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Investment Activity (Tables)
 6 Months Ended
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
Revenues1
Asset Class
 Gross Real Estate2
Notes ReceivableSix Months Ended June 30,
20242023
Senior Living Communities, LLC (“Senior Living”)EFC$573,631 $45,375 $26,406 16%$25,658 16%
National HealthCare Corporation (“NHC”)SNF133,770 — 20,836 13%18,983 12%
BickfordALF426,798 16,697 20,691 12%19,977 12%
All others, netVarious1,339,754 194,699 66,369 40%66,323 41%
Escrow funds received from tenants
 for property operating expensesVarious— — 5,535 3%5,830 4%
$2,473,953 $256,771 139,837 136,771 
Resident fees and services3
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,
20242023
Current year$2,759 $1,931 
Prior year final certification1
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, 2024December 31, 2023
Number of facilities21
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,
2024202320242023
Bickford1
$9,946 $8,119 $19,310 $15,927 
All others2
5,142 2,318 7,544 6,516 
Total rental income from cash basis operators$15,088 $10,437 $26,854 $22,443 

1Excludes $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.
2In 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 
2025239,272 
2026245,826 
2027198,986 
2028193,384 
2029176,362 
Thereafter677,813 
$1,849,987 
Schedule of Fixed and Variable Lease Payments The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Lease payments based on fixed escalators$60,110 $53,538 $116,702 $112,827 
Lease payments based on variable escalators2,358 2,103 6,251 3,696 
Straight-line rent, net of write-offs1,213 2,875 905 4,972 
Escrow funds received from tenants for property operating expenses2,802 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