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REAL ESTATE INVESTMENTS, NET (Tables) | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Schedule of Investment in Owned Properties | The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use as of September 30, 2025 and December 31, 2024 (dollars in thousands):
| September 30, 2025 |  | December 31, 2024
Land | $ | 606,960 |  |  | $ | 367,044 |
Buildings and improvements | 3,036,217 |  |  | 2,220,287 |
Integral equipment, furniture and fixtures | 118,395 |  |  | 113,803 |
Identified intangible assets | 47,046 |  |  | 4,388 |
Real estate investments | 3,808,618 |  |  | 2,705,522 |
Accumulated depreciation and amortization(1) | (536,636) |  |  | (478,782) |
Real estate investments, net | $ | 3,271,982 |  |  | $ | 2,226,740 |
(1) As of September 30, 2025 and December 31, 2024, accumulated depreciation and amortization included $0.9 million and $1.2 million, respectively, of accumulated amortization related to lease intangibles. The lease intangibles are amortized over the term of each related lease.
Schedule of Total Future Contractual Minimum Rental Income | As of September 30, 2025, 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
2025 (three months) | $ | 92,895 |
2026 | 375,222 |
2027 | 377,027 |
2028 | 377,695 |
2029 | 380,159 |
2030 | 381,109 |
Thereafter | 3,136,363 |
Total | $ | 5,120,470 |
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 | Properties | Lease Expiration | Option Period Open Date |  | Option Type(1) | Current Cash Rent(2)
SNF | 1 | January 2030 | 02/01/2026 | (3) | A |  | 1,200 |  |
SNF / Campus | 2 | October 2032 | 03/05/2027 | (4) | B |  | 3,367 |  | (8)
SNF / Campus | 2 | May 2034 | 06/01/2026 | (5) | B |  | 3,064 |  | (9)
SNF | 1 | November 2034 | 12/01/2027 | (3) | A |  | 1,100 |  |
SNF | 6 | November 2039 | 12/01/2027 | (6) | B |  | 10,160 |  |
SNF | 1 | August 2040 | 09/01/2028 | (7) | B |  | 741 |  |
(1) Option type includes: A - Fixed base price. B - Fixed capitalization rate on lease revenue. (2) Based on annualized cash revenue for contracts in place as of September 30, 2025. (3) Option window is open until the expiration of the lease term. (4) Option window is open for six months from the option period open date. (5) Option window is open for nine months from the option period open date. (6) Lease agreement provides for the purchase of one to two facilities in each window over four option windows, for a total of six facilities. Each option window opens at the beginning of each of lease years four, five, six, and seven beginning December 1, 2027 and is open for one year. (7) Option window is open for 24 months from the option period open date. (8) Option provides for purchase of any two of the three facilities. The current cash rent shown is an average of the range of $3.2 million to $3.5 million. (9) Option provides for purchase of any one of five facilities in the first option window and another one of five facilities in the second option window beginning June 1, 2027. The current cash rent shown is an average of the range of $2.7 million to $3.5 million. Provided the operator exercises its option to extend the term of the master lease, beginning on June 1, 2035 and ending nine months thereafter, the operator will have an option for all facilities then remaining in the master lease.
Schedule of Rental Income | The following table summarizes components of the Company’s rental income (dollars in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Rental Income | 2025 |  | 2024 |  | 2025 |  | 2024
Contractual rent due(1) | $ | 96,075 |  |  | $ | 56,356 |  |  | $ | 250,199 |  |  | $ | 164,133 |
Straight-line rent | 3,419 |  |  | (7) |  |  | 5,172 |  |  | (21) |
Amortization of lease incentives | (48) |  |  | (5) |  |  | (145) |  |  | (9) |
Amortization of above and below-market lease intangibles(2) | 4,819 |  |  | 809 |  |  | 6,718 |  |  | 1,959 |
Total | $ | 104,265 |  |  | $ | 57,153 |  |  | $ | 261,944 |  |  | $ | 166,062 |
(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 September 30, 2025 and 2024 were $2.2 million and $1.7 million, respectively. Tenant operating expense reimbursements for the nine months ended September 30, 2025 and 2024 were $6.4 million and $5.1 million, respectively. (2) In connection with lease terminations in August 2025, the Company accelerated the amortization of the remaining below-market lease intangibles of $4.4 million during both the three and nine months ended September 30, 2025.
Schedule of Recent Real Estate Acquisitions | The following table summarizes the Company’s real estate acquisitions for the nine months ended September 30, 2025 (dollars in thousands):
Type of Property | Purchase Price(1) |  | Initial Annual Cash Rent(2) |  | Number of Properties |  | Number of Beds/Units(3)
Skilled nursing(4) | $ | 166,537 |  |  | $ | 16,100 |  |  | 11 |  |  | 973 |
U.K. Care Homes(5) | 861,226 |  |  | 65,490 |  |  | 132 |  |  | 7,485 |
Multi-service campuses(6) | 43,783 |  |  | 4,381 |  |  | 2 |  |  | 320 |
Assisted living | 20,637 |  |  | 1,896 |  |  | 1 |  |  | 160 |
Total | $ | 1,092,183 |  |  | $ | 87,867 |  |  | 146 |  |  | 8,938 |
(1) Purchase price includes capitalized acquisition costs. (2) Initial annual cash rent represents initial cash rent for the first twelve months, excluding inflation linked increases. (3) The number of beds/units includes operating beds at the acquisition date. (4) Includes 11 SNFs held through joint ventures. See Note 13, Variable Interest Entities, for additional information. (5) Includes U.K. Care Homes acquired in connection with the Acquisition. See Note 3, Acquisitions, for additional information. On July 31, 2025, the Company swapped 10 U.K. Care Homes for six U.K. Care Homes and received £2.2 million in cash before selling costs. The amounts shown above are inclusive of this asset swap. See Note 5, Impairment of Real Estate Investments, Assets Held for Sale and Asset Sales, for additional information. (6) Includes two multi-service campuses held through joint ventures. See Note 13, Variable Interest Entities, for additional information.

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