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OPERATION EXPANSIONS
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
OPERATION EXPANSIONS OPERATION EXPANSIONS
The expansion focus of the Company's independent subsidiaries is to purchase or lease operations that are complementary to the current operations, accretive to the business, or otherwise advance the Company's strategy. The results of all independent subsidiaries are included in the Interim Financial Statements subsequent to the date of acquisition. Acquisitions are accounted for using the acquisition method of accounting. In connection with the new operations obtained through long-term leases, the Company did not acquire any material assets or assume any liabilities other than the tenant's post-assumption rights and obligations under the long-term lease. The Company also entered into a separate operations transfer agreement with each prior operator as part of each transaction. The Company's independent subsidiaries also enter into long-term leases that may include options to purchase the facilities. As a result, from time to time, an independent real estate subsidiary may acquire the property of facilities that have previously been operated under third-party leases.
2025 Expansions
During the three months ended March 31, 2025, the Company expanded its operations and real estate portfolio through a combination of long-term leases and real estate purchases, with the addition of 11 stand-alone skilled nursing operations, one stand-alone senior living operation and one campus operation. Of these additions, Standard Bearer acquired the real estate of seven of these operations, all of which were leased back to the Company's independent subsidiaries. Refer to Note 6, Standard Bearer, for additional information on the purchase of real estate properties. These new operations added a total of 1,365 operational skilled nursing beds and 132 operational senior living units to be operated by the Company's independent subsidiaries.
Subsequent to March 31, 2025, the Company expanded its operations through a combination of long-term leases and real estate purchases, with the addition of two stand-alone skilled nursing operations and one stand-alone senior living operation. Of these additions, Standard Bearer acquired the real estate of one stand-alone skilled nursing operation, which was leased back to the Company's independent subsidiary. Refer to Note 6, Standard Bearer, for additional information on the purchase of the real estate property. The new operations added 241 operational skilled nursing beds and 68 operational senior living units to be operated by the Company's independent subsidiaries. Additionally, the Company added one stand-alone senior living facility to its real estate portfolio, which is leased to a third-party operator.
2024 Expansions
During the three months ended March 31, 2024, the Company expanded its operations and real estate portfolio through a combination of long-term leases and a real estate purchase, with the addition of five stand-alone skilled nursing operations. Of these additions, Standard Bearer acquired the real estate of one of the stand-alone skilled nursing operation, which was leased back to the Company's independent subsidiary. Refer to Note 6, Standard Bearer, for additional information on the purchase of real estate property. These new operations added a total of 591 operational skilled nursing beds to be operated by the Company's independent subsidiaries. The Company also invested in new ancillary services that are complementary to its existing businesses.
As of the date of this filing, the preliminary allocation of the purchase price for the acquisitions in the first quarter of 2025 was not finalized as necessary valuation information was not yet available. The table below presents the allocation of the purchase price for the operations acquired during the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,
20252024
Land$20,136 $241 
Building and improvements127,660 1,503 
Equipment, furniture, and fixtures2,723 189 
Assembled occupancy324 — 
Goodwill8,329 372 
Other indefinite-lived intangible assets— 132 
TOTAL ACQUISITIONS$159,172 $2,437 
The Company’s acquisition strategy has been focused on identifying both opportunistic and strategic acquisitions within its target markets that offer strong opportunities for return. The operations added by the Company are frequently underperforming financially and can have regulatory and clinical challenges to overcome. Financial information, especially with underperforming operations, is often inadequate, inaccurate or unavailable. Consequently, the Company believes that prior operating results are not a meaningful representation of the Company’s current operating results or indicative of the integration potential of its newly acquired independent subsidiaries. The operations added during the three months ended March 31, 2025 were not material to the Company individually or in the aggregate. Accordingly, pro forma financial information is not presented. These additions have been included in the condensed consolidated balance sheets of the Company, and the operating results have been included in the condensed consolidated statements of income of the Company since the date the Company gained effective control.