 10,461 $ 15,895 Straight-line rent receivable 4,218 4,084 Prepaid expenses 6,462 3,534 Security deposits 2,851 2,763 Resident receivables, net 1,422 1,345 Income tax receivable 636 821 Other assets and receivables 6,098 4,636 Total receivables and other assets $ 32,148 $ 33,078 (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. Straight-line Rent Receivable Rental revenue from our triple net lease property 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 not probable that we will collect substantially all rents, any lease income is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. The following table sets forth future contracted minimum lease payments from the tenant within the Other Properties segment, excluding contingent payment escalations, as of March 31, 2020 : 2020 (nine months) $ 4,455 2021 6,066 2022 6,233 2023 6,405 2024 6,581 Thereafter 38,888 Total future minimum lease payments $ 68,628

DEBT, NET

DEBT, NET	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT, NET	DEBT, NET March 31, 2020 December 31, 2019 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Floating Rate (B)(C)(D) $ 1,139,753 $ 1,123,306 Mar 2022- Mar 2030 1M LIBOR + 2.00% to 1M LIBOR + 2.75% 6.2 $ 1,139,036 $ 1,128,100 Fixed Rate 464,680 462,630 Sep 2025 4.25% 5.3 464,680 462,532 Total $ 1,604,433 $ 1,585,936 6.0 $ 1,603,716 $ 1,590,632 (A) The totals are reported net of deferred financing costs of $ 18.5 million and $ 13.1 million as of March 31, 2020 and December 31, 2019 , respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.38% and 3.75% as of March 31, 2020 . (C) Includes $100.0 million of borrowings outstanding under our Revolver as of March 31, 2020 . (D) As of March 31, 2020 , $350.0 million of total floating rate debt has been hedged using an interest rate swap, which is carried at fair value. See “Note 8 - Derivative Instruments” for more information. The carrying value of the collateral relating to the floating rate and fixed rate debt was $ 1.2 billion and $ 0.5 billion , respectively, as of both March 31, 2020 , and December 31, 2019 . Our debt agreements contain various customary financial and other covenants, in some cases including a debt service coverage ratio and project yield, as defined in the agreements. We are in compliance with the covenants in our debt agreements as of March 31, 2020 . In February 2020, in conjunction with the AL/MC Portfolio Disposition, we obtained mortgage financing in the aggregate amount of $270.0 million from KeyBank and assigned to Federal Home Loan Mortgage Corporation (the “2020 Freddie Financing”). The 2020 Freddie Financing is secured by 14 of our managed IL properties, matures on March 1, 2030, and bears interest at an adjustable rate, adjusted monthly, equal to the sum of the one month LIBOR index rate plus 2.12% . Concurrently on the same date, we used the funds from the 2020 Freddie Financing and proceeds from the AL/MC Portfolio Disposition to prepay an aggregate of $368.1 million of secured loans. We recognized a loss on extinguishment of debt of $5.9 million , comprising of $4.5 million in prepayment penalties and $1.4 million in the write-off of unamortized deferred financing costs, and is recorded in “Loss on extinguishment of debt” on our Consolidated Statements of Operations. We incurred a total of $3.3 million in deferred financing costs, which have been capitalized and are being amortized over the life of the loan and the related amortization is included in “Interest expense” in our Consolidated Statements of Operations. In addition, in February 2020, we also amended and restated our secured revolving credit facility in the amount of $125.0 million (the “Revolver”) and extended its maturity from December 2021 to February 9, 2024. The amendment allows the Revolver to be increased with lender consent to a maximum aggregate amount of $500.0 million , of which (i) up to 10% may be used for the issuance of letters of credit, and (ii) up to 10% may be drawn by us in the form of swing loans. The Revolver bears an interest rate of, at our option, (i) the sum of LIBOR plus 2.0% or, in the case of a swing line loan, (ii) the greater of (a) the fluctuating annual rate of interest announced from time to time by KeyBank as its “prime rate,” plus 1.0% (b) 1.5% above the effective federal funds rate and (c) the sum of LIBOR for a one-month interest period plus 2.0% . The Revolver is secured by nine of our IL properties and the pledge of the equity interests of certain of our wholly owned subsidiaries. We continue to pay a fee for unused amounts of the Revolver under certain circumstances, which was not material for the three months ended March 31, 2020 .

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. Derivatives Designated as Hedging Instruments Interest rate swap In May 2019, we entered into a $350.0 million notional interest rate swap with a maturity of May 2022 that effectively converts LIBOR-based floating rate debt to fixed rate debt, thus reducing the impact of interest-rate changes on future interest expense. The interest rate swap was designated and qualified as a cash flow hedge with the change in fair value included in the assessment of hedge effectiveness deferred as a component of other comprehensive income (“OCI”), and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of March 31, 2020 and December 31, 2019 , our interest rate swap liability of $14.7 million and $5.9 million , respectively, was recorded in “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. For the three months ended March 31, 2020 , $0.5 million of loss was reclassified from accumulated other comprehensive income (loss) into earnings and was recorded in “Interest expense” in our Consolidated Statements of Operations. As of March 31, 2020 , approximately $5.5 million of our swap liability, which is included in accumulated other comprehensive income (loss), is expected to be reclassified into earnings in the next 12 months. Derivatives Not Designated as Hedging Instruments Interest rate caps As of March 31, 2020 and December 31, 2019 , our interest rate cap assets were recorded in “Receivables and other assets, net” in our Consolidated Balance Sheets. Fair value losses recognized for the three months ended March 31, 2020 were not material and fair value losses recognized for the three months ended March 31, 2019 were $0.5 million

