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Investment Activity (Tables) | 9 Months Ended
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Sep. 30, 2024
Real Estate [Abstract] |
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
|  | September 30, 2024 |  | December 31, 2023
Number of facilities |  | 2 |  | 1
Real estate, net |  | $5,669 |  | $5,004
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 nine months ended September 30, 2024 and 2023, excluding $2.6 million for our corporate office, a credit loss reserve of $19.4 million and $354.9 million in real estate assets in the SHOP segment ($ in thousands):
| As of September 30, 2024 |  | Revenues 1 |
| Asset Class |  | Gross Real Estate 2 |  | Notes Receivable |  | Nine Months Ended September 30, |
|  |  |  | 2024 |  |  |  | 2023 |
Senior Living Communities, LLC (“Senior Living”) | EFC |  | $ | 576,829 |  |  | $ | 42,896 |  |  | $ | 39,980 |  |  | 16% |  | $ | 38,466 |  | 16%
Bickford Senior Living (“Bickford”) | ALF |  | 431,085 |  |  | 16,647 |  |  | 31,233 |  |  | 13% |  | 29,280 |  | 12%
National HealthCare Corporation (“NHC”) | SNF |  | 133,770 |  |  | — |  |  | 30,426 |  |  | 12% |  | 28,159 |  | 12%
All others, net | Various |  | 1,336,671 |  |  | 192,418 |  |  | 99,050 |  |  | 40% |  | 99,867 |  | 41%
Escrow funds received from tenants |  |  |  |  |  |  |  |  |  |  |  |
for property operating expenses | Various |  | — |  |  | — |  |  | 8,321 |  |  | 3% |  | 8,738 |  | 4%
|  |  | $ | 2,478,355 |  |  | $ | 251,961 |  |  | 209,010 |  |  |  |  | 204,510 |  |
Resident fees and services 3 |  |  |  |  |  |  | 40,416 |  |  | 16% |  | 35,860 |  | 15%
|  |  |  |  |  |  | $ | 249,426 |  |  |  |  | $ | 240,370 |  |
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):
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
Current year |  | $ | 4,138 |  |  | $ | 2,896 |
Prior year final certification 1 |  | 1,656 |  |  | 630 |
Total percentage rent income |  | $ | 5,794 |  |  | $ | 3,526 |
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 31 st of the following year.
Schedule of Cash Rents Received | Cash rents received from these tenants for the three and nine months ended September 30, 2024 and 2023 were as follows ($ in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Bickford 1 | $ | 9,850 |  |  | $ | 8,607 |  |  | $ | 29,161 |  |  | $ | 24,534 |
All others 2 | 1,855 |  |  | 3,446 |  |  | 9,398 |  |  | 9,963 |
Total rental income from cash basis operators | $ | 11,705 |  |  | $ | 12,053 |  |  | $ | 38,559 |  |  | $ | 34,497 |
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 $2.5 million lump sum payment from an operator for partial repayment of pandemic-related rent deferrals.
Schedule of Future Minimum Base Rent | Future minimum lease payments to be received by us under our operating leases at September 30, 2024, were as follows ($ in thousands):
Remainder of 2024 | $ | 59,197 |
2025 | 239,285 |
2026 | 246,076 |
2027 | 199,386 |
2028 | 193,720 |
2029 | 182,170 |
Thereafter | 712,948 |
| $ | 1,832,782 |
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 |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Lease payments based on fixed escalators | $ | 57,682 |  |  | $ | 57,200 |  |  | $ | 174,383 |  |  | $ | 169,675 |
Lease payments based on variable escalators | 2,412 |  |  | 1,830 |  |  | 8,663 |  |  | 5,879 |
Straight-line rent, net of write-offs | 1,161 |  |  | 1,040 |  |  | 2,066 |  |  | 6,011 |
Escrow funds received from tenants for property operating expenses | 2,786 |  |  | 2,908 |  |  | 8,321 |  |  | 8,738 |
Amortization of lease incentives | (723) |  |  | (723) |  |  | (2,168) |  |  | (1,798) |
Rental income | $ | 63,318 |  |  | $ | 62,255 |  |  | $ | 191,265 |  |  | $ | 188,505 |

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