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Investment Activity (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Schedule of Business Acquisitions, by Acquisition | During the year ended December 31, 2023, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
Operator |  | Date |  | Properties |  | Asset Class |  | Land |  | Building and Improvements |  | Total
Silverado Senior Living |  | Q1 2023 |  | 2 |  | ALF |  | $ | 3,894 |  |  | $ | 33,599 |  |  | $ | 37,493 |
Bickford |  | Q1 2023 |  | 1 |  | ALF |  | 1,746 |  |  | 15,542 |  |  | 17,288 |
|  |  |  |  |  |  |  | $ | 5,640 |  |  | $ | 49,141 |  |  | $ | 54,781 |
During the year ended December 31, 2022, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
Operator |  | Date |  | Properties |  | Asset Class |  | Land |  | Building and Improvements |  | Total
Encore Senior Living |  | Q2 2022 |  | 1 |  | ALF |  | $ | 542 |  |  | $ | 12,758 |  |  | $ | 13,300 |
Bickford |  | Q4 2022 |  | 1 |  | ALF |  | 2,052 |  |  | 15,148 |  |  | 17,200 |
|  |  |  |  |  |  |  | $ | 2,594 |  |  | $ | 27,906 |  |  | $ | 30,500 |
Schedule of Asset Disposition | During the year ended December 31, 2023, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
Operator |  | Date |  | Properties |  | Asset Class |  | Net Proceeds |  | Net Real Estate Investment |  | Gain |  | Impairment 2
BAKA Enterprises, LLC 1,3 |  | Q1 2023 |  | 1 |  | ALF |  | $ | 7,478 |  |  | $ | 7,505 |  |  | $ | — |  |  | $ | 27 |
Bickford 1 |  | Q1 2023 |  | 1 |  | ALF |  | 2,553 |  |  | 1,421 |  |  | 1,132 |  |  | — |
Chancellor Health Care 1,3 |  | Q2 2023 |  | 1 |  | ALF |  | 2,355 |  |  | 1,977 |  |  | 378 |  |  | — |
Milestone Retirement 1,3,4 |  | Q2 2023 |  | 2 |  | ALF |  | 3,803 |  |  | 3,934 |  |  | — |  |  | 131 |
Chancellor Health Care 1,3 |  | Q2 2023 |  | 1 |  | ALF |  | 7,633 |  |  | 6,140 |  |  | 1,493 |  |  | — |
Milestone Retirement 1,3,4 |  | Q2 2023 |  | 1 |  | ALF |  | 1,602 |  |  | 1,452 |  |  | 150 |  |  | — |
Chancellor Health Care |  | Q2 2023 |  | 1 |  | ALF |  | 23,724 |  |  | 14,476 |  |  | 9,248 |  |  | — |
Chancellor Health Care 1,3 |  | Q3 2023 |  | 1 |  | ALF |  | 2,923 |  |  | 2,292 |  |  | 631 |  |  | — |
Senior Living Management 1,4 |  | Q4 2023 |  | 2 |  | ALF |  | 5,522 |  |  | 4,770 |  |  | 752 |  |  | — |
Senior Living Management 1,3 |  | Q4 2023 |  | 1 |  | ALF |  | 1,515 |  |  | 1,100 |  |  | 415 |  |  | — |
|  |  |  | 12 |  |  |  | $ | 59,108 |  |  | $ | 45,067 |  |  | $ | 14,199 |  |  | $ | 158 |
1 Assets were previously classified as “Assets held for sale” in the Consolidated Balance Sheet at December 31, 2022. 2 Impairments are included in “Loan and realty losses, net” in the Consolidated Statements of Income for the year ended December 31, 2023. 3 Total aggregate impairment charges previously recognized on these properties were $0.3 million and $17.4 million for the years ended December 31, 2023 and 2022, respectively. 4 The Company provided aggregate financing of approximately $2.2 million, net of discounts, on these transactions in the form of notes receivable, which is included net proceeds. During the year ended December 31, 2022, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
Operator |  | Date |  | Properties |  | Asset Class |  | Net Proceeds |  | Net Real Estate Investment |  | Gain |  | Impairment 1
Hospital Corporation of America |  | Q1 2022 |  | 1 |  | MOB |  | $ | 4,868 |  |  | $ | 1,904 |  |  | $ | 2,964 |  |  | $ | — |
Vitality Senior Living 2 |  | Q1 2022 |  | 1 |  | SLC |  | 8,302 |  |  | 8,285 |  |  | 17 |  |  | — |
Holiday 2 |  | Q2 2022 |  | 1 |  | ILF |  | 2,990 |  |  | 3,020 |  |  | — |  |  | 30 |
Chancellor Health Care 2 |  | Q2 2022 |  | 2 |  | ALF |  | 7,305 |  |  | 7,357 |  |  | — |  |  | 52 |
Bickford 2 |  | Q2 2022 |  | 3 |  | ALF |  | 25,959 |  |  | 28,268 |  |  | — |  |  | 2,309 |
Comfort Care |  | Q2 2022 |  | 4 |  | ALF |  | 40,000 |  |  | 38,444 |  |  | 1,556 |  |  | — |
Helix Healthcare |  | Q2 2022 |  | 1 |  | HOSP |  | 19,500 |  |  | 10,535 |  |  | 8,965 |  |  | — |
Discovery Senior Living 2 |  | Q3 2022 |  | 2 |  | ALF/SLC |  | 16,379 |  |  | 15,159 |  |  | 1,220 |  |  | — |
National HealthCare Corporation (“NHC”) |  | Q3 2022 |  | 7 |  | SNF |  | 43,686 |  |  | 30,066 |  |  | 13,620 |  |  | — |
|  |  |  | 22 |  |  |  | $ | 168,989 |  |  | $ | 143,038 |  |  | $ | 28,342 |  |  | $ | 2,391 |
1 Impairments are included in “Loan and realty losses, net” in the Consolidated Statement of Income for the year ended December 31, 2022. 2 Total impairment charges recognized on these properties were $28.5 million for the year ended December 31, 2022.