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	ACCRUED EXPENSES AND OTHER LIABILITIES March 31, 2020 December 31, 2019 Accounts payable $ 10,718 $ 17,554 Security deposits payable 2,419 2,486 Due to property managers 6,714 6,752 Mortgage interest payable 5,218 5,665 Deferred community fees, net 5,820 5,865 Rent collected in advance 1,984 2,099 Property tax payable 4,843 5,627 Operating lease liability 1,914 1,942 Derivative liability 14,670 5,896 Other liabilities 8,013 5,434 Total accrued expenses and other liabilities $ 62,313 $ 59,320

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The carrying amounts and fair values of our financial instruments were as follows: Fair Value Hierarchy March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents (A) 1 $ 135,103 $ 135,103 $ 39,614 $ 39,614 Restricted cash (A) 1 13,311 13,311 18,658 18,658 Interest rate caps (B)(D) 2 74 74 IMM IMM Financial Liabilities: Mortgage debt (C) 3 $ 1,489,965 $ 1,450,925 $ 1,590,632 $ 1,592,855 Revolving credit facility (C) 3 95,971 94,239 — — Interest rate swap (B) 2 14,670 14,670 5,736 5,736 (A) The carrying amount approximates fair value. (B) Fair value based on pricing models that consider inputs including forward yield curves, cap strike rates, cap volatility and discount rates. (C) Fair value 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 mortgage debt and revolving credit facility are not measured at fair value in our Consolidated Balance Sheets. (D) As of December 31, 2019 , the carrying values and the fair value of our interest rate caps were immaterial.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
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 (benefit) for income taxes (excluding discontinued operations): Three Months Ended March 31, 2020 2019 Current Federal $ — $ — State and local 60 36 Total current provision 60 36 Deferred Federal — — State and local — — Total deferred provision — — Total provision for income taxes $ 60 $ 36 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 before the net operating loss carryforward expires. Management believes that it is more likely than not that our net deferred tax assets will not be realized. As a result, we recorded valuation allowances against our deferred tax asset of $7.7 million and $7.9 million as of March 31, 2020 and December 31, 2019 , respectively. 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, 2020 , our TRS had a loss carryforward of approximately $28.3 million for federal income tax purposes and $32.8 million for state income tax purposes. The federal net operating losses will begin to expire at the end of 2034. The net operating loss carryforward can generally be used to offset future taxable income, if and when it arises.

REDEEMABLE PREFERRED STOCK, EQU

REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER COMMON SHARE	REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER COMMON SHARE Redeemable Preferred Stock On December 31, 2018, we issued 400,000 shares of our Series A Redeemable Preferred Stock to the private equity firm that formerly externally managed the Company (the “Former Manager”). 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. The Redeemable Preferred Stock is subject to certain terms and conditions. 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. 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, 2020 : Balance as of December 31, 2019 $ 40,506 Accrued dividend on Redeemable Preferred Stock 598 Paid dividend on Redeemable Preferred Stock (604 ) Balance as of March 31, 2020 $ 40,500 Amended and Restated Stock Option and Incentive Award Plan On January 1, 2019, our board of directors adopted an Amended and Restated Nonqualified Stock Option and Incentive Award Plan (the “Plan”) providing for the grant of equity-based awards, including restricted stock awards (RSAs), restricted stock units (RSUs), 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. Vesting periods for these awards generally range from one to three years . Options expire ten years from the date of grant. Stock-based compensation expense totaled $1.4 million and $0.4 million for the three months ended March 31, 2020 and 2019 , respectively. Equity and Dividends In January 2020, strike prices for outstanding options as of December 31, 2019 were reduced by $0.52 (the “2019 ROC Adjustment”), reflecting the portion of our 2019 dividends which were deemed return of capital pursuant to the terms of the Plan. In addition, 20,098 additional options were issued to the Former Manager, in order to maintain the intrinsic value of an option grant with a strike price below the 2019 ROC Adjustment. Earnings per Common Share Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing net income (loss) 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. Our common stock equivalents are our outstanding stock options and equity-based compensation awards. We have certain equity awards that contain non-forfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method, and therefore we apply the two-class method in our computation of EPS. The two-class method is an earnings allocation methodology that determines EPS for common shares and participating securities according to dividends declared or accumulated and participating rights in undistributed earnings. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund losses. For the three months ended March 31, 2020 and 2019 , basic and diluted net income (loss) per share was computed by dividing net income (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, 2020 and 2019 : Three Months Ended March 31, 2020 2019 Numerator Income (Loss) from continuing operations attributable to common stockholders $ (11,646 ) $ (9,871 ) Discontinued operations, net 16,885 (1,920 ) Net income (loss) attributable to common stockholders 5,239 (11,791 ) Less: Non-forfeitable dividends allocated to participating RSUs (30 ) — Net income (loss) available to common shares outstanding $ 5,209 $ (11,791 ) Denominator Basic weighted average common shares outstanding (A) 82,386,622 82,203,069 Dilutive common shares - equity awards and option (B) — — Diluted weighted average common shares outstanding 82,386,622 82,203,069 Basic earnings per common share: Loss from continuing operations attributable to common shares $ (0.14 ) $ (0.12 ) Discontinued operations, net 0.20 (0.02 ) Net income (loss) attributable to common shares $ 0.06 $ (0.14 ) Diluted earnings per common share: Loss from continuing operations attributable to common shares $ (0.14 ) $ (0.12 ) Discontinued operations, net 0.20 (0.02 ) Net income (loss) attributable to common shares $ 0.06 $ (0.14 ) (A) The outstanding shares used to calculate the weighted average basic shares exclude 493,599 and 800,381 restricted stock awards as of March 31, 2020 and 2019 net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per common share for the three months ended March 31, 2020 . (B) During the three months ended March 31, 2020 and 2019 , 1,527,646 and 892,626 dilutive share equivalents and options, respectively, were excluded as their inclusion would have been anti-dilutive given our loss position.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES As of March 31, 2020 , 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, 2020 , 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, which ends in 2030, to the triple net lease property under Watermark, none of which has been funded as of March 31, 2020 . 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 (e.g., dishwashers, copy machines and buses) used at certain of our Managed IL Properties under operating lease agreements. Our leases have remaining lease terms ranging from one month to 4.3 years . We do not include any renewal options in our lease terms for calculating our lease liability because as of March 31, 2020 , we were not reasonably certain if we will exercise these renewal options at this time. As of March 31, 2020 , our future minimum lease payments under our operating leases are as follows: Year Operating Leases 2020 (nine months) $ 392 2021 509 2022 471 2023 466 2024 235 Thereafter 310 Total future minimum lease payments 2,383 Less imputed interest (469 ) Total operating lease liability $ 1,914

