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Investment Activity (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Business Acquisitions, by Acquisition
During the year ended December 31, 2024, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):

OperatorDatePropertiesAsset ClassLandBuilding and ImprovementsTotal
Encore Senior LivingQ2 20241ALF$1,329 $30,721 $32,050 
Spring ArborQ4 202410ALF10,284 111,038 121,322 
William James Group, LLCQ4 20241ALF452 6,488 6,940 
$12,065 $148,247 $160,312 
During the year ended December 31, 2023, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):

OperatorDatePropertiesAsset ClassLandBuilding and ImprovementsTotal
Silverado Senior LivingQ1 20232ALF$3,894 $33,599 $37,493 
BickfordQ1 20231ALF1,746 15,542 17,288 
$5,640 $49,141 $54,781 
Schedule of Asset Dispositions
During the year ended December 31, 2024, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
OperatorDatePropertiesAsset ClassNet ProceedsNet Real Estate InvestmentGain
Senior Living ManagementQ2 20242ALF$4,658 $3,240 $1,418 
Bickford Senior Living1
Q4 20241ALF790 665 125 
Senior Living Management2
Q4 20241ALF9,731 5,004 4,727 
4$15,179 $8,909 $6,270 

1Total aggregate impairment charges previously recognized on the property was $0.7 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively.
2The Company provided aggregate financing of approximately $9.4 million, net of discounts, on the transaction in the form of notes receivable, which is included in net proceeds.
During the year ended December 31, 2023, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
OperatorDatePropertiesAsset ClassNet ProceedsNet Real Estate InvestmentGain
Impairment1
BAKA Enterprises, LLC2
Q1 20231ALF$7,478 $7,505 $— $27 
BickfordQ1 20231ALF2,553 1,421 1,132 — 
Chancellor Health Care2
Q2 20231ALF2,355 1,977 378 — 
Milestone Retirement2,3
Q2 20232ALF3,803 3,934 — 131 
Chancellor Health Care3
Q2 20231ALF7,633 6,140 1,493 — 
Milestone Retirement2,3
Q2 20231ALF1,602 1,452 150 — 
Chancellor Health CareQ2 20231ALF23,724 14,476 9,248 — 
Chancellor Health Care2
Q3 20231ALF2,923 2,292 631 — 
Senior Living Management3
Q4 20232ALF5,522 4,770 752 — 
Senior Living Management2
Q4 20231ALF1,515 1,100 415 — 
12$59,108 $45,067 $14,199 $158 

1 Impairments are included in “Loan and realty losses, net” in the Consolidated Statement of Income for the year ended December 31, 2023.
2 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.
3 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.
Schedule of Tenant Concentration
The following table contains information regarding tenant concentration in our Real Estate Investments segment, excluding $2.6 million for our corporate office, $358.4 million for the SHOP segment, and a credit loss reserve of $20.2 million, based on the percentage of revenues for the years ended December 31, 2024, 2023 and 2022 related to tenants or affiliates of tenants, that exceed 10% of total revenue ($ in thousands):
As of December 31, 2024
Revenues1
Asset  Gross RealNotesYear Ended December 31,
ClassEstateReceivable202420232022
Senior Living CommunitiesEFC$577,243 $43,916 $53,570 16%$51,274 16%$51,183 18%
Bickford2
ALF428,068 16,072 41,720 12%38,688 12%N/AN/A
National HealthCare CorporationSNF133,770 — 40,016 12%37,335 12%36,893 13%
All others, netVarious1,453,506 229,187 134,289 41%132,216 41%144,534 52%
Escrow funds received from tenants
    for property operating expensesVarious— — 11,165 3%11,513 4%9,788 4%
$2,592,587 $289,175 280,760 271,026 242,398 
Resident fees and services3
54,421 16%48,809 15%35,796 13%
$335,181 $319,835 $278,194 

1 Includes interest income on notes receivable and rental income from properties classified as assets held for sale.
2 Revenues included in All others, net for years when less than 10%.
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):

Year Ended December 31,
202420232022
Current year$5,518 $3,862 $3,332 
Prior year final certification1
1,656 630 (206)
Total percentage rent income$7,174 $4,492 $3,126 
1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
Schedule of Cash Rents Received Cash rents received from these tenants for the years ended December 31, 2024, 2023 and 2022 were as follows ($ in thousands):
Year Ended December 31,
202420232022
Bickford1,2
$38,971 $33,352 $27,650 
All others3
11,010 12,444 7,681 
Total cash rent received from cash basis operators$49,981 $45,796 $35,331 

1Excludes $2.5 million and $3.0 million of rental income related to the reduction of rent deferrals recognized in connection with the acquisition of two ALFs located in Virginia from Bickford for the years ended December 31, 2023 and 2022, respectively.
2Excludes the impact of write-offs of $18.1 million in total straight-line rents receivable and $7.1 million of lease incentives during the year ended December 31, 2022.
3Excludes the impact of write-offs of $9.0 million in total straight-line rents receivable during the year ended December 31, 2022.
Schedule of Supplemental Balance Sheet Information Related to Lease Supplemental balance sheet information related to the lease is as follows ($ in thousands):
As of December 31,
20242023
Buildings and improvements - right of use asset$1,524 $1,562 
Accounts payable and accrued expenses - lease liability$1,685 $1,705 
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, 2024 are as follows ($ in thousands):
Year Ending December 31, Amount
2025$247,712 
2026254,499 
2027208,589 
2028203,933 
2029194,283 
Thereafter845,337 
$1,954,353 
Schedule of Fixed and Variable Lease Payments
Variable Lease Payments

Most of our 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 are indeterminable at the inception of the lease. The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):

Year Ended December 31,
202420232022
Lease payments based on fixed escalators$234,672 $225,565 $226,873 
Lease payments based on variable escalators11,074 7,709 5,275 
Straight-line rent income, net of write-offs3,031 6,961 (16,681)
Escrow funds received from tenants for property operating expenses11,165 11,513 9,788 
Amortization and write-off of lease incentives(2,893)(2,521)(7,555)
Rental income$257,049 $249,227 $217,700