Thanks, Michele. Good morning and thank you for joining our second quarter 2018 earnings conference call. Today, I will discuss our strategic asset repositioning and portfolio restructuring, our dividend outlook and guidance for the remainder of 2018 and updates on Medicare and Medicaid reimbursement. We have made considerable progress in strategic asset repositioning and portfolio restructurings. In the first two quarters of 2018, we disposed the 64 facilities for total consideration of $311 million.
The revenue reduction related to these sales was $34 million, while the trailing 12-month cash flow on these assets was $25 million. The cash flow on these assets did not cover the underlying rent, yet we were able to achieve sale proceeds, which equate to a cash flow yield of 8%. We believe we’re going to be able to redeploy these proceeds into higher quality assets with good right coverage, while experiencing minimal revenue impacts.
Our strong sales results today reflect the continued appetite for SNF assets by local market private buyers. We will likely to sell 15 to 20 additional facilities, but the bulk of our asset sales are now complete, excluding the ultimate outcome of the Orianna portfolio, not already slated for transition. Orianna is now the only material portfolio that is being restructured. On July 1st, 13 Mississippi facilities with annual contractual rent of $12 million were transitioned to an existing Omega operator.
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