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On May 4, 2020, our board of directors declared a cash dividend on our common stock of $0.065 per share for the quarter ended March 31, 2020 . The dividend is payable on June 19, 2020 to stockholders of record on June 5, 2020. Coronavirus (COVID-19) global pandemic

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	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 in our Annual Report on Form 10-K for the year ended December 31, 2019 , as filed with the SEC.
Basis of Presentation and Principles of Consolidation	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 in our Annual Report on Form 10-K for the year ended December 31, 2019 , as filed with the SEC.
Reclassifications	Certain prior period amounts have been reclassified to conform to the current period’s presentation, primarily related to classification of certain properties as discontinued operations.
Earnings per Common Share	Earnings per Common Share The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Non-vested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore are included in the computation of basic EPS pursuant to the two-class method. During the three months ended March 31, 2020 , we issued 233,974 unvested restricted stock units to officers and employees with certain participating rights (“Participating RSUs”). Diluted earnings per share of common stock is calculated by including the effect of dilutive securities. Participating RSUs are included in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. Any anti-dilutive securities are excluded from the calculation. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund losses. Refer to our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019 for other significant accounting policies.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires a company to recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The adoption of this standard did not have a material impact on our consolidated financial statements as our entire balance of receivables relates to lease agreements with our residents and tenant, which are specifically excluded from this standard. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Rate (“LIBOR”) or another rate that is expected to be discontinued. Companies can adopt ASU 2020-04 anytime during the effective period of March 12, 2020 through December 31, 2022. We are assessing the impact this guidance may have on our consolidated financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of Discontinued Operations	As of December 31, 2019 , the assets and liabilities associated with discontinued operations were as follows: December 31, 2019 Assets Real estate investments: Land $ 43,313 Buildings, improvements and other 397,808 Accumulated depreciation (87,719 ) Net real estate property 353,402 Acquired lease and other intangible assets 996 Accumulated amortization (996 ) Net real estate intangibles — Net real estate investments 353,402 Receivables and other assets, net 10,087 Assets from discontinued operations $ 363,489 Liabilities Debt, net $ 255,096 Accrued expenses and other liabilities 12,760 Liabilities from discontinued operations $ 267,856 For the three months ended March 31, 2020 and 2019 , the results of operations associated with discontinued operations are as follows: Three Months Ended March 31, 2020 2019 Revenues Resident fees and services $ 14,024 $ 30,288 Total Revenues 14,024 30,288 Expenses Property operating expenses 11,328 24,408 Depreciation and amortization — 3,793 Interest expense 1,361 3,869 Acquisition, transaction, and integration expense 1,037 158 General and administrative expense 8 5 Loss on extinguishment of debt 3,602 — Other income (204 ) (69 ) Total expenses 17,132 32,164 Loss before income taxes (3,108 ) (1,876 ) Income tax (benefit) expense (1 ) 44 Loss from discontinued operations $ (3,107 ) $ (1,920 )

