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VARIABLE INTEREST ENTITIES | 9 Months Ended
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Sep. 30, 2025
Noncontrolling Interest [Abstract] |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES VIEs for Which the Company is the Primary Beneficiary Noncontrolling Interests—The Company has entered into ventures with unrelated third parties to own real estate and has concluded that such ventures are VIEs. As the Company exercises power over and receives economic benefits from the VIEs, the Company is considered the primary beneficiary and consolidates the VIEs. The following table summarizes the contributions to joint ventures that are consolidated variable interest entities through September 30, 2025 (dollars in thousands):
|  |  |  |  | Gross Investment
Investment Year |  | State | Facility Type | Number of Facilities | CTRE | Noncontrolling Interests | Total
2023 |  | CA | SNF | 1 | $ | 25,459 |  | $ | 653 |  | $ | 26,112 |
2023 |  | CA | SNF | 2 | 34,269 |  | 879 |  | 35,148 |
2024 |  | CA | ALF | 1 | 10,760 |  | 276 |  | 11,036 |
2024 |  | CA | Multi-service campuses | 2 | 28,076 |  | 720 |  | 28,796 |
2024 |  | CA | SNF | 1 | 24,503 |  | 628 |  | 25,131 |
2024 / 2025 | (1) | TN, AL | SNF | 28 | 442,327 |  | 19,156 |  | 461,483 |
2024 / 2025 |  | CA | SNF Campus | 1 | 33,810 |  | 867 |  | 34,677 |
2025 | (1) | WA, OR, ID | SNF | 10 | 140,610 |  | 5,478 |  | 146,088 |
2025 |  | CA | SNF Campus | 1 | 8,893 |  | 228 | 9,121 |
Total |  |  |  | 47 | $ | 748,707 |  | $ | 28,885 |  | $ | 777,592 |
(1) The noncontrolling interest is classified as a redeemable noncontrolling interest on the condensed consolidated balance sheets. Pursuant to the Company’s joint ventures (“JVs”), the Company typically contributes at least 90% of the JV’s total investment amount and receives 100% of the preferred equity interest in the JV and a 50% common equity interest in the JV. The Company’s JV partner contributes the remaining total investment amount in exchange for a 50% common equity interest in the JV. Total assets and total liabilities include VIE assets and liabilities as follows (dollars in thousands):
| September 30, 2025 |  | December 31, 2024
Assets: |  |  |
Real estate investments, net | $ | 758,831 |  |  | $ | 565,959 |
Cash and cash equivalents | 9,630 |  |  | 6,506 |
Accounts and other receivables | 26 |  |  | — |
Prepaid and other assets | 5,859 |  |  | 8,317 |
Total assets | 774,346 |  |  | 580,782 |
Liabilities: |  |  |
Accounts payable, accrued liabilities and deferred rent liabilities | 3,289 |  |  | 10,332 |
Total liabilities | $ | 3,289 |  |  | $ | 10,332 |
VIE for Which the Company is not the Primary Beneficiary The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not exercise power over and/or does not have potentially significant economic exposure from the VIE. The Company’s investment in the unconsolidated VIE is carried in other real estate related investments on the condensed consolidated balance sheets and includes one mortgage secured loan issued by the VIE. The fair value of the Company’s investment in the unconsolidated VIE at September 30, 2025 was £15.5 million. The Company’s maximum exposure to loss from the unconsolidated VIE was £15.5 million at September 30, 2025.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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