Schedule of Disclosure of Long Lived Assets Held-for-sale | The following is a summary of our assets held for sale ($ in thousands):
|  | For the Year Ended December 31,
|  | 2023 |  | 2022
Number of facilities |  | 1 |  | 13
Real estate, net |  | $5,004 |  | $43,302
Schedule of Tenant Concentrations | The following table contains information regarding tenant concentration, excluding $2.6 million for our corporate office, $347.4 million for the SHOP segment, and a credit loss reserve of $15.5 million, based on the percentage of revenues for the years ended December 31, 2023, 2022 and 2021 related to tenants or affiliates of tenants, that exceed 10% of total revenue ($ in thousands):
| As of December 31, 2023 |  | Revenues 1
| Asset |  | Gross Real |  | Notes |  | Year Ended December 31,
| Class |  | Estate 2 |  | Receivable |  | 2023 |  |  | 2022 |  |  | 2021 |
Senior Living Communities | EFC |  | $ | 573,631 |  |  | $ | 48,950 |  |  | $ | 51,274 |  | 16% |  | $ | 51,183 |  | 18% |  | $ | 50,726 |  | 17%
NHC | SNF |  | 133,770 |  |  | — |  |  | 37,335 |  | 12% |  | 36,893 |  | 13% |  | 37,735 |  | 12%
Bickford 3 | ALF |  | 429,043 |  |  | 16,795 |  |  | 38,688 |  | 12% |  | N/A | N/A |  | 34,599 |  | 12%
All others, net | Various |  | 1,293,969 |  |  | 195,002 |  |  | 132,216 |  | 41% |  | 144,534 |  | 52% |  | 164,017 |  | 55%
Escrow funds received from tenants |  |  |  |  |  |  |  |  |  |  |  |  |  |
for property operating expenses | Various |  | — |  |  | — |  |  | 11,513 |  | 4% |  | 9,788 |  | 4% |  | 11,638 |  | 4%
|  |  | $ | 2,430,413 |  |  | $ | 260,747 |  |  | 271,026 |  |  |  | 242,398 |  |  |  | 298,715 |  |
Resident fees and services 4 |  |  |  |  |  |  | 48,809 |  | 15% |  | 35,796 |  | 13% |  | — |  | —%
|  |  |  |  |  |  | $ | 319,835 |  |  |  | $ | 278,194 |  |  |  | $ | 298,715 |  |
1 Includes interest income on notes receivable and rental income from properties classified as held for sale. 2 Amounts include any properties classified as held for sale. 3 Revenues included in All others, net for years when less than 10%. 4 There is no tenant concentration in resident fees and services because these agreements are with individual residents.
Schedule of NHC Percentage Rent | The following table summarizes the percentage rent income from NHC ($ in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Current year |  |  |  |  | $ | 3,862 |  |  | $ | 3,332 |  |  | $ | 3,536 |
Prior year final certification 1 |  |  |  |  | 630 |  |  | (206) |  |  | (5) |
Total percentage rent income |  |  |  |  | $ | 4,492 |  |  | $ | 3,126 |  |  | $ | 3,531 |
1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
Schedule of Supplemental Balance Sheet Information Related to Lease | Supplemental balance sheet information related to the lease is as follows ($ in thousands):
|  |  | As of December 31,
|  |  |  |  | 2023 |  | 2022
Buildings and improvements - right of use asset |  |  |  |  | $ | 1,562 |  |  | $ | 1,599 |
Accounts payable and accrued expenses - lease liability |  |  |  |  | $ | 1,705 |  |  | $ | 1,724 |
Schedule of Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Future Minimum Lease Payments Future minimum lease payments to be received by us under our operating leases, including cash basis tenants, at December 31, 2023 are as follows ($ in thousands):
Year Ending December 31, | Amount
2024 | $ | 232,059 |
2025 | 237,981 |
2026 | 244,581 |
2027 | 198,598 |
2028 | 192,179 |
Thereafter | 684,840 |
| $ | 1,790,238 |
Schedule of Fixed and Variable Lease Payments | Variable Lease Payments Most of our existing leases contain annual escalators in rent payments. Some of our leases contain escalators that are determined annually based on a variable index or other factors that is indeterminable at the inception of the lease. The table below indicates the revenue recognized as a result of fixed and variable lease escalators ($ in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Lease payments based on fixed escalators and deferral repayments |  |  |  |  | $ | 225,565 |  |  | $ | 226,873 |  |  | $ | 241,172 |
Lease payments based on variable escalators |  |  |  |  | 7,709 |  |  | 5,275 |  |  | 4,662 |
Straight-line rent income, net of write-offs |  |  |  |  | 6,961 |  |  | (16,681) |  |  | 14,603 |
Escrow funds received from tenants for property operating expenses |  |  |  |  | 11,513 |  |  | 9,788 |  |  | 11,638 |
Amortization and write-off of lease incentives |  |  |  |  | (2,521) |  |  | (7,555) |  |  | (1,026) |
Rental income |  |  |  |  | $ | 249,227 |  |  | $ | 217,700 |  |  | $ | 271,049 |

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