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Three Months Ended March 31, 2020 Managed IL Properties Other Properties Consolidated Revenues Resident fees and services $ 85,007 $ — $ 85,007 Rental revenue — 1,583 1,583 Less: Property operating expense 51,065 — 51,065 Segment NOI $ 33,942 $ 1,583 35,525 Depreciation and amortization 17,536 Interest expense 17,219 General and administrative expense 5,846 Acquisition, transaction and integration expense 133 Loss on extinguishment of debt 5,884 Other income (105 ) Total expenses 46,513 Loss before income taxes (10,988 ) Income tax expense 60 Loss from continuing operations (11,048 ) Discontinued operations: Gain from sale of real estate 19,992 Loss from discontinued operations (3,107 ) Discontinued operations, net 16,885 Net income $ 5,837 Three Months Ended March 31, 2019 Managed IL Properties Other Properties Consolidated Revenues Resident fees and services $ 83,745 $ 2,004 $ 85,749 Rental revenue — 1,582 1,582 Less: Property operating expense 50,719 2,220 52,939 Segment NOI $ 33,026 $ 1,366 34,392 Depreciation and amortization 16,994 Interest expense 19,850 General and administrative expense 4,978 Acquisition, transaction and integration expense 492 Other expense 1,315 Total expenses 43,629 Loss before income taxes (9,237 ) Income tax expense 36 Loss from continuing operations (9,273 ) Discontinued Operations: Loss from discontinued operations (1,920 ) Discontinued operations, net (1,920 ) Net loss $ (11,193 ) Assets by reportable business segment are reconciled to total assets as follows: March 31, 2020 December 31, 2019 Amount Percentage Amount Percentage Managed IL Properties $ 1,735,305 90.8 % $ 1,748,787 79.7 % Other Properties 62,612 3.3 % 63,616 2.9 % All other assets (A) 113,071 5.9 % 382,306 17.4 % Total assets $ 1,910,988 100.0 % $ 2,194,709 100.0 % (A) Includes $363.5 million of assets classified as discontinued operations for the year ended December 31, 2019 . The remaining balance primarily consists of corporate cash which is not directly attributable to our reportable business segments.
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, 2020 As of and for the three months ended March 31, 2019 Number of Communities % of Total Revenue Number of Communities % of Total Revenue Florida 9 9.0 % 9 9.1 % California 9 10.3 % 9 10.6 % Texas 9 8.1 % 9 7.8 % North Carolina 8 8.5 % 8 8.3 % Pennsylvania 5 5.7 % 6 6.7 % Oregon 8 7.0 % 8 7.1 % Other 55 51.4 % 56 50.4 % Total 103 100.0 % 105 100.0 %

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Investments	The following table summarizes our real estate investments: March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 134,643 $ — $ 134,643 $ 134,643 $ — $ 134,643 Building and improvements 1,866,552 (280,022 ) 1,586,530 1,863,866 (266,420 ) 1,597,446 Furniture, fixtures and equipment 106,206 (88,957 ) 17,249 106,170 (85,135 ) 21,035 Total real estate investments $ 2,107,401 $ (368,979 ) $ 1,738,422 $ 2,104,679 $ (351,555 ) $ 1,753,124
Real Estate Intangibles	The following table summarizes our real estate intangibles: March 31, 2020 December 31, 2019 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 $ 7,642 $ (2,327 ) $ 5,315 43.2 years $ 7,642 $ (2,238 ) $ 5,404 43.0 years

RECEIVABLES AND OTHER ASSETS,_2

RECEIVABLES AND OTHER ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables and Other Assets, Net	March 31, 2020 December 31, 2019 Escrows held by lenders (A) $ 10,461 $ 15,895 Straight-line rent receivable 4,218 4,084 Prepaid expenses 6,462 3,534 Security deposits 2,851 2,763 Resident receivables, net 1,422 1,345 Income tax receivable 636 821 Other assets and receivables 6,098 4,636 Total receivables and other assets $ 32,148 $ 33,078 (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.
Schedule of Future Minimum Rental Payments for Operating Leases	The following table sets forth future contracted minimum lease payments from the tenant within the Other Properties segment, excluding contingent payment escalations, as of March 31, 2020 : 2020 (nine months) $ 4,455 2021 6,066 2022 6,233 2023 6,405 2024 6,581 Thereafter 38,888 Total future minimum lease payments $ 68,628

DEBT, NET (Tables)

DEBT, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable, Net	March 31, 2020 December 31, 2019 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Floating Rate (B)(C)(D) $ 1,139,753 $ 1,123,306 Mar 2022- Mar 2030 1M LIBOR + 2.00% to 1M LIBOR + 2.75% 6.2 $ 1,139,036 $ 1,128,100 Fixed Rate 464,680 462,630 Sep 2025 4.25% 5.3 464,680 462,532 Total $ 1,604,433 $ 1,585,936 6.0 $ 1,603,716 $ 1,590,632 (A) The totals are reported net of deferred financing costs of $ 18.5 million and $ 13.1 million as of March 31, 2020 and December 31, 2019 , respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.38% and 3.75% as of March 31, 2020 . (C) Includes $100.0 million of borrowings outstanding under our Revolver as of March 31, 2020 . (D) As of March 31, 2020 , $350.0 million of total floating rate debt has been hedged using an interest rate swap, which is carried at fair value. See “Note 8 - Derivative Instruments” for more information.

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	March 31, 2020 December 31, 2019 Accounts payable $ 10,718 $ 17,554 Security deposits payable 2,419 2,486 Due to property managers 6,714 6,752 Mortgage interest payable 5,218 5,665 Deferred community fees, net 5,820 5,865 Rent collected in advance 1,984 2,099 Property tax payable 4,843 5,627 Operating lease liability 1,914 1,942 Derivative liability 14,670 5,896 Other liabilities 8,013 5,434 Total accrued expenses and other liabilities $ 62,313 $ 59,320

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	The carrying amounts and fair values of our financial instruments were as follows: Fair Value Hierarchy March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents (A) 1 $ 135,103 $ 135,103 $ 39,614 $ 39,614 Restricted cash (A) 1 13,311 13,311 18,658 18,658 Interest rate caps (B)(D) 2 74 74 IMM IMM Financial Liabilities: Mortgage debt (C) 3 $ 1,489,965 $ 1,450,925 $ 1,590,632 $ 1,592,855 Revolving credit facility (C) 3 95,971 94,239 — — Interest rate swap (B) 2 14,670 14,670 5,736 5,736 (A) The carrying amount approximates fair value. (B) Fair value based on pricing models that consider inputs including forward yield curves, cap strike rates, cap volatility and discount rates. (C) Fair value 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 mortgage debt and revolving credit facility are not measured at fair value in our Consolidated Balance Sheets. (D) As of December 31, 2019 , the carrying values and the fair value of our interest rate caps were immaterial.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The following table presents the provision (benefit) for income taxes (excluding discontinued operations): Three Months Ended March 31, 2020 2019 Current Federal $ — $ — State and local 60 36 Total current provision 60 36 Deferred Federal — — State and local — — Total deferred provision — — Total provision for income taxes $ 60 $ 36

