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Investment Activity (Tables) | 6 Months Ended
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Jun. 30, 2024
Real Estate [Abstract] |
Schedule of Tenant Concentrations | The following table contains information regarding concentration in our Real Estate Investments portfolio of tenants or affiliates of tenants that exceed 10% of total revenues as of and for the six months ended June 30, 2024 and 2023, excluding $2.6 million for our corporate office, a credit loss reserve of $15.9 million and $351.1 million in real estate assets in the SHOP segment ($ in thousands):
| As of June 30, 2024 |  | Revenues 1 |
| Asset Class |  | Gross Real Estate 2 |  | Notes Receivable |  | Six Months Ended June 30, |
|  |  |  | 2024 |  |  |  | 2023 |
Senior Living Communities, LLC (“Senior Living”) | EFC |  | $ | 573,631 |  |  | $ | 45,375 |  |  | $ | 26,406 |  |  | 16% |  | $ | 25,658 |  | 16%
National HealthCare Corporation (“NHC”) | SNF |  | 133,770 |  |  | — |  |  | 20,836 |  |  | 13% |  | 18,983 |  | 12%
Bickford | ALF |  | 426,798 |  |  | 16,697 |  |  | 20,691 |  |  | 12% |  | 19,977 |  | 12%
All others, net | Various |  | 1,339,754 |  |  | 194,699 |  |  | 66,369 |  |  | 40% |  | 66,323 |  | 41%
Escrow funds received from tenants |  |  |  |  |  |  |  |  |  |  |  |
for property operating expenses | Various |  | — |  |  | — |  |  | 5,535 |  |  | 3% |  | 5,830 |  | 4%
|  |  | $ | 2,473,953 |  |  | $ | 256,771 |  |  | 139,837 |  |  |  |  | 136,771 |  |
Resident fees and services 3 |  |  |  |  |  |  | 26,645 |  |  | 16% |  | 23,493 |  | 15%
|  |  |  |  |  |  | $ | 166,482 |  |  |  |  | $ | 160,264 |  |
1 Includes interest income on notes receivable and rental income from properties classified as assets held for sale. 2 Amounts include any properties classified as held for sale. 3 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):
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
Current year |  | $ | 2,759 |  |  | $ | 1,931 |
Prior year final certification 1 |  | 1,656 |  |  | 630 |
Total percentage rent income |  | $ | 4,415 |  |  | $ | 2,561 |
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 Assets Held for Sale and Long-Lived Assets | The following is a summary of our assets held for sale in our Real Estate Investments portfolio ($ in thousands):
|  | As of |  | As of
|  | June 30, 2024 |  | December 31, 2023
Number of facilities |  | 2 |  | 1
Real estate, net |  | $5,669 |  | $5,004
Schedule of Cash Rents Received | Cash rents received from these tenants for the three and six months ended June 30, 2024 and 2023 were as follows ($ in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Bickford 1 | $ | 9,946 |  |  | $ | 8,119 |  |  | $ | 19,310 |  |  | $ | 15,927 |
All others 2 | 5,142 |  |  | 2,318 |  |  | 7,544 |  |  | 6,516 |
Total rental income from cash basis operators | $ | 15,088 |  |  | $ | 10,437 |  |  | $ | 26,854 |  |  | $ | 22,443 |
1 Excludes $2.5 million of rental income related to the reduction of pandemic-related rent deferrals recognized in connection with the acquisition of an ALF from Bickford in the first quarter of 2023. 2 In the second quarter of 2024, we received a $2.5 million lump sum payment from an operator for partial repayment of pandemic-related rent deferrals.
Schedule of Future Minimum Base Rent | Future minimum lease payments to be received by us under our operating leases at June 30, 2024, were as follows ($ in thousands):
Remainder of 2024 | $ | 118,344 |
2025 | 239,272 |
2026 | 245,826 |
2027 | 198,986 |
2028 | 193,384 |
2029 | 176,362 |
Thereafter | 677,813 |
| $ | 1,849,987 |
Schedule of Fixed and Variable Lease Payments | The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Lease payments based on fixed escalators | $ | 60,110 |  |  | $ | 53,538 |  |  | $ | 116,702 |  |  | $ | 112,827 |
Lease payments based on variable escalators | 2,358 |  |  | 2,103 |  |  | 6,251 |  |  | 3,696 |
Straight-line rent, net of write-offs | 1,213 |  |  | 2,875 |  |  | 905 |  |  | 4,972 |
Escrow funds received from tenants for property operating expenses | 2,802 |  |  | 3,212 |  |  | 5,535 |  |  | 5,830 |
Amortization of lease incentives | (723) |  |  | (776) |  |  | (1,446) |  |  | (1,075) |
Rental income | $ | 65,760 |  |  | $ | 60,952 |  |  | $ | 127,947 |  |  | $ | 126,250 |

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