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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

14.  SUBSEQUENT EVENTS

 

The Company has evaluated all material events occurring subsequent to the balance sheet date for events requiring disclosure or recognition in the condensed consolidated financial statements.

 

On July 1, 2020, one or more affiliates of the Company sold Northern Louisiana Medical Center (130 licensed beds) in Ruston, Louisiana and substantially all of the assets to affiliates of Allegiance Health Management, Inc. pursuant to the terms of a definitive agreement which was entered into on March 18, 2020, as referenced above. The net proceeds from this sale were received at a preliminary closing on June 30, 2020.

 

On July 1, 2020, one or more affiliates of the Company sold the majority ownership interest in St. Cloud Regional Medical Center (84 licensed beds) in St. Cloud, Florida to affiliates of Orlando Health, Inc., which held the minority ownership interest, pursuant to the terms of a definitive agreement which was entered into on April 27, 2020, as referenced above. The net proceeds from this sale were received at a preliminary closing on June 30, 2020.

 

In July 2020, the Company received general and targeted distributions totaling approximately $109 million from the PHSSEF which did not qualify for recognition during the three months ended June 30, 2020.