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Investment Activity (Tables)
 9 Months Ended
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, 2024December 31, 2023
Number of facilities21
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
Revenues1
Asset Class
 Gross Real Estate2
Notes ReceivableNine Months Ended September 30,
20242023
Senior Living Communities, LLC (“Senior Living”)EFC$576,829 $42,896 $39,980 16%$38,466 16%
Bickford Senior Living (“Bickford”)ALF431,085 16,647 31,233 13%29,280 12%
National HealthCare Corporation (“NHC”)SNF133,770 — 30,426 12%28,159 12%
All others, netVarious1,336,671 192,418 99,050 40%99,867 41%
Escrow funds received from tenants
 for property operating expensesVarious— — 8,321 3%8,738 4%
$2,478,355 $251,961 209,010 204,510 
Resident fees and services3
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,
20242023
Current year$4,138 $2,896 
Prior year final certification1
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 31st 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,
2024202320242023
Bickford1
$9,850 $8,607 $29,161 $24,534 
All others2
1,855 3,446 9,398 9,963 
Total rental income from cash basis operators$11,705 $12,053 $38,559 $34,497 

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 $2.5 million lump sum payment from an operator for partial repayment of pandemic-related rent deferrals.
Schedule of Future Minimum Base Rent
Future minimum lease payments to be received by us under our operating leases at September 30, 2024, were as follows ($ in thousands):
Remainder of 2024$59,197 
2025239,285 
2026246,076 
2027199,386 
2028193,720 
2029182,170 
Thereafter712,948 
$1,832,782 
Schedule of Fixed and Variable Lease Payments The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Lease payments based on fixed escalators$57,682 $57,200 $174,383 $169,675 
Lease payments based on variable escalators2,412 1,830 8,663 5,879 
Straight-line rent, net of write-offs1,161 1,040 2,066 6,011 
Escrow funds received from tenants for property operating expenses2,786 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