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Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS

Recent Acquisitions
In October 2019, in two separate transactions, the Company acquired one skilled nursing facility and one multi-service campus with the Company’s existing tenant Kalesta Healthcare, LLC (“Kalesta”). The amended lease with Kalesta has a remaining term of approximately 14 years. The aggregate purchase price for the facilities was approximately $22.8 million, which includes estimated capitalized acquisition costs, and was funded using cash on hand and borrowings under the Company’s Revolving Facility. The contractual initial annual cash rents from the acquisitions are approximately $1.9 million subject to fixed escalators in the first twelve months.

Lease Amendments
Pennant Spin. On October 1, 2019, Ensign completed its previously announced separation of its home health and hospice operations and substantially all of its senior living operations into a separate independent publicly traded company through the distribution of shares of common stock of Pennant. As a result of the Pennant Spin, as of October 1, 2019, the Company amended the Ensign Master Leases to lease 84 facilities to subsidiaries of Ensign, which have a total of 8,531 operational beds, and entered into a new triple-net master lease with the subsidiaries of Pennant (the “Pennant Master Lease”) to lease 11 facilities, which have a total of 1,444 operational beds. The contractual initial annual cash rent under the Pennant Master Lease is approximately $7.8 million. The Pennant Master Lease carries an initial term of 15 years, with two five-year renewal options and CPI-based rent escalators. The contractual annual cash rent under the amended Ensign Master Leases was reduced by approximately $7.8 million. Ensign continues to guarantee each of the facilities leased to Ensign and Pennant. If Pennant achieves and maintains a specified portfolio coverage ratio, Ensign’s obligations under the guaranty with respect to the Pennant facilities would be released. As of October 1, 2019, Ensign and Pennant represented 33.2% and 4.9%, respectively, of the Company’s contractual rental income, exclusive of operating expense reimbursements.