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REAL ESTATE INVESTMENTS, NET (Tables) | 6 Months Ended
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Jun. 30, 2023
Real Estate [Abstract] |
Schedule of Investment in Owned Properties | The following table summarizes the Company’s investment in owned properties held for use at June 30, 2023 and December 31, 2022 (dollars in thousands):
| June 30, 2023 |  | December 31, 2022
Land | $ | 266,010 |  |  | $ | 238,738 |
Buildings and improvements | 1,575,661 |  |  | 1,483,133 |
Integral equipment, furniture and fixtures | 97,755 |  |  | 97,199 |
Identified intangible assets | 2,832 |  |  | 2,832 |
Real estate investments | 1,942,258 |  |  | 1,821,902 |
Accumulated depreciation and amortization | (414,024) |  |  | (400,492) |
Real estate investments, net | $ | 1,528,234 |  |  | $ | 1,421,410 |
Schedule of Total Future Contractual Minimum Rental Income | As of June 30, 2023, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements and assets held for sale, was as follows (dollars in thousands):
Year | Amount
2023 (six months) | $ | 98,155 |
2024 | 197,155 |
2025 | 198,310 |
2026 | 198,853 |
2027 | 195,687 |
2028 | 193,433 |
Thereafter | 941,966 |
Total | $ | 2,023,559 |
Schedule Of Tenant Purchase Options | Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands):
Asset Type(1) | Properties | Lease Expiration | Option Period Open Date(2) |  | Option Type(3) | Current Cash Rent(4)
SNF | 1 |  | March 2029 | 4/1/2022 | (5) | A / B(7) | 832 |
SNF / Campus | 2 | (8) | October 2032 | 1/1/2024 | (6) | A | 1,097 |
SNF | 4 |  | November 2034 | 12/1/2024 | (5) | A | 3,891 |
(1) Excludes a purchase option on an 11 building SNF portfolio classified as held for sale as of June 30, 2023 and representing $5.1 million of current cash rent. Tenant is currently not eligible to elect the option. (2) The Company has not received notice of exercise for the option periods that are currently open. (3) Option type includes: A - Fixed base price. B - Fixed capitalization rate on lease revenue. (4) Based on annualized cash revenue for contracts in place as of June 30, 2023. (5) Option window is open until the expiration of the lease term. (6) Option window is open for six months from the option period open date. (7) Purchase option reflects two option types. (8) Includes one property classified as held for sale as of June 30, 2023.
Schedule Of Rental Income | The following table summarizes components of the Company’s rental income (dollars in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Rental Income | 2023 |  | 2022 |  | 2023 |  | 2022
Contractual rent due(1) | $ | 47,752 |  |  | $ | 46,801 |  |  | $ | 93,922 |  |  | $ | 93,779 |
Straight-line rent | (7) |  |  | 5 |  |  | (14) |  |  | 11 |
Adjustment for collectibility(2) | — |  |  | — |  |  | — |  |  | (977) |
Total | $ | 47,745 |  |  | $ | 46,806 |  |  | $ | 93,908 |  |  | $ | 92,813 |
(1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. Tenant operating expense reimbursements for the three months ended June 30, 2023 and 2022 were $1.2 million and $0.7 million, respectively. Tenant operating expense reimbursements for the six months ended June 30, 2023 and 2022 were $1.9 million and $1.3 million, respectively. (2) During the six months ended June 30, 2022, and in accordance with Accounting Standards Codification 842, the Company evaluated the collectibility of lease payments through maturity and determined that it was not probable that the Company would collect substantially all of the contractual obligations from four existing and former operators. As such, the Company reversed $0.7 million of operating expense reimbursements, $0.2 million of contractual rent and $0.1 million of straight-line rent during the six months ended June 30, 2022. If lease payments are subsequently deemed probable of collection, the Company will reestablish the receivable which will result in an increase in rental income for such recoveries.
Schedule of Recent Real Estate Acquisitions | The following table summarizes the Company’s acquisitions for the six months ended June 30, 2023 (dollars in thousands):
Type of Property | Purchase Price(1) |  | Initial Annual Cash Rent(2) |  | Number of Properties |  | Number of Beds/Units(3)
Skilled nursing | $ | 107,858 |  |  | $ | 9,085 |  |  | 7 |  |  | 871 |
Multi-service campuses | 25,276 |  |  | 1,916 |  |  | 1 |  |  | 168 |
Assisted living | 39,319 |  |  | 3,495 |  |  | 4 |  |  | 241 |
Total | $ | 172,453 |  |  | $ | 14,496 |  |  | 12 |  |  | 1,280 |
(1) Purchase price includes capitalized acquisition costs. (2) Initial annual cash rent represents initial cash rent for the first twelve months excluding the impact of rent abatement in the first one to three months, if applicable. (3) The number of beds/units includes operating beds at the acquisition date.

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