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IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES | IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE AND ASSET SALES Impairment of Real Estate Investments Held for Sale During both the three and nine months ended September 30, 2025, the Company recognized aggregate impairment charges of $0.5 million related to properties held for sale, which is reported in impairment of real estate investments in the condensed consolidated income statements. During the three and nine months ended September 30, 2024, the Company recognized aggregate impairment charges of $8.4 million and $36.9 million, respectively, related to properties held for sale, which is reported in impairment of real estate investments in the condensed consolidated income statements. As of September 30, 2025, there were eight facilities classified as held for sale, all of which have been recorded at the lesser of their carrying value or fair value less estimated costs to sell. The fair values of the assets held for sale were based on estimated sales prices, which are considered to be Level 3 (as defined below) measurements within the fair value hierarchy. Estimated sales prices were determined using a market approach (comparable sales model), which relies on certain assumptions by management, including: (i) comparable market transactions, (ii) estimated prices per unit, and (iii) binding agreements for sales and non-binding offers to purchase from unrelated third-parties. There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations during the nine months ended September 30, 2025, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $7,000 to $181,000, with a weighted average price per unit of $67,000. For the Company’s impairment calculations during the nine months ended September 30, 2024, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $5,000 to $94,000, with a weighted average price per unit of $36,000. Asset Sales and Held for Sale Reclassifications Asset Exchange On July 31, 2025, the Company completed an asset swap pursuant to which it transferred ownership of 10 U.K. Care Homes to an existing tenant in exchange for six U.K. Care Homes and £2.2 million in cash before selling costs. The 10 U.K. Care Homes had been classified as held for sale as of June 30, 2025. The annual rent did not significantly change as a result of the asset swap. The following table summarizes the Company’s dispositions for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Number of facilities(1) | 10 |  |  | 11 |  |  | 15 |  | 14
Net sales proceeds(2) | $ | 38,207 |  |  | $ | 7,712 |  |  | $ | 82,608 |  |  | $ | 8,852 |
Net carrying value | 38,207 |  |  | 9,998 |  |  | 78,732 |  |  | 11,106 |
Net (loss) gain on sale, net | $ | — |  |  | $ | (2,286) |  |  | $ | 3,876 |  |  | $ | (2,254) |
(1) One non-operational previously impaired facility sold during the nine months ended September 30, 2025 was not classified as held for sale as of December 31, 2024. (2) Net sales proceeds for the three and nine months ended September 30, 2025 includes non-cash consideration related to an asset exchange. Net sales proceeds for the nine months ended September 30, 2024 includes $1.0 million of seller financing in connection with the sale of one ALF in January 2024. Net sales proceeds for the three and nine months ended September 30, 2024 includes $2.8 million of liabilities assumed by the buyer in connection with the sale of 11 SNFs. The following table summarizes the Company’s assets held for sale activity for the nine months ended September 30, 2025 and 2024 (dollars in thousands):
| Net Carrying Value |  | Number of Facilities |  |
December 31, 2024 | $ | 57,261 |  |  | 10 |  |
Additions to assets held for sale | 50,066 |  |  | 12 |  |  |
Assets sold | (78,732) |  |  | (14) |  |  |
Impairment of real estate held for sale | (452) |  |  | — |  |  |
September 30, 2025 | $ | 28,143 |  |  | 8 |  |  |
December 31, 2023 | $ | 15,011 |  |  | 14 |  |  |
Additions to assets held for sale | 54,021 |  |  | 10 |  |  |
Assets sold | (11,106) |  |  | (14) |  |  |
Impairment of real estate held for sale | (36,872) |  |  | — |  |  |
Assets reclassified to held for investment | (5,008) |  |  | (2) |  |  |
September 30, 2024 | $ | 16,046 |  |  | 8 |  |  |

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