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REAL ESTATE ASSETS (Tables)

6 Months Ended

Jun. 30, 2025

REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT [Abstract]

Schedule of operating and direct financing lease income

At June 30, 2025, our leased real estate properties included 577 SNFs, 342 ALFs, 19 ILFs, 18 specialty facilities and one medical office building. The following table summarizes the Company’s rental income:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(in thousands)				(in thousands)
Fixed income from operating leases	$	235,596	$	210,554	$	463,791	$	413,846
Variable income from operating leases		3,606		3,510		7,409		6,887
Interest income from direct financing leases		—		251		180		503
Total rental income	$	239,202	$	214,315	$	471,380	$	421,236

Summary of asset acquisitions

The following table summarizes the asset acquisitions that occurred during the six months ended June 30, 2025:


	Number of			Total Real Estate			Initial
	Facilities			Assets Acquired⁽¹⁾			Annual
Period	SNF	ALF	Country/State	(in millions)			Cash Yield⁽²⁾
Q1	—	2	TX	$	10.6		9.9	%
Q1	—	4	U.K.		47.7		10.0	%
Q2	—	45	U.K. & Jersey		344.2	⁽³⁾	10.0	%
Q2	—	1	CA		11.6		10.0	%
Q2	—	2	NM		32.0		10.0	%
Q2	—	1	SC		8.5		10.0	%
Q2	8	—	TX		105.8		10.0	%
Total	8	55		$	560.4

(1)

Represents the acquisition cost that was allocated to our real estate assets on a relative fair value basis. This also represents the total cost of the acquisition unless specifically noted within the table, as the assets acquired in our acquisitions typically consists of only real estate assets. From time to time, we may have acquisitions in which additional assets and liabilities are assumed.

(2)	Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price.

(3)

In April 2025, the Company acquired 45 facilities in the U.K. and the Bailiwick of Jersey (“Jersey”) for $344.2 million and leased the facilities to four existing and two new operators with a weighted average initial annual cash yield of 10.0% with annual escalators of 1.7% that ultimately increase to 2.5% after year 5.