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REAL ESTATE ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT [Abstract]

Schedule of operating and direct financing lease income

At September 30, 2025, our leased real estate properties included 569 SNFs, 343 ALFs, 20 ILFs, 18 specialty facilities and one medical office building. The following table summarizes the Company’s rental income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

	(in thousands)				(in thousands)
Fixed income from operating leases	$	260,744	$	227,934	$	724,535	$	641,780
Variable income from operating leases		3,796		3,301		11,205		10,188
Interest income from direct financing leases		—		250		180		753
Total rental income	$	264,540	$	231,485	$	735,920	$	652,721

Summary of asset acquisitions

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


	Number of				Total Real Estate			Initial
	Facilities				Assets Acquired⁽¹⁾			Annual
Period	SNF	ALF	ILF	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	%
Q3	—	1	—	U.K.		8.6		10.0	%
Q3	—	1	—	U.K.		10.3	⁽⁴⁾	10.3	%
Q3	—	—	1	NJ		58.6		10.0	%
Total	8	57	1		$	637.9

(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 consist 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.

(4)

Relates to a non-cash acquisition of one facility previously subject to a mortgage loan with Omega in which the principal amount under the loan agreement was settled in exchange for title to the facility (see Note 5 – Real Estate Loans Receivable) and $0.2 million of transaction costs incurred related to the non-cash acquisition.