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DISPOSITIONS AND IMPAIRMENTS | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS AND IMPAIRMENTS | NOTE 5—DISPOSITIONS, ASSETS HELD FOR SALE AND IMPAIRMENTS Dispositions During the six months ended June 30, 2025, we sold one senior housing community in our SHOP segment and 10 properties in our NNN segment for aggregate consideration of $159.0 million and recognized a $13.2 million gain on real estate disposition. In July 2025, we sold three properties in our OM&R segment for aggregate consideration of $9.4 million. In June 2025, an existing tenant exercised a legally binding and non-cancellable option to purchase 12 OM&R properties in June 2026. This transaction is accounted for as a lease modification resulting in a sales-type lease receivable of $38.5 million and a $20.8 million gain on real estate disposition. In addition, interest income from the sales-type lease receivable will be recognized over the remaining lease term. Assets Held for Sale The table below summarizes our real estate assets and liabilities classified as held for sale reported on our Consolidated Balance Sheets (dollars in thousands):
|  | As of June 30, 2025 |  | As of December 31, 2024
|  | Segment Properties Held for Sale |  | Assets Held for Sale |  | Liabilities Related to Assets Held for Sale |  | Segment Properties Held for Sale |  | Assets Held for Sale |  | Liabilities Related to Assets Held for Sale
SHOP |  | 4 |  |  | $ | 41,608 |  |  | $ | 2,852 |  |  | 2 |  |  | $ | 18,612 |  |  | $ | 2,158 |
OM&R |  | 3 |  |  | 7,328 |  |  | 401 |  |  | — |  |  | 13 |  |  | 568 |
NNN |  | 2 |  |  | 1,156 |  |  | 189 |  |  | — |  |  | — |  |  | — |
Total |  | 9 |  |  | $ | 50,092 |  |  | $ | 3,442 |  |  | 2 |  |  | $ | 18,625 |  |  | $ | 2,726 |
Real Estate Impairments For the three months ended June 30, 2025, we recognized impairments of $34.9 million comprising of $18.4 million and $16.5 million in our SHOP and OM&R segments, respectively. For the six months ended June 30, 2025, we recognized impairments of $57.2 million comprising of $26.0 million, $31.1 million and $0.1 million in our SHOP, OM&R and NNN segments, respectively. For the three months ended June 30, 2024, we recognized impairments of $44.9 million comprising of $21.0 million and $23.9 million in our SHOP and NNN segments, respectively. For the six months ended June 30, 2024, we recognized impairments of $50.3 million comprising of $24.7 million, $1.0 million and $24.6 million in our SHOP, OM&R and NNN segments, respectively. The impairments are recorded primarily as a component of Depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily a result of a change in our intent to hold or a change in the expected future cash flows of the impaired assets.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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