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Investment Activity (Tables)

12 Months Ended

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						Impairment2
BAKA Enterprises, LLC1,3						Q1 2023						1						ALF						$	7,478					$	7,505					$	—					$	27
Bickford1						Q1 2023						1						ALF						2,553						1,421						1,132						—
Chancellor Health Care1,3						Q2 2023						1						ALF						2,355						1,977						378						—
Milestone Retirement1,3,4						Q2 2023						2						ALF						3,803						3,934						—						131
Chancellor Health Care1,3						Q2 2023						1						ALF						7,633						6,140						1,493						—
Milestone Retirement1,3,4						Q2 2023						1						ALF						1,602						1,452						150						—
Chancellor Health Care						Q2 2023						1						ALF						23,724						14,476						9,248						—
Chancellor Health Care1,3						Q3 2023						1						ALF						2,923						2,292						631						—
Senior Living Management1,4						Q4 2023						2						ALF						5,522						4,770						752						—
Senior Living Management1,3						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						Impairment1
Hospital Corporation of America						Q1 2022						1						MOB						$	4,868					$	1,904					$	2,964					$	—
Vitality Senior Living2						Q1 2022						1						SLC						8,302						8,285						17						—
Holiday2						Q2 2022						1						ILF						2,990						3,020						—						30
Chancellor Health Care2						Q2 2022						2						ALF						7,305						7,357						—						52
Bickford2						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 Living2						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																		Revenues1
			Asset						Gross Real						Notes						Year Ended December 31,
			Class						Estate2						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%
Bickford3			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 services4																					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 certification1															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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