REDEEMABLE PREFERRED STOCK, E_2

REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Rollforward of Redeemable Preferred Stock	The following table is a rollforward of our Redeemable Preferred Stock for the three months ended March 31, 2020 : Balance as of December 31, 2019 $ 40,506 Accrued dividend on Redeemable Preferred Stock 598 Paid dividend on Redeemable Preferred Stock (604 ) Balance as of March 31, 2020 $ 40,500
Computation of Basic and Diluted Loss Per Share	The following table sets forth the computation of basic and diluted loss per share of common stock for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 Numerator Income (Loss) from continuing operations attributable to common stockholders $ (11,646 ) $ (9,871 ) Discontinued operations, net 16,885 (1,920 ) Net income (loss) attributable to common stockholders 5,239 (11,791 ) Less: Non-forfeitable dividends allocated to participating RSUs (30 ) — Net income (loss) available to common shares outstanding $ 5,209 $ (11,791 ) Denominator Basic weighted average common shares outstanding (A) 82,386,622 82,203,069 Dilutive common shares - equity awards and option (B) — — Diluted weighted average common shares outstanding 82,386,622 82,203,069 Basic earnings per common share: Loss from continuing operations attributable to common shares $ (0.14 ) $ (0.12 ) Discontinued operations, net 0.20 (0.02 ) Net income (loss) attributable to common shares $ 0.06 $ (0.14 ) Diluted earnings per common share: Loss from continuing operations attributable to common shares $ (0.14 ) $ (0.12 ) Discontinued operations, net 0.20 (0.02 ) Net income (loss) attributable to common shares $ 0.06 $ (0.14 ) (A) The outstanding shares used to calculate the weighted average basic shares exclude 493,599 and 800,381 restricted stock awards as of March 31, 2020 and 2019 net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per common share for the three months ended March 31, 2020 . (B) During the three months ended March 31, 2020 and 2019 , 1,527,646 and 892,626 dilutive share equivalents and options, respectively, were excluded as their inclusion would have been anti-dilutive given our loss position.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	As of March 31, 2020 , our future minimum lease payments under our operating leases are as follows: Year Operating Leases 2020 (nine months) $ 392 2021 509 2022 471 2023 466 2024 235 Thereafter 310 Total future minimum lease payments 2,383 Less imputed interest (469 ) Total operating lease liability $ 1,914

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segmentstateProperty
Real Estate Properties [Line Items]
Number of real estate properties	103
Number of states in which properties are located | state	36
Number of reportable segments | segment	2
Managed IL Properties
Real Estate Properties [Line Items]
Number of real estate properties	102
Extension period after initial term of property management agreements	1 year
Managed IL Properties | Minimum
Real Estate Properties [Line Items]
Initial term of property management agreements	5 years
Percentage of property's effective gross revenues paid as property management fees	4.50%
Managed IL Properties | Maximum
Real Estate Properties [Line Items]
Initial term of property management agreements	10 years
Percentage of property's effective gross revenues paid as property management fees	5.00%
Other Properties
Real Estate Properties [Line Items]
Number of real estate properties	1
Other Properties | Minimum
Real Estate Properties [Line Items]
Term of lease agreements	15 years
Rent increase percentage in lease agreements	2.75%
Other Properties | Maximum
Real Estate Properties [Line Items]
Rent increase percentage in lease agreements	3.25%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted stock awards issued (in shares)	493,599	800,381
Officer | Restricted Stock Units (RSUs)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted stock awards issued (in shares)	233,974

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands	Feb. 10, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Oct. 31, 2019USD ($)Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate		$ 19,992	$ 0
Loss on extinguishment of debt		5,884	0
Prepayment penalties		$ 4,504	$ 0
Discontinued Operations | Assisted Living and Memory Care Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of senior housing properties sold (property) | Property				28
Sale price				$ 385,000
Gain on sale of real estate	$ 20,000
Secured Debt | Term Loan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	260,200
Loss on extinguishment of debt	3,600
Prepayment penalties	2,500
Write off of deferred financing costs	$ 1,100

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate investments:
Assets from discontinued operations	$ 0	$ 363,489
Liabilities
Liabilities from discontinued operations	$ 0	267,856
Discontinued Operations
Real estate investments:
Land		43,313
Buildings, improvements and other		397,808
Accumulated depreciation		(87,719)
Net real estate		353,402
Acquired lease and other intangible assets		996
Accumulated amortization		(996)
Net real estate intangibles		0
Net real estate investments		353,402
Receivables and other assets, net		10,087
Assets from discontinued operations		363,489
Liabilities
Debt, net		255,096
Accrued expenses and other liabilities		12,760
Liabilities from discontinued operations		$ 267,856

DISCONTINUED OPERATIONS - Summa

DISCONTINUED OPERATIONS - Summary of the Loss from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Expenses
Discontinued operations, net	$ 16,885	$ (1,920)
Discontinued Operations
Revenues
Resident fees and services	14,024	30,288
Total Revenues	14,024	30,288
Expenses
Property operating expenses	11,328	24,408
Depreciation and amortization	0	3,793
Interest expense	1,361	3,869
Acquisition, transaction, and integration expense	1,037	158
General and administrative expense	8	5
Loss on extinguishment of debt	3,602	0
Other income	(204)	(69)
Total expenses	17,132	32,164
Loss before income taxes	(3,108)	(1,876)
Income tax (benefit) expense	(1)	44
Discontinued operations, net	$ (3,107)	$ (1,920)

