ASSETS HELD FOR SALE |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||
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| ASSETS HELD FOR SALE | 7. ASSETS HELD FOR SALE
May 2026 Sale of Assets
On March 5, 2026, the Company entered into a letter of intent to sell certain wholly-owned subsidiaries Global Abbeville Property, LLC and Dodge NH, LLC, each a Georgia limited liability company (each a “Seller”) to execute and deliver a definitive Purchase and Sale Agreement (“March 2026 PSA”) with two newly formed entities: Abbeville Crossing Propco of Journey LLC and Eastman Trails Propco of Journey LLC, each a Georgia limited liability company (each a “Purchaser”); pursuant to which each Seller agreed to sell substantially all of the real and personal property owned by each, namely the skilled nursing facilities for $15.7 million. The sale occurred in May 2026, refer to Note 12 Subsequent Events.
During the three months ended March 31, 2026, the Company reclassified $5.5 million of long lived assets and goodwill and $5.2 million of debt attributed to the March 2026 PSA related to the sale of the Company’s two additional Georgia facilities. The Company measured the assets held for sale at the lower of their carrying value or fair value less the estimated costs to sell.
On May 1, 2026 the Company sold the two Georgia facilities for gross proceeds of $15.7 million and recognized a gain on sale of assets of $10.2 million.
The following table sets forth the assets held for sale at March 31, 2026 relating to the pending sale of the two Georgia facilities:
The following table sets forth the assets held for sale at December 31, 2025 relating to the sale of the two Georgia facilities which closed in January 2026, see Note 8:
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