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segmentProperty
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Number of real estate properties	103
Managed IL Properties
Segment Reporting Information [Line Items]
Number of real estate properties	102
Independent Living Properties | Managed IL Properties
Segment Reporting Information [Line Items]
Number of real estate properties	102
Independent Living Properties | Assisted Living and Memory Care Properties
Segment Reporting Information [Line Items]
Number of real estate properties	2

SEGMENT REPORTING - Segment Inf

SEGMENT REPORTING - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Total revenues	$ 86,590	$ 87,331
Less: Property operating expense	51,065	52,939
Segment NOI	35,525	34,392
Depreciation and amortization	17,536	16,994
Interest expense	17,219	19,850
General and administrative expense	5,846	4,978
Acquisition, transaction and integration expense	133	492
Loss on extinguishment of debt	5,884	0
Other (income) expense	(105)	1,315
Total expenses	46,513	43,629
Income (Loss) before income taxes	(10,988)	(9,237)
Income tax expense	60	36
Income (Loss) from continuing operations	(11,048)	(9,273)
Gain on sale of real estate	19,992	0
Loss from discontinued operations	(3,107)	(1,920)
Discontinued operations, net	16,885	(1,920)
Net income (loss)	5,837	(11,193)
Managed IL Properties
Revenues
Less: Property operating expense	51,065	50,719
Segment NOI	33,942	33,026
Other Properties
Revenues
Less: Property operating expense	0	2,220
Segment NOI	1,583	1,366
Resident fees and services
Revenues
Total revenues	85,007	85,749
Resident fees and services | Managed IL Properties
Revenues
Total revenues	85,007	83,745
Resident fees and services | Other Properties
Revenues
Total revenues	0	2,004
Rental revenue
Revenues
Total revenues	1,583	1,582
Rental revenue | Managed IL Properties
Revenues
Total revenues	0	0
Rental revenue | Other Properties
Revenues
Total revenues	$ 1,583	$ 1,582

SEGMENT REPORTING - Assets Repo

SEGMENT REPORTING - Assets Reportable Business Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 1,910,988	$ 2,194,709
Percentage of assets	100.00%	100.00%
Managed IL Properties
Segment Reporting Information [Line Items]
Assets	$ 1,735,305	$ 1,748,787
Percentage of assets	90.80%	79.70%
Other Properties
Segment Reporting Information [Line Items]
Assets	$ 62,612	$ 63,616
Percentage of assets	3.30%	2.90%
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets	$ 113,071	$ 382,306
Percentage of assets	5.90%	17.40%
Discontinued Operations
Segment Reporting Information [Line Items]
Assets		$ 363,500

SEGMENT REPORTING - Percentage

SEGMENT REPORTING - Percentage of Total Revenues by Geographic Location (Details) - Property	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Number of communities	103
Revenue Benchmark
Segment Reporting Information [Line Items]
Number of communities	103	105
Percentage of revenue	100.00%	100.00%
Revenue Benchmark | Florida
Segment Reporting Information [Line Items]
Number of communities	9	9
Percentage of revenue	9.00%	9.10%
Revenue Benchmark | California
Segment Reporting Information [Line Items]
Number of communities	9	9
Percentage of revenue	10.30%	10.60%
Revenue Benchmark | Texas
Segment Reporting Information [Line Items]
Number of communities	9	9
Percentage of revenue	8.10%	7.80%
Revenue Benchmark | North Carolina
Segment Reporting Information [Line Items]
Number of communities	8	8
Percentage of revenue	8.50%	8.30%
Revenue Benchmark | Pennsylvania
Segment Reporting Information [Line Items]
Number of communities	5	6
Percentage of revenue	5.70%	6.70%
Revenue Benchmark | Oregon
Segment Reporting Information [Line Items]
Number of communities	8	8
Percentage of revenue	7.00%	7.10%
Revenue Benchmark | Other
Segment Reporting Information [Line Items]
Number of communities	55	56
Percentage of revenue	51.40%	50.40%

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, 2020	Mar. 31, 2019	Dec. 31, 2019
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	$ 2,107,401		$ 2,104,679
Accumulated depreciation	(368,979)		(351,555)
Net real estate property	1,738,422		1,753,124
Depreciation expense	17,400	$ 16,900
Real Estate Intangibles [Abstract]
Gross Carrying Amount	7,642		7,642
Accumulated amortization	(2,327)		(2,238)
Net real estate intangibles	5,315		5,404
Amortization expense	100	$ 100
Land
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	134,643		134,643
Accumulated depreciation	0		0
Net real estate property	134,643		134,643
Building and improvements
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	1,866,552		1,863,866
Accumulated depreciation	(280,022)		(266,420)
Net real estate property	1,586,530		1,597,446
Furniture, fixtures and equipment
Real Estate Investments, Net [Abstract]
Gross Carrying Amount	106,206		106,170
Accumulated depreciation	(88,957)		(85,135)
Net real estate property	17,249		21,035
Intangible lease assets
Real Estate Intangibles [Abstract]
Gross Carrying Amount	7,642		7,642
Accumulated amortization	(2,327)		(2,238)
Net real estate intangibles	$ 5,315		$ 5,404
Weighted Average Remaining Amortization Period	43 years 2 months 12 days		43 years

RECEIVABLES AND OTHER ASSETS,_3

RECEIVABLES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables and Other Assets [Abstract]
Escrows held by lenders	$ 10,461	$ 15,895
Straight-line rent receivable	4,218	4,084
Prepaid expenses	6,462	3,534
Security deposits	2,851	2,763
Resident receivables, net	1,422	1,345
Income tax receivable	636	821
Other assets and receivables	6,098	4,636
Total receivables and other assets	$ 32,148	$ 33,078

RECEIVABLES AND OTHER ASSETS,_4

RECEIVABLES AND OTHER ASSETS, NET - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2020 (nine months)	$ 4,455
2021	6,066
2022	6,233
2023	6,405
2024	6,581
Thereafter	38,888
Total future minimum lease payments	$ 68,628

DEBT, NET - Schedule of Debt, N

DEBT, NET - Schedule of Debt, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Mortgage Notes Payable [Abstract]
Outstanding Face Amount	$ 1,604,433,000	$ 1,603,716,000
Carrying value	$ 1,585,936,000	1,590,632,000
Weighted average maturity (years)	6 years
Line of credit facility, maximum amount outstanding during period	$ 100,000,000
Mortgage debt
Mortgage Notes Payable [Abstract]
Deferred financing costs	$ 18,500,000	13,100,000
Managed Properties | Mortgage debt | LIBOR | Minimum
Mortgage Notes Payable [Abstract]
Basis spread on variable rate	3.38%
Managed Properties | Mortgage debt | LIBOR | Maximum
Mortgage Notes Payable [Abstract]
Basis spread on variable rate	3.75%
Managed Properties | Mortgage debt | Floating Rate
Mortgage Notes Payable [Abstract]
Outstanding Face Amount	$ 1,139,753,000	1,139,036,000
Carrying value	$ 1,123,306,000	1,128,100,000
Weighted average maturity (years)	6 years 2 months 12 days
Managed Properties | Mortgage debt | Floating Rate | LIBOR | Minimum
Mortgage Notes Payable [Abstract]
Basis spread on variable rate	2.00%
Managed Properties | Mortgage debt | Floating Rate | LIBOR | Maximum
Mortgage Notes Payable [Abstract]
Basis spread on variable rate	2.75%
Managed Properties | Mortgage debt | Fixed Rate
Mortgage Notes Payable [Abstract]
Outstanding Face Amount	$ 464,680,000	464,680,000
Carrying value	$ 462,630,000	$ 462,532,000
Stated Interest Rate	4.25%
Weighted average maturity (years)	5 years 3 months 18 days
Designated as Hedging Instrument | Interest Rate Swap | Mortgage debt | Floating Rate
Mortgage Notes Payable [Abstract]
Outstanding Face Amount	$ 350,000,000

DEBT, NET - Narrative (Details)

DEBT, NET - Narrative (Details)	1 Months Ended	3 Months Ended
	Feb. 29, 2020USD ($)Property	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 5,884,000	$ 0
Prepayment penalties		4,504,000	$ 0
2020 Freddie Financing
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 270,000,000
Repayments of debt	368,100,000
Mortgage debt
Debt Instrument [Line Items]
Deferred financing costs		18,500,000		$ 13,100,000
Mortgage debt | Floating Rate
Debt Instrument [Line Items]
Carrying value of collateral		1,200,000,000		1,200,000,000
Mortgage debt | Fixed Rate
Debt Instrument [Line Items]
Carrying value of collateral		$ 500,000,000		$ 500,000,000
Secured Debt | 2020 Freddie Financing
Debt Instrument [Line Items]
Loss on extinguishment of debt	5,900,000
Prepayment penalties	4,500,000
Write off of deferred financing costs	1,400,000
Deferred financing costs	$ 3,300,000
Secured Debt | 2020 Freddie Financing | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.12%
Revolving Credit Facility | Amended and Restated Revolver
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Line of credit facility, increase limit	$ 500,000,000
Threshold percentage that may be used for the issuance of letters of credit	10.00%
Threshold percentage that may be drawn as swing line loans	10.00%
Revolving Credit Facility | Amended and Restated Revolver | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility | Amended and Restated Revolver | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility | Amended and Restated Revolver | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Independent Living Properties | 2020 Freddie Financing
Debt Instrument [Line Items]
Number of properties secured in debt agreement | Property	14

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	May 31, 2019
Derivative [Line Items]
Derivative liability	$ 14,670,000		$ 5,896,000
Interest rate cash flow hedge loss to be reclassified during the next twelve month	5,500,000
Derivative, loss on derivative		$ 500,000
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense
Derivative [Line Items]
Cash flow hedge, loss reclassified from accumulated other comprehensive income (loss) into earnings	500,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount				$ 350,000,000
Derivative liability	$ 14,700,000		$ 5,900,000

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable	$ 10,718	$ 17,554
Security deposits payable	2,419	2,486
Due to property managers	6,714	6,752
Mortgage interest payable	5,218	5,665
Deferred community fees, net	5,820	5,865
Rent collected in advance	1,984	2,099
Property tax payable	4,843	5,627
Operating lease liability	1,914	1,942
Derivative liability	14,670	5,896
Other liabilities	8,013	5,434
Total accrued expenses and other liabilities	$ 62,313	$ 59,320

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap	$ 14,670	$ 5,896
Fair Value, Inputs, Level 1 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	135,103	39,614
Restricted cash	13,311	18,658
Fair Value, Inputs, Level 1 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	135,103	39,614
Restricted cash	13,311	18,658
Fair Value, Inputs, Level 2 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate caps	74
Interest rate swap	14,670	5,736
Fair Value, Inputs, Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate caps	74
Interest rate swap	14,670	5,736
Fair Value, Inputs, Level 3 | Carrying Value | Mortgage debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage debt	1,489,965	1,590,632
Fair Value, Inputs, Level 3 | Carrying Value | Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving credit facility	95,971	0
Fair Value, Inputs, Level 3 | Fair Value | Mortgage debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage debt	1,450,925	1,592,855
Fair Value, Inputs, Level 3 | Fair Value | Revolving credit facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revolving credit facility	$ 94,239	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Current
Federal	$ 0	$ 0
State and local	60	36
Total current provision	60	36
Deferred
Federal	0	0
State and local	0	0
Total deferred provision	0	0
Total provision for income taxes	$ 60	$ 36

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 7.7	$ 7.9
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	28.3
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 32.8

REDEEMABLE PREFERRED STOCK, E_3

REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER COMMON SHARE - Narrative (Details) - USD ($)	Jan. 01, 2019	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Redeemable preferred stock, shares issued (in shares)			400,000		400,000	400,000
Preferred stock, liquidation preference, value			$ 100
Preferred stock, dividend rate, percentage			6.00%
Redeemable preferred stock, liquidation preference						$ 40,000,000
Common stock, shares reserved for duture issuance (shares)	27,922,570
Expiration period		10 years
Share-based payment arrangement, expense			$ 1,400,000	$ 400,000
Reduction in strike price (in dollars per share)		$ 0.52
Intrinsic value (in usd per share)					$ 1
Minimum
Related Party Transaction [Line Items]
Award vesting period	1 year
Maximum
Related Party Transaction [Line Items]
Award vesting period	3 years
On or after December 31, 2020
Related Party Transaction [Line Items]
Preferred stock, redemption, percentage of outstanding stock that may be redeemed			50.00%
Former Manager
Related Party Transaction [Line Items]
Grants in period (in shares)		20,098

REDEEMABLE PREFERRED STOCK, E_4

REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER COMMON SHARE - Rollforward of Redeemable Preferred Stock (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2019	$ 40,506
Accrued dividend on Redeemable Preferred Stock	598
Paid dividend on Redeemable Preferred Stock	(604)	$ 0
Balance as of March 31, 2020	$ 40,500

REDEEMABLE PREFERRED STOCK, E_5

REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER COMMON SHARE - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Numerator
Income (Loss) from continuing operations attributable to common stockholders		$ (11,646)	$ (9,871)
Discontinued operations		16,885	(1,920)
Net income (loss) attributable to common stockholders		5,239	(11,791)
Less: Non-forfeitable dividends allocated to participating RSUs		(30)	0
Net income (loss) available to common shares outstanding		$ 5,209	$ (11,791)
Denominator
Weighted average number of shares of common stock outstanding, Basic (in shares)		82,386,622	82,203,069
Dilutive common shares - equity awards and option (in shares)		0	0
Weighted average number of shares of common stock outstanding, Diluted (in shares)		82,386,622	82,203,069
Basic earnings per common share:
Loss from continuing operations attributable to common stockholders, basic (in dollars per share)	[1]	$ (0.14)	$ (0.12)
Discontinued operations, net (in dollars per share)	[1]	0.20	(0.02)
Net income (loss) attributable to common stockholders, basic (in dollars per share)	[1]	0.06	(0.14)
Diluted earnings per common share:
Loss from continuing operations attributable to common stockholders (in dollars per share)		(0.14)	(0.12)
Discontinued operations, net (in dollars per share)		0.20	(0.02)
Net income (loss) attributable to common stockholders, diluted (in dollars per share)		$ 0.06	$ (0.14)
Restricted stock awards issued (in shares)		493,599	800,381
Equity Option
Diluted earnings per common share:
Antidilutive securities excluded from computation of earnings per share, amount		1,527,646	892,626
[1]	Basic earnings per common share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding. The outstanding shares used to calculate the weighted average basic shares exclude 493,599 and 800,381 restricted stock awards, net of forfeitures, as of March 31, 2020 and 2019 , respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per share. Diluted EPS is computed by dividing net income (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 - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Triple Net Lease Properties | Watermark
Long-term Purchase Commitment [Line Items]
Lease period	15 years
Triple Net Lease Properties | Watermark | Additional Capital Improvements
Long-term Purchase Commitment [Line Items]
Capital improvements	$ 1
Minimum
Long-term Purchase Commitment [Line Items]
Remaining lease term	1 month
Maximum
Long-term Purchase Commitment [Line Items]
Remaining lease term	4 years 3 months 18 days

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Obligations under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
2020 (nine months)	$ 392
2021	509
2022	471
2023	466
2024	235
Thereafter	310
Total future minimum lease payments	2,383
Less imputed interest	(469)
Total operating lease liability	$ 1,914	$ 1,942

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	May 04, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.13	$ 0.13
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.065

Uncategorized Items - snr-20203

Label	Element	Value	[1]
Restricted Cash	us-gaap_RestrictedCash	$ 20,234,000
Restricted Cash	us-gaap_RestrictedCash	24,215,000
Restricted Cash	us-gaap_RestrictedCash	19,154,000
Restricted Cash	us-gaap_RestrictedCash	$ 13,330,000
[1]	Restricted cash consists of (i) amounts held by lender in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits; amounts relating to continuing operations are included in “Receivables and other assets, net” in our Consolidated Balance